• Management Science and Financial Engineering
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• v.19 no.1
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• pp.49-52
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• 2013

In this paper we provide a valuation formula for a variance swap with regime switching. A variance swap is a forward contract on variance, the square of realized volatility of the underlying asset. We assume that the volatility of underlying asset is governed by Markov regime-switching process with finite states. We find that the proposed model can provide ease of calculation and be superior to the models currently available.

• Journal of Korean Institute of Industrial Engineers
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• v.36 no.3
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• pp.203-211
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• 2010

This study examines a cointegrated vector autoregressive (VAR) model where parameters are subject to switch across the regimes in the term structure of interest rates. To employ the regime switching framework, the Markov-switching vector error correction model (MS-VECM) is allowed to the regime shifts in the vector of intercept terms, the variance-covariance terms, the error correction terms, and the autoregressive coefficient parts. The corresponding approaches are illustrated using the term structure of interest rates in the US Treasury bonds over the period of 1958 to 2009. Throughout the modeling procedure, we find that the MS-VECM can form a statistically adequate representation of the term structure of interest rate in the US Treasury bonds. Moreover, the regime switching effects are analyzed in connection with the historical government monetary policy and with the recent global financial crisis. Finally, the results from the comparisons both in information criteria and in forecasting exercises with and without the regime switching lead us to conclude that the models in the presence of regime dependence are superior to the linear VECM model.

• Journal of Korean Society on Water Environment
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• v.28 no.5
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• pp.693-703
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• 2012

Load Duration Curve(LDC) is a useful tool for analyzing water quality characteristics under various stream flow conditions. This study investigated the methods to identify impaired waterbodies in the assessment of water quality goal attainment by using LDC for the management of Total Maximum Daily Loads (TMDLs). Three methods were proposed. Non-typical regime exclusion method is a method to exclude water quality observations in the non-typical extreme flow conditions in order to minimize the influence of non-ordinary water quality. Flow regime weighted average method is a method to calculate weighted mean water quality instead of arithmetic mean in order to consider water characteristics properly on stream flow regime in addition to the effect of Non-typical regime exclusion method. Load exceeded interval comparison method is a method to compare the intervals between the attained and non-attained load duration periods on the LDC. The assessment of water quality goal attainment can be performed more reasonably and precisely considering water quality variations on stream flow conditions by applying these proposed methods.

• Proceedings of the Plant Resources Society of Korea Conference
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• 2018.10a
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• pp.24-24
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• 2018

Degraded plantation forests are increasing because of unfavorable forestry conditions prevailing in Japan, including falling timber prices, increasing operational costs, and aging and declining forestry workforce. To remedy this situation, appropriate management strategy is required. This study introduces the challenges of Odai Town, Mie Prefecture that employed a new management strategy by evaluating site suitability for conifer forests and that proposes a new forest management regime of planting deciduous trees in unsuitable sites. The site suitability for conifer forests was evaluated from two aspects: the natural site conditions and the relationship among site conditions, growth, and damage by Anaglyptus subfasciatus Pic. in Cryptomeria japonica D. Don and Chamaecyparis obtusa Sieb. Et Zucc. forests. By analyzing the relationship among site conditions, growth, and insect damage based on field data obtained in plantation forests, growth evaluation and insect damage evaluation maps were developed. Based on the natural forest investigation, natural site condition maps for C. japonica and C. obtusa were established. Furthermore, by integrating these evaluation maps with the forest road maps showing the accessibility to the forest, the forest management regime for the whole plantation area of Odai Town was established. The forest management regime map indicates the sites suitable for forestry: suitable for long-rotation, short-rotation, and potential sites for short-rotation. The sites unsuitable for forestry were considered to be more suitable for broadleaved forests. Clear-cutting was conducted in a small area and different seral stage saplings (approximately 20 deciduous tree species) suitable to the site conditions were planted in an area of $80-120m^2$ protected by deer-fences. This might establish a forest composed of many species with a multilayer vertical forest structure in a short period. The planted saplings were distributed neither randomly nor uniformly to reflect the natural distribution of trees in the forest. A challenge to develop new products using the deciduous trees has started, such as wood chips for preparing smoked food, essential oil, and deodorizer. As these challenges have just begun, their effects on enhancing sustainable resource management are still being monitored. Even with the challenges, this regime can be of high value as a management strategy to remedy the situation of expansion of degraded forests in Japan.

• Journal of Korean Society on Water Environment
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• v.37 no.6
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• pp.469-482
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• 2021

The recent climate change and urbanization have seen an increase in runoff and pollutant loads, and consequently significant negative water pollution. The characteristics of the pollutant loads vary among the different flow regime depending on their source and transport mechanism, However, pollutant load reduction based on flow regime perspectives has not been investigated thoroughly. Therefore, it is necessary to analyze the effects of concentration on pollutant load characteristics and reductions from each flow regime to develop efficient pollution management. As non-point pollutants continuously increase due to the increase in impervious area, efficient management is necessary. Therefore, in this study, 1) the characteristics of pollutant sources were analyzed at the Dalcheon Basin, 2) reduction of nonpoint pollution, and 3) reduction efficiency for flow regimes were analyzed. By analyzing the characteristics of the Dalcheon Basin, a reduction efficiency scenario for each pollutant source was constructed. The efficiency analysis showed 0.06% to 5.62% for the living scenario, 0.09 to 24.62% for the livestock scenario, 0.17% to 12.81% for the industry scenario, 9.45% to 38.45% for the land scenario, and 9.8% to 39.2% for the composite scenario. Therefore, various pollution reduction scenarios, taking into account the characteristics of pollutants and flow regime characteristics, can contribute to the development of efficient measurements to improve water quality at various flow regime perspectives in the Dalcheon Basin.

• Ocean and Polar Research
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• v.28 no.2
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• pp.163-173
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• 2006

The so called Antarctic Treaty System, started from the Antarctic Treaty in 1959, has gradually been enlarged into the concept of an international environmental regime, which has been included in not a few international institutions, treaties, conventions, and international non-governmental organizations (INGO). This kind of movement, as in the role of an international environmental regime, has recently been highlighted in the Protocol on Environmental Protection to the Antarctic Treaty. This Protocol is taking appropriate measures as an international environmental regime in regulating its member nations by enforcing principles in protecting Antarctic resources and environment, regulating member nations' Antarctic activities, establishing norms in the adoption of international and domestic laws, and devising regulations for deciding administrative actions through the member nations' collective decision-making procedures. h this context, this paper is to test a few questions; firstly, how the Antarctic Treaty System can be related with the role of international environmental regime; secondly, how the theories of international environmental regime, such as the hegemony theory, rational choice theory, and international morality theory, can be tested in the role of Antarctic Treaty System as an international environmental regime. Finally, this paper provides a solution for the future problems of the Antarctic Treaty System as an international environmental regime regarding the regime's principle (conflict between the environmental principle and the right of nation-state), norms and regulations (the conflict between the developed and underdeveloped nations in terms of the concept of 'common but differentiated environmental responsibility'), cooperation directions (the leadership problems between hegemonic nation and multilateral leading groups), and management methods (cooperation and arrangement problems among expert institutions, observer groups, and INGO).

• Journal of Fisheries and Marine Sciences Education
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• v.6 no.1
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• pp.77-91
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• 1994

The Yellow Sea and the East China Sea are the most important fishing grounds for the fishing industry of Korea, China and Japan which are major coastal states of these Seas. But the fishery resources in these fishing grounds are almost exhausted and also the sea region is seriously polluted. Accordingly an international joint countermeasure is necessary to recover the fishery resources and to keep the fishery a continuous industry. The authors inspected the existing fishery policies and international fishery relationship of the three coastal states, and suggested rational conservation and management regime of the fishery resources in these sea regions. 1. At present the legal status of the sea region beyond territorial sea is the high sea, for that reason the international cooperation is urgently needed to establish common regime for conservation and management of the fishery resources. 2. A series of scientific research on ecological system of fishery resources must be carried out in the sea region first of all for that purpose. 3. The existing Korea-Japanese Fishery Agreement and Sino-Japanese Fishery Agreement should be reformed to coincide with the new legal order of the UNLOS Convention, and the Sino-Korean Fishery Agreement should be concluded newly on the identical line. 4. As a conclusion, a joint conservation and management regime through a regional fishery organization or a individual conservation and management regime through the promulgation of exclusive economic zone by each state can be suggested to resolve the fishery resources conservation problem in the Yellow Sea and the East China Sea.

• Journal of the Korean Data and Information Science Society
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• v.28 no.4
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• pp.843-851
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• 2017

The rise of the Robo-advisor represents one of the most profound shifts in FinTech. It also raises concerns about their financial management. As the most Robo-Advisors utilize ETFs, we seek to determine the appropriate risk management model in estimating 95% Value-at-Risk (VaR) and 99% VaR in this paper. The GARCH and the Markov regime wwitching GARCH are evaluated in terms of the accuracy of probability, the independence of extreme events occurrence and both. The result shows that the Markov regime switching GARCH can be a good ETF risk management tool since it can reflect financial market structural changes into the volatility.

• Journal of the Korean Society of Marine Environment & Safety
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• v.12 no.2 s.25
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• pp.115-123
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• 2006

The policy regime of ocean is changed from ocean liberty paradigm to ocean management paradigm. Ocean resources have the characteristics of weak excludability and strong rivalry. Therefore, they need rational ocean management so as to curb the tragedy of commons. The important ocean issues and policy regimes today is ocean pollution, coastal management, sea-level rise, fishery, whaling, ocean jurisdictions, deep seabed resources, military security, piracy, ecological environmental security and so on. This paper aims at reviewing these major international ocean issues, the policy regimes for them, and the desirable tasks of ocean policy regimes in the future from the macro perspective of international ocean politics or policy-making.

• The Korean Journal of Archival Studies
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• no.17
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• pp.85-114
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• 2008

One of the features of record management during the Gabo Reform is that the documents office controled producing and distribution of records. The records completed the operations were sent the record office and classified and arranged. previous researches understood this record management system during Gabo Reform were introduced from Japan. This article clarifies that new record management system settled through Meiji Restoration were introduced from German(Prussian) registry system at the time. However, German registry system managed current records and this system was based on modern record management system which open the records to the public with archives. Japan accepted only registry system, current record management system of German, and didn't established archives at Meiji regime. It is same with Joseon Dynasty during the Gabo Reform regime. Therefore, the record related regulation at the Gabo Reform regime could not be judged to be a modern system. The regulations on records at Gabo Reform regime had no terms about people's right or open the records to the public which decides modern record regulations. The meaning of record system during Gabo Reform regime is that the value of records and name of organizations coincides with record life cycle. The documents office managed current records and record office classified and filed closed records. Concept of "current record=document=documents office, non-current record=record= record office" didn't succeed to today. The term 'record' is used as current record or non-current record without difference.