• Journal of Korea Trade
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• v.26 no.3
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• pp.45-62
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• 2022

Purpose - Using unexpected changes in geopolitical tensions on the Korean peninsula as a quasi-natural experimental setting, we examine whether and how geopolitical risks travel across borders through firm-level imports and exports linkages. We also test whether the effects are driven by either imports or exports and assess whether firms can effectively hedge themselves against geopolitical risks. Design/methodology - We focus on a series of unanticipated geopolitical events taken place in Korea in 2018. Making use of the shocks to geopolitical climate, we identify five milestone events toward peace talks. We employ the event studies methodology. We examine heterogenous firm-level stock price reactions around key event dates depending on firms' exposure to geopolitical risks. As a measure of firms' exposure to geopolitical risks in Korea, we utilize a text-based measure of firm-level trade links. When a firm announces and discusses its purchase of inputs from Korea or sales of outputs to Korea in their annual disclosure filings, we define a firm to have a trade relationship with Korea and have exposure to Korean geopolitical risks. Similarly, we use a measure of a firm's hedging policies based on a firm's textual mention of the use of foreign exchange derivatives in their annual disclosure. Findings - We find that U.S. firms that have direct trade links to Korea gained significantly more value when the intensity of geopolitical risks drops compared to firms without such trade links to Korea. The effects are pronounced for firms purchasing inputs from or selling outputs to Korea. We find that the effectiveness of foreign exchange hedging against geopolitical risks is limited. Originality/value - We document the international transmission of geopolitical uncertainty through trade linkages. Export links as well as import links serve as important nexus of transmission of geopolitical risks across borders. Hedging strategies involving foreign-exchanges derivatives do not seem to insulate firms again geopolitical risks. With the recent movements of localization and reshuffling of the global value chain, our results suggest a significant impact of geopolitical risks in Korea on the construction of the global value chain.

• Analyses & Alternatives
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• v.3 no.1
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• pp.29-61
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• 2019

Within the discipline of International Relations (IR), the literatures on global governance (GG) and great power management (GPM) at best ignore each other, and at worst treat the other as a rival or enemy. On the one hand, the GPM literature, like both realism in all its forms, and neoliberalism, takes for granted the ongoing, disproportionate influence of the great powers in the management of the international system/society, and does not look much beyond that. On the other hand, the GG literature emphasizes the roles of smaller states, non-state actors and intergovernmental organizations (IGOs), and tends to see great powers more as part of the problem than as part of the solution. This paper argues that the rise to prominence of a non-traditional security agenda, and particularly of human security, has triggered a de facto merger of GPM and GG that the IR literature usually treated as separate and often opposed theories. We use the Ebola crisis of 2014-15 to show how an issue framed as human security brought about a multi-actor response that combined the key elements of GPM and GG. The security framing overrode many of the usual inhibitions between great powers and non-state actors in humanitarian crises, including even the involvement of great power military forces. Through examining broadly the way in which the Ebola crisis is tackled, we argue that in an age of growing human security challenges, GPM and GG are necessarily and fruitfully merging. The role of great powers in this new human security environment is moving away from the simple means and ends of traditional GPM. Now, great powers require the ability to cooperate and coordinate with multiple-level actors to make the GG/GPM nexus more effective and sustainable. In doing so they can both provide crucial resources quickly, and earn respect and status as responsible great powers. IGOs provide legitimation and coordination to the GPM/GG package, and non-state actors (NSAs) provide information, specialist knowledge and personnel, and links into public engagement. In this way, the unique features of the Ebola crisis provide a model for how the merger of GPM and GG might be taken forward on other shared-fate threats facing global international society.

• Proceedings of the Korea Water Resources Association Conference
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• 2021.06a
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• pp.32-32
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• 2021

넥서스는 물, 에너지, 식량, 토지, 기후 및 환경 등의 부문 간 연관성과 상호의존성을 나타내며, 이러한 넥서스 개념은 최근에 학계와 정책결정자들에게 많은 관심을 받고 있다. 더 나아가 넥서스 관점의 도입으로 단일 부문별로 자원을 관리하는 기존의 정책 결정 체계의 한계를 극복하고, 관련 있는 부문 간의 시너지와 트레이드오프를 고려한 지속가능한 발전을 위한 의사 결정이 가능하게 되었다. 일반적으로 취수-도수-정수처리-송수-분배·급수-물이용-하수집수-하수처리-물재이용으로 구성되는 도시 물순환 시스템에서 공급과정에서 발생되는 물손실 관리를 위한 전략 및 프로그램은 물부문 만에서 평가를 통해 수립되고 있다. 본 연구에서는 시스템 다이나믹스(System Dynamics)를 적용하여 물, 에너지 및 환경 부문을 동시에 고려한 도시 물순환 시스템 모델을 개발하여, 넥서스 관점에서의 합리적인 도시 물손실 관리 방안을 도출하고자 하였다. 그리고 모델 내 부문 간 자원의 사용량 및 이동량의 정량화를 위해 물, 에너지, 환경 지표로 각각 물발자국(Water Footprint), 총 에너지 사용량(Total Energy Use) 및 탄소발자국(Carbon Footprint)이 적용되었다. 개발된 모델을 3개의 도시 에너지 인텐시티 현황(낮음, 보통, 높음)과 4개의 물손실 현황(낮은 물손실, 높은 물손실&낮은 명목손실비, 높은 물손실&보통 명목손실비, 높은 물손실&높은 명목손실비)을 고려한 12개의 시나리오에 적용하여 분석하였다. 그 결과 기존의 경제적인 측면 중심의 의사결정 과정에서는 명목손실이 물손실 관리 전략 수립 및 적용의 우선순위였으나, 넥서스 관점에서는 실손실 부분의 개선이 중요함을 알 수 있었다. 또한, 도시의 단위 물공급 에너지 인텐시티가 자원 사용 및 이동에 큰 영향을 미치는 것으로 분석되어서, 넥서스 관점의 의사결정시 사전적으로 분석해야 하는 중요 항목인 것으로 도출되었다. 이와 같은 범용적이고 포괄적인 도시 물순환 물-에너지-환경 넥서스 모델을 통해, 지속가능하고, 체계적이며, 구체적이고, 실현가능한 넥서스관점의 물손실 관리가 가능할 것으로 판단된다.

• Journal of Korea Trade
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• v.27 no.2
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• pp.96-114
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• 2023

Purpose - This paper elucidates a nexus between the occurrence of rare disaster events and the volatility of economic growth by distinguishing the likelihood of rare events from stochastic volatility. We provide new empirical facts based on a quarterly time series. In particular, we focus on the role of financial liberalization in spreading the economic crisis in developing countries. Design/methodology - We use quarterly data on consumption expenditure (real per capita consumption) from 44 countries, including advanced and developing countries, ending in the fourth quarter of 2020. We estimate the likelihood of rare event occurrences and stochastic volatility for countries using the Bayesian Markov chain Monte Carlo (MCMC) method developed by Barro and Jin (2021). We present our estimation results for the relationship between rare disaster events, stochastic volatility, and growth volatility. Findings - We find the global common disaster event, the COVID-19 pandemic, and thirteen country-specific disaster events. Consumption falls by about 7% on average in the first quarter of a disaster and by 4% in the long run. The occurrence of rare disaster events and the volatility of gross domestic product (GDP) growth are positively correlated (4.8%), whereas the rare events and GDP growth rate are negatively correlated (-12.1%). In particular, financial liberalization has played an important role in exacerbating the adverse impact of both rare disasters and financial market instability on growth volatility. Several case studies, including the case of South Korea, provide insights into the cause of major financial crises in small open developing countries, including the Asian currency crisis of 1998. Originality/value - This paper presents new empirical facts on the relationship between the occurrence of rare disaster events (or stochastic volatility) and growth volatility. Increasing data frequency allows for greater accuracy in assessing a country's specific risk. Our findings suggest that financial market and institutional stability can be vital for buffering against rare disaster shocks. It is necessary to preemptively strengthen the foundation for financial stability in developing countries and increase the quality of the information provided to markets.

• Asia Pacific Journal of Corpus Research
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• v.5 no.1
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• pp.23-36
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• 2024

This research centers on the Taiwan Eye-Movement Corpus of Spanish (TECS), a specially created corpus comprising eye-tracking data from Chinese-speaking learners of Spanish as a third language in Taiwan. Its primary purpose is to explore the broad utility of TECS in understanding language learning processes, particularly the initial stages of language learning. Constructing this corpus involves gathering data on eye-tracking, reading comprehension, and language proficiency to develop a machine-learning model that predicts learner behaviors, and subsequently undergoes a predictability test for validation. The focus is on examining attention in input processing and their relationship to language learning outcomes. The TECS eye-tracking data consists of indicators derived from eye movement recordings while reading Spanish sentences with temporal references. These indicators are obtained from eye movement experiments focusing on tense verbal inflections and temporal adverbs. Chinese expresses tense using aspect markers, lexical references, and contextual cues, differing significantly from inflectional languages like Spanish. Chinese-speaking learners of Spanish face particular challenges in learning verbal morphology and tenses. The data from eye movement experiments were structured into feature vectors, with learner behaviors serving as class labels. After categorizing the collected data, we used two types of machine learning methods for classification and regression: Random Forests and the k-nearest neighbors algorithm (KNN). By leveraging these algorithms, we predicted learner behaviors and conducted performance evaluations to enhance our understanding of the nexus between learner behaviors and language learning process. Future research may further enrich TECS by gathering data from subsequent eye-movement experiments, specifically targeting various Spanish tenses and temporal lexical references during text reading. These endeavors promise to broaden and refine the corpus, advancing our understanding of language processing.

• The Korean Journal of Air & Space Law and Policy
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• v.31 no.2
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• pp.3-35
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• 2016

The United States Constitution gives power to the federal district courts to hear admiralty cases. 28 U.S.C. §.133, which states that "The district courts shall have original jurisdiction, exclusive of the Courts of the States, of any civil case of admiralty or maritime jurisdiction." However, the determination of whether a case is about admiralty or maritime so that triggers admiralty jurisdiction was not a simple question. Through numerous legal precedents, the courts have drawn a line to clarify the boundary of admiralty cases. This unique jurisdiction is not determined by the mere involvement of a vessel in the case or even by the occurrence of an event on a waterway. As a general rule, a case is within admiralty jurisdiction if it arises from an accident on the navigable waters of the United States (locus test) and involves some aspect of maritime commerce (nexus test). With regarding to the maritime nexus requirement, the US Supreme Court case, Executive Jet Aviation, Inc. v. City of Cleveland, held that federal courts lacked admiralty jurisdiction over an aviation tort claim where a plane during a flight wholly within the US crashed in Lake Erie. Although maritime locus was present, the Court excluded admiralty jurisdiction because the incident was "only fortuitously and incidentally connected to navigable waters" and bore "no relationship to traditional maritime activity." However, this historical case left a milestone question: whether an aircraft disaster occurred on navigable water triggers the admiralty jurisdiction, only for the reason that it was for international transportation? This article is to explore the meaning of admiralty jurisdiction over aviation accidents at US courts. Given that the aircraft engaged in transportation of passenger and goods as the vessels did in the past, the aviation has been linked closely with the traditional maritime activities. From this view, this article reviews a decision delivered by the Seventh Circuit regarding the aviation accident occurred on July 6, 2013 at San Francisco International Airport.

• Korean Journal of Environment and Ecology
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• v.31 no.2
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• pp.252-265
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• 2017

This study aims to analyze the landscape ecological characteristics of green spaces within built up area of high density and evaluate the potential applicability of green patches, thereby introducing urban garden for generating green networks in residence areas. To this end, Yeoksam-Dong was selected as the site area since it is classified as both green initiative zone and alienated area of park service in Seoul. First, the current condition of green spaces in Yeoksam-Dong was identified by five categories: Street trees, private garden, public pocket garden, rooftop garden, and park. Then, the landscape index analysis through FRAGSTATS and connectivity assessment via multi-buffer zone analysis were carried out for analyzing the green networks and evaluating the potential value of green space. The results showed that the degree to which green areas in the site were distributed is arranged in the order of street tree, private garden, public pocket garden, park, and rooftop garden. In case of the street trees whose total core area (TCA, $1,618m^2$) is as high as the park's ($1,128m^2$). Private garden has potential for green network in built up area of high density by gardening since the shape of the patches are irregular (ED = 78.1m/ha) and the average distance among the patches is close (ENN=33.9m). Public pocket garden has also potential for gardening according to the result that it was found to be distributed evenly (LPI=5.7%, SHEI=0.9) with exposing external disturbance ($TCA=66m^2$). For the green network, 84% of all the study site is covered by small green network in 50m butter range of connected green area. The effect of green network was expected through gardening in public pocket garden (27%) and street tree (26%). Accordingly, it is encouraged to actively utilize street tree, private gardens, and rooftop gardens and to establish the urban gardens like local-based community gardens in public pocket garden where a variety of activities can be carried out near residential areas. By doing so, green networks can effectively be established in built up area with high density. The results of this study can contribute positively to fostering the creation of various types of urban gardens.

• Journal of Wetlands Research
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• v.23 no.4
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• pp.327-341
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• 2021

The riparian eco-belt is an efficient technique that can reduce non-point pollution sources in the basin and improve ecological connectivity and health. In Korea, a legal system for the construction and management of riparian eco-belts is in operation. However, it is currently excluded that rivers and floodplains in dam reservoir that are advantageous for buffer functions such as control of non-point pollutants and ecological habitats. Accordingly, this study presented and analyzed a plan to select a site for an integrated riparian ecol-belt that comprehensively evaluates the water quality and ecosystem characteristics of each dam floodplain and riparian zone for the Daecheong Dam basin in Geum River watershed. First, the Daecheong Dam basin was divided into 138 sub-basin with GIS, and the riparian zone adjacent to the dam floodplain was analyzed. Sixteen evaluation factors related to the ecosystem and water quality impact that affect the selection of integrated riparian eco-belt were decided, and weights for the importance of each factor were set through AHP analysis. The priority of site suitability was derived by conducting an integrated evaluation by applying weights to sub-basin by floodplains and riparian zone factors. In order to determine whether the sites derived through GIS site analysis are sutiable for actual implementation, five sites were inspected according to three factors: land use, pollution sources, and ecological connectivity. As a result, it was confirmed that all sites were appropriate to apply integrated riparian ecol-belt. It is judged that the riparian eco-belt site analysis technique proposed through this study can be applied as a useful tool when establishing an integrated riparian zone management policy in the future. However, it might be necessary to experiment various evaluation factors and weights for each item according to the characteristics and issues of each dam. Additional research need to be conducted on elaborated conservation and restoration strategies considering the Green-Blue Network aspect, evaluation of ecosystem services, and interconnection between related laws and policy and its improvements.

• Journal of the Korean Society of Environmental Restoration Technology
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• v.13 no.3
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• pp.63-72
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• 2010

This study was conducted to investigate the current status and the improvement plans of the ecosystem conservation fund return projects. In 2007, there was a reformation of the ecosystem conservation fund system but the fund return projects were not vitalized up until now. In this study, 35 of ongoing and finished fund return projects were investigated on their types, sites, costs, local governments, and time required to return the fund. Through the on-site survey of 9 finished projects (4 biotope, 2 corridor and 3 natural conservation facility projects), construction and management conditions were investigated. The main findings are as follows: Among the five fund return types, 17 cases were biotope restoration projects, 4 cases were ecological corridor projects, and 1 case was a nature replacement project. In the case of project sites, there were 14 cases near schools and public facilities, 8 cases near rivers or streams, and 2 cases near ponds or wetlands. For the construction costs, there were 19 cases (65% of all the projects) that cost less than 300 million won. In terms of the involvement of the local government, most of the fund return projects were concentrated in Gyeonggi province and Ulsan city, and there were some local governments outside of these regions that did not carry out any return projects at all. Lastly, in the case of fund return time required, 35% of the fund returns were completed within 5 months, but the overall average fund return time was 9.8 months. In respond to the above study results, the improvement plans to encourage fund return projects are as follows: To diversify return types and sites, piloting and modeling projects for the representative types and sites should be preceded. To emerge from customary small-scaled projects, incentives to encourage large-scale and ecological networking projects should be considered. In addition, in order to write up business plans for the fund return projects, long-term investigations of at least 2 seasons from spring to fall are necessary. Finally, for the continuous management and maintenance of the ecological fund return sites, easier way for the citizens to actively participate in the projects should be incorporated.

• Journal of the Korean Society of Environmental Restoration Technology
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• v.17 no.4
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• pp.29-41
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• 2014

The Korean government has purchased land properties alongside any significant water bodies before setting up the buffers to secure water qualities. Since the annual budgets are limited, however, there has always been the issue of which land parcels ought to be given the priority. Therefore, this study aims to develop efficient mechanism for land acquisition priorities in stream corridors that would ultimately be vegetated for riparian buffer zones. The criteria of land acquisition priority were driven through literary review along with experts' advice. The relative weights of their value and priorities for each criterion were computed using the Analytical Hierarchy Process(AHP) method. Major findings of the study are as follows: 1. The decision-making structural model for land acquisition priority focuses mainly on the reduction of non-point source pollutants(NSPs). This fact is highly associated with natural and physical conditions and land use types of surrounding areas. The criteria were classified into two categories-NSPs runoff areas and potential NSPs runoff areas. 2. Land acquisition priority weights derived for NSPs runoff areas and potential NSPs runoff areas were 0.862 and 0.138, respectively. This implicates that much higher priority should be given to the land parcels with NSPs runoff areas. 3. Weights and priorities of sub-criteria suggested from this study include: proximity to the streams(0.460), land cover(0.189), soil permeability(0.117), topographical slope(0.096), proximity to the roads(0.058), land-use types(0.036), visibility to the streams(0.032), and the land price(0.012). This order of importance suggests, as one can expect, that it is better to purchase land parcels that are adjacent to the streams. 4. A standard scoring system including the criteria and weights for land acquisition priority was developed which would likely to allow expedited decision making and easy quantification for priority evaluation due to the utilization of measurable spatial data. Further studies focusing on both point and non-point pollutants and GIS-based spatial analysis and mapping of land acquisition priority are needed.