• KDI Journal of Economic Policy
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• v.32 no.4
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• pp.153-195
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• 2010

The recent global financial crisis has been the outcome of, among other things, the mismatch between institutions and the reality of the market in the current global financial system. The International financial institutions (IFIs) that were designed more than 60 years ago can no longer effectively meet the challenges posed by the current global economy. While the global financial market has become integrated like a single market, there is no international lender of last resort or global regulatory body. There also has been a rapid shift in the weight of economic power. The share of the Group of 7 (G7) countries in global gross domestic product (GDP) fell and the share of emerging market economies increased rapidly. Therefore, the tasks facing us today are: (i) to reform the IFIs -mandate, resources, management, and governance structure; (ii) to reform the system such as the international monetary system (IMS), and regulatory framework of the global financial system; and (iii) to reform global economic governance. The main focus of this paper will be the IMS reform and the role of the Group of Twenty (G20) summit meetings. The current IMS problems can be summarized as follows. First, the demand for foreign reserve accumulation has been increasing despite the movement from fixed exchange rate regimes to floating rate regimes some 40 years ago. Second, this increasing demand for foreign reserves has been concentrated in US dollar assets, especially public securities. Third, as the IMS relies too heavily on the supply of currency issued by a center country (the US), it gives an exorbitant privilege to this country, which can issue Treasury bills at the lowest possible interest rate in the international capital market. Fourth, as a related problem, the global financial system depends too heavily on the center country's ability to maintain the stability of the value of its currency and strength of its own financial system. Fifth, international capital flows have been distorted in the current IMS, from EMEs and developing countries where the productivity of capital investment is higher, to advanced economies, especially the US, where the return to capital investment is lower. Given these problems, there have been various proposals to reform the current IMS. They can be grouped into two: demand-side and supply-side reform. The key in the former is how to reduce the widespread strong demand for foreign reserve holdings among EMEs. There have been several proposals to reduce the self-insurance motivation. They include third-party insurance and the expansion of the opportunity to borrow from a global and regional reserve pool, or access to global lender of last resort (or something similar). However, the first option would be too costly. That leads us to the second option - building a stronger globalfinancial safety net. Discussions on supply-side reform of the IMS focus on how to diversify the supply of international reserve currency. The proposals include moving to a multiple currency system; increased allocation and wider use of special drawing rights (SDR); and creating a new global reserve currency. A key question is whether diversification should be encouraged among suitable existing currencies, or if it should be sought more with global reserve assets, acting as a complement or even substitute to existing ones. Each proposal has its pros and cons; they also face trade-offs between desirability and political feasibility. The transition would require close collaboration among the major players. This should include efforts at the least to strengthen policy coordination and collaboration among the major economies, and to reform the IMF to make it a more effective institution for bilateral and multilateral surveillance and as an international lender of last resort. The success on both fronts depends heavily on global economic governance reform and the role of the G20. The challenge is how to make the G20 effective. Without institutional innovations within the G20, there is a high risk that its summits will follow the path of previous summit meetings, such as G7/G8.

• Journal of Intelligence and Information Systems
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• v.23 no.3
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• pp.119-138
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• 2017

Recently, SNS has become an important channel for marketing as well as personal communication. However, cybercrime has also evolved with the development of information and communication technology, and illegal advertising is distributed to SNS in large quantity. As a result, personal information is lost and even monetary damages occur more frequently. In this study, we propose a method to analyze which sentences and documents, which have been sent to the SNS, are related to financial fraud. First of all, as a conceptual framework, we developed a matrix of conceptual characteristics of cybercriminality on SNS and emergency management. We also suggested emergency management process which consists of Pre-Cybercriminality (e.g. risk identification) and Post-Cybercriminality steps. Among those we focused on risk identification in this paper. The main process consists of data collection, preprocessing and analysis. First, we selected two words 'daechul(loan)' and 'sachae(private loan)' as seed words and collected data with this word from SNS such as twitter. The collected data are given to the two researchers to decide whether they are related to the cybercriminality, particularly financial fraud, or not. Then we selected some of them as keywords if the vocabularies are related to the nominals and symbols. With the selected keywords, we searched and collected data from web materials such as twitter, news, blog, and more than 820,000 articles collected. The collected articles were refined through preprocessing and made into learning data. The preprocessing process is divided into performing morphological analysis step, removing stop words step, and selecting valid part-of-speech step. In the morphological analysis step, a complex sentence is transformed into some morpheme units to enable mechanical analysis. In the removing stop words step, non-lexical elements such as numbers, punctuation marks, and double spaces are removed from the text. In the step of selecting valid part-of-speech, only two kinds of nouns and symbols are considered. Since nouns could refer to things, the intent of message is expressed better than the other part-of-speech. Moreover, the more illegal the text is, the more frequently symbols are used. The selected data is given 'legal' or 'illegal'. To make the selected data as learning data through the preprocessing process, it is necessary to classify whether each data is legitimate or not. The processed data is then converted into Corpus type and Document-Term Matrix. Finally, the two types of 'legal' and 'illegal' files were mixed and randomly divided into learning data set and test data set. In this study, we set the learning data as 70% and the test data as 30%. SVM was used as the discrimination algorithm. Since SVM requires gamma and cost values as the main parameters, we set gamma as 0.5 and cost as 10, based on the optimal value function. The cost is set higher than general cases. To show the feasibility of the idea proposed in this paper, we compared the proposed method with MLE (Maximum Likelihood Estimation), Term Frequency, and Collective Intelligence method. Overall accuracy and was used as the metric. As a result, the overall accuracy of the proposed method was 92.41% of illegal loan advertisement and 77.75% of illegal visit sales, which is apparently superior to that of the Term Frequency, MLE, etc. Hence, the result suggests that the proposed method is valid and usable practically. In this paper, we propose a framework for crisis management caused by abnormalities of unstructured data sources such as SNS. We hope this study will contribute to the academia by identifying what to consider when applying the SVM-like discrimination algorithm to text analysis. Moreover, the study will also contribute to the practitioners in the field of brand management and opinion mining.

• Journal of the Korean Applied Science and Technology
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• v.36 no.1
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• pp.324-332
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• 2019

Most countries including Korea and Indonesia have strong policy for implementing biofuels like biodiesel. Shortage of the oil feedstock is the main barrier for increasing the supply of biodiesel fuel. In this study, in order to improve the stability of feedstock supply and lower the biodiesel production cost, the feasibility of biodiesel production using two types of Indonesian tropical crop oils, pressed at different harvesting times, were investigated. R. Trisperma oils, a high productive non-edible feedstocks, were investigated to produce biodiesel by esterification and transesterification because of it's high impurity and free fatty acid contents. the kindly provided oils from Indonesia were required to perform the filtering and water removal process to increase the efficiency of the esterificaton and transesterification reactions. The esterification used heterogeneous acid catalyst, Amberlyst-15. Before the reaction, the acid value of two types oil were 41, 17 mg KOH/g respectively. After the pre-esterification reaction, the acid value of oils were 3.7, 1.8 mg KOH/g respectively, the conversions were about 90%. Free fatty acid content was reduced to below 2%. Afterwards, the transesterification was performed using KOH as the base catalyst for transesterification. The prepared biodiesel showed about 93% of FAME content, and the total glycerol content was 0.43%. It did not meet the quality specification(FAME 96.5% and Total glycerol 0.24%) since the tested oils were identified to have a uncommon fatty acid, generally not found in vegetable oils, ${\alpha}$-eleostearic acid with much contents of 10.7~33.4%. So, it is required to perform the further research on reaction optimization and product purification to meet the fuel quality standards. So if the biodiesel production technology using un-utilized non-edible feedstock oils is successfully developed, stable supply of the feedstock for biodiesel production may be possible in the future.

• Journal of Korean Elementary Science Education
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• v.41 no.4
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• pp.701-724
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• 2022

In this study, the Nature of Science (NOS) instrument for elementary school students in the form of open questionnaires was developed specifically to reveal elementary school students' perceptions of the NOS, and its validity and effectiveness were investigated. To develop a NOS instrument for elementary school students, problems that may occur when applying the existing NOS instruments to elementary school students were analyzed and based on this, the development direction of the NOS instrument was established. In addition, after selecting seven NOS types suitable for the level of elementary school students, the preliminary instrument was produced by modifying and supplementing the items in the existing instruments for each type or by developing new items. Finally, the NOS instrument consisting of eight questions was developed by adding one question asking for a comprehensive understanding of science to seven questions related to each type of NOS after a content validity test of the science education expert group. To verify the practical effect of the developed instrument, pre- and post-tests were conducted on 50 students in two classes of sixth grade at two elementary schools in Seoul: 'existing instrument → development instrument' in one class, and 'development instrument → existing instrument' in the other class. The collected data were then compared and evaluated through summary content analysis and analyzed by executing the Wilcoxon signed-rank test. As a result of comparing and analyzing students' responses to the existing NOS instrument and the developed NOS instrument, students' perspectives on the NOS were more diverse when using the developed instrument, and the level of error in the response caused by misinterpreting the intention of the question was reduced. In addition, when using the developed instrument, the responses of the majority of students at a statistically significant level changed more specifically. In this study, the implications for the development of NOS instruments suitable for elementary school students were discussed based on these results.

• Journal of Chest Surgery
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• v.36 no.9
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• pp.651-658
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• 2003

Since the first implanted in September 1997, the use of On-X prosthetic heart valve has been increasing around in the world. This study was designed to assess the feasibility, safety, and the postoperative hemodynamics with this new valve in clinical setting. Material and Method: The current study was carried out on 52 patients undergoing aortic valve replacement with this prosthesis between April 1999 to August 2002 at Chonnam National University Hospital to evaluate the surgical results. 52％ of the patients were male and the average age at implant was 50$\pm$13 years. The study followed the guidelines of the AATS/STS. Preoperatively, 32(61.5％) patients were in NYHA functional class III or IV and 2 patients had previous aortic valve surgery. Concomitant cardiac surgery was performed in 71.1％. The implanted valve sizes were 19 mm in 13 patients, 21 mm in 26, 23 mm in 10 and 25 mm in 3, respectively. Mean follow-up was 16.6$\pm$10.5 months (1∼39 months). Echocardiographic assessment was performed pre- and immediate postoperatively, as well as 3, 6, 12 months after surgery, evaluating pressure loss and regression of left ventricular hypertrophy. Result: Mean cardiopulmonary bypass time was 191$\pm$94.7 minutes with an aortic cross-clamp time of 142$\pm$51.7 minutes. There was no early and late mortality, Freedom from adverse events at 1 year in the study were as follows: thromboembolism, 95.6$\pm$6％; bleeding events, 90.2$\pm$4％; paravalvular leakage 92.3$\pm$4％; and overall valve-related morbidity at 1 year was 76.6$\pm$3％. There were no cases of valve thrombosis, prosthetic valve endocarditis and structural or non-structural failure. Left ventricular function at 12 months after surgery (EF=62.7$\pm$9.8％) revealed a statistically significant improvement compared to preoperative investigation (EF=55.8$\pm$15.9％, p=0.006). Left ventricular mass index was 247.3$\pm$122.3 g/$m^2$ on preoperative echocardiographic study, but regressed to 155.5$\pm$58.2 g/$m^2$ at postoperative 1 year (p=0.002). Over the follow-up period a further decrease of peak transvalvular gradients was observed in all patients: 62.5$\pm$38.0 mmHg on preoperative assessment, 18.2$\pm$6.8 mmHg at immediate postoperative period (p < 0.0001), 7.6$\pm$5.09 mmHg (p<0.0001) at 6 month, 18.0$\pm$10.8 mmHg (p<0.0001) at 1 year. Conclusion: The On-X prosthetic heart valve performs satisfactorily in the first 1 year period. Clinical outcome by examining NYHA functional classification revealed especially good results. Effective regression of left ventricular hypertrophy and statistically significant decrease of transvalvular gradient were observed over the first year, but longer-term follow-up of this patient group is needed to establish the expected rates for late valve-related events as well as the long-term clinical efficacy of this valve.