• East Asian Economic Review
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• v.28 no.2
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• pp.221-244
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• 2024

This study examines how the independence of monetary policy changes in situations where the interest rate differential between domestic and foreign rates inverts, utilizing the trilemma indices. For analysis, this paper uses the trilemma indices developed by Kim et al. (2017) to analyze the relationship between the monetary policy independence index and the other two trilemma indices, namely the capital account openness index and the exchange rate stability index, across 45 countries from 2002 to 2018. The analysis reveals that the trilemma's validity is contingent. In particular, no statistically significant negative correlation was found between the monetary policy independence index and exchange rate stability index during periods of interest rate differential inversion. A positive correlation emerges between exchange rate stability and the independence of monetary policy, particularly when the inverted interest rate differential exceeds a certain threshold. This situation, where the exchange rate remains stable despite low domestic interest rates, implies that the central bank is effectively managing monetary policy to appropriately respond to economic conditions, which is reflected in the monetary policy independence index.

• International journal of advanced smart convergence
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• v.12 no.1
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• pp.41-52
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• 2023

The purpose of this study is to review the proposed solutions to the Blockchain trilemma put forward by various research scholars and to draw conclusions by comparing the findings of each study. We found that the models so far developed either compromise scalability, decentralization, or security. The first model compromises decentralization. By partially centralizing the network, transaction processing speed can be improved, but security strength is weakened. Examples of this include Algorand and EOS. Because Algorand randomly selects the node that decides the consensus, the security of Algorand is better than EOS, wherein a designated selector decides. The second model recognizes that scalability causes a delay in speed when transactions are included in a block, reducing the system's efficiency. Compromising scalability makes it possible to increase decentralization. Representative examples include Bitcoin and Ethereum. Bitcoin is more vital than Ethereum in terms of security, but in terms of scalability, Ethereum is superior to Bitcoin. In the third model, information is stored and managed through various procedures at the expense of security. The application case is to weaken security by applying a layer 1 or 2 solution that stores and reroutes information. The expected effect of this study is to provide a new perspective on the trilemma debate and to stimulate interest in continued research into the problem.

• Journal of Korean Library and Information Science Society
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• v.52 no.1
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• pp.1-26
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• 2021

In most countries, public libraries have played a role as a hub of knowledge and information, complex culture of local communities, and a third place for meeting and communication. And recent public libraries are focusing on enhancing their core competencies and expanding services using digital technologies to meet the era of digital transformation and the 4th industrial revolution. However, after the COVID-19 pandemic occurred, all public libraries are repeatedly closed, reopened, and partially closed, and all resources are devoted to providing non-contact, digital and online alternative services, and are expected to continue in the future. As a result, future public libraries are bound to face a trilemma in which digital expandability, complex cultural space, and importance as a place of knowledge and information service are conflicting. This study discoursed on the public library trilemma in the post-COVID-19 era and suggested ways to overcome it. The orientation of the future public library is the fusion and harmony of multiplicity and multipurpose, place and space, knowledge & information and complex culture, face-to-face service and remote service. The main body of a public library is not the finger (digital and non-contact), but the moon (knowledge information center).

• Journal of Industrial Convergence
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• v.21 no.8
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• pp.51-58
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• 2023

Blockchains have recently struggled to design for the ideal distributed trust networks by solving scalability trilemma. However, local conflicts between some countries lead to imbalance on energy distribution. Besides, blockchain networks (e.g., Bitcoin) currently consume enormous energy for transaction and mining. The existing data volume based trust model evaluated an increasing blockchain size better than Lubin's trust model in scalability trilemma. In this paper, we propose a scalability based energy model to evaluate sustainability for blockchain networks, considering energy consumption for transaction, time duration, and the blockchain size of growing blockchain networks. Through the rigorous numerical analysis, we compare the proposed scalability based energy model with the existing model for the satisfaction and optimal blockchain size. Thus, the scalability based energy model will provide an assessment tool to choose the proper blockchain networks to solve scalability trilemma problem and prove sustainability.

• Nuclear industry
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• v.14 no.4 s.134
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• pp.40-59
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• 1994

• KEPCO Journal on Electric Power and Energy
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• v.6 no.3
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• pp.197-210
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• 2020

• 한국사회정책
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• v.19 no.3
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• pp.119-147
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• 2012

This paper aims to explore whether the trilemma of welfare states has been a valid argument about the recent change of welfare states. Based on fuzzy-set ideal type analysis of data from seventeen OECD countries, it examines that welfare states have achieved three core policy objectives -income equality, employment growth and fiscal discipline- in the service economy during the period between 1981 and 2010. The evidence presented in this paper does not support the trilemma of the service economy where only two goals can be pursued successfully at one time, at a cost of the other remained goal. The trilemma has been effective only to the countries in liberal welfare regime where employment growth and fiscal discipline has been achieved at a cost of higher levels of income equality. However, conservative welfare-state regimes have experienced the deterioration of income equality and fiscal restraint after the mid 1980s and it seems that they have diverged into various models. In the countries of the social democratic welfare regime, the goals of equality and employment have been achieved simultaneously together with fiscal discipline since the early 2000s. While they are classified as the perfect model in the research, Southern European welfare states including Greece and Italy, classified as 'the crisis model', have not performed well in all the three aspects. On the evidence presented in this paper, it can be said that the trilemma of welfare states in the service economy is not effective to explain the policy goals of welfare state as well as the result of redistributive politics in the service economy.

• Analyses & Alternatives
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• v.2 no.1
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• pp.5-29
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• 2018

Models of South-North Korean economic integration have the problem of circular reasoning. While many studies argue that South-North Korean economic integration would contribute to alleviate security risks in the Korean peninsular, they emphasize the success of any economic model of inter-Korean economic integration is subject to favorable geo-political and security environment. It is a failure in distinguishing between goals and constraints. After identifying three major goals of South-North Korean economic cooperation, this study shows the trilemma among the goals; they are 1) formation of a complete economic community, 2) maintaining independent sovereignty of the two Koreas, 3) promotion of mutual economic interests. The trilemma suggests that it is theoretically impossible to achieve the above three goals at the same time. Only two goals are achievable simultaneously. This study argues that the most practical option is to pursue the combination of goals 2) and 3) considering the complex political and security environment around the Korean peninsular. Recognizing that North Korea is the least developed country in the Northeast Asia region, South Korea's initiatives for inter-Korean economic cooperation should focus on assisting industrialization and integration of the North Korea economy into the Northeast Asian regional production sharing structure. In view of the 'flying geese model' of the sequential industrialization in the region, the least developed economic status of North Korea can partially be explained by its failure to participate in the production network in the region as well as lack of effective implementation of appropriate industrial policy. Therefore, promotion of industrialization of North Korea should be the immediate goal of economic cooperation between North and South Korea. It is an interesting fact that North Korea has rapidly expanded its apparel exports in recent years. It could mean that the North Korean economy is actively responding to the dynamics of international comparative advantage structure, although the production activities are limited to exports to China since the closure of the Gaesung Industrial Complex. The recent increase in apparel export is a starting point for incorporating the Easy Import Substitution fulfilling both domestic and neighboring regional demand of North Korea. It could help integrate North Korea's industry into the production network of Northeast Asia. An immediate policy implication is that the economic cooperation between the two Koreas should focus on facilitating this process and supporting North Korea's industrial policy through South Korea's contribution of capital, technology, and service intermediary inputs.

• ETRI Journal
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• v.42 no.6
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• pp.872-885
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• 2020

Distributed consensus requires the consent of more than half of the congress to produce irreversible results, and the performance of the consensus algorithm deteriorates with the increase in the number of nodes. This problem can be addressed by delegating the agreement to a few selected nodes. Since the selected nodes must comply with the Byzantine node ratio criteria required by the algorithm, the result selected by any decentralized node cannot be trusted. However, some trusted nodes monopolize the consensus node selection process, thereby breaking decentralization and causing a trilemma. Therefore, a consensus node selection algorithm is required that can construct a congress that can withstand Byzantine faults with the decentralized method. In this paper, an algorithm based on the Byzantine agreement among decentralized agents to facilitate agreement between decentralization nodes is proposed. It selects a group of random consensus nodes per block by applying the proposed proof of nonce algorithm. By controlling the percentage of Byzantine included in the selected nodes, it solves the trilemma when an arbitrary node selects the consensus nodes.

• Journal of Korean Society of Industrial and Systems Engineering
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• v.45 no.1
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• pp.1-9
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• 2022

The PoN (Proof of Nonce) distributed consensus algorithm basically uses a non-competitive consensus method that can guarantee an equal opportunity for all nodes to participate in the block generation process, and this method was expected to resolve the first trilemma of the blockchain, called the decentralization problem. However, the decentralization performance of the PoN distributed consensus algorithm can be greatly affected by the network transaction transmission delay characteristics of the nodes composing the block chain system. In particular, in the consensus process, differences in network node performance may significantly affect the composition of the congress and committee on a first-come, first-served basis. Therefore, in this paper, we presented a problem by analyzing the decentralization performance of the PoN distributed consensus algorithm, and suggested a fairness control algorithm using a learning-based probabilistic acceptance rule to improve it. In addition, we verified the superiority of the proposed algorithm by conducting a numerical experiment, while considering the block chain systems composed of various heterogeneous characteristic systems with different network transmission delay.