• Environmental and Resource Economics Review
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• v.16 no.2
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• pp.213-237
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• 2007

Discussions on regionalization of the world crude oil markets have provided important implications for the establishment of national energy policies. In particular, due to arbitrage trading, if these markets are regionalized, Korea who imports approximately 80% of the annual oil consumption from a single region may be faced with a crucial problem. Therefore, in this study, we analyzed regionalization of the world crude oil markets using causality analysis as well as cointegration method to consider temporal relationship and time lags. To analyze regionalization, we chose Dubai price for the Middle East market, Brent for the European, WTI for the U.S., and Tapis for the East Asian. For the case that long-run equilibrium existed between market prices, we used vector error correction model to analyze causal relationship, and for the case that equilibrium did not exist, we used Hsiao (1981)'s framework that can consider asymmetric time lags in the model for causality analysis. By the results of cointegration analysis, there did not exist long-run equilibrium among Dubai price and the other prices. However, we found the causal relationship among Dubai price and the other prices with one to four weeks time lags. Therefore, in effect, we could conclude that the world crude oil markets are unified supporting Adelman (1984)'s hypothesis.

• Journal of Korea Water Resources Association
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• v.40 no.2 s.175
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• pp.147-158
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• 2007

This study attempted to determine a suitable hydrologic model for assessing the impact of climate change on water resources, and to assess the accuracy of streamflow scenarios simulated by the selected hydrologic model using the meteorological scenarios of the Seoul National University Regional Climate Model(SNURCM). Comparison of four water balance models and two daily conceptual rainfall-runoff models for the simulation capability of the Daecheong Dam inflow indicated that the abcd model performs the best among the tested water balance models and performs as well as SSARR that is popular as a daily rainfall-runoff model in Korea. Parameters of the abcd model were then estimated for 12 ungauged subbasins of the Geum River by the regionalization method. The model parameters were first calibrated at nine multi-purpose dams and were then regionalized using catchment characteristics for another four multi-purpose dams, which were assumed to be ungauged sites. The model efficiency(ME) coefficients of the simulated inflows for these four dams were at least 87%. The MEs of the hindcasted meteorological rainfall scenarios of the 12 subbasins of the Geum River were more than 60%. Moreover, the ME of the Daecheong Dam inflow simulated by the abcd model using the SNURCM rainfall scenarios was more than 80%. Therefore, this research concluded that the abcd model coupled with the SNU-RCM meteorological scenarios can be used for impact assessment studies of climate change on water resources.

• KSCE Journal of Civil and Environmental Engineering Research
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• v.30 no.6B
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• pp.599-606
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• 2010

Due to the short period of precipitation data in Korea, the uncertainty of drought analysis is inevitable from a point frequency analysis. So it is desired to introduce a regional drought frequency analysis. This study first extracted drought characteristics from 3-month and 12-month moving average rainfalls which represent short and long-term droughts, respectively. Then, the homogeneous regions were distinguished by performing a principal component analysis and cluster analysis. The Korean peninsula was classified into five regions based on drought characteristics. Finally, this study applied the bivariate frequency analysis using a kernel density function to quantify the regionalized drought characteristics. Based on the bivariate drought frequency curves, the drought severities of five regions were evaluated for durations of 2, 5, 10, and 20 months, and return periods of 5, 10, 20, 50, and 100 years. As a result, the largest severity of drought was occurred in the Lower Geum River basin, in the Youngsan River basin, and over in the southern coast of Korea.