• Journal of Korea Trade
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• v.24 no.8
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• pp.153-170
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• 2020

Purpose - As the US-China trade war intensifies and lasts long time, there is growing concern about its potential effects on the global economy. In particular, for the countries like Korea that have a large economic dependence on the economy of the two countries, the US-China trade war may have a great repercussion in many ways. The aim of this paper is to investigate the global productivity and market structure implications of the US-China trade war for Korea, as well as for other surrounding countries and regions. Design/methodology - In this paper, we develop a full multi-country/region multi-sector computable general equilibrium (CGE) model of global trade incorporating heterogeneous workers and firms in individual skill levels and used technologies. We then calibrate the model using a global Social Accounting Matrix (SAM) dataset extracted from the recently released GTAP 10 Database, and assess the potential effects of the US-China trade war on the aggregate real productivity and the market structure for Korea, as well as for other surrounding countries and regions. Findings - We show that the US-China trade war may largely affect the aggregate productivity in each sector in each country/region, as well as the global market structure through entry and exit of firms, which results finally in considerable changes in the industrial comparative advantage of each country/region. Though the effects are diverse sector by sector, the results show that Korea may also be affected significantly: concerning the real productivity implications, it is shown that the machinery industry may be affected the most negatively; on the other hand, it is shown that the number of exporting firms may decrease the most in the other transports industry. Originality/value - As the US-China trade war intensifies, many studies have tried to estimate the possible implications, and for this usually the CGE models have largely been used as the standard tool for evaluating the impacts of changes in trade policies. Standard CGE models, however, cannot be used to assess the global productivity and market structure implications due to the symmetric and simplified base assumptions. This paper is the first to analyze and quantify the possible impacts of the US-China trade war on the aggregate productivity and global market structure using a CGE model incorporating endogenous skill-technology assignment of heterogeneous workers and firms.

• International Commerce and Information Review
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• v.16 no.5
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• pp.409-433
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• 2014

In this paper, I estimate long-run elasticities of US real GDP and real exchange rate between Korean Won and US Dollar on export of Korean goods to US and analyze changes in their trend by using VECM and rolling regression with a fixed window. For the purposes I use the year data from 1990 to 2013 which are selected from UNCTAD, Korea Trade Association(KTA), and Bank of Korea(BOK). The results are that the long-run elasticities of US real GDP vary from 2.849 to 2.938 for the period from 1990 to 2013 depending on the models in VECM and all of them are significant statistically. The elasticities of real exchange rate between Korean WON and US Dollar vary from 0.962 to 0.967 for the same period depending on the models in VECM and all of them are significant statistically. In case of the results through the OLS and the rolling regression, the long-run elasticities of US. real GDP are 3.015 for Basic Model, 2.949 for the modified Model 1, and 2.125 for the modified Model 2 for the period from 1990 to 2013 depending on the models and all of them are significant statistically. The average of long-run elasticities of real US GDP before the global financial crisis of 2008 is greater than that after the global financial crisis of 2008. On the other hand, the long-run elasticities of real exchange rate between Korean WON and US $ are 0.347 for Basic Model, 0.566 for the modified Model 1, and -0.217 for the modified Model 2 for the same period and all of them are significant statistically except for the modified Model 2. The average of long-run elasticities of real exchange rate before the global financial crisis of 2008 is greater than that after the global financial crisis of 2008.

• Korea Trade Review
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• v.41 no.3
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• pp.1-25
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• 2016

This study reviews international discussions about the trade-labor linkage and examines the labor chapters of FTAs enforced by the US and the EU from a comparative perspective. Since early 1990s, starting from the NAFTA, the US has included forceable labor provisions in its FTAs and this trend continues to the TPP which was concluded in October 2015. On the other hand, the EU's labor provisions in its FTAs have been composed of promotional elements on labor rights based on cooperations and dialogues. These different features of labor provisions in the US and European FTAs are mainly due to the motives of the FTAs of the US and the EU respectively as well as their domestic situations with regards to domestic law and institutional set-ups. The coordination of labor provisions involves a long-term institutional as well as regulatory convergence which triggers not only economic but also social changes, compared to a relatively short-term effect of tariff elimination. For Korea which has been a FTA partner country both with the US and the EU, it is significant to keep the different characteristics in the labor provisions in mind, particularly in the process of its implementation. Concerning the implementation of Korea-US FTA, it might be problematic if Korean law and its regulatory practice on labor-management relations do not comply with that of the US. The Korea-EU FTA case can also have an indirect impact on Korea's labor laws since it stipulates in its provisions that both parties should have discussions not only within each government but also with the civil communities including NGOs. Thus, Korea should pay more attention to the true meaning in labor provisions of both FTAs in order to promote its firms to be equipped with the right labor-management system in their operations abroad.

• Korea Trade Review
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• v.43 no.5
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• pp.47-66
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• 2018

This study analyzes the potential economic effects of a trade war between the U.S. and China. The CGE model is used to estimate the macroeconomic variables of each country and the change in imports/exports by industry by considering three different scenarios: (i) the US imposes a 25% of tariff on China; (ii) the US and China impose a 25% tariff bilaterally; (iii) the United States expands protection in vehicles and metals to Korea, Japan, and the EU. According to the results of the study, when the US and China initiate a trade war, GDP and welfare of both countries decline. China's decline in GDP and welfare are larger than those of the United States, which implies a trade war is more favorable to the U.S. than to China. In the long run, China's GDP and welfare decline widens further. While the trade volumes of the US and China are greatly reduced, the trade volumes of other countries does not significantly fluctuate. Finally, if the US extends protection policy to Korea, Japan and the EU, it creates undesirable effects on the US. In particular, damage to the US jeopardizes its advantageous position in a trade war with China. In order to emphasize the unfairness of protectionist policy and the damage to Korean industry, Korea needs to establish a strategy to counter US protectionist policy.

• The Korean Journal of Pain
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• v.30 no.4
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• pp.287-295
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• 2017

Background: Recently, the use of ultrasound (US) techniques in regional anesthesia and pain medicine has increased significantly. However, the current extent of training in the use of US-guided pain management procedures in Korea remains unknown. The purpose of the present study was to assess the current state of US training provided during Korean Pain Society (KPS) pain fellowship programs through the comparative analysis between training hospitals. Methods: We conducted an anonymous survey of 51 pain physicians who had completed KPS fellowships in 2017. Items pertained to current US practices and education, as well as the types of techniques and amount of experience with US-guided pain management procedures. Responses were compared based on the tier of the training hospital. Results: Among the 51 respondents, 14 received training at first- and second-tier hospitals (Group A), while 37 received training at third-tier hospitals (Group B). The mean total duration of pain training during the 1-year fellowship was 7.4 months in Group A and 8.4 months in Group B. Our analysis revealed that 36% and 40% of respondents in Groups A and B received dedicated US training, respectively. Most respondents underwent US training in patient-care settings under the supervision of attending physicians. Cervical root, stellate ganglion, piriformis, and lumbar plexus blocks were more commonly performed by Group B than by Group A (P < 0.05). Conclusions: Instruction regarding US-guided pain management interventions varied among fellowship training hospitals, highlighting the need for the development of educational standards that mandate a minimum number of US-guided nerve blocks or injections during fellowships in interventional pain management.

• Journal of radiological science and technology
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• v.31 no.2
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• pp.141-147
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• 2008

Thyroid nodules are a common disease in clinical practice. Fine needle aspiration (FNA) is an accurate and safe method for the diagnosis of thyroid nodules. One of the limitations of FNA is the variable rate of unsatisfactory specimens, especially in small sized, deep seated or complex cystic nodules. To overcome this problem, ultrasound-guided FNA (US-FNA) has been widely used. In this study, the clinical usefulness of US-FNA cytology in thyroid nodules was investigated. Female to male ratio was 6.58:1. The incidence of nodules were 157 (43.1%) cases on the right, 130 (35.7%) cases on the left and 9 (2.5%) cases in isthmus. Total 139 cases (38.2%) belong to less than 1cm and 225 cases (61.8%) belong to more than 1cm. As for the echo type in the nodules, solid types were 255(70.1%), cystic type 39 (10.7%) cases, and the percentage of mixed type was 19.2%. The results show that US-FNA reduces the possibility of unsatisfactory cytologic specimens and the rate of false-negative diagnosis, and improves the diagnostic accuracy in investigation thyroid nodules.

• Journal of Veterinary Clinics
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• v.31 no.3
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• pp.175-179
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• 2014

The purpose of this study was to determine and compare prostate size using ultrasound and computed tomography (CT). The prostate gland was evaluated in eight normal Beagle dogs. Length, depth, and width of the prostate gland were measured by ultrasound and volume of the prostate was obtained from the two ellipsoid formula (US1, US2). Height, length, width, area, and volume of the prostate gland were measured by CT. Ratios of prostatic height, length, and width to the sixth lumbar vertebral body length were calculated. There was no significant difference between the US1 and US2 method, and between US2 and CT method, respectively. The prostatic volume calculated by US1 method was significantly lower than those with CT (p=0.029). The Upper limits of ratios of prostate length, height, and width to the length of the sixth lumbar vertebra were 1.3, 1.1, and 1.7, respectively. Among these prostate dimensions, prostate length and height could be a useful index in estimating prostate size regardless of body weight.

• Radiation Oncology Journal
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• v.37 no.4
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• pp.259-264
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• 2019

Purpose: Accurate localization of the lumpectomy cavity during accelerated partial breast radiation (APBR) is essential for daily setup to ensure the prescribed dose encompasses the target and avoids unnecessary irradiation to surrounding normal tissues. Three-dimensional ultrasound (3D-US) allows direct visualization of the lumpectomy cavity without additional radiation exposure. The purpose of this study was to evaluate the feasibility of 3D-US in daily target localization for APBR. Materials and methods: Forty-seven patients with stage I breast cancer who underwent breast conserving surgery were treated with a 2-week course of APBR. Patients with visible lumpectomy cavities on high quality 3D-US images were included in this analysis. Prior to each treatment, X-ray and 3D-US images were acquired and compared to images from simulation to confirm accurate position and determine shifts. Volume change of the lumpectomy cavity was determined daily with 3D-US. Results: A total of 118 images of each modality from 12 eligible patients were analyzed. The average change in cavity volume was 7.8% (range, -24.1% to 14.4%) on 3D-US from simulation to the end-of-treatment. Based on 3D-US, significantly larger shifts were necessary compared to portal films in all three dimensions: anterior/posterior (p = 7E-11), left/right (p = 0.002), and superior/inferior (p = 0.004). Conclusion: Given that the lumpectomy cavity is not directly visible via X-ray images, accurate positioning may not be fully achieved by X-ray images. Therefore, when the lumpectomy cavity is visible on US, 3D-US can be considered as an alternative to X-ray imaging during daily positioning for selected patients treated with APBR, thus avoiding additional exposure to ionizing radiation.

• East Asian Economic Review
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• v.21 no.4
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• pp.317-342
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• 2017

The US dollar has kept as a position of key currency in the global economy in the changing international monetary system where the euro was introduced to some states of the EU in 1999. It is an evidence of inertia of the US dollar as a key currency. Our previous study (Ogawa and Muto, 2017b) conducted empirical analysis to investigate effects of several events on inertia of the US dollar. One of our findings was that the introduction of the euro increased utility of euro while utility of US dollar was kept unchanged. This paper examines the effects of the global financial crisis and the euro zone crisis as well as the introduction of the euro on the utility of the Japanese yen. The introduction of the euro significantly decreased the utility of the Japanese yen. It indicates that the introduction of the euro increased the utility of the euro while reducing the utility of the Japanese yen rather than the utility of the US dollar. The utility of the Japanese yen has significantly decreased while the global financial crisis and the euro zone crisis occurred. The Japanese yen has a declining trend in terms of its utility over time in the changing international monetary system.

• Strategy21
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• s.42
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• pp.196-223
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• 2017

The aim of this paper is to analyze China's naval strengthening and threat reflected in submarines, aircraft, destroyers and missile capabilities and US Navy's counter-forces. China is strengthening its naval forces in accordance with its three-step naval force build-up plan, and the introduction of Russian destroyers and submarines is a foothold for China's naval enforcement. The Chinese Navy also converted the concept of the First-Second Island Chain Defense, which it had already maintained, to the concept of maritime layer defense. Currently, the Chinese Navy maintains the concept of a Three-Maritime Layer Defense which includes the South China Sea, where artificial islands are being built by China, in the First Layer Defense and the East China Sea in the Third Layer Defense. Along with the advancement of Chinese Navy's submarines, surface vessels and aircraft's operational capabilities, ballistic and cruise missile capabilities become a major threat to the US Navy. If a crisis occurs in the East China Sea or in the Taiwan Waters, the US Navy will face more difficulties in employing the Carrier Strike Group to manage the crisis. Meanwhile, if a crisis occurs on the Korean Peninsula, it will be a burden to dispatch Carrier Strike GroupS to the East and West Seas of the Korean Peninsula. For the stable future, the US Navy should develop a strategy to respond more effectively to the Chinese Navy, which is challenging new maritime supremacy in East Asia.