• East Asian Economic Review
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• 제24권1호
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• pp.61-87
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• 2020

Five diffusion models are estimated using three different foreign exchange rates to find an appropriate model for each. Daily spot exchange rates expressed as the prices of 1 euro, 1 British pound and 100 Japanese yen in US dollars, respectively denoted by USD/EUR, USD/GBP, and USD/100JPY, are used. The maximum likelihood estimation method is implemented after deriving an approximate log-transition density function (log-TDF) of the diffusion processes because the true log-TDF is unknown. Of the five models, the most general model is the best fit for the USD/GBP, and USD/100JPY exchange rates, but it is not the case for the case of USD/EUR. Although we could not find any evidence of the mean-reverting property for the USD/EUR exchange rate, the USD/GBP, and USD/100JPY exchange rates show the mean-reversion behavior. Interestingly, the volatility function of the USD/EUR exchange rate is increasing in the exchange rate while the volatility functions of the USD/GBP and USD/100Yen exchange rates have a U-shape. Our results reveal that more care has to be taken when determining a diffusion model for the exchange rate. The results also imply that we may have to use a more general diffusion model than those proposed in the literature when developing economic theories for the behavior of the exchange rate and pricing foreign currency options or derivatives.

• 동아시아경상학회지
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• 제6권3호
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• pp.24-36
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• 2018

Purpose - From establishing China-Japan diplomatic relations in 1972, the relations between two states has improved a lot, from which makes the government and the people reap much benefit. Owing to this reason, this paper aims at exploiting the impact of exchange rate volatility of RMB on China's foreign direct investment to Japan. Research design and methodology - The quarterly time series data from 2003 to 2016 will be employed to conduct an empirical analysis under the vector error correction model. Meanwhile, a menu of estimated methods such the Johansen co-integration test and the Granger Causality test will be also used to explore the impact of exchange rate volatility of RMB on China's foreign direct investment to Japan. Results - The empirical analysis results exhibit that the real exchange rate has a positive effect on China's foreign direct investment to Japan in the long run. Conversely, the real exchange rate volatility of RMB, the trade openness and the real GDP have a negative effect on China's foreign direct investment to Japan in the long run. However, in the short run, the China's foreign direct investment to Japan, the real exchange rate, the trade openness and the real GDP in period have a negative effect on China's foreign direct investment to Japan in period. Oppositely, the real exchange rate volatility of RMB in period has a positive effect on China's foreign direct investment to Japan in period. Conclusions - From the empirical evidences in this paper provided, it can be concluded that an increase in the exchange rate volatility of RMB can result in a decrease in the China's foreign direct investment to Japan in the long run. However, an increase in the exchange rate volatility of RMB can lead to an increase in the China's foreign direct investment to Japan in the short run. Therefore, the China's government should have a best control of the real exchange rate volatility of RMB so as to improve China's foreign direct investment to Japan.

• Journal of the Korean Data and Information Science Society
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• 제24권6호
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• pp.1551-1559
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• 2013

In this paper, we analyze the Korean Won/Japanese 100 Yen exchange rate data based on the ARMA-GARCH model, and perform the test for detecting the parameter changes. As a test statistics, we employ the cumulative sum (CUSUM) test for ARMA-GARCH model, which is introduced by Lee and Song (2008). Our empirical analysis indicates that the KRW/JPY exchange rate series experienced several parameter changes during the period from January 2000 to December 2012, which leads to a fitting of AR-IGARCH model to the whole series.

• East Asian Economic Review
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• 제24권2호
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• pp.165-184
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• 2020

Applying Ismailov and Rossi (2018), I newly construct the Korea FX uncertainty based on the density distribution of historical forecast errors. This uncertainty index properly captures the rare but significant events in the Korean currency market and provides information distinct from other uncertainty measures in recent studies. I show that 1) FX uncertainty arising from unexpected depreciation has a stronger impact on Korea-U.S. exchange rates and that 2) macro variables, such as capital flows or interest rate differentials, have predictive ability regarding Korea FX uncertainty for short horizons. These findings enable us to predict the events of sudden currency crashes and understand the Korea-U.S. exchange rate dynamics.

• Korean Chemical Engineering Research
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• 제48권6호
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• pp.731-736
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• 2010

본 연구에서는 post sulfonation 반응을 통하여 SBS 양이온교환막을 제조하였다. 술폰화 양이온교환막의 술폰화도, 함수율, 이온교환용량, 전기저항 및 전기전도도등 막의 전기적 특성을 술폰화 시간을 변수로 하여 확인하였다. 술폰화 SBS 막의 술폰화도는 반응시간 및 황산의 농도가 증가함에 따라 증가하였으며 최대 술폰화도는 24.0%이었다. 또한 막의 함수율과 이온교환용량은 술폰화도가 증가함에 따라 증가하였으며 각각 41.2%, 0.80 meq/g로 가장 높았으며, 전기저항과 전기전도도는 각각 $23.6{\Omega}{\cdot}cm^2$, $4.24{\times}10^{-4}S/cm$이었다.

• 유통과학연구
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• 제13권2호
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• pp.15-24
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• 2015

Purpose - Foreign exchange risk control is in an important component in the international supply chain management. This study shows the importance of the reference period in forecasting future exchange rates with a specific illustration of KIKO currency option contracts, and suggests feasible preventive measures. Research design, data, and methodology - Using monthly Won-Dollar exchange rate data for January 1995~July 2007, I evaluate the statistical characteristics of the exchange rate for two sub-periods; 1) a shorter period after the East Asian financial crisis and 2) a longer period including the financial crisis. The key instrument of analysis is the basic normal distribution theory. Results - The difference in the reference period could lead to an unexpected development in contract implementation and a consequent financial loss. We may avoid foreign exchange loss by using derivatives such as forwards or currency options. Conclusions - We should consider not only level values but also the volatilities of financial variables in making a binding financial contract. Appropriate measures may differ depending on the specific supply chain pattern. We may extend the study with surveys on actual risk measures.

• 한국세라믹학회지
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• 제39권7호
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• pp.675-679
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• 2002

강화유리를 제조하기 위해서, 디스플레이 기판으로 사용되는 soda-lime-silicate 유리를 대상으로 단일이온교환 특성에 대하여 3점곡강도와 잔류응력을 조사하였다. 단일이온교환을 47$0^{\circ}C$에서 1시간 처리 후, 45$0^{\circ}C$에서 24시간 행하였을 때, 62.5$\times$10$_{6}$ kg/$m^2$의 최대 강도 값을 나타내었다. 또한, 곡강도 측정 후 얻어진 시편의 파단면에 존재하는 잔류응력층을 파괴분석을 통하여 관찰한 결과, 이 잔류응력층이 외부하중에 대한 탄성 변형에너지를 흡수하여 유연성을 증가시킴을 알 수 있었다 또한, 탄성변형에너지 흡수는 만곡변화, 균열가지수 및 취성특성 분석에서도 관찰되었다.

• Bulletin of the Korean Chemical Society
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• 제24권9호
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• pp.1324-1328
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• 2003

The simultaneous determination of anions ($SO_4 ^{2-},\;Cl^-,\;and\;NO_3^-$) and cations ($Na^+,\;NH^{4+},\;K^+,\;Mg^{2+},\;and\;Ca^{2+}$) in natural water obtained by Nakdong River waters system in Korea were performed by ion-exclusion/cationexchange chromatography with conductimetric detection. The stationary phase was a polymethacrylate-based weakly acidic cation-exchange resin column in the $H^+$-form and a weak-acid eluent. When using only a 1.4 mM sulfosalicylic acid/6 mM 18-crown-6 ether as an eluent, good resolution of both anions and cations, minimum time required for the separation, and satisfactory detection sensitivity were obtained in a reasonable time. The method was successfully applied to the simultaneous determination of anions and cations in natural waters.

• 해양환경안전학회지
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• 제24권1호
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• pp.10-17
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• 2018

종합 안전관리체계인 e-navigation을 준비하기 위해 선박의 의도된 경로를 선박 대 선박, 그리고 선박 대 육상 간에 공유하는 경로교환에 대한 연구가 활발히 진행 중이다. 하지만 경로교환을 위한 기술적인 측면에서의 연구 개발은 진행되고 있으나, 그 효과나 문제점 등 도입 필요성에 대한 연구는 부족한 실정이다. 본 연구는 선박조종 시뮬레이션을 통해 경로교환이 항해 안전에 미치는 영향을 정량적으로 분석하고, 시뮬레이션 수행자들의 주관적인 평가를 종합하여 경로교환의 효과를 검증하였다. 선박 간 경로교환을 할 경우 최초 충돌회피 시점은 평균 3.43분 더 빨라졌으며, 충돌회피 방향은 60 %가 변경되었다. 또한 타선 A와의 최근접점은 31 % 더 가까워지고, 평균 타 사용지수는 57 % 줄어들었다. 그리고 설문 응답자의 95 %는 경로교환이 충돌회피 의사결정에 영향, 85 %는 안전운항에 긍정적인 영향, 90 %는 사고예방 효과, 70 %는 항해사의 심리적 부담 경감, 70 %는 경로교환을 실무에 도입해야한다고 답하였다.

• 한국컴퓨터정보학회논문지
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• 제17권9호
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• pp.157-164
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• 2012

최근 의료서비스 환경에서 진료정보 교류는 의료의 안정성 및 질 증대, 진료업무 효율성 향상, 의료기관 운영 효율성, 환자의 편의성 증대를 가져올 수 있는 필수 의료 서비스 모델이다. 하지만 의료기관별 정보화 수준이 다양하고, 표준화된 시스템이 마련되어 있지 않으며, 기관별로 서로 상이한 정보시스템이 구축되어 있어 실질적인 진료정보 교류가 어려운 상황이다. 이 논문에서는 국내 법제도 안에서 진료정보 교류를 활성화 하기위해 관련 기술표준 및 진료정보 교류 모델에 대해 분석하였고 이중 가장 이상적인 지연 응답 모델을 기반으로 보다 나은 성능 개선을 위하여 진료정보 교류 프레임워크를 설계하였다. 성능 개선 진료정보 교류 프레임워크는 진료정보 교류 시 메타데이터 플로우와 실제 CDA 문서 플로우를 구분하여 기존 지연 응답 모델 기반 시스템과의 성능 비교 실험 결과 약 24%의 성능 향상을 얻었다.