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RISS 인기검색어
- 검색키워드
- 저자 : ( Marcelo Sanchez ) (검색결과 7 건)
- 무료
- 기관 내 무료
- 유료
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Is Time Ripe for a Currency Union in Emerging East Asia?: The Role of Monetary Stabilization
( Marcelo Sanchez ) 세종대학교 경제통합연구소 (구 세종대학교 국제경제연구소) 2006 Journal of Economic Integration Vol.21 No.4
This paper assesses the prospects for monetary integration between Emerging East Asian (EEA) economies. We develop a simple analytical framework for currency unions of small open economies. The empirical analysis looks at a number of supply-side characteristics of EEA countries highlighted by the model, distinguishing between aggregate and tradable sector structural features. Moreover, we discuss the evidence on the cross-country correlation of disturbances hitting the region. Our study indicates that, at present, EEA economies exhibit a high degree of cross-country supply diversity, while there is no compelling evidence that shocks are highly correlated across the region.
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Joining a Monetary Union: Stabilisation Costs Versus Stabilisation Bias
( Marcelo Sanchez ) 세종대학교 경제통합연구소(구 세종대학교 국제경제연구소) 2011 Journal of Economic Integration Vol.26 No.1
Currency union participation may create a welfare tradeoff relating to monetary factors. Stabilisation costs arise from asymmetric shocks across the union. Countries pursuing discretionary national monetary policies benefit from a committed common central bank, which eliminates Svensson`s(1997) stabilisation bias. Currency union membership is favoured by greater price stability focus and commitment of the common central bank, nominal flexibility, and business cycle synchronisation. Monetary union stabilisation performance also improves with lower variability and persistence of cost-push shocks - the latter feature being detectable only for persistence. The degree of monetary policy robustness to parameter uncertainty has somewhat less clear-cut implications.
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Monetary-Fiscal Wage Interactions in a Multi-Country Currency Union
( Marcelo Sanchez ) 세종대학교 경제통합연구소 2013 Journal of Economic Integration Vol.28 No.3
This paper studies a multi-country currency union of small open economies. Demand-side disturbances hamper monetary union stabilisation unless participating countries` business cycles are perfectly synchronised. In the face of country-specific supply shocks, a currency union of small open economies underperforms monetary autonomy. Higher preference for price stability also deteriorates monetary union stabilisation performance. Monetary-fiscal interaction leads to a free rider problem, with supply shocks eliciting higher interest rate variability. Wage bargaining attempting at stabilising real wages and output mitigates the free rider problem. Decentralised wage bargaining and a lower wage sensitivity of output favour a currency union over monetary autonomy.
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Transparency and Catching Up in a Monetary Union
( Marcelo Sanchez ) 세종대학교 경제통합연구소 (구 세종대학교 국제경제연구소) 2009 Journal of Economic Integration Vol.24 No.1
We report transparency scores and growth indicators for the euro area and various classes of potential euro area candidates. We then study currency union stabilization when monetary policy transparency may be imperfect and supply conditions may be country-specific. Sectoral productivity shocks are found to reduce the effectiveness of the single monetary policy compared to monetary autonomy. For a small open economy, a wider cross-country gap in supply slopes (as induced by larger trade openness differentials) favors currency union participation. Small size hampers monetary union stabilization under supply shocks, but not when output target shocks are misperceived by the public.
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Marcelo Sanchez 한국국제경제학회 2008 International Economic Journal Vol.22 No.1
This paper revisits the relationship between interest rates and exchange rates using a simple model that incorporates the role of exchange rate pass-through into domestic prices and distinguishes between cases of expansionary and contractionary depreciations. The model results show that the correlation between exchange rates and interest rates, conditional on an adverse risk premium shock, is negative for expansionary depreciations and positive for contractionary ones. For this type of shock, interest rates are found to be raised to prevent the contractionary effect of a depreciation regardless of whether the latter effect is strong or mild. Interest rates are predicted to eventually rise in response to an adverse net export shock in contractionary depreciation cases, and to be lowered in the case of expansionary ones.
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Geological Storage of High Level Nuclear Waste
김진섭,권상기,Marcelo Sanchez,조계춘 대한토목학회 2011 KSCE JOURNAL OF CIVIL ENGINEERING Vol.15 No.4
The quantity of radioactive waste will grow significantly with an increasing interest and use of nuclear-generated energy. There will always be inevitable radioactive waste residues that require disposal, even using an advanced nuclear fuel cycle in the future. Deep geological disposal, one of the most promising final disposal methods, should be validated for its long-term performance and safety assessment. Geotechnical issues related to the deep geological disposal are critical for the sustainable development of nuclear energy. They play challenging roles especially under extreme circumstances that result from deep geological conditions of a repository, extremely long containment time, and the characteristics of nuclear waste itself such as high decay heat, which may primarily affect thermo-hydro-mechanical and geochemical-coupled behavior of a repository for geologic time scales. This paper introduces an overview of deep geological disposal concepts based on Finnish, Korean, Spanish, and Swedish disposal programs,discusses the outstanding research issues in disposal from the aspect of geological and geotechnical engineering, such as Excavation-Damaged Zone (EDZ), cementitious material, long-term gas migration, and self-sealing/healing of fractured rocks with a focus on the state of the art in-situ validation experiments, and additionally presents a numerical modeling of the coupled THMG process in the repository near field, which is one of the major factors concerning the fuel canisters.
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Enabling an Automation Architecture of CPPs based on UML combined with IEC-61499
Esteban X. Castellanos,Carlos A. Garcia,Cesar Rosero,Carlos Sanchez,Marcelo V Garcia 제어로봇시스템학회 2017 제어로봇시스템학회 국제학술대회 논문집 Vol.2017 No.10
Today"s industry needs to improve the day-to-day control and industrial communications of its processes, which brings it closer to the Industry 4.0 paradigm. To achieve this goal, the IEC-61499 standard is considered as a first step towards the development of agile and intelligent manufacturing systems where distribution, interoperability and re-configuration are the fundamental requirements. However, this standard has many problems as it does not have software tools that are required for an effective design process for distributed control systems. The work presented below details the use of UML diagrams for the implementation of the IEC-61499 standard in low-cost devices that use embedded operating systems for the distributed control of a FESTO MPS 200 system. It is verified that using this type of Diagrams you can create distributed systems in a simple and easy way.
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