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강대일(Daeil Kang),이주창(Juchang Yi),최진영(Jinyoung Choi),김지영(Jiyoung Kim),임윤성(Yunsung Lim),이종태(Jongtae Lee),서충열(Chungyul Seo),김정수(Jungsoo Kim) 한국자동차공학회 2011 한국자동차공학회 부문종합 학술대회 Vol.2011 No.5
Climate change is widely viewed as a significant long-term threat to the global environment. In Korea, transportation sources contributed approximately 18 percent of total national greenhouse gas(GHG) emissions in 2006. The administration has set the goal of cutting GHG emissions by 30 percent by 2020, relative to the “business as usual(BAU)”. In the green growth strategy, the reduction of GHG emissions in transportation sector is pursed through the establishment of a regulatory framework, such as new motor vehicle GHG emission standards. All manufacturers should be committed to reduce GHG emissions and make commensurate efforts. The ministry of environment established GHG emission standards pursuant to the Low Carbon Green Growth Framework Act. This study is about the process how to the regulation for GHG emission standards be issued. GHG emission standards are curb weight-based, each vehicle has a different GHG emissions compliance target depending on its weight value. Generally, the heavier the vehicle weight, the higher the corresponding vehicle GHG emission target. Each manufacturer will have its own fleet-wide standard which reflects the vehicles it produce.
주행모드에 따른 국내 LPG 승용자동차의 온실가스 배출 특성
강대일(Daeil Kang),문태영(Taeyoung Moon),이상은(Sangeun Lee),서충열(Chungyul Seo),김정수(Jungsoo Kim) 한국자동차공학회 2011 한국자동차공학회 학술대회 및 전시회 Vol.2011 No.11
Mobile sources are one of most significant contributions to the inventory of greenhouse gas(GHG). The administration has set the goal of cutting GHG emissions by 30 percent by 2020, relative to the “business as usual(BAU)”. The reduction of GHG emissions in transportation sector is pursed through the establishment of a regulatory framework, such as new motor vehicle GHG emission standards. Measurement was performed on chassis dynamometer for ULEV-certified LPG vehicles. Driving modes for vehicle emission test were CVS-75, HWFET and NIER modes. N₂O was analyzed using FT-IR spectroscopy and gas chromatography.
다요인 이자율 기간구조 모형의 SMM 추정을 통한 실증 분석
박준규 ( Jun-kyu Park ),김배호 ( Baeho Kim ),강대일 ( Daeil Kang ) 한국금융연구원 2018 금융연구 Vol.32 No.2
본고는 연금기금 등에서 필요한 자산부채 종합관리(Asset Liability Management, ALM)를 위한 이자율 기간구조 모형에 대해 고찰한다. 기존의 국내 이자율 관련 연구가 주로 단기 동태성 추정에 한정되어 왔으나, 종합적인 ALM를 위해서는 중장기적 관점의 분석이 필요하다는 점에서 무차익조건 및 균형 이자율 등의 이론적 평형 조건을 기반으로 한 다요인 이자율 기간구조 모형을 개발하여 이를 추정하는 모듈을 구현하고, 결과를 통계적인 방식으로 검증하였다. 본 연구에서 사용된 이자율 기간구조 모형은 국내 채권 자료를 이용하여 거래되는 모든 만기의 이자율 기간구조 자료를 기반으로 기존의 Black and Karasinski(1991) 모형을 확장한 형태로, 모형의 유연성을 확보한 대신, 무차익 채권 가격의 닫힌 해가 더 이상 존재하지 않아 모수 추정을 위해 SMM (Simulated Method of Moments) 기법을 적용하였다. 특히, 본 연구에서 새롭게 제안한 일반화된 형태의 Black and Karasinski(1991) 2요인 모형은 추정된 모수를 이용하여 쉽고 직관적으로 이자율 기간구조의 동태적인 움직임에 대한 시나리오를 시계열 측면과 횡단면 측면에 대해 일관성 있게 생성할 수 있다는 커다란 장점이 있다. 실증 분석 결과, 추정된 모형이 중장기적으로도 높은 통계적인 적합도를 보여 중장기 영역까지 고려한 ALM 분석에 더욱 적절하게 사용될 수 있음을 확인하였다. Term structure of interest rates, also known as yield curve, shows the market-driven trend of risk-free bond yields across different time-to-maturities. Its shape contains crucial information towards mid- and long-term asset allocation strategies as well as their ex-post performance evaluation. The selected term structure model is the main toolkit in terms of the asset liability managements (ALM) of financial institutions and funds along with their market, credit, and operational risk management standard. In line with the introduction of Solvency Ⅱ, global financial institutions are supposed to be equipped with a more sophisticated ALM system based on reliable interest rate models. In Korea, unfortunately, little attention has been paid to the related research topics on the mid- and long-term ALM analysis with domestic bond market data. The practical interest rate models employed in domestic financial industry tend to focus on the statistical goodness-of-fit to the short-term market data, even if there is no guarantee that the same model is suitable for a long-term ALM strategy. More importantly, many of those myopic models generally fail to satisfy the requirements suggested by Ziemba and Mulvey (2004): theoretical balance conditions such as the economic equilibrium within the arbitrage-free constraint, the reality of the shape of model-implied term structure, and its integration capacity with sufficient explanatory power of historical data and the exogenous economic anecdotes. For example, the Nelson-Siegel (1994) one-factor model is a widely-used statistical model, which neglects the theoretical balance conditions. It is also known to be difficult to construct sufficiently flexible shapes of term structures; thereby the ensuing scenarios implied by the theoretically unfounded single-factor model become less realistic in that they are limited in reflecting economic intuitions from the ad-hoc numerical approximation without careful economic justification. Therefore, a multi-factor term structure model is suitable for satisfying the conditions to capture market-wide environments as long as one can verify the procedure of its estimation methods. This paper proposes a theoretically motivated multi-factor model for ALM analysis across various risk horizons to illustrate the time-series behavior of term structures extracted from the domestic bond market data. Our proposed term structure model respects theoretical requirements as a basis of simulation-based analysis with statistical accuracy. For this purpose, we adopt the Black and Karasinski (1991) model as a primitive of our multi-factor interest rate model. Specifically, we extend the Black & Karasinski (1991) model as a two-factor model with the square-root stochastic volatility process instead of a constant long-term mean parameter. We further propose the simulated method of moments (SMM) to estimate the model-based term structure by fitting the two-factor model to the real bond market data. Our extended Black and Karasinski (1991) two-factor model contributes to the related literature in many aspects. We estimated our proposed model by SMM using Monte-carlo simulations with domestic interest data. Our findings confirm that the newly proposed model is more appropriate for the ALM analysis across different risk horizons. The generalized form of the extended Black & Karasinski (1991) two-factor model can intuitively generate realistic scenarios of the dynamics in the shape of term structures implied by the calibrated parameters in a consistent manner. Our methodology is applicable to the estimation of more advanced but complicated models. For instance, Johannes (2004) and Das (2001) finds that including a jump-risk factor is necessary to represent the fat-tailed distribution of interest rate movements in the U.S. bond market. In fact, the empirical observation exhibits substantial evidence in favor of jump-risk component in the form of regime-changing policy decisions or systemic shocks. We suggest our future research topics in this direction.
곽순철(Soonchul Gwoak),서충열(Chungyul Seo),강대일(Daeil Kang),이태우(Taewoo Lee),신창현(Changhyun Shin),황춘식(Chunsic Hwang),안재국(Jackook Ahn),김성민(Seongmin Kim) 한국자동차공학회 2007 한국자동차공학회 춘 추계 학술대회 논문집 Vol.- No.-
Exhaust emissions of automobile and performance of after-treatment system are impacted by chemical composition of fuel and engine lubricant. Especially, sulfur in fuel and engine lubricant is known to poison oxidation catalyst. Therefore, in this study, we analyzed sulfur of domestically-distributed engine oil for diesel-fuelled vehicle by Energy Dispersive X-ray Fluorescence Spectrometry method, Then, we obtained that the sulfur content of domestically-distributed lubricants for diesel-fuelled vehicles has possibility of impact on exhaust emissions and after-treatment system.
곽순철(Soonchul Gwoak),서충열(Chungyoul Seo),강대일(Daeil Kang),박정민(Jungmin Park),임윤성(Yunsung Lim),황춘식(Chunshik Hwang) 한국자동차공학회 2005 한국자동차공학회 춘 추계 학술대회 논문집 Vol.2005 No.11_1
GTL(Gas-to-Liquids) technology converts natural gas, coal and biomass feedstocks into diesel or kerosene by Fisher-Tropsch synthesis. These synthetic diesel fuels display very high cetane value, low density, free sulfur and aromatics contents and autoignition characteristics. These properties make it potentially valuable as a diesel fuel with lower emissions than conventional diesel. GTL therefore is a promising alternative fuel because it can be used in unmodified diesel engines or vehicle fuel systems. The study regarding regulated emissions(CO, NOx, HC, PM) by light-duty vehicle on Shell GTL(SMDS) described reduction rate of exhaust gas of GTL compare to conventional diesel.
곽순철(Soonchul Gwoak),서충열(Chungyul Seo),강대일(Daeil Kang),박정민(Jungmin Park),임윤성(Yoonsung Yim),황춘식,엄명도(Myoungdo Eom),김종춘(Jongchoon Kim),이영재(Youngjae Lee),표영덕(Youngdug Pyo),정충섭(Choongsub jung),장은정(Eunjung J 한국자동차공학회 2006 한국자동차공학회 춘 추계 학술대회 논문집 Vol.- No.-
Biodiesel and GTL which are getting interest recently because of there low environmental impact when used as alternative fuels for diesel engines. Futhermore, the engines would not require any significant modification. The tested diesel engines were fueled on blends of synthetic fuels/ultra low sulfur diesel fuel(ULSD). The authors studied regulated emissions(CO, NOx, HC, PM) of diesel alternative fuels using light-duty vehicles and described reduction rate of exhaust emissions of alternative fuels compare to conventional diesel.