Assessing External and Internal Factors Influencing Foreign Direct Investment in Emerging Countries

Hyung-Suk Byun(변형석),Hyun-Hoon Lee,Cyn-Young Park 한국무역학회 2013 한국무역학회 학술대회 Vol.2013 No.5

A host of external (global and regional) and internal (country-specific) factors affect Multinational Enterprises (MNEs)’s Foreign Direct Investment (FDI) decisions. Differentiating the two entry modes of FDI (Mergers and Acquisitions (M&A) and Greenfield investment), this paper aims to empirically assess whether or not there are global and regional spillover effects in FDI flows to emerging countries in addition to various country-specific factors. For this purpose, this paper employs the system GMM estimator for the panel data consisting of 40 emerging countries for the period 1990 - 2009. The results suggest that there exist a strong and significant global and regional spillover effect in both types of FDI flows to an emerging country. M&A appears to be more sensitive to external factors again, in that both global and regional spillover effects are about twice stronger for M&A than for Greenfield FDI. The results also suggest that country-specific factors matter a lot for FDI flows both in the form of M&A and Greenfield FDI, pointing to the importance of government roles in helping stabilize FDI flows to emerging countries. This paper also offers empirical evidence which is consistent with the phenomenon of a fire-sale FDI during the period of financial crisis. Additional evidence using extensive and intensive margins of M&A sales suggest that the fire-sale does not necessarily imply an increase in the number of deals, but it may reflect the sales of big firms during the crisis.

유압식 팬 구동 시스템을 이용한 하이브리드 버스용 통합 냉각시스템 개발

서정민(Jungmin Seo),변형석(Hyung Suk Byun),김형천(Hyoung Chen Kim),김영삼(Young Sam Kim) 한국자동차공학회 2013 한국자동차공학회 부문종합 학술대회 Vol.2013 No.5

This study is about the cooling system of the hybrid bus using the hydraulic fan drive system for the package design and the fuel consumption. It is developed the cooling module combined the engine cooling and hybrid system cooling, and optimize the package design using the CFD tools. The fan control logic is made with the ambient temperature, each fluid temperature, water pump speed, etc. for the balance between the fuel economy and the cooling performance. In addition, the safety of the hybrid system is improved through the cooperation control with the host controller. As a result, the cooling system package volume is reduced 30% in comparison to the concept design, and the fuel consumption is improved 4%.

국가간 자본이동의 결정요인과 글로벌 불균형

이현훈 ( Hyun Hoon Lee ),변형석 ( Hyung Suk Byun ) 한국국제경제학회 2013 국제경제연구 Vol.19 No.1

본 연구는 2008년 미국에서 촉발된 글로벌 금융?경제 위기의 근본원인 중 하나로 지적되어 온 글로벌 불균형이 위기 발발 이후 어떻게 변화되고 있는지에 대한 실증분석이다. 특히, 본 연구는 글로벌 불균형 중 범태평양 불균형으로 지적되는 중국, 일본을 비롯한 동아시아 국가들의 미국에 대한 “과도한” 투자가 글로벌 금융위기 발발 이전과 비교하여 발발 이후에 어떤 변화가 있는지를 규명하고자 하였다. 이를 위하여 본 연구는 미국 재무부의 TIC(Treasury International Capital) 자료를 이용하여 2001년부터 2011년까지 기간 동안 외국인의 미국에 대한 주식, 채권, 은행대출 등 자본 투자의 규모 및 변화 추세를 분석하였다. 분석결과, 글로벌 금융위기 발발 이후 미국의 GDP 대비 경상수지 적자규모는 감소하여 어느 정도 글로벌 불균형이 감소하였지만, 미국의 대 동아시아 국가들의 경상수지 적자 규모는 총 경상수지 적자 대비 증가하였다. 아울러 동아시아 국가들의 미국에 대한 자본 투자규모도 외환위기 이후 지속적으로 증가하여 전 세계 국가들의 미국에 대한 자본 투자규모에서 차지하는 비중도 증가하였다. 즉, 동아시아 국가들이 글로벌 불균형에 기여하는 상대적 정도는 글로벌 금융위기 이후 증가하였다. 이러한 결과는 중력모형을 이용한 외국인들의 미국에 대한 자본투자 결정요인 분석을 통해서 재확인 되었다. 즉, 중국, 일본, 한국, 싱가포르, 타이완 등 동아시아의 주요 국가들 은 글로벌 금융위기 이후 미국에 대한 ``과도한`` 투자를 도리어 더욱 심화시킨 것으로 나타났는데, 특히 장기채권투자에서 이러한 현상이 두드러졌다. Using the US Treasury International Capital (TIC) data, this paper aims to assess whether the global imbalances, which have been pointed out as one of the core causes of the global financial crises, have gone through any fundamental changes since the outbreak of the global financial crisis in 2008. In particular, this paper analyses whether the major East Asian countries have changed their pattern of cross-border security investment in the U.S. financial market, in the form of equities, bonds and bank lending after the global financial crisis. The results show that even though the overall size of the global imbalances decreased in terms of U.S. current account deficit and capital account surplus, the relative share of East Asian countries in the global imbalances have increased since 2008. Specifically, the major East Asian countries such as China, Japan, Korea, Singapore, and Taiwan have intensified their relative ``excessive`` investment in the U.S., especially in the long-term bond investment since 2008.

대상기초에서 지반반력계수 산정을 위한 재하길이비

정진호(Jin-Ho Jeong),변형석(Hyung-Suk Byun) 한국동력기계공학회 2021 동력시스템공학회지 Vol.25 No.4

When estimating the coefficient of subgrade reaction at the strip foundation such as the buried box structure, the loading area of foundation is defined by the loading length of foundation (L). However, there are no clear design criteria for the loading length to be applied for a given width of foundation in practice. Accordingly, the purpose of this study is to suggest the most appropriate loading length ratio (L/B) of the foundation for the estimation of the coefficient of subgrade reaction, which can produce the most economical structure design in earthquake-resistant design. The main points of this study are as follows: (1) in the ordinary analysis without seismic force, the coefficient of subgrade reaction has little effects on the section forces (shear force and bending moment) of the structure. (2) In the earthquake-resistant design, if the loading length of foundation (L) is largely applied to a given foundation width (B), the value of coefficient of subgrade reaction is evaluated small, and eventually, a reduction ratio corresponding to the appearing section force. To estimate the optimum value of the coefficient of subgrade reaction for the most economical earthquake-resistant design, this study was to suggest setting the loading length of foundation (L) equal to the width of foundation (B); (that is, L/B=1).

전장부품 열을 활용한 전기버스 통합 열관리 시스템 개발

서정민(Jung Min Seo),김영학(Young Hak Kim),변형석(Hyung Suk Byun) 한국자동차공학회 2018 한국자동차공학회 부문종합 학술대회 Vol.2018 No.6

The objective of this study is to improve the one charge mileage of the electric bus using the wasted heat from electric devices and batteries. The heat pump, using R-407, is designed for heating a passengers’ compartment by using discharged energy from the coolant of batteries. The traditional heating system using the coolant is combined with the cooling system for the electric devices. AMESim is the 1D simulation tools using the bond graph theory. The thermal management system for electric bus is designed by using AMESim model and investigated with the vehicle test.

CaO-CaF 슬래그의 탈린능에 미치는 BaO 첨가 효과

박종진,변형석,손상한,김의준 대한금속재료학회(대한금속학회) 2001 대한금속·재료학회지 Vol.39 No.1

The equilibrium phosphorus distribution ratios, L_P between CaO-CaF₂ and CaO-BaO-CaF₂ slags and Fe-C_(sat·)-P melt were measured at 1400℃. The effect of BaO addition on L_P was determined at various CaO/CaF₂ ratios in slag. The addition of BaO up to 30 wt% in CaO-80%CaF₂ slag decreases L_P since BaO lowers the activity of CaO in liquid slag. BaO lowers the melting point of CaO-CaF₂ slags. As the CaO/CaF₂ratio increases in slag, where the slag is saturated with CaO on BaO addition, the decrease in L_P is not observed. At a BaO content higher than 30 wt%, however, L_P increases drastically due to the increase in BaO activity. The SEM-EDS analysis on a quenched CaO-40%BaO-CaF₂ slag containing 4% P indicates that the phosphate ions are dissolved in liquid phase and primarily associated with BaO in slag. Correlation between the phosphate capacities and the optical basicities of slags was also examined. The theoretical optical basicity of slags containing various components is not an universal standard of refining capability of slags. The thermodynamic activity of basic oxide in slag is one of main factors in determining the dephosphorization capability of slags.