Testing monetary model of exchange rates in emerging economies: new evidence from ASEAN 5+2 countries

The objective of this paper is two-fold; first, to test whether exchange rates are cointegrated with macroeconomic fundamentals as the theory predicts and secondly, to examine whether flexible-price monetary models can be used to predict and forecast future exchange rates successfully. The panel cointegration tests find the series to be cointegrated. The panel group FMOLS estimation results indicate that the estimated coefficients of money supply and real output levels relative to the US, in addition to the interest rate differentials, are statistically significant and carry correct positive, negative and positive signs respectively. The findings show that monetary models could be an important tool for explaining and forecasting the exchange rates of these ASEAN 5+2 countries in the long run

Orthopedic Surgery Planning Based on the Integration of Reverse Engineering and Rapid Prototyping

This paper describes orthopedic surgical planning based on the integration of RE and RP. Using symmetrical characteristics of the human body, CAD data of the original bone without damages for the injured extent are generated from a mirror transformation of undamaged bone data for the uninjured extent. The physical model before the injury is manufactured from RP apparatus. Surgical planning, such as the selection of the proper implant, pre-forming of the implant, decision of fixation positions and incision sizes, etc., is determined by a physical simulation using the physical model. In order to examine the applicability and efficiency of surgical planning technology for orthopedics, various case studies, such as a proximal tibia plateau fracture, a distal tibia comminuted fracture and an iliac wing fracture of pelvis, are carried out. As a result of the examination, it has been shown that the orthopedic surgical planning based on the integration of RE and RP is an efficient surgical tool.Mechanical Engineerin

Transversality and Comparative Political Philosophy in the Age of Globalization

Taking a cue from Ralph Waldo Emerson, who is widely known as “the first American public intellectual,” this essay is an attempt to define the critical function of comparative political philosophy in today’s world of multiculturalism in the era of globalization which is in dire need of dialogue on a global scale. In the first place, Western modernity has overlooked and marginalized the non-West, the phenomenon of which is called Eurocentrism. All ethnocentrisms, including Eurocentrism, are myopic and have no place in the globalizing world of multiculturalism. This essay proposes that Eurocentric universality be replaced by transversality which is consonant with the multiple realities of the changing world. Transversality as a global imaginary allows all kinds of border-crossing and thus blurs traditional disciplinary genres. Thus it is at once intercultural, interspeciesistic, and interdisciplinary. In the second place, the role of comparative political philosophy radically shifts from the individualistic and anthropocentric tradition of “rights talk” to the ethics of responsibility based on the primacy of alterity. If, according to Levinas, ethics is “first philosophy,” then responsibility becomes “first ethics.

Wading in the gene pool: Female preference for long mating calls in gray tree frogs (Hyla versicolor)

Abstract only availableFemale gray tree frogs (Hyla versicolor) exhibit a clear preference for long mating calls. Moreover, the expression of this preference varies. The "good genes" model of sexual selection suggests that this is because females with extreme preferences mate with males with the most exaggerated traits, so their offspring will carry the genes for the extreme values of both trait and preference. Another possible explanation for variation in preference is that females in good physical condition, measured as body mass relative to length, will be better able to travel longer distances to find a longer calling male, resulting in a stronger call preference. We assessed the preference strength of lab-reared female frogs that are the offspring of short and long-calling fathers. We manipulated the condition of these females by placing them on a high and low feeding treatment. Frogs were tested in a soundproof acoustic testing chamber to determine preference strength, which was measured by using unequal playback levels of synthetic mating calls. We defined preference strength as the amount that the intensity of a long call can be reduced relative to the short call before the female prefers the shorter call. We found that preference strength was not significantly affected by father's call length, family, food treatment, or mass. Additionally, the response time for testing showed no relationship with either preference strength or mass. While there were no trends in the data, our sample size was small. Further testing with a larger sample size will give us a better idea of whether or not preference strength is affected by male call length or condition. Alternatively, female preference might be linked to variables we did not measure, such as age or past experience.Life Sciences Undergraduate Research Opportunity Progra

Innovation strategy of science and technology in Korea

노트 : 16th International Conference on Composite Material

Stock prices and demand for money in China: new evidence.

This paper investigates the relationship between stock prices and the real money demands for China within a cointegrated framework. This study reports two important results. First, test results reveal that a stable long-term relationship exists between broad money (M2) and its determinants including real income, foreign interest rate, and stock prices. Second, stock prices have a significant substitute (positive) effect on long-run broad-money (M2) demand and its omission can lead to serious misspecification in the money demand function in both the short- and long-run. Finally, we demonstrate that long-run income elasticity is not significantly different from unity with the inclusion of stock prices in the money demand equation

Bifurcation instability of sheet metal during spring-back

In automotive and home appliance industries, there are many complex-shaped sheet metal components which need to be fabricated in multiple stamping operations. For example, the manufacturing of an outer case of washing machine consists of stamping followed by a bending operation. After the first stage of the stamping process, a large amount of spring-back takes place, and therefore, it is difficult to proceed to the next stage of the bending process. In the stamping process of that kind of sheet component with low geometric constraint, the forming area is large compared to the forming depth. Therefore, the formed part is in an unstable state and is less geometrically constrained, which causes a large amount of spring-back. To investigate this phenomenon, finite element analyses are carried out. During a spring-back analysis after forming, bifurcation takes place and the finite element solution procedure using the Newton-Raphson scheme becomes unstable. To get a stable post-bifurcation solution, a bifurcation algorithm is introduced at the bifurcation point. The deformed shapes obtained from finite element analyses are in good agreement with the experimental data. From this study, it is shown that the bifurcation behaviour enlarges the spring-back and the degree of dimensional error. To obtain additional possible post-bifurcation solutions, non-bifurcation analyses using initial guesses obtained in a modal analysis are carried. For the initial guesses, lowed four eigenmodes are utilized. Finally, the post-bifurcation behaviour and spring-back amount are investigated for various process parameters including the forming depth, punch width and corner radius