Post-Crisis Financial Reform in Korea: A Critical Appraisal

In the aftermath of the economic crisis of 1997-98 South Korea has undertaken a number of financial reforms under IMF auspices. One of such reforms was in financial supervision, which created the Financial Supervisory Commission and the Financial Supervisory Service. In spite of these reforms Korea has recently experienced a costly financial instability relating to credit-card companies and household debts. Korea’s success in bringing about rapid economic recovery from the crisis may have lessened, as suggested by the World Bank, the urgency for full financial reform. This paper, however, argues that the newly created supervisory agencies, although created as independent agencies, have not in fact functioned as such and thus failed to carry out proper supervision over credit-card companies. It is argued that those agencies have not been able to function independently due to institutional constraints imposed on them by other extant, formal as well as informal, institutions in Korea.Financial reform, financial supervision, institutions

Cooperation and coordination between the financial authorities: a review of the experiences of the United Kingdom, Norway, Sweden, and Korea

As far as institutional collaboration between the financial authorities in pursuit of financial stability is concerned, Korea has remained seriously backward. Although the issue is widely regarded as important, scholars and policymakers in Korea have tended to stop short of putting microscopic lenses to it. Presented is a com- parative review of the experiences of the United Kingdom, Norway, and Sweden, all of which, like Korea, have adopted the regime of integrated financial supervision. The paper finds that in Norway and in Sweden institutional collaboration is more about substance and practice over form and procedure, whereas the opposite is true in the United Kingdom. Policy implications to Korea as well as a couple of tentative interpretations of these findings are discussed

Characteristics of Mechanical Ventilation Employed in Intensive Care Units: A Multicenter Survey of Hospitals

A 1D point-prevalence study was performed to describe the characteristics of conventional mechanical ventilation in intensive care units (ICUs). In addition, a survey was conducted to determine the characteristics of ICUs. A prospective, multicenter study was performed in ICUs at 24 university hospitals. The study population consisted of 223 patients who were receiving mechanical ventilation or had been weaned off mechanical ventilation within the past 24 hr. Common indications for the initiation of mechanical ventilation included acute respiratory failure (66%), acute exacerbation of chronic respiratory failure (15%) (including tuberculosis-destroyed lung [5%]), coma (13%), and neuromuscular disorders (6%). Mechanical ventilation was delivered via an endotracheal tube in 68% of the patients, tracheostomy in 28% and facial mask with noninvasive ventilation (NIV) in 4%. NIV was used in 2 centers. In patients who had undergone tracheostomy, the procedure had been performed 16.9±8.1 days after intubation. Intensivists treated 29% of the patients. A need for additional educational programs regarding clinical practice in the ICU was expressed by 62% of the staff and 42% of the nurses. Tuberculosis-destroyed lung is a common indication for mechanical ventilation in acute exacerbation of chronic respiratory failure, and noninvasive ventilation was used in a limited number of ICUs

CP1CP^{1} model with Hopf term and fractional spin statistics

We reconsider the $CP^{1}$ model with the Hopf term by using the Batalin-Fradkin-Tyutin (BFT) scheme, which is an improved version of the Dirac quantization method. We also perform a semi-classical quantization of the topological charge Q sector by exploiting the collective coordinates to explicitly show the fractional spin statistics.Comment: 15 page

Influence of Carbon Content and Isothermal Heat Treatment Temperature on the Microstructure and Mechanical Properties of Ultra-High Strength Bainitic Steels

The effect of carbon content and isothermal heat treatment conditions on the microstructure evolution and mechanical properties of ultra-high strength bainitic steels was investigated. A reduction in carbon content from 0.8 wt% to 0.6 wt% in super-bainite steel with typical chemistry effectively improved not only the Charpy impact toughness but also the strength level. This suggests that reducing the carbon content is a very promising way to obtain better mechanical balance between strength and impact toughness. The higher Charpy impact toughness at a lower carbon content of 0.6 wt% is thought to result from a reduction in austenite fraction, and refinement of the austenite grain. The coarse austenite grains have a detrimental effect on impact toughness, by prematurely transforming to deformation-induced martensite during crack propagation. Mechanical properties were also affected by the isothermal treatment temperature. The lower isothermal temperature enhanced the formation of bainitic ferrite with a refined microstructure, which has a beneficial influence on strength, but reduces impact toughness. The lower impact toughness at lower isothermal temperature is attributed to the sluggish redistribution of carbon from the bainitic ferrite into the surrounding austenite. Higher solute carbon in the bainitic ferrite contributes to an increase of strength, but at the same time, encourages a propensity to cleavage fracture.11Ysciescopuskc