• Journal of Korea Port Economic Association
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• v.32 no.3
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• pp.35-46
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• 2016

This study investigates the export behavior of Busan, Gwangyang and Incheon Port. The monthly data cover the period from January 2000 to December 2015. We employ six export functions composed of various exchange rates and industrial production index. This paper finds that the nominal effective exchange rate is more appropriate for explaining the export behaviors of the three ports, regardless of the narrow and wide indices which comprise 26 and 61 economies for the nominal and real indices respectively. This paper tests whether exchange rate and industrial production are stationary or not, rejecting the null hypothesis of a unit root in each of the level variables and of a unit root for the residuals from the cointegration at the 5 percent significance level. The error-correction model is estimated to find that both Gwangyang and Incheon ports are much slower than Busan port in adjusting the short-run disequilibrium and Gwangyang port is a little slower than Incheon port. The rolling regressions show that the influence of exchange rate as well as industrial production tends to decrease in all of three ports. The variance decomposition, however, shows that the export variables are very exogenous and the export of Busan Port is the least exogenous and that of Gwangyang Port the most. This result indicates that the economic variables such as exchange rate and economic activity affect the export of Busan Port more strongly than that of Gwangyang and Incheon Port.

• Korea Trade Review
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• v.43 no.4
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• pp.155-175
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• 2018

This study estimates the technical efficiency and total factor productivity(TFP) of and analyzes the relationship between TFP and exports for Korean manufacturing companies from 2000 to 2016. Specially, TFP is decomposed into Technical Change(TC), Technical Efficiency Change (TEC), and Sale Effect(SE), and compared between large and small enterprises. First, in the case of technical efficiency, the Korean economy has been very vulnerable to external shocks, such as the sharp decline following the 2008 financial crisis. The efficiency of the electronics, automobile, and machinery sectors is low and needs to be improved. In addition, the technological efficiency of large enterprises is higher than that of SMEs in most manufacturing sub-sectors except for non-ferrous metals. In the case of TFP, most changes are due to TC, and the effective combination of labor, capital and the effect of scale have little effect, suggesting that improvement of internal structure is urgent. In addition, volatility due to the impact of the financial crisis in 2008 was much larger in SMEs than in large companies, so external economic impacts are more greater for SMEs than large enterprises. The relationship between TFP decomposition factors and exports shows that TC has a positive effect only on exports of SMEs. Therefore, in order to increase exports, in the case of SMEs, R&D support to promote technological development is needed. In the case of large companies, it is necessary to establish differentiated strategies for each export market, competitor company, and item to link efficiency and scale effect of exports.

• The Journal of the Korea institute of electronic communication sciences
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• v.9 no.3
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• pp.377-386
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• 2014

This study analyzed how alternative investment goods would affect a market in a neighboring shopping area in order to provide parties involved in the investment market of this neighboring shopping area with standards which would help them when they try to make a reasonable determination. The study estimated forms and explanation power of the effects of a bid rate of a neighboring shopping area, and came up with those results as follows. Increases in the representative macro economic indicators, the composite stock price index and the fluctuation rate of land price, including the real estate business would have a positive influence on the market of the neighboring shopping area as playing a circumstantial evidence of market recovery and yet, the increase in interest rate, the alternative investment goods, would reduce the relative price-earnings ratio which would, eventually, negatively affect the charm of the investment in the market of the neighboring shopping area. The study, now, understands that housing with a feature of consumers' goods and neighboring shopping area with a feature of investment goods would not have great concern with each other as they are observed to be two different markets from an aspect of interactionism.

• International Commerce and Information Review
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• v.19 no.2
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• pp.65-84
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• 2017

This paper attempts to investigate FDI Trade have been viewed a power affecting economic growth in Mongolia and five Central Asian countries(Kazakhstan, Uzbekistan, Kyrgyzstan, Kazakhstan and Turkmenistan) directly and indirectly using the Vector Error Correction Model. The results of empirical analysis based on data from 1995 to 2015 confirmed that FDI had a significant impact on economic growth in the rest of countries expect Kazakhstan and Turkmenistan, and Trade was not statistically significant for all countries. Accordingly we've come to below conclusion in consideration of the results of the statistics survey. It is urgently required to implement the policies on promoting foreign investment at first in order to recover economic decline though the international trading is considered important in developing the economics of developing countries. Especially, the landlocked countries, namely the countries having same border should focus on promoting the development of transport and freight forwarding systems between the countries, implementing the policies on trade relationships and foreign direct investments throughout the nation in consideration of the low- level of market economic conditions.

• Korean Journal of Construction Engineering and Management
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• v.15 no.2
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• pp.87-94
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• 2014

This study aims to analyze the relationship. The study applies EDF (Expected Default Frequency) as a variable that indicates management status of a construction company. To analyze changes in business structure of construction companies, the study refers to the amounts of domestic and overseas project orders as variables. The data was retrieved from TS2000 established by Korea Listed Companies Association (KLCA), Statistics Korea and International Contractors Association of Korea. The analysis period is between first quarter of 2001 and fourth quarter of 2010. The analysis results showed that as more domestic and overseas orders rolled in for domestic companies, their business conditions improved as the hypothesis suggested. However, the level of improvement varied. Further, when construction companies' business slowed down, the proportion of overseas projects tended to rise, while the ratio of domestic business decreased.

• Environmental and Resource Economics Review
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• v.20 no.4
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• pp.663-688
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• 2011

Since the liberalization of petroleum product prices in 1997, there has been persistent suspicion with regard to asymmetry in the movement of petroleum product prices in Korea. In particular, academics and consumer groups suggest that prices decided by refining companies and gas stations have moved asymmetrically compared with international petroleum product prices. The primary aim of this study is to determine, using the Error Correction Model, to perform multi-country asymmetry analysis including the United States, the United Kingdom, Germany, France, Italy and Japan. We shows that comparison of domestic prices with international prices in the six countries mentioned above revealed a fairly low level of asymmetry in those countries, although some asymmetry was found in some countries at various times within the period of analysis. To explain the different degrees of asymmetry between countries, this study looked at asymmetry in the United States, Germany and Italy and sought correlations between each country's oil industry structure and its level of competition.

• Korean Journal of Culture and Social Issue
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• v.25 no.4
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• pp.305-323
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• 2019

The Satisfaction With Life Scale (SWLS) is the most widely used instrument to measure life satisfaction. This study examined the factor structure and measurement equivalence of SWLS across age and gender in Korea. A total of 936 data were analyzed, comprising 433 college students (195 males and 238 females) and 503 middle-aged adults (237 males and 266 females). The results are as follows. Firstly, the data supported a modified single-factor model with correlations between error variances of items 4 and 5. Therefore, items 4 and 5 reflecting the past were found to share a distinct meaning with other items. Secondly, SWLS showed full strict invariance by gender, but only showed partial strict invariance between college students and middle-aged adults. These results indicate that meaningful comparisons of SWLS scores across gender may be valid, but careful attention should be paid when comparing age groups.

• Journal of Korea Port Economic Association
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• v.36 no.4
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• pp.17-30
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• 2020

In the shipping industry, it is essential to engage in the preemptive prediction of freight rate volatility through market monitoring. Considering that freight rates have already started to fall, the loss of shipping companies will soon be uncontrollable. Therefore, in this study, factors affecting the freight rates of bulk carriers, which have relatively large freight rate volatility as compared to container freight rates, were quantified and analyzed. In doing so, we intended to contribute to future shipping market monitoring. We performed an analysis using a vector error correction model and estimated the influence of six independent variables on the charter rates of bulk carriers by Handy Size, Supramax, Panamax, and Cape Size. The six independent variables included the bulk carrier fleet volume, iron ore traffic volume, ribo interest rate, bunker oil price, and Euro-Dollar exchange rate. The dependent variables were handy size (32,000 DWT) spot charter rates, Supramax 6 T/C average charter rates, Pana Max (75,000 DWT) spot charter, and Cape Size (170,000 DWT) spot charter. The study examined charter rates by size of bulk carriers, which was different from studies on existing specific types of ships or fares in oil tankers and chemical carriers other than bulk carriers. Findings revealed that influencing factors differed for each ship size. The Libo interest rate had a significant effect on all four ship types, and the iron ore traffic volume had a significant effect on three ship types. The Ribo rate showed a negative (-) relationship with Handy Size, Supramax, Panamax, and Cape Size. Iron ore traffic influenced three types of linearity, except for Panamax. The size of shipping companies differed depending on their characteristics. These findings are expected to contribute to the establishment of a management strategy for shipping companies by analyzing the factors influencing changes in the freight rates of charterers, which have a profound effect on the management performance of shipping companies.

• KSCE Journal of Civil and Environmental Engineering Research
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• v.30 no.4B
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• pp.337-346
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• 2010

Climate change has a huge impact on various parts of the world. This study quantified and analyzed the effects on hydrological behavior caused by climate, vegetation canopy and land use change of Soyanggang dam watershed (2,694.4 $km^2$) using the semi-distributed model SWAT (Soil Water Assessment Tool). For the 1997-2006 daily dam inflow data, the model was calibrated with the Nash-Sutcliffe model efficiencies between the range of 0.45 and 0.91. For the future climate change projection, three GCMs of MIROC3.2hires, ECHAM5-OM, and HadCM3 were used. The A2, A1B and B1 emission scenarios of IPCC (Intergovernmental Panel on Climate Change) were adopted. The data was corrected for each bias and downscaled by Change Factor (CF) method using 30 years (1977-2006, baseline period) weather data and 20C3M (20th Century Climate Coupled Model). Three periods of data; 2010-2039 (2020s), 2040-2069 (2050s), 2070-2099 (2080s) were prepared for future evaluation. The future annual temperature and precipitation were predicted to change from +2.0 to $+6.3^{\circ}C$ and from -20.4 to 32.3% respectively. Seasonal temperature change increased in all scenarios except for winter period of HadCM3. The precipitation of winter and spring increased while it decreased for summer and fall for all GCMs. Future land use and vegetation canopy condition were predicted by CA-Markov technique and MODIS LAI versus temperature regression respectively. The future hydrological evaluation showed that the annual evapotranspiration increases up to 30.1%, and the groundwater recharge and soil moisture decreases up to 55.4% and 32.4% respectively compared to 2000 condition. Dam inflow was predicted to change from -38.6 to 29.5%. For all scenarios, the fall dam inflow, soil moisture and groundwater recharge were predicted to decrease. The seasonal vapotranspiration was predicted to increase up to 64.2% for all seasons except for HadCM3 winter.

• Environmental and Resource Economics Review
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• v.24 no.3
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• pp.523-549
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• 2015

This paper investigates an oil refiner's asymmetric behavior in the adjustments of gasoline and diesel prices to changes in his own price and his rivals' prices as well as input costs. An asymmetric error correction model which allows a firm's pricing behavior to the deviation of other firms' prices from their long-run equilibrium level is employed for estimation using weekly data for the period April 2009 to January 2015. Evidence is found that there is a significant degree of asymmetry in the adjustment of wholesale prices to changes in crude oil price. A similar result in regard to the exchange rate is also found by the data. The estimation results for firm's response to changes in other firms' prices indicates that implicit collusion could be more easily exploited in the wholesale petroleum market as results of firms' interaction with each other and anticipation of rivals' pricing behavior. A few refiners show competitive price adjustment in response to the upward deviation of the others' prices from their equilibrium level.