• Journal of Korea Port Economic Association
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• v.28 no.3
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• pp.111-125
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• 2012

This study investigates the behavioral characteristic difference of the container volumes of three ports-Gwangyang, Incheon, and Pyeongtaek-Dangjin. All series span the period January 2003 to December 2011. I first test whether the series are stationary or not. I can reject 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. I hitherto make use of error-correction model and find that Gwangyang port is the slowest in adjusting the short-run disequilibrium, whereas the adjustment speed of Incheon is much faster than that of Gwangyang. The impulse response functions indicate that container volumes increase only a little to the negative shocks in exchange rate, while they respond positively to the shocks in the business activity in a great magnitude and decay very slowly to its pre-shock level. meaning that the shocks last very long. The accumulative response to the exchange rate increase of 20 won per dollar and the 5 point industrial production increase is the smallest in Gwangyang, no more than a half of that of two ports. The intervention-ARIMA models also forecast that Gwangyang port will have much lower growth rate than Incheon and Pyeongtaek-Dangjin port in trading volumes.

• Journal of Service Research and Studies
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• v.6 no.1
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• pp.83-95
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• 2016

We examine the information transmission between the Service Industrial Production Index and the Service Industrial Wholesale and Retail Index, based on the returns data offered by the Korea Bank. The data includes daily return data from January 2000 to September 2015. Utilizing a dynamic analytical tool-the VAR model, Granger Causality test, Impulse Response Function and Variance Decomposition have been implemented. The results of the analysis are as follows. Firstly, results of Granger Causality test suggests the existence of mutual causality the Service Industrial Production Index precede and have explanatory power the Service Industrial Wholesale and Retail Index However the results also identified a greater causality and explanatory power of the Service Industrial Wholesale and Retail Index over the Service Industrial Production Index. Secondly, the results of impulse response function suggest that the Service Industrial Production Index show immediate response to the Service Industrial Wholesale and Retail Index and are influenced by till time 5 From time 2, the impact gradually disappears. Also the Service Industrial Wholesale and Retail Index show immediate response to the Service Industrial Production Index and are influenced by till time 2.5, the impact gradually disappears. Lastly, the variance decomposition analysis shows that the changes of return of Service Industrial Production Index are dependent on those of the Service Industrial Wholesale and Retail Index. This implies that returns on the Service Industrial Production Index have a significant influence over returns on the Service Industrial Wholesale and Retail Index. It contributes to the understanding of market price formation function through analysis of detached the Service Industrial Production Index and Service Industrial Wholesale and Retail Index. Finally, our results can be used as a guide by the Korea Bank and Republic of Korea and as well as Statistics Korea.

• Environmental and Resource Economics Review
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• v.12 no.2
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• pp.327-346
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• 2003

Unlike previous studies on the causal relationship between energy consumption and economic growth, this paper analyses the dynamic causal relationship between these variables using the dynamic vector using Johansen's multiple cointegration procedure, dynamic vector error-correction model and impulse response function. The empirical results show that while the energy consumption to a shock in income responds positively, the income responds positively to the shocks in energy consumption in the first place and then the responses become negative. We also find that the impact of energy consumption shock on the income is short-lived and causes higher inflationary pressure.

• Land and Housing Review
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• v.11 no.4
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• pp.35-50
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• 2020

The purpose of this study is to examine which factors are important in determining the amount of the apartment supply in Changwon City. Additionally, this study is to examine the changes in the determination of the amount of apartment supply in Changwon by dividing it into before and after 2016 as the city showed a large difference in apartment supply that caused structural changes during this time period. This study shows that the increase in the number of housing construction permits in Changwon before 2016 had a negative impact on the housing market as well as causing a decrease in the supply of apartments in Changwon after 2016. As a result of the shortsighted predictions on the housing market of Changwon from before 2016, it still affects the current housing market as of June 2020. The implication of this study is that through the housing market system of Changwon City, they can take the role as a control tower in Changwon City and propose principles and standards for supply control in order to better predict the demand of the housing market.

• Korean Chemical Engineering Research
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• v.49 no.1
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• pp.69-74
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• 2011

In this study, it was prepared for nanofiber with high impact polystyrene(HIPS). HIPS is able to crosslinking after electrospinning with crosslinking agent and it could overcome brittle characteristics of polystyrene(PS). After thermal crosslinking, HIPS nanofiber was sulfonated by sulfuric acid. It was investigated FT-IR, XPS, water uptake, ion exchange capacity(IEC), SEM, and contact angle. According to the result of FT-IR and XPS, it was increased due to introduce the hydrophilic group($SO_3H$) in the HIPS nanofiber. The highest water uptake and IEC were 75.6%, 2.67 meq/ g at 120 min sulfonation time with 7.5 wt% DVB.

• KDI Journal of Economic Policy
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• v.26 no.2
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• pp.281-314
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• 2004

This paper theoretically formulated and empirically explored the relationship between exchange rate pass-through (ERPT) for (average) market price and an individual country's price, using steel products data in the US market, with special reference to two major steel exporting countries, Korea and Japan. It was found that the direction of market ERPT can be different from that of individual ERPT that each exporter experiences, due to strategic interactions among producers and different parameters. Vector error correction (VEC) models and impulse response analysis were used with the statistical inference based on the bootstrap-after- bootstrap of Kilian (1998) for short-run, and the fully modified estimation of Phillips and Hansen (1990) was used for long-run. Empirical results indicate that market ERPT in the US market due to changes in Korea-US exchange rates is different from those due to changes in Japan-US exchange rates. The framework developed in this study indicates that this phenomenon is attributed to either (i) the two countries have individual ERPTs of different magnitudes and directions for the products in the US market, or (ii) the pricing strategies of the other exporters' (to the US steel market) respond differently depending on whether the price of the product from Korea changes or that from Japan does. As each exporter's ERPT can be significantly different, and market response to each country's ERPT can be also different, this study concludes that it is crucial for an exporter to understand how competitors in the market respond to changes in its price, as well as to understand how its price changes when the relevant exchange rate fluctuates.

• The Journal of the Korea institute of electronic communication sciences
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• v.13 no.1
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• pp.133-140
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• 2018

In this paper we discover the generation principle of a sequence when the characteristic polynomial of the sequence is a power of a primitive polynomial. With the generation principle, we can rearrange a sequence. Also we get the linear complexity and the required term of the sequence efficiently.

• Journal of Korea Port Economic Association
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• v.38 no.3
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• pp.1-13
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• 2022

The Busan-Ulsan-Gyeongsangmando(BuUlGyeong) megacity aims to grow into the second metropolitan area by strengthening the growth and connectivity of the southeast region in Korea. In order to analyze the linkage between port logistics and regional economic development, this study focused on the economic community of BuUlGyeong. The findings are as follows. First, it was found that vessel entry and departure had a positive (+) significant effect on cargo volume. Second, the cargo volume was found to have a preemptive effect on the vessel entry and exit ports and the composite index. Third, the composite Index was found to have a significant positive (+) effect on cargo volume. From the results of the variance decomposition, it can be confirmed that the composite index has a weak impact on ship entry/exit and cargo volume. Based on the above findings, some policy implications are derived. First, regional governments in BuUlGyeong should provide incentives to revitalize the maritime economy such as the expansion of maritime port infrastructure and encouraging investment. Second, since an increase in cargo transport volume at major national ports linked to the BuUlGyeong region has a positive (+) effect on economy. Therefore it is necessary to expand actively port marketing and regular service for the country and ports. Third, investments should be made continuously to expand the marine port infrastructure such as the expansion of facilities so that global shipping companies can continue to call megacities in BuUlGyeong ports for super-large ships and cruises.

• Korea Trade Review
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• v.48 no.1
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• pp.127-163
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• 2023

The objective of this study is to investigate the volatility spillover effects among BDI, CCFI and SCFI. This paper will divide the empirical analysis section into two periods to analyze and compare the differences in volatility spillover effect between shipping freight indices before and after the outbreak of COVID-19 separately. First, in order to compare the mean spillover impact and index lead-lag correlations in BDI and CCFI indices, along with BDI and SCFI indices before and after COVID-19, the co-integration analysis and the test of Granger causality built on the VAR model were utilized. Second, the impulse response and variance decomposition are employed in this work to investigate how the shipping freight index responds to shocks experienced by itself and other freight indices in a short period. Before the COVID-19 epidemic, the results demonstrated that the BDI freight index is the Granger cause of the variable CCFI freight index. But the BDI and CCFI freight indices have no apparent lead-lag relationships after COVID-19, and this empirical result echoes the cointegration test result. After the COVID-19 epidemic, the SCFI index leads the BDI index. This study employs the VAR-BEKK-GARCH joint model to explore the volatility spillover results between dry bulk and container transport markets before and after COVID-19. The empirical results demonstrate that after COVID-19, fluctuations in the BDI index still affect the CCFI index in the maritime market. However, there is no proof of a volatility spillover relationship between the BDI and SCFI after the COVID-19 epidemic. This study will provide an insight into the volatility relationship among BDI, CCFI and SCFI before and after the the COVID-19 epidemic occurred.

• The Korean Journal of Financial Management
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• v.20 no.2
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• pp.181-200
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• 2003

Comovement of international stock market prices has been lately a major controversy in the global stock market. This paper explores whether the common trend has really existed among the US, Japan and Korea's stock markets using the econometric techniques such as VAR, VECM as applied. Pair of indices from the exchange market and the over-the-counter market in each country has been tested, and the exchange market only has been turned out that the common trend existed. The dynamic analyses using the Granger causality test, impulse response function, and the forecast error decomposition have followed to show that the US stock market has played some important role in the Korea and Japan's market in the exchange as well as in the OTC market. The results of the paper imply that the more careful investigation with respect to the co-integration may be necessary in the global market integration studies.