• Journal of Korea Port Economic Association
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• v.27 no.2
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• pp.355-372
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• 2011

Various incentive policies for transshipment cargo have been enforced without any evaluation of the effectiveness. Therefore, the purpose of this study is to evaluate the effect of volume incentive on container transshipment cargo. To be different from previous studies, this study tries to quantitatively assess the incentive effects by using econometric techniques. The result derived from the ARIMA type models indicates that the total amount of the increased transshipment cargo during the last 7 years is about one million TEU. In the meanwhile, the multivariate long run equilibrium model implies that the increased transshipment cargo is less than 0.5 million TEU for the 7 years. Furthermore, the structural break tests indicate that the volume incentive does not change the model structures. It means that the effect of volume incentive is not statistically significant. Consequently, the test results conclude the effect of volume incentive on transshipment cargo is not significant although the volume of transshipment cargo is increased to some extent by volume incentive. Considering the magnitude of BPA's expenditure, we doubt the effectiveness of volume incentive. This study, therefore, encourages the port authority to research a more efficient way to induce transshipment cargo rather than focusing on only volume incentives.

• 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 Korea Port Economic Association
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• v.25 no.3
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• pp.269-282
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• 2009

This study investigates the difference of behavioral patterns between the import container volume of all ports and that of Gwangyang port in Korea. All series span the period January 1999 to December 2008. 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 variance decompositions and impulse response functions, both of which have now been widely used to examine how much movement in one variable can be explained by innovations in different variables and how rapidly these fluctuations in one variable can be transmitted to another. The variance decompositions for the import container volume show that the proportions of the forecast error variance of import container volumes explained by themselves are 30 and 26 per cent after 12 months, respectively. As a result, innovations in exchange rate and business activity explain 70 and 74 per cent of the variance in the import container volume. All in all, innovation accounting indicates that import container volumes are not exogenous with respect to exchange rate and business activity. The impulse responses indicate that container volumes decrease sharply to the shocks in exchange rate and decay very slowly to its pre-shock level, while container volumes respond positively to the shocks in the business activity and disappear very slowly, showing that the shocks last very long. Furthermore Gwangyang port is more sensitive to the change of the exchange rate and the industrial production than all ports.

• Environmental and Resource Economics Review
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• v.30 no.2
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• pp.299-323
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• 2021

This study investigated the impact of information and communication technology (ICT), trade openness, financial development, and economic growth on CO₂ emissions in Korea from 1990 to 2016. The cointegration relationship of the variables was confirmed by an autoregressive distributed lag (ARDL) bounds test. In the long-run, economic growth was statistically significant factor in the increase in CO₂ emissions, while other factors, as well as ICT, did not significant factors in the changes in CO₂ emissions. In the long-run, a link between economic growth and CO₂ emissions has been confirmed, but other factors, including ICT, have not been able to confirm the link between CO₂ emissions in the long-run. Meanwhile, in the short-run, economic growth and ICT increased CO₂ emissions, and financial development led to a decrease in CO₂ emissions. Trade openness did not have a significant effect on CO₂ emissions in the short-run as in the long-run. In particular, ICT did not contribute to the reduction of CO₂ emissions in the short-run as well as the long-run. In order to induce CO₂ mitigation through ICT, the development and deployment of technology that efficiently save energy by using ICT should be further promoted.

• The Korean Journal of Financial Management
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• v.25 no.1
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• pp.1-22
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• 2008

This study is to evaluate, to the extent to, which advanced currency futures and emerging currency futures markets can predict accurately the future spot rate. To this end, Johansen's the maximum-likelihood cointegration method(1988, 1991) is adopted to test the unbiasedness and efficiency hypothesis. Also, this study is to estimate and compare a quantitative measure of relative efficiency as a ratio of the forecast error variance from the best-fitting quasi-error correction model to the forecast error variance of the futures price as predictor of the spot price in advanced currency futures with in emerging currency futures market. Advanced currency futures is British pound and Japan yen. Emerging currency futures includes Korea won, Mexico peso, and Brazil real. The empirical results are summarized as follows : First, the unbiasedness hypothesis is not rejected for Korea won and Japan yen futures exchange rates. This indicates that the emerging currency Korea won and the advanced currency Japan yen futures exchange rates are likely to predict accurately realized spot exchange rate at a maturity date without the trader having to pay a risk premium for the privilege of trading the contract. Second, in emerging currency futures markets, the unbiasedness hypothesis is not rejected for Korea won futures market apart from Mexico peso and Brazil real futures markets. This indicates that in emerging currency futures markets, Korea won futures market is more efficient than Mexico peso and Brazil real futures markets and is likely to predict accurately realized spot exchange rate at a maturity date without risk premium. Third, this findings show that the results of unbiasedness hypothesis tests can provide conflicting finding. according to currency futures class and forecasts horizon period, Fourth, from the best-fitting quasi-error correction model with forecast horizons of 14 days, the findings suggest the Japan yen futures market is 27.06% efficient, the British pound futures market is 26.87% efficient, the Korea won futures market is 20.77% efficient, the Mexico peso futures market is 11.55%, and the Brazil real futures market is 4.45% efficient in the usual order. This indicates that the Korea won-dollar futures market is more efficient than Mexico peso, and Brazil real futures market. It is therefore possible to concludes that the Korea won-dollar currency futures market has relatively high efficiency comparing with Mexico peso and Brazil real futures markets of emerging currency futures markets.