• Journal of Korea Port Economic Association
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• v.37 no.2
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• pp.119-131
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• 2021

Energy is an essential element in economic activity and people's lives, an important resource used by various industries, and the financialization of commodity markets has led to the growing importance of crude oil turning into the same asset as other assets. Accordingly, studies analyzing the correlation between energy prices and investor sentiment explain that investor sentiment affects oil prices through economic factors and speculation. In this study, we wanted to analyze whether the impact of the most representative changes in oil prices affects investor decision making, affecting investor sentiment, and applying wavelet consistency analysis to determine how energy prices relate to investor sentiment. Studies show that policies should be focused on policy and market changes because energy prices differ by time scale and investment sentiment should be more influential in the long term than in the short term.

• International conference on construction engineering and project management
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• 2017.10a
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• pp.176-182
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• 2017

The housing market is divided into several sub-markets that operate independently. One of them is the distinction between rental and sales markets. Simultaneously, since the housing is a commodity as well as an asset, it has a close relationship between the rental market and the sales market. Due to the unique structure of Korea, it is difficult to apply the general method to analyze the housing market. This means there is a great deal of concern about side effects from the policy. Actually, the government's subsequent regulation of speculative demand in the future may be necessary to prevent market overheating, but at the same time, there is a fear that the rent will rise. Although changes in policy direction may be inevitable due to changes in market conditions, frequent and sudden changes in policy cause confusion in market participants, causing unrest in the housing market. This study aims to derive main factors and correlation with other housing market factor. These factors will be a base of qualitative housing market model to analyze the market effect of the demand-supply shift. Modeling is based on the system dynamics methodology, which is useful for identifying interactions between variables reflecting various variables in the housing market. The model discussed in this study is expected to provide integrated insight into the key variables of the housing market, away from the monopolistic thinking. It can also be useful as a means of assessing the effectiveness of policies.

• Journal of Intelligence and Information Systems
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• v.24 no.2
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• pp.195-220
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• 2018

In this study, we conducted an empirical analysis of the factors that affect the change of Bitcoin Closing Price. Previous studies have focused on the security of the block chain system, the economic ripple effects caused by the cryptocurrency, legal implications and the acceptance to consumer about cryptocurrency. In various area, cryptocurrency was studied and many researcher and people including government, regardless of country, try to utilize cryptocurrency and applicate to its technology. Despite of rapid and dramatic change of cryptocurrencies' price and growth of its effects, empirical study of the factors affecting the price change of cryptocurrency was lack. There were only a few limited studies, business reports and short working paper. Therefore, it is necessary to determine what factors effect on the change of closing Bitcoin price. For analysis, hypotheses were constructed from three dimensions of consumer, industry, and macroeconomics for analysis, and time series data were collected for variables of each dimension. Consumer variables consist of search traffic of Bitcoin, search traffic of bitcoin ban, search traffic of ransomware and search traffic of war. Industry variables were composed GPU vendors' stock price and memory vendors' stock price. Macro-economy variables were contemplated such as U.S. dollar index futures, FOMC policy interest rates, WTI crude oil price. Using above variables, we did times series regression analysis to find relationship between those variables and change of Bitcoin Closing Price. Before the regression analysis to confirm the relationship between change of Bitcoin Closing Price and the other variables, we performed the Unit-root test to verifying the stationary of time series data to avoid spurious regression. Then, using a stationary data, we did the regression analysis. As a result of the analysis, we found that the change of Bitcoin Closing Price has negative effects with search traffic of 'Bitcoin Ban' and US dollar index futures, while change of GPU vendors' stock price and change of WTI crude oil price showed positive effects. In case of 'Bitcoin Ban', it is directly determining the maintenance or abolition of Bitcoin trade, that's why consumer reacted sensitively and effected on change of Bitcoin Closing Price. GPU is raw material of Bitcoin mining. Generally, increasing of companies' stock price means the growth of the sales of those companies' products and services. GPU's demands increases are indirectly reflected to the GPU vendors' stock price. Making an interpretation, a rise in prices of GPU has put a crimp on the mining of Bitcoin. Consequently, GPU vendors' stock price effects on change of Bitcoin Closing Price. And we confirmed U.S. dollar index futures moved in the opposite direction with change of Bitcoin Closing Price. It moved like Gold. Gold was considered as a safe asset to consumers and it means consumer think that Bitcoin is a safe asset. On the other hand, WTI oil price went Bitcoin Closing Price's way. It implies that Bitcoin are regarded to investment asset like raw materials market's product. The variables that were not significant in the analysis were search traffic of bitcoin, search traffic of ransomware, search traffic of war, memory vendor's stock price, FOMC policy interest rates. In search traffic of bitcoin, we judged that interest in Bitcoin did not lead to purchase of Bitcoin. It means search traffic of Bitcoin didn't reflect all of Bitcoin's demand. So, it implies there are some factors that regulate and mediate the Bitcoin purchase. In search traffic of ransomware, it is hard to say concern of ransomware determined the whole Bitcoin demand. Because only a few people damaged by ransomware and the percentage of hackers requiring Bitcoins was low. Also, its information security problem is events not continuous issues. Search traffic of war was not significant. Like stock market, generally it has negative in relation to war, but exceptional case like Gulf war, it moves stakeholders' profits and environment. We think that this is the same case. In memory vendor stock price, this is because memory vendors' flagship products were not VRAM which is essential for Bitcoin supply. In FOMC policy interest rates, when the interest rate is low, the surplus capital is invested in securities such as stocks. But Bitcoin' price fluctuation was large so it is not recognized as an attractive commodity to the consumers. In addition, unlike the stock market, Bitcoin doesn't have any safety policy such as Circuit breakers and Sidecar. Through this study, we verified what factors effect on change of Bitcoin Closing Price, and interpreted why such change happened. In addition, establishing the characteristics of Bitcoin as a safe asset and investment asset, we provide a guide how consumer, financial institution and government organization approach to the cryptocurrency. Moreover, corroborating the factors affecting change of Bitcoin Closing Price, researcher will get some clue and qualification which factors have to be considered in hereafter cryptocurrency study.

• Korean Journal of Heritage: History & Science
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• v.52 no.4
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• pp.56-77
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• 2019

Bi-Seok is a treasure trove of funeral rites and an important cultural asset that can shed light on the historical and social history of calligraphy, but research of the topic is still insignificant. In particular, research on the production method of Bi-Seok remains an unproven field. The production of Bi-Seok can be roughly divided into ma-jeong (refining stone), sculpture, and the Buk-chil (process of engraving letters) process. This article reveals some facts: First, performing ma-jeong to the Sang-Seok, Honyu-Seok, Bi-seok, which are known to be God's things. This process is needed because of the change in the perception of the Honyu-Seok due to the settlement and propagation of Confucian ceremonial rituals in the times of hardship in 1592 and 1636. As the crafting process of ma-jeong did not remain concrete, it was only possible to examine the manufacturing process of Bi-Seok through its materials and tools. Second, the rapid proliferation of Oh-Seok and Sa-jeo-chwi-yong (purchase of things made by private citizens) in the Yeongjo era has great importance in social and cultural history. When the Gang-Hwa-Seok of the commodity were exhausted, the Oh-Seok that was used by Sadebu (upper civil class) were used in the tomb of Jangneung, which made Oh-Seok popular among people. In particular, the use of Oh-Seok and the Ma-Jeong process could minimize chemical and physical damage. Third, the writing method of the Bi-seok is Buk-chil. After Buk-Chil of Song Si-Yeol was used on King Hyojong's tomb, the Buk-Chil process ( printing the letters on the back of the stone and rubbing them to make letters) became the most popular method in Korea and among other East Asian countries, and the fact that it was institutionalized to this scale was quite impressive. Buk-Chil became more sophisticated by using red ink rather than black ink due to the black color that results from Oh-Seok. Fourth, the writing method changes in the late Joseon Dynasty. Until the time of Yeongjo's regime, when inscribing, the depth of the angle was based on the thickness of the stroke, thus representing the shade. This technique, of course, did not occur at every Pyo-Seok or Shindobi, but was maintained by outstanding artisans belonging to government agencies. Therefore, in order to manufacture Bi-Seok, Suk-seok, YeonJeong, Ma-jeong, Jeong-Gan, ChodoSeoIp, Jung-Cho, Ip-gak, Gyo-Jeong, and Jang-Hwang, a process was needed to make one final product. Although all of these methods serve the same purpose of paying respects and propagandizing the great work of deceased persons, through this analysis, it was possible to see the whole process of Pyo-Seok based upon the division of techniques and the collaboration of the craftsmen.