• The Journal of Asian Finance, Economics and Business
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• v.6 no.2
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• pp.257-267
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• 2019

The paper aims to test long-term and short-term causality from four exchange rates, the Korean won/$US, the Korean won/Euro, the Korean won/Japanese yen, and the Korean won/Chinese yuan, to the Korea Composite Stock Price Index in the presence of several macroeconomic variables using monthly data from January 1986 to June 2018. The results of Johansen cointegration tests show that there exists at least one cointegrating equation, which indicates that long-run causality from an exchange rate to the Korean stock market will exist. The results of vector error correction estimates show that: for long-term causality, the coefficient of the error correction term is significant with a negative sign, that is, long-term causality from exchange rates to the Korean stock market is observed. For short-term causality, the coefficient of the Japanese yen exchange rate is significant with a positive sign, that is, short-term causality from the Japanese yen exchange rate to the Korean stock market is observed. The coefficient of the financial crises i.e. 1997-1999 Asian financial crisis and 2007-2008 global financial crisis on the endogenous variables in the model and the Korean economy is significant. The result indicates that the financial crises have considerably affected the Korean economy, especially a negative effect on money supply.

• Journal of Korea Port Economic Association
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• v.27 no.3
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• pp.41-64
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• 2011

This article investigates the interrelationships in daily returns using fractionally integrated error correction term and volatilities using constant conditional correlation and dynamic conditional correlation GARCH with asymmetries between Capesize and Panamax markets. Our findings are as follows. First, for the fractionally cointegrated error correction model, there is a unidirectional relationship in returns from the Panamax market to the Capesize market, but a bidirectional causal relationship prevails for the traditional error correction models. Second, the coefficients for the error correction term are all statistically significant. Of particular interest are the signs of the estimates for the error correction term, which are all negative for the Capesize return equation and all positive for the Panamax return. Third, there are bidirectional volatility spillovers between both markets and the direction of the information flow seems to be stronger from Panamax to Capesize. Fourth, the coefficients for the asymmetric term are all significantly positive in the Capesize market, but the Panamax market does not have a significant effect. However, the coefficients for the asymmetric term are all significant, implying that the leverage effect does exist in the Capesize and Panamax markets.

• Journal of the Korean Society of Surveying, Geodesy, Photogrammetry and Cartography
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• v.23 no.4
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• pp.385-392
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• 2005

This paper describes an accuracy analysis of newly developed gravimetric geoid and an improvement of developed geoid using GPS/Levelling data. We developed the KGEOID05 model corrected with the correction term. The correction term is modelled using the difference between GPS/Levelling derived geoidal heights and gravimetric geoidal heights. The stochastic model used in the calculation of correction term is the least squares collocation technique based on second-order Markov covariance function. 373 GPS stations were used to model the correction term. The standard deviation of KGEOID05 is about 11 cm and it indicates that we can be determined accurate heights ($2{\sim}3\;cm$) when we made precise modelling using KGEOID05 and a few GPS measurements for the local area.

• The Journal of the Korea institute of electronic communication sciences
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• v.13 no.5
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• pp.1117-1124
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• 2018

Contrast enhancement plays an important role in various computer vision systems, since their usability can be improved with visibility enhancement of the images affected by weather and lighting conditions. This paper introduces a histogram modification algorithm that reflects the properties of original images in order to eliminate the saturation effect and washed-out of image details due to the over-enhancement. Our method modifies the original histogram so that an additive term fill histogram pits and the gamma correction suppresses histogram spikes. The parameters for the additive term and gamma correction are adjusted automatically according to statistical properties of the images. Experimental results for various low contrast and hazy images demonstrate that the proposed contrast enhancement improves visibility and reduces haze components effectively, while preserving the characteristics of original images, than the conventional methods.

• Journal of Advanced Navigation Technology
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• v.26 no.2
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• pp.119-124
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• 2022

The international gnss service (IGS) provides real-time service (RTS) orbit and clock correction applicable to the broadcast ephemeris of GNSS satellites. However, since the RTS correction cannot be received if the Internet connection is lost, the RTS correction should be predicted and used when a signal interruption occurs in order to perform stable precise point positioning (PPP). In this paper, PPP was performed by predicting orbit and clock correction using a long short-term memory (LSTM) algorithm in real-time during the signal loss. The prediction performance was analyzed by implementing the LSTM algorithm in RPI (raspberry pi), the processing speed of which is not high. Compared to the polynomial prediction model, LSTM showed excellent performance in long-term prediction.

• The Bulletin of The Korean Astronomical Society
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• v.40 no.1
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• pp.57.5-58
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• 2015

We describe relations between modern cosmology and general relativity in the historical context. We reveal some ironies imbedded in Einstein's final correction of his gravitational field equation in the context of cosmology in 1917 which has apparently opened a new era of modern physical cosmology. The ugly (according to Einstein) correction term was introduced only to build a static cosmology which turns out to be in flat contradiction with observation. Somehow, however, it is the correction term which has saved the modern cosmology from the genuine creativity of nature continuously revealed by astronomical observations. Whether the present precision cosmology is also a correct one is often ignored by the practitioners but still a pressing open question left for future theoretical and observational pursuits.

• Communications for Statistical Applications and Methods
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• v.10 no.1
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• pp.89-99
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• 2003

The primary purpose of this paper is to estimate the wealth effect. We establish a linear relationships between household consumption, labor income, and stock price index. Each variable is nonstationary. And so, it contains a unit root. However, as the result of the test about cointegrating relations, the variables are cointegrated which implies the error term is stationary. The cointegrating parameter that the marginal propensity to consume out of stock price is 0.08%. The result of estimation shows the error correction is -0.62 and the significant level is also high. The error correction term indicates a rather rapid adjustment to deviations from the long run equilibrium relations.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.1
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• pp.647-654
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• 2021

This study examines the non-performing loans of rural banks and macroeconomic factors in Indonesia, including inflation, exchange rates, and interest rates. Theoretically, the existence of erratic macroeconomic conditions can affect the level of non-performing credit risk in rural credit banks in Indonesia. The effect of macroeconomic conditions on non-performing loans has a different response for each economic sector. The main objective of this study is to determine the effect of macroeconomic factors (inflation, exchange rates, and interest rates) and bank-specific factors (credit) on the Non-Performing Loans (NPL) of Rural Banks in Indonesia for the period from January 2015 to December 2018. This study uses a Vector Error Correction Model (VECM) estimation to determine the effect of independent variables consisting of macroeconomic factors and bank-specific factors. Based on the estimation results of the Vector Error Correction Model, three variables that have a positive and significant effect on long-term non-performing loans are credit, inflation, and interest rates. Meanwhile, in the short term, there are only two variables that have a positive and significant effect on non-performing loans, namely, credit and interest rates. Inflation and exchange rate variables have a negative and insignificant effect on bad credit in the short term.

• Korea Trade Review
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• v.44 no.1
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• pp.75-86
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• 2019

This study performs a factor analysis that affects the bunker oil price using the Co-integration model and Vector Error Correction Model (VECM). For this purpose, we use data from Clarkson and the analysis results show 17.6% decrease in bunker oil price when the amount of crude oil production increases at 1.0%, 10.3% increase in bunker oil price when the seaborne trade volume increases at 1.0%, 1.0% decrease in bunker oil price when total volume of vessels increases at 1.0%, and 0.003% increase in bunker oil price when 1.0% increase in world GDP, respectively. This study is meaningful in that this study estimates the speed of convergence to long-term equilibrium and identifies the price adjust mechanism which naturally exists in bunker oil market. And it is expected that the future study can provide statistically more meaningful econometric results if it can obtain data during more long-periods and use more various kinds of explanatory variables.

• Neonatal Medicine
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• v.25 no.4
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• pp.170-177
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• 2018

Purpose: Preterm infants frequently require red blood cell (RBC) transfusions in neonatal intensive care units (NICU). Storage RBCs undergo many changes during storage periods. We aimed to compare the hemoglobin (Hb) correction effect according to the period of RBC storage and investigate the factors influencing Hb correction. Methods: This retrospective study reviewed the medical records of 289 patients who received RBC transfusion more than once in the NICU of Kosin University Gospel Hospital between February 2006 and March 2016. The subjects were classified into two storage groups: short-term (${\leq}7days$, n=88) and long-term (>7 days, n=201), according to the period of RBC storage. We checked Hb levels by complete blood cell count tests conducted within 2 days before and 5 to 9 days after the first transfusion. We compared the Hb difference between the two groups and analyzed the factors influencing Hb correction. Results: Excluding the use of an invasive ventilator, there was no significant difference between the two groups in terms of clinical characteristics. There was no significant difference in the Hb correction effect between the two groups (P=0.537). Birth weight greater than 1,500 g, higher weight at transfusion, and larger volume of transfusion were significant prognostic factors affecting greater changes in Hb. In addition, surgery experience, higher Hb level at transfusion, and additional blood tests were found to be significantly associated with less changes in Hb. Conclusion: The RBC storage period did not affect the Hb correction effect. The Hb correction effect may be diminished in infants with lower birth weight and lower weight at transfusion under unstable clinical conditions.