• Journal of Korea Trade
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• 제27권5호
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• pp.153-166
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• 2023

Purpose - This research empirically analyzes the influence of economic policy uncertainty and free trade agreements (FTAs) on bilateral trade volumes between Korea and its trading partners. The study investigates whether fluctuations in the Economic Policy Uncertainty Index (EPUI) for both Korea and its trading partners significantly impact trade volumes and whether the implementation of FTAs mitigates these effects. Design/methodology - The study employs dynamic panel data analysis using the system generalized method of moments (system GMM) estimation method to achieve its research objectives. It utilizes country-month-level panel data, including the EPUI, trade volume between Korea and its trading partner countries, and other pertinent variables. The use of system GMM allows for the control of potential endogeneity issues and the incorporation of country-specific and time-specific effects. Findings - The analysis yields significant results regarding the impact of economic policy uncertainty on Korea's exports and imports, particularly before the implementation of FTAs. An increase in the EPUI of trading partners leads to a notable increase in Korea's exports to them. Conversely, an increase in Korea's EPUI negatively affects its imports from trading partners. However, post-FTA implementation, the influence of each country's EPUI on trade volume is neutralized, with no significant difference observed. Originality/value - This research contributes to the existing literature by providing empirical evidence on the interaction effects between economic policy uncertainty and FTAs on bilateral trade volumes. The study's uniqueness lies in its examination of how FTAs mitigate the impact of economic uncertainty on trade relations between countries. The findings underscore the importance of trade agreements as mechanisms to address economic risks and promote international trade relations. In a world where global market uncertainties persist, these insights can aid policymakers in Korea and other countries in enhancing their trade cooperation strategies and navigating challenges posed by evolving economic landscapes.

• Journal of Astronomy and Space Sciences
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• 제14권2호
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• pp.386-394
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• 1997

본 연구에서는 유연모드를 고려한 위성체 모델링 방법들을 소개하고, 이에 따라 3축 안정화 위성의 유연모드를 모델링하였다. 이 모델을 강체에 대해 설계되었던 반작용휠을 이용한 자세제어루프에 적용하였다. 본 연구에서는 유한요소모델이 완성되기 전 단계에서 집합모드모델 중 전역모드모델을 이용하는 것을 제안하였고, 이를 유한요소법을 이용하여 계산된 모델과 제어기 필터 설계의 관점에서 비교하였다. 새로운 유연모드가 적용됨에 따라 제어기 요구조건을 만족시키기 위한 필터가 필요하여 반작용휠의 모터제어기 루프와 축제어기 루프에 각각 1차 필터를 설계하여 추가하였다. 제어루프 설계 및 시뮬레이션을 위해 MATLAB/Simulink를 사용하였다.

• The Journal of Asian Finance, Economics and Business
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• 제6권1호
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• pp.107-119
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• 2019

This paper examines the impact of financial integration on economic growth in Southeast Asia over the period 1993-2013. This paper further investigates whether the relationship depends on the level of financial and economic development, government corruption, and macroeconomic policy. These questions raise important issues both from a theoretical and a policy perspective. We employ the generalized methods of moment (GMM) in the dynamic panel estimation framework to analyse several factors, including initial income, initial schooling, financial development, inflation, trade openness, corruption, and financial crisis. The study further analyzes the data using the EGLS model to examine the consistency of the GMM model. We found that financial integration has a significant positive effect on economic growth in Southeast Asia. Our findings suggest that increasing financial integration could improve the productive capacity of the economy, including more investments and efficient allocation of capital, and thus enhancing economic growth in this region. More specifically, the results suggest that the government should work towards eliminating corruption and stabilizing macroeconomics in order to enhance financial integration and economic growth. This paper sheds new insights on a better evaluation of the past and present theorizing on the subject of financial integration and economic growth; especially, in Southeast Asia.

• The Journal of Asian Finance, Economics and Business
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• 제8권3호
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• pp.1171-1180
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• 2021

This study aims to investigate the impact of the multimarket contract on risk-adjusted profitability. Risk-adjusted profitability is measured in terms of risk-adjusted return on assets. This study employs dynamic panel data of 27 commercial banks in Vietnam using the GMM estimator to test the multimarket contact hypothesis in the Vietnamese banking sector. The results show that there is a negative impact of multimarket contact on the profitability of banks. Multimarket contact, deposit to asset ratio, non-interest income to total income, GDP growth rate, Worldwide Governance Indicator (WGI), and operating cost to assets are the major determinants of risk-adjusted profitability of commercial banks. Our main findings show that Vietnamese banks' focus to increase the multimarket contact may lead to lower profitability and there is evidence that supports theory predictions, since the average number of contacts among banks, bank size, and capitalization are positively related to risk-adjusted profitability. The study has policy implications for commercial banks in that they should not only focus on interest as a source of income and diversify their income source from non-interest income as well since it helps to improve risk-adjusted profitability for them.

• The Journal of Asian Finance, Economics and Business
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• 제9권8호
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• pp.183-196
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• 2022

Bank stability serves as a prerequisite for the smooth functioning of economic and financial activities in the country. Banks face numerous risks, and liquidity plays an essential role in determining a bank's long-term growth and financial stability. By using the sample of 70 banks of the Gulf Cooperation Council, this study examines the association between funding the liquidity and the creation of liquidity and their impact on bank stability. Firstly, the reciprocal relationship reveals between funding the liquidity and the creation of liquidity by employing the 2SLS regression model. Further, by employing the dynamic GMM model, the research finds that funding liquidity is significant and positively influences bank stability. However, bank stability is significantly negatively influenced by the creation of liquidity, but the combined effect of funding the liquidity and creation of liquidity positively explains the bank stability. Additionally, this study reveals that managerial optimism biases contribute to determining the bank's liquidity and long-term stability. The finding of this study supports the executives, policymakers, and management of banks in understating liquidity risks, efficiency, and bank stability. The findings support regulatory guidelines mainly by the Basel III framework, which places more importance on the joint management of funding the liquidity and creation of liquidity in the economy.

• 산경연구논집
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• 제8권1호
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• pp.5-13
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• 2017

Purpose - In this article, a dynamic model like a VAR is an appropriate choice for estimating the possible interrelationship between ownership structure and firm performance as a dynamic process. Research design, data, and methodology - Data of this work are collected from Chinese stock exchange including 350 Chinese-listed firms during the period of 1999-2012. We hypothesize that this interrelationship dynamically exists between ownership structure and firm performance. To examine the correlation, a panel Vector Auto-regression (PVAR) approach generated by GMM method is utilized to test the possible dynamic relation embedded in corporate governance. Another two dynamic analysis solutions such as orthogonalized impulse-response function and variance decomposition are also used simultaneously. Results - Findings of this study indicate the evidence that dynamically endogenous relationship exists between ownership structure and firm performance. Further, there is a dynamical correlation between investment and performance. Impulse response and variance decomposition illustrate that impact of a shock to variables themselves is the main source for their variability. Conclusions - The conclusion in this study is that there is a bidirectional and inter-temporal effect between proportion of ownership and corporate performance for a long run in accordance with impulse response function. Overall, our results suggest that corporate governance in China is more market oriented.

• 한국소음진동공학회:학술대회논문집
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• 한국소음진동공학회 2007년도 춘계학술대회논문집
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• pp.1074-1079
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• 2007

We will introduce speech/speaker recognition algorithm for the isolated word. In general case of speaker verification, Gaussian Mixture Model (GMM) is used to model the feature vectors of reference speech signals. On the other hand, Dynamic Time Warping (DTW) based template matching technique was proposed for the isolated word recognition in several years ago. We combine these two different concepts in a single method and then implement in a real time speaker/speech recognition system. Using our proposed method, it is guaranteed that a small number of reference speeches (5 or 6 times training) are enough to make reference model to satisfy 90% of recognition performance.

• 대한전기학회논문지:시스템및제어부문D
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• 제55권2호
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• pp.52-61
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• 2006

For the detection of moving objects, background subtraction methods are widely used. An adaptive Gaussian mixture model combined with probabilistic learning is one of the most popular methods for the real-time update of the complex and dynamic background. However, probabilistic learning approach does not work well in high traffic regions. In this paper, we Propose a reliable learning method of complex and dynamic backgrounds in high traffic regions.

• 대한임베디드공학회논문지
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• 제11권5호
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• pp.277-285
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• 2016

Moving object detection system has been an emerging research field in various advanced driver assistance systems (ADAS) and surveillance system. In this paper, we propose two optical flow based moving object detection methods at dynamic scenes. Both proposed methods consist of three successive steps; pre-processing, foreground segmentation, and post-processing steps. Two proposed methods have the same pre-processing and post-processing steps, but different foreground segmentation step. Pre-processing calculates mainly optical flow map of which each pixel has the amplitude of motion vector. Dense optical flows are estimated by using Farneback technique, and the amplitude of the motion normalized into the range from 0 to 255 is assigned to each pixel of optical flow map. In the foreground segmentation step, moving object and background are classified by using the optical flow map. Here, we proposed two algorithms. One is Gaussian mixture model (GMM) based background subtraction, which is applied on optical map. Another is adaptive thresholding based foreground segmentation, which classifies each pixel into object and background by updating threshold value column by column. Through the simulations, we show that both optical flow based methods can achieve good enough object detection performances in dynamic scenes.

• Asia pacific journal of information systems
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• 제32권4호
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• pp.707-727
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• 2022

Industrial revolution 4.0 makes business competition more challenging and will impact the instability of the company's financial performance. Dynamic environmental conditions make it difficult for companies to make predictions in making decisions. Investing in information technology (IT) is one way for companies to maintain financial stability and competitive advantage in dynamic competition. Resource-Based Theory (RBT) explains that information technology (IT) is a resource that can create a competitive advantage for the company. This study aims to examine the moderating role of dynamic industrial environments and IT strategic emphasis on the relationship between a lag effect of IT investment and firm's financial performance volatility. Using the data of companies listed on the Indonesia Stock Exchange (IDX) for five years starting from 2013-2017, the method used to estimate the research model's parameters is the generalized method of moments (GMM) approach. The results show that the industrial environment and the emphasis on IT strategy have a role in moderating and strengthening the relationship between the time lag in IT investment in reducing the firm's financial performance volatility.