• Journal of Korea Port Economic Association
• /
• v.40 no.2
• /
• pp.157-173
• /
• 2024

This study analyzed the connectivity of the dry bulk carrier market before and after COVID-19 to examine the impact of COVID-19 on the global shipping market. Using the Quantile Time Frequency Connectedness methodology, we analyzed the dynamic connectedness of major dry bulk indices: the Capesize Index (BCI), Supramax Index (BSI), Panamax Index (BPI), and Handysize Index (BHSI). The results are as follows. First, the total spillover connectedness of the dry bulk carrier market increased during the entire period and in the short term after the outbreak of COVID-19, while it slightly decreased in the long term. Second, the roles among the indices changed according to market conditions, with COVID-19 causing the BPI to change from a net receiver to a net transmitter in the short term and the BSI in the long term, affecting net spillover connectedness. Third, it was observed that long-term connectivity tended to increase more than short-term connectedness under extreme conditions. Fourth, the phenomenon of strengthened connectedness under extreme market conditions was confirmed. These results provide important insights into understanding short-term market shocks and long-term stability trends, demonstrating that the connectedness among dry bulk carrier markets strengthens in global crisis situations such as COVID-19. This provides a basis for assessing the resilience and vulnerability of the shipping market and offers useful information for investors and policymakers in crisis management and investment strategy formulation.

• Journal of Korea Port Economic Association
• /
• v.38 no.2
• /
• pp.49-67
• /
• 2022

This study applied the method of Diebold and Yilmaz (2012, 2014, 2016) to analyze the connectedness between the Freight Index (BDI, BDTI, BCTI), energy price(oil, natural gas, coal), and grain price(soybean, corn, wheat) from July 19, 2007 to March 31, 2022. The main analysis results of this paper are as follows. First, according to the network analysis results, the total connectedness was measured to be 20.43% for the entire analysis period, indicating that there was a low correlation between the freight index and the commodity price. In addition, looking at the directional results, the variable with the greatest effects was corn, and conversely, the variable with the lowest effects BDI. When classified by events, BCTI was found to play a major role only during the COVID-19 period. Second, according to the results of the rolling-sample analysis, the total connectedness be found to be highly correlated with changes in economic conditions such as the financial crisis, trade war, and COVID-19 when specific events occurred.

• Journal of the Korean Operations Research and Management Science Society
• /
• v.11 no.2
• /
• pp.88-100
• /
• 1986

The focus of this paper is to develop the optimization procedures and analyze the complexities of the nonserial diverging branch systems in Dynamic Programming. The optimization procedure of the system is developed such that it helps to reduce the computational demands of the system. The complexity of the network is analyzed with the increasing number of nodes, branches and their connectedness to the main serial system. Determination of the optimal set of nodes for the main serial chain is also investigated.

• Journal of Korean Academy of Nursing
• /
• v.30 no.5
• /
• pp.1145-1155
• /
• 2000

The purpose of this study is to explore the concept spirituality and to gain understanding of nursing intervention that may improve spiritual well-being. The concept analysis framework developed by Walker and Avant (1995) was used to clarify the concept. In the study, 'Harmonious interconnectedness', 'Transcendence', 'Integrative Energy' and 'Purpose and Meaning in Life' emerged as the critical attributes of spirituality. The first attribute, 'harmonious Inter- connectedness', has three categories including intrapersonal, (self), interpersonal (others/ nature) and transpersonal (the Supreme Being). The second attribute, 'Transcendence', is defined as the ability to extend one's own self beyond the limits of usual experiences and to achieve new perspectives. This attribute is demonstrated by 'coping with situations', to 'self-healing', and 'transformation'. The third attribute of spirituality is 'Integrative Energy', which integrates all dimensions and acts as a creative and dynamic force that keeps a person growing and changing. 'Integrative Energy is also defined as an inner resource that gives a sense of empowerment. Therefore the highly spiritual person demonstrate 'inner peace', 'growing', 'inner strength,' and 'well-being'. The fourth attribute 'Purpose and Meaning in Life' represents a sense of connectedness with one's inner values and with a greater purpose in life. It is demonstrated by 'hope' and 'a powerful life'. In this study, the antecedents of the spirituality represented as 'spirit' and its potential enablers were 'Introspection/reflection', 'Interconnectedness with all living things', and an 'Awareness of a Higher-Power'. The consequences of this concept may be described as 'physical, psychosocial, and spiritual well-being'. Empirical referents of this are 'purposeful life' 'self-worth' 'hope' 'love' 'service' 'forgiveness' 'trust/belief' 'inner peace' 'self-actualization' 'religious practices' 'transformation' 'inner strength' and 'coping'. In conclusion, spirituality can be defined based on these critical attributes. Spirituality is a dynamic, integrative energy based on a feeling of harmonious interconnection with self, others and a higher power. Through it, one is enabled to transcend and to live with meaning and purpose in life.

• The Journal of Asian Finance, Economics and Business
• /
• v.8 no.9
• /
• pp.143-154
• /
• 2021

This study aims to explore the dynamic conditional correlation (DCC) between ten Asian stock indexes, the US stock index, and Bitcoin by using the dynamic conditional correlation model. The time span of the daily data is between January 2015 to May 2021, the total observation is 1,116. DCC(1,1)-EGARCH(1,1) with multivariate t and normal distributions for the DCC and EGARCH models, respectively, outperforms other models by the goodness of fit values. Except for Bitcoin, we discovered that the majority of the securities' volatilities have a very high volatility persistence. Furthermore, the negative shocks/news have more impact on the volatilities than positive shocks/news in most of the cases, except the stock index of China and Bitcoin. Most of the correlation pairs exhibit higher correlation during the COVID-19 pandemic compared to the pre-COVID-19, except Hong Kong-The US and Malaysia-Indonesia. Moreover, the correlation between Asian stock indexes during the COVID-19 pandemic is statistically higher than the pre-COVID-19 pandemic. However, there are a few instances where the Hong Kong stock index and a few countries are identical. The result of correlation size shows the connectedness between Asian stock markets, which are well-connected within the region, especially with South Korea, Singapore, and Hong Kong.

• Journal of Korea Port Economic Association
• /
• v.38 no.3
• /
• pp.87-104
• /
• 2022

Considering the complex structure and high volatility in the shipping market, it is important to investigate the connectedness amongst influencing factors. This study explores the dynamic relationship between supply-demand factors and shipping freight indices. We choose Capesize and Panamax in the bulk carrier market and use quarterly data of GDP, world fleet, BCI, and BPI from 1999 to 2021. Applying the wavelet analysis and wavelet Granger causality test, the simultaneous examination of co-movement and causality between two factors and the shipping market in both the time and frequency domains is achieved. We find that co-movement and causality vary across time and frequencies, thereby existing dynamic relationships between variables. Second, compared to multiple coherencies using demand and supply factors together, partial coherencies indicate noticeable causalities. It implies that analyzing demand and supply factors separately is essential. Finally, shipping freight indices show a high correlation with the demand factor in a good market and with the supply factor in a bad market. Generally, GDP positively leads shipping freights in the recovery phase while the world fleet negatively leads shipping freights in the downturn. The research is meaningful in that the rarely-applied wavelet analysis is adopted in the shipping market and that it gives a reasonable ground to explain the role of supply and/or demand factors in different phases of the market cycle.

• ETRI Journal
• /
• v.14 no.4
• /
• pp.19-27
• /
• 1992

Since. as is well known, direct computation of the reliability for a large-scaled and complex net work generally requires exponential time, a variety of alternative methods to estimate the network reliability using simulation have been proposed. Monte Carlo sampling is the major approach to estimate the network reliability using simulation. In the paper, a dynamic Monte Carlo sampling method, called conditional minimal cut set (CMCS) algorithm, is suggested. The CMCS algorithm simulates a minimal cut set composed of arcs originated from the (conditional) source node until s-t connectedness is confirmed, then reduces the network on the basis of the states of simulated arcs. We develop the importance sampling estimator and the total hazard estimator and compare the performance of these simulation estimators. It is found that the CMCS algorithm is useful in reducing variance of network reliability estimator.

• Korean Journal of Adult Nursing
• /
• v.15 no.4
• /
• pp.551-562
• /
• 2003

Purpose: All nurses should provide spiritual care for their clients. It is especially important to care spiritually for cancer patients facing the crisis of life. Therefore, the purpose of this study is to analyze the concept of spirituality which is one of the basic concepts for spiritual care in cancer patients. Method: The subjects of this study were 8 cancer patients; 2 Christians,3 Buddhists, and 3 persons who did not have any religion. The data was collected and analyzed by Hybrid Model. Result: The results of this study were as follows: Dimensions of spirituality(vertical dimension connected with the absolute being, horizontal dimension related to others, existential dimension related to seeking of meaning), attributes of spirituality(dynamic process strengthened in suffering due to struggle with cancer, connectedness with the absolute being or will and belief in oneself, transcendence of reality, meaning and purpose of life, future oriented), outcomes of spirituality(intrinsic, behavioral). Conclusion: The spirituality of cancer patients is manifested differently by his(her) religion, age, past experiences and burden of family, and is able to be strengthened with cancer. Therefore, nurses should recognize that diagnosis and deterioration of cancer is not only a spiritual crisis but can be a good chance for spiritual growth, as well.

• Journal of Korean Home Economics Education Association
• /
• v.28 no.1
• /
• pp.1-17
• /
• 2016

The purpose of this review was to introduce and examine 'development' and 'relations' as the core concepts of Home Economics in 2015 revised middle school curriculum in Korea. The 2009 and 2015 proclamation of the ministry of education on home economics curriculum and 26 published middle school textbooks were reviewed. The major findings were as follows. First, the components of human 'development' and family 'relations' were strongly associated with promoting four key competencies (i.e. the self-management competency, the communication competency, the aesthetic sensibility competency, the community competency) of 2015 revision. Also, four of cross-curricular learning topics (i.e. character education, multicultural education, safety and health education, human right education) in 2015 revision could be effectively discussed with human 'development' and family 'relations'. Second, when teaching and learning of the core concept, human 'development', continuous dynamic aspects of life-span development, the connectedness of different domains of development, systematic approach of various concepts in development, specificity and empirical evidence of information and variability of developmental patterns in adolescence should be considered. Third, when teaching and learning of the core concept, family 'relations', family trait such as generational relations, gender relations, role relations and power relations should be taken into account. In addition, exclusively focusing on normal family ideology or image of middle-class family and lecture-centered instruction methods should be changed for students to achieve the competencies relevant to family relations. The future directions for applying core concepts, 'development' and 'relations' in classroom will be discussed.