• The Journal of Asian Finance, Economics and Business
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• 제5권2호
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• pp.43-51
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• 2018

We study the impact of economic policy uncertainty (EPU) of Asian four countries such as Korea, Japan, Hong Kong, and China on housing market returns in Korea. Also, we document the relationship between the EPU index of those four countries and the housing market including macroeconomic indicators in Korea. The EPU index of those four countries has significantly a negative effect on the housing purchase price index, housing lease price index in Korea. The EPU index in Korea and Japan has significantly a negative effect on the CPI. The EPU index in only Japan has significantly a negative effect on the PPI. The EPU index in Hong Kong and Korea has significantly a negative effect but the EPU index in China significantly has a positive effect on the stock price index in construction industry. The EPU index in only Korea has significantly a negative effect the stock price index in banking industry. This study shows the EPU index of the Korea has the negative relationships on the housing market economy rather than other countries by VECM. And this study has an important evidence of the spillover of several macroeconomic indicators in Korea for the EPU index of the Asian four countries.

• 산경연구논집
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• 제10권1호
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• pp.29-37
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• 2019

Purpose - We study the dynamic linkages of the economic policy uncertainty (EPU) in the US on the manufacturing stock market returns in Korea. In detail, we examine the casual link between EPU index in the US and the manufacturing stock indexes in Korea. Research design, data, and methodology - We measure mainly the distribution effect of the US EPU on the manufacturing stock market in Korea of 1990-2017 by the vector error correction model (VECM). Result - In result, we estimate the impact of the US EPU index has significantly a negative response to the manufacturing stock market in Korea such as non-metal stock index, chemical stock index, food stock index, textile·clothes stock index, automobile·shipbuilding stock index, machinery stock index, steel·metal stock index. Also the remaining variables such as electric·electronics stock index, S&P 500, and producer price index in Korea have a negative relationship with US EPU index. Conclusions - We find out that the relationship between EPU index of the US and the manufacturing stock market in Korea has the negative relationships. We determine the EPU of the US has the spillover effect on the industry stock markets in Korea.

• 대한본초학회지
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• 제39권1호
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• pp.23-29
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• 2024

Objectives : Polyporus umbellatus is a medicinal mushroom that has been used for over thousands years in Chinese medicine as a powerful diuretic to relieve fluid retention and edema. Dermal papilla is located at the bottom of the hair follicle and connected to the blood vessels where it gets the nutrients and oxygen to nurture hair follicle. This study examined the mechanism through which the ethanol extract of Polyporus umbellatus (EPU) promoted the proliferation of human dermal papilla cells (HHDPCs). Methods : To estimate the proliferative effects of EPU on HHDPCs, cell viability was estimated by thiazolyl blue tetrazolium bromide (MTT) assay. Western blotting was used to investgate the activation of ERK, phosphoinositide 3-kinase (PI3K)/Akt, β-catenin, GSK-3β and heme oxygenase-1 (HO-1). Cells were treated with inhibitors of ERK and Akt prior to EPU treatment. Results : EPU promoted the proliferation of HHDPCs and the phosphorylation of ERK and Akt in dose dependent manner. However, the proliferative effect of EPU on HHDPCs was inhibited by pre-treatment of ERK inhibitor (PD98059) and Akt inhibitor (LY294002). Furthermore, EPU respectively stimulated the protein expression of β-catenin and phosphorylated GSK-3β. EPU significantly increased the protein expression levels of proliferation and cytoprotection related genes such as Bcl-2, SIRT-1, and HO-1 in cells. Conclusion : This results suggest that EPU promoted the proliferation of HHDPCs via activating PI3K/Akt and Wnt/β-catenin signaling pathway in HHDPCs.

• 유통과학연구
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• 제16권12호
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• pp.5-11
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• 2018

Purpose - We investigate the relationship between economic policy uncertainty (EPU) of the US and China and housing distribution economy in Korea using EPU indexes of two countries and the economic indicators in Korea. Research design, data, and methodology - We use the data such as the Korean housing price stability index (HPSI), housing purchase price index (HPPI), housing lease price index (HLPI), banking stock index (BSI), and consumer price index (CPI) with EPU indexes from January 1999 to December 2017. As an empirical methodology, we select the vector error correction model (VECM) due to the existence of cointegration. Result - As results of the impulse response function, the impact of the US EPU index has initially a negative response on the Korean HPSI, HPPI, and HLPI referring the housing distribution market including the economic variables, BSI, and CPI. Likewise, the impact of index in China has initially a negative response on economic indicators except the BSI in Korea. Conclusions - This study shows that the EPU index of the US has significantly negative relationships on all economic indicators in Korea. In this study, we reveal EPU of the US and China has dynamic impact on housing distribution economy returns in Korea.

• 유통과학연구
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• 제17권1호
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• pp.11-19
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• 2019

Purpose - We document the impact of economic policy uncertainty (EPU) in the US and China on the dynamic spillover effect of macroeconomics such as stock price, housing price in Korea. Research design, data, and methodology - We use the nine variables to analyze the effect which produces a result among the EPU indexes of the US and China on economic variables which is the consumer price index (CPI), housing purchase price composite index, housing lease price, the stock price index in banking industry, construction industry and distribution industry, and composite leading indicator from January 1995 to December 2016 with the Vector Error Correction Model. Result - The US EPU index has significantly a negative relation on the CPI, housing purchase price index, housing lease price index, the stock price index in banking industry, construction industry, and distribution industry in Korea. Conclusions - We find the dynamic effect of the EPU indexes in the US and China on the macroeconomics returns in Korea. This study has an empirical evidence that the economy market in Korea is influenced by the EPU index of the US rather than it of China. The higher EPU, the more risky the economy of in Korea.

• East Asian Economic Review
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• 제27권1호
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• pp.33-60
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• 2023

This paper analyzes the entire distribution of stock market returns/volatility in five emerging markets (ASEAN5) and figures out the conditional distribution of the CHI_EPU index. The aim is to examine the impact of CHI_EPU on the stock returns/volatility density of ASEAN5 markets. It also examined whether changes in CHI_EPU explain returns at higher or lower points (abnormal returns). This paper models the behaviour of stock returns from March 2011 to June 2018 using a non-parametric conditional density estimation approach. The results indicate that CHI_EPU diminishes stock returns and augments volatility in ASEAN5 markets, except for Malaysia, where it affects stock returns positively. The possible reason for this positive impact is that EPU is not the leading factor reducing Malaysian stock returns; but, other forces, such as dependency on other countries' stock markets and global factors, may have a positive impact on stock returns (Bachmann and Bayer, 2013). Thus, the risk of simultaneous investment in Chinese and ASEAN5 stock markets, except Malaysia, is high. Further, the degree of this influence intensifies at extreme high/low intervals (positive/negative tails). The findings of this study have significant implications for investors, policymakers, market agents, and analysts of ASEAN5.

• 한국항만경제학회지
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• 제38권4호
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• pp.107-118
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• 2022

본 연구에서는 원유시장을 대상으로 위험-수익 관계와 시장 공포, 불확실성, 주식시장, 해상운임지수 사이의 연관성을 검증하기 위해 2002년 1월부터 2022년 6월까지 일별자료를 이용하여 분석하였다. 본 연구를 위해 위험-수익 관계는 TVP-EGARCH-M 모형을 적용하였으며, 시장 공포, 불확실성, 주식시장, 해상운임지수와의 관계를 분석하기 위해 웨이블릿 일치성 모형을 이용하였다. 본 연구의 분석결과는 다음과 같다. 첫째, 시간 가변적 위험-수익 관계 결과에 따르면, 원유시장도 높은 수익률과 높은 위험과 관련이 있는 것으로 나타났다. 둘째, 상관관계와 그랜져 인과관계 분석결과, 위험-수익 관계와 VIX, EPU, S&P500, BDI 사이에서 약한 상관관계가 존재하는 것으로 나타났다. 그리고 EPU, S&P500과 위험-수익 관계에서 양방향 인과관계가 존재하지 않는 것으로 나타났지만 VIX와 BDI는 위험-수익 관계에 영향을 주는 것으로 나타났다. 셋째, 웨이블릿 일관성 결과를 보면, 위험-수익 관계와 VIX, EPU, S&P500, BDI 간의 관계 정도는 시간 가변적인 것으로 나타났다. 특히, 위기기간(금융위기, 코로나19) 전후에 서로 간의 관계가 높은 것으로 나타났다. 그리고 장기에 연관성이 높은 것으로 나타났다. 또한 위험-수익 관계는 VIX, EPU와는 양(+)의 관계, S&P500, BDI와는 음(-)의 관계가 있는 것으로 나타났다. 따라서 시장참여자가 의사결정을 할 때 경제적인 환경 변화를 잘 인식해야 할 것이다.

• Journal of Plant Biology
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• 제29권2호
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• pp.95-107
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• 1986

Seasonal changes in pool size, inflow rates in biomass and phosphorus, and the efficiency of phosphorus use in the stand of three populations (Helianthus tuberosus, Artemisia princeps and Phalaris arundinacea) in the basin of the Mt. Geumoh were investigated. During the early growing period, in the three species populations the relative size of the phosphorus pool of population was larger then that of its biomass pool, but that of the phosphorus pool of belowground part decreased more rapidly than that of its biomass pool. In the A. princeps and P. arundinacea populations, the phosphorus inflow rate was markedly high during the soil thaw in early spring and its seasonal change pattern was different from that of the biomass production rate, showing two peaks in March and June. But in the H. tuberosus population, the two seasonal change patterns were alike. The annual biomass production was 2283 gDM m-2 in the H. tuberosus, 1884 m-2 in the A. princeps and 1879 gDM m-2 in the P. arundinacea population, and the annual phosphorus inflow was 11.35, 9.63 and 7.60 gP m-2, respectively. The P. arundinacea population showed the smallest LAI peak(5.4 in early June), and the largest NAR peak (36.9 gDM m-2wk-1) RGR peak (0.15g g-1 wk-1) among the three species populations. The seasonal change patterns in whole plant EPU of the three species populations showed the bell shape, but the annual EPU values among them were markedly different. It was noticed that the population with the highest RGR showed the highest EPU among the three species populations while the population with the lowest RGR showed the lowest EPU among them.

• 한국진공학회:학술대회논문집
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• 한국진공학회 2016년도 제50회 동계 정기학술대회 초록집
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• pp.118.1-118.1
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• 2016

포항가속기연구소 PLS-II 저장링에 설치 운용을 위한 타원편광 언듈레이터(EPU114)용 초고진공 진공 챔버는 전체를 기계가공 후 용접하여 제작하는 기존의 방식을 바꾸어 알루미늄 압출 공법을 적용한 진공 챔버의 개발과 본제품 제작을 완료하였다. 압출 공법을 이용한 초고진공용 진공 챔버 제작은 기계가공 및 용접비용의 절감과 동일 형상의 진공 챔버를 상대적으로 쉽게 대량 생산을 할 수 있는 장점이 있다. 알루미늄 압출형 초고진공 진공 챔버의 기계, 진공 특성을 달성하기 위하여 정밀금형 제작기술, 특수압출기술, 표면처리기술 등이 필수적이다. 본 발표에서는 초고진공 진공 챔버 개발을 위하여 적용된 압출 공법의 소개와 함께 압출 공법이 적용된 타원편광 언듈레이터(EPU114)진공 챔버의 제작, 초고진공 진공달성, 설치 등의 과정을 내용으로 한다.

• 한국진공학회:학술대회논문집
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• 한국진공학회 2014년도 제46회 동계 정기학술대회 초록집
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• pp.148.1-148.1
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• 2014

포항가속기연구소는 Dipole Magnet, Wiggler, Undulator 등 다양한 광원에서 발생되는 강한 방사광을 여러 연구에 이용하고 있다. Max-Planck POSTECH 분원용 타원편광 Undulator (이하, MPK-EPU)는 carbon의 흡수선을 포함하는 250 eV에서 시작하여, 1,500 eV~3,000 eV 에너지 영역의 방사광을 발생시켜 자성물질을 비롯한 다양한 이방성 물질의 연구를 수행하는데 활용할 예정이다. 현재, MPK-EPU용 진공용기의 기계가공, 화학세척, 용접 및 최종 초고진공 진공 달성을 위한 탈기체처리, NEG 활성화 작업등을 마무리하고 PLS-II 저장링 6A 구간에 설치 완료하였다. 이 논문에서는 MPK-EPU용 진공시스템의 제작 및 설치작업에 대한 전반적인 사항과 진공작업 및 그 결과를 발표하고자 한다.