• The Korean Journal of Applied Statistics
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• v.37 no.2
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• pp.255-263
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• 2024

GDP represents the total market value of goods and services produced by all economic entities, including households, businesses, and governments in a country, during a specific time period. It is a representative economic indicator that helps identify the size of a country's economy and influences government policies, so various studies are being conducted on it. This paper presents a GDP growth rate forecasting model based on a dynamic factor model using key macroeconomic indicators of G20 countries. The extracted factors are combined with various regression analysis methodologies to compare results. Additionally, traditional time series forecasting methods such as the ARIMA model and forecasting using common components are also evaluated. Considering the significant volatility of indicators following the COVID-19 pandemic, the forecast period is divided into pre-COVID and post-COVID periods. The findings reveal that the dynamic factor model, incorporating ridge regression and lasso regression, demonstrates the best performance both before and after COVID.

• Applied Chemistry for Engineering
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• v.29 no.2
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• pp.209-214
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• 2018

In this paper, the techno-economic analysis of glycerol steam reforming for $H_2$ production capacity of $300m^3\;h^{-1}$ was carried out. The process of glycerol steam reforming was constructed by using Aspen $HYSYS^{(R)}$, a commercial process simulator, and parametric studies for the effect of the operating temperature on $H_2$ production was performed. Moreover, the economic analysis was conducted through an itemized cost estimation, sensitivity analysis (SA) and cash flow diagram (CFD), and the unit $H_2$ production cost was 5.10 $ ${kgH_2}^{-1}$ through the itemized cost estimation of glycerol steam reforming for $H_2$ production capacity of $300m^3\;h^{-1}$. SA was employed to identify key economic factors and various economic indicators such as net present value (NPV), discounted payback period (DPBP), and present value ratio (PVR) were found according to $H_2$ selling price using CFD.

• Journal of Korean Society for Quality Management
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• v.44 no.4
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• pp.869-881
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• 2016

Purpose: The objective of this study is to verify the economic validation of quality management integrated train freight car by analyzing economic evaluation indicators such as benefit and cost, net present value, and inter rate of return. Methods: First, we itemize benefit and cost field by reviewing literatures; Benefit consists of 1)Safety, 2)Operation, and 3)Maintenance; Cost consists of 1)Set-up fee, 2)Wireless internet fee, and 3)Cloud storage using fee. Second, based on these estimated values, we conduct an economic evaluation analysis. Among them, benefit and cost, net present value, and internal rate of return are selected. Results: As a result, all estimated values are highly over criterion of economic validity($$B/C{\geq}_-1$$, $$NPV{\geq}_-0$$, $$IRR{\geq}_-R$$); 1)benefit over cost ratio is 28.22, 2)Net present value is 8,121.66million KRW, and 3)Internal rate of return value is 2272%. Conclusion: The findings of this study will help making a decision when train industry adopts IoT technology for improving the effectiveness.

• Journal of Fisheries and Marine Sciences Education
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• v.28 no.6
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• pp.1695-1705
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• 2016

With the rapid development of global economic and trade, the ports in the North-east Asia region have developed greatly. In such a fierce competition, how to ascertain right evaluation methods to assess the competitiveness of the ports, and make scientific and rational development strategy for upgrading the overall level of competitiveness of ports in North-east Asia, has become the first task for all the ports for coping with the challenges. As China's sustained economic growth of more than 30 years, the economic power and comprehensive national strength has been changed, China's international status has been greatly improved. Also China has achieved remarkable new results in the construction of peripheral diplomacy, and further has consolidated the relationship of countries along the Silk Road Economic Belt. The strong position of RMB in foreign exchange market and the implementation of the strategy of "area" opening to the outside world accelerated economic belt along the silk road in China to the west open pace. On the basis of the SWOT analysis of the Lianyungang Port, combined with the comprehensive and practical port competitiveness evaluation indicators system and competitiveness evaluation method, calculate the competitiveness level of Lianyungang port in East China, and find out the problems must be solved. The development strategies for Lianyungang port under One Belt One Road were suggested.

• Journal of Digital Convergence
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• v.19 no.3
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• pp.161-166
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• 2021

The macroeconomic concept represents the movement of a country's economy, and it affects the overall economic activities of business, government, and households. In the macroeconomy, by looking at changes in national income, inflation, unemployment, currency, interest rates, and raw materials, it is possible to understand the effects of economic actors' actions and interactions on the prices of products and services. The US Federal Reserve System (FED) is leading the world economy by offering various stimulus measures to overcome the corona economic recession. Although the stock price continued to decline on March 20, 2020 due to the current economic recession caused by the corona, the US S&P 500 index began rebounding after March 23 and to 3,694.62 as of December 15 due to quantitative easing, a powerful stimulus for the FED. Therefore, the FED's economic stimulus measures based on macroeconomic indicators are more influencing, rather than judging the stock price forecast from the corporate financial statements. Therefore, this study was conducted to reduce losses in stock investment and establish sound investment by analyzing the FED's economic stimulus measures and its effect on stock prices.

• The Korean Journal of Applied Statistics
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• v.37 no.1
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• pp.13-38
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• 2024

As economic uncertainties have increased recently due to COVID-19, there is a growing need to quickly grasp private consumption trends that directly reflect the economic situation of private economic entities. This study proposes a method of estimating private consumption in real-time by comprehensively utilizing big data as well as existing macroeconomic indicators. In particular, it is intended to improve the accuracy of private consumption estimation by comparing and analyzing various machine learning methods that are capable of fitting ultra-high-dimensional big data. As a result of the empirical analysis, it has been demonstrated that when the number of covariates including big data is large, variables can be selected in advance and used for model fit to improve private consumption prediction performance. In addition, as the inclusion of big data greatly improves the predictive performance of private consumption after COVID-19, the benefit of big data that reflects new information in a timely manner has been shown to increase when economic uncertainty is high.

• Asian-Australasian Journal of Animal Sciences
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• v.9 no.6
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• pp.737-741
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• 1996

Dry matter yield of reed canarygrass was investigated in uncultivated rice paddy in Korea, and an attempt was made to estimate the most economic and efficient cutting frequency and rates of nitrogen (N) fertilization, for increased production of reed canarygrass. Total dry matter yields of reed canarygrass per year were 7.4-15.7, 8.5-16.1, and 7.5-13.4 tons/ha in 3, 4, and 5 cutting frequencies, respectively, and over the N treatments of 0-120 kg N/ha/cut. When cut 3 or 5 times annually, the 2nd cut produced the highest proportion of total yield at 38.4 and 33.0%, respectively, when cut 4 times the 3rd cut was highest (38.3%). The ranges of economic N level, limiting N level and efficiency of dry matter production were 243.3-293.0, 387.2, and 14.6 kg DM/kg N, respectively. These indicators were particularly low for the 5 cutting frequency possibly because of the unusually high temperature in the summer season. The best cutting frequency for the dry matter production of reed canarygrass in 1994 was 3 per year because of the higher efficiency of dry matter production.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.12
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• pp.693-702
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• 2020

The present study aims to investigate the impact of tourism growth on human development in Indian economy. For this purpose, the study uses annual data from 1980 to 2018 and utilizes two proxies for tourism growth - tourism receipt and tourist arrivals - and uses human development index calculated by UNDP. The study uses control variables such as government expenditure and trade openness. The study employs auto regressive distributed lag (ARDL) approach to investigate the cointegrating relationship among the variables in the model. Further, the study also explores the causal nexus between tourism sector and human development by using the Toda-Yamamoto Granger non-causality test. The result of ARDL bounds test reveals the existence of cointegrating relationship between human development indicators, government expenditure, trade openness, and tourism sector growth. The cointegating coefficient confirms a positive and significant relationship between tourism sector growth and human development in India. The causality result suggests that economic growth and tourism have a positive impact while trade openness has a negative impact on human development in India. The major findings of this study suggest that tourism plays an important role in the socio-economic development of Indian economy in recent years and the country must develop this sector to achieve sustainable development.

• The Journal of Fisheries Business Administration
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• v.51 no.3
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• pp.17-31
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• 2020

The purpose of this study is to identify economic situation on scale of tuna distant longline fishery by analyzing its economies of scale using the cost function. To analyze its economics of scale, the deep-sea fishing statistics were used from 2012 to 2016. In detail, the number of panels for estimating the cost function was 68 tuna distant longline vessels from 2012 to 2016, and the total number of observations over the five years were 340. As a final model, the two-way fixed effect model based on the translog cost function was adopted through the F test, the Breusch-Pagan test and the Hausman test. As a result of the analysis, it was found that tuna distant longline fishery between 2012 and 2014 was diseconomies of scale, the fishery between 2015 and 2016 was economies of scale. However, the economic indicators of the scale from 2012 to 2016 were almost close to zero, indicating that the constant returns to scale, the optimal scale, were reached. Therefore, in the situation where the amount of fishery resources in the world continues to decrease, it is necessary to prepare a method to obtain economic benefits through scale maintenance and reduction rather than indiscriminate scale expansion.

• Journal of Environmental Policy
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• v.2 no.2
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• pp.17-40
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• 2003

The objective of this paper is to formulate strategies and action programs for developing sustainable agriculture in Korea. There is increasing evidence that agriculture has been preoccupied with increasing productivity much to the detriment of environmental degradation. The issue of increasing agricultural productivity so as not to undermine the environment is a difficult task. In reality, there are many definitions of sustainable agriculture and sustainable agricultural development. In this paper, sustainable agriculture is defined by its ability to ensure future supplies of agricultural products at acceptable economic and environmental costs to the society. Sustainable agriculture development refers to the optimal level of interaction among the three dimensions - the environmental, the economic and the social - through dynamic and adaptive processes of trade-off. In order to formulate the strategies for developing sustainable agriculture, three stage approaches such as strategic analysis, strategic choice, and strategic implementation are employed. The basic framework for strategies of sustainable agriculture development consists of five steps such as vision, targets, principles, action plan and policy instruments. The major action plans for activating formulated strategies are suggested as integrating agricultural and environmental policy measures, establishing the system of optimal agri-environmental resources management practices, establishing safe and high quality product system and its effective marketing system, increasing the R&D investment for developing sustainable agro-technology, developing indicators for measuring sustainable agricultural development, and taking a share in related roles for all parties including farmers, consumers, policy makers, researchers and NGOs.