• Title/Summary/Keyword: Economic Volatility

Search Result 183, Processing Time 0.024 seconds

A Study on Risks and Returns Using A Housing Capital Asset Pricing Model (CAPM): the Case of Three Gangnam Districts Apartment Market in Seoul (주택 자본자산가격결정모형(Capital Asset Pricing Model)을 활용한 위험과 수익 분석: 서울 강남 3개구 아파트시장의 경우)

  • Lee, Jong-Ah;Jeong, Jun-Ho
    • Journal of the Economic Geographical Society of Korea
    • /
    • v.13 no.2
    • /
    • pp.234-252
    • /
    • 2010
  • This paper examines the tendency of housing assets to become increasingly quasi-financial assets by analyzing the relationships between risks and returns in three Gangnam districts (Gangnam-gu, Seocho-gu and Songpa-gu) apartment markets in Seoul, especially for the apartments to be reconstructed, capitalizing upon some capital asset pricing models (CAPM). A single factor CAPM model shows positive relationships between risks and returns regardless of the types of apartments in three Gangnam districts. Multi-factors CAPM models also confirm that the market and SMB (small minus big) factors are positively related to the rate of returns regardless of the types of apartments. However, the unsystematic risk factor is found to be statistically positive especially for the apartments to be reconstructed, while the momentum factor is dependent upon the regression models used. An analysis on some portfolios classified by the size of apartments and price volatility and/or beta values suggests that there are the positive linear relationships between risks and returns and the SMB factor is clearly found to be significant in determining the rate of returns. In particular, housing assets are highly highlighted as investment goods and/or quasi financial assets for the apartments to be constructed in the Gangnam housing.

  • PDF

An Analysis on the Asymmetric Time Varying Spillover Effect between Capesize and Panamax Markets (케이프사이즈와 파나막스 시장간의 비대칭 시간가변 파급효과에 관한 분석)

  • Chung, Sang-Kuck
    • Journal of Korea Port Economic Association
    • /
    • v.27 no.3
    • /
    • pp.41-64
    • /
    • 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.

The Global Financial Crisis and Its Impacts on the Housing Systems of Western European Welfare States (세계경제위기에 따른 서유럽 복지국가의 주택시스템 변화 분석)

  • Lee, Hyunjeong;Lee, Jongkwon
    • Korea Real Estate Review
    • /
    • v.24 no.1
    • /
    • pp.105-120
    • /
    • 2014
  • This research is to examine the impacts of the on-going global financial crisis on the housing systems of welfare states. Four developed economies in the Western Europe were selected for the analysis, and the qualitative research employed in-depth interviews with scholars in the fields of housing market and social policy in order to meet the research goal. The major findings indicate that the global economic crisis embedded into the liberalization of housing finance and the inadequacy of regulatory measures caused the vicissitude of housing markets, and its scale and magnitude could be determined by the resilience of each state's housing system. While the globalization of housing finance markets rendered easy borrowing for homeownership, intensive competition for excessive lending among financial institutions backed by heavy reliance on inter-bank and overall bank triggered market volatility, and further worsened household and public debts. It's clearly evident that a housing system with varied safety nets becomes a greater cushion to bear the risks of the financial crisis and to weather the economic storm.

A Markov Chain Model for Population Distribution Prediction Considering Spatio-Temporal Characteristics by Migration Factors (이동요인별 시·공간적 인구이동 특성을 고려한 인구분포 예측: 마르코프 연쇄 모형을 활용하여)

  • Park, So Hyun;Lee, Keumsook
    • Journal of the Economic Geographical Society of Korea
    • /
    • v.22 no.3
    • /
    • pp.351-365
    • /
    • 2019
  • This study aims to predict the changes in population distribution in Korea by considering spatio-temporal characteristics of major migration reasons. For the purpose, we analyze the spatio-temporal characteristics of each major migration reason(such as job, family, housing, and education) and estimate the transition probability, respectively. By appling Markov chain model processes with the ChapmanKolmogorov equation based on the transition probability, we predict the changes in the population distribution for the next six years. As the results, we found that there were differences of population changes by regions, while there were geographic movements into metropolitan areas and cities in general. The methodologies and the results presented in this study can be utilized for the provision of customized planning policies. In the long run, it can be used as a basis for planning and enforcing regionally tailored policies that strengthen inflow factors and improve outflow factors based on the trends of population inflow and outflow by region by movement factors as well as identify the patterns of population inflow and outflow in each region and predict future population volatility.

SOC Project Plans and Cultural Resource Management in the North Korean Region : Suggestions for Systematic Investigation and Management of North Korean Cultural Heritage (북한지역 SOC사업 구상과 문화유산 - 북한 문화유산의 효율적인 조사·관리를 위한 제언 -)

  • Kim, Beom-Cheol
    • Korean Journal of Heritage: History & Science
    • /
    • v.52 no.2
    • /
    • pp.4-19
    • /
    • 2019
  • Despite continuous volatility in ideological leanings, South Korean governments, conservative or progressive, have published a series of plans for aiding the economic development of North Korea. The Moon administration's plan is the paragon of such efforts. In addition, recent detente between the North Korean regime and the US government evokes much hope in its success. There is, hidden behind the veil of hope, apprehension about the crisis of management of cultural heritage in the North Korean region. It is believed that development policies may overwhelm efforts at conservation of cultural heritage, in particular that the hurrying of development projects would provoke insufficient and inappropriate investigation of archaeological sites., If these problems arise, responsibility for their resolution would be carried by South Korean archaeologists and governmental institutes. This paper reviews what the South Korean government has suggested for North Korea's economic recovery and examines what capability the South Korean archaeology sector has for investigating North Korean cultural heritage. It then discusses the scale of investigation needed, and what should beused as precedent in planning substantial excavations when development projects are performed in the North Korean region. Constructing a digital map system for cultural heritage of North Korea is suggested as one of the most urgent tasks precedent to substantial excavations. It is of great importance because we do not currently have any substantial information about the locations and current condition of cultural heritage sites and artifacts in the North Korean region. The mapping of Bronze Age sites in North Korea, conducted as a sort of pilot test, revealed that archaeological sites are densely distributed in several regions, especially Hwanghae-do and Pyoyang Directly-Administrated City, and that there is high potential of discovering new sites.

Analysis of Co-movement and Causality between Supply-Demand Factors and the Shipping Market: Evidence from Wavelet Approach (웨이블릿 분석을 통한 수요-공급요인과 해운시황의 연관성 분석)

  • Jeong, Hoejin;Yun, Heesung;Lee, Keehwan
    • 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.

Comparative Study on the Independence of Central bank in Transition Countries: Focused on the Russia, Czech Republic, Poland (체제전환기 국가의 중앙은행 독립성 비교 연구 - 러시아, 체코, 폴란드를 중심으로)

  • Kim, Sang Won
    • Journal of International Area Studies (JIAS)
    • /
    • v.14 no.2
    • /
    • pp.499-524
    • /
    • 2010
  • The purpose of this study is to based on review of theoretical and empirical studies to assess the independence of central banks - the former Socialist republics, including the Russian Federation and Czech, Poland. In addition, the work is expected to clarify whether a link exists between independence and the most important economic indicators such as inflation, economic activity, the budget deficit. And The subject of this study are the formal and actual independence of national banks, as well as limiting factors: political and economic. Background investigation of the problem of independence of central banks from the fact that, according to many economists, it is essential to the successful development of a market economy. The effectiveness of any country's economy due to currency volatility, low inflation, high reliability of the banking system, etc. As far as the independence of monetary regulation contributes to these goals - one of the most actively debated issues in the world of economic theory and practice for a long time. The issue of central bank independence is extremely important for Russia, Czech, Poland. In the near future to the central bank has important tasks, among which are the transition to inflation targeting in the rejection of significant intervention in the foreign exchange market, as well as improving the sustainability of the national banking system. Transparency and independence of the Bank of Russia, Czech Republic, Poland, in my view, should be an important factor in achieving these goals. The countries of Czech Republic, Poland have already made a number of steps to bring the status of their banks to the European standards. Many other developing countries are also in the process of reforming their central banks and the improving conditions of their functioning. However, despite the fact that as a model for reform used by the central banks of countries with developed market economies, central banks in developing countries are still yet deprived of the legal, economic and political independence. A different situation exists in transition space. Because of significant differences in the views of the authorities in transition republics at the necessary level of independence of central banks and the exchange rate and monetary policy reform of monetary management in these countries led to different results.

Fund Flow and Market Risk (펀드플로우와 시장위험)

  • Chung, Hyo-Youn;Park, Jong-Won
    • The Korean Journal of Financial Management
    • /
    • v.27 no.2
    • /
    • pp.169-204
    • /
    • 2010
  • This paper examines the dynamic relationship between fund flow and market risk at the aggregate level and explores whether sudden sharp changes in fund flow (fund run) can cause a systemic risk in the Korean financial markets. We use daily and weekly data and regression and VAR analysis. Main results of the paper are as follows: First, in the stock market, a concurrent and a lagged unexpected fund flows have a positive relationship with market volatility. A positive shock in fund flow predicts an increase in stock market volatility. In the bond market, an unexpected fund flow has a negative relationship with the default risk premium, but a positive relationship with the term premium. And an unexpected fund flow of the money market fund has a negative relationship with the liquidy risk, but the explanatory power is very low. Second, for examining whether changes in fund flow induce a systemic risk, we construct a spillover index based on the forecast error variance decomposition of VAR model. A spillover index represents that how much the shock in fund flow can explain the change of market risk in a market. In general, explanatory powers from spillover indexes are so fluctuant and low. In the stock market, the impact of shocks in fund flow on market risk is relatively high and persistent during the period from the end of 2007 to 2008, which is the subprime-mortgage crisis period. In bond market, since the end of 2008, the impact of shocks in fund flow spreads to default risk continually, while in the money market, such a systematic effect doesn't take place. The persistent patterns of spillover effect appearing around a certain period in the stock market and the bond market suggest that the shock to the unexpected fund flow may increase the market risk and can be a cause of systemic risk in the financial markets. However, summarizing the results of regression and VAR model analysis, and considering the very low explanatory power of spillover index analysis, we can conclude that changes in fund flow have a very limited power in explaining changes in market risk and it is not very likely to induce the systemic risk by a fund run in the Korean financial markets.

  • PDF

The Policy of Win-Win Growth between Large and Small Enterprises : A South Korean Model (한국형 동반성장 정책의 방향과 과제)

  • Lee, Jang-Woo
    • Korean small business review
    • /
    • v.33 no.4
    • /
    • pp.77-93
    • /
    • 2011
  • Since 2000, the employment rate of small and medium enterprises (SMEs) has dwindled while the creation of new jobs and the emergence of healthy SMEs have been stagnant. The fundamental reason for these symptoms is that the economic structure is disadvantageous to SMEs. In particular, the greater gap between SMEs and large enterprises has resulted in polarization, and the resulting imbalance has become the largest obstacle to improving SMEs' competitiveness. For example, the total productivity has continued to drop, and the average productivity of SMEs is now merely 30% of that of large enterprises, and the average wage of SMEs' employees is only 53% of that of large enterprises. Along with polarization, rapid industrialization has also caused anti-enterprise consensus, the collapse of the middle class, hostility towards establishments, and other aftereffects. The general consensus is that unless these problems are solved, South Korea will not become an advanced country. Especially, South Korea is now facing issues that need urgent measures, such as the decline of its economic growth, the worsening distribution of profits, and the increased external volatility. Recognizing such negative trends, the MB administration proposed a win-win growth policy and recently introduced a new national value called "ecosystemic development." As the terms in such policy agenda are similar, however, the conceptual differences among such terms must first be fully understood. Therefore, in this study, the concepts of win-win growth policy and ecosystemic development, and the need for them, were surveyed, and their differences from and similarities with other policy concepts like win-win cooperation and symbiotic development were examined. Based on the results of the survey and examination, the study introduced a South Korean model of win-win growth, targeting the promotion of a sound balance between large enterprises and SMEs and an innovative ecosystem, and finally, proposing future policy tasks. Win-win growth is not an academic term but a policy term. Thus, it is less advisable to give a theoretical definition of it than to understand its concept based on its objective and method as a policy. The core of the MB administration's win-win growth policy is the creation of a partnership between key economic subjects such as large enterprises and SMEs based on each subject's differentiated capacity, and such economic subjects' joint promotion of growth opportunities. Its objective is to contribute to the establishment of an advanced capitalistic system by securing the sustainability of the South Korean economy. Such win-win growth policy includes three core concepts. The first concept, ecosystem, is that win-win growth should be understood from the viewpoint of an industrial ecosystem and should be pursued by overcoming the issues of specific enterprises. An enterprise is not an independent entity but a social entity, meaning it exists in relationship with the society (Drucker, 2011). The second concept, balance, points to the fact that an effort should be made to establish a systemic and social infrastructure for a healthy balance in the industry. The social system and infrastructure should be established in such a way as to create a balance between short- term needs and long-term sustainability, between freedom and responsibility, and between profitability and social obligations. Finally, the third concept is the behavioral change of economic entities. The win-win growth policy is not merely about simple transactional relationships or determining reasonable prices but more about the need for a behavior change on the part of economic entities, without which the objectives of the policy cannot be achieved. Various advanced countries have developed different win-win growth models based on their respective cultures and economic-development stages. Japan, whose culture is characterized by a relatively high level of group-centered trust, has developed a productivity improvement model based on such culture, whereas the U.S., which has a highly developed system of market capitalism, has developed a system that instigates or promotes market-oriented technological innovation. Unlike Japan or the U.S., Europe, a late starter, has not fully developed a trust-based culture or market capitalism and thus often uses a policy-led model based on which the government leads the improvement of productivity and promotes technological innovation. By modeling successful cases from these advanced countries, South Korea can establish its unique win-win growth system. For this, it needs to determine the method and tasks that suit its circumstances by examining the prerequisites for its success as well as the strengths and weaknesses of each advanced country. This paper proposes a South Korean model of win-win growth, whose objective is to upgrade the country's low-trust-level-based industrial structure, in which large enterprises and SMEs depend only on independent survival strategies, to a high-trust-level-based social ecosystem, in which large enterprises and SMEs develop a cooperative relationship as partners. Based on this objective, the model proposes the establishment of a sound balance of systems and infrastructure between large enterprises and SMEs, and to form a crenovative social ecosystem. The South Korean model of win-win growth consists of three axes: utilization of the South Koreans' potential, which creates community-oriented energy; fusion-style improvement of various control and self-regulated systems for establishing a high-trust-level-oriented social infrastructure; and behavioral change on the part of enterprises in terms of putting an end to their unfair business activities and promoting future-oriented cooperative relationships. This system will establish a dynamic industrial ecosystem that will generate creative energy and will thus contribute to the realization of a sustainable economy in the 21st century. The South Korean model of win-win growth should pursue community-based self-regulation, which promotes the power of efficiency and competition that is fundamentally being pursued by capitalism while at the same time seeking the value of society and community. Already existing in Korea's traditional roots, such objectives have become the bases of the Shinbaram culture, characterized by the South Koreans' spontaneity, creativity, and optimism. In the process of a community's gradual improvement of its rules and procedures, the trust among the community members increases, and the "social capital" that guarantees the successful control of shared resources can be established (Ostrom, 2010). This basic ideal can help reduce the gap between large enterprises and SMEs, alleviating the South Koreans' victim mentality in the face of competition and the open-door policy, and creating crenovative corporate competitiveness. The win-win growth policy emerged for the purpose of addressing the polarization and imbalance structure resulting from the evolution of 21st-century capitalism. It simultaneously pursues efficiency and fairness on one hand and economic and community values on the other, and aims to foster efficient interaction between the market and the government. This policy, however, is also evolving. The win-win growth policy can be considered an extension of the win-win cooperation that the past 'Participatory Government' promoted at the enterprise management level to the level of systems and culture. Also, the ecosystemic development agendum that has recently emerged is a further extension that has been presented as a national ideal of "a new development model that promotes the co-advancement of environmental conservation, growth, economic development, social integration, and national and individual development."

Workload Measurement of Home Health Care Nurses상 Services using Relative Value Units (가정간호행위 업무량의 상대적 가치 측정에 관한 연구)

  • 이태화;박정숙;김인숙
    • Journal of Korean Academy of Nursing
    • /
    • v.30 no.6
    • /
    • pp.1543-1555
    • /
    • 2000
  • Home health care is moving into a set of new realities. An era of competition and cost containment has arrived. Before nurses are able to contain costs or describe the relationship between nursing activities, cost must be accurately measured based on the nurse's workload. Nurses in home health care usually desire to measure expenses for one of three reasons : reimbursement, management, or research. The purpose of the study was to investigate the work input by Registered Nurse in each of the home health care activities by relative value units and identify the factors affecting the nurses' total work input in health care services. To measure the work input by nurses, work was defined by four dimensions: time, physical effort, mental effort, and stress. This study used a descriptive-correlational design. Data collection consisted of two phases. In phase I, data on home health activities performed by nurses were collected. In phase II, data on nurses' time, physical effort, mental effort, and stress in each of home health care activities discovered phase I were collected. In this method, the respondent was asked to rate a service in relation to a reference service using a ratio scale. The sample included 39 home health care nurses. The results of the study indicated that home health care activities performed by the nurses were in 10 categories and 69 items. Measuring the relative work inputs in each of home health care activities, and foley catheterization was selected as the reference to service. In terms of time and physical effort dimensions, full bath service was rated as the most strenuous among 69 activities by the respondents, and intramuscular injection was rated as least. It was found that emergency treatment required the highest mental effort and the highest stress, while blood sugar tests required the lowest mental effort. Approximately 91.3% of the variance in total work input was accounted for by the linear combination of time, physical effort, mental effort judgement, and stress. Examining the regression coefficients of those variables, physical effort, time, and stress were found as the predictors which were significantly associated with the total work of nurses in home health care. Professional nursing's next step in the conundrum of economic volatility is to develop a tool to reflect the interaction of functional deficiency and direct professional nursing care. And this will be a more accurate predictor of nursing resource use and ultimately a great forcaeter cost.

  • PDF