• Journal of Navigation and Port Research
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• v.40 no.2
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• pp.57-65
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• 2016

The port throughput situation has changed since the 2008 financial crisis in the US. Therefore, we studied the situation, accurately estimating port traffic of Korean port after the 2008 financial crisis. We ensured the proper port facilities in response to changes in port traffic. In the results of regression analysis, Korean GDP and the real effective exchange rate of Korean Won were found to increase the container throughput in Korean and Busan port, as well as trade volume with China. Also, the real effective exchange rate of Korean Won was found to increase the port transshipment cargo volume. Based on the ARIMA models, we forecasted port throughput and port transshipment cargo volume for the next six years (72 months), from 2015 to 2020. As a result, port throughput of Korean and Busan ports was forecasted by increasing annual the average from about 3.5% to 3.9%, and transshipment cargo volume was forecasted by increasing the annual average about 4.5%.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.3
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• pp.209-216
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• 2021

This study aim is to examine 1) the impact of corporate social responsibility disclosure and tax aggressiveness on firm value, 2) the impact of tax aggressiveness on firm value, and 3) the impact of corporate social responsibility on firm value. The sample of this study is 29 manufacturing companies listed on the Indonesia Stock Exchange. The period of research spans three years, from 2017 to 2019. The data is gathered from the annual report of the companies or website of companies and also the website from Indonesia Stock Exchange (IDX). This study uses Structural Equation Model with Partial Least Square. The research findings show that corporate social responsibility and tax aggressiveness have a negative and significant impact on firm value. The tax aggressiveness and firm value have a negative and significant impact. Corporate social responsibility has a positive and significant impact on firm value. This study uses the manufacturing sector, so that the findings of this study cannot be generalized to other sectors. Future research should explore other sectors such as mining, banking, etc. This study uses Effective Tax Rate (ETR) to measure tax aggressiveness. Further research should use another measurement, for instance, Current Effective Tax Rate (CETR).

• The Journal of Asian Finance, Economics and Business
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• v.5 no.1
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• pp.5-9
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• 2018

Many developing countries have attempted to depreciate their currencies in order to make their products cheaper, stimulate exports, shift aggregate demand to the right, and increase aggregate output. However, currency depreciation tends to increase import prices, raise domestic inflation, reduce capital inflows, and shift aggregate supply to the left. The net impact is unclear. The paper incorporates the monetary policy function in the model, which is determined by the inflation gap, the output gap, the real effective exchange rate, and the world real interest rate. Applying an extended IS-MP-AS model (Romer, 2000), the paper finds that real depreciation raised real GDP during 1997.Q1-2005.Q3 whereas real appreciation increased real GDP during 2005.Q4-2017.Q2. In addition, a higher government debt-to-GDP ratio, a lower U.S. real federal funds rate, a higher real stock price, a lower real oil price or a lower expected inflation rate would help increase real GDP. Hence, real depreciation or real appreciation may increase or reduce aggregate output, depending upon the level of economic development. Although expansionary fiscal policy is effective in stimulating the economy, caution needs to be exercised as there may be a debt threshold beyond which a further increase in the debt-to-GDO ratio would hurt economic growth.

• Journal of Korea Port Economic Association
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• v.32 no.3
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• pp.35-46
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• 2016

This study investigates the export behavior of Busan, Gwangyang and Incheon Port. The monthly data cover the period from January 2000 to December 2015. We employ six export functions composed of various exchange rates and industrial production index. This paper finds that the nominal effective exchange rate is more appropriate for explaining the export behaviors of the three ports, regardless of the narrow and wide indices which comprise 26 and 61 economies for the nominal and real indices respectively. This paper tests whether exchange rate and industrial production are stationary or not, rejecting the null hypothesis of a unit root in each of the level variables and of a unit root for the residuals from the cointegration at the 5 percent significance level. The error-correction model is estimated to find that both Gwangyang and Incheon ports are much slower than Busan port in adjusting the short-run disequilibrium and Gwangyang port is a little slower than Incheon port. The rolling regressions show that the influence of exchange rate as well as industrial production tends to decrease in all of three ports. The variance decomposition, however, shows that the export variables are very exogenous and the export of Busan Port is the least exogenous and that of Gwangyang Port the most. This result indicates that the economic variables such as exchange rate and economic activity affect the export of Busan Port more strongly than that of Gwangyang and Incheon Port.

• International Area Studies Review
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• v.12 no.3
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• pp.171-194
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• 2008

This paper analysis the long-run demand for monetary indicator M2 and Liquidity indicator L in Korea in the period from 1980:1 to 2006:3 by cointegration and error correction models. The empirical evidence that M2, L in Korea is meaningfully cointegrated with income, interest rate, exchange rate, inflation uncertainty, real effective exchange rate, exchange rate uncertainty and LIBOR, thus showing the existence of long-run demand function under open-economy framework.

• Korean Journal of Materials Research
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• v.26 no.9
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• pp.498-503
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• 2016

The characteristics of aqueous lithium recovery by ion exchange were studied using three commercial cation exchange resins: CMP28 (porous type strong acid exchange resin), SCR-B (gel type strong acid exchange resin) and WK60L (porous type weak acid exchange resin). CMP28 was the most effective material for aqueous lithium recovery; its performance was even enhanced by modifying the cation with $K^+$. A comparison to $Na^+$ and $H^+$ form resins demonstrated that the performance enhancement is reciprocally related to the electronegativity of the cation form. Further kinetic and equilibrium isotherm studies with the $K^+$ form CMP28 showed that aqueous lithium recovery by ion exchange was well fitted with the pseudo-second-order rate equation and the Langmuir isotherm. The maximum ion exchange capacity of aqueous lithium recovery was found to be 14.28 mg/g and the optimal pH was in the region of 4-10.

• Nuclear Engineering and Technology
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• v.52 no.10
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• pp.2370-2378
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• 2020

Building materials contribute significantly to the indoor radon and thoron levels. Therefore, parameters that influence the exhalation rates of radon and thoron from building material need to be analyzed closely. As a preliminary study, the effects of humidity on exhalation rates were measured using a system with an accumulation chamber and RAD7 detector for Korean brick, Korean soil, and Indonesian brick. Resulting doses to a person who resides in a room constructed from the building materials were assessed by UNSCEAR method for different air exchange rates. The measurements have revealed that Korean brick exhaled the highest radon and thoron while Indonesian brick exhaled the lowest thoron. Results showed that for a typical low dense material, radon and thoron exhalation rate will increase until reached its maximum at a certain value of humidity and will remain saturated above it. Analysis on concentration and effective dose showed that radon is strongly affected by air exchange rate (ACH). This is showed by about 66 times decrease of radon dose from 0.00 h^-1 to those of 0.50 h^-1 ACH and decrease by a factor of 2 from 0.50 h^-1 to those of 0.80 h^-1. In case of thoron, the ACH doesn't have significant effects on effective dose.

• KDI Journal of Economic Policy
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• v.13 no.2
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• pp.21-39
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• 1991

This paper introduces a two-sector model to analyze the real and monetary determinants of Korea's real exchange rate. So far, most studies on Korea's exchange rate have concentrated on the behavior of nominal exchange rate, but this study proposes a dynamic model of real exchange rate behavior in developing countries and estimates the real and financial determinants of Korea's real exchange rate behavior. The estimation was performed over the period of 1980-89. The results show many interesting things. First, the monetary and fiscal expansion led to a real appreciation, which suggests that the monetary and fiscal stances be kept sound for a real depreciation. Second, the improvement in the terms of trade led to a real depreciation. This experience is in the contrast to the popular view that the improvement in the terms of trade will result in a real appreciation. Third, the productivity growth led to a real appreciation, but this effect of the Ricardo-Balassa type was not significant. Finally, the nominal devaluation was quite effective to produce a real depreciation. This result also supports Korea's exchange rate policy in the 1980s which was based upon the real target approach instead of nominal anchor approach.

• Korea Trade Review
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• v.42 no.4
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• pp.1-20
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• 2017

This study is to investigate the dynamic relationship between international capital flows and won exchange rate to the major currency in Korea. As the results of Granger causality test, international capital flows Granger-cause currency rate volatility in the short term. However, over time, won exchange rate volatility Granger-cause international capital flows in Korea. According to the results by period divided based on 2008 financial crisis, international capital flows have the significant effects on won-dollar exchange rate volatility before 2008 crisis although currency rate volatility Granger-cause international capital flows after the crisis. As the results of impulse-response function of the basis of VAR, foreign exchange rate volatility has no connection with international capital flows before the crisis while it doesn't after. After the crisis, currency rate volatility has promoted international capital flows, while its influence diminishes as time passes. As these results, the uncertainty of foreign exchange market tend to influence the international capital flows rather than vice versa in Korea. Thus, it would be a more effective policy to control the uncertainty of market than the direct restrictions international capital flows.

• Environmental and Resource Economics Review
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• v.19 no.4
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• pp.753-769
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• 2010

This study empirically analyzes the comparative advantages between separate hedging and complex hedging in terms of hedging effectiveness when there exist multiple risks of LNG price and exchange rate. According to the empirical ex-ante analysis, the mean of procurement costs could be reduced through hedging regardless of hedging type. In addition, the standard deviation of procurement costs could also be reduced by way of hedging, implying that a hedging should contribute to the stabilization of revenue flows. More importantly, complex hedging could be more effective for some hedging periods than separate hedging in terms of revenue stabilization. Therefore, one could verify that the hedging effects improve by making use of the variance-covariance relationship existing between commodity price and exchange rate.