• East Asian Journal of Business Economics (EAJBE)
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• v.4 no.4
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• pp.1-7
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• 2016

This paper has studied the impacts of the exchange rate, government debt as a percent of GDP and other relevant macroeconomic variables on aggregate output in the Philippines. A simultaneous-equation model consisting of aggregate demand and short-run aggregate supply is applied. The dummy variable technique is employed to detect whether the slope and intercept of the real effective exchange rate may have changed. Real depreciation during 1998.Q1 - 2006.Q3, real appreciation during 2006.Q4 - 2016.Q1, a lower domestic debt as a percent of GDP, a lower real interest rate, a higher stock price or a higher lagged real oil price would raise aggregate output. Recent trends of real peso appreciation, declining domestic debt as a percent of GDP, lower real interest rates, and rising stock prices are in line with the empirical results and would promote economic growth. The authorities may need to continue to pursue fiscal prudence and maintain a stronger peso as the positive effect of real appreciation dominates its negative effect in recent years.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.1
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• pp.61-69
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• 2021

The aim of this paper is to empirically investigate whether and how domestic currency valuation is related to firm-level export competitiveness and profitability by using the unique firm-specific dataset on Bangladeshi nonfinancial firms which have been listed continuously from 2010 to 2018. To achieve the aim of this paper, 63 exporting firms are extracted from a total of 125 firms which have been continuously listed during 2010-2018 and used as the final sample firms. The Pedroni cointegration test reveals that export and import prices of the exporting firms are cointegrated in the short-run as well as long-run. The panel dynamic ordinary least square (DOLS) analysis finds that a firm's export competitiveness is maintained by high import inputs even in the presence of depreciation of Bangladeshi currency against the US dollar. Finally, the DuPont analysis finds that the depreciated Bangladeshi currency enhances an exporter's profitability. Conclusions based on the findings are consistent regardless of exchange rate types, such as, real bilateral exchange rate and nominal or real effective exchange rate indexes. Consequently, the firm-level findings of this investigation suggest that undervalution of home currency is essential for Bangaldesh which is one of the frontier markets in South Asia whose exporting firms are mostly price followers in global markets.

• Korean Journal of Air-Conditioning and Refrigeration Engineering
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• v.29 no.1
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• pp.7-14
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• 2017

This study carried out a numerical analysis of the effects of hot waste water supply on the performance of a Type II absorption heat pump. There are two types of hot waste water supply, regular series flow and reverse series flow. Also it investigated the interaction between each type of flow and heat exchange solutions. As the effectiveness of heat exchange solutions increase, the steam generation and (COP) increase as well. If the effectiveness of a heat exchange solution is lower than 0.566, the steam generation rate of the reverse flow is lower than that of the regular series flow. A high effectiveness of heat exchange solution is therefore required to make a larger amount of steam in reverse series flow than with ordinary series flow. The COP difference between the two types of flow decreases with the increasing effectiveness of the heat exchange solution. Thus, a reverse flow type absorption heat pump can match the high steam generation rate and COP of the ordinary flow type when a highly effective heat exchange solution is applied.

• Asian Journal of Business Environment
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• v.9 no.3
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• pp.5-9
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• 2019

Purpose - This paper examines whether fiscal and monetary expansion would affect output in Australia. Research design, data, and methodology - An extended IS-LM model which describes the equilibrium in the goods market and the money market is applied. The real effective exchange rate and the real stock price are included in order to determine whether there may be any substitution or wealth effect. The sample consists of Annual data ranging from 1990 to 2018. The GARCH process is used in empirical work to correct for potential autoregressive conditional heteroscedasticity. Results - Expansionary fiscal policy reduces output; whereas, expansionary monetary policy raises output. In addition, real appreciation of the Australian dollar, a lower U.S. interest rate, a higher real stock price or a lower expected inflation would increase output. The finding that expansionary fiscal policy has a negative impact on real GDP suggests that the negative crowding-out effect on private spending dominates the positive impact. Conclusions - Fiscal prudence needs to be pursued. Real depreciation of the Australian dollar hurts output. Monetary tightening in the U.S. generates a negative effect on Australia's output. A healthy stock market is conducive to economic growth as higher stock prices tend to result in the wealth and other positive effects, increasing consumption and business spending.

• KSCE Journal of Civil and Environmental Engineering Research
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• v.35 no.2
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• pp.361-375
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• 2015

An energy pile is one of the novel ground heat exchangers (GHEX's) that is a economical alternative to the conventional closed-loop vertical GHEX. The combined system of both a structural foundation and a GHEX contains a heat exchange pipe inside the pile foundation and allows a working fluid circulating through the pipe, inducing heat exchange with the ground formation. In this paper, a group of energy piles equipped with parallel U-type (5, 8 and 10 pairs) heat exchange pipes was constructed in a test-bed by fabricating in large-diameter cast-in-place concrete piles. In addition, a closed-loop vertical GHEX with 30m depth was constructed nearby to conduct in-situ thermal response tests (TRTs) and to compare with the thermal performance of the cast-in-place energy piles. A series of thermal performance tests was carried out with application of an artificial cooling and heating load to evaluate the heat exchange rate of energy piles. The applicability of cast-in-place energy piles was evaluated by comparing the relative heat exchange efficiency and heat exchange rate with preceding studies. Finally, it is concluded that the cast-in-place energy piles constructed in the test-bed demonstrate effective and stable thermal performance compared with the other types of GHEX.

• Journal of Convergence for Information Technology
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• v.9 no.12
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• pp.133-140
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• 2019

This study examines the reason of a staggering trade deficit on the Korean agro-food industry. To achieve the goal of the study, this study suggests the policy implication for enlargement a trade deficit with foreign exchange rate. Despite the majority of grain importer does realize that there is a huge affection for price volatility on the business result, they are more likely to take flat pricing through the physical market to avoid risk of price volatility with exchange rate. Also the analysis of external and internal environments around the Korean agro-food export & import are conducted, particularly with the analysis of trade volume and food price affecting the export & import. Results from a survey show that the common factor to the effective use of overseas agricultural and foreign currency futures trading for grain traders in Korea.

• Korean Journal of Exercise Nutrition
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• v.16 no.2
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• pp.113-122
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• 2012

This study assessed the amount of energy consumed and fat deposition after endurance training in order to review the effect of 4-week endurance exercise on resting metabolic rate of a mouse during and after exercise and the effect of exercise. A total of 19 seven-week-old ICR male mice were used as the study subject. Those mice were divided into sedentary group (Sed) and trained group (Tr) after a week of environment adaption. The Tr group was trained with endurance exercise five times a week for four weeks. Weight and the amount of food intake were daily weighed and resting metabolic rate and metabolic rate after exercise were assessed before starting exercise and on the fourth week after training. Metabolic rate during exercise were measured four weeks after training. At the end of breeding period, statistically significant difference was shown in weights of trained and sedentary groups (p < 0.05). During a resting period, no significant difference was shown in oxygen intake, respiratory exchange ratio, and the amount of carbohydrate and fat oxidized. Moreover, no significant difference was shown in excess post-exercise oxygen consumption (EPOC) of an hour period after training. In contrast, the maximal oxygen uptake (VO₂ max) was approximately 11.1% higher in trained group after training compare to before. However, there was no significant difference in respiratory exchange ratio and carbohydrate and fat oxidization. During exercise, oxygen uptake, carbon dioxide production, and respiratory exchange ratio in energy metabolism during exercise showed no significant difference. However, significant difference was exhibited in the amount of fat oxidized in both groups. Summing up those results, endurance exercise could be concluded to be effective in weight control. However, weight loss is thought to be resulted from increase in fat oxidization during exercise unlike the conclusion made from previous studies where weight loss is prominently influenced by energy metabolism during a resting period and increased fat oxidation during post-exercise recovery. All experimental procedures were carried out at the Animal Experiment Research Center of Konkuk University. This study was conducted in accordance with the ethical guidelines of the Konkuk University Institutional Animal Care and Use Committee.

• Korean System Dynamics Review
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• v.15 no.4
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• pp.5-28
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• 2014

Derivatives can be easily bought by those companies that need to hedge foreign currency debt or foreign currency assets through the financial market, considering their exchange rate exposure from international trade. The derivatives market has been growing rapidly due to the needs for investment and hedging. To manage foreign exchange risk, companies hedge risks through financial derivatives. According to our study, hedging is an effective way to mitigate the impact of exposure to exchange risk, as long as companies are only hedging underlying assets. Yet, covetous attitude toward the profit from derivatives and unexpected changes in exchange rate can cause problems for companies. This study analyzed the structural risks of derivatives with analysis of system dynamics. In particular, many companies suffered substantial loss due to KIKO during the economic crisis. We explained the problem therein through dynamic analysis. In addition, we revealed the structural problem that could cause a sudden spike in losses through simulations.

• The Journal of Asian Finance, Economics and Business
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• v.6 no.4
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• pp.45-52
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• 2019

The current study aims to investigate the relationship between tax avoidance and firm risk in an emerging market called Iran. The study population consists of 400 observations and 80 companies listed on the Tehran Stock Exchange (TSE) over a five-year period during 2012 and 2016. The statistical model used in this study is a multivariate regression model; besides, the statistical technique used to test the hypotheses proposed in this research is panel data. The results showed that low effective tax rate (tax avoidance) is more consistent than the higher effective tax rate. Moreover, there is no significant relationship between tax avoidance and future tax rate volatility. The findings also proved that lower effective tax rates are positively associated with future stock price volatility. This implies that since Iranian firms have many financial problems because of economic sanctions, they have a tendency to delay the disclosure of bad news about their firms. Needless to say, when a huge number of negative news reaches its peak, they immediately will enter the market and lead to a remarkable fluctuation in stock prices.

• Journal of Korea Trade
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• v.25 no.1
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• pp.34-46
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• 2021

Purpose - This paper aims to analyze the impact of the terms of trade, export price, and import price on the Korean economy (that is, real GDP, CPI, money market rate, and real effective exchange rate), and vice versa in the simple vector autoregression. Design/methodology - We impose two assumptions, i.e., diagonality and bloc exogeneity, to correctly identify the impact of a factor to the others in the structural equation. With two contemporaneous assumptions in the structural VAR, this paper investigates the impacts of the terms of trade on the Korean economy and vice versa. Findings - Impulse responses to the shocks in the terms of trade and Korean economy show that 1) an impact of the terms of trade on the economy is different in export prices and in import prices. A higher export price is beneficial to the economy while a higher import price hurts the economy, and 2) an increase in real effective exchange rate and in interest rate constrains domestic production and lowers consumer prices. Originality/value - Unlike the conventional perception that a depreciation of a currency would promote exports and domestic production at the price of inflation, our result shows the opposite, and 3) real GDP and consumer prices are positively correlated. That is, an increase in real GDP does not only cause inflation, but an increase in consumer prices also promote domestic production. Yet, the only difference is that export prices and import prices end up higher with an increase in real GDP, but lower with inflation.