• 제목/요약/키워드: Exchange Rate Stability

검색결과 85건 처리시간 0.023초

Impact of Economic Policy Uncertainty and Macroeconomic Factors on Stock Market Volatility: Evidence from Islamic Indices

  • AZIZ, Tariq;MARWAT, Jahanzeb;MUSTAFA, Sheraz;KUMAR, Vikesh
    • The Journal of Asian Finance, Economics and Business
    • /
    • 제7권12호
    • /
    • pp.683-692
    • /
    • 2020
  • The primary purpose of the study is to investigate the volatility spillovers from global economic policy uncertainty and macroeconomic factors to the Islamic stock market returns. The study focuses on the Islamic stock indices of emerging economies including Indonesia, Malaysia, and Turkey. The Macroeconomic factors are industrial production, consumer price index, exchange rate. EGARCH model is employed for investigation of volatility spillovers. The results show that the global economic policy uncertainty has a significant spillover effect only on the returns of Turkish Islamic stock index. Similarly, the shocks in macroeconomic factors have little influence on the volatility of Islamic indices returns. The volatility of Indonesian and the Turkish Islamic stock indices returns is not influenced from the fluctuations in macroeconomic factors. However, there is significant volatility spillover only from industrial production to the returns of Malaysian Islamic index. The results suggest that the Islamic stock markets are less likely to influence from the global economic policies and macroeconomic factors. The stability of Islamic stocks provide opportunity for diversification of portfolios, particularly in stressed market conditions. The major price factors of Islamic markets could be firms' specific factors or investors' behaviors. The findings are helpful for policy makers and investors in formulating policies and portfolios.

한국산 고등균류에 관한 연구(제 1보) -능이버섯의 단백분해효소 활성- (Studies on Higher Fungi in Korea (I) -Activity of Proteolytic Enzyme from Sarcodon aspratus (Berk) S. Ito-)

  • 은재순;양재헌;조덕이;이태규
    • Journal of Pharmaceutical Investigation
    • /
    • 제18권3호
    • /
    • pp.125-131
    • /
    • 1988
  • This study was undertaken to investigate the proteolytic enzyme from Neungee mushroom [Sarcodon aspratus (Berk) S. Ito]. The proteolytic activity of Neungee was higher than other several edible mushrooms under various pHs. The potency of proteolytic enzyme of Neungee was same as the digestive drugs containing protease. So the proteolytic activity of the enzyme was increased in neutral or weak alkaline pH, whose characteristics would be alkaline protease. The specific activity of the purified enzyme obtained by using Tris acryl CM-cellulose ion exchange increased 20 times as compared with that of the crude extract. The proteolytic enzyme was stable at room temperature, but decomposition was fast when incubated at higher temperature more than $40^{\circ}C$. The half life of the enzyme was longest in neutral pH and rate constant was increased in acidic or alkaline solution.

  • PDF

거시경제 변수 변화와 KOSPI 지수 변동의 연관성 분석 (The Empirical Study of Variation of KOSPI Index & Macro Economic Variation)

  • 안창호;최창열
    • 통상정보연구
    • /
    • 제12권4호
    • /
    • pp.171-192
    • /
    • 2010
  • In general, a stock index and its individual stocks are assumed to follow a random walk. A stock index is an important source of information and one that is seen by people everyday, regardless of their investment intentions. This paper examines the correlation between the KOSPI-the index that best reflects the Korean stock market and the macro - economic variables that have been found to influence the index by previous studies. The sample period considers the years after 2000 when the Korean stock market matured as restrictions on foreign investors were removed. For this purpose, a Vector Error Correction Model (VECM) and KOSPI equation with a general pacific approach were used. This paper aims at verifying the factors that determined the KOSPI after 2000 and at examining whether there was structural change in the investment environment. It also investigates changes in the factors determining the KOSPI's performance as a result of structural changes in the investment environment. The V AR (Vector Autoregressive) model including the nine variables was selected as a baseline model whose stability was tested using the unit root test. The results from the VECM and the structural changes in the investment environment can be summarized by the following Inner story points.

  • PDF

The Impacts of the COVID-19 Pandemic on the Movement of Composite Stock Price Index in Indonesia

  • ZAINURI, Zainuri;VIPHINDRARTIN, Sebastiana;WILANTARI, Regina Niken
    • The Journal of Asian Finance, Economics and Business
    • /
    • 제8권3호
    • /
    • pp.1113-1119
    • /
    • 2021
  • This study aims to determine the impact of the news coverage of the COVID-19 pandemic on the composite stocks' movement (IHSG) in Indonesia. This study used secondary data of daily time series with an observation range of March 2020-June 2020. This study used three main variables, namely, COVID-19 news, the daily price of a composite stock market index (IHSG), and interest rate. This study clarifies pandemic news into two forms to facilitate quantitative analysis, namely, good news and bad news. Both pandemic news conditions, which have been clarified, are then processed into the index and reprocessed along with two other variables using vector autoregressive (VAR). The results showed that the good news have a dominant effect on developing the composite stock price index (IHSG) in Indonesia during the COVID-19 pandemic. Although the good news dominates the composite stock price index (IHSG) movement in Indonesia, the bad news must also be anticipated. By implementing a series of macroeconomic policies that follow the conditions of the composite stock price index (IHSG) movements on the stock exchange floor, the bad news response can decrease the potential for a decline in investor confidence, so that the financial system's macroeconomic stability is maintained.

오리피스를 이용한 고차압 제어 버터플라이 밸브의 캐비테이션 저감에 관한 연구 (A Study on Reduction of Cavitation with Orifice on High Differential Pressure Control Butterfly Valve)

  • 이상범
    • 한국산업융합학회 논문집
    • /
    • 제25권1호
    • /
    • pp.131-139
    • /
    • 2022
  • The exchange of goods over the sea is a situation in which the amount of trade between countries is gradually increasing. In order to maintain the optimal operating condition, the ship maintains stability and optimal operating conditions by inserting or withdrawing ballast water from the ballast tank according to the loading condition of cargo capacity is also increasing. Control valves play an important role in controlling fluid flow in these pipes. When the flow rate is controlled using a control valve, problems such as cavitation, flashing, and suffocating flow may occur due to high differential pressure, and in particular, damage to valves and pipes due to cavitation is a major problem. Therefore, in this study, the cavitation phenomenon is reduced by installing orifices at the front and rear ends of the high differential pressure control butterfly valve to reduce the sudden pressure drop at the limiting part of the butterfly valve step by step. The flow coefficient according to the shape of the orifice, the degree of cavitation occurrence, and the correlation were analyzed using a CFD(Cumputational Fluid Dynamics), and an optimal orifice design for reducing cavitation is derived.

PEMFC 고분자막의 어닐링 온도가 내구성에 미치는 영향 (Effect of Annealing Temperature on the Durability of PEMFC Polymer Membrane)

  • 이미화;오소형;박유준;유동근;박권필
    • Korean Chemical Engineering Research
    • /
    • 제60권1호
    • /
    • pp.7-11
    • /
    • 2022
  • 고분자전해질 연료전지의(PEMFC)의 제막 과정에서 성능 및 내구성을 위해 건조와 어닐링의 열처리 과정이 필요하다. 본 연구에서는 고분자막 내구성 향상을 위한 최적의 어닐링 온도에 대해 연구하였다. 125~175 ℃ 온도 범위에서 어닐링하였고, 각 어닐링 온도에서 내구성의 기초 자료로 열 안정성 및 수소투과도를 측정하였다. 펜톤 반응과 OCV holding에 의해 전기화학적 내구성을 분석했다. 165 ℃ 어닐링 온도가 열 안정성과 수소투과도 면에서 최적의 온도였다. 펜톤 반응에서 165 ℃에서 어닐링한 막의 불소유출속도가 제일 낮고, OCV holding 실험에서도 165 ℃에서 어닐링한 막의 수명이 제일 길어, 165 ℃가 고분자막의 내구성을 위한 최적의 온도임을 확인했다.

적색어류의 biogenic amine 생성에 따른 저장온도의 영향 (Effect of Storage Conditions on Biogenic Amine Levels in Dark-Fleshed Fishes)

  • 조영제;손명진;김승미;박현규;여해경;심길보
    • 수산해양교육연구
    • /
    • 제20권1호
    • /
    • pp.135-145
    • /
    • 2008
  • Biogenic amines are naturally occurring anti-nutrition factors. They are causative agents in food poising episodes and act as catalysts to allergic reactions. The most commonly occurring biogenic amines in foods are: Histamine, tyramine, putrescine, cadaverine, tryptamine, ${\beta}$-phenylethylamine, spermine, spermidine and agmatine. The objective of this study was to identify changes and content levels of specific biogenic amines at selected storage temperatures $20{^{\circ}C}$, $4{^{\circ}C}$, and $-25{^{\circ}C}$, respectively. This study will focus on histamine, cadaverine, and putrescine concentrations in the following dark-fleshed fishes: Mackerel (Scomber japonicus), Horse Mackerel (Trachurus japonicus), Mackerel Pike (Cololabis saira), and Spanish Mackerel (Scomberomorus niphonius). Biogenic amines were determined using a method based on an extraction procedure described in the derivatisation and HPLC(High Performance Liquid Chromatography). The the recovery rate of individual amines was higher than those found in ion exchange chromatography. The results from the dark fleshed fish stability trial showed that high content of histamine (cadaverine and putrescine) were produced within a short period of time at $20{^{\circ}C}$. Fish stored at lower temperatures $4{^{\circ}C}$, showed lower content of biogenic amines. At $-25{^{\circ}C}$ the production of histamine, cadaverine and putrescine did not initiate until after day 100. All fish recorded the content of histamine below 1 mg/kg with the exception of the Horse Mackerel.

인증기능과 자기 키 생성기능을 가진 혼합형 암호시스템 설계에 관한 연구 (A Study of Hybrid Cryptosystem Design with the Authentication and Self-Key Generation)

  • 이선근;송제호;김태형;김환용
    • 대한전자공학회논문지SD
    • /
    • 제40권9호
    • /
    • pp.702-713
    • /
    • 2003
  • 정보통신 및 네트워크의 급격한 발전으로 인하여 정보보호분야의 중요성은 매우 크다. 또한 사용자에 의한 서비스 수요가 증가하면서 개인정보보호에 대한 관심이 증가하였다. 이러한 이유로 대칭형 암호방식보다는 비대칭형 암호방식이 주류를 이루게 되었다. 그러나 비대칭형 암호방식은 대칭형 암호시스템에 비하여 처리속도가 낮아서 적용되는 분야가 한정된다. 그러므로 본 논문에서는 대칭형 암호시스템을 이용하여 비대칭형 암호시스템의 인증기능을 수행할 수 있도록 하는 암호시스템을 설계하였다. 제안된 암호시스템은 블록 암호방식과 스트림 암호방식을 혼용하여 사용하였다. 대칭형/비대칭형 암호시스템은 고정된 키에 의하여 암호/복호를 수행하지만 제안된 암호시스템은 평문의 정보에 의하여 키수열이 변화하도록 함으로써 비도 측면에서 매우 높은 안전성을 가지도록 하였다. 그러므로 비인가자가 키정보를 확보하여도 크랙하기가 매우 어려워진다. 그러므로 제안된 암호시스템은 대칭형 암호시스템의 처리속도와 비대칭 암호시스템의 인증기능을 가지고 있으므로 데이터 인증 또는 중요한 정보의 교환에 매우 유용하게 사용되리라 사료된다.

Immobilization of Cyclodextrin Glucanotrasferase on Amberline IRA-900 for Biosynthesis of Transglycosylated Xylitol

  • Kim, Pan-Soo;Shin, Hyun-Dong;Park, Joong-Kon;Lee, Young-Hyun
    • Biotechnology and Bioprocess Engineering:BBE
    • /
    • 제5권3호
    • /
    • pp.174-180
    • /
    • 2000
  • Cyclodextrin glucanotransferase (CGTasa) from Thermoanaerobacter sp. was adsorbed on the ion exchange resin Amberlite IRA-900. The optimum conditions for the immobilization of the CGTase were pH6.0 and 600 U CGTase/g resin, and the maximum yield of immobilization was around 63% on the basis of amount ratio of the adsorbed enzyme to intial amount in the solution. Immobilixation of CGTase shifted the optimum temperature for the enzyme to peoduce transglycosylated xylitol from 7$0^{\circ}C$ to 9$0^{\circ}C$ and improved the thermal stability of immobilized CGTase, especially after the addition of soluble starch and calcium ions. Transglycosylated xylitol was continuoncly produced using immobilized CGTase in the column type packed bed reactor, and the operating conditions for maximum yield were 10%(w/v) dextrin (13 of the dextrose equivalent) as the glycosyl donor, 10%(w/v) dextrin (13 of the dextrose equivalent) as the glycosyl donor, 10%(w/v) xylitor as the glycosyl acceptor, 20mL/h of medium fiow rate, and 6$0^{\circ}C$. The maximum yield of transglycosylated xylitol and productivity were 25% and 7.82 g.L-1.h-1, respectively. The half-life of the immobilized CGTase in a column type packed bed reactor was longer than 30 days.

  • PDF

PEM 연료전지용 터보 블로워의 내구성에 관한 실험적 연구 (An Experimental Study on the Durability Test for PEM Fuel Cell Turbo-blower)

  • 이용복;이희섭;정진택
    • 한국자동차공학회논문집
    • /
    • 제16권5호
    • /
    • pp.37-43
    • /
    • 2008
  • The durability test of turbo-blower for PEM fuel cell is very important process of BOP development. It is a major barrier to the commercialization of these systems for stationary and transportation power applications. Commercial viability depends on improving the durability of the air supply system to increase the reliability and to reduce the lifetime cost. In this study, turbo-blower supported by oil-free bearing is introduced as the air supply system used by 80kW proton exchange membrane fuel systems. The turbo-blower is a turbo machine which operates at high speed, so air foil bearings suit their purpose as bearing elements. The impeller of blower was adopted mixed type of centrifugal and axial. So, it has several advantages for variable operating condition. The turbo-blower test results show maximum parasitic power levels below 1.67kW with the 30,000 rpm rotating speed, the flow rate of air has maximum 163SCFM(@PR1.1). For proper application of FCV, these have to durability test. This paper describes the experiment for confirming endurance and stability of the turbo-blower for 500 hours.