• The Journal of Asian Finance, Economics and Business
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• v.9 no.2
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• pp.37-47
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• 2022

This study uses monthly data from January 2009 to December 2020 to examine the effectiveness of foreign currency intervention and its influence on monetary policy in Vietnam using a Hierarchical Bayesian VAR model. The findings suggest that foreign exchange intervention has little influence on the exchange rate level or exports, but it can significantly minimize exchange rate volatility. As a result, we can demonstrate that the claim that Vietnam is a currency manipulator is false. As well, the forecast error variance decomposition results reveal that interest rate differentials mainly determine the exchange rate level instead of foreign exchange intervention. Moreover, the findings suggest that foreign exchange intervention is not effectively sterilized in Vietnam. Inflation is caused by an increase in international reserves, which leads to an expansion of the money supply and a decrease in interest rates. Although the impact of foreign exchange intervention grows in tandem with the growth of international reserves, if the sterilizing capacity does not improve, rising foreign exchange intervention will instead result in inflation. Finally, we use a rolling window approach to examine the time-varying effect of foreign exchange intervention.

• Journal of Distribution Science
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• v.13 no.2
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• pp.15-24
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• 2015

Purpose - Foreign exchange risk control is in an important component in the international supply chain management. This study shows the importance of the reference period in forecasting future exchange rates with a specific illustration of KIKO currency option contracts, and suggests feasible preventive measures. Research design, data, and methodology - Using monthly Won-Dollar exchange rate data for January 1995~July 2007, I evaluate the statistical characteristics of the exchange rate for two sub-periods; 1) a shorter period after the East Asian financial crisis and 2) a longer period including the financial crisis. The key instrument of analysis is the basic normal distribution theory. Results - The difference in the reference period could lead to an unexpected development in contract implementation and a consequent financial loss. We may avoid foreign exchange loss by using derivatives such as forwards or currency options. Conclusions - We should consider not only level values but also the volatilities of financial variables in making a binding financial contract. Appropriate measures may differ depending on the specific supply chain pattern. We may extend the study with surveys on actual risk measures.

• Journal of the Korean Data and Information Science Society
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• v.14 no.4
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• pp.845-852
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• 2003

Forecasting exchange rate movements is a challenging task since exchange rates impact world economy and determine value of international investments. In particular, Korean-U.S. exchange rate behavior is very important because of strong Korean and U.S. trading relationship. Neural networks models have been used for short-term prediction of exchange rate movements. Least squares support vector machine (LS-SVM) is used widely in real-world regression tasks. This paper describes the use of LS-SVM for short-term and long-term prediction of Korean-U.S. exchange rate.

• KOREAN JOURNAL OF CROP SCIENCE
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• v.47 no.2
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• pp.108-115
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• 2002

The effects of long-term fertilization on soil properties and nutrient availability are not well documented for cassava cultivation in Vietnam. In 1990, a field research plots were established with 12 treatments to test the effect of different rates of nitrogen (N), phosphorus (P) and potassium (K) on soil properties in Acrisols at Thai Nguyen University in Northern Vietnam. In 1999, composite soil samples (0 to 20cm depth) were collected from eight selected plots for measurements of nutrient supply rates by ion exchange membrane probes and for growing corn and canola in a growth chamber with and without added lime. Generally, long-term nitrogen (N) fertilization increased available N supply rates but decreased available potassium (K) and magnesium (Mg). Long-term phosphorus(P) applications increased canola N, calcium (Ca) and Mg uptake. Canola P uptake increased with increased P rates only when lime was added. Long-term K applications increased canola N, K, Ca, Mg uptake but only significantly increased corn N uptake. Liming significantly increased uptake of N, P, K, Ca, Mg and S for both corn and canola. However, N $H_{4-}$N, K and Mg soil supply rates were reduced when lime was added, due to competition between Ca from the added lime and other nutrients.

• Communications of the Korean Mathematical Society
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• v.32 no.2
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• pp.467-477
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• 2017

This paper is about the derivations of local volatilities for European quanto call option prices according to various types of payoffs. We derive the explicit formulas of local volatilities with constant foreign and domestic interest rates by adapting the method of Derman-Kani.

• Land and Housing Review
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• v.3 no.2
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• pp.169-175
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• 2012

In recent, there are many studies associated with energy piles to save initial construction cost for ground source heat pump system. In this study, to evaluate geothermal exchange rates two types (a connection type and a slinky type) of cast-in-place energy piles (PRD, 4.5m in depth, 1,200 mm in diameter) were constructed for the tests and their efficiencies were compared with numerical analysis results. As a result, starting with operation, geothermal exchange rate gradually decreases due to exchange of lower ground temperature. In the case of connection type, temperature difference is $0.37^{\circ}C$ in heating mode and $0.34^{\circ}C$, in cooling mode, respectively. In addition, in case of a connection type, geothermal exchange rate in heating mode is 2,314W/m and in cooling mode, 252.2W/m whose value is 9% higher than in heating mode. In the case of slinky type, the average geothermal exchange rate in heating mode is 168.0W/m, which is about 27% lower than that of connection type.

• International Area Studies Review
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• v.14 no.1
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• pp.55-76
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• 2010

This paper analyses interaction between yen/dollar exchange rates and NIKKEI index using bivariate GJR-GARCH(1,1) model. The data employed for the study is daily data series for the period of Jan. 4, 1995 through Aug. 30, 2009. One of main findings is that market inefficiency appears in the periods of financial crisis. Second, the volatility of exchange rates and stock returns has more increased in the wake of the volatility shock of the previous period during financial crisis than during non-financial crisis. Third, interestingly, the asymmetric volatility shock by bad news in those markets is bigger in financial crisis period than in non financial crisis. Fourth, in the period of current global financial crisis triggered by subprime mortgage crisis in U.S, volatility shock at the previous period is bigger than that of Asian financial crisis that happened in 1997. Lastly, the correlation between both returns of exchange rates and stock prices turns up positive according to the empirical estimation. This result may come from the fact that Japanese stock market does not have much attraction for international financial investment compared to stock markets of neighbouring countries like China, Korea and so on, while real sector's contribution to the economy is considered more importantly.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.12
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• pp.43-52
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• 2020

This paper examines how macroeconomic variables, such as interest rate differences, inflation, exchange rates, economic growth and external debt growth, affect capital flight in the ASEAN-8 countries. We apply a panel data model with fixed effect estimation for the data for eight countries from the period 1994 to 2018. We use the residual approach used by the World Bank to measure the value of capital flight. The results show that the interest rate differences, exchange rates, economic growth and foreign debt growth had a positive and significant effect on outward capital flight. A further implication of this finding is that the interest rate differences, exchange rate, economic growth and foreign debt growth are factors that trigger an increase in capital outflow in the ASEAN-8 countries. Nonetheless, inflation rate is not considered to be the main factor influencing capital flight, as average inflation in the ASEAN-8 countries remains relatively stable. This paper will be beneficial for policymakers in the ASEAN-8 countries and encourage them to constantly pay attention to these four variables, as they significantly influence capital flight, whereas they can disregard the impact of the inflation variable that is not significant in influencing capital flight.

• 한국방재학회:학술대회논문집
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• 2008.02a
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• pp.237-240
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• 2008

Numerical Analysis for exchanging seawater experiment is carried out in Do-Jang fish port. The change of tidal velocity and water level is derived by the two-dimensional nonlinear shallow-water numerical model. To calculate exchange rate of seawater with the change of tidal velocity and water level, a two-dimensional numerical model is employed which governing equations are Fokker-Plank equations. The calculated exchange rates of each time are described in tables and figures.

• Journal of Advanced Marine Engineering and Technology
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• v.21 no.4
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• pp.372-380
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• 1997

This paper describes experimental investigations of helium-air exchange flows through parti¬tioned opening and two-opening. Such exchange flows may occur following rupture accident of stand pipe in high temperature gas cooled reactor. A test vessel with the two types of small open¬ing on top of test cylinder is used for experiments. An estimation method of mass increment is developed and applied to measure the exchange flow rate. A technique of flow visualization by Mach-Zehnder interferometer is provided to recognize the exchange flows. In the case of exchange flow through the partitioned opening, flow passages of upward flow of the helium and downward flow of the air within the opening are separated by vertical partition, and the two flows interact out of entrance and exit of the opening. Therefore, an experiment of the exchange flow through two-opening is made to investigate effect of the fluids interaction of the partitioned opening sys¬tem. As a result of comparison of the exchange flow rates between the two types of the opening system, it is found that the exchange flow rate of the two-opening system is larger than that of the partitioned opening system due to absence of the effect of fluids interaction. Finally, the fluids interaction between the upward and downward flows through the partitioned opening is found to be an important factor on the helium-air exchange flow.