• Journal of the Korean Operations Research and Management Science Society
• /
• v.29 no.1
• /
• pp.31-41
• /
• 2004

This study analyzes the structure of the variations In the domestic bank earnings and examines their dynamic features by estimating the short-run response and the long-run adjustment Process after the changes in financial market variables. A system of the equations for the bank stock price index and KOSPI is formulated to utilize the whole information in the market and simultaneously estimated to identify the relationships between the market variables and the bank earnings. Since the bank stock price is found to be responsive to changes in none of the market variables in the short run, while being relatively responsive to dollar exchange rate and business state, It implies that a good economic conditions and a stable foreign exchange rate should be maintained to Improve the level of the stock price In the long run. In addition, the dynamic structure of the responses of the bank stock price index and KOSPI to the initial changes in the market variable are compared and anlayzed. The response of the bank stock price appears to take much longer in adjusting to the long-run eouilibrium level than that of KOSPI. As a result, the cumulative response of the bank stock price index over time is found much bigger than that of HOSPI.

• Communications for Statistical Applications and Methods
• /
• v.9 no.1
• /
• pp.141-154
• /
• 2002

Foreign investors'shares and their influences on the Korean stock market have never been larger and greater before since the market was completely open to foreign investors in 1992 Quantitatively and qualitatively as well, as a result, changes in the patterns of foreign investments have caused enormous effects on the interactions of major macroeconomic indices of the Korean economy. This paper is intended to investigate the causal relations of the four variables, foreigners'buy-sell ratios, stock returns, ￦/＄ exchange rates and $\yen$/＄ exchange rates, over the two time periods of the pre-IMF (1996.1.1-1997.8.15) and the post-IMF (1997.8.16-2000.6.15) based on the daily data of the variables. Granger Causality Test, Forecast Error Variance Decomposition(FEVD) using VAR model and Impulse Response Function were implemented for the empirical analysis.

• The Journal of Asian Finance, Economics and Business
• /
• v.5 no.3
• /
• pp.7-17
• /
• 2018

This paper examines short-run and long-run dynamic relationships between selected macroeconomic variables and stock prices in the Korea Stock Exchange. The data is restricted to the period for which monthly data are available from January 1986 to October 2016 (370 observations) retrieved from the Economic Statistics System database sponsored by the Bank of Korea. The study employs unit root test, cointegration test, vector error correction estimates, impulse response test, and structural break test. The results of the Johansen cointegration test indicate at least three cointegrating equations exist at the 0.05 level in the model, confirming that there is a long-run equilibrium relationship between stock prices and macroeconomic variables in Korea. The results of vector error correction model (VECM) estimates indicate that money supply and short-term interest rate are not related to stock prices in the short-run. However, exchange rate is positively related to stock prices while the industrial production index and inflation are negatively related to stock prices in the short-run. Furthermore, the VECM estimates indicate that the external shock, such as regional and global financial crisis shocks, neither affects changes in the endogenous variables nor causes instability in the cointegrating vector. This study finds that the endogenous variables are determined by their own dynamics in the model.

• KDI Journal of Economic Policy
• /
• v.27 no.1
• /
• pp.185-209
• /
• 2005

This study examines ERPT with asymmetric response and both import and export market shares, using wool trade data. The study found that, asymmetric response may be as common as symmetric response. In addition, the responses (both in price and quantity demanded) to the changes in exchange rate are considerably different across goods, and even for the homogenous goods, across countries. In case of depreciation, the export price changes more than appreciation case in general, and as a result the destination price changes less. It is also found that the cases of excessive or perverse pass-through are found more frequently than reported by previous studies. This finding points out that strategic behavior of firms or unexpected response to exchange rate fluctuation takes place more frequently than we commonly expect or take, in particular at disaggregated levels. When the model considers asymmetric responses of the export price to appreciation and depreciation (of exporter's currency), the estimation provided that for 39 trade cases out of 83, export price responded to appreciation and depreciation in different fashions, although the normal response was the dominating phenomenon with 99 cases or about 60% out of 166 cases. Market shares affected the extent and direction of responses in select cases. These findings will have important implications for policy makers and traders.

• Journal of Navigation and Port Research
• /
• v.41 no.2
• /
• pp.71-78
• /
• 2017

This paper aims to investigate the time-varying systematic risk of the stocks of Korean logistics firms. For this purpose, the period from January 1991 to October 2016 was examined with respect to 21 logistics companies that are listed on the Korea Exchange. The systematic risk of the logistics stocks is measured in terms of the Capital Asset Pricing Model (CAPM) beta for which the sensitivity of a stock is compared to the return changes of the whole market. Overall, the betas of the stocks of the Korean logistics companies are significantly lower than those of the market unity; however, it was revealed that the logistics betas are not constant, but are actually time-varying according to different economic regimes, which is consistent with the previous empirical findings. This finding is robust across different measurements of the logistics betas. In addition, the impact of macroeconomic factors on the logistics betas was examined. The present study shows that the logistics betas are positively associated with foreign exchange-rate changes.

• Journal of Mechanical Science and Technology
• /
• v.14 no.11
• /
• pp.1286-1295
• /
• 2000

The ventilation effectiveness is evaluated as a function of air exchange rate and supply / extract locations in a simplified model chamber using a tracer gas technique of CO$_2$ gas injected into a supply duct. Ventilation systems consist of supply and extract fans, a CO$_2$gas generator, a CO$_2$gas analyzer and a test chamber. The ventilation effectiveness is evaluated using a step-down method based on ASTM Standard E741-83. The room mean age of the model chamber is decreased with increasing air exchange rate fanged from 6to 10 air changes per hour. The ventilation effectiveness of the mechanical inlet/natural extract system is better than that of the mechanical extract system.

• The Journal of Asian Finance, Economics and Business
• /
• v.7 no.8
• /
• pp.213-224
• /
• 2020

The study assesses the impact of trade liberalization factors on changes in customs revenues in Vietnam. Research data was conducted between 2002 and 2017 on the official website of the Government's Web Portal and The World Bank. This paper uses the vector error correction model to estimate the short-term and long term relationship between data series. The results have proven that tariff reductions have a positive effect on short-term and long-term customs revenues in Vietnam. However, the implementation of other international commitments on trade liberalization has positive short-term and long-term negative impacts on customs revenues in Vietnam. The study's results also show that exchange rate has no effect on changes in customs revenues in the short term but it has a strong impact on increasing customs revenues in the long run. Based on these findings, the article also suggests a number of policies to ensure customs revenues in Vietnam in future. In order to ensure customs revenues, the government of Vietnam should: (1) having some policy to improve the efficiency of customs management in Vietnam; (2) Building appropriate VND exchange rate policy; (3) Establishing reasonable non - tariff barriers to prevent fraud and ovations cause losses in customs revenues.

• Asian-Australasian Journal of Animal Sciences
• /
• v.25 no.9
• /
• pp.1276-1284
• /
• 2012

A 12-wk experiment was conducted to examine the hematological changes, survival, and respiratory exchange in the olive flounder, Paralichthys olivaceus, during starvation. The growth, survival and respiratory exchange rates of the starved group were lower than those of the fed group during the experiment. Blood analysis, including hematocrit, hemoglobin, red blood cells, mean corpuscular hemoglobin, mean corpuscular hemoglobin concentration, and mean corpuscular volume, did not differ significantly (p>0.05) between the fed and starved groups at the end of the experiment. There were no significant differences in plasma cortisol, glucose, $Na^+$, $Cl^-$, $K^+$, or aspartate aminotransferase between the fed and starved groups (p>0.05). Alanine aminotransferase levels were higher in the starved group than in the fed group, whereas plasma osmolality was lower in the starved group than in the fed group. It was shown that starved fish had various problems after four weeks, which did not occur in the fed group. Long-term starvation is infrequent in aquaculture farms. However, starvation studies of this kind are very useful for a basic understanding of how physiological changes affect fish health, life expectancy, and growth.

• Journal of Ecology and Environment
• /
• v.30 no.1
• /
• pp.1-7
• /
• 2007

A model was developed to predict the effects of rising air temperature on net photosynthetic rate of Quercus mongolica stands at Mt. Paekcheok-san, Kangwon-do in South Korea. The PFD (Photon flux density) and air temperature were determined from weather data from the research site and the Daegwallyeong meteorological station and gas exchange or release responses of each tree component were measured. Using these data, we simulated the effects of increases in mean annual air temperatures above current conditions on annual $CO_2$ budget of Q. mongolica stands. If mean annual air temperature is increased by 0.5, 1.0, 1.5, 2.0, 2.5 or $3.0^{\circ}C$, annual net photosynthetic rate will be increased by 8.8, 12.8, 14.5, 12.6, 9.2 and 1.0 ton $CO_2\;ha^{-1}yr^{-1}$ respectively. Simulations indicate that changes in air temperature will have a major impact on gas exchange and release in Q. mongolica stands, resulting in a net increase in the rate of carbon fixation by standing crops.

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