• Journal of Navigation and Port Research
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• v.42 no.6
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• pp.546-554
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• 2018

The Bulk market, unlike the line market, is characterized by stiff competition where certain ship or freight owners have no influence on freight rates. However, freights are subject to macroeconomic variables and economic external shock which should be considered in determining management or chartering decisions. According to the results analyzed by use of ARIMA Inventiom model, the impact of the financial crisis was found to have a very strong bearing on the BDI index. First, according to the results of the VEC model, the libor rate affects the BDI index negatively (-) while exchange rate affects the BDI index by positively (+). Secondly, according to the results of the VEC model's J ohanson test, the order ship volume affects the BDI index by negatively (-) while China's economic growth rate affects the BDI index by positively (+). This shows that the shipping company has moved away from the simple carrier and responded appropriately to changes in macroeconomic variables (economic fluctuations, interest rates and exchange rates). It is believed that the shipping companies should be more aggressive in its "trading" management strategy in order to prevent any unfortunate situation such as the Hanjin Shipping incident.

• Korean Journal of Otorhinolaryngology-Head and Neck Surgery
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• v.61 no.11
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• pp.580-587
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• 2018

Background and Objectives We evaluated the clinical characteristics and vestibular function of patients with direction changing vibration induced nystagmus (DC VIN) and unilateral vestibular hypofunction and suggest clinical implication and a proposed mechanism of DC VIN. Subjects and Method The records of 315 patients who underwent the VIN test were reviewed retrospectively. Among these, 18 patients (5.7%) showed DC VIN, and out of whom, 15 patients (4.8%) were diagnosed as unilateral vestibular hypofunction by caloric, rotation chair (RCT), and video head impulse test (vHIT). We analyzed the relationship between DC VIN and the dizziness characteristics, duration of disease, and the outcome of the vestibular function test. Results The mean age of 15 patients was $67.4{\pm}10.7years$ and the mean duration of dizziness was $13.6{\pm}29.7months$. The caloric test revealed 25% of the patients to have significant canal paresis [Caloric vestibular neuritis (VN)], while 75% showed normal caloric response. However, unilateral vestibular hypofunction was observed by abnormal results in RCT or vHIT (Non-caloric VN). Seven patients showed ipsilateral DC VIN (nystagmus to vibrated side) and eight patients contralateral DC VIN (nystagmus to opposite side of vibration). Patients with ipsilateral DC VIN were shown to have a significant longer duration of dizziness than those with contralateral DC VIN. Conclusion Although rare, DC VIN can also be found in patients with unilateral vestibular hypofunction. Patients with DC VIN had a mild vestibular asymmetry with Non-caloric VN or Caloric VN in the process of compensation. The mechanism of ipsilateral DC VIN seems to be due to the small amount of vestibular asymmetry, which is smaller than the interaural attenuation of vibration.

• Journal of Internet Computing and Services
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• v.20 no.5
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• pp.27-36
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• 2019

In this study, experiments on the improvement of the emotion classification, analysis and accuracy of EEG data were proceeded, which applied DEAP (a Database for Emotion Analysis using Physiological signals) dataset. In the experiment, total 32 of EEG channel data measured from 32 of subjects were applied. In pre-processing step, 256Hz sampling tasks of the EEG data were conducted, each wave range of the frequency (Hz); Theta, Slow-alpha, Alpha, Beta and Gamma were then extracted by using Finite Impulse Response Filter. After the extracted data were classified through Time-frequency transform, the data were purified through Independent Component Analysis to delete artifacts. The purified data were converted into CSV file format in order to conduct experiments of Machine learning algorithm and Arousal-Valence plane was used in the criteria of the emotion classification. The emotions were categorized into three-sections; 'Positive', 'Negative' and 'Neutral' meaning the tranquil (neutral) emotional condition. Data of 'Neutral' condition were classified by using Cz(Central zero) channel configured as Reference channel. To enhance the accuracy ratio, the experiment was performed by applying the attributes selected by ASC(Attribute Selected Classifier). In "Arousal" sector, the accuracy of this study's experiments was higher at "32.48%" than Koelstra's results. And the result of ASC showed higher accuracy at "8.13%" compare to the Liu's results in "Valence". In the experiment of Random Forest Classifier adapting ASC to improve accuracy, the higher accuracy rate at "2.68%" was confirmed than Total mean as the criterion compare to the existing researches.

• Land and Housing Review
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• v.13 no.4
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• pp.45-53
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• 2022

This paper investigates empirically the lead-lag relation between the 'apartment price index' and 'Internet search volume'. This study uses Naver Trend Index as a proxy for Internet search volume. An increase in Internet search volume on the apartment price index indicates an increase in people's attention to an apartment. Different from previous studies exploring the relation between 'the released price index of the apartment' and 'Naver Trend Index', this study investigates the relation of the Naver Trend Index with 'the fundamental price component of an apartment' and 'the transitory price component of an apartment', respectively. The results of the Granger causality test reveal that there are bidirectional Granger causalities between the 'released price' and Naver Trend Index. In addition, the 'fundamental price component of an apartment' and Naver Trend Index have a feedback relation, while 'the transitory price component of an apartment' Granger causes the Naver Trend Index uni-directionally. The impulse response function analysis indicates that the shock of apartment prices increases Naver Trend Index in the first month. Overall, The close relationship between apartment prices and Naver Trend Index suggests that increases in the movement of apartment prices are positively associated with public attention on the apartment market.

• Journal of Digital Convergence
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• v.19 no.11
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• pp.255-266
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• 2021

Investment demand for factory facilities has increased due to the balloon effect caused by housing price regulation. This study investigated the impact of the real estate market and macroeconomic factors on the bid price ratio of apartment auctions and factory auctions, focusing on the metropolitan area. To this end, we reviewed theories and previous studies on real estate auctions, and examined how macroeconomic variables affect bid price ratio of apartments and factories using the panel vector autoregressive model. It was found that the increase in the apartment bid price ratio increases as the participation in apartment auctions increases. However, as the factory bid price ratio increases, the factory bid price ratio does not increase, it was confirmed that the positive (+) relationship between the successful bid price ratio and the bid price ratioe does not exist, unlike previous studies. Based on the analysis results, it is suggested that the real estate market and macroeconomic factors should be considered for the stable operation of the related relevant auction system. This study has limitations in that it is limited to the metropolitan area. In the future, research that expands the scope of research to the whole country and provinces should be conducted.

• Journal of Internet Computing and Services
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• v.22 no.6
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• pp.51-57
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• 2021

If a company's actions to save or avoid taxes are judged to be tax evasion rather than legal tax action by the tax authorities, the company will not only pay tax but also non-tax costs such as damage to corporate image and stock price decline due to a series of tax evasion-related news articles. Therefore, this study measures the frequency of occurrence of tax evasion controversial keywords in internet news portal as a factor to measure the severity of the case, and analyzes the effect of the frequency of occurrence on corporate value. In the Korean stock market, we crawl related articles from internet news portal by using keywords that are controversial for tax evasion targeting top companies based on market capitalization, and generate a time series of the frequency of occurrence of keywords about tax evasion by company and analyze the effect of frequency of appearance on book value versus market capitalization. Through panel regression and impulse response analysis, it is analyzed that the frequency of appearance has a negative effect on the market capitalization and the effect gradually decreases until 12 months. This study examines whether the tax evasion issue affects the corporate value of Korean companies and suggests that it is necessary to take these influences into account when entrepreneurs set up tax-planning schemes.

• Land and Housing Review
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• v.14 no.3
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• pp.55-75
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• 2023

Based on prior studies on real estate policy, tax policy, and financial policy, this study examined how tax policy and financial policy affected real estate prices using monthly data from January 2014 to December 2021. We performed a VAR model using unit root tests, cointegration tests, as well as conducted impulse response analysis and variance decomposition analysis. The results are as follows. First, the tax regulation index and the financial regulation index had no discernible impact on housing prices. Specifically, a one-sided stabilizing regulatory policy was ineffective and, instead, led to unintended side effects, such as price increases resulting from reduced transaction volume. Secondly, mortgage rates had a negative impact on the housing sale price index. In other words, an increase in interest rates might led to a decrease in housing prices. Thirdly, an increase in the transfer difference, which involves capital gains tax, has a positive effect on housing prices. This led to rising housing prices because the transfer taxes were shifted to buyers, causing them to hesitate to make purchases due to the increased tax burden. Fourthly, both acquisition taxes and mortgage loans had relatively little impact on housing prices.

• Journal of Korea Port Economic Association
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• v.39 no.2
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• pp.25-39
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• 2023

As the scope of supply chains expands globally, unpredictable risks continue to arise. The occurrence of these supply chain risks affects port cargo throughput and hinders port operation. In order to examine the impact of global supply chain risks on port container throughput, this study conducted an empirical analysis on the impact of variables such as the Global Supply Chain Pressure Index (GSCPI), Shanghai Container Freight Index (SCFI), Industrial Production Index, and Retail Sales Index on port traffic using the vector autoregressive(VAR) model. As a result of the analysis, the rise in GSCPI causes a short-term decrease in the throughput of Busan Port, but after a certain point, it acts as a factor increasing the throughput and affects it in the form of a wave. In addition, the industrial production index and the retail sales index were found to have no statistically significant effect on the throughput of Busan Port. In the case of SCFI, the effect was almost similar to that of GSCPI. The results of this study reveal how risks affect port cargo throughput in a situation where supply chain risks are gradually increasing, providing many implications for establishing port operation policies for future supply chain risks.

• Korea Trade Review
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• v.48 no.1
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• pp.127-163
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• 2023

The objective of this study is to investigate the volatility spillover effects among BDI, CCFI and SCFI. This paper will divide the empirical analysis section into two periods to analyze and compare the differences in volatility spillover effect between shipping freight indices before and after the outbreak of COVID-19 separately. First, in order to compare the mean spillover impact and index lead-lag correlations in BDI and CCFI indices, along with BDI and SCFI indices before and after COVID-19, the co-integration analysis and the test of Granger causality built on the VAR model were utilized. Second, the impulse response and variance decomposition are employed in this work to investigate how the shipping freight index responds to shocks experienced by itself and other freight indices in a short period. Before the COVID-19 epidemic, the results demonstrated that the BDI freight index is the Granger cause of the variable CCFI freight index. But the BDI and CCFI freight indices have no apparent lead-lag relationships after COVID-19, and this empirical result echoes the cointegration test result. After the COVID-19 epidemic, the SCFI index leads the BDI index. This study employs the VAR-BEKK-GARCH joint model to explore the volatility spillover results between dry bulk and container transport markets before and after COVID-19. The empirical results demonstrate that after COVID-19, fluctuations in the BDI index still affect the CCFI index in the maritime market. However, there is no proof of a volatility spillover relationship between the BDI and SCFI after the COVID-19 epidemic. This study will provide an insight into the volatility relationship among BDI, CCFI and SCFI before and after the the COVID-19 epidemic occurred.

• KDI Journal of Economic Policy
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• v.31 no.1
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• pp.169-206
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• 2009

This study stems from a question, "How should we understand the pattern of the Korean economy after the 1990s?" Among various analytic methods applicable, this study chooses a Structural Vector Autoregression (SVAR) with long-run restrictions, identifies diverse impacts that gave rise to the current status of the Korean economy, and differentiates relative contributions of those impacts. To that end, SVAR is applied to four economic models; Blanchard and Quah (1989)'s 2-variable model, its 3-variable extensions, and the two other New Keynesian type linear models modified from Stock and Watson (2002). Especially, the latter two models are devised to reflect the recent transitions in the determination of foreign exchange rate (from a fixed rate regime to a flexible rate one) as well as the monetary policy rule (from aggregate targeting to inflation targeting). When organizing the assumed results in the form of impulse response and forecasting error variance decomposition, two common denominators are found as follows. First, changes in the rate of economic growth are mainly attributable to the impact on productivity, and such trend has grown strong since the 2000s, which indicates that Korea's economic growth since the 2000s has been closely associated with its potential growth rate. Second, the magnitude or consistency of impact responses tends to have subsided since the 2000s. Given Korea's high dependence on trade, it is possible that low interest rates, low inflation, steady growth, and the economic emergence of China as a world player have helped secure capital and demand for export and import, which therefore might reduced the impact of each sector on overall economic status. Despite the fact that a diverse mixture of models and impacts has been used for analysis, always two common findings are observed in the result. Therefore, it can be concluded that the decreased rate of economic growth of Korea since 2000 appears to be on the same track as the decrease in Korea's potential growth rate. The contents of this paper are constructed as follows: The second section observes the recent trend of the economic development of Korea and related Korean articles, which might help in clearly defining the scope and analytic methodology of this study. The third section provides an analysis model to be used in this study, which is Structural VAR as mentioned above. Variables used, estimation equations, and identification conditions of impacts are explained. The fourth section reports estimation results derived by the previously introduced model, and the fifth section concludes.