• Structural Engineering and Mechanics
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• v.62 no.6
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• pp.725-737
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• 2017

An analytical method considering axial equilibrium is proposed for the short- and long-term analyses of shear lag effect in reinforced concrete (RC) box girders. The axial equilibrium of box girders is taken into account by using an additional generalized displacement, referred to as the longitudinal displacement of the web. Three independent shear lag functions are introduced to describe different shear lag intensities of the top, bottom, and cantilever plates. The time-dependent material properties of the concrete are simulated by the age-adjusted effective modulus method (AEMM), while the reinforcement is assumed to behave in a linear-elastic fashion. The differential equations are derived based on the longitudinal displacement of the web, the vertical displacement of the cross section, and the shear lag functions of the flanges. The time-dependent expressions of the generalized displacements are then deduced for box girders subjected to uniformly distributed loads. The accuracy of the proposed method is validated against the finite element results regarding the short- and long-term responses of a simply-supported RC box girder. Furthermore, creep analyses considering and neglecting shrinkage are performed to quantify the time effects on the long-term behavior of a continuous RC box girder. The results show that the proposed method can well evaluate both the short- and long-term behavior of box girders, and that concrete shrinkage has a considerable impact on the concrete stresses and internal forces, while concrete creep can remarkably affect the long-term deflections.

• The Korean Journal of Financial Management
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• v.25 no.3
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• pp.111-130
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• 2008

This paper compares long term equilibrium relation of KOSPI 200 which is underling stock and its futures by using general method fractional cointegration instead of existing integer cointegration. Existence of integer cointegration between two price time series gives much wider information about long term equilibrium relation. These details grasp long term equilibrium relation of two price time series as well as reverting velocity to equilibrium by observing difference coefficient of error term when it renounces from equilibrium relation. The result of this study reveals existence of long term equilibrium relation between KOSPI200 and futures which follow fractional cointegration. Difference coefficient, d, of 'two price time series error term' satisfies 0 < d < 1/2 beside bandwidth parameter, m(173). It means two price time series follow stationary long memory process. This also means impulse effects to balance price of two price time series decrease gently within hyperbolic rate decay. It indicates reverting speed of error term is very low when it bolts from equilibrium. It implies to market maker, who is willing to make excess return with arbitrage trading and hedging risk using underling stock, how invest strategy should be changed. It also insinuates that information transition between KOSPI 200 Index market and futures market does not working efficiently.

• Journal of Distribution Science
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• v.13 no.11
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• pp.39-46
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• 2015

Purpose - In Korea, there has been a recent trend that shows housing prices have risen rapidly following the International Monetary Fund crisis. The rapid rise in housing prices is spreading recognition of this as a factor in housing price volatility. In addition, this raises the expectations of housing prices in the future. These expectations are based on the assumption that a relationship exists between the current housing prices and expected housing prices in the real estate industry. By performing an empirical analysis on the validity of the claim that an increase in current housing prices can be correlated with expected housing prices, this study examines whether a long-term equilibrium relationship exists between expected housing prices and existing housing prices. If such a relationship exists, the recovery of equilibrium from disequilibrium is analyzed to derive related implications. Research design, data, and methodology - The relationship between current housing prices and expected housing prices was analyzed empirically using the Vector Error Correction Model. This model was applied to the co-integration test, the long-term equilibrium equation among variables, and the causality test. The housing prices used in the analysis were based on the National Housing Price Trend Survey released by Kookmin Bank. Additionally, the Index of Industrial Product and the Consumer Price Index were also used and were obtained from the Bank of Korea ECOS. The monthly data analyzed were from January 1987 to May 2015. Results - First, a long-term equilibrium relationship was established as one co-integration between current housing price distribution and expected housing prices. Second, the sign of the long-term equilibrium relationship variable was consistent with the theoretical sign, with the elasticity of housing price distribution to expected housing price, the industrial production, and the consumer price volatility revealed as 1.600, 0.104,and 0.092, respectively. This implies that the long-term effect of expected housing price volatility on housing price distribution is more significant than that of the industrial production and consumer price volatility. Third, the sign of the coefficient of the error correction term coincided with the theoretical sign. The absolute value of the coefficient of the correction term in the industrial production equation was 0.006, significantly larger than the coefficients for the expected housing price and the consumer price equation. In case of divergence from the long-term equilibrium relationship, the state of equilibrium will be restored through changes in the interest rate. Fourth, housing-price volatility was found to be causal to expected housing price, and was shown to be bi-directionally causal to industrial production. Conclusions - Based on the finding of this study, it is required to relieve the association between current housing price distribution and expected housing price by using property taxes and the loan-to-value policy to stabilize the housing market. Further, the relationship between housing price distribution and expected housing price can be examined and tested using a sophisticated methodology and policy variables.

• The Journal of shipping and logistics
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• v.34 no.4
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• pp.545-563
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• 2018

This study analyzes the major factors affecting the freight rates of Very Large Crude-Oil Carriers (VLCC) using co-integration and vector error correction models (VECM). Particularly, we estimate the long-term equilibrium function that determines the VLCC freight rate by conducting difference conversion. In the VECM regression analysis, the error term converges toward long-term balance irrespective of whether the previous period's freight rate is bigger or smaller than the long-term equilibrium rate. Thus, even if the current rate is different from the long-term rate, it eventually converges to the long-term balance irrespective of a boom or recession. This study follows Ko and Ahn (2018), which analyzed the factors affecting the chemical carrier freight rate and was published in the Journal of Shipping and Logistics (Vol. 34, No. 2). It is expected that an academic comparison of the results of each study will be possible if further research is conducted on other vessel types, such as container ships and dry cargo vessels.

• Proceedings of the KIEE Conference
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• 2004.07d
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• pp.2233-2235
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• 2004

This paper presents a therapy that uses a constant drug dosage for leading a HIV patient to a LTNP (Long-Tenn Non-Progressor). From analysis of CTLp (Cytotoxic T Lymphocyte precursor) concentration at equilibrium point and bifurcation of equilibrium points, we found the therapy with a drug whose efficacy is less than one brings higher CTLp concentration at the equilibrium point. From this fact, we propose a treatment with constant drug dosage. which can induce LTNP.

• The Transactions of the Korean Institute of Electrical Engineers D
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• v.54 no.4
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• pp.259-266
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• 2005

This paper presents a therapy that uses a constant drug dosage for leading HIV-infected patient to LTNP (Long-Term Non-Progressor). Based on analysis of CTLp (Cytotoxic T Lymphocyte precursor) concentration at equilibrium point and its bifurcation, we found the therapy with a drug whose efficacy is less than a certain level brings higher CTLp concentration at the equilibrium point. We observed a treatment with constant drug dosage whose efficacy is less than full treatment may lead HIV-infected patient to LTNP. It turns out that the treatment whose efficacy is less than full treatment is better in the point of performance on controllability.

• Environmental and Resource Economics Review
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• v.26 no.3
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• pp.287-317
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• 2017

Asbestos has been actively used for various places. Since it was designated as the first grade carcinogen in the 1970s, strict regulations on using asbestos has been implemented globally. Considering long-term latent periods between asbestos exposure and environmental diseases, we analyze the time lag between asbestos consumption and the incidence of mesothelioma in Korea and estimate the long-run relationship. In addition, we conduct a comparative analysis on the effectiveness of asbestos regulations in the United Kingdom and the United States, which have accumulated long-term time-series observations. The latent period analysis indicates that the consumption of asbestos and the incidence of the disease are highly correlated in all three countries, being long-term lags of more than 30 years. Also, we find a long-run equilibrium relationship between asbestos consumption and the incidence of mesothelioma in the presence of long-term lags between the variables in all three countries. Furthermore, using a distributed lag model, asbestos consumption has statistically significant positive effects on mesothelioma with a long-term lag.

• Journal of the Korean Statistical Society
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• v.4 no.2
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• pp.113-125
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• 1975

The money market has been existing in various forms for a long time. Until 1972, however, the market had supplied mainly short-term loans of commercial banks and loans of informal money lenders to business corporations. There was no market for notes and commercial papers of business corporations. Consequently, business corporations had to rely primarily upon commercial banks for short-term credit loans to supplement their working capital. The interest rate on loans of commercial banks had been set below a free market equilibrium rate and thereby, generated excess demands for the loans. Unsatisfied potential borrowers thus had to turn to informal money lenders for short-term cerdit loans of prohibitively high interest rate. Since 1972 investment and finance companies have been operating in the money market and their role in mobilizing short-term loans is increasing. This paper aims at estimating the equilibrium size of the money market.

• Korea Trade Review
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• v.44 no.1
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• pp.75-86
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• 2019

This study performs a factor analysis that affects the bunker oil price using the Co-integration model and Vector Error Correction Model (VECM). For this purpose, we use data from Clarkson and the analysis results show 17.6% decrease in bunker oil price when the amount of crude oil production increases at 1.0%, 10.3% increase in bunker oil price when the seaborne trade volume increases at 1.0%, 1.0% decrease in bunker oil price when total volume of vessels increases at 1.0%, and 0.003% increase in bunker oil price when 1.0% increase in world GDP, respectively. This study is meaningful in that this study estimates the speed of convergence to long-term equilibrium and identifies the price adjust mechanism which naturally exists in bunker oil market. And it is expected that the future study can provide statistically more meaningful econometric results if it can obtain data during more long-periods and use more various kinds of explanatory variables.

• Proceedings of the Korea Concrete Institute Conference
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• 1998.10a
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• pp.462-467
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• 1998

A rational method for prediction of long-term deflections of reinforced concrete beams under sustained loads was proposed. Strain and stress distributions of uncracked and fully cracked sections after creep and shrinkage were determined from the requirements of strain compatibility and force equilibrium of a section, and then long-term deflections were calculated from the section analysis results. In fully cracked section analysis, noncoincidence of the neutral axis of strain and the neutral axis of stress after creep and shrinkage was taken into account. The accuracy of the proposed method was verified by comparison with several experimental measurements of beam deflections. The proposed approximate procedure gave the better predictions than the existing approximate methods. At the same time, the proposed method also retained simplicity of the calculation, since maximum long-term deflection could be obtained without tedious integration of the curvatures.