• 항공우주산업기술동향
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• 제8권1호
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• pp.12-22
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• 2010

금융위기로 불거진 불경기와 불확실성에서 기인한 국제 유가의 변동은 세계 항공기 시장에도 심각한 영향을 끼쳤다. 항공 수요의 급감과 운영비용의 증가를 가져왔으며, 이에 따라 항공기 수요의 특성과 양에 있어서도 변화가 발생하였다. 2000년대 중반의 경기 회복기조 속에서 항공기 주문과 인도가 급증하였으나, 2009년에는 주문량이 급감하였으며, 신형 항공기의 인도와 항공수요 급감에 따라 중고항공기 및 임대 시장 그리고 MRO 시장도 축소되었다. 이렇게 위축된 항공기 수요는 2009년 하반기 세계 항공물류 및 승객 수송의 회복으로 다시 반등을 보이고 있으며, 향후 수요는 단일 통로기가 광동체기의 수요를 인도할 것으로 보인다. 현재, 시장의 반등이 단기적으로 끝날지 지속적으로 이어질 지에 대해서 확답을 내릴 수는 없으나, 장기적으로는 지속적인 항공기 수요의 증가가 이어질 것으로 예상되며, 이러한 수요는 아시아, 아프리카 등의 신흥시장의 성장에 힘입을 것으로 기대된다.

• The Journal of Asian Finance, Economics and Business
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• 제8권8호
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• pp.311-324
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• 2021

Investors have increasingly become interested in macroeconomic antecedents in order to better understand the investment environment and estimate the scope of profitable investment in equity markets. This study endeavors to examine the interdependency between the macroeconomic antecedents (international oil price (COP), Domestic gold price (GP), Rupee-dollar exchange rates (ER), Real interest rates (RIR), consumer price indices (CPI)), and the BSE Sensex and Nifty 50 index return. The data is converted into a natural logarithm for keeping it normal as well as for reducing the problem of heteroscedasticity. Monthly time series data from January 1992 to July 2019 is extracted from the Reserve Bank of India database with the application of financial Econometrics. Breusch-Godfrey serial correlation LM test for removal of autocorrelation, Breusch-Pagan-Godfrey test for removal of heteroscedasticity, Cointegration test and VECM test for testing cointegration between macroeconomic factors and market returns,] are employed to fit regression model. The Indian market returns are stable and positive but show intense volatility. When the series is stationary after the first difference, heteroskedasticity and serial correlation are not present. Different forecast accuracy measures point out macroeconomics can forecast future market returns of the Indian stock market. The step-by-step econometric tests show the long-run affiliation among macroeconomic antecedents.

• KDI Journal of Economic Policy
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• 제12권3호
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• pp.3-26
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• 1990

1990년대에 들어 한국(韓國)의 미곡시장(米穀市場)은 대내외적(對內外的)으로 새로운 변화를 겪고 있다. 대외적(對外的)으로는 "우루과이라운드" 및 쌍무협정을 통해 대외개방(對外開放)과 생산보조금(生産補助金)의 감축에 대한 압력에 직면해 있고, 대내적(對內的)으로도 쌀소비의 감소(減少)로 1989년부터는 정부수매가격(政府收買價格)이 도매가격(都賣價格)을 상회하는 구조적(構造的)인 문제가 나타났다. 이러한 가격역전현상(價格逆轉現象)은 민간상인(民間商人)의 재고기능(在庫機能), 계절적(季節的) 가격안정기능(價格安定機能), 유통기능(流通機能)을 위축시키며, 정부재정(政府財政)에 주는 부담을 기하급수적으로 증가시킬 뿐만 아니라 미곡시장(米穀市場)의 가격구조(價格構造) 및 유통과정(流通過程)을 왜곡시키고 있다. 따라서 미가지지정책(米價支持政策)을 통환 증산(增産)보다는 농촌생활기반조성(農村生活基盤造成) 및 농업구조조정(農業構造調整)으로의 전환(轉換)이 필요하다. 그러나 농민들의 농업정책(農業政策)에 대한 불신, 농업기반(農業基盤)의 취약성, 그리고 정치적인 역학관계를 고려할 때 정부(政府)의 일방적인 지시보다는 농민이 선택할 수 있는 대안(代案)을 제시함이 바람직하며, 점진적인 구조개선(構造改善)이 필요하다고 생각된다. 이 논문에서는 전환기에 처한 한국(韓國) 미곡시장(米穀市場) 현황(現況) 대한 경제적(經濟的) 분석(分析)과 사회적(社會的) 비용(費用) 및 마찰(摩擦)을 최소화(最小化)하며 대내외(對內外) 환경변화에 적응할 수 있는 정책대안(政策代案)을 제시하고자 한다.

• 수산경영론집
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• 제45권3호
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• pp.99-110
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• 2014

Flounder was selected as one of the 10 strategic export aquaculture products for seafood export expansion in 2013. The flounder aquaculture industry has promoted export market diversification and product diversification from live to processed goods as a it's main strategy. The purpose of this study is to find an improvement plan for export expansion to the United States, as it emerged as a new target export market for the flounder. A summary of the key findings is as follows. First, the western region of the United States prefers to consume live and fresh flounder, whereas the eastern region prefers to consume fresh flounder. Second, because of it's high quality, Korean flounder is favored in the western region of the United States despite it's high price, whereas in the eastern region of the United States, where production volume is high, Korean flounder has to compete with US flounders because of it's high price. Third, according to the survey results, US consumers tend to enjoy seafood, as well as flounder cuisines. Fourth, the main consumption place of flounders by US consumers are restaurants, and they prefer to consume them in the form of sashimi and sushi. Fifth, 70% of US consumers expressed willingness to consume flounder when eating out. which shows great market potential. However, the high price of Korean flounder and limited size of the live fish market act as major obstacles to expanding export volume. To expand exporting Korean flounder, continuos efforts such as price reduction, exporting highly fresh fish, the co-development of processed food with the US are needed.

• 지역연구
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• 제8권1호
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• pp.1-29
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• 1992

The major purpose of this paper is to examine two closely related issues. An attempt is made here to examine internationally high land price in Korea from the perspectives of market fundamentals (MF) and bubble theory, respectively. Another theoretical issue, whether land speculation can result in market failure, is also examined. It has been concluded that the primary causes for the rapid increases in land prices in Korea, could be found in the perspective of MF. (1) The financial intermediaries has been controlled by the government since 1960s. Real Interest rates in the commercial banks has been controlled at the level of zero or sometimes negative; scarce financial resources has been rationed by the government. The governmental control of the bands has also resirained the development of securities market. Money, which can not find the appropri opportunity for saving in financial market, moves to land market. (2) Socially created land value, based on rapid economic gorwth and big public investment, has been appropriated mainly by the private: The effective tax rate of land holding tax has been under 0.02 percent; Real Estate Capital Galns Tax has, in fact, affected few persons, mainly because examptions and preferential taxation have been widely permitted. (3) The government has ploaced severe limitations on rural-to-urban land conversion, although the demand for urban uses has repidly grown. All factors above caused the cyclical land speculation. This, in turn, created the myth that land prices will inevitably continue to rise. Based on the myth, the growing bubble in land price has been created. This is the secondary reason for high land price relative to income in Korea. It is also shown that it is possible that speculation in land results in market failure because land is fixed in quantity and can be used for production and speculation purposes simultaneously.

• 수산경영론집
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• 제40권2호
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• pp.49-70
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• 2009

This study proviedes GARCH model(Bollerslev, 1986) to analyze the structural characteristics of price volatility in domestic aquacultural fish market of Korea. As a case study, flatfish and rock-fish are analyzed as major species with relatively high portion in an aspect of production volume among fish captured in Korea. For analyzing, this study uses daily market data (dating from Jan 1 2000 to June 30, 2008) published by the Noryangjin Fisheries Wholesale Market which is located in Seoul of Korea. This study performs normality test on trading volume and price volatility of flatfish and rock-fish as an advanced empirical approach. The normality test adopted is Jarque-Bera test statistic. As a result, first, a null hypothesis that "an empirical distribution follows normal distribution" was rejected in both fishes. The distribution of daily market data of them were not only biased toward positive(+) direction in terms of kurtosis and skewness, but also characterized by leptokurtic distribution with long right tail. Secondly, serial correlations were found in data on market trading volume and price volatility of two species during very long period. Thirdly, the results of unit root test and ARCH-LM test showed that all data of time series were very stationary and demonstrated effects of ARCH. These statistical characteristics can be explained as a reasonable ground for supporting the fitness of GARCH model in order to estimate conditional variances that reveal price volatility in empirical analysis. From empirical data analysis above, this study drew the following conclusions. First of all, from an empirical analysis on potential effects of seasonality and the day of week on price volatility of aquacultural fish, Monday effects were found in both species and Thursday and Friday effects were also found in flatfish. This indicates that Monday is effective in expanding price volatility of aquacultural fish market and also Monday has higher effects upon the price volatility of fish than other days of week have since it has more new information for weekend. Secondly, the empirical analysis led to a common conclusion that there was very high price volatility of flatfish and rock-fish. This points out that the persistency parameter($\lambda$), an index of possibility for current volatility to sustain similarly in the future, was higher than 0.8-equivalently nearly to 1-in both flatfish and rock-fish, which presents volatility clustering. Also, this study estimated and compared and model that hypothesized normal distributions in order to determine fitness of respective models. As a result, the fitness of GARCH(1, 1)-t model was better than model where the distribution of error term was hypothesized through-distribution due to characteristics of fat-tailed distribution, was also better than model, as described in the results of basic statistic analysis. In conclusion, this study has an important mean in that it was introduced firstly in Korea to investigate in price volatility of Korean aquacultural fishery products, although there was partially a limited of official statistic data. Therefore, it is expected that the results of this study will be useful as a reference material for making and assessing governmental policies. Also, it is looked forward that the results will be helpful to build a fishery business plan as and aspect of producer, and also to take timely measures to potential price fluctuations of fishery products in market. Hence, it is advisable that further studies related to such price volatility in fishery market will extend and evolve into a wider variety of articles and issues in near future.

• 국제학술발표논문집
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• The 4th International Conference on Construction Engineering and Project Management Organized by the University of New South Wales
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• pp.241-248
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• 2011

Past theories on construction price formation have been shown to be inadequate in terms of their ability to represent real-life industry practice and price formation predictability. In this paper, we develop a theoretical framework on construction price formation that integrates four theories within the domains of marketing, learning, resource management and economics. These are: (i) marketing pricing theory; (ii) experiential and organisational learning theory; (iii) resourced based theory and (iv) microeconomic theory. Utilising pricing theory from marketing, a foundation is able to be created for the procedure of construction price formation, namely: (i) identifying the objectives; (ii) assessing the tendering environment; and (iii) formation of the price. However, understanding contractors' decision making process in tender pricing as such can be attributed to theories of experiential learning and consequently organisational learning. It is argued that contractors do learn from past experience and history and are able to adapt to different market conditions. In formation of the price, neoclassical microeconomics is able to provide additional insight in terms of the supply and demand model and consideration of the market conditions. Interrelated with the microeconomic concept of scarcity, we appreciate that contractors do have limited resources that affect their tender pricing decisions and resource based theory is used to substantiate this. Integrating the various theories as a unity allows the broader reality to be visualised and add to our theoretical understanding of construction price formation.

• 산업경영시스템학회지
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• 제24권66호
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• pp.37-45
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• 2001

Because the structure of the economy is being changed from product-oriented and company-centered economy to service-oriented and customer-centered economy, and the market competition is varying with the competition of non-price factors, the importance for customer service of logistics system is being increased. Thus, the level of customer service should be represented as an element of the logistics decision and the facility location decision. The level of customer service provided by logistics system has an effect on customers\` purchase decisions, hence on the market demand. That is, the market demand is elastic for customer service as it is influenced by product price. Considering the effect of customer service on demand, this study develops the market area which each facility will serve. That area is circular, and distance norm is considered Euclidean and Rectilinear (or Manhattan) distance norm. The market demand for product at a particular area is affected by the level of customer service that facility provides, and the relationship between the market demand and the level of customer service is represented with a mathematical function.

• 수산경영론집
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• 제44권1호
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• pp.71-79
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• 2013

This study is aimed to estimate market integration of wild caught fish species on the Korean market, using both multivariate and bivariate cointegration analysis. For the analysis of market integration between wild caught fish species, major four fish species those are most popular fish in the market and caught by the large purse seine fishery-chub mackerel, jack mackerel, hairtail and spanish mackerel-were selected as analytical target fish species. And their real monthly price data from January 2000 to December 2011 were used in the analysis. The results of the multivariate cointegration test for four wild caught fish species showed that there would be long-term equilibrium relationships among prices of four wild caught fish species, and consequently, the markets for wild caught fish species were estimated to be integrated. The results of exclusion test and bivariate cointegration test also supported that there would be a clear evidence to suggest that all target wild caught fish species were cointegrated each other.

• Journal of Electrical Engineering and Technology
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• 제12권6호
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• pp.2196-2207
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• 2017

This paper presents a two-stage market auction model in a pool-based electricity market, which explicitly takes into account the system network security. The security network-constrained market auction model considers the use of corrective control to yield economically efficient actions in the post-contingency state, while ensuring a certain security level. Under this framework, the proposed model shows not only for quantifying the correlation between secure system operation and efficient market operation, but also for providing transparent information on the pricing system security for market participants. The two-stage market auction procedure is formulated using Benders decomposition (BD). In the first stage, the market participants bid in the market for maximizing their profit, and the independent system operator (ISO) clears the market based on social welfare maximization. System network constraints incorporating post-contingency control actions are described in the second stage of the market auction procedure. The market solutions, along with the BD, yield nodal spot prices (NSPs) and nodal congestion prices (NCPs) as byproducts of the proposed two-stage market auction model. Two benchmark systems are used to test and demonstrate the effectiveness of the proposed model.