• The Journal of Asian Finance, Economics and Business
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• 제8권5호
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• pp.617-626
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• 2021

The study examines the existence of twin deficit in two emerging economies (Turkey and Iran) and also investigates the relation of twin deficit with specific macroeconomic indicators such as the GDP, money supply, foreign direct investment, and the interest rate both in short and long-run periods. The twin-deficit concept refers to a situation where the current account deficit and budget deficits exist in the same corresponding period of an economy. This study employs the Bound Test Autoregressive lag distributed (ARDL) model on time-series quarterly secondary data of Turkey and Iran from 1992 to 2019. The stationarity of variables has been ensured through the Augmented Dickey-Fuller (ADF) test at the level and the first difference. The results reveal the existence of a twin deficit in both the short and long-run periods only in Iran. Its existence could not be observed in the Turkish economy. The findings suggest a positive relationship between twin deficit and GDP, and a negative relationship between twin deficit and FDI and M2. At the same time, the relationship of the twin deficit with interest rate could not be found in the Iranian economy. The findings may be helpful for economic managers of both countries in executing their economic policies.

• The Journal of Asian Finance, Economics and Business
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• 제8권5호
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• pp.543-549
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• 2021

The stock market plays a crucial role in the growth of industry and trade, which eventually affects the economy. This paper studies the determinants of stock market development in Jordan using yearly time-series data (1978-2019). The autoregressive distributed lag approach is applied to examine co-integration, while the vector error correction model is employed to estimate (long-run and short-run) causal relationships. The results show that macroeconomic determinants such as gross domestic product, gross domestic savings, investment rate, credit to the private sector, broadest money supply, stock market liquidity, and inflation rate are important determinants of stock market development. These findings provide vital implications for policymakers in developed and emerging stock markets. First, economic development plays an imperative role in stock market development. Second, developing the banking sector is mandatory because it can significantly promote stock market development. Third, domestic investment is a significant determinant of stock market development, especially in emerging countries. However, it is vital to launch policies that lead to encourage investment and promote stock market development, and this could be done through (1) encouraging competition, (2) improving the institutional framework, and (3) removing trade blocks by establishing a mutual connection between foreign private investment entities and government authorities.

• 한국인터넷방송통신학회논문지
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• 제19권1호
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• pp.179-185
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• 2019

소셜로봇의 핵심기술은 음성인식 및 대화엔진인데 이를 개발하는데 많은 비용이 들고 음성인식률 및 대화엔진의 성능의 부족으로 인한 로봇과의 대화기능 구현이 어려웠다. IoT 기반의 클라우드 인공지능 기술의 발전과 여러 기업이 이들 오픈 API 제공으로 로봇과 인간과의 대화 기능 구현이 가능하게 됐다. 본 논문에서는 기존의 지능형 소셜로봇 기술동향을 조사하고 효율적인 IoT 기반 소셜로봇 시스템 구조를 설계한다. 또한 객체지향방법을 이용한 사용자 요구사항 분석, 플로우 차트 및 화면 설계를 보여줌으로 효과적인 소셜로봇 소프트웨어 분석 및 설계 방법을 제시하고자 한다.

• 유통과학연구
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• 제21권2호
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• pp.111-118
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• 2023

After the outbreak of the COVID-19 in the early 2020, Korea has attempted to reinforce the existing rent controls to help the low-income households. From July 2000, the tenants' right of lease renewal came into effect, as a policy tool to enforce the upper bound percentage of rent increases within Korea. Purpose: This study aims to examine the impact of rent control on the uncontrolled rents in Seoul Metropolitan Area (SMA). Research design, data and methodology: The study regresses the monthly panel data from 58 municipalities in SMA from January 2020 to March 2022, during the COVID-19 pandemic. Results: The data indicates that the policy had the effect of lowering rents for a period of two months, and subsequently monetary policy including quantitative easing and low interest rates, coupled with asset market bubbles lead to rent increases. During the sample data period, the quantity of money supply increased by 12.6% and CPI rose by 3.0%, these phenomena collectively increased the rents by up to 14.7%. Conclusions: The results of the present study support the findings of earlier studies in part: namely, that rent control without the government's steps to stabilize the property price may have an undesirable effect on rental tenants.

• The Journal of Asian Finance, Economics and Business
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• 제9권2호
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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.

• 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.453-458
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• 2011

The construction industry's importance to nation building, economic empowerment, and contributions to global commerce cannot be over emphasised. However, poor productivity, accidents, rework, time and cost overruns, and client dissatisfaction have characterised the industry performance in a multi-dimensional way. The central issue in this particular research is the seemingly inadequate achievement of optimum performance in the construction process, either with respect to value for money for the client and the entire construction supply chain or value in terms of the utility derived from built assets in spite of efforts by government and governmental bodies such as the Construction Industry Development Board (cidb) to increase industry performance. Therefore, based upon an extensive review of related literature, the paper reports on effects and causes of non-value adding activities in the construction industry in general, and South African construction in particular. The research findings indicate that activities that can be referred to as non-value activities are not only prevalent, but they can also be held responsible for performance related issues in terms of cost, time, quality and health and safety (H&S) in construction; and the exploration of pluralism in the research methodology may result in a robust model based upon the system dynamics approach. Therefore, the study suggests that there is major scope for value optimisation in the construction process especially in terms of availability and implementation of interventions, which have not only proven successful in other industries, but are also adaptable in the construction industry context.

• 한국콘텐츠학회논문지
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• 제13권1호
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• pp.417-424
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• 2013

본 연구는 거시경제변수가 호텔 기업의 수익성에 미치는 영향을 분석하여 경영자들에게 유용한 정보를 제공하는데 그 목적이 있으며 이를 위해 전체 호텔 기업을 대상으로 분석을 실시하였다. 거시경제변수가 총자산순이익률에 미치는 영향에 관한 회귀분석 결과 산업생산지수와 원/달러환율은 정(+)의, 국제원유가격, 소비자물가지수, 실업률은 부(-)의 유의적인 영향을 미치는 것으로 나타났으나 통화량과 무역수지는 유의적인 영향을 미치지 않는 것으로 나타났다. 그리고 거시경제변수가 자기자본순이익률에 미치는 영향에 관한 회귀분석 결과 소비자물가지수와 실업률은 부(-)의, 원/달러환율은 정(+)의 유의적인 영향을 미치는 것으로 나타났으나 산업생산지수, 국제원유가격, 통화량, 무역수지는 유의적인 영향을 미치지 않는 것으로 나타났다. 분석 결과를 종합해 보면 총자산순이익률과 자기자본순이익률 모두에 영향을 미치는 변수는 원/달러환율과 실업률인 것으로 나타났다. 분석 결과를 종합해 보면 총자산순이익률과 자기자본순이익률 모두에 영향을 미치는 변수는 원/달러환율과 실업률인 것으로 나타났다. 따라서 호텔 경영자들은 환율이 높아질수록 국내 호텔 상품이 가격적인 면에서 매력성이 있다는 것을 강조하는 마케팅전략뿐만 아니라 외래 관광객들이 호텔에 투숙하는 동안 즐길 수 있는 다양한 상품과 서비스를 제공함으로서 수익성을 증대시키도록 노력해야 할 것이다. 또한 실업률이 높은 경기 불황기에는 고가의 상품뿐만 아니라 중저가 패키지 상품 등을 함께 제공함으로 보다 많은 고객들을 유인하려고 노력해야 할 것이다.

• 산경연구논집
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• 제9권5호
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• pp.63-72
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• 2018

Purpose - This work analyzes, in detail, the specification of vector error correction model (VECM) and thus examines the relationships and impact among seven economic variables for USA - balance on current account (BCA), index of stock (STOCK), gross domestic product (GDP), housing price indices (HOUSING), a measure of the money supply that includes total currency as well as large time deposits, institutional money market funds, short-term repurchase agreements and other larger liquid assets (M3), real rate of interest (IR_REAL) and household credits (LOAN). In particular, we search for the main explanatory variables that have an effect on stock and real estate market, respectively and investigate the causal and dynamic associations between them. Research design, data, and methodology - We perform the time series vector error correction model to infer the dynamic relationships among seven variables above. This work employs the conventional augmented Dickey-Fuller (ADF) and Phillips-Perron (PP) unit root techniques to test for stationarity among seven variables under consideration, and Johansen cointegration test to specify the order or the number of cointegration relationship. Granger causality test is exploited to inspect for causal relationship and, at the same time, impulse response function and variance decomposition analysis are checked for both short-run and long-run association among the seven variables by EViews 9.0. The underlying model was analyzed by using 108 realizations from Q1 1990 to Q4 2016 for USA. Results - The results show that all the seven variables for USA have one unit root and they are cointegrated with at most five and three cointegrating equation for USA. The vector error correction model expresses a long-run relationship among variables. Both IR_REAL and M3 may influence real estate market, and GDP does stock market in USA. On the other hand, GDP, IR_REAL, M3, STOCK and LOAN may be considered as causal factors to affect real estate market. Conclusions - The findings indicate that both stock market and real estate market can be modelled as vector error correction specification for USA. In addition, we can detect causal relationships among variables and compare dynamic differences between countries in terms of stock market and real estate market.

• 한국정보통신학회논문지
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• 제15권11호
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• pp.2347-2352
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• 2011

차량 운전자는 안전을 위해 항상 자신의 차량의 상태를 점검하고 파악하는 것이 필수이다. 하지만 운전자가 차량의 상태를 알고자 한다면 전문 업체에게 의뢰하기 때문에 운전자는 시간과 금전적인 비용이 지불되어야 한다. IT 기술의 발달로 인해 스마트폰의 다양한 기능을 이용하여 차량의 상태 점검을 할 수 있게 되었지만, 기존 스마트폰 자동차 진단 시스템은 자동차의 전문적인 지식을 학습해야 차량 상태를 알 수 있기 때문에 사용자들에게 진단기의 필요성이 부각되지 않는다. 본 논문에서는 OBD-II 프로토콜 변환 WiFi 커넥터를 통해 받아오는 OBD-II 정보를 차량 운전자에게 필요한 차량 소모품 교체 주기의 점검, 차량 문제점 진단 정보를 사용자에게 실시간으로 보여주며 손쉽게 사용할 수 있는 자동차 소모품 구현을 iPhone에서 구현 하였다.

• 무역상무연구
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• 제67권
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• pp.23-47
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• 2015

European Commission drafted and proposed the Common European Sales Law(CESL) to the European Parliament for the realization of a uniform set of international private law rules within the EU internal market. Since its purpose is for free international commercial activities for the sale of goods, for the supply of digital content and for related services, it was proposed to enable EU Member States to adopt or supplement as their substantive law according to their options. This study is relate to the legal bases on termination of a contract under CESL, they are composed of three parts: damages and interest, restitution and prescription. Damages and interest are divided into damages, general provisions on interest on late payments, and late payment by traders. Damages are explained by dividing into right to damages, general measure of damages, foreseeability of loss, loss attributable to creditor, reduction of loss, substitute transaction, and current price. Restitution is described by dividing into restitution on revocation, payment for monetary value, payment for use and interest on money received, compensation for expenditure and equitable modification. Prescription is explained by dividing into general provisions, periods of prescription and their commencement and extension of periods of prescription. General provisions explain right subject to prescription into a right to enforce performance of an obligation and any right ancillary to such a right. Regarding period of prescription, the short one is two years and the long one is ten years. However, in the case of a right to damages for personal injuries, period of prescription for such right is thirty years. Regarding commencement, the short one begins to run from the time when the creditor has become, or could be expected to have become, aware of the facts as a result of which the right can be exercised, while the long one begins to run from the time when the debtor has to perform. However, in the case of a right to damages, the CESL clarifies that it begins to run from the time of the act which gives rise the right.