• International Area Studies Review
• /
• v.14 no.1
• /
• pp.185-202
• /
• 2010

While it is often assumed that a country's trade balance will improve in the long-run if its currency is allowed to depreciate, this is not necessarily the case for specific industry. This paper is to examine the long-run relationships between trade balance and real exchange rate using bilateral data of SITC 10 Industry Classification for Korea vis-${\grave{a}}$-vis her trading partners Indonesia, India, China, Japan on a quarterly basis over the period of 1999Q1 to 2008Q4. I applied the recent panel cointegration technique to reduce the small sample problems and improving power performance of the relevant estimation and inference procedures. The results reveal evidence of the Marshall-Lerner Condition in Indonesia 2 industries, India 5 industries, Japanese 4 industries, Chinese 6 industries. Whole group's cointegration statistic of India, China, Japan was supported Marshall-Lerner Condition but Indonesia was rejected.

• Journal of the Korea Society of Computer and Information
• /
• v.26 no.3
• /
• pp.59-67
• /
• 2021

Blockchain technology began in 2008 when an unidentified person named Satoshi Nakamoto proposed a cryptocurrency called Bitcoin. Satoshi Nakamoto had distrust of the existing financial system and wanted to implement a financial system that is robust against hacking or mannipulation without a middleman such as a bank through blockchain technology. Satoshi proposed a blockchain as a technology to prevent the creation of the bitcoin and forging of transactions, and through this, the functions of issuance, transaction, and verification of currency were implemented. Since then, Ethereum, a cryptocurrency that can implement the smart contract on the blockchain, has been developed, allowing financial products that require complex contracts such as deposits, loans, insurance, and derivatives to be brought into the area of cryptocurrency. In addition, it is expanding the possibility of substituting products provided by financial institutions through combination with real assets. These applications are defined as Decentralized Finance (DeFi). This paper was prepared to understand the overall technical understanding of DeFi and to introduce the services currently in operation. First, the technologies and ecosystems that implement the overall DeFi are explained, and then the representative DeFi services are categorized by feature and described.

• Journal of Korea Trade
• /
• v.27 no.2
• /
• pp.96-114
• /
• 2023

Purpose - This paper elucidates a nexus between the occurrence of rare disaster events and the volatility of economic growth by distinguishing the likelihood of rare events from stochastic volatility. We provide new empirical facts based on a quarterly time series. In particular, we focus on the role of financial liberalization in spreading the economic crisis in developing countries. Design/methodology - We use quarterly data on consumption expenditure (real per capita consumption) from 44 countries, including advanced and developing countries, ending in the fourth quarter of 2020. We estimate the likelihood of rare event occurrences and stochastic volatility for countries using the Bayesian Markov chain Monte Carlo (MCMC) method developed by Barro and Jin (2021). We present our estimation results for the relationship between rare disaster events, stochastic volatility, and growth volatility. Findings - We find the global common disaster event, the COVID-19 pandemic, and thirteen country-specific disaster events. Consumption falls by about 7% on average in the first quarter of a disaster and by 4% in the long run. The occurrence of rare disaster events and the volatility of gross domestic product (GDP) growth are positively correlated (4.8%), whereas the rare events and GDP growth rate are negatively correlated (-12.1%). In particular, financial liberalization has played an important role in exacerbating the adverse impact of both rare disasters and financial market instability on growth volatility. Several case studies, including the case of South Korea, provide insights into the cause of major financial crises in small open developing countries, including the Asian currency crisis of 1998. Originality/value - This paper presents new empirical facts on the relationship between the occurrence of rare disaster events (or stochastic volatility) and growth volatility. Increasing data frequency allows for greater accuracy in assessing a country's specific risk. Our findings suggest that financial market and institutional stability can be vital for buffering against rare disaster shocks. It is necessary to preemptively strengthen the foundation for financial stability in developing countries and increase the quality of the information provided to markets.

• Environmental and Resource Economics Review
• /
• v.23 no.1
• /
• pp.133-156
• /
• 2014

In general, quantity results of empirical analysis using model shows how much big performance policy has. Therefore this is useful to evaluate a policy. This paper composed macro economic model based on Bank of Korea's quarterly model and annual model, that estimates performance of overseas oil and gas development project to Korean economy in aspect of quantity. In this model, we estimated each effect in real GDP, current account, unemployment rate, CPI and exchange rate carried by recovered amount from overseas oil and gas development project. The recovered amount was evaluated in currency coming from oil and gas acquired from overseas oil and gas development project. Macro economic model of this paper benchmarked macro model composed by Bank of Korea(1997, 2004, 2012). We reviewed model robustness using statistical suitability of each equation and historical simulation for from 1994 to 2011. The recovered amount of overseas oil and gas development project has positive effect in every macro economic index except CPI and exchange rate. Economic effect to macro economic index become bigger with time because the recovered amount of overseas oil and gas development project are increasing until now. Although empirical results of economic effects in every year from the recovered amount of overseas oil and gas development project are different, as of 2011, empirical results showed that the recovered amount of overseas oil and gas development project increase 2.226% and 0.401% in current account and real GDP respectively. And it also decrease 0.489%p in unemployment rate. Exchange rate to US dollars also decrease in amount of 0.379%.

• Management & Information Systems Review
• /
• v.35 no.3
• /
• pp.1-22
• /
• 2016

We analyzed the international comovements and structural changes in the quarterly real GDP by the Markov-switching vector autoregressive model (MS-VAR) from 1971(1) to 2016(1). The main results of this study were as follows. First, the business cycle phenomenon that occurs in the models or individual time series in real GDP has been grasped through the MS-VAR models. Unlike previous studies, this study showed the significant comovements, asymmetry and structural changes in the MS-VAR model using a real GDP across countries. Second, even if there was a partial difference, there were remarkable structural changes in the economy contraction regime(recession), such as 1988(2) ending the global oil shock crisis and 2007(3) starting the global financial crisis by the MS-VAR model. Third, large-scale structural changes were generated in the economic expansion and/or contraction regime simultaneously among countries. We found that the second world oil shocks that occurred after the first global oil shocks of 1973 and 1974 were the main reasons that caused the large-scale comovements of the international real GDP among countries. In addition, the spillover between Korea and 5 countries has been weak during the Asian currency crisis from 1997 to 1999, but there was strong transmission between Korea and 5 countries at the end of 2007 including the period of the global financial crisis. Fourth, it showed characteristics that simultaneous correlation appeared to be high due to the country-specific shocks generated for each country with the regime switching using real GDP since 1973. Thus, we confirmed that conclusions were consistent with a number of theoretical and empirical evidence available, and the macro-economic changes were mainly caused by the global shocks for the past 30 years. This study found that the global business cycles were due to large-scale asymmetric shocks in addition to the general changes, and then showed the main international comovements and/or structural changes through country-specific shocks.

• Journal of the Korean Society of Radiology
• /
• v.5 no.5
• /
• pp.223-229
• /
• 2011

When negative electron in x-ray tube is accelerated in to a high speed and then the currency of the electron is blocked by the target, x-ray happens by the conversion of the energy. The real area where the fast accelerated electron collides to a target area is called actual focal spot. When the string focused size is observed at the central ray side, where the direction x-ray comes out, the size seems to be reduced. This focus is called effective focal spot. According to radiation angle of x-rays tube, the degree of the negative pole side presents higher value than inclination, the amount of exposed radiation that patient receives differs by the angle of positive pole, which means effective focal spot is the variable. This paper presents the correlation between size of effective focal spot and amount of exposed radiation to the patient by it, and effective research for homogenized dose dispersion by the size of effective focal spot. In conclusion, following the focal size, effective range which was -8cm ~ 0 cm on average, was found and average dose rate was 0.019 R/min. Through this range, for patients with small radiation exposure, image with good density and resolution in aspect of diagnosing will be able to be obtained.

• The Journal of Industrial Distribution & Business
• /
• v.10 no.8
• /
• pp.45-53
• /
• 2019

Purpose - The purpose of this study was to clarify the factors to make an exclusive importation contract between foreign fashion brands and local retailers for successful business in Korea. Even though imported fashion brand market shows stead increasing in terms of sales amount, the number of store related study was very rare in fact. Meanwhile, as long as this business is glowing a lot of brands are suffering from bad business performance or getting in ruins thus these problems result in foreign currency loss. The local marketers therefore, strongly expect to know the solution for this matter. Research design, data, and methodology - For the qualitative research, 10 experts who are operating foreign brands with an exclusive contract at a department store or at duty free shop now and who had at least over 10 years of related working experience were included. The factors for the exclusive importation contract with foreign brands were drawn up through the one-to-one in-depth interview method from September 3, 2017 to January 15, 2018. The expert group for the validity analysis includes 2 professors and 5 postgraduate students. Results - As a result of qualitative study on the factors for imported fashion brand's launching with the exclusive importation contract, it turned out that there were 5 factors - safety, profitability, reliability, speed and global retailing. Safety, profitability, and reliability have been mentioned in most related surveys but some details are added and speed and global retailing have been newly highlighted and many unknown legal issues that it was not easy to get form common academic research are included. Speed simply means quick lead time and global retailing means stores where located in other countries. Conclusions - The reason that qualitative research should be done before the quantitative research is due to the scant theoretical background for this matter. Because the market of an imported fashion brand is steadily increasing, determining the factors to make exclusive importation contract is very meaningful from the point of academic and business. After this study, many marketers may get basic conditions to apply for real business and I hope the following quantitative research will give more effective results. The next study also will have extended range concerning industry area, product and distribution channel.

• Journal of Digital Convergence
• /
• v.19 no.6
• /
• pp.133-141
• /
• 2021

Governments of each country are actively implementing fiscal expansion policies to recover the real economy after Corona 19. In Korea, the stock market and housing market are greatly affected as liquidity in the market increases due to the implementation of disaster subsidies and welfare policies. The purpose of this study is to analyze the relationship between stock market and housing market trends and liquidity. Data were collected by the Bank of Korea and Kookmin Bank. The analysis period is from January 2000 to December 2020, and monthly data are used. For empirical analysis, the rate of change from the same month of the previous year was calculated for each variable, and numerical analysis, index analysis, and model analysis were performed. As a result of the analysis, it was found that the stock index showed a positive(+) relationship with the house price, while a negative(-) relationship with M2. Previous studies have suggested that, in general, an increase in liquidity affects the stock market and the housing market, and inflation also rises. In this study, it was found that the stock market and the housing market had an effect on each other. However, it was investigated that liquidity showed an inverse relationship with the stock market and had no relationship with the housing market. Through this, this study estimated that there is a time difference in the relationship between liquidity and the stock market & housing market.

• Journal of Korea Port Economic Association
• /
• v.37 no.2
• /
• pp.33-53
• /
• 2021

This study estimated the economic value of port redevelopment projects. The port redevelopment project consists of a combination of goods between market goods and non-market goods. The value of market goods can be measured at prices in the real market, but it is difficult to convert value estimates for non-market goods into currency values. Therefore, in this study, economic benefits of port redevelopment projects were estimated by the using the CVM. The estimated model used the Hanemann's model and the Bayesian approach to estimate the WTP of the sample group's using the single boundary model. Estimating the household's WTP, the Hanemann's model was estimated at KRW 10,038.33 and the Bayesian approach at KRW 12,217.1. As of the five-year period(discount benefits), the economic benefits of the port redevelopment project were estimated at 920.7 billion won for the Hanemann's model and 1.12 trillion won for the Bayesian model on a national basis. Meanwhile, as a result of estimating economic benefits(discount benefits) based on the administrative districts of Busan·Gyeongnam·Ulsan regions(five-year period), the Hanemann's model was estimated at KRW 140.4 billion and the Bayesian approach was estimated at KRW 170.8 billion.

• Journal of Intelligence and Information Systems
• /
• v.18 no.1
• /
• pp.59-69
• /
• 2012

As exhibition industry, which is a part of 17 new growth engines of the government, is related to other industries such as tourism, transportation and financial industries. So it has a significant ripple effect on other industries. Exhibition is a knowledge-intensive, eco-friendly and high value-added Industry. Over 13,000 exhibitions are held every year around the world which contributes to getting foreign currency. Exhibition industry is closely related with culture and tourism and could be utilized as local and national development strategies and improve national brand image as well. Many countries try various efforts to invigorate exhibition industry by arranging related laws and support system. In Korea, more than 200 exhibitions are being held every year, but only 2~3 exhibitions are hosted with over 400 exhibitors and except these exhibitions most exhibitions have few foreign exhibitors. The main reason of weakness of domestic trade show is that there are no agencies managing exhibitionrelated statistics and there is no specific and reliable evaluation. This might cause impossibility of providing buyer or seller with reliable data, poor growth of exhibitions in terms of quality and thus service quality of trade shows cannot be improved. Hosting a lot of visitors (Public/Buyer/Exhibitor) is very crucial to the development of domestic exhibition industry. In order to attract many visitors, service quality of exhibition and visitor's satisfaction should be enhanced. For this purpose, a variety of real-time customized services through digital media and the services for creating new customers and retaining existing customers should be provided. In addition, by providing visitors with personalized information services they could manage their time and space efficiently avoiding the complexity of exhibition space. Exhibition industry can have competitiveness and industrial foundation through building up exhibition-related statistics, creating new information and enhancing research ability. Therefore, this paper deals with customized service with visitor's smart-phone at the exhibition space and designing mobile framework which enables exhibition devices to interact with other devices. Mobile server framework is composed of three different systems; multi-server interaction, server, client, display device. By making knowledge pool of exhibition environment, the accumulated data for each visitor can be provided as personalized service. In addition, based on the reaction of visitors each of all information is utilized as customized information and so the cyclic chain structure is designed. Multiple interaction server is designed to have functions of event handling, interaction process between exhibition device and visitor's smart-phone and data management. Client is an application processed by visitor's smart-phone and could be driven on a variety of platforms. Client functions as interface representing customized service for individual visitors and event input and output for simultaneous participation. Exhibition device consists of display system to show visitors contents and information, interaction input-output system to receive event from visitors and input toward action and finally the control system to connect above two systems. The proposed mobile framework in this paper provides individual visitors with customized and active services using their information profile and advanced Knowledge. In addition, user participation service is suggested as well by using interaction connection system between server, client, and exhibition devices. Suggested mobile framework is a technology which could be applied to culture industry such as performance, show and exhibition. Thus, this builds up the foundation to improve visitor's participation in exhibition and bring about development of exhibition industry by raising visitor's interest.