• Computers and Concrete
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• v.21 no.1
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• pp.55-66
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• 2018

A large main shock may consist of numerous aftershocks with a short period. The aftershocks induced by a large main shock can cause the collapse of a structure that has been already damaged by the preceding main shock. These aftershocks are important factors in structural damages. Furthermore, despite what is often assumed in seismic design codes, earthquakes do not usually occur as a single event, but as a series of strong aftershocks and even fore shocks. For this reason, this study investigates the effect and potential of consecutive earthquakes on the response and behavior of concrete structures. At first, six moment resisting concrete frames with 3, 5, 7, 10, 12 and 15 stories are designed and analyzed under two different records with seismic sequences from real and artificial cases. The damage states of the model frames were then measured by the Park and Ang's damage index. From the results of this investigation, it is observed that the sequences of ground motions can almost double the accumulated damage and increased response of structures. Therefore, it is certainly insufficient to ignore this effect in the design procedure of structures. Also, the use of artificial seismic sequences as design earthquake can lead to non-conservative prediction of behavior and damage of structures under real seismic sequences.

• The Journal of Economics, Marketing and Management
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• v.12 no.4
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• pp.27-36
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• 2024

Purpose: The paper analyzes for detecting unexpected shocks such as global financial crisis and COVID-19 pandemic, and contagion between countries by capturing in the mean-shift, variance-covariance-shift, and skewness-coskewness-shift parameters of interest rates. Research design, data and methodology: A flexible multivariate model of interest rates is provided by allowing for regime switching and a joint skewed normal distribution. The model is applying to the structural breaks of crisis and contagion between the US and the selected global bond markets during the global financial crisis and COVID-19 pandemic, respectively. Inspection of the moment statistics weakly suggests a flight to safety to the US during the global financial crisis and to Canada during the COVID-19 pandemic. Results: The results indicate that risk averse investors had a higher risk appetite for the US and Canada assets during the crisis regimes, compared to their counterparts. Conclusions: The results show that coskewness contagion dominates correlation contagion, and coskewness contagion is significant for the Korea and Japan-US pairs for the global financial crisis and the Euro-US pair for the COVID-19 pandemic. All channels of structural breaks of crisis and contagion are significant when considered jointly, reinforcing the need to consider contagion and structural breaks during crises in a multivariate setting.

• Journal of Distribution Science
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• v.11 no.10
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• pp.73-79
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• 2013

Purpose - This study examines the impact of oil price volatility on economic activities in Korea. The new millennium has seen a deregulation in the crude oil market, which invited immense capital inflow into Korea. It has also raised oil price levels and volatility. Drawing on the recent theoretical literature that emphasizes the role of volatility, this paper attends to the asymmetric changes in economic growth in response to the oil price movement. This study further examines several key macroeconomic variables, such as interest rate, production, and inflation. We come to the conclusion that oil price volatility can, in some part, explain the structural changes. Research design, data, and methodology - We use two methodological frameworks in this study. First, in regards to the oil price uncertainty, we use an Exponential-GARCH (Exponential Generalized Autoregressive Conditional Heteroskedasticity: EGARCH) model estimate to elucidate the asymmetric effect of oil price shock on the conditional oil price volatility. Second, along with the estimation of the conditional volatility by the EGARCH model, we use the estimates in a VECM (Vector Error Correction Model). The study thus examines the dynamic impacts of oil price volatility on industrial production, price levels, and monetary policy responses. We also approximate the monetary policy function by the yield of monetary stabilization bond. The data collected for the study ranges from 1990: M1 to 2013: M7. In the VECM analysis section, the time span is split into two sub-periods; one from 1990 to 1999, and another from 2000 to 2013, due to the U.S. CFTC (Commodity Futures Trading Commission) deregulation on the crude oil futures that became effective in 2000. This paper intends to probe the relationship between oil price uncertainty and macroeconomic variables since the structural change in the oil market became effective. Results and Conclusions - The dynamic impulse response functions obtained from the VECM show a prolonged dampening effect of oil price volatility shock on the industrial production across all sub-periods. We also find that inflation measured by CPI rises by one standard deviation shock in response to oil price uncertainty, and lasts for the ensuing period. In addition, the impulse response functions allude that South Korea practices an expansionary monetary policy in response to oil price shocks, which stems from oil price uncertainty. Moreover, a comparison of the results of the dynamic impulse response functions from the two sub-periods suggests that the dynamic relationships have strengthened since 2000. Specifically, the results are most drastic in terms of industrial production; the impact of oil price volatility shocks has more than doubled from the year 2000 onwards. These results again indicate that the relationships between crude oil price uncertainty and Korean macroeconomic activities have been strengthened since the year2000, which resulted in a structural change in the crude oil market due to the deregulation of the crude oil futures.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.15 no.11
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• pp.6565-6575
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• 2014

Hamilton's Markov-switching model [5] was extended to the simultaneous equations model. A framework for an instrumental variable interpretation of full information maximum likelihood (FIML) by Hausman [4] can be used to deal with the problem of simultaneous equations based on the Hamilton filter [5]. A comparison of the proposed FIML Markov-switching model with the LIML Markov-switching models [1,2,3] revealed the LIML Markov-switching models to be a special case of the proposed FIML Markov-switching model, where all but the first equation were just identified. Moreover, the proposed Markov-switching model is a general form in simultaneous equations and covers a broad class of models that could not be handled previously. Excess sensitivity of marginal propensity to consume with big shocks, such as housing bubble bursts in 2008, can be determined by applying the proposed model to Campbell and Mankiw's consumption function [6], and allowing for the possibility of structural breaks in the sensitivity of consumption growth to income growth.

• Ocean and Polar Research
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• v.36 no.4
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• pp.327-341
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• 2014

This study aims to analyze causality among Wando abalone producer prices by size using a vector autoregressive model to expiscate the leading-price of Wando abalone in various price classes by size per kg. This study, using an analytical approach, applies a unit-root test for stability of data, a Granger causality test to learn about interaction among price classes by size for Wando abalone, and a vector autoregressive model to estimate the statistical impact among t-1 variables used in the model. As a result of our leading-price analysis of Wando abalone producer prices by shell size using a VAR model, first, DF, PP, and KPSS tests showed that the Wando abalone monthly price change rate by size differentiated by logarithm were stable. Second, the Granger causality relationship analysis showed that the price change rate for big size abalone weakly led the price change rate for the small and medium sizes of abalone. Third, the vector autoregressive model showed that three price change rates of t-1 period variables statistically, significantly impacted price change rates of own size and other sizes in t period. Fourth, the impulse response analysis indicated that the impulse responses of structural shocks for price change rate for big size abalone was relatively more powerful in its own size and in other sizes than shocks emanating from other sizes. Fifth, the variance decomposition analysis indicated that the price change rate for big size abalone was relatively more influential than the price change rates for medium and small size abalone.

• Nuclear Engineering and Technology
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• v.48 no.6
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• pp.1423-1432
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• 2016

The integrity of a reactor pressure vessel (RPV) related to pressurized thermal shocks (PTSs) has been extensively studied. This paper introduces an integrity assessment of an RPV subjected to a PTS transient based on the French codes. In the USA, the "screening criterion" for maximum allowable embrittlement of RPV material is developed based on the probabilistic fracture mechanics. However, in the French RCC-M and RSE-M codes, which are developed based on the deterministic fracture mechanics, there is no "screening criterion". In this paper, the methodology in the RCC-M and RSE-M codes, which are used for PTS analysis, are firstly discussed. The bases of the French codes are compared with ASME and FAVOR codes. A case study is also presented. The results show that the method in the RCC-M code that accounts for the influence of cladding on the stress intensity factor (SIF) may be nonconservative. The SIF almost doubles if the weld residual stress is considered. The approaches included in the codes differ in many aspects, which may result in significant differences in the assessment results. Therefore, homogenization of the codes in the long time operation of nuclear power plants is needed.

• International Area Studies Review
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• v.14 no.3
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• pp.35-60
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• 2010

In this paper, we develop a dynamic structural model based on a dynamic supergame and measure market power for the Dallas-Forth Worth fluid milk market in the U.S. In particular, we compare the conduct parameter estimates from a static model with that from the dynamic model and illustrate bias in the market-power measure in a static model. And we also analyze the cyclical behavior of firm conduct. We find that the conduct parameter in a static model underestimates true market power if firms' behaviors are posited by a dynamic oligopoly game. We also verify that firm conduct in the Dallas-Forth Worth fluid milk market is countercyclical against demand shocks and expected future cost shocks. Our results indicate that the firms' conduct in the Dallas-Forth Worth fluid milk market is consistent with what dynamic oligopoly models predict. This implies that the firms consider not only the contemporary reactions of the other firms' but also future market competition. Therefore, the measurement of market power requires the specification of fully dynamic pricing relationship.

• Structural Engineering and Mechanics
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• v.16 no.5
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• pp.519-531
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• 2003

Piezoelectric actuators have long been recognised for use in aerospace structures for control of structural shape. This paper looks at active control of the swept shock wave/turbulent boundary layer interaction using smart flap actuators. The actuators are manufactured by bonding piezoelectric material to an inert substrate to control the bleed/suction rate through a plenum chamber. The cavity provides communication of signals across the shock, allowing rapid thickening of the boundary layer approaching the shock, which splits into a series of weaker shocks forming a lambda shock foot, reducing wave drag. Active control allows optimum control of the interaction, as it would be capable of positioning the control region around the original shock position and unimorph tip deflection, hence mass transfer rates. The actuators are modelled using classical composite material mechanics theory, as well as a finite element-modelling program (ANSYS 5.7).

• Journal of Korean Institute of Industrial Engineers
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• v.25 no.1
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• pp.67-74
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• 1999

Market share is one of the most important measures in the valuation of prospering firm. It plays a role of composite indicator for the competitiveness of firm. So, the understanding of the underlying process of market share is inevitable factor for the econometricians and the business engager. Lately, the Korean Economy has been placed in the control of IMF. This shock will cause a lot of influence over the domestic economy. The idea that the information about the past shock-response experience will do us good for dealing with this kind of economic shocks is not new. Among numerous markets, we pay attention to the durable goods market, especially automobile market. The automobile market has large repercussion effect over the domestic economy on the issue of both national employment and technology integration. We divided the Korean automobile market into three segments: small, medium, and large-sized car, while each proportion of these segments has been changing slowly. We propose a Bayesian approach to detect and forecast structural changes in time series of the market shares in the domestic automobile market, especially for level shifts and drift changes, and compare the empirical results with other existing approaches.

• Earthquakes and Structures
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• v.14 no.2
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• pp.129-142
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• 2018

The current paper introduces a new approach for development of damage index to obtain the maximum damage in the reinforced concrete frames caused by as-recorded single and consecutive earthquakes. To do so, two sets of strong ground motions are selected based on maximum and approximately maximum peak ground acceleration (PGA) from "PEER" and "USGS" centers. Consecutive earthquakes in the first and second groups, not only occurred in similar directions and same stations, but also their real time gaps between successive shocks are less than 10 minutes and 10 days, respectively. In the following, a suite of six concrete moment resisting frames, including 3, 5, 7, 10, 12 and 15 stories, are designed in OpenSees software and analyzed for more than 850 times under two groups of as-recorded strong ground motion records with/without seismic sequences phenomena. The idealized multilayer artificial neural networks, with the least value of Mean Square Error (MSE) and maximum value of regression (R) between outputs and targets were then employed to generate the empirical charts and several correction equations for design utilization. To investigate the effectiveness of the proposed damage index, calibration of the new approach to existing real data (the result of Park-Ang damage index 1985), were conducted. The obtained results show good precision of the developed ANNs-based model in predicting the maximum damage of regular reinforced concrete frames.