• The Journal of Asian Finance, Economics and Business
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• 제9권1호
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• pp.189-201
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• 2022

The study empirically examines the impact of monetary fundamentals along with global oil prices on the Pak-rupee exchange rate using the monthly data over 2001-2020. Employing the cointegrating vector autoregressive with exogenous variables (VARX) and vector error correction model with exogenous variables (VECMX), the study analyzes the impact of domestic monetary fundamentals while considering the foreign variables as weakly exogenous. In order to account for the structural breaks in the data, the Lagrange multiplier (LM) unit root test with two structural breaks has been used (Lee & Strazicich, 2003). The empirical results reveal that the domestic and foreign monetary variables significantly explain the exchange rate movements in Pakistan both in the long run and in the short run. The dynamic properties of the monetary model of exchange rate have been analyzed using the persistence profile analysis and generalized impulse response functions (GIRFs). The results reveal that the responses of shocks to domestic monetary fundamentals are consistent with the predictions of the monetary model of the exchange rate. Furthermore, being a net oil importer, a rise in global oil prices significantly depreciated the Pak-rupee exchange rate over the period of study. The global financial crisis (GFC) and pandemic (COVID-19) were also found to cause the Pak-rupee exchange rate depreciation.

• 한국항해항만학회지
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• 제44권5호
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• pp.407-413
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• 2020

In this paper we examined a novel extension of the convergence empirics for the maritime business cycle which considers structure breaks and/or changes. To provide theoretical justification, the convergence hypothesis uses the relaxed assumption to technology shocks. Based on the recent empirical results provided by Kim and Chang (2020), we consider nonlinear dynamics that capture the properties on structural changes in the equilibrium adjustment process. This approach bridges the gap between the theoretical framework and empirical specifications. In particular, we applied the convergence hypothesis to the multiple structure change model for the maritime business cycle. Our application to the maritime data showed support of the convergence hypothesis allowing multiple structure changes during the high volatile period and offers additional insight into the forecasting maritime business cycles.

• 무역상무연구
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• 제57권
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• pp.173-198
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• 2013

This study conducts the horse industry, which shows how country has implemented structural adjustment policies in order to cope with the economic shocks that an FTA brought about. Among the FTAs that Korea has made, Korea-EU and Korea-US FTAs have been regard to bring relatively big impact on korean agricultural sector. The horse industry is a very large and important part of our national and local economies. It is diverse, involving agriculture, business, sport, gaming, entertainment and recreation. The enactment of the 'Horse Industry Promotion Act' can be a turning point for the recovery of the livestock industry. The Act is meaningful in that it can be expand the horse industry as a driving force of rural growth and contribute to people's leisure life. In this context, this study aims to draw policy implications for the Korean government to promote the horse industry.

• Structural Engineering and Mechanics
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• 제43권6호
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• pp.835-845
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• 2012

This paper focuses on the stochastic response analysis of industrial masonry chimneys to surface blast-induced random ground motions by using a three dimensional finite element model. Underground blasts induce ground shocks on nearby structures. Depending on the distance between the explosion centre and the structure, masonry structures will be subjected to ground motions due to the surface explosions. Blast-induced random ground motions can be defined in terms of the power spectral density function and applied to each support point of the 3D finite element model of the industrial masonry system. In this paper, mainly a parametric study is conducted to estimate the effect of the blast-induced ground motions on the stochastic response of a chimney type masonry structure. With this purpose, different values of charge weight and distance from the charge centre are considered for the analyses of the chimney. The results of the study underline the remarkable effect of the surface blast-induced ground motions on the stochastic behaviour of industrial masonry type chimneys.

• Interaction and multiscale mechanics
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• 제1권1호
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• pp.53-81
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• 2008

The theory of microlocal analysis of hyperbolic partial differential equations shows that the energy density associated to their high-frequency solutions satisfies transport equations, or radiative transfer equations for randomly heterogeneous materials with correlation lengths comparable to the (small) wavelength. The main limitation to the existing developments is the consideration of boundary or interface conditions for the energy and power flow densities. This paper deals with the high-frequency transport regime in coupled heterogeneous structures. An analytical model for the derivation of high-frequency power flow reflection/transmission coefficients at a beam or a plate junction is proposed. These results may be used in subsequent computations to solve numerically the transport equations for coupled systems, including interface conditions. Applications of this research concern the prediction of the transient response of slender structures impacted by acoustic or mechanical shocks.

• The Journal of Asian Finance, Economics and Business
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• 제9권1호
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• pp.153-166
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• 2022

The study estimates the Structured VAR and the Dynamic Stochastic General Equilibrium Model for the Vietnamese economy based on the new Keynesian model for small and open economies, with the output gap, inflation, policy interest rate, the Vietnamese exchange rate, and the inflation and interest rate in the United States. The paper aims to clarify the impulse response of the macro variables through their shocks. It offers to model the SVAR and DSGE processes, as well as describe why and how interest rate policy is important in the impulse response of macro variables like the output gap and inflation process. The study supports the central role of monetary policy by giving empirical evidence for the new Keynesian theory, according to which an interest rate shock causes the output gap to widen and inflation to decrease. Finally, the application of the DSGE model is becoming more and more popular in the State Bank of Viet Nam to improve its policy planning, analyzing, and forecasting policy towards sustainable and stable growth.

• 한국전산구조공학회:학술대회논문집
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• 한국전산구조공학회 1991년도 가을 학술발표회 논문집
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• pp.111-114
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• 1991

The KMRR 4-wheel crane which has a span of 30.6m long shall be designed to maintain its structural integrity during and after seismic shocks. Horizontal and vertical FRS for OBE and SSE conditions at the crane support are after seismic shock. Horizontal and vertical FRS for analysis are 4% for OBE and 7% for SSE. The crane consists of girder, saddle main and auxiliary trolley, and necessaries. They are modeled as beam elements and lumped masses for the following 4 cases ; trolley at center of the crane with and without the rated load, trolley at end with and without the rated load. The static analysis as well as the linear dynamic analysis including frequency and response spectrum analysis are performed for the seismic qualification of the crane using the Finite Element Method. For the simplicity of the analysis, the decoupling criteria are considered for the crane rope and the crane supporting beams. The main sections of the crane are stiffened until the calculated stresses satisfy the allowable limits. The seismic resultant loads are used to design the seismic restraints of the saddle and the trolley to protect the clue from the seismic uplifting loads the study results have show that the seismic design of the KMRR crane is governed by the OBE condition. not by the SSE condition. This paper briefly describes the analysis procedure used in the seismic design of the KMRR crane, and summarizes the analysis results.

• KDI Journal of Economic Policy
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• 제29권2호
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• pp.1-40
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• 2007

본 연구는 재정수입 및 지출 그리고 국민소득의 세 변수를 구조적 벡터자기회귀(Structural VAR) 모형에 대입하여 재정의 경기조절기능을 분석하고자 하는 시도에서 비롯하였다. 이를 위해 우선 교란항에 다양한 형태의 선험적 제약을 부여하여 재정승수를 추정한 후 그 결과를 제약식별로 비교 검토한다. 다음으로는 3-변수모형을 확장하여 외부경제로부터의 충격을 반영하는 변수를 추가한 4-변수 SVAR을 분석한다. 이는 다른 나라와 비교하여 우리나라 경제의 해외부문 의존도가 큰 것을 감안한 까닭이다. 1979년부터 2000년까지의 한국은행의 "조사통계월보" 자료를 이용하여 3-변수 SVAR을 실증분석한 결과에 따르면, 추정된 재정승수의 규모와 지속기간이 매우 작거나 짧을 뿐 아니라 추정값의 통계적 유의성도 그리 높지 않은 것으로 나타났다. 또한 해외부문을 포함한 4-변수 SVAR 모형을 계산한 결과도, 추정된 재정승수의 통계적 유의성이 일부의 경우에서 다소 높아짐에도 불구하고, 3-변수 SVAR 모형의 결과와 대체적으로 일치하는 것으로 나타났다. 따라서 해외부문으로부터의 외생적 충격의 고려 여부와는 상관없이 재정정책의 유효성이 우리나라에서는 통계적으로 유의한 수준에서 확인되지 않는 것으로 보인다. 하지만 이 결과를 받아들임에 있어 사용된 "조사통계월보" 자료 및 분석모형의 한계에 대해서도 고려하여야 할 것이다.

• Journal of Korea Trade
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• 제25권1호
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• pp.34-46
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• 2021

Purpose - This paper aims to analyze the impact of the terms of trade, export price, and import price on the Korean economy (that is, real GDP, CPI, money market rate, and real effective exchange rate), and vice versa in the simple vector autoregression. Design/methodology - We impose two assumptions, i.e., diagonality and bloc exogeneity, to correctly identify the impact of a factor to the others in the structural equation. With two contemporaneous assumptions in the structural VAR, this paper investigates the impacts of the terms of trade on the Korean economy and vice versa. Findings - Impulse responses to the shocks in the terms of trade and Korean economy show that 1) an impact of the terms of trade on the economy is different in export prices and in import prices. A higher export price is beneficial to the economy while a higher import price hurts the economy, and 2) an increase in real effective exchange rate and in interest rate constrains domestic production and lowers consumer prices. Originality/value - Unlike the conventional perception that a depreciation of a currency would promote exports and domestic production at the price of inflation, our result shows the opposite, and 3) real GDP and consumer prices are positively correlated. That is, an increase in real GDP does not only cause inflation, but an increase in consumer prices also promote domestic production. Yet, the only difference is that export prices and import prices end up higher with an increase in real GDP, but lower with inflation.

• Structural Engineering and Mechanics
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• 제55권3호
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• pp.639-654
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• 2015

Bolted joints are essential elements of mechanical structures and metal constructions. Although their static behaviour is fairly well known, their dynamic behaviour due to shocks and vibrations has been less studied, because of the large size of the finite element models needed for a detailed simulation. This work presents four different simplified models suitable for studying the dynamic behaviour of an elementary bolted joint. Three of them include contact elements to allow sliding of the screw head and the nut on the assembled parts, and the last one allows rotation between screw and nut. A penalty approach based on the Coulomb friction model is used to model contact. The results show that these models effectively represent the dynamic behaviour, with different accuracy depending on the model details. The last model simulates the self loosening of a bolt subjected to transversal vibrations.