• Title/Summary/Keyword: Supply relation

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Effectiveness of Magnesium-and Boron-Enriched Complex Fertilizer ( 8-25-7-3-0.2 ) on the Pasture Establishment II. Change in the forage yields, yield components, botanical and chemical compositions in a mixed grass/clover sward (초지조성용 복합비료 ( 8-25-7-3-0. 2 ) 의 개발시험 II. 총건물수량 , 수량구성요소 , 식생구성비율 및 목초의 영양성분에 미치는 영향)

  • 정연규;이종열
    • Journal of The Korean Society of Grassland and Forage Science
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    • v.7 no.1
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    • pp.63-69
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    • 1987
  • This field experiment was undertaken to assess the effectiveness of magnesium- and boronenriched complex fertilizer ($N-P_2O_5-K_2O-MgO-B_2O_3$ : 8-25-7-3-0.2) compared with some straight fertilizers on the hilly pasture establishment. This second part was concerned with the changes in the forage yields, yield components, botanical and chemical compositions in a mixed grassclover sward (orchardgrass, tall fescue, Kentucky bluegrass, and ladino clover). The results from a two-year experiment are summarized as follows: 1. Dry matter yields of whole mixed forages were significantly reduced in control by 54.5% and the NK-plot ($P_o$ by 35.0%, compared with the normal NPK-plots. 2. The yields of oversown grasses were significantly reduced in control by 79.7% and the NKplot ($P_o$) by 52.196, compared with the normal NPK applications. At the normal NPK applications, the oversown grasses were lowest in the yields when provided with double superphosphate with no significant differences. The yields of weeds were not significantly influenced by the treatments. 3. The significant differences in the legume yields (relative yield, %) were laid in the follow. ing increasing order; complex fertilizer (178.5%) > NPK-fused superphosphate (139.5%) > NPK-double superphosphate (100.0%) = control > NK (51.1%). The legume yield was much more depressed in the NK-plot ($P_o$) than in control ($N_oP_oK_o$). 4. The rate of oversown grasses and whole forages were increased by the normal NPK applications, showing little difference among the kinds of fertilizers. It was recognized that the application of complex fertilizer contributed to the increasing of legume rate in the mixed sward. This contribution turned out to be due to the rather enhanced performance and yield-increase of legume, compared with the straight fertilizers. 5. With the NK-treatment ($P_o$) the P concentration in mixed forages dropped below the critical level (0.2%). The Mg concentrations in mixed forages were lower in all the plots than the critical level (0.2%). Therefore, a sufficient amount of Mg was desirably to be applied It is recommended that, in relation to its effectiveness and simplification of fertilizer application, the application of this complex fertilizer for pasture establishment be carried out. The change of the constituent ratio of complex fertilizer to the standard of "8 - 15-20 - 7 - 5-10 - 0.2" considering the need of sufficient Mg supply and the continuous accumulation of P in the top-surface soil is possibly recommended.commended.

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Studies on the Seed Characteristics and Viabilities of Six Acer Species in Relation to Natural Regeneration in Korea (천연갱신과 관련된 한국산 단풍나무속 6종의 종자특성과 종자활력에 관한 연구)

  • Kim, Gab-Tae;Kim, Hoi-Jin
    • Korean Journal of Environment and Ecology
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    • v.25 no.3
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    • pp.358-364
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    • 2011
  • To examine the possibility of natural regeneration of six Acer species in broadleaved mixed forest in Korean peninsula, samples of six Acer species' samaras were collected at several seed sources from September to October 2009 and 2010, and seed morphological characteristics and viability were studied using cutting method. Inflorescense type of Acer mandshuricum(AM), A. pseudosieboldianum(APS) and A. palmatum(AP) is corymb, that of A. pictum subsp. mono(APSM) and A. okamotoanum(AO) is flat-topped panicle, and that of A. ukurunduense(AU) is raceme. Number of seed-set per inflorescense proves the highest value 38.5 sets in AU and the lowest value 2.4 sets in APS. Diameter of the seeds proves highest value 13.5mm in AO, and the lowest value 4.7mm in APS. Angles between the wings proves the highest values $130.05^{\circ}$ in APS, and the lowest value $48.60^{\circ}$ in AU. Air dry weight of 20 seed-sets proves highest value 3,900mg, in AO, and the lowest value 404mg in AU. Viable seed ratio of AP proves 50%, and that of AU does 43.2%. Those of other four species ranges 8.6~22.2%. Considering postdispersal seed predators and disturbance of litter, viable seeds of APSM, AO, AM, and APS supplied in the natural forest in Korea might be insufficient for seedling establishment. This study showed that sound viable seed supply might be key factors of natural regeneration of major Acer species in Korea. The openings made by insect pests were observed on the seed-coat of APSM, AM, AU, and APS samara, and Bradybatus sharpi were observed in the samaras of APSM and AO. Further study on the seed insect fauna, pre- and post-dispersal seed viability, and annual variation on these factor should be needed.

A Study on Nutrition Intake of Middle School Girls in Chonnam Area (일부(一部) 전남지역(全南地域) 여자중학생(女子中學生)들의 영양실태(營養寶態) 조사연구(調査硏究) - 전라남도(全羅南道) 장흥군(長輿郡)과 보성군(寶城郡)을 중심(中心)으로 -)

  • Yoo, Hye-Jung
    • Journal of the Korean Society of Food Science and Nutrition
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    • v.13 no.1
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    • pp.71-85
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    • 1984
  • The purpose of this study was to get a data which can provide a basis for future direction in nutritional education and to build up right eating habit and to find the way how to improve food life and the nutritional supply by evaluating the current nutritional intake of average middle school girls through the survey study of their daily food intakes and physical status. The survey of nutritional intakes and physical status in two girls middle schools, namely Jang'hung girls middle school at Jang'hung Up and Bo'song girls middle school at Bo'song Up, were carried by teachers majoring in Home Economics and nurse-teachers from 5 July to 7 July 1983. From a total of 1080 subjects of two girls middle schools, 887 subjects were surveyed. The results obtained from survey are summarized as follow: 1) Physical Status Average height, weight and chest girth of subjects in both middle schools were much lower than the Korean average standard (p<0.005${\sim}$p<0.001) and t-score of differences between two middle school girls were not significant. Rohrer index, nutrition rate and physique rate were also lower than Korean averag standard through all the ages in both girls middle schools. Menarche appeared mainly between the age of 13 to 15 (91.55 %), with a mean age of 14 (35. 01 %) and which was experienced by the subjects of 51.52 percentage among total surveyed Iniddlf school girls. 2) Nutritional Intakes The average daily intakes of all nutrient except iron, vitamin A, thiamin, ascorbic acid and niacin was lower than Korean Recommanded Dietary Allowances (RDA) . Especially average intake of calorie and calcium were much lower than Korean RDA(p<0.001) while average intake of thiamine and ascorbic acid were much higher than Korean RDA (p<0.001). T-score of differences of iron, thiamin, riboflavin between two middle school girls were very significant (p<0.001). Generally iron and riboflavin were the highest rate of intakes through three meals and breakfast took charge of considerable amount of all nutrient intake without omitting anything (about 30 % of daily nutrient intake). The nutrients of which ratio of nutrient intake by snack was more than 16.7 % were vitamin A, thiamin, riboflavin, ascorbic acid etc. and snack foods which were intake frequently in both middle school girls commonly were fruits, milk and milk products, bread and biscuits in sequence. 3) Correlations and t-score between physical status, menarche and nutrient intakes. Average intake of calorie at Jang'hung area was positively correlated with height, weight, nutrition rate and physique rate and this correlation was very significant (p<0.005). Average intake of calorie was also correlated with chest girth and Rohrer index (P<0.05). At Bo'song area, averse intake of riboflavin was negatively correlated with all the items of physical status (p<0.05-p<0.005), vitamin A was negatively correlated with chest girth and Rohrer index (p<0.05 respectively) and thiamin was also negatively correlated with chest girth, Rohrer index and nutrition rate (p<0.05 respectively). Especially niacin showed a negative cor-relation with all the items of physical status very significantly (p<0.005).The time of menarche showed a positive correlation with iron in both middle school girls commonly P<0.05 at Jang'hung, p<0.10 at Bo'song).

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The Computer-Aided Simulation Study on the Gasification Characteristics of the Roto Coal in the Partitioned Fluidized-Bed Gasifier (상용모사기를 이용한 로토석탄의 분할유동층 가스화기 가스화 특성 모사)

  • Park, Young Cheol;Moon, Jong-Ho;Lee, Seung-Yong;Lee, Dong-Ho;Jin, Gyoung Tae
    • Korean Chemical Engineering Research
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    • v.50 no.3
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    • pp.511-515
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    • 2012
  • In this study, we used a commercial simulator to investigate the gasification characteristics of Roto coal in the partitioned fluidized-bed gasifier, which consists of 4 parts such as coal pyrolysis, char gasification, tar/oil gasification and char combustion. The heating medium was exchanged between the combustion part and the gasification part in order to supply the energy needed for pyrolysis and gasification. The correlation model from experimental data in relation to the reaction temperatures, the reaction gases and the coal feed rates was derived for the coal pyrolysis. The equilibrium model was used for the gasification and the combustion model for the char combustion. In order to compare the reaction behavior of the partitioned fluidized-bed gasifier, the single-bed gasifier was also simulated. The cold gas efficiency of both partitioned fluidized-bed gasifier and single-bed gasifier was almost the same. The $H_2$ and $CH_4$ contents of the syngas in the partitioned fluidized-bed gasifier slightly increased and the CO and $CO_2$ contents slightly decreased, compared with the singlebed gasifier. In order to verify the model, ten cases of the single-bed gasification experiment have been simulated. The contents of CO, $CO_2$, $CH_4$ in the syngas from the simulation corresponded with the experimental data while those of $H_2$ was slightly higher than experimental data, but the tendency of $H_2$ content in the syngas was similar to the experiments. In the coal conversion, the simulation results were higher than the experiments since equilibrium model was used for the gasification so that the residence time and contact time in the model is different from the experiments.

A Studs on Exposure to Organic Dust and Ammonia in Poultry Confinement Buildings (일부 육용 양계 농업인의 유기먼지와 암모니아 노출에 관한 연구)

  • Shin, Cheol-Lim;Lee, Kyung-Suk;Kim, Kyung-Ran;Kang, Tae-Sun;Paik, Nam-Won
    • Journal of agricultural medicine and community health
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    • v.29 no.2
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    • pp.303-314
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    • 2004
  • Objectives: This study was carried out to assess exposure levels of organic dusts and ammonia in poultry farms in Korea. Methods: A total of six poultry farms were investigated. The farms were located in Namwon, Chonlabuk-do and in Kae-San, Chungchongbuk-do. This study consisted of a questionnaire and measuring organic dusts and ammonia. The questionnaire included the characteristics of the farms, work patterns and the tasks of the poultry farms. Results and Conclusions: The farmers raised the chickens 45 times a year and the average number of years in the poultry farm were eight years ranging from 2 to 12 years. They worked for seven days per week and the average hours spent caring the chickens are 6.3 hours per day. The duration of staying in the confinement buildings was 3.3 hours per day. The work time in summer was longest. The feed and the water supply systems were automatic and the control of ventilation windows used "winch curtain" was semiautomatic. They used mechanical ventilation system in winter and used dilution ventilation system in the other seasons. The geometric mean concentration of total and respirable dust sampled in the poultry confinement buildings was 4.0 mg/$m^3$and 0.9 mg/$m^3$ respectively. The ratio of respirable to total dusts range from 9 to 49 percent. There was no sample exceeding the criteria 10 mg/$m^3$ for total dust and 3 mg/$m^3$ for respirable dust in farms. The criteria have been recommended by Korean Ministry of Labor and American Conference of Governmental Industrial Hygienist. The personal respirable dusts measured during a circle work averaged geometric mean concentration 1.4 mg/$m^3$ Two personal samples were exceeded the threshold 3 mg/$m^3$. There was a positive relation between an index and the personal samples of respirable dusts($R^2$=0.98). The index is calculated by multipling the total number of chickens in the farm by the age of the chickens and then dividing by the volume of the confinement building. The geometric mean concentration of area and personal ammonia samples was 23.3 ppm and 22.2 ppm, respectively. Some of the ammonia samples, both area and personal samples, exceeded the short term exposure limit value 35 ppm.

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A Study on A Phase of Denotation Expansion of Oriental Medicine in the late Joseon Dynasty (조선(朝鮮) 후기(後期) 한의학(韓醫學) 외연확대(外延擴大)의 일국면(一局面))

  • Park, Sang-Young;Oh, Jun-Ho;Kwon, Oh-Min
    • Korean Journal of Oriental Medicine
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    • v.17 no.3
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    • pp.1-8
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    • 2011
  • In the late Joseon Dynasty, a bulky volume of books, which had rarely been seen, poured out including "Imwongyeongjeji", "Japdongsani", "Songnamjapsik" and "Ohjuyeonmunjaangjeonsango". such sorts of books have a characteristic that an author collected various pieces of information, which were scatter away at that time, in one's own way and compiled them into a book rather than an author's own remarks or ideas. Most authors of such books were known to have made not a few book beside bulky books. Such a trend of the times doubled its revitalization with the influx of that books in a series that were popular especially in the period of Ming State & Ching State in China. The research work on such a trend once showed not a little progress by a few faithful researchers even under the circumstances where they were overwhelmed by the bulkiness of a book in a series itself and its target volume. However, in spite of not a little fruition of such studies, there has been no comments at all on the new factors of change faced by Oriental medicine in the climate of the intellect history in the late Joseon Dynasty. Thus, this study aimed at looking at the significance of medical-history-based studies on this matter on the basis of Park, Jiwon's "Keumryosocho", and Lee, Deokmu's "Iemokgushimseo", and suggesting the further task. The conclusions obtained from the analysis of "Keumryosocho" and "Iemokgusimseo" are as follows: 1.The prescriptions cited from the sorts of writings excluded entirely the medical theories on the principles of prescription, and they are composed of a single-medicine prescription or so, which made it easier even for those who lacked a special knowledge of medicine to use it; in addition, it was easy to get medicinal ingredients in most cases. It's presumed that such a composition of medicinal ingredients had a close relation with the difficulty in the supply of medicinal ingredients, which issue became a serious issue in the late Joseon Dynasty. 2. The prescriptions originating from the sorts of writings sometimes are mixed with the ones whose medical efficiency are doubted. This means the inherence of obstacles to delivering accurate medical knowledge couldn't be avoided because the initial purpose of such sorts of writings lay in popularity than practicality. 3. In spite of such problems, the prescriptions originating from writings seems to have not a few influences on the intellectuals in the late Joseon Dynasty, and it's possible for us to take a glance on the traces of their use of these prescriptions in an actual daily life. This fact is fully confirmed by the contents in the preface of "Keumryosocho" that Park-jiwon personally tried to write a prescription. Moreover, such facts can be also confirmed from the fact that the writings of China or our country are seen quite often among the writings which were incited by Seo, Yugu's "Injeji." Like this, the fact that the information of orthodox medicine and the one originating from general books other than medicine books were integrated at one place is plainly showing a phase of the intellect history in the late Joseon Dynasty deluged with information; because of such a characteristic, we can say that Oriental medicine became plentiful in the aspect of diversity with its expansion of denotation, but Oriental medicine could not but additionally assume the problem of having to distinguish good from bad in the midst of such a situation.

우리나라 농촌지역의 출산조절행태 및 출산조절행위의 결정요인 분석

  • Chung, Kyung-Hee;Han, Seung-Hyun;Bang, Sook
    • Korea journal of population studies
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    • v.11 no.2
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    • pp.33-53
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    • 1988
  • This study aimed at developing a desirable family planning policy and strategy by examining the current status of family planning practice in rural Korea and by indentifying the crucial factors which affect fertility control behavior. For this purpose, an analytical study was conducted, using the survey data collected in July 1985, on an interview basis, on 1, 440 married women living in the Soyi, Wonnam and Maingdong townships of Eumseong County(in North Chungcheong Province). This study population has the typical characteristics of rural areas, and the results of the analysis can be summarized as follows: 1. In regard to the demographic characteristics of the study population : their average age at marriage was 23.7, they had an average of 2.6 children( 1.3 boys, 1.3 girls) :10% experienced the death of their child (ren) :14% had spontaneous abortion(s) :4% weathered stillbirth(s) :35% went through induced abortion (s) : and 5.5% were currently pregnant. The average of their ideal numbers of children was 2.2, while 44% felt that they must have a son. 2. Looking at the contact rate with medical & health institutions, over the past 1 year, the visit rate to health subcenters was 43.7%, while 26.9% visited the (county) health center :59.6% had been to private clinics : and 41.5% went to the Soonchunhyang - Eumsung hospital : thus showing a relatively high rate of accessibility. 3. The utilization rate of family planning services was 76.5%, with tubectomy being the most prominent method at 52.3%, while the informants were health workers in 54.2% of the acceptors. Of the 8.4% who discontinued the use of contraceptive methods, only 26% did so due to want for pregnancy, natural infertility (meno - pause), or other reasons, while the remaining 74% stopped usage on account of side effects, failure in the methods themselves, and inconvenience of use, thus pointing to a situation where the proper choice of family planning methods have not yet been made. It can be noted that there is a strong motivation for early birth stopping as 35.3% practice family planning even with only one child, of which 38.3% have had sterilization operations. According to results of a multiple regression analysis, among the variables affecting contraception usage the most significant variable was the number of sons. 4. 34.8% experienced induced abortions. It was shown as a result of multiple regression analysis that the number of children and attitudes toward induced abortions extensively affected their frequency of abortions conducted. 5. In the regard to the relation between family planning and induced abortions, 33.7% of the women used both, while 52.0% of them used only the former(family planning), with only 1.4 % utilizing solely the latter(abortion), and 12.9% totally abstaining from fertility regulation : again, the discriminant analysis indicated that the choice of family planning and/or induced abortion was determined by the number of children and attitudes toward induced abortion. In view of the above mentioned results, the following are some comments and suggestions concerning problems related to the current family planning policies, in Korea : 1. It is difficult to expect a further quantitative expansion in family planning program operations, as there has been an excessive supply of target-oriented sterilization operations on women. From a maternal and child health care point of view, it will be desirable to have a diversification of service points in the future where family planning methods may be properly chosen, so that choices of methods which suit the mothers' characteristics and tastes may be made by the individuals themselves by strengthening their quality of family planning information services. 2. Along with the strengthening of the qualitative improvement of family planning services policies must be implemented to effectively promote the moral (ethical) deterrents to induced abortions and to preference for sons. From a maternal care standpoint, the social permissive norm toward induced abortion must be modified, and the bias towards son must be analyzed as the women with more daughters have a lower rate of family planning acceptance. Such changes in attitudes, however, can not be hoped to be accomplished with ad hoc policies, but will only be possible when an enhancement of the women's status(within the society) is brought about in a long - term perspective.

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Analysis on Statistical Characteristics of Household Water End-uses (가정용수 용도별 사용량의 통계적 특성 분석)

  • Kim, Hwa Soo;Lee, Doo Jin;Park, No Suk;Jung, Kwan Soo
    • KSCE Journal of Civil and Environmental Engineering Research
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    • v.28 no.5B
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    • pp.603-614
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    • 2008
  • End-uses of household water have been changed by a life style, housing type, weather, water rate and water supply facilities etc. and those variables can be considered as an internal and exogenous factors to estimate long-term demand forecasts. Analysis of influential factors on water consumption in households would give an explanation to cause on the change of trend and would help predicting the water demand of end-use in household. The purpose of this study is to analyze the demand trends and patterns of household water uses by metering and questionnaire such as occupation, revenue, numbers of family member, housing types, age, floor area and installation of water saving device, etc. The peak water uses were shown at Saturday among weekdays and July in a year based on the analysis results of water use pattern. A steep increase of total water volume can be found in the analysis of water demand trend according to temperature from $-14^{\circ}C$ to $0^{\circ}C$, while there are no significant variations in the phase of more than $0^{\circ}C$, with an almost stable demand. Washbowl water shows the highest and toilet water shows the lowest relation with temperature in correlation analysis results. In the results of ANOVA to find the significant difference in each unit water use by exogenous factors such as housing type, occupation, number of generation, residential area and income et al., difference was shown in bathtub water by housing type and shown in kitchen, toilet and miscellaneous water by numbers of resident. Especially, definite differences in components except washbowl and bathtub water, could be found by numbers of resident. Based on the result, average residents in a house should be carefully considered and the results can be applied as reference information, in decision making process for predicting water demand and establishing water conservation policy. It is expected that these can be used as design factors in planning stage for water and wastewater facilities.

Study on the Effects of Shop Choice Properties on Brand Attitudes: Focus on Six Major Coffee Shop Brands (점포선택속성이 브랜드 태도에 미치는 영향에 관한 연구: 6개 메이저 브랜드 커피전문점을 중심으로)

  • Yi, Weon-Ho;Kim, Su-Ok;Lee, Sang-Youn;Youn, Myoung-Kil
    • Journal of Distribution Science
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    • v.10 no.3
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    • pp.51-61
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    • 2012
  • This study seeks to understand how the choice of a coffee shop is related to a customer's loyalty and which characteristics of a shop influence this choice. It considers large-sized coffee shops brands whose market scale has gradually grown. The users' choice of shop is determined by price, employee service, shop location, and shop atmosphere. The study investigated the effects of these four properties on the brand attitudes of coffee shops. The effects were found to vary depending on users' characteristics. The properties with the largest influence were shop atmosphere and shop location Therefore, the purpose of the study was to examine the properties that could help coffee shops get loyal customers, and the choice properties that could satisfy consumers' desires The study examined consumers' perceptions of shop properties at selection of coffee shop and the difference between perceptual difference and coffee brand in order to investigate customers' desires and needs and to suggest ways that could supply products and service. The research methodology consisted of two parts: normative and empirical research, which includes empirical analysis and statistical analysis. In this study, a statistical analysis of the empirical research was carried out. The study theoretically confirmed the shop choice properties by reviewing previous studies and performed an empirical analysis including cross tabulation based on secondary material. The findings were as follows: First, coffee shop choice properties varied by gender. Price advantage influenced the choice of both men and women; men preferred nearer coffee shops where they could buy coffee easily and more conveniently than women did. The atmosphere of the coffee shop had the greatest influence on both men and women, and shop atmosphere was thought to be the most important for age analysis. In the past, customers selected coffee shops solely to drink coffee. Now, they select the coffee shop according to its interior, menu variety, and atmosphere owing to improved quality and service of coffee shop brands. Second, the prices of the brands did not vary much because the coffee shops were similarly priced. The service was thought to be more important and to elevate service quality so that price and employee service and other properties did not have a great influence on shop choice. However, those working in the farming, forestry, fishery, and livestock industries were more concerned with the price than the shop atmosphere. College and graduate school students were also affected by inexpensive price. Third, shop choice properties varied depending on income. The shop location and shop atmosphere had a greater influence on shop choice. The customers in an income bracket of less than 2 million won selected low-price coffee shops more than those earning 6 million won or more. Therefore, price advantage had no relation with difference in income. The higher income group was not affected by employee service. Fourth, shop choice properties varied depending on place. For instance, customers at Ulsan were the most affected by the price, and the ones at Busan were the least affected. The shop location had the greatest influence among all of the properties. Among the places surveyed, Gwangju had the least influence. The alternate use of space in a coffee shop was thought to be important in all the cities under consideration. The customers at Ulsan were not affected by employee service, and they selected coffee shops according to quality and preference of shop atmosphere. Lastly, the price factor was found to be a little higher than other factors when customers frequently selected brands according to shop properties. Customers at Gwangju reacted to discounts more than those in other cities did, and the former gave less priority to the quality and taste of coffee. Brand preference varied depending on coffee shop location. Customers at Busan selected brands according to the coffee shop location, and those at Ulsan were not influenced by employee kindness and specialty. The implications of this study are that franchise coffee shop businesses should focus on customers rather than aggressive marketing strategies that increase the number of coffee shops. Thus, they should create an environment with a good atmosphere and set up coffee shops in places that customers have good access to. This study has some limitations. First, the respondents were concentrated in metropolitan areas. Secondary data showed that the number of respondents at Seoul was much more than that at Gyeonggi-do. Furthermore, the number of respondents at Gyeonggi-do was much more than those at the six major cities in the nation. Thus, the regional sample was not representative enough of the population. Second, respondents' ratio was used as a measurement scale to test the perception of shop choice properties and brand preference. The difficulties arose when examining the relation between these properties and brand preference, as well as when understanding the difference between groups. Therefore, future research should seek to address some of the shortcomings of this study: If the coffee shops are being expanded to local areas, then a questionnaire survey of consumers at small cities in local areas shall be conducted to collect primary material. In particular, variables of the questionnaire survey shall be measured using Likert scales in order to include perception on shop choice properties, brand preference, and repurchase. Therefore, correlation analysis, multi-regression, and ANOVA shall be used for empirical analysis and to investigate consumers' attitudes and behavior in detail.

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Empirical Analysis on Bitcoin Price Change by Consumer, Industry and Macro-Economy Variables (비트코인 가격 변화에 관한 실증분석: 소비자, 산업, 그리고 거시변수를 중심으로)

  • Lee, Junsik;Kim, Keon-Woo;Park, Do-Hyung
    • Journal of Intelligence and Information Systems
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    • v.24 no.2
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    • pp.195-220
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    • 2018
  • In this study, we conducted an empirical analysis of the factors that affect the change of Bitcoin Closing Price. Previous studies have focused on the security of the block chain system, the economic ripple effects caused by the cryptocurrency, legal implications and the acceptance to consumer about cryptocurrency. In various area, cryptocurrency was studied and many researcher and people including government, regardless of country, try to utilize cryptocurrency and applicate to its technology. Despite of rapid and dramatic change of cryptocurrencies' price and growth of its effects, empirical study of the factors affecting the price change of cryptocurrency was lack. There were only a few limited studies, business reports and short working paper. Therefore, it is necessary to determine what factors effect on the change of closing Bitcoin price. For analysis, hypotheses were constructed from three dimensions of consumer, industry, and macroeconomics for analysis, and time series data were collected for variables of each dimension. Consumer variables consist of search traffic of Bitcoin, search traffic of bitcoin ban, search traffic of ransomware and search traffic of war. Industry variables were composed GPU vendors' stock price and memory vendors' stock price. Macro-economy variables were contemplated such as U.S. dollar index futures, FOMC policy interest rates, WTI crude oil price. Using above variables, we did times series regression analysis to find relationship between those variables and change of Bitcoin Closing Price. Before the regression analysis to confirm the relationship between change of Bitcoin Closing Price and the other variables, we performed the Unit-root test to verifying the stationary of time series data to avoid spurious regression. Then, using a stationary data, we did the regression analysis. As a result of the analysis, we found that the change of Bitcoin Closing Price has negative effects with search traffic of 'Bitcoin Ban' and US dollar index futures, while change of GPU vendors' stock price and change of WTI crude oil price showed positive effects. In case of 'Bitcoin Ban', it is directly determining the maintenance or abolition of Bitcoin trade, that's why consumer reacted sensitively and effected on change of Bitcoin Closing Price. GPU is raw material of Bitcoin mining. Generally, increasing of companies' stock price means the growth of the sales of those companies' products and services. GPU's demands increases are indirectly reflected to the GPU vendors' stock price. Making an interpretation, a rise in prices of GPU has put a crimp on the mining of Bitcoin. Consequently, GPU vendors' stock price effects on change of Bitcoin Closing Price. And we confirmed U.S. dollar index futures moved in the opposite direction with change of Bitcoin Closing Price. It moved like Gold. Gold was considered as a safe asset to consumers and it means consumer think that Bitcoin is a safe asset. On the other hand, WTI oil price went Bitcoin Closing Price's way. It implies that Bitcoin are regarded to investment asset like raw materials market's product. The variables that were not significant in the analysis were search traffic of bitcoin, search traffic of ransomware, search traffic of war, memory vendor's stock price, FOMC policy interest rates. In search traffic of bitcoin, we judged that interest in Bitcoin did not lead to purchase of Bitcoin. It means search traffic of Bitcoin didn't reflect all of Bitcoin's demand. So, it implies there are some factors that regulate and mediate the Bitcoin purchase. In search traffic of ransomware, it is hard to say concern of ransomware determined the whole Bitcoin demand. Because only a few people damaged by ransomware and the percentage of hackers requiring Bitcoins was low. Also, its information security problem is events not continuous issues. Search traffic of war was not significant. Like stock market, generally it has negative in relation to war, but exceptional case like Gulf war, it moves stakeholders' profits and environment. We think that this is the same case. In memory vendor stock price, this is because memory vendors' flagship products were not VRAM which is essential for Bitcoin supply. In FOMC policy interest rates, when the interest rate is low, the surplus capital is invested in securities such as stocks. But Bitcoin' price fluctuation was large so it is not recognized as an attractive commodity to the consumers. In addition, unlike the stock market, Bitcoin doesn't have any safety policy such as Circuit breakers and Sidecar. Through this study, we verified what factors effect on change of Bitcoin Closing Price, and interpreted why such change happened. In addition, establishing the characteristics of Bitcoin as a safe asset and investment asset, we provide a guide how consumer, financial institution and government organization approach to the cryptocurrency. Moreover, corroborating the factors affecting change of Bitcoin Closing Price, researcher will get some clue and qualification which factors have to be considered in hereafter cryptocurrency study.