• Environmental and Resource Economics Review
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• v.33 no.2
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• pp.135-157
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• 2024

In this study, we analyzed the changes in copper consumption according to copper price fluctuations and identified the domestic copper price elasticity. A total of 408 time series data from January 1989 to December 2022 were analyzed using the vector autoregressive (VAR) model with net import volume, price, and production index as variables. In addition, to identify changes in the correlation between variables over time, the dynamic relationship between variables was identified using the time-varying vector autoregressive (TV-VAR) model. As a result of the analysis, it was confirmed that the negative price elasticity for copper is -0.1835. In addition, the interquartile range was -0.3130 ~ 0.0886, with no consistent trend over time, but mainly negative elasticity. This study can be used to quantify the expected impact of various policy proposals and changes related to minerals.

• KDI Journal of Economic Policy
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• v.36 no.3
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• pp.1-23
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• 2014

This paper has studied the monetary policy in Korea with a time varying VAR model using four key macroeconomic variables. First, inclusion of the exchange rate was a crucial factor in evaluating Korean monetary policy since the monetary policy demonstrated sensitivity to exchange rate movements during the crisis periods of both the Asian financial crisis of 1997 and the global financial crisis of 2008. Second, a specification of the stochastic volatilities in TVP-VAR model is important in explaining excessive movements of all variables in the sample. The overall moderation of variables in 2000s was more or less due to a reduction of the stochastic volatilities but also somewhat due to the macroeconomic fundamental structures captured by impulse response functons. Third, the degree of the monetary policy effectiveness of inflation was mitigated in recent periods but with increased persistence. Lastly, the monetary policy stance towards inflation stabilization has advanced ever since the inflation targeting scheme was adopted. However, there still seems to be a room for improvement in this aspect since the degree of the monetary policy stance towards inflation stabilization was relatively weaker than to output stabilization.

• Journal of the Korean Institute of Illuminating and Electrical Installation Engineers
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• v.20 no.9
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• pp.54-60
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• 2006

Large steel industries have time-varying nonlinear loads such as electric arc furnaces. These nonlinear loads generate harmonic currents and create distortions on the sinusoidal voltage of the power system. The main objective of the static var compensator is to maintain the rms voltage at the point of common coupling within the limit. In this research, harmonic mitigation studies were conducted with and without the SVC, and time-varying harmonics were evaluated according to the international harmonic standards (IEC 61000-3-6 and IEEE Std. 519) using a cumulative probabilistic approach.

• East Asian Economic Review
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• v.25 no.1
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• pp.73-97
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• 2021

China has experienced many structural changes in the process of economic development over the past three decades. Using a time-varying parameter VAR model with stochastic volatility and mixture innovations, this study investigates whether such structural changes in, especially tools and operational aims of monetary policy, affect the monetary transmission mechanism. We find that impulse responses of output growth and inflation to monetary shocks have substantially increased and then reversed to decrease around 2005-2006. This time variation is mainly caused by changes in the monetary transmission mechanism, i.e., the manner in which main macroeconomic variables respond to policy shocks, rather than by changes in volatilities of exogenous shocks. The result implies that aggressive monetary policy to facilitate economic growth in the developing economies may be legitimized, unless it causes inflation seriously.

• East Asian Economic Review
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• v.28 no.1
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• pp.95-140
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• 2024

This study empirically investigates the international transmission of China's uncertainty shocks. It estimates a time-varying parameter Bayesian global structural vector autoregressive model (TVP-BGVAR) using time series data for 33 countries to evaluate heterogeneous international linkage across countries and time. Uncertainty shocks are identified via sign restrictions. The empirical results reveal that an increase in uncertainty in China negatively affects the global economy, but those effects significantly vary over time. The effects of China's uncertainty shocks on the global economy have been significantly altered by China's WTO accession, the global financial crisis, and the recent US-China trade conflict. Furthermore, the effects of China's uncertainty shocks, typically on inflation, differ significantly across countries. Moreover, Trade openness appears crucial in explaining heterogeneous GDP responses across countries, whereas the international dimension of monetary policy appears to be important in explaining heterogeneous inflation responses across countries.

• Journal of the Korean Institute of Illuminating and Electrical Installation Engineers
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• v.21 no.10
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• pp.150-158
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• 2007

Large steel industries have time-varying nonlinear loads including electric arc furnaces. These nonlinear loads generate harmonic currents and create distortions on the sinusoidal voltage of the power system. Flicker can be defined as the effect produced on the human visual perception by a changing emission of light lamps subjected to magnitude fluctuations of their supply voltage. The main objective of the static var compensator(SVC) is to maintain the rms voltage at the point of common coupling within the limit. In this paper, harmonic and flicker mitigation studies with and without the SVC are investigated and are evaluated by the IEC 61000-3-6 and IEC 61000-3-7.

• The Plant Pathology Journal
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• v.21 no.4
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• pp.310-316
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• 2005

The objectives of this study were to identify the aecial host ranges of four Korean Gymnosporangium species, G. asiaticum, G. cornutum, Gjaponicum and Gyamadae, and to verify the morphological characteristics of telia as diagnostic keys to the species. Thirteen Korean Rosaceous woody species were artificially inoculated with teliospores obtained from Juniperus species. There was high specificity between telial and aecial hosts and the fungal species, providing the first experimental proof on host alternation of these rust fungi in Korea. Telia on the witches' broom and on the small galls were identified as new telial characteristics in G asiaticum and in G. yamadae, respectively. Aecial hosts of G. asiaticum and G. yamadae showed varying responses in their susceptibility and in the days required for formation and duration of spermogonia and aecia after inoculation. Four telial host species in Juniperus were confirmed for the first time in Korea, which include J. chinensis var. kaizuka, J. chinensis var. horizontalis and J. chinensis var. globosa for G. asiaticum; and J. chinensis var. kaizuka for G. yamadae.

• Economic Analysis
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• v.25 no.2
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• pp.132-176
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• 2019

We use a time-varying parameter vector auto regression (TVP-VAR) model to understand the impact of U.S. monetary policy normalization on Korean financial markets and capital accounts. The U.S. monetary policy is represented by the federal funds rate, term premium and credit spread. During the U.S. monetary contraction period of 2004 to 2006, changes in the federal funds rate presented negative pressure on Korean financial markets. The changes in federal funds rate also led to a simultaneous contraction in inward and outward capital flows. However, the effects of a federal funds rate shock has been reduced since 2015. On the other hand, the effects of U.S. term premiums is getting stronger after the period of quantitative easing (QE). The influence of the U.S. credit spread also significantly increased after the global financial crisis. Simulation results show that a rise in the U.S. credit spread, which can be triggered by a contractionary monetary policy, can pose a larger adverse impact on the Korean economy than a rise in the federal funds rate itself. As for capital flows, a U.S. monetary policy contraction causes an outflow of foreign investment, but the repatriation of overseas investment by Korean residents can offset this outflow.

• Journal of Plant Biology
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• v.15 no.2
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• pp.7-19
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• 1972

The studies of density effect or the effect of population density on plant growth have been done on basis of dry matter production with Raphanus acanthiformis var. simoodaeguen, Brassica campestris var. Pekinensis f. namsounsokoombecheu, Oryza sativa f. kimmajae and O. sativa f. mangyeng grown in the various spacing. 1. In the early period of plant growth in dry weight was not different each other among varying densities, but as time advanced the plant grown vast space grew sufficiently compared with those of narrow one. 2. Iogarithmic relation between the growth of plant (W) and the density (P), log W-log P in the material plants, were approximated by two straight lines, one was horizontal line and another inclined: the former showed non-competition density and the latter competition density addition to these the point interlinking both lines were implied of the optimum density per unit land area at certain growth period. 3. The values of relatvie growth rate (RGR) and net assimilation rate (NAR) were decreased as increase in the density, while those of leaf area ratio (LAR) were rather increased in the same condition, with minor exception. From these results and relation between the productive structure and due to lack of the recieved light intensity owing to the mutal shading among the plants.

• Journal of Korea Trade
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• v.24 no.4
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• pp.1-17
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• 2020

Purpose - Since China has been South Korea's biggest export destination, uncertainty shocks originating from it would influence South Korea's exports. This paper evaluates the effects of China's economic policy uncertainty on Korea's exports to explore the transmission channels. Design/methodology - Incorporating endogeneities and nonlinearities, this study employs a quarterly time-varying parameters vector autoregressive model to investigate the relationships between China's economic policy uncertainty and Korea's exports, where the overparameterization due to time-varying specifications is overcome by a novel stochastic model specification search framework. According to previous theoretical studies, this paper assesses two channels, demand shock channel and exchange rate channel, through which foreign uncertainty affects Korea's exports. This paper identifies the primary drivers of Korea's aggregate exports and analyzes the rationales for the time-variant impacts of China's economic policy uncertainty on Korea's exports to China. Findings - Our empirical results reveal that Korea's aggregate exports are less responsive to China's economic policy uncertainty shocks and significantly move together with global demand. In contrast, its bilateral exports to China are highly responsive in a negative and time-variant way. Moreover, Chinese investment is an important channel through which China's economic policy uncertainty affects Korea's exports to China after 2010. Further, the time-variant effects of China's economic policy uncertainty on Korea's exports to China are related to changes in China's foreign trade policies, global economic conditions, and China's degree of economic freedom. Originality/value - Few previous studies touch the effects of external uncertainty shocks on South Korea's exports. This paper attempts to fill this gap and explicitly investigate the impacts of China's economic policy uncertainty on Korea's exports from a time-varying perspective. As Korea is an export-oriented economy, this study provides insights for the Korean government to understand the transmissions of external uncertainty better.