• Journal of Korea Trade
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• v.23 no.8
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• pp.1-26
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• 2019

Purpose - This paper investigates the recent trade collapse, recovery, and prolonged slowdown to shed light on the discussions about whether the current slowdown is structural or cyclical. I examine structural, cyclical, and heterogeneous aspects of the recent trade trends using detailed statistics of a small open economy, South Korea, whose economic success and growth have been heavily dependent on exports. Design/methodology - I use both aggregated and disaggregated trade statistics of South Korea. I apply the following methodologies: 1) I decompose the trade growth into the extensive and the intensive margin and observe the effect of prices over time. 2) I estimate the trade-income elasticities focusing on the world's import demand, separately for goods from the world and from Korea. 3) I compare the drop in goods exports in slowdown and trade collapse, which are the two unusual periods in the recent history when world trade has substantially dropped altogether. Findings - I show that while the last drop of trade after 2015 has cyclical aspects, there is evidence that the continued slowdown from 2012 is structural: 1) the so-called 'China factor' is found in the analysis of trade-income elasticity of the world and China for imports from Korea. 2) The bilateral trade barriers between Korea and its principal trading partners are universally tightening. 3) Firm sizes, destination countries, and the mode of transactions affect disaggregated trade flows during the slowdown periods. Originality/value - This paper contributes to the debate regarding whether the current trade slowdown is structural or cyclical. I provide two concrete evidence that the export drop in 2015 stems from low oil prices: one is the divergence of Korean export value index from its export quantity index, which started in late 2014 when oil prices plunged. I also contribute to the literature by providing evidence that Korea's trade barriers with important trading partners are steadily increasing since 2012 as the protectionist measures toward Korea's export products are steeply increasing after the global financial crisis.

• Communications for Statistical Applications and Methods
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• v.22 no.5
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• pp.415-434
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• 2015

In this paper we overview the literature on common features analysis of economic time series. Starting from the seminal contributions by Engle and Kozicki (1993) and Vahid and Engle (1993), we present and discuss the various notions that have been proposed to detect and model common cyclical features in macroeconometrics. In particular, we analyze in details the link between common cyclical features and the reduced-rank regression model. We also illustrate similarities and differences between the common features methodology and other popular types of multivariate time series modelling. Finally, we discuss some recent developments in this area, such as the implications of common features for univariate time series models and the analysis of common autocorrelation in medium-large dimensional systems.

• Journal of Electrical Engineering and Technology
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• v.9 no.1
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• pp.178-183
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• 2014

This paper presents a motor characteristics analysis method using an equivalent circuit. Motor characteristics analysis via equivalent circuit is very important for designing a high efficiency single phase induction motor. The accuracy of the motor characteristics depends on the accuracy of the parameters, especially saturation factor, which determines the cyclical relationship in the analysis process. Therefore, using the proposed method, the saturation factor was calculated using the iteration routine and numerical technique. The proposed method was verified by comparing the finite element method results and the dynamo test results of manufactured prototype model.

• The Journal of Korean Institute of Communications and Information Sciences
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• v.31 no.12C
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• pp.1173-1183
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• 2006

In this paper, we propose an efficient method for improving visual quality of AR-FGS (Adaptive Reference FGS) which is adopted as a key scheme for SVC (Scalable Video Coding) or H.264 scalable extension. The standard FGS (Fine Granularity Scalability) adopts AR-FGS that introduces temporal prediction into FGS layer by using a high quality reference signal which is constructed by the weighted average between the base layer reconstructed imageand enhancement reference to improve the coding efficiency in the FGS layer. However, when the enhancement stream is truncated at certain bitstream position in transmission, the rest of the data of the FGS layer will not be available at the FGS decoder. Thus the most noticeable problem of using the enhancement layer in prediction is the degraded visual quality caused by drifting because of the mismatch between the reference frame used by the FGS encoder and that by the decoder. To solve this problem, we exploit the principle of cyclical block coding that is used to encode quantized transform coefficients in a cyclical manner in the FGS layer. Encoding block coefficients in a cyclical manner places 'higher-value' bits earlier in the bitstream. The quantized transform coefficients included in the ealry coding cycle of cyclical block coding have higher probability to be correctly received and decoded than the others included in the later cycle of the cyclical block coding. Therefore, we can minimize visual quality degradation caused by bitstream truncation by adjusting weighting factor to control the contribution of the bitstream produced in each coding cycle of cyclical block coding when constructing the enhancement layer reference frame. It is shown by simulations that the improved AR-FGS scheme outperforms the standard AR-FGS by about 1 dB in maximum in the reconstructed visual quality.

• Management & Information Systems Review
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• v.36 no.4
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• pp.53-80
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• 2017

The purpose of this study is to examine the determinants of the number of bank relationships in Korea. Firm-specific determinants considered here include leverage, size, age, return on asset, investment grade, tangibility, liquidity, R&D expenditure. We estimate the effects of these variables, and compare the results with those from previous studies performed for other economies. Concerning the effects of business cycle, we find that the business cycle is an important factor in determining the number of bank relationships. The number of bank relationships varies over the business cycle, and we notice a counter-cyclical behavior, which means the number decreases during economic expansions and increases during contractions. This result can be interpreted as a result of firms' diversification of borrowings into multiple banks in order to reduce the liquidity risk during the recession. In the subsets, however, the number of bank relationships for large firms is stable regardless of the business cycle. Unlisted firms, non-chaebol, and low credit quality firms which have relatively limited access to alternative sources of financing show counter-cyclical behavior. Finally, such phenomena is not observed in the non-competitive credit market, while they show a counter-cyclical behavior in the competitive credit market.

• Journal of Astronomy and Space Sciences
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• v.36 no.4
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• pp.265-281
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• 2019

We present new BVRI light curves of UY UMa with no O'Connell effect and a flat bottom secondary eclipse. Light curve synthesis with the Wilson-Devinney code gives a new solution, which is quite different from the previous study: UY UMa is an A-subtype over-contact binary with a small mass ratio of q = 0.21, a high inclination of 81°.4, a small temperature difference of ΔT=18°, a large fill-out factor of f = 0.61, and a third light of approximately 10% of the total systemic light. The absolute dimensions were newly determined. Seventeen new times of minimum light have been calculated from our observations. The period study indicates that the orbital period has intricately varied in a secular period increase in which two cyclical terms with periods of 12^y.0 and 46^y.3 are superposed. The secular period increase was interpreted to be due to a conservative mass transfer of 2.68 × 10^-8 M_⊙/yr from the less massive to the more massive star. The cyclical components are discussed in terms of double-light time contributions from two additional bound stars. The statistical relations of Yang & Qian (2015) among the physical parameters of 45 deep, low mass ratio contact binaries were revisited by using the physical parameters of UY UMa and 25 Kepler contact binaries provided by Şenavci et al. (2016).

• Journal of the Korea Academia-Industrial cooperation Society
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• v.19 no.1
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• pp.420-426
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• 2018

The purpose of this paper is to examine the business cycle in the Jeju region and what differences exist in relation to the nation as a whole, to calculate the relative importance between the random walk stochastic trend and cyclical factor, and to find out its causes and implications. Results of empirical analysis found that the characteristics of the business cycle in the Jeju region were as follows: First, the Jeju region, which is likely to have a growth component of the economy such as technological development and the accumulation of capital, was projected to have a possibility of high growth due to a greater proportion of the stochastic trend factor(46.8%) than the entire country(27.8%). Secondly, employment fluctuation in Jeju, which varies from 0.007 to 0.058 depending on the model, was lowest compared to the fluctuation of other indicators. The employment market in Jeju remained firm, showing that it is not smooth enough to create new jobs despite the production growth in industry. Third, the tourism industry was acting as a stabilizing factor, whereas the mining and manufacturing production was the opposite of tourism industry. This implies that the mining and manufacturing production was based on a weak foundation.

• Journal of the Korean Institute of Landscape Architecture
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• v.32 no.6 s.107
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• pp.36-51
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• 2005

The purpose of this thesis is to analyse modem urbanization process and the morphological transformation of the urban tissues in Kunsan between the you 1899 and 2001, The method of this study is to investigate the transformation process of morphological elements such as plot structure, building layout, building facades, land use, exterior space structure and their use, with actual field surveys, the analysis of land registration maps in 1912, and various topological map. Morphological analysis on modern Kunsan is progressed by three steps-typo-morphological analysis of urban tissue in old-town area, interpretation of morphological process, and transformation process, of morphological structure in Japanese concession in view of plots system. As a result, it is found that there is cyclical relationship among the morphological transformation processes of morphological elements, plots, buildings, land-uses, and access space to buildings. From the view of town plan change, the period of restoration of war damage in 1950s and compressive growing period in 1960s have important meaning in the morphological process of old-town area. Particularly the first building plan and layout type together with plot form and structure is acted as the main factor to decide the subsequent plot transformation system, exterior space system and the particular streetscape in Kunsan.

• Journal of Magnetics
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• v.18 no.4
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• pp.443-453
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• 2013

Maglev wind turbine generator (MWTG) technology has been widely studied due to its low loss, low maintenance cost, and high reliability. However, the dynamics of the magnetic bearing system differ fromthe those of the traditional mechanical bearing system. A horizontal axial MWTG supported with a permanent magnetic bearing is designed in this research and the radial forces and the natural frequencies of the rotor system are studied. The results show that the generatorhas a cyclical magnetic forceand an unreasonable bearing stiffness may mean that the rotor system needs to work in the resonance region; the bearing stiffness is the key factor to avoid this problem. This is the main rule of the bearing stiffness design in the MWTG, and this rule can also be used in other maglev permanent magnet motors.

• International Area Studies Review
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• v.15 no.2
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• pp.77-100
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• 2011

The Korean economy have experienced the remarkable decreases in factor prices such as bond yields, real wage since the IMF foreign exchange crisis. This paper investigates the effects of the price changes in the factor markets on determining the level and cyclicality of industrial markups in the manufacturing industry. For this purpose, we construct a markup equation in the small open economy based on the production function including foreign intermediate goods and assuming constant returns to scale technology and AR(1) process of technological coefficient. Empirical results are summarized as the followings. The empirical results shows that the increased markups after the IMF crisis can be explained by the price decreases in the factor markets which result in lowering marginal costs. And we also observed counter cyclicality of markup, labor share and interest rates while real wages, technical coefficients, and production price index proved to be pro-cyclical. In conclusion, the price changes in factor market have contributed to the stickiness in markup fluctuation in the manufacturing industry.