• The Journal of Asian Finance, Economics and Business
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• 제7권12호
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• pp.95-107
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• 2020

The study investigates the asymmetric effect of exchange rate changes on stock prices in Vietnam. We use the nonlinear autoregressive-distributed lag (ARDL) analysis for monthly data from 2001:01 to 2018:05, based on VN-Index stock price collected from Ho Chi Minh Stock Exchange (HOSE); the nominal exchange rate is separated into currency depreciation and appreciation through a partial sum decomposition process. Asymmetry is estimated both in the long-run relationship and the short-run error correction mechanism. The research results show that the effect of exchange rate changes on stock prices is asymmetrical, both in the short run and in long run. Accordingly, the stock prices react to different levels to depreciation and appreciation. However, the currency appreciation affects a stronger transmission of stock prices when compared to the long-run currency depreciation. In the absence of asymmetry, the exchange rate only has a short-run impact on stock prices. This implies a symmetrical assumption that underestimates the impact of exchange rate changes on stock prices in Vietnam. This study points to an important implication for regulators in Vietnam. They should consider the relationship between exchange rate changes and stock prices in both the long run and the short run to manage the stock and foreign exchange market.

• East Asian Economic Review
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• 제20권3호
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• pp.365-390
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• 2016

This paper quantitatively compares the intrinsic features of the daily USD-GBP exchange rates in two different periods, the 1920s and the 2010s, under the same freely floating exchange rate system. Even though the foreign exchange markets in the 1920s seem to be much less organized and developed than in the 2010s, this paper finds that both the long memory volatility property and the structural break appear to be the common intrigue features of the exchange rates in the two periods by using the FIGARCH model. In particular, the long memory volatility properties in the two periods are found to be upward biased and overstated because of the structural breaks in the exchange markets. Thus this paper applies the Adaptive-FIGARCH model to consider the long memory volatility property and the structural breaks jointly. The main finding is that the structural breaks in the exchange markets affect the long memory volatility property significantly in the two periods but the degree of the long memory volatility property in the 1920s is reduced more remarkably than in the 2010s after the structural breaks are accounted for; thus implying that the structural breaks in the foreign exchange markets in the 1920s seem to be more significant.

• 상하수도학회지
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• 제29권1호
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• pp.65-75
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• 2015

In this study, cation and anion exchange process for performance evaluation was conducted. A pilot plant for the ultrpure water production was installed with the capacity of $25m^3/d$. The various production rate and regeneration of ion exchange rate were tested to investigate the design parameters. The test resulst was applied to calculate the operating costs. Changing the flow rate of the ion exchange capacity of the reproduction reviewed the cation exchange process as opposed to the design value is 120 to 164% efficiency, whereas both anion exchange process is 82 to 124% efficiency, respectively. This results can be applied for more large scale plant if the scale up parameters are consdiered. The ion exchange capacity of the application in accordance with the design value characteristic upon application equipment is expected to be needed. In this study, the performance of cation and anion exchange resin process was evaluated with pilot plant($25m^3/d$). The ion exchange capacity along with space velocity and regeneration volume was evaluated. In results, the operation results was compared with design parameters.

• 한국세라믹학회지
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• 제33권2호
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• pp.242-250
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• 1996

Glasses of Na2O-Al2O3-SiO2 system were prepared and ion-exchange characteristics change of properties and bactericidal effects by Na+↔Ag+ ion exchange were studied. Parent glasses with three compositions of varying Na2O in the 20~30 wt% were ion-exchanged in the molten salt of 2 mol% AgNO3+98 mol% NaNO3 at 320~36$0^{\circ}C$ for 15~16min. Amount of ion exchange and penetration depth of Ag+ ion increased with Na2O content in the parent glass ion exchange temperature and time. After ion exchange densities and Vickers hardness of the glasses increased and the glasses showed yellow-brown color and as amount of ion exchange increased the color turned deep because partial reduction and agglomeration of Ag+ into Ag0 results in absorption of visible light. After ion exchange chemical durability of the glass to wter was enhanced compara-bly that weight loss and change of surface of the glass were not found for the leaching test in 5$0^{\circ}C$ K.I water for 240hrs. Bactericidal effect of ion exchanged glass on Staphylococcus aureus and E. coli was determined by microorganism test and bactericidal effect increased with amount of ion exchange and incubation time.

• The Journal of Asian Finance, Economics and Business
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• 제8권12호
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• pp.63-73
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• 2021

This study investigates the key determinants of exchange rate (RER) misalignment for the period 1991 to 2020. The BEER technique has been used to estimate the degree of the equilibrium exchange rate. To explore the actual exchange rate misalignment and to assess the behavior of variables that are different in different regimes of undervaluation and overvaluation, the nonlinear technique of Markov regime-switching (MSM) was applied. The mean and variance of each regime are highly significant and show that undervaluation episodes have a low mean (116.139) and more volatility (1.229) while overvaluation episodes have a high mean (126.732) with less volatility (0.871). The findings show that MSM accurately identifies exchange rate misalignment in both regimes as separate incidents of overvaluation and undervaluation. Results further depict that misalignment of the RER is affected by terms of trade, net foreign assets, interest differential, government investment, and consumption decision. Results recommend that if policymakers want to use the exchange rate as a policy tool, they must first consider the drivers of the equilibrium exchange rate. As a result, any deliberate actions to address exchange rate misalignment must focus on the underlying fundamentals that drive the exchange rate.

• The Journal of Asian Finance, Economics and Business
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• 제8권3호
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• pp.1-10
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• 2021

This study examines the dynamic pattern of the exchange rate volatilities of the ASEAN-5 currencies from January 2006 to August 2020. The exchange rates applied in this study comprise bilateral and effective exchange rates in order to investigate the influence of the US dollar on the stability of the ASEAN-5 currencies. Since a volatility model employed in this study is a natural cubic spline volatility model, the Monte Carlo simulation is consequently conducted to determine an appropriate criterion to select a number of quantile knots for this model. The simulation results reveal that, among four candidate criteria, Generalized Cross-Validation is a suitable criterion for modeling the ASEAN-5 exchange rate volatilities. The estimated volatilities showed the inconstant dynamic patterns reflecting the uncertain exchange rate risk arising in international transactions. The bilateral exchange rate volatilities of the ASEAN-5 currencies to the US dollar are more variable than their corresponding effective exchange rate volatilities, indicating the influence of the US dollar on the stability of the ASEAN-5 currencies. The findings of this study suggest that the natural cubic spline volatility model with the quantile knots selected by Generalized Cross-Validation is practical and can be used to examine the dynamic patterns of the financial volatility.

• 통상정보연구
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• 제9권3호
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• pp.151-160
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• 2007

The purpose of this study is to estimate the risk premium hedge ratio in foreign exchange risk of the foreign exchange rate insurance. The applicants of exchange rate insurance and Korea Export Insurance Corporation will be facing the risk in change of currency and guaranteed currency’s swap point upon contract being made. Also upon making decision of hedging exchange rate insurance, the company will need to be aware of the risk causing due to change in swap point.

• 상하수도학회지
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• 제12권3호
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• pp.75-80
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• 1998

Ammonium ion is notorious for the adverse effects upon many of the important uses of water such as toxcity to fish, corrosion of metals and concrete, and concern over man's consumption. A clinoptilolite, which is a naturally occurring zeolite selective for ammonium ion exchange, has been used. Batch isotherm experiments were conducted for measuring ammonium ion exchange capacity. The ion exchange capacity was well described either by the Langmuir equation or by the Freundlich equation. As the particle size of the clinoptilolite decreased, exchange capacity was increased. The smaller particle size enhaced the exchange of ammonium ion due to the greater surface area and decreased diffusion to the exchange sites within the zeolite. Ammonium ion exchange capacity tended to decrease when the temperature increased from $20^{\circ}C$ to $35^{\circ}C$, and the temperature correction factor was found to be 0.98 in the Langmuir equation.

• 통상정보연구
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• 제8권4호
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• pp.159-175
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• 2006

This paper that explain exchange rate determination using Korea's economy data moment investigate whether each theory cause effect that is some on exchange rate showdown analyzing actual proof relation between foreign exchange fluctuation and financing part variance examine wish to. Because korea economic enters in the 1990s and the 2000s and the change is notable, foreign exchange fluctuation by such change is real condition that is changing. In this paper, I wish to enforce actual proof analysis if change such as him is grasped by form that is some about foreign exchange fluctuation. First, the second chapter investigates exchange rate decision theory that is used on actual proof interpretation, and executes actual proof Test in reply in subsequent the third chapter. And finally, the fourth chapter wishes to drive conclusion of this paper.

• 전기학회논문지
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• 제58권10호
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• pp.2052-2058
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• 2009

The standardized and open information model called common language and information exchange format should be firstly defined for the interoperable power system and two-way information exchange among the components of the power system. The information models and information exchange formats for power facilities and power system applications are being defined in power system area, but the information model and information exchange format for the consumer area are not being yet defined besides of metering information model. An architecture and open standard for the information exchange between energy service provider and consumer are required to provide various value added services through the networking with devices in consumer premise. In this paper, an architecture for the two-way communications between energy service provider and consumer is defined and psXML(power system XML) for the information exchange is designed.