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A Study on the Impact of Oil Price Volatility on Korean Macro Economic Activities : An EGARCH and VECM Approach (국제유가의 변동성이 한국 거시경제에 미치는 영향 분석 : EGARCH 및 VECM 모형의 응용)

  • Kim, Sang-Su
    • Journal of Distribution Science
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    • v.11 no.10
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    • pp.73-79
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    • 2013
  • Purpose - This study examines the impact of oil price volatility on economic activities in Korea. The new millennium has seen a deregulation in the crude oil market, which invited immense capital inflow into Korea. It has also raised oil price levels and volatility. Drawing on the recent theoretical literature that emphasizes the role of volatility, this paper attends to the asymmetric changes in economic growth in response to the oil price movement. This study further examines several key macroeconomic variables, such as interest rate, production, and inflation. We come to the conclusion that oil price volatility can, in some part, explain the structural changes. Research design, data, and methodology - We use two methodological frameworks in this study. First, in regards to the oil price uncertainty, we use an Exponential-GARCH (Exponential Generalized Autoregressive Conditional Heteroskedasticity: EGARCH) model estimate to elucidate the asymmetric effect of oil price shock on the conditional oil price volatility. Second, along with the estimation of the conditional volatility by the EGARCH model, we use the estimates in a VECM (Vector Error Correction Model). The study thus examines the dynamic impacts of oil price volatility on industrial production, price levels, and monetary policy responses. We also approximate the monetary policy function by the yield of monetary stabilization bond. The data collected for the study ranges from 1990: M1 to 2013: M7. In the VECM analysis section, the time span is split into two sub-periods; one from 1990 to 1999, and another from 2000 to 2013, due to the U.S. CFTC (Commodity Futures Trading Commission) deregulation on the crude oil futures that became effective in 2000. This paper intends to probe the relationship between oil price uncertainty and macroeconomic variables since the structural change in the oil market became effective. Results and Conclusions - The dynamic impulse response functions obtained from the VECM show a prolonged dampening effect of oil price volatility shock on the industrial production across all sub-periods. We also find that inflation measured by CPI rises by one standard deviation shock in response to oil price uncertainty, and lasts for the ensuing period. In addition, the impulse response functions allude that South Korea practices an expansionary monetary policy in response to oil price shocks, which stems from oil price uncertainty. Moreover, a comparison of the results of the dynamic impulse response functions from the two sub-periods suggests that the dynamic relationships have strengthened since 2000. Specifically, the results are most drastic in terms of industrial production; the impact of oil price volatility shocks has more than doubled from the year 2000 onwards. These results again indicate that the relationships between crude oil price uncertainty and Korean macroeconomic activities have been strengthened since the year2000, which resulted in a structural change in the crude oil market due to the deregulation of the crude oil futures.

The Impact of Perceived Economic Value and Personal Characteristics on Electric Vehicle Purchase Intention - For residents of Jeju as a special district for electric vehicles - (전기차에 대한 지각된 경제적 가치 및 개인적 특성이 구매의도에 미치는 영향에 관한 연구 -전기차 특구지역인 제주지역 주민을 대상으로-)

  • Shim, Soo-Min;Kim, Hyang Mi;Son, Sang-Hoon
    • Journal of Digital Convergence
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    • v.18 no.2
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    • pp.163-174
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    • 2020
  • The market for electric vehicles is growing due to the public's interest in the environment and the expansion of electric vehicle support projects in terms of government policy. This study surveyed 2,332 people in Jeju, one of the nation's representative areas of electric vehicles, and the higher the perceived value in terms of the total cost of automobile ownership for electric vehicles, the higher the intention to purchase electric vehicles. The higher the level of knowledge and attachment, the higher the intention to purchase electric vehicles. While many previous studies considered economic value mainly as price, the study was conducted to approach economic value in terms of total cost of ownership. Marketing practitioners also look for practical contributions in that they can propose price framing so that customers can judge the economic value of the electric vehicle as a strategic way to increase the intention to purchase the electric vehicle, rather than just the purchase price. can see. In addition, the same research should be conducted in various regions besides Jeju, so that the research results can be generalized.

The Indication of Ankle Lateral Ligament Reconstruction Using Tendon Graft in Chronic Ankle Instability (만성 족관절 불안정증에서 건이식을 이용한 외측 인대 재건술의 적응증)

  • Park, Jae Yong;Choi, Gi-Won;Cho, Jae-ho;Kang, Chan;Choi, Kyungjin;Chung, Jin-Wha;Kim, Hak Jun;Bae, Su-Young;Cha, Seung-Do;Kim, Ki Chun;Han, Seung Hwan;The Insurance Committee of Korean Foot and Ankle Society
    • Journal of Korean Foot and Ankle Society
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    • v.20 no.1
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    • pp.12-18
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    • 2016
  • Purpose: The purpose of this study is to review the indications of ankle lateral complex reconstruction using tendon graft. Materials and Methods: We searched PubMed using the index, "ankle, instability, lateral ligament, reconstruction" from 1990 to present (September 30, 2015). We excluded 1) modified Brőstrom operation (MBO), 2) conventional tenodesis surgery, 3) review article, 4) technical note, and 5) articles written in another foreign language. We reviewed 24 papers through the publication events, operational method, the indications of surgery, and the specific features of the patient group. Results: There were the indications of 1) previous ligament surgery failure, 2) situation when ligament repair is impossible due to the ligament defect, 3) severe instability (preoperative talar tilt >$15^{\circ}$, anterior draw >10 mm or the difference of contralateral side talar tilt >$5^{\circ}$, anterior draw >3 mm), and 4) overweight (body mass index >$30kg/m^2$). Other considerations included 1) generalized joint laxity and 2) workers, highly-demanded or athlete highly-affected by instability. Conclusion: The ankle lateral complex reconstruction using tendon graft could be indicated in patients with the possibility of MBO failure with several considerations.

Clinical improvement in a case of atypical infantile onset Pompe disease with enzyme replacement therapy (효소 보충 치료로 호전을 보인 비전형적 영아형 Pompe 병 1례)

  • Jeon, You Hoon;Eun, Baik-Lin;Son, Chang Sung;Lee, Dong Hwan
    • Clinical and Experimental Pediatrics
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    • v.50 no.2
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    • pp.213-217
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    • 2007
  • Pompe disease is a genetic disorder caused by a deficiency of acid ${\alpha}$-glucosidase (GAA). Infantile onset Pompe disease is uniformly lethal. Affected infants generally present in the first few months of life with hypotonia, generalized muscle weakness, and a hypertrophic cardiomyopathy, which is rapidly followed by death, usually by the age of one. The late-onset form is characterized less severe symptoms and prognosis. Therapy for Pompe disease is intended to directly address the underlying metabolic defect via intravenous infusions of recombinant human GAA to replace the missing enzyme. We report a case of atypical infantile-onset Pompe disease that presented symptoms in infancy but had less severe clinical manifestations and improved after GAA enzyme replacement ($Myozyme^{(R)}$, Genzyme Co., MA, USA) therapy. It is very important that pediatricians become aware of signs and symptoms of Pompe disease, such as a nasal voice or a waddling gait at an early stage so that these patients can benefit from appropriate GAA replacement therapy as soon as possible.

The Role of Universities and the Characteristics of Knowledge Networks in Three Regions (지역 대학의 역할과 지식 네트워크 특징에 대한 연구 : 3개 지역 비교를 중심으로)

  • Jeong, Dae-hyun;Kwon, O-Young;Jung, Yong-Nam
    • Journal of Korea Technology Innovation Society
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    • v.20 no.2
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    • pp.487-517
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    • 2017
  • In the context of an increased demand in universities' expansion of networks between other innovation actors, this research attempts to make a comparison on university-centered SCIE knowledge networks between regions. Using regional comparison, we have looked into these networks in regards to their characteristics, the importance of regional boundaries, and the effect of the regional industrial policy. As a result of this comparative analysis, we discovered that the point universities and research universities hold high centrality in regional knowledge networks, and that the characteristics of regions are reflected into this network. For instance, the Gyeonggi province had a preeminent level of industry-academy relationship, while for Daejeon it was public research institutions and academy, and Gangwon province it was between academy between academy. As a network analysis based on journals above SCIE levels, regional boundaries were not very clear in the network structures. However, within these boundaries, the impact of regional industrial policies were proven to be stronger in the Gang-won province where the academy-academy network was most prominent. The implication of this research outcome is that for regional innovation, government should more actively implement policies that can link academic institutes' knowledge to industry by expanding knowledge networks. In addition, we emphasize on the necessity of a regionally-appropriate policy, rather than a generalized industrial policy. And fundamentally, in regards to innovation, establishing a sound industrial infrastructure for regional development and efforts to link relevant actors are required.

Measuring the Revenue Efficiency of Korean and Japanese Railways Using a Stochastic Frontier Approach (A Comparison with Their Cost Efficiency (확률적 변경 접근법을 이용한 한국과 일본 철도산업의 수입 효율성 분석 (비용 효율성과의 비교를 중심으로))

  • Park, Jin-Gyeong;Kim, Seong-Su
    • Journal of Korean Society of Transportation
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    • v.27 no.4
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    • pp.63-76
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    • 2009
  • On the basis of a Stochastic Frontier Approach (SFA), this paper analyses revenue efficiencies for the same sample of Korean and Japanese railways in the papers which analyze cost efficiencies using a generalized translog functional form. The paper also compares the results of revenue efficiencies with cost efficiencies and evaluates the effects of managerial autonomy and privatization on the firm-specific efficiencies. The results show that the average estimate of revenue inefficiency is 7.02% when the term of inefficiency is assumed to be distributed as a half-normal and 6.98% as a exponential for the total sample. Also, standardized inefficiencies in revenues (7.5%) are greater than those in costs (2.1%). JR East and JR West are found to be most efficient on the revenue side and on the cost side respectively while JNR and JR Kyushu are worst efficient on the both sides. Finally, the correlations between efficiencies in revenues and costs also between efficiencies and privatization are positively correlated. The results suggest that the most independent companies, with increased managerial autonomy via privatization, are the most efficient in both revenues and costs.

A Dose Volume Histogram Analyzer Program for External Beam Radiotherapy (방사선치료 관련 연구를 위한 선량 체적 히스토그램 분석 프로그램 개발)

  • Kim, Jin-Sung;Yoon, Myong-Geun;Park, Sung-Yong;Shin, Jung-Suk;Shin, Eun-Hyuk;Ju, Sang-Gyu;Han, Young-Yih;Ahn, Yong-Chan
    • Radiation Oncology Journal
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    • v.27 no.4
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    • pp.240-248
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    • 2009
  • Purpose: To provide a simple research tool that may be used to analyze a dose volume histogram from different radiation therapy planning systems for NTCP (Normal Tissue Complication Probability), OED (Organ Equivalent Dose) and so on. Materials and Metohds: A high-level computing language was chosen to implement Niemierko's EUD, Lyman-Kutcher-Burman model's NTCP, and OED. The requirements for treatment planning analysis were defined and the procedure, using a developed GUI based program, was described with figures. The calculated data, including volume at a dose, dose at a volume, EUD, and NTCP were evaluated by a commercial radiation therapy planning system, Pinnacle (Philips, Madison, WI, USA) for comparison. Results: The volume at a special dose and a dose absorbed in a volume on a dose volume histogram were successfully extracted using DVH data of several radiation planning systems. EUD, NTCP and OED were successfully calculated using DVH data and some required parameters in the literature. Conclusion: A simple DVH analyzer program was developed and has proven to be a useful research tool for radiation therapy.

A Successful Therapy of Mite Infection with Topical and Spray Application of Ivermectin in Four Pruritic Pigeons (네 마리의 소양감을 보이는 비둘기에서 발생한 진드기 감염(Mite Infection)의 성공적인 Ivermectin 치료 증례)

  • Lee So-Young;Park Chul;Kim Ha-Jung;Jung Dong-In;Kang Byeong-Taek;Kim Ju-Won;Lim Chae-Young;Ko Ki-Jin;Cho Sue-Kyoung;Park Hee-Myung
    • Journal of Veterinary Clinics
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    • v.23 no.2
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    • pp.183-185
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    • 2006
  • Four pigeons which lived together of same cage were referred due to excessive feather loss, severe itching, and erythema on the head, neck and flank regions. They had behavioral problem with feather bloating and plucking. Although they were mildly depressed, appetite was normal. On microscopic examination of feather picking, prominent external parasite infection was found. Mite infection was diagnosed with morphological confirmation. On analysis of complete blood count (CBC), eosinophilia was evident. The patients were treated with ivermectin (apply 200 mcg/kg topically two times per every other week and spray 200 mcg/ml solution every week). Clinical signs of four, pigeons were improved 45 days following first therapy. This case report indicates that mite infection is accompanied with severe feather loss, itching, and generalized erythema on the skin and behavioral problem with feather bloating and plucking. And this infection can be managed with topical and spray application of Ivermectin without injection.

Cutaneous Epitheliotropic T-Cell Lymphoma in a Dog: Clinical Responses to Lomustine and Gemcitabine (개에서 발생한 피부 상피친화성 T-세포 림프종: Lomustine 및 Gemcitabine에 대한 임상적 반응)

  • Kang, Byeong-Teck;Kim, Dae Young;Kang, Ji-Houn;Chang, Dong-Woo;Jung, Dong-In;Cho, Kyu-Woan;Yang, Mhan-Pyo
    • Journal of Veterinary Clinics
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    • v.30 no.4
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    • pp.315-319
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    • 2013
  • A 5-year-old, spayed female Maltese dog presented with generalized multifocal pruritic erythema and alopecia for a month. Initial skin biopsy suggested cutaneious histiocytosis. The dog had been treated with the immunosuppressive therapy for a month, but multifocal erythematous patches and plaques were newly observed. Direct imprint smear of cutaneous lesions suggested a lymphoma and rebiopsy was performed. Microscopic examination demonstrated a round cell tumor with epitheliotrophism to the epidermis and adnexal structures. The neoplastic round cells were strongly positive for CD3 yet negative for CD79a, indicting the tumor was cutaneous epitheliotropic T-cell lymphoma. After 2 cycles of oral administration of lomustine ($70mg/m^2$, once every 2-3 weeks), only partial response was observed. Alternative chemotherapy with gemcitabine ($500mg/m^2$, 30-minute IV infusion, once every week) was initiated. A total 3 cycles of gemcitabine failed to control the progression of disease, and the dog was euthanized on Day 69 after the 1st lomustine treatment.

Case of Combined Acute Poststreptococcal Glomerulonephritis and Acute Invasive Meningococcal Disease (A군 연구균 감염 후 급성 사구체 신염과 동반된 침습성 수막구균감염증 1례)

  • Jeon, Hosang;Hahn, Wonho;Park, Dongkyun;Cha, Sungho
    • Pediatric Infection and Vaccine
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    • v.11 no.1
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    • pp.126-130
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    • 2004
  • Neisseria meningitidis is a leading cause of meningitis and septicemia in children and young adults. Meningococcemia, the most severe form of infection, represents a part of the various spectrum of the illness, and its clinical manifestations varied from mild fever and occult bacteriemia to fulminant catastrophic events(e.g., sepsis, shock, and death) within a few hours after onset of symptoms. Complement deficiencies, either congenital or acqired, increase the risk for invasive meningococcal disease. Since C3 plays a critical role in the complement cascade, congenital C3 deficiency or conditions that decrease C3(e.g., systemic lupus erythematosus, cirrhosis, nephritis, C3 nephritic factor) increase the risk for invasive disease due to pyogenic bacteria including N. meningitidis. We had experienced a case of meningococcemia and meningococcal meningitis presenting with mild fever, petechiae, and purpura. The patient was a 7-year old male. He had mild fever, vomiting, headache, nuchal rigidity, petechiae and purpura on both lower extremities, which spreaded to the whole body. His blood culture grew Neisseria meningitidis. The diagnosis of meningococcal meningitis was confirmed by examination of cerebrospinal fluid. The clinical symptoms of the illness were improved after treatment of antibiotics(cefotaxime) for 12 days. However the patient had developed generalized edema, microscopic hematuria & proteinuria on the third day after admission. High ASO titer and low serum C3 level were also noted. The microscopic hematuria returned to normal about 2 months after discharge. The C3 level returned to normal range about 3~4 months after discharge. we report a case of combined acute poststreptococcal glomerulonephritis and acute invasive meningococcal disease with reference review.

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