• Journal of Korea Trade
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• v.23 no.7
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• pp.147-155
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• 2019

Purpose - As the U.S.-China trade war has become considerably worse, the Chinese government is considering applying non-tariff barriers to trade, especially local contents rule. The main purpose of this research is to check whether it is suitable for Korean investors to invest in the current Chinese capital market. Design/methodology - In order to check the stability of the recent Chinese capital market, we investigated the behavior of foreign equity investment (including Korean equity investment) in the Chinese capital market after China announced the Shanghai-Hong Kong Stock Connect (SH-HK Connect). In this paper, we researched whether international portfolio investment would or would not contribute to an increase the volatility of an emerging market's stock market (Chinese capital market) when foreign investors make investment decisions based on the objective of short-term gains by rushing into countries whose markets are booming and fleeing from countries whose markets are falling. Findings - The empirical results indicate that foreign investors show strong, negative feedback trading behavior with regard to the stock index of the Shanghai Stock Exchange (SSE), and when the performance of foreign investors in the Chinese stock market was fairly good. Also, we found evidence that the behavior of foreign investors significantly decreased volatility in SSE stock returns. Consequently, the SH-HK Connect brought on a win-win effect for both the Chinese capital market and foreign investors. Originality/value - It appeared that the Chinese capital market was very suitable for Korean investors after the China's declaration of the SH-HK Connect. However, the win-win effect was brought on by the Chinese government's aggressive capital control but the capital controls could possibly cause financial turmoil in the Chinese capital market. Therefore, Chinese reform in industrial structure and the financial sector should keep pace with suitable capital control policies.

• Journal of The Korean Digital Architecture Interior Association
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• v.12 no.1
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• pp.89-98
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• 2012

While the housing transaction price of Seoul tends to be stagnant or declining in line with the housing market recession since 2007, the jeonse price keeps continual increase. Such flow of jeonse price change has a serious influence on ordinary person's housing stability seriously. Therefore, it is very meaningful in terms of social policy to analyze the trend of recent jeonse price change. This study aims to have an empirical analysis of structural characteristics of the trend of recent jeonse price change. After the review of various previous studies, this study selected housing jeonse price index, non-sold house quantity, jeonse vs. transaction price rate, and housing construction performance as analytical variables, and employed monthly time series resources from January 2007 to April 2011. As a result, when the housing supply reduced, the potential quantity for jeonse market reduced that occurred unbalance of supply and demand in jeonse market. In turn, it caused the increase of jeonse price. And, in case of jeonse vs. transaction price rate change, the rate increased which means the increase of required rate of return of invested demand. As such, the increase of market risk degenerates the investment sentiment which caused the reduction of quantity for jeonse market as a submarket.

• KIEE International Transactions on Power Engineering
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• v.3A no.3
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• pp.139-147
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• 2003

The paper presents a novel approach of constructing the state matrix of the multi-machine power system for SSR (subsynchronous resonance) analysis using the linearized equations of individual devices including electrical transmission network dynamics. The machine models in the local d-q reference frame are integrated with the network models in the common R-I reference frame by simply transforming their output equations into the R-I frame where the transformed output is used as the input to the network dynamics or vice versa. The salient feature of the formulation is that it allows for modular construction of various component models without rearranging the overall state space formulation. This universal SSR small signal stability program provides a flexible tool for systematic analyses of SSR small-signal stability impacts of both conventional devices such as generation systems and novel devices such as power electronic apparatus and their controllers. The paper also presents its application results to IEEE benchmark models.

• Proceedings of the KIEE Conference
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• 2001.05a
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• pp.245-247
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• 2001

This paper presents a series of simulation results of transient stability on SCOPF operated power system whose transmission capabilities are limited by voltage stability. Three steps of voltage security guidelines, 5[%], 7[%], 10[%] are introduced to increase power transfer from generation centers to load center and observed the effects of voltage guidelines to transient stability for three kinds of load level(peak, medium, off-peak). As a result, dynamic characteristics weren't affected by the voltage security limits in model system, but became worse for the off-peak level than peak case, and sustain oscillations are observed for the all load level. This gives us some intitutions for the development and applications of security limits to use SCOPF program in open electric market.

• Journal of Electrical Engineering and Technology
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• v.10 no.3
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• pp.877-887
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• 2015

Rapid development of cities with constant increasing load and deregulation in electricity market had forced the transmission lines to operate near their threshold capacity and can easily lead to voltage instability and caused system breakdown. To prevent such catastrophe from happening, accurate readings of voltage stability condition is required so that preventive equipment and operators can execute security procedures to restore system condition to normal. This paper introduced Enhanced Hybrid Particle Swarm Optimization algorithm to estimate the voltage stability condition which utilized Fast Voltage Stability Index (FVSI) to indicate how far or close is the power system network to the collapse point when the reactive load in the system increases because reactive load gives the highest impact to the stability of the system as it varies. Particle Swarm Optimization (PSO) had been combined with the ANN to form the Enhanced Hybrid PSO-ANN (EHPSO-ANN) algorithm that worked accurately as a prediction algorithm. The proposed algorithm reduced serious local minima convergence of ANN but also maintaining the fast convergence speed of PSO. The results show that the hybrid algorithm has greater prediction accuracy than those comparing algorithms. High generalization ability was found in the proposed algorithm.

• Journal of the Korean Data and Information Science Society
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• v.22 no.2
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• pp.335-351
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• 2011

In order to resolve data scarcity problem related to crisis, Oh and Kim (2007) proposed to use stability oriented approach which focuses a base period of financial market, fits asymptotic stationary autoregressive model to the base period and then compares the fitted model with the current market situation. Based on such approach, they developed financial market instability index. However, since neural network, their major tool, depends on the base period too heavily, their instability index tends to suffer from inaccuracy. In this study, we consider linear asymptotic stationary autoregressive model and neural network to fit the base period and produce two instability indexes independently. Then the two indexes are combined into one integrated instability index via newly proposed combining method. It turns out that the combined instability performs reliably well.

• Journal of Distribution Science
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• v.15 no.2
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• pp.27-36
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• 2017

Purpose - This study was intended to find the selection attribution factors and service satisfaction determinants of third party logistics suppliers in Dongdaemun wholesale market. Research design, data, and methodology - A questionnaire survey was performed, and the retailers and wholesalers in Dongdaemun wholesale market were asked to fill in it. Company employees using third party logistics service were selected by a random sampling method. Results - It is easy for both retailers and wholesalers to use third party logistics service. The logistics companies in Dongdaemun wholesale market have paid more heed to the security of freight and the operability. That is, the freight safety and operating service are the most important factors in selecting third party logistics suppliers, and they both have a close relationship with user satisfaction. There is no relation between service level and recognition in selection factors of third party logistics suppliers. All the responsiveness, operability and informativeness of third-party logistics providers has a significant relationship with user satisfaction. Conclusions - Third party logistics service is entirely different from the existing delivery or transport service. The most market vendors' wish for third party logistics suppliers is the stability of freight and robust operating service. They also demand the responsiveness for special or emergency situation with having information strength.

• Journal of the Korean Operations Research and Management Science Society
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• v.29 no.1
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• pp.31-41
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• 2004

This study analyzes the structure of the variations In the domestic bank earnings and examines their dynamic features by estimating the short-run response and the long-run adjustment Process after the changes in financial market variables. A system of the equations for the bank stock price index and KOSPI is formulated to utilize the whole information in the market and simultaneously estimated to identify the relationships between the market variables and the bank earnings. Since the bank stock price is found to be responsive to changes in none of the market variables in the short run, while being relatively responsive to dollar exchange rate and business state, It implies that a good economic conditions and a stable foreign exchange rate should be maintained to Improve the level of the stock price In the long run. In addition, the dynamic structure of the responses of the bank stock price index and KOSPI to the initial changes in the market variable are compared and anlayzed. The response of the bank stock price appears to take much longer in adjusting to the long-run eouilibrium level than that of KOSPI. As a result, the cumulative response of the bank stock price index over time is found much bigger than that of HOSPI.

• The Transactions of The Korean Institute of Electrical Engineers
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• v.59 no.1
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• pp.1-8
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• 2010

The ultrafashionable machinery that require high quality electricity power has been daily come into being. Because domestic power system has been larger and more complicated in accordance with raising power demand by power market requirement. Because of these power market situations, The FACTS (Flexible AC Transmission System) which is power transmission system for the next generation to meet flexible supply the power and reliability has been applied. If they, compensators and FACTS, are used inter-efficiently in range that does not affect the stability and a badly influence the security, they might be increase in the voltage stability of system, supply reliability and also achieve the voltage control in a suddenly changed power system. Therefore we describe and suggest on this treatise that a plan for coordination control between UPFC, Shunt elements (Sh. Capacitors & Sh. Reactors) among compensators and also describe the method to keep or control the voltage of power system in allowable ranges. The method follows that, we used characteristics of each equipment, UPFC would be also settled to keep the identified voltage range in change of load bus, Shunt elements also would be settled to supply the reactive power shortage in out of operating range of UPFC to cope actively with change of the power system. As the result of simulation, it is possible to keep the load bus voltage in limited range in spite of broad load range condition. This helps greatly for the improvements of supply reliability and voltage stability.

• Journal of Korea Trade
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• v.23 no.5
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• pp.129-144
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• 2019

Purpose - Recent empirical studies have reached mixed results on the effects of financial liberalization and currency crises. We argue that this relationship is likely to depend both on whether controls are primarily on the degrees of financial liberalization and on the stability of the government. Using the disaggregated data on financial liberalization recently developed by Abiad et al (2010) for a sample of 30 emerging countries over the period 1995-2015, we attempt to investigate the political economy determinants of currency crises. Design/methodology - Our empirical model considers the relationship between financial liberalization and currency crises for emerging market economies. This study employs the existing theoretical framework to identify the disaggregate level for financial liberalization across countries. Using a multivariate logit model, this study attempts to estimate the interrelationship among financial liberalization, government stability and currency crises complemented by a case study of South Korea. Findings - Our main findings can be summarized as follows: we find strong support for the proposition that more liberalized financial institutions are positively associated with the probability of currency crises especially under less stable governments, but reduce the risks of currency crises especially for more stable governments. We also examine the role of financial systems with the case of South Korea after Asian financial crises and the results are further supported and consistent with the empirical findings. Originality/value - Existing studies focus on the economic factors across countries. This paper instead attempts to evaluate the effects of financial liberalization and currency crises by incorporating political considerations with newly developed dataset on financial liberalization, which are essential to the understanding of the causes of currency crises.