• Journal of Korea Port Economic Association
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• v.35 no.3
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• pp.61-72
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• 2019

In order to enhance the competitiveness of the container shipping industry and promote its development, based on the empirical analyses using multivariate time series models, this study aims to suggest a few strategies related to the dynamics of the container shipping market. It uses the vector autoregressive (VAR) and vector error correction (VEC) models as analytical methodologies. Additionally, it uses the annual trade volumes, fleets, and freight rates as the dataset. According to the empirical results, we can infer that the most exogenous variable, the trade volume, exerted the highest influence on the total dynamics of the container shipping market. Based on these empirical results, this study suggests some implications for ship investment, freight rate forecasting, and the strategies of shipping firms. Concerning ship investment, since the exogenous trade volume variable contributes most to the uncertainty of freight rates, corporate finance can be considered more appropriate for container ship investment than project finance. Concerning the freight rate forecasting, the VAR and VEC models use the past information and the cointegrating regression model assumes future information, and hence the former models are found better than the latter model. Finally, concerning the strategies of shipping firms, this study recommends the use of cycle-linked repayment scheme and services contract.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.11
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• pp.23-31
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• 2020

This paper investigates the impact of monetary policy independence shock on bond yield by allowing for heterogeneous coefficients in the model based on panel data for 19 developing countries using quarterly data from 1991 to 2016. First, we estimate the model using conventional panel VAR estimation with the assumption of homogeneous coefficients across countries. Second, by performing Chow and Roy-Zellner tests to check the homogeneity assumption, we find that the assumption does not hold in the model. Third, we apply a mean-group estimation for panel VAR as a solution for heterogeneity panel model. The results reveal that central bank independence is effective in reducing bond yield with the maximum at period 6 after the shock. Shock one standard deviation bond yield has a negative effect on consumption and investment. We determine that central bank independence has a contradictory effect on real activity; a negative effect on consumption but a positive influence on investment for the first two years after the shock. Additionally, we split our sample into three groups to make the subgroups pool. Our empirical result shows that monetary policy independence shock reduces bond yield. Meanwhile, the response of economic activity to bond yield varies for all three groups.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.12
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• pp.271-282
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• 2021

In recent years, a significant number of empirical studies have examined the relationship between export and economic growth in India. However, this study analyses the relationship between exports and economic growth through the time series model. The main aim of this study is to investigate the causal relationship between exports and economic growth in India. The VAR model was used for the period 1961 to 2015 after verifying the stationarity of the variables through using Augmented Dickey-Fuller and Phillip-Perron tests. The Indian export sector has been found to have a significant and positive impact on economic growth and other long-term economic activities. The study also employed the Granger causality test to check the direction of causality and found that RXGS, RGDP, RPFC, and RGFC had a unidirectional relationship and RXGS and RMGS had a bidirectional relationship in long run. Also, the findings of this study suggest that a steady-state between exports and economic growth can be achieved in India over a long period. The overall outcome of this study provides a testimony of the fact that the export sector plays a vital role in economic growth in India and also leads to the long-term growth of other economic activities.

• KDI Journal of Economic Policy
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• v.33 no.4
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• pp.27-48
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• 2011

This paper investigates the extent of global and regional integration in East Asia using stock price index as a measure of economic performance. We employ a structural VAR model to separate the underlying shocks into "global", "regional" and "country-specific" shocks. The estimation results show that country-specific shocks still play a dominant role in East Asia although their role appears to have declined over time, especially after the 1997 financial crisis. Global and regional shocks are responsible for small but increasing shares of stock price fluctuations in all countries. The results indicate that the stock markets in East Asia remain dissimilar and are subject to asymmetric shocks in comparison to European countries.

• Economic Analysis
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• v.25 no.3
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• pp.70-99
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• 2019

Using a stochastic volatility-in-mean VAR model consisting of the KOSPI index, the foreign exchange rate, the government bond rate, and the credit spread, this study investigates the effects of financial market uncertainty on financial markets. We find that higher uncertainty has recessionary effects on financial markets. The effects are especially stronger in equity markets and in won-dollar exchange markets. We also find that the effects of uncertainty become stronger during times of financial market stress compared to normal times. Finally, the results imply that financial market uncertainty may potentially affect the real sector, too.

• Korean Journal of Plant Resources
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• v.22 no.4
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• pp.312-316
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• 2009

In the present study, the anti-cancer activity of 80% ethanol extracts from 120 kinds of medicinal herbs and native plants were investigated. Among them, the barks of Melia azedarach L. var. japonica Makino showed the highest cytotoxicity in HCT-15 human colon cancer cell. With this result, we carried out hollow fiber (HF) assay and anti-metastasis study to confirm the anti-cancer effects of M. azedarach var. japonica. In MTT assay, M. azedarach var. japonica.inhibited the proliferation of HCT-15 cells in dose-dependent manner. HF assay was carried out using A549 human adenocarcinoma cell, HCT-15 and SK-Hep1 human liver cancer cell via intraperitoneal (IP) and subcutaneous (SC) site. As a results, SK-Hep1 implanted in IP site showed the highest cytotoxicity. The result from metastatic model using B16/BL6 mouse corresponded to that of HF assay. These results suggest that the ethanol extract from M. azedarach var. japonica. might have a potent anti-cancer activity and advanced study is needed for the development of novel natural anti-cancer drug.

• Proceedings of the Korea Water Resources Association Conference
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• 2012.05a
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• pp.420-420
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• 2012

인류의 역사 이래로 하천관리에 있어서 치수는 주요 과제중의 하나였다. 대부분의 하천은 원활한 홍수 유통을 위해 직선화되었고 하폭은 확장되었다. 이로 인해 하천 생태계는 단순화되었고 홍수 피해 또한 줄지 않고 시가지 범람이라는 새로운 유형의 침수피해가 발생하였다. 최근까지도 홍수피해를 저감하고자 많은 노력을 기울이고 있고, 하천을 자연 친화형으로 설계, 복구하는 움직임이 활발하다. 하천을 설계함에 있어서 수치해석을 하고, 예측하는 것은 시간과 경제적인 장점으로 인해 많이 이용하고 있다. 본 연구에서는 대상지역을 프랑스 남부에 위치한 Var Catchemnt로 선정하였다. Var 유역은 $2,822km^2$의 면적, 총길이 125km, 최고 고도와 강 하구까지의 고도차가 3,000m의 급한 경사로 이루어진 유역이다. 이 지역은 매년 11월에서 1월 우기 때마다 빈번하게 홍수가 발생하는 지역으로 끊임없이 홍수에 따른 범람의 문제가 제기되고 있는 지역이다. 1994년 11월에 발생한 기록적인 폭우로 인해 최대유량 $3,500m^3/s$으로 관측되었고, 이 수치는 평균 유량의 50배에 이르는 유량이다. 이 홍수와 범람으로 인해 주변의 많은 시설이 피해를 입었으며, 도로가 유실되고, 인명피해도 상당했다. 본 연구에서는 수치해석을 위해 1차원 해석 프로그램인 DHI사의 MIKE11과 미공병단에서 개발한 Hec-Ras를 사용하였다. 홍수피해를 예방하기 위하여 가장 경제적이고 합리적인 방법은 제방의 높이를 변경하는 것으로 판단하여 수치해석을 실시한 후, 실제 데이터와의 비교를 통해 홍수를 예방하기 위한 제방의 높이를 결정하였다. Var 유역에 홍수를 예방하기 위해서는 강의 하구 쪽의 제방을 높일 필요가 있다고 판단되었다.

• Journal of the Korean Applied Science and Technology
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• v.37 no.4
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• pp.830-838
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• 2020

The present study aimed to evaluate the effect of radiation mutant Perilla frutescens var. crispa on bone metabolism and the inflammatory response in a monosodium iodoacetateinduced rat model of osteoarthritis. radiation mutant Perilla frutescens var. crispa was administered orally at doses of 25, 50 or 100 mg/kg/day for 2 weeks before direct injection of monosodium iodoacetate (3 mg/50 μl of 0.9% saline) into the intra-articular space of the rats' right knees. The rats subsequently received the same doses of oral radiation mutant Perilla frutescens var. crispa for another 4 weeks. It was evaluated that the treatment effects based on serum biomarkers, and morphological and histopathological analysis of the knee joints. Compared with those in control rats, the radiation mutant Perilla frutescens var. crispa treatments significantly reduced the serum levels of inflammation, bone metabolism markers (i.e., COX-2, LTB4, MMP-3, and COMP), and the amount of fibrous tissue. Otherwise, it was significantly increased the concentration of TIMP-1 and calcitonin. In addition, the radiation mutant Perilla frutescens var. crispa treatments effectively preserved the knee cartilage and synovial membrane. As a result, it indicates that radiation mutant Perilla frutescens var. crispa prevented and alleviated osteoarthritis symptoms. Thus, radiation mutant Perilla frutescens var. crispa can be used in food and drug material for the management of osteoarthritis.

• Proceedings of the Korean Operations and Management Science Society Conference
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• 2007.11a
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• pp.477-481
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• 2007

The purpose of this study is to provide the ideal forecasting model of cadastral survey work load through the Economeatric Analysis of Time Series, Granger Causality and VAR Model Analysis, it suggested the forecasting reference materials for the total amount of cadastral survey general work load. The main result is that the derive of the environment variables which affect cadastral survey general work load and the outcome of VAR(vector auto regression) analysis materials(impulse response function and forecast error variance decomposition analysis materials), which explain the change of general work load depending on altering the environment variables. And also, For confirming the stability of time series data, we took a unit root test, ADF(Augmented Dickey-Fuller) analysis and the time series model analysis derives the best cadastral forecasting model regarding on general cadastral survey work load. And also, it showed up the various standards that are applied the statistical method of econometric analysis so it enhanced the prior aggregate system of cadastral survey work load forecasting.

• The Transactions of the Korean Institute of Electrical Engineers A
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• v.51 no.7
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• pp.341-348
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• 2002

Recently, an SVC(Static Var Compensator) was installed at Seo-daegu substation in order to maintain the voltage level and reserve stability margin of the Korean Power System. This paper deals with the development of the simulation model for the Seo-daegu SVC. As a simulation platform, PSCAD/EMTDC is adopted and library components for the SVC are developed. The model includes detailed control system functions of Seo-daegu SVC. In order to verify the developed model, simulation results are compared with the TNA test performed by ABB. The results show a good agreement of the developed model with the real system.