• International Commerce and Information Review
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• v.16 no.5
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• pp.409-433
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• 2014

In this paper, I estimate long-run elasticities of US real GDP and real exchange rate between Korean Won and US Dollar on export of Korean goods to US and analyze changes in their trend by using VECM and rolling regression with a fixed window. For the purposes I use the year data from 1990 to 2013 which are selected from UNCTAD, Korea Trade Association(KTA), and Bank of Korea(BOK). The results are that the long-run elasticities of US real GDP vary from 2.849 to 2.938 for the period from 1990 to 2013 depending on the models in VECM and all of them are significant statistically. The elasticities of real exchange rate between Korean WON and US Dollar vary from 0.962 to 0.967 for the same period depending on the models in VECM and all of them are significant statistically. In case of the results through the OLS and the rolling regression, the long-run elasticities of US. real GDP are 3.015 for Basic Model, 2.949 for the modified Model 1, and 2.125 for the modified Model 2 for the period from 1990 to 2013 depending on the models and all of them are significant statistically. The average of long-run elasticities of real US GDP before the global financial crisis of 2008 is greater than that after the global financial crisis of 2008. On the other hand, the long-run elasticities of real exchange rate between Korean WON and US $ are 0.347 for Basic Model, 0.566 for the modified Model 1, and -0.217 for the modified Model 2 for the same period and all of them are significant statistically except for the modified Model 2. The average of long-run elasticities of real exchange rate before the global financial crisis of 2008 is greater than that after the global financial crisis of 2008.

• KDI Journal of Economic Policy
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• v.26 no.2
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• pp.281-314
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• 2004

This paper theoretically formulated and empirically explored the relationship between exchange rate pass-through (ERPT) for (average) market price and an individual country's price, using steel products data in the US market, with special reference to two major steel exporting countries, Korea and Japan. It was found that the direction of market ERPT can be different from that of individual ERPT that each exporter experiences, due to strategic interactions among producers and different parameters. Vector error correction (VEC) models and impulse response analysis were used with the statistical inference based on the bootstrap-after- bootstrap of Kilian (1998) for short-run, and the fully modified estimation of Phillips and Hansen (1990) was used for long-run. Empirical results indicate that market ERPT in the US market due to changes in Korea-US exchange rates is different from those due to changes in Japan-US exchange rates. The framework developed in this study indicates that this phenomenon is attributed to either (i) the two countries have individual ERPTs of different magnitudes and directions for the products in the US market, or (ii) the pricing strategies of the other exporters' (to the US steel market) respond differently depending on whether the price of the product from Korea changes or that from Japan does. As each exporter's ERPT can be significantly different, and market response to each country's ERPT can be also different, this study concludes that it is crucial for an exporter to understand how competitors in the market respond to changes in its price, as well as to understand how its price changes when the relevant exchange rate fluctuates.

• Journal of Korea Port Economic Association
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• v.31 no.1
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• pp.1-14
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• 2015

The standard GARCH model imposing symmetry on the conditional variance, tends to fail in capturing some important features of the data. This paper, hence, introduces the models capturing asymmetric effect. They are the EGARCH model and the GJR model. We provide the systematic comparison of volatility models focusing on the asymmetric effect of news on volatility. Specifically, three diagnostic tests are provided: the sign bias test, the negative size bias test, and the positive size bias test. This paper shows that there is significant evidence of GARCH-type process in the data, as shown by the test for the Ljung-Box Q statistic on the squared residual data. The estimated unconditional density function for squared residual is clearly skewed to the left and markedly leptokurtic when compared with the standard normal distribution. The observation of volatility clustering is also clearly reinforced by the plot of the squared value of residuals of export volume and values. The unconditional variance of both export volumes and export value indicates that large shocks of either sign tend to be followed by large shocks, and small shocks of either sign tend to follow small shocks. The estimated export volume news impact curve for the GARCH also suggests that $h_t$ is overestimated for large negative and positive shocks. The conditional variance equation of the GARCH model for export volumes contains two parameters ${\alpha}$ and ${\beta}$ that are insignificant, indicating that the GARCH model is a poor characterization of the conditional variance of export volumes. The conditional variance equation of the EGARCH model for export value, however, shows a positive sign of parameter ${\delta}$, which is contrary to our expectation, while the GJR model exhibits that parameters ${\alpha}$ and ${\beta}$ are insignificant, and ${\delta}$ is marginally significant. That indicates that the asymmetric volatility models are poor characterization of the conditional variance of export value. It is concluded that the asymmetric EGARCH and GJR model are appropriate in explaining the volatility of export volume, while the symmetric standard GARCH model is good for capturing the volatility.

• International Commerce and Information Review
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• v.16 no.2
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• pp.185-198
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• 2014

The purpose of this paper is to examine a causal relationship and interaction among payment of education expenses, economic growth, imports and exports. The results of 'the Granger causality test' suggest that payment of education expenses are affected by imports and exports; and the other factors are not related. In addition, payment of education expenses and the relationship among variables confirmed by IRF show that payment of education expenses has a minus(-) effect on exports at the beginning and then it turns into plus(+) as a certain time passes. On the other hand, it has a minus(-) effect on imports at the beginning, and this gradually changes to zero(0). Lastly, it turns out that it has a plus(+) effect on GDP. It is therefore estimated that the demand for high-quality manpower is expected to grow and new investments for education to rise with increases in imports and exports with initial acceleration. The findings show that government education investment in foreign languages and research manpower must take precedence in order to meet the demand for high-quality manpower.

• Journal of the Korean Wood Science and Technology
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• v.2 no.2
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• pp.22-24
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• 1974

1. Object and importance of the research. The exports of plywood are increasing annually and it has ranked first in the world market because of the high quality product developed and manufactured using modern techniques. However, it is known that the exports of the other wood products, except plywood, is inactive because of their low quality. Accordingly, to increase the exports of various wood products investigations were carried out on kiln drying techniques to improve the quality of the wood. 2. The details and scope of the research Wet wood should be kiln dried before use to prevent various drying defects such as distortion, shrinkage etc, which would develop after processing, and also wet wood is not suitable for cutting, gluing and finishing. Therefore, the kiln drying properties of lumber from such species as Persimmon, Oak, Ramin and Meranti which are used in large quantity for manufacturing exporting wood products have been studied. Also the real state of kiln drying industry in Korea was investigated. 3. Results and proposal for practical use of the research 3. 1 Results of the research 3.1.1 The end checks and the time for drying from intial moisture content of about 40 percent to 5 percent moisture content in ovendry were investigated as Table 1. 3.1.2 The kiln dried results, for 30mm stock, which are presented by using kiln schedule Table 2 are as Table 3. 3.1.3 The kiln schedule for Persimmon which has a normal drying properties is given in Table 4. However, the persimmon which has easy checking properties should be air dried under a relative humidity of above 85% until reaching about 25 percent moisture content. 3.1.4 The kiln schedules for ramin, meranti and oak are given respectively as follows. Ramin kiln schedule ............ Table 5 and Table 6 Meranti kiln schedule ............ Table 7 Oak kiln schedule ............ Table 8 3.2 Proposal for practical use of the research Firms using the above species should be informed the results of the research so they can be used to preventing drying defects and shortening drying time.

• Journal of Navigation and Port Research
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• v.35 no.8
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• pp.657-665
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• 2011

This study deals with an integrated problem for deciding sequencing and storage location of export containers together at its receiving operation in the container terminal with a perpendicular layout. The preferred storage location of an export container varies with the priority of the corresponding loading operation and the waiting time of an external truck depends on its storage time. This paper proposes the mixed integer programming model considering the expected arrival time and expected finish time of an external truck and the preferred storage location for its loading operation. And we suggest the heuristic algorithm based on a simulated annealing algorithm for real world adaption. We compare the heuristic algorithm with the optimum model in terms of the computation times and total cost and the performance of the heuristic algorithm is analyzed through a numerical experiment.

• 한국IT서비스학회:학술대회논문집
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• 2007.11a
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• pp.210-215
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• 2007

본 연구는 한국증권선물거래소 유가증원시장에 상장된 정보통신제조업체를 대상으로 기술혁신 결정요인을 분석하였다. 연구모형은 Romer(1990)에서 시작되는 내생적 경제성장 모험의 지식생산함수를 이용하였으며, 기술혁신의 측정은 특허청의 기업별 특허출원수를 활용하였다. 분석결과 연구개발집약도, 기술수준, 수출비중, 자본집약도는 기술혁신에 양(+)의, 반면 관계사 매입.매출비중은 기술혁신에 음(-)의 유의한 영향을 미치는 것으로 나타났다. 특히 관계사 매출비중보다 매일비중이 자사의 기술혁신에 보다 나쁜 영향을 미침을 확인하였다. 이는 경영자에게 자사의 기술혁신을 위해 무엇보다 관계사 매입비중을 감소시킬 것을 보여준다.

• The Journal of the Korea Contents Association
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• v.12 no.9
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• pp.357-368
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• 2012

The purpose of this study is to empirically examine the impact of enterprise R&D investment on international trade in Korea under the new Normal Era. In order to test whether the time series data of trade variables are stationary or not, we put in operation unit root test and cointegration test. Based on VECM (Vector Error Correction Model), we also apply impulse response functions and variance decomposition to estimate the dynamic effects in the short-run and long-run. The results show that the relationship between enterprise R&D investment and international trade (export and import) exists in the long-run as well as in the short-run. The results of applying impulse response functions and variance decomposition also indicate that the impact of enterprise R&D investment on international trade is positive, and a significant portion of fluctuations in the trade variable is explained by enterprise R&D investment. Therefore, enterprise R&D investment must be continuously increased to improve economic growth with promoting trading competition power in Korea under the new Normal Era.

• International Area Studies Review
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• v.15 no.2
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• pp.331-350
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• 2011

This paper analyzes balance of goods for a panel data of 56 industry classification in the MTI from 1980 to 2009. This study also develops the equilibrium adjustment process, which is a trade-off between the adjustment costs towards equilibrium costs for balance of goods and the cost of being in disequilibrium. In this framework, the GMM estimation procedure is used to estimate this dynamic panel model consistently. It is found that equilibrium balances of goods in Korean adjust to the speed is very slow to 0.0389. because of this is necessary to adjust the equilibrium goods balance as the cost of goods balance deficit is larger than by the cost. In addition, the real income elasticity for goods balance of resin in Japan and Korea, the real income elasticity 4.38168 and -0.835225, respectively, the marks were consistent with economic theory. The exchange rate elasticity of goods balance in japan to 0.478435 were found in the inelastic.

• Journal of the Korean Regional Science Association
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• v.35 no.1
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• pp.47-57
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• 2019

Daegu Metropolitan City has been continuously carrying out core functions of Yeongnam region, and especially plays a role as export base of textile and chemical products in Korea. Also Daegu Metropolitan City has contributed greatly to the expansion of Korea's import and export trade and the growth of the national economy. The purpose of this study is to analyze the influence of major factors affecting GRDP in Daegu Metropolitan City through regression analysis. For this purpose, this study uses the Vector Error Correction Model(VECM) to estimate the long-run equilibrium function that affects the GRDP in Daegu Metropolitan City. This study is meaningful in that it uses the statistics related to Daegu provided by Province of Gyeongsangbuk-do and explains the dynamic characteristics of major factors affecting the GRDP in Daegu.