• The Korean Journal of Applied Statistics
• /
• v.23 no.3
• /
• pp.443-456
• /
• 2010

This study is an empirical research of the stock markets to prove the synchronization phenomenon of the world economy. For this research I analyzed Korea's KOSPI, USA's DOW & NASDAQ reflecting stock markets in North America, Japan's NIKKEI in Asia, and Germany's DAX in Europe. Because the raw series are not stationary, they are to be transformed to returns series. The results of the study are follows: First of all, there are significant causalities between KOSPI's returns and those of other indices. Second, feedback effects are found between the market returns with several time lags. Third, there are 4 cointegrating equations which embody the relation of the five returns series. And forth, KOSPI reacts more sensitively to impacts from the foreign indices compared to the other indices do when they got impacts from each other except KOSPI. On conclusion, there exists a clear evidence for the synchronization phenomenon in returns of the stock indices, and we can expect Korea market may get similar changes depending on the economic changes of North America, Europe, or Asia. Therefore more closing researches should be conducted about the world economy synchronization in various fields as soon as possible.

• KDI Journal of Economic Policy
• /
• v.22 no.1_2
• /
• pp.363-417
• /
• 2000

우리 경제는 외환위기를 계기로 단기금융시장을 포함한 국내 자본시장이 전면 개방된 동시에 외환거래 역시 대폭 자유화됨에 따라 실물부문은 물론 금융부문에 있어서도 완전한 개방경제체제로 전환하였다. 이러한 전면적인 자본시장 개방은 국내외 자본시장의 통합을 촉진하는 동시에 환율, 금리, 물가 등 거시 금융변수간의 상충관계(trade-off)에 변화를 초래함으로써 거시경제정책 환경도 크게 변호시킬 것으로 기대된다. 본고에서는 국내외 금리 및 주가간의 동조화 현상에 초점을 맞추어 자본시장 개방에 따른 국내외 자본시장 통합 효과를 살펴본 후, 자본시장 개방이 환율변동패턴의 통계적 특성에 어떠한 영향을 미쳤는지를 분석하였다. 특히 외환위기를 계기로 국내 자본시장이 제도적으로 완전 개방된 점을 고려하여 위기 이전과 이후에 자본시장 통합도와 환율 변동패턴에 어떠한 변화가 발생하였는지를 실증분석하였다. 금리에 대한 실증분석 결과는 외환위기 이후 금리재정거래(金利裁定去來)(interest parity)가 국내금리변화에 미치는 영향이 크게 확대되고 있음을 나타내고 있다. 주가에 대한 실증분석의 경우에도 미국과 국내주가 간의 동조화 현상이 외환위기 이후 심화되고 있으며, 국내 주식시장이 효율적 시장가설(efficient market hypothesis)을 지지하는 방향으로 변화하고 있음을 나타내고 있다. 환율의 경우에도 외환위기 이후 환율변동패턴에 임의보행(random walk)적 특성이 보다 강화된 것으로 나타나고 있어 외환시장의 효율성이 제고되었음을 시사하고 있다.

• Environmental and Resource Economics Review
• /
• v.28 no.4
• /
• pp.583-615
• /
• 2019

This paper investigates the level of decoupling between greenhouse gas emissions and economic growth in Korea. Despite previous studies mainly stressed the existence of the Environmental Kuznets Curve, the lack of investigations in the level of decoupling constraints further policy suggestions. This study analyzes the level of decoupling in the short- and long-term, focusing on short-term volatility of GHG emissions income elasticity. In the long run, there is no decoupling in Korea because a robust causal relationship exists between GHGs, GDP, and fossil fuels. However, the short-term volatility is clearly identified under the long-term equilibrium(coupling), indicating there is the relative decoupling in the short run. The results show that fossil fuel dependence is a significant factor that increases short-term volatility(decoupling) and breaks the causal link(coupling) between GHGs and GDP.

• Asia-pacific Journal of Multimedia Services Convergent with Art, Humanities, and Sociology
• /
• v.8 no.2
• /
• pp.911-922
• /
• 2018

The purpose of this study was to investigate the relationship between value types and life satisfaction of Korean university students. 275 students' scores for value types, positive·negative affectivity, and subjective well-being were obtained using questionnaires. Data was analysed by correlation analysis and path analysis. The results can be summarized as followings. First, the correlation between all negative affectivity and all value was not significant. Second, conformity, benevolence, self-direction·stimulation, hedonism, achievement and security value types were positively correlated with positive affectivity, whereas, conformity, benevolence, universalism and security value types were positively correlated with life satisfaction. Third, the student's higher scores of conformity, benevolence and hedonism value types induced higher level of positive affectivity, which, in turn, increased life satisfaction. The results suggested that value types can indirectly influence life satisfaction through positive affectivity.

• Management & Information Systems Review
• /
• v.35 no.3
• /
• pp.1-22
• /
• 2016

We analyzed the international comovements and structural changes in the quarterly real GDP by the Markov-switching vector autoregressive model (MS-VAR) from 1971(1) to 2016(1). The main results of this study were as follows. First, the business cycle phenomenon that occurs in the models or individual time series in real GDP has been grasped through the MS-VAR models. Unlike previous studies, this study showed the significant comovements, asymmetry and structural changes in the MS-VAR model using a real GDP across countries. Second, even if there was a partial difference, there were remarkable structural changes in the economy contraction regime(recession), such as 1988(2) ending the global oil shock crisis and 2007(3) starting the global financial crisis by the MS-VAR model. Third, large-scale structural changes were generated in the economic expansion and/or contraction regime simultaneously among countries. We found that the second world oil shocks that occurred after the first global oil shocks of 1973 and 1974 were the main reasons that caused the large-scale comovements of the international real GDP among countries. In addition, the spillover between Korea and 5 countries has been weak during the Asian currency crisis from 1997 to 1999, but there was strong transmission between Korea and 5 countries at the end of 2007 including the period of the global financial crisis. Fourth, it showed characteristics that simultaneous correlation appeared to be high due to the country-specific shocks generated for each country with the regime switching using real GDP since 1973. Thus, we confirmed that conclusions were consistent with a number of theoretical and empirical evidence available, and the macro-economic changes were mainly caused by the global shocks for the past 30 years. This study found that the global business cycles were due to large-scale asymmetric shocks in addition to the general changes, and then showed the main international comovements and/or structural changes through country-specific shocks.

• International Commerce and Information Review
• /
• v.15 no.3
• /
• pp.65-86
• /
• 2013

The purpose of this study compare the difference between purchaser of counterfeit goods and non-purchaser about how self-esteem and conformity influence upon purchase intention of luxury counterfeits goods. Until existing research on purchase intention of luxury counterfeit goods have focused on the consumers' sense of superiority such as conspicuous consumption, hedonic consumption and symbolic consumption. This thesis, however, has focused on individual's psychological variables such as self-esteem and influence of reference group. The results are as follows. The purchaser of counterfeit goods tend to depend on others heavily and show a high purchase intention. On the other hand, the non-purchaser with high self-esteem are less inclined to buy counterfeit goods, and purchase intention level will also be lowed down. This thesis tries to support the assumption that personal psychological difference exist between purchaser and non-purchaser, and this result seems to correspond with the preceding studies.

• Korea Petroleum Association Journal
• /
• no.9 s.67
• /
• pp.9-22
• /
• 1986

일본 통산성 ㆍ자원에너지청은 금년초 1985년도 석유유통합리화조사 등의 일환으로서 「석유가스개발가능성조사보고서 」를 작성하였다. 유입LPG의 공급원다양화 방안의 하나로 추진되어 온 동조사는 1982년의 동남아시아를 시작으로, 1983년 중남미, 1984년 북미, 카나다지역을 대상으로 실시되었다. 1985년에는 대일본수출이 기대되고 있는 호주와 뉴질랜드를 대상으로 통산성으로부터 조사위탁을 받은 일본LPG협회가 「석유가스개발가능성조사단 」을 결성, 11월 11일부터 27일까지 현지조사를 실시했다. 이 자료는 일본 「석유정책 」지(86.8.5 및 15)에 실린 동보고서를 번역한 것이다. <편집자 주>

• The Journal of the Convergence on Culture Technology
• /
• v.9 no.4
• /
• pp.61-66
• /
• 2023

In the past, purchasing limited products was nothing more than purchasing expensive luxury goods. However, the current 'Limited product purchase' is not just pay to ability, but the information to purchase the product are important factors. Therefore, this study aims to find out 1) the motivation to purchase limited edition products and 2) the effect of the motivation on the consumer's experience(price, intention to purchase). As a result, five major purchase motives(Conformity, Interest, Scarcity, Finance technology, Desire to concede) were found. Among them 'Interest' had a positive effect on the product purchase price, and 'Conformity' had a negative effect on the product price. Next, 'Interest' and 'Scarcity' had a positively significant effect on intention to purchase. Through this study, we were able to reveal in depth the actual purchase motives of consumers who are currently emerging as the main age group of the new consumption culture, and expect these purchase motives to be actively used in the new market such as resell markets.

• Journal of the Korea Academia-Industrial cooperation Society
• /
• v.17 no.3
• /
• pp.473-479
• /
• 2016

This paper describes an accurate and stable current control method of switched reluctance motors(SRMs), which have recently attracted considerable wide attention owing to their favorable features, such as high performance, high durability, structural simplicity, low cost, etc. In most cases, the PI controllers(PICC) have been used mostly for the current control of electric motors because their algorithm and selection of controller gain are relatively simpler compared to other controllers. On the other hand, the PI controller requires an adjustment of the controller gains for each operating point when nonlinear system parameters change rapidly. This paper presents a stable current control method of an SRM using self-tuning fuzzy current controller(STFCC) under nonlinear parameter variation. The performance of the considered method is validated via a dynamic simulation of the current controlled SRM drive using Matlab/Simulink program.

• The Korean Journal of Applied Statistics
• /
• v.21 no.2
• /
• pp.221-231
• /
• 2008

This study attempts to perform the statistical tests for the comovement of the stock prices between Korea and U.S. by using the weekly data instead of the usual daily data. The restoring pattern, from the short-run disequilibrium to the long-run equilibrium point, is also carefully estimated if the long-run relationships exist between the stock prices. The cointegrating relations between the stock prices appear to begin to hold during the period of the financial crisis. It is found to be consistently estimated that the equilibrium error is slowly eliminated till the end of the financial crisis, while quickly removed after the period.