• International Commerce and Information Review
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• v.13 no.3
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• pp.77-95
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• 2011

This paper investigates the relationship between export and economic variables such as trade insurance, world economy activity, relative price, unemployment rate, exchange rate volatility, using monthly data. I employ Johansen cointegration methodology since the model must be stationary to avoid the spurious results. The results indicate that there is a long-run relationship between export and variables. Also, the empirical analysis of cointegrating vector using the CCR, DOLS, FMOLS reveals that the increases of trade insurance has positive relations and the increases of exchange rate volatility have negative relations with export. Especially, DOLS based on Monte Carlo simulations, of this estimator being superior in small samples compared to a number of alternative estimators, as well as being able not only to accommodate higher orders of integration but also to account for possible simultaneity within regressors of a potential system. This paper also applies impulse-response functions to get the additional information regarding the responses of the export to the shocks of the variables. The result indicates that export positively to trade insurance and then decay fast compare with exchange rate volatility. Consequently, trade insurance plays the role of trade policy for export promotion in Korea. Whereas, increase of exchange risk result in reduction of export. Therefore, the support of trade insurance should be expanded and the stabilization of the foreign exchange market must be done for the export promotion.

• Environmental and Resource Economics Review
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• v.24 no.3
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• pp.523-549
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• 2015

This paper investigates an oil refiner's asymmetric behavior in the adjustments of gasoline and diesel prices to changes in his own price and his rivals' prices as well as input costs. An asymmetric error correction model which allows a firm's pricing behavior to the deviation of other firms' prices from their long-run equilibrium level is employed for estimation using weekly data for the period April 2009 to January 2015. Evidence is found that there is a significant degree of asymmetry in the adjustment of wholesale prices to changes in crude oil price. A similar result in regard to the exchange rate is also found by the data. The estimation results for firm's response to changes in other firms' prices indicates that implicit collusion could be more easily exploited in the wholesale petroleum market as results of firms' interaction with each other and anticipation of rivals' pricing behavior. A few refiners show competitive price adjustment in response to the upward deviation of the others' prices from their equilibrium level.

• Environmental and Resource Economics Review
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• v.23 no.1
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• pp.133-156
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• 2014

In general, quantity results of empirical analysis using model shows how much big performance policy has. Therefore this is useful to evaluate a policy. This paper composed macro economic model based on Bank of Korea's quarterly model and annual model, that estimates performance of overseas oil and gas development project to Korean economy in aspect of quantity. In this model, we estimated each effect in real GDP, current account, unemployment rate, CPI and exchange rate carried by recovered amount from overseas oil and gas development project. The recovered amount was evaluated in currency coming from oil and gas acquired from overseas oil and gas development project. Macro economic model of this paper benchmarked macro model composed by Bank of Korea(1997, 2004, 2012). We reviewed model robustness using statistical suitability of each equation and historical simulation for from 1994 to 2011. The recovered amount of overseas oil and gas development project has positive effect in every macro economic index except CPI and exchange rate. Economic effect to macro economic index become bigger with time because the recovered amount of overseas oil and gas development project are increasing until now. Although empirical results of economic effects in every year from the recovered amount of overseas oil and gas development project are different, as of 2011, empirical results showed that the recovered amount of overseas oil and gas development project increase 2.226% and 0.401% in current account and real GDP respectively. And it also decrease 0.489%p in unemployment rate. Exchange rate to US dollars also decrease in amount of 0.379%.

• Environmental and Resource Economics Review
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• v.19 no.2
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• pp.413-440
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• 2010

Since 2000, as importance of sourcing energy emphasized caused by instability of international oil price, interests toward Caspian countries as an alternative markets has increased. Especially, Azerbaijan, as middle Asian emerging exporting country, has performed drastic economic boom because of massive amount of foreign capital flowed in and construction of BTC pipeline. However, despite this economic surge, there are unbalanced economy which is merely focusing on energy industry and pressure from increase in real exchange rate and inflation. In order to analyze the sustainability of Azerbaijan economy, the total sample time period of this paper is from January 2001 to December 2007 and the term is divided into before and after BTC line construction. Vector Error-Correction Model has been applied to analysis confirming short-term and long-term effect. As a result, Azerbaijan now face the symptoms of the recession during the time period and this is due to high oil price and increase in export influenced by BTC oil pipeline resulting in decrease in real interest rate. This conclusion is to affect competitiveness of manufacturing industry, base industry for economic proliferation, in a negative way.

• Photonics industry news
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• s.38
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• pp.16-19
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• 2007

2006년 국내 광산업시장은 전 세계적인 초고속인터넷망 및 FTTH 관련 서비스 확충에 따라 광통신 부품 업체의 호황과 아울러 휴대폰 부품시장, 반도체 광원(LED)분야의 전체적인 수출 및 내수시장규모가 증가한 것으로 조사됐다. 그러나 해외 원자재 구매 증가로 인해 수입 비율이 증가하고 반면 수출은 엔화, 달러 환율의 지속적인 하락에 영향을 받아 마이너스 성장한 분야도 있는 것으로 파악되었다. 광산업클러스터가 구성된 광주의 지역내 총생산은 2003년을 기준으로 하여 15조 7,229억 원으로 전국 비중은 2.2%를 차지하고 있을 정도로 열악하고 재정자립도도 6개 광역시 중에서 하위를 기록하고 있었으며 취업자 기준 산업구조도 서비스업이 80%정도를 차지할 정도로 구조적인 취약점을 안고 있었다. 이와 같은 광주경제의 어려운 상황을 근본적으로 타개하기 위하여 광주광역시가 21세기 최대의 유망산업인 광산업 육성 계획을 수립해 제시한 결과, 중앙정부 차원에서 광산업 육성 및 집적화 계획 1단계 사업(2000년~2003년)이 성공적으로 마무리 되고 현재는 2단계 사업(2004년~2008년)이 추진 중이다. 따라서 현시점에서 광산업 육성 성과를 판단할 수 있는 지표로 광주지역에 소재하고 있는 광산업체의 증가수와 매출액 등에 대하여 한국광산업진흥회에서 2006년 12월에 전수조사 하였다.

• KDI Journal of Economic Policy
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• v.14 no.4
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• pp.27-49
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• 1992

This paper stresses the role of market fundamentals rather than bubbles in explaining Korea's recent experience of large fluctuations of stock and real estate prices. The bubble story that emphasizes the self-fulfilling prophecies of investors seems to be inappropriate to explain the recent changes of assets prices in Korea. Those who argue for bubble phenomenon in Korea tend to interpret the volatile movements of assets prices as some form of bubbles, but without implementing a rigorous test on the presence of bubbles. Even when some bubble tests are carried out, such studies exhibit various econometric problems in testing. More seriously, they suffer from the misspecification problems in setting up a market model. This paper has shown that Korea's recent changes in assets prices could be explained by changes in market fundamentals according to the emergence and the subsequent fading of 'three lows'. First, it tried to explain changes in assets prices by changes in such market fundamentals as real interest rates and economic growth. Second, it showed that the real estate prices overshoot when the liquidity and exchange rates change, using the two-sector general equilibrium portfolio balance model. It is argued that the rapid rise in real estate prices during 1986-89 stems from Yen's and Won's appreciation $vis-{\grave{a}}-vis$ the U.S. dollar and liquidity expansion (or decreases in real interest rates), while the downturn in real estate prices since 1990 is associated with Yen's and Won's depreciation $vis-{\grave{a}}-vis$ the U.S. dollar and rises in real interest rates in reflection of the excess demand for liquidity.

• Environmental and Resource Economics Review
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• v.21 no.1
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• pp.69-92
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• 2012

This paper analyzed price asymmetry of domestic petroleum products by distribution stage. Analyzing the asymmetry by distribution stage, we can investigate the gap between analysis results and consumers' perception. For the first stage, we analyzed asymmetries between retail prices including tax and the spot prices of crude oil. The results show that retail price increases more quickly in response to the crude oil prices rise than to the crude oil prices fall as consumers' perception. For the second stage, we analyzed asymmetry of international petroleum product prices in Korean Won with the change in the crude oil spot prices. The results show that international petroleum product prices increase higher in response to the crude oil prices increase than to the crude oil prices decrease. For the final stage, we examined the asymmetry of wholesale price and retail price with the change in the international petroleum product prices in Korean Won. The results show that wholesale prices increase more quickly in response to the crude oil prices rise than to the international petroleum product prices fall. The retail prices, however, decrease more quickly in response to the crude oil prices fall than to the international petroleum product prices rise.

• 사료
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• s.42
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• pp.20-25
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• 2010

2009년은 그야말로 새옹지마(塞翁之馬 : 인생에 있어서 길흉화복은 항상 바뀌어 미리 헤아릴 수 없다)와 같은 한 해로 기억에 오래 남을 듯 하다. 2008년 말에 2009년 양돈산업을 전망할 때 미국발 금융위기에도 불구하고 국내산 돈육 공급량 부족과 환율상승 및 급변으로 인한 돈육 수입량 부족, 그리고 수급 불균형으로 대부분의 전문가들이 역대 최고의 돈가를 예상했고, 실제로 3월에 지육가격이 5,000원/지육kg(전국 비육돈 평균시세)을 상회하면서 성수기에 돈가가 6,000원/지육 kg에 육박할 것이라 기대했었다. 그러나 4월 미국에서 발생한 신종인플루엔자가 초기에 돼지에서 유래된 인플루엔자라고 보도되면서 돈육소비량이 급감하였고 이로 인해 성수기에 돈가가 오히려 하락하는 기현상을 보였다. 다행히 신종플루가 돼지와 무관하다는 사실이 밝혀지면서 소비가 회복되었고 돈가 또한 회복되어 올해는 역대 최고의 돈가가 형성될 것으로 예상되고, 여기에 국제곡물시세가 안정되면서 사료가격도 여러 차례 인하되어 양돈 농장의 수익성은 상당부분 향상될 것으로 판단된다. 하지만 신종플루 사망자가 증가하면서 지금도 여전히 돈육소비가 위축되어 있어 막연히 호황을 기대하기 쉽지 않은 실정이다. 돈가의 급등과 급락, 외부요인에 의한 경제환경의 변화로 인한 환율의 변동 및 소비량의 변화는 2009년 양돈산업에 대한 불안감을 증폭시켜 높은 돈가와 수익성에도 불구하고 전체 산업의 규모가 커지지는 못했다. 여기에 국산 돈육에 대한 소비자들의 무한 신뢰로 인해, 2008년 12월 돈육 원산지 표시제 확대 실시로 국내산 돈육 수요가 증가 하여 여전히 75% 가량의 국산 돈육 자급율을 유지함에도 불구하고 아직까지 맛의 차별화 및 도축, 유통의 안전성에 대한 확고한 신뢰 구축을 위한 브랜드 돈육 유통의 확대가 소비자의 기대치만큼 자리 잡지 못하고 있는 실정이다. 또한 친환경적인 양돈산업 육성 및 분뇨 처리 관련하여도 뚜렷한 해답을 찾지 못하고 있어, 양돈 농가의 입장에서는 규모의 확장 및 신규 진입이 극도로 제한되어 있고 일부 지역에서는 사업의 존폐를 결정하는 주요 원인이 되고 있다. 그간 대한민국 양돈 산업의 경쟁력에 발목을 잡고 있던 낮은 생산성 문제와 소모성 질병에 의한 높은 폐사율 문제 또한 아직도 여전히 해결되지 못한 과제이다. <그림 1> 국가별 양돈 농장 생산성 현황에서 보는 바 와 우리나라 양돈 농장의 생산성은 여전히 PSY(모돈당 연간 이유자돈 두수)가 18두에 못 미치고 있어 국제 경쟁력을 논하기 자제 가 부끄러운 실정이다. 여러 가지 내 외부적인 어려운 환경에도 불구하고 올 2009년은 양돈농가들이 최고의 수익성을 기록한 한 해가 될 것이라는 사실에는 이의가 별로 없을 듯하다. 2년 여간의 고돈가로 인해 대한민국 양돈산업은 새로운 도약을 위한 밑천이 마련된 셈이라고 할 수 있다. 본고에서는 2009년 양돈산업 현황을 돌아보고 다가올 미래를 준비한다는 의미에서 우리나라 양돈산업이 집중해야 할 분야를 짚어보고자 한다.

• International Area Studies Review
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• v.15 no.1
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• pp.291-314
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• 2011

We examine the motives of foreigner's investments in the Korean bonds by maturity and try to prove that market impacts are different by their investment maturity. Foreign investors initially focused on short-term bonds, but have expanded to mid- to long-term bonds since 2010. The previous studies found that covered interest arbitrage was the main reason for foreign investment. However, there should be some other reasons as their investment in mid- to long-term bonds might have nothing to do with arbitrage. In the empirical analysis, we found that foreign investment in bonds with less than 2 year maturity is driven by arbitrage as previous studies. However, investment in bonds with 2-5 year maturity is sensitive to the FX volatility and the stock market performance compared with the U.S. and investment in bonds with more than 5 year maturity is driven by the CDS premium differential between Korea and PIIGS countries. The more foreigners have invested mid- to long-term bonds, the stronger downward pressure has been on the bond yields. In addition, foreign investors indirectly affected the spreads. Meanwhile, the government should prepare some policy measures since concerns over side effects such as the Korean won appreciation and an abrupt capital outflow are arising.

• Journal of Korea Port Economic Association
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• v.39 no.4
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• pp.243-254
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• 2023

This study investigates the factors contributing to price fluctuations in the shipscrapping market, the final stage in a vessel's life cycle. Shipping companies make decisions on ship dismantling based on factors such as declining freight rates, increasing vessel age leading to higher costs, or compliance with new environmental regulations. Utilizing the FMOLS (Fully Modified Ordinary Least Squares) and VECM (Vector Error Correction Model) methodologies, the research explores the long-term elasticities of factors influencing shipscrapping prices and examines short-term causal relationships. Using a time series dataset spanning from December 2015 to April 2023, covering a total of 90 months, the study focuses on the shipscrapping prices of Capesize vessels in India and Bangladesh, which constitute a significant portion of the shipbreaking market. The findings indicate that, in the long term, shipscrapping prices are closely related to global scrap prices, 20-year-old secondhand Capesize vessel prices, newbuilding prices, and exchange rates. In terms of short-term causal relationships, an increase in global scrap prices induces a rise in shipscrapping prices, while the remaining variables do not contribute to such increases. Specifically, an escalation in shipscrapping prices is associated with increased prices of 20-year-old secondhand vessels, newbuilding prices, and exchange rates. However, the other variables do not show a significant influence on short-term increases in shipscrapping prices.