• Journal of Korea Port Economic Association
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• v.27 no.1
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• pp.263-280
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• 2011

The global financial crisis, triggered by the subprime mortgage crisis in 2007, has put the world economy into the recession with financial market turmoil. I tested whether variables were cointegrated or whether there was an equilibrium relationship. Also, Generalized impulse-response function (GIRF) and accumulation impulse-response function (AIRF) may be used to understand and characterize the time series dynamics inherent in economical systems comprised of variables that may be highly interdependent. Moreover, the IRFs enables us to simulate the response in freight to a shock in the USD/JPY exchange rate, Dow Jones industrial average index, Dow Jones volatility, Chinese Import volatility. The result on the cointegration test show that the hypothesis of no cointergrating vector could be rejected at the 5 percent level. Also, the empirical analysis of cointegrating vector reveals that the increases of USD/JPY exchange rate have negative relations with freight. The result on the impulse-response analysis indicate that freight respond negatively to volatility, and then decay very quickly. Consequently, the results highlight the potential usefulness of the multivariate time series techniques accounting to behavior of Freight.

• Journal of The Korean Society of Grassland and Forage Science
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• v.39 no.2
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• pp.97-104
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• 2019

This experiment was conducted to investigate the effect of whole crop rice (WCR) based TMR on growth performance and carcass characteristics of Hanwoo steers. WCR "Yeongwoo"was harvested at yellow ripen stage and ensiled for 60 days. The crude protein (CP), acid detergent fiber (ADF), neutral detergent fiber (NDF), in vitro dry matter digestibility (IVDMD) and total digestible nutrient (TDN) content was 8.4 %, 28.0 %, 53.8 %, 72.4 % and 66.8 %, respectively. For silage quality, pH was 4.37 and lactic and butyric acid content were 2.84 and 0.04 % in DM. Sixteen Hanwoo steers (8-mon-old) were allocated into either a control (commercial TMR) and WCR-TMR (WCR-based TMR) group. The TMR were fed according to the feeding stage phase: growing (Initiate~14 month), early fattening (15 month~21 month) and late fattening (22 month~30 month). The body weight of control group increased (P<0.05) until early fattening stage, but late growing stage of WCR-TMR group was higher than that of control (P<0.05). Average daily gain (ADG) was significantly greater (P<0.05) in WCR-TMR group (total 0.78 kg/head) compared to control (total 0.66 kg/head) except for late fattening stage. The marketing weight and carcass weight were higher in WCR-TMR group (726 vs 765 kg; 417.8 vs 450.4 kg). The back fat thickness (11.75 vs 13.00 mm), Longissimus dorsi area (88.00 vs $89.88cm^2$) and yield index (65.87 vs 64.30) were not different between the two groups (P>0.05) and also no difference in meat yield grade (A : B : C = 2 : 4 : 2). Marbling score (4.00 vs 4.13), meat color (4.75 vs 4.75), fat color (3.13 vs 2.88), texture (1.25 vs 1.50) and maturity (2.00 vs 2.00) were not significant difference between the two groups and meat quality grade ($1^{{+}{+}}:1^+:1:2:3=0:2:4:2:0$) was also not different. In conclusion, TMR feeding based on WCR silage showed superiority in carcass yield and ADG compared to control TMR. It is considered that the use of WCR for feed is a necessary option for the substitution of the imported forages and the government's policy for rice production adjustment.

• Asian-Australasian Journal of Animal Sciences
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• v.22 no.6
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• pp.836-842
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• 2009

The objectives of this study were to evaluate potential benefits of intercropping of corn with runner bean for a smallsized farming system, based on land equivalent ratio (LER) and silage yield and quality of corn intercropped with runner bean (Phaseolus vulgaris L.), in arid conditions of Turkey under an irrigation system. This experiment was established as a split-plot design in a randomized complete block, with three replications and carried out over two (consecutive) years in 2006 and 2007. Seven different mixtures (runner bean, B and silage corn sole crop, C, 10% B+90% C, 20% B+80% C, 30% B+70% C, 40% B+60%C, and 50% B+50%C) of silage corn-runner bean were intercropped. All of the mixtures were grown under irrigation. The corn-runner bean fields were planted in the second week of May and harvested in the first week of September in both years. Green beans were harvested three times each year and green bean yields were recorded each time. After the 3rd harvest of green bean, residues of bean and corn together were randomly harvested from a 1 $m^{2}$ area by hand using a clipper when the bean started to dry and corn was at the dough stage. Green mass yields of each plot were recorded. Silages were prepared from each plot (triplicate) in 1 L mini-silos. After 60 d ensiling, subsamples were taken from this material for determination of dry matter (DM), pH, organic acids, chemical composition, and in vitro DM digestibility of silages. The LER index was also calculated to evaluate intercrop efficiencies with respect to sole crops. Average pH, acetic, propionic and butyric acid concentrations were similar but lactic acid and ammonia-N levels were significantly different (p<0.05) among different mixtures of bean intercropped with corn. Ammonia-N levels linearly increased from 0.90% to 2.218 as the percentage of bean increased in the mixtures up to a 50:50 seeding ratio. While average CP content increased linearly from 6.47 to 12.45%, and average NDF and ADF contents decreased linearly from 56.17 to 44.88 and from 34.92 to 33.51%, respectively, (p<0.05) as the percentage of bean increased in the mixtures up to a 50:50 seeding ratio, but DM and OM contents did not differ among different mixtures of bean intercropped with corn (p>0.05). In vitro OM digestibility values differed significantly among bean-corn mixture silages (p<0.05). Fresh bean, herbage DM, IVOMD, ME yields, and LER index were significantly influenced by percentage of bean in the mixtures (p<0.01). As the percentage of bean increased in the mixtures up to a 50:50 seeding ratio, yields of fresh bean (from 0 to 24,380 kg/ha) and CP (from 1,258.0 to 1,563.0 kg/ha) and LER values (from 1.0 to 1.775) linearly increased, but yields of herbage DM (from 19,670 to 12,550 kg/ha), IVOMD (from 12,790 to 8,020 kg/ha) and ME (46,230 to 29,000 Mcal/ha) yields decreased (p<0.05). In conclusion, all of the bean-corn mixtures provided a good silage and better CP concentrations. Even though forage yields decreased, the LER index linearly increased as the percentage of bean increased in the mixture up to a 50:50 seeding ratio, which indicates a greater utilization of land. Therefore, a 50:50 seeding ratio seemed to be best for optimal utilization of land in this study and to provide greater financial stability for labor-intensive, small farmers.

• The Journal of Industrial Distribution & Business
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• v.9 no.5
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• pp.63-72
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• 2018

Purpose - This work analyzes, in detail, the specification of vector error correction model (VECM) and thus examines the relationships and impact among seven economic variables for USA - balance on current account (BCA), index of stock (STOCK), gross domestic product (GDP), housing price indices (HOUSING), a measure of the money supply that includes total currency as well as large time deposits, institutional money market funds, short-term repurchase agreements and other larger liquid assets (M3), real rate of interest (IR_REAL) and household credits (LOAN). In particular, we search for the main explanatory variables that have an effect on stock and real estate market, respectively and investigate the causal and dynamic associations between them. Research design, data, and methodology - We perform the time series vector error correction model to infer the dynamic relationships among seven variables above. This work employs the conventional augmented Dickey-Fuller (ADF) and Phillips-Perron (PP) unit root techniques to test for stationarity among seven variables under consideration, and Johansen cointegration test to specify the order or the number of cointegration relationship. Granger causality test is exploited to inspect for causal relationship and, at the same time, impulse response function and variance decomposition analysis are checked for both short-run and long-run association among the seven variables by EViews 9.0. The underlying model was analyzed by using 108 realizations from Q1 1990 to Q4 2016 for USA. Results - The results show that all the seven variables for USA have one unit root and they are cointegrated with at most five and three cointegrating equation for USA. The vector error correction model expresses a long-run relationship among variables. Both IR_REAL and M3 may influence real estate market, and GDP does stock market in USA. On the other hand, GDP, IR_REAL, M3, STOCK and LOAN may be considered as causal factors to affect real estate market. Conclusions - The findings indicate that both stock market and real estate market can be modelled as vector error correction specification for USA. In addition, we can detect causal relationships among variables and compare dynamic differences between countries in terms of stock market and real estate market.

• Asian-Australasian Journal of Animal Sciences
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• v.25 no.11
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• pp.1568-1574
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• 2012

Three Holstein steers in the growing phase, each with a ruminal cannula, were used to test the hypothesis that the synchronization of the hourly rate of carbohydrate and nitrogen (N) released in the rumen would increase the amount of retained nitrogen for growth and thus improve the efficiency of microbial protein synthesis (EMPS). In Experiment 1, in situ degradability coefficients of carbohydrate and N in feeds including Korean rice wine residue (RWR) were determined. In Experiment 2, three total mixed ration (TMR) diets having different rates of carbohydrate and N release in the rumen were formulated using the in situ degradability of the feeds. All diets were made to contain similar contents of crude protein (CP) and neutral detergent fiber (NDF) but varied in their hourly pattern of nutrient release. The synchrony index of the three TMRs was 0.51 (LS), 0.77 (MS) and 0.95 (HS), respectively. The diets were fed at a restricted level (2% of the animal's body weight) in a $3{\times}3$ Latin-square design. Synchronizing the hourly supply of energy and N in the rumen did not significantly alter the digestibility of dry matter, organic matter, crude protein, NDF or acid detergent fiber (ADF) (p>0.05). The ruminal $NH_3$-N content of the LS group at three hours after feeding was significantly higher (p<0.05) than that of the other groups; however, the mean values of ruminal $NH_3$-N, pH and VFA concentration among the three groups were not significantly different (p>0.05). In addition, the purine derivative (PD) excretion in urine and microbial-N production (MN) among the three groups were not significantly different (p>0.05). In conclusion, synchronizing dietary energy and N supply to the rumen did not have a major effect on nutrient digestion or microbial protein synthesis (MPS) in Holstein steers.

• International Commerce and Information Review
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• v.13 no.4
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• pp.229-249
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• 2011

The exchange rate change has been increased since the time when the floating exchange rate system was introduced in Korea. As a result, the increase of the exchange rate changes raised the risk in international trades in Korea. Also after Bretton Woods System broke down, the increasing exchange rate fluctuation raised the risk in international trade. The purpose of this dissertation is to study whether this incomplete pass-through exists in Korean export industry and furthermore to measure the markup rate of the export price using real data since Global Financial Crisis. The estimation results of the export price determination model by Error Correction Model shows that the export price of Korea has been greatly influenced by the export prices and exchange rates against U.S. Dollar of rival countries, domestic producer price as well as the Korean Won-U.S. Dollar exchange rate and also business coincidence index of U.S. in demand. Particularly, the pass-through rate of Korean Won-U.S. Dollar exchange rate to export price is estimated to be incomplete, which contrasts with the propositions of traditional exchange rate determination approach, e. g. elasticity approach, monetary approach, etc.