• The Journal of Asian Finance, Economics and Business
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• 제6권2호
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• pp.257-267
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• 2019

The paper aims to test long-term and short-term causality from four exchange rates, the Korean won/$US, the Korean won/Euro, the Korean won/Japanese yen, and the Korean won/Chinese yuan, to the Korea Composite Stock Price Index in the presence of several macroeconomic variables using monthly data from January 1986 to June 2018. The results of Johansen cointegration tests show that there exists at least one cointegrating equation, which indicates that long-run causality from an exchange rate to the Korean stock market will exist. The results of vector error correction estimates show that: for long-term causality, the coefficient of the error correction term is significant with a negative sign, that is, long-term causality from exchange rates to the Korean stock market is observed. For short-term causality, the coefficient of the Japanese yen exchange rate is significant with a positive sign, that is, short-term causality from the Japanese yen exchange rate to the Korean stock market is observed. The coefficient of the financial crises i.e. 1997-1999 Asian financial crisis and 2007-2008 global financial crisis on the endogenous variables in the model and the Korean economy is significant. The result indicates that the financial crises have considerably affected the Korean economy, especially a negative effect on money supply.

• The Journal of Asian Finance, Economics and Business
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• 제8권12호
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• pp.295-303
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• 2021

The aim of this study is to analyze the effects of oil prices on economic growth and exchange rate in Saudi Arabia during the period 1980-2020. For this purpose, the linear and nonlinear ARDL models are estimated. The linear ARDL model shows that the oil price and economic growth are cointegrated. Moreover, the two variables have a significant positive association in the long run. However, the oil price has no significant impact on the exchange rate. When estimating the nonlinear ARDL model, it has been shown that oil price is only cointegrated with economic growth but not with the exchange rate. The estimation of nonlinear effects using the nonlinear ARDL model shows that economic growth is affected by both positive and negative oil shocks in the long run. However, the impact of positive shocks is higher than those of negative shocks. Moreover, results show that the short-run effects of positive and negative oil shocks are not statistically significant. Regarding the exchange rate, our results show that the effects of positive and negative oil shocks are not statistically significant. Consequently, this study concludes that the oil price has an asymmetric effect on economic growth in Saudi Arabia, but not on the exchange rate.

• The Journal of Asian Finance, Economics and Business
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• 제8권7호
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• pp.393-402
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• 2021

This study aims to examine whether symmetric effects or asymmetric effects of exchange rates exist in determining the money demand in Indonesia. Simple-sum money and Divisia money were included in different models for comparison due to the financial developments in Indonesia. This study uses time-series data from 1996Q1 to 2019Q4 for the estimation. The nonlinear autoregressive distributed lag (NARDL) model is utilized to verify the asymmetric effects of exchange rates on money demand. The Augmented Dickey-Fuller and Phillips-Perron unit root tests were performed to verify the order of integration of the variables. The findings of this study revealed that the exchange rate is one of the most important determinants of money demand in Indonesia and the effect is asymmetric. The findings further indicated that money demand function, which incorporates Divisia monetary aggregate is parsimonious. Monetary targets such as money supply and interest rates are critical for monetary policy conduct to achieve inflation levels set by government. As the adoption of an inflation targeting framework needs to be in keeping with the flexible exchange rate system, the asymmetric effect of exchange rate changes can be used in exchange rate policy conduct to achieve financial system and price stability.

• 정보보호학회논문지
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• 제16권5호
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• pp.35-46
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• 2006

기존의 보안 시스템에서 키 교환에 사용되어 왔던 인터넷 키 교환 프로토콜은 확장성과 속도, 효율성 그리고 안정성에 문제가 있다는 지적을 받아 왔다. 본 연구에서는 이러한 문제점을 해결하고자 했으며, 새로 구현한 인터넷 키 교환 프로토콜을 IPsec에 연동되는 테스트베드에 탑재하여 성능평가를 하였다. 네트워크가 점점 확장되어 가는 상황에서 기존의 인터넷 키 교환 프로토콜은 네트워크의 확장성에 한계가 있기 때문에 RFC에서 제안하는 표준에 따라서 구현하였으며 키 교환 및 인증 과정에서 지적된 복잡성과 속도 문제를 해결하였다. 복잡한 메시지 교환 단계를 줄여서 속도를 향상시켰고, 재협상 시 기존 상태 값들을 재활용함으로써 효율성을 증가 시켰다.

• The Journal of Asian Finance, Economics and Business
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• 제8권1호
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• pp.1-6
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• 2021

This research examines the stock market index determinants and the prediction using the FFT curve fitting of the Jakarta Stock Exchange (JKSE) Composite Index during the COVID-19 pandemic. This paper has used daily data of Jakarta Stock Exchange (JKSE) Composite Index, interest rate, and exchange rate from 15 October 2019 to 15 September 2020, and a total of 224 observations, retrieved from Indonesia Stock Exchange (IDX), Indonesia Statistics Central Bureau and Observation & Research of Taxation. The study covers descriptive statistics, multicollinearity test, hypothesis tests, determination test, and prediction using FFT curve fitting. The results unveil four fresh and robust evidence. Partially, the interest rate has affected positively and significantly the stock market index. Partially, the exchange rate has affected negatively and significantly the stock market index. The F-test result, interest rate, and exchange rate have significantly affected the stock market index (JKSE) simultaneously. Furthermore, the FFT curve fitting has predicted that the stock market fluctuates and increases over time. The results have shown a strong influence of the independent variables and the dependent variable. The value of Adjusted R-Square is 0.719, which means that the independent variables have simultaneously impacted the dependent variable for 71.9%; other factors have influenced the remaining 28.1%.

• The Journal of Asian Finance, Economics and Business
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• 제9권1호
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• pp.189-201
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• 2022

The study empirically examines the impact of monetary fundamentals along with global oil prices on the Pak-rupee exchange rate using the monthly data over 2001-2020. Employing the cointegrating vector autoregressive with exogenous variables (VARX) and vector error correction model with exogenous variables (VECMX), the study analyzes the impact of domestic monetary fundamentals while considering the foreign variables as weakly exogenous. In order to account for the structural breaks in the data, the Lagrange multiplier (LM) unit root test with two structural breaks has been used (Lee & Strazicich, 2003). The empirical results reveal that the domestic and foreign monetary variables significantly explain the exchange rate movements in Pakistan both in the long run and in the short run. The dynamic properties of the monetary model of exchange rate have been analyzed using the persistence profile analysis and generalized impulse response functions (GIRFs). The results reveal that the responses of shocks to domestic monetary fundamentals are consistent with the predictions of the monetary model of the exchange rate. Furthermore, being a net oil importer, a rise in global oil prices significantly depreciated the Pak-rupee exchange rate over the period of study. The global financial crisis (GFC) and pandemic (COVID-19) were also found to cause the Pak-rupee exchange rate depreciation.

• 산경연구논집
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• 제15권5호
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• pp.17-27
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• 2024

Purpose: The renminbi (RMB) has appreciated alongside the elevation of China's economic status, leading to increased exchange rate volatility. Moreover, China's medical industry saw a surge in import and export trade volume, with trade related to epidemic prevention and control in the medical sector significantly increasing its share. The medical device trade, in particular, occupies a substantial portion of this trade. Research design, data and methodology: This paper focuses on the import and export value of medical devices in the medical industry as a case study to explore the impact of RMB exchange rate fluctuations on the import and export trade of the medical industry during the pandemic. Additionally, it investigates whether the import and export trade of the medical industry can be a contributing factor to the fluctuations in the RMB exchange rate. Results: Through an empirical study on the import and export values of medical devices in the medical industry over the past three years, as well as the RMB exchange rate, this paper establishes a VAR model and conducts a series of tests including stationarity tests and cointegration tests. Conclusions: The conclusion is that fluctuations in the RMB exchange rate have a long-term impact on China's medical industry's import and export trade.

• 벤처창업연구
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• 제10권3호
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• pp.133-146
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• 2015

본 연구는 환헤지와 조선업체의 당기순이익과의 인과관계를 파악하고자 단위근 검정과 공적분 검정, 그리고 벡터자기회귀모형(vector autoregressive model : VAR)을 활용하였다. 먼저, 단위근 검정을 위해서는 2000년부터 2013년까지 분기별 조선업체들의 당기순이익은 존슨 변환 후의 값을 사용하였다. 동일 기간에 국채선물수익률(KTBF), 3년 만기 국채수익률(KTB3Y), 한미 환율, 한미 금리차이는 주별 데이터를 각 분기별 차이값으로 변환시켜서 활용하였고, 조선업체의 주가는 로그 변환 시킨 후에 사용하였다. 또한, 구조적 변화점 탐색 분석기법을 활용하여서 조선업체들의 당기순이익에 영향을 주는 환헤지에 구조적 전략 변화가 발생하는지 검증해 보았다. 연구결과는 환헤지와 조선업체의 당기순이익 간에는 구조적 변화점 탐지 분석에서는 2004년을 기점으로 구조적 변화가 발생하는 것으로 나타났다. 즉, 조선업체 중에서 소극적 환헤지 관리가 적극적 환헤지 전략으로 구조적 변화가 발생한 것이다. VAR의 추정을 통해 한국 조선업체들의 환헤지는 조선업체들의 상호 간의 수익성에 영향을 주고 있음을 파악 할 수 있었다. 또한 거시변수나 주가에 의해서도 조선업체들의 당기순이익이 영향을 받고 있음을 확인해 볼 수 있었다.

• 한국자기학회지
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• 제10권4호
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• pp.171-177
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• 2000

RF 마그네트론 스퍼터링 증착법으로 제작한 Co/NiMn 이층막에서의 교환자기결합현상을 연구하였다. 어닐링의 온도와 시간에 따른 교환자기결합력(H$_{ex}$)의 변화를 조사하여 300 $^{\circ}C$에서 13시간의 열처리후에 최대의 교환결합자장을 얻을 수 있음을 보였고, NiMn과 Co층의 적층순서를 변화시켰을 때, NiMn 상층구조의 시편이 더 높은 교환자기결합력을 나타냄을 알 수 있었다. 상층의 Ta 보호막의 사용이 교환자기결합을 나타내는데 필수적임을 알 수 있었는데 , AES 분석은 Ta 보호층을 적용하지 않은 경우에, 산소원자가 막 내부의 깊은 곳까지 침투함으로 인하여 교환자기결합력이 일어나지 않음을 보여주었다. 또한 교환자기결합에 대한 Ta 바닥층의 효과를 연구하였다. Ta 바닥층은 높은 교환자기결합력을 얻기 위해서는 사용하지 않는 것이 낫다는 것을 알아내었다. X선 회절분석의 결과는, Ta 바닥층이 다층막에 우선방위조직을 형성시키는데 기여하지만, NiFe/NiMn 이층막에서의 경우와는 달리 교환자기결합에 반드시 필요한 조건이 아님을 보여주었다. 또한 Co층과 NiMn층의 두께에 따른 교환결합력의 영향을 조사하여, 교환결합력은 200 $\AA$ 이상의 NiMn층 적용 시 최대값을 가지며, Co층의 두께에 반비례함을 알 수 있었다.다.

• 한국전자거래학회:학술대회논문집
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• 한국전자거래학회 1998년도 학술대회지 vol.1
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• pp.57-68
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• 1998

ㆍ STEP is an International Standard (ISO 10303) - that defines the methodology to create computer interpretable product data models. ㆍ STEP Implementation - allows exchange and sharing of product data while retaining semantics throughout the product life cycle. ' STEP is in deployment - PDM data exchange at Boeing and others - Geometry data exchange at GM and others ㆍ The STEP community overcomes obstacles - “They will never finish the standard” (done 1994) - “They will never be able to transfer solids” (done 1995) - “They will never make solids transfer reliable” (done 1997) - “They will never implement all those Application Protocols”(TBD)(omitted)