• 아태비즈니스연구
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• 제11권3호
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• pp.243-260
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• 2020

Purpose - This paper aims to investigate the properties of crude oil based derivative security (DLS) focusing on step-down type for comprehensive understanding of its risk. Design/methodology/approach - Kernel estimation is conducted to figure out statistical feature of the process of oil price. We simulate oil price paths based on kernel estimation results and derive probabilities of hitting the barrier and early redemption. Findings - The amount of issuance for crude oil based DLS is relatively low when base prices are below $40 while it is high when base prices are around $60 or $100, which is not consistent with kernel estimation results showing that oil futures prices tend to revert toward $46.14 and the mean-reverting speed is faster as oil price is lower. The analysis based on simulated oil price paths reveals that probability of early redemption is below 50% for DLS with high base prices and the ratio of the probability of early redemption to the probability of hitting barrier is remarkably low compared to the case for DLS with low base prices, as the chance of early redemption is deferred. Research implications or Originality - Empirical results imply that the level of the base price is a crucial factor of the risk for DLS, thus introducing a time-varying knock-in barrier, which is similar to adjust the base price, merits consideration to enhance protection for DLS investors.

• 자원ㆍ환경경제연구
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• 제22권4호
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• pp.671-689
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• 2013

Transmission mechanisms of volatility between two crude oil markets (WTI and Brent markets) have drawn the attention of numerous academics and practitioners because they both play crucial roles in portfolio and risk management in crude oil markets. In this context, we examined the volatility linkages between two representative crude oil markets using a VECM and an asymmetric bivariate GARCH model. First, looking at the return transmission through the VECM test, we found a long-run equilibrium and bidirectional relationship between two crude oil markets. However, the estimation results of the GARCH-BEKK model suggest that there is unidirectional volatility spillover from the WTI market to the Brent market, implying that the WTI market tends to exert influence over the Brent market and not vice versa. Regarding asymmetric volatility transmission, we also found that bad news volatility in the WTI market increases the volatility of the Brent market. Thus, WTI information is transmitted into the Brent market, indicating that the prices of the WTI market seem to lead the prices of the Brent market.

• 유통과학연구
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• 제18권5호
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• pp.71-81
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• 2020

Purpose: This case study illustrates the successful entry of Saudi Aramco in the Korean market and how it grows to become one of the world's largest integrated energy enterprises. Research design, data and methodology: This case investigates diverse secondary sources to examine the entry strategy of Aramco in Korea, such as several interviews including public and anonymous dialogues, periodicals, dispatches (i.e. news articles and magazines), annual reports, industrial reports, and others. Results: The main concern for the international strategic approaching of Saudi Aramco is to enter into Korean market by joint venture with SsangYong Oil (today's S-Oil Corporation) in 1991 and finally, ending by Acquisition of S-Oil in 2015. This acquisition of local No.3 company, S-Oil, in Korea is the successful case in Asian Markets overcoming liability of foreignness. Moreover, Saudi Aramco's global distribution strategy through localization in the Korean market is appropriate given the market conditions, timing, effectiveness, and efficiency by sharing their resources and collaborating. Conclusions: It would be valuable, unique, and real story to analyze global leading company's entry and globalization strategy in overseas market. In addition, this study provides decision-makers with a significant and more strategic implication for the overseas expansion of businesses.

• 한국환경보건학회지
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• 제38권6호
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• pp.529-540
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• 2012

Objective: This research was performed to evaluate the state of oil pollution in an area surrounding a railway station that has over 100 years of business history as a railway station in S City, Korea. The amount of polluted soil was estimated, and the target area for remediation was assessed in this study to restore the oil-polluted area. Methods: To accomplish this aim, five observation wells were installed for the sampling of groundwater, and soil was sampled at 33 points. Electric resistance studies and a trench investigation were undertaken to understand the geological conditions of the site, and the groundwater movement in this area was simulated by MODFLOW. Physiochemical analyses were conducted to determine the quality of the groundwater and the current state of oil pollution influenced by that of the soil. Results: The mean level of total petroleum hydrocarbons (TPHs) in this area was 1,059 mg/kg, and the area for remediation was determined to be 7,610 mg/kg. Levels of benzene, toluene, ethylbenzene, and xylene (BTEX) were determined to be under the legal standard. Conclusion: In terms of depth, the biggest area polluted by TPH found was between 0 and 1 m from ground level, and the affected area was 5,900 $m^3$. TPHs were not detected in groundwater. Diesel and lubricating oil were the main causes of TPH pollution at this railway station.

• The Journal of Asian Finance, Economics and Business
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• 제9권5호
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• pp.285-294
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• 2022

Using the ARDL approach, this study examined the impact of macro factors on Vietnam's stock market in the short and long run from 2010 to 2021. The State Bank of Vietnam and the International Monetary Fund provided time series data for this study. Research results show that in the long run, money supply and exchange rate respectively affect the stock market. The money supply had a positive effect on the VN-Index, while the exchange rate showed the opposite effect. However, the study did not find a relationship between world oil price and interest rates on VN-Index in the long run. On the other hand, in the short term, there are relationships between variables; specifically, interest rates and exchange rates have a negative impact on the VN-Index, while the world oil price and the fluctuation of money supply M2 of the previous one and two months showed an impact in the same direction on this index. The differences in the regression results on the impact of exchange rate and oil price on the VN-Index compared to previous studies come from the characteristics of Vietnam's stock market, with the large capitalization of companies in the oil and gas sector, and the structure of Vietnam's economy with export heavily depends on FDI sector.

• 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.

• 한국생활과학회지
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• 제18권2호
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• pp.501-507
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• 2009

Atopic dermatitis is one of the most common skin disease in children and a characteristic chronically recurrent form of dermatitis with a hereditary tendency, affecting infants and may extend to the childhood or th the adult age. Environmental factors, stress, and foodstuffs such as milk, egg may cause atopic dermatitis. Nc/Nga mice were used as an animal model for human atopic dermatitis. The divided by 4group such as normal group, BMAC group, FK506 group, MR group for this study raised in conventional conditions. To investigate effect of Chamomile German on atopic dermatitis in NC/Nga mice, the serum IgE and IgG1 level were measured while the severity degree of the skin lesion was examined by the naked eyes of two volunteers who were unaware of the treatment status. The results were the followings. 1. The score on the severity degree of skin dermatitis in FK 506 and MR group was lower than that in control group. 2. The serum IgE level in control group was higher 25% than that in normal group. 3. The serum level of IgE in FK506 and MR group compares to control group was decreased. 4. The serum IgG1 level was decreased more than 3.5 times in FK506 compared to control group while MR group had significantly less the serum IgG1 than control group. From the above results, treatment of Chamomile German oil had the effect on atopic dermatitis in NC/Nga mice. If scientific researches on aroma oil are performed in various way, aroma oil will be used to cure skin dermatitis as a alternative therapy in the future.

• 무역학회지
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• 제47권5호
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• pp.289-304
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• 2022

Korea's LNG and crude oil are the most important energy and export raw materials, but 100% import resources by overseas. However, tanker shipping companies, which play the most crucial role in energy cargo security, are very small in number and size, which can be a factor in the supply chain crisis. Therefore, this paper studied the policy of expanding tanker transportation necessary for the transport of crude oil and LNG in Korea. In the existing literature, there was no policy study necessary for tanker ships, but referring only to the importance of overseas energy development and transportation, so we tried to derive various demands necessary for expanding the tanker fleet through expert interviews and AHP which was conducted on 89 related energy institutions to derive policies and their priorities. The results of the study are as follows. As for the policy, the financial support policy was the highest priority, followed by the business and the mutual cooperation policy of related agencies. Tax support (22.6%) and ship financing (19.4%) were the highest priorities, followed by the Energy Intermediate Promotion Act (11.9%), Tanker Guarantee Insurance (10.6%), Energy Budget Independence (9.3%), and Korea Trader Development (8.2%). Energy governance (6.3%), information center establishment (6.2%), and energy procurement committee (5.5%) ranked seventh, eighth, and ninth. The research results show that it is necessary to supply sufficient ships to the market through the expansion of ship finance for tankers and to follow business support policies such as guarantee insurance. In addition, it was also possible to derive that the financial resources need to be determined by law and independent budgets for consistency and continuity.

• 디지털융복합연구
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• 제19권10호
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• pp.195-202
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• 2021

본 연구의 목적은 국적선을 용도별로 여객선, 화물선, 유조선, 예선, 부선, 기타선으로 구분하여 각각 변동률을 살펴보고 방향성을 상호 비교 분석하는데 있다. 본 연구는 통계청 KOSIS "교통물류 => 운항선박통계 => 국적선 보유현황"에서 2011년 1월부터 2021년 3월까지 총 123개 월간자료를 검색하였다. 이를 위해 각 선박별로 전월대비 증감률을 산출하여 상승률과 변동률을 분석하였다. 상관관계분석에서 총합은 예선, 부선, 유조선, 화물선, 여객선 순으로 높은 관계를 보여 주었다. 회귀분석에서 각 선박들은 모두 통계적으로 유의하게 도출되었으며 상호 독립적으로 변동하는 것으로 나타났다. 상승률은 지난 분석기간 동안 여객선, 유조선, 예선, 부선, 화물선 순으로 높게 증가하였다. Scatter Charts 분석에서 총합에 대해 보선과 예선은 일정 수준 이상의 동조화현상을 보여주었다. 각 선박별 동조화현상은 다소 낮게 산출되어 각 선박별 연관성은 낮은 것으로 나타났다. 그러나 유조선과 예선, 유조선과 보선, 예선과 보선은 상대적으로 동조화현상이 높아 상대적으로 연관성이 크게 나타나 있다.

• 국제지역연구
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• 제20권1호
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• pp.23-51
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• 2016

한-GCC FTA 체결은 안정적인 에너지 자원의 확보에서 뿐만 아니라 향후 대규모 소비시장으로서 GCC의 성장 잠재성과 한국과의 보완적인 산업 구조를 고려해 볼 때 그 중요성이 크다. 최근 한-GCC FTA의 필요성이 제기되고 있는 시점에서 한-GCC FTA의 경제적 기대 효과에 대하여 분석하고 FTA의 조속한 체결의 필요성을 제시하고자 하였다. 한-GCC FTA의 경제적 효과를 알아보기 위하여, 본 연구에서는 원유관세 인하를 통한 경제적 효과를 분석하기 위하여 벡터자기회귀모형(VAR: Vector Autoregression Model)을 이용하였다. 추정 결과, GDP는 총 0.212%, GNI는 0.389%, 소비는 0.238% 증가한다. 반면 투자, 수출, 수입은 각각 0.462%, 0.413%, 0.342% 감소하는 것으로 나타났다. 물가수준의 경우 생산자물가상승률은 6.356%p, 소비자물가상승률은 2.996%p 감소하는 것으로 나타났다. 즉, GCC와의 FTA를 통한 원유수입관세의 철폐 및 이로 인한 원유수입가격의 하락은 물가의 하락을 가져오는 동시에 GDP, GNI, 소비 등의 거시경제지표의 증가를 통해 우리나라 경제성장에 긍정적인 영향을 미침을 알 수 있다.