• Title/Summary/Keyword: Recession probability

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Business Cycles and Impacts of Oil Shocks on the Korean Macroeconomy (경기변동에 따른 유가충격이 거시경제에 미치는 영향에 관한 연구)

  • Baek, Ingul;Kim, Taehwan
    • Environmental and Resource Economics Review
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    • v.29 no.2
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    • pp.171-194
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    • 2020
  • We revisit the impact of oil shocks on the Korean economy and examine how this impact varies depending on a business cycle. First, we estimate the probability of a recession through a logistic probability distribution, and correct the probability to match business cycles announced by the Korea National Statistical Office. We set up a STVAR model to analyze the response of macroeconomic variables to oil shocks according to business cycles. We find that oil shocks during the recession have a negative effect on GDP in the mid- and long-term, but during the expansion, GDP does not show a statistically significant response to oil shocks. We presume that this finding is associated with the factors of both the increase in demand for consumption and the increase in current account during the economic boom. Also, we find that the impact of oil shocks on the price level was also observed differently in terms of the persistence of inflation by business cycle. These results highlight the importance of an application of a regime switching model, which has been widely used in energy economics in recent years.

A novel amnion-chorion allograft membrane combined with a coronally advanced flap: a minimally invasive surgical therapy to regenerate interdental papillary soft tissue recession - a six-month postoperative image analysis-based clinical trial

  • Pitale, Unnati;Pal, Pritish Chandra;Boyapati, Ramanarayana;Bali, Ashish;Varma, Manish;Khetarpal, Shaleen
    • Journal of the Korean Association of Oral and Maxillofacial Surgeons
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    • v.47 no.6
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    • pp.438-444
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    • 2021
  • Objectives: Loss of the interdental papilla is multi-factorial and creates a multitude of problems. Autogenous connective tissue/biomaterial-based regeneration has been attempted for decades to reconstitute the black space created due to the loss of papilla. The aim of this present study was to regenerate papillary recession defects using an amnion-chorion membrane (ACM) allograft and to evaluate the clinical outcome up to six months postoperatively. Materials and Methods: Twenty patients with 25 Nordland and Tarnow's Class I/II interdental papillary recession defects were treated with ACM and coronal advancement of the gingivo-papillary unit via a semilunar incision on the labial aspect followed by a sulcular incision in the area of interest. A photographic image analysis was carried out using the GNU Image Manipulation software program from the baseline to three and six months postoperatively. The black triangle height (BTH) and the black triangle width (BTW) were calculated using the pixel size and were then converted into millimeters. The mean and standard deviation values were determined at baseline and then again at three and six months postoperatively. The probability values (P<0.05 and P≤0.01) were considered statistically significant and highly significant, respectively. An analysis of variance and post hoc Bonferroni test were carried out to compare the mean values. Results: Our evaluation of the BTH and BTW showed a statistically and highly significant difference from the baseline until both three and six months postoperatively (P=0.01). A post hoc Bonferroni test disclosed a statistically significant variance from the baseline until three and six months postoperatively (P<0.05) and a non-significant difference from three to six months after the procedure (P≥0.05). Conclusion: An ACM allograft in conjunction with a coronally advanced flap could be a suitable minimally invasive alternative for papillary regeneration.

Reliability Analysis of Stability of Berm Breakwaters (소단형 방파제의 안정성에 대한 신뢰성 해석)

  • Lee, Cheol-Eung
    • Journal of Korean Society of Coastal and Ocean Engineers
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    • v.19 no.5
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    • pp.399-407
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    • 2007
  • Two reliability models, AFDA(Approximate Full Distribution Approach) and Monte-Carlo simulation method, are directly developed to study on both hydraulic failure mode of berm recession and structural failure mode of armour breakage of berm breakwaters. By comparing the present results with the results of other researcher, it may be confirmed that two reliability models can be straightforwardly applicable to berm breakwaters. Relative influence of each random variable on hydraulic and structural failure probabilities could be properly analyzed. The upper bound and the lower bound of failure probability can be evaluated by using bi-modal bounds of the multiple failure mode analysis, from which it may be possible to investigate some kinds of dependence into between two failure modes. Finally, it may also be found that the structural failure mode of armour breakage could become a main failure mode of berm breakwaters in the condition of more than any allowable berm recession.

A default-rate comparison of the construction and other industries using survival analysis method (생존분석기법을 이용한 건설업과 타 업종간의 부도율 비교 분석)

  • Park, Jin-Kyung;Oh, Kwang-Ho;Kim, Min-Soo
    • Journal of the Korean Data and Information Science Society
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    • v.21 no.4
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    • pp.747-756
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    • 2010
  • With the recent recession, studies on the economy are actively being conducted throughout the industry. Based on the Small Business data registered in the Credit Guarantee Fund, we estimated the survival probability in the context of the survival analysis. We also analyzed the survival time for the construction and the other industries which are distinguished depending on the types of business and assets in the Small Business. The survival probability was estimated by using the life-table and the difference between the survival probabilities for the different types of business was described via the method of the Log-rank test and the Wilcoxon test. We found that the small business with over one billion asset has the highest survival probability and that with less than 1000 million asset showed the similar survival probability. In terms of types of business Wholesale and Retail trade industry and Services were relatively high in the survival probability than Light, Heavy, and the construction industries. Especially the construction industry showed the lowest survival probability. Most of the Small Business tend to increase in the hazard rate over time.

The clinical effects of modified full-mouth disinfection in the treatment of moderate to severe chronic periodontitis patients

  • Lee, Shin-Hwa;Kim, Young-Joon;Chung, Hyun-Ju;Kim, Ok-Su
    • Journal of Periodontal and Implant Science
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    • v.39 no.sup2
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    • pp.239-251
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    • 2009
  • Purpose: Full-mouth disinfection enables to reduce the probability of cross contamination from untreated pockets to treated ones, for completing the entire SRP under local anesthesia with chlorhexidine as a mouth wash in two visits within 24 hours. This study aimed to compare the clinical effects of modified full-mouth disinfection (Fdis) after 6 months with those of conventional SRP (cSRP). Methods: Thirty non-smoking chronic periodontitis subjects were randomly allocated two groups. The Fdis group underwent the entire SRP under local anesthesia in two visits within 24 hours, a week after receiving supragingival scaling. A chlorhexidine (0.1%) solution was used for rinsing and subgingival irrigation for Fdis. The cSRP group received SRP per quadrant under local anesthesia at one-week intervals, one week after they had received scaling. Clinical parameters were recorded at baseline, after 1, 3 and 6 months. Results: There are significant (P<0.05) decreases in the sulcus bleeding index, and plaque index, and the increases in gingival recession were significantly smaller with Fdis after six months compared with cSRP. There was significant improvement in the probing depth and clinical attachment level for initially medium-deep pockets (4-6mm) after Fdis compared with cSRP. Multi-rooted teeth showed significantly larger attachment gain up to six months after Fdis. Single-rooted teeth showed significantly more attachment gain, 1 and 6 months after Fdis. Conclusions: Fdis has more beneficial effects on reducing gingival inflammation, plaque level, probing depth, gingival recession and improving clinical attachment level over cSRP.

Predicting Recessions Using Yield Spread in Emerging Economies: Regime Switch vs. Probit Analysis (금리스프레드를 이용한 신흥경제 국가의 불황 예측: 국면 전환 모형 vs. 프로빗 모형)

  • Park, Kihyun;Mohsin, Mohammed
    • International Area Studies Review
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    • v.16 no.3
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    • pp.53-73
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    • 2012
  • In this study we investigate the ability of the yield spread to predict economic recessions in two Asian economies. For our purpose we use the data from two emerging economies (South Korea and Thailand) that are also known for their openness in terms of exports and imports. We employ both two-regime Markov-Switching model (MS) and three-regime MS model to estimate the probability of recessions during Asian crisis. We found that the yield spread is confirmed to be a reliable recession predictor for Thailand but not for South Korea. The three-regime MS model is better for capturing the Asian financial crisis than two-regime MS model. We also tried to find the duration of economic expansions and recessions. We tested the hypothesis of asymmetric movements of business cycles. The MS results are also compared with that of the standard probit model for comparison. The MS model does not significantly improve the forecasting ability of the yield spread in forecasting business cycles.

The Term Structure and Predicting the Domestic Recessions (금리의 기간구조와 경기후퇴의 예측)

  • Kim, Tae-Ho;Song, Dae-Sub
    • The Korean Journal of Applied Statistics
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    • v.22 no.2
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    • pp.249-260
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    • 2009
  • Various methods have been suggested in developing the useful leading indicators to predict the actual realizations when time laps exist between policy plannings and future events. The recent economic crisis could have been relived if the information necessary to respond to the future evolutionary process is provided in advance. As the relations between the financial variables and the real economic activity become unstable because of the changes in the financial environment, this study attempts to estimate the capabilities of various internal and external term spreads in predicting the future business trend, followed by comparison and evaluation.

A Study on Characteristics of Coastline Change in Eastern Coast Korea (한국 동해안의 변화특성)

  • 이종태
    • Journal of the Korean Society of Fisheries and Ocean Technology
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    • v.15 no.1
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    • pp.35-42
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    • 1979
  • This paper concerns the receding of the eastern coastline of Korean peninsula at a macroscopic point of view, the result is as following. 1. Eastern coast is gradually developed from maturity stage to full maturity stage. 2. The coastline recession due to sea level rise is amounted to the receding distance, x=0.045 m per yr. 3. The author proposes another classification from the new view point, which is classified by comparing quantities between river supplying sediment loads, and the littoral drifting due to wave actions. According this, eastern coast is receding(Type Q-A), and we could find it's geomorphological characteristics. 4. The general piofile of eastern coast sand beach is erosional storm profile(Type I) which accompany offshore bar. 5. From the wave measuring data of eastern coast(Hoopo port), I can derive the linear regression line of the exceedance probability of wave height from the log-normal distribution. $z=O. 113+4.335 log_lo H, r=0.983.$ Above equation made it possible to estimate $\omega[=P(H>H_c)]for the effective wave height H_c=2. Om4, 4. Om and their corresponding values are considerable (7.8%, 0.3%) 6. Eastern coastline certainly have the tendency of erosive and receding, owing to the sea level rise, poor sediment source and effective wave actions. It's very desirable to survey coastline evolution for a long time systematically, in order to make more elaborate diagnosis.

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A Study for Examine into Nursing Organizational Culture (I);Review of the Literature about the Concept of Organizational Culture (병원 간호조직문화 규명을 위한 연구(I);조직문화 개념에 대한 문헌고찰)

  • Kim, Moon-Sil;Han, Su-Jeong;Kim, Jung-A;Park, Hyun-Tae
    • Journal of Korean Academy of Nursing Administration
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    • v.4 no.1
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    • pp.89-105
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    • 1998
  • Modern organizations, both complicated and complex, operate in an economic climate of· turbulence and rapid change. And Today's healthcare environment is changing, driven by demographic, environmental. social, political and technological forces. In actual practice, the organization usually depend on several factors such as economic state of organization, managerial strategies, a synthesis of several theories that reflect individual biases, specific circumstances, and practical realities. These rapidly changing healthcare environment and professional nursing practice need a strategy for the organizational development and goal attainment. An understanding of organizational culture could help managers enhance or expand their management strategy, thus increasing the probability of their success in the organization. Organizational culture is an abstract, yet potent managerial concept. With roots in several disciplines, several perspectives and definitions of organizational culture have emerged. The concept of organizational culture has been rapidly introduced into the academic and organizational world, with the much attention to the excellent companies that have continued rapid grow th despite the overall world economic recession in the late of 1970s. Organizational culture is the combination of the symbols, language, assumptions, and behaviors that overtly manifest an organization's norm and values. It is the taken-for-granted and shared meanings people assign to their social surroundings that can have a profound effect on an organizaitonal decision making and performance. For attaining a organizational goal and developing organization, it is necessary to put emphasis on developing organizational culture. It has to set organizational culture well understood by its members as an instrument to achieve the organizational goals. Both Manager and staff can focus and act on the values identified. Also, managers will exhibit better decision making capabilities because they are guided by perception of the organizational values. Therefore, understanding of organizational culture could give a strategy for organizational development that assist hiring personnel, orienting new comers, facilitating organizational change and promoting learning and so on. But their is few study on nursing organizational culture in Korea. Moreover they have not had a clear definition of Korean nursing organizational culture. Therefore, it is necessary to lay down definition of Korean nursing organizational culture and fine out real factor of Korean nursing culture. For defining a definition of Korean nursing organizational culture, this study assessed several definitions of organizational culture, factors of culture, types of culture, and functions of culture through book review.

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The effects of push factors on transition into self-employment across age groups - Focusing on push hypothesis and pull hypothesis - (경기변동이 자영업이행에 미치는 영향의 연령집단별 차이 -구축가설과 유인가설을 중심으로-)

  • Ji, Eun Jeong
    • Korean Journal of Social Welfare Studies
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    • v.43 no.2
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    • pp.141-178
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    • 2012
  • Although the rate of self-employment is high in Korean labor market and the rate gap between age groups is high, few studies have addressed on the effects of push factors on transition into self-employment across age groups. The goal of this research is to determine if push factors exert different effects on the self-employment decisions across age groups. There is interest in testing push hypothesis and pull hypothesis. The Korean Labor and Income Panel Study wave 6~11 is used to test this study's hypothesis. The main contribution of the paper is that in case of high unemployment, the probability of transition into self-employment increases. It is consistent with the push hypothesis. Many people are forced to become self-employed person due to the high rate of unemployment and limited occupational choice rather than the role of entrepreneurship. By age subgroup, the transition into self-employment of the ages of 30 and 49 is high. In addition, people at 40-49 years of age are more likely to become self-employed as a response of inadequate job opportunities. It provides the evidence that the self-employment is not a matter of special age group in that people in the 30 to 49 year old age group whose economic activities are vigorous move into marginalized labor market. Furthermore, it seems to be threatened the employment's stability of the prime age in that even people who are age 40-49 years of age are pushed into self-employment because of the recession.