• East Asian Economic Review
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• 제20권3호
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• pp.365-390
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• 2016

This paper quantitatively compares the intrinsic features of the daily USD-GBP exchange rates in two different periods, the 1920s and the 2010s, under the same freely floating exchange rate system. Even though the foreign exchange markets in the 1920s seem to be much less organized and developed than in the 2010s, this paper finds that both the long memory volatility property and the structural break appear to be the common intrigue features of the exchange rates in the two periods by using the FIGARCH model. In particular, the long memory volatility properties in the two periods are found to be upward biased and overstated because of the structural breaks in the exchange markets. Thus this paper applies the Adaptive-FIGARCH model to consider the long memory volatility property and the structural breaks jointly. The main finding is that the structural breaks in the exchange markets affect the long memory volatility property significantly in the two periods but the degree of the long memory volatility property in the 1920s is reduced more remarkably than in the 2010s after the structural breaks are accounted for; thus implying that the structural breaks in the foreign exchange markets in the 1920s seem to be more significant.

• The Journal of Asian Finance, Economics and Business
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• 제8권1호
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• pp.81-91
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• 2021

This paper investigates the long run hedging ability of precious metals against the risks associated with adverse conditions of economic and financial variables for Pakistan, the USA, China, and India. Monthly data of gold, silver, platinum, stock returns, exchange rate, industrial production, and inflation was collected for the selected economies. Saikkonen and Lutkepohl (2002) unit root test was employed to access the unit root properties of the data series and identify the break dates. Furthermore, this study used the Johansen cointegration test with and without structural breaks to identify the long-run relationship between metals prices and different financial and economic variables. The findings suggest that the time series under study have unit root problem at level with and without structural breaks. Without considering structural breaks, the Johansen trace test indicates that in Pakistan and China, gold, silver, and platinum hold a cointegrating relationship with macroeconomic and financial variables. For the US, gold indicates cointegration which supports the hedging ability of gold against inflation, stock, and industrial production in the long run. The results of the cointegration test after incorporating the structural breaks provide even stronger evidence of the long-run relationship of precious metals and consumer prices, exchange rate, and stock prices.

• 소음진동
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• 제6권6호
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• pp.827-834
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• 1996

본연구에서는 핵연료집합체의 검증계획의 일환으로 2차측 배관파단의 영향을 조사하였다. 원자로노심의 상세모델을 이용한 동적해석으로 배관파단에 의한 응답을 구하였다. 파단적 누설개념의 적용으로 10인치 이상의 고에너지 배관에 대하여 양단 파단이 설계에서 배제됨에 따라 본 연구에서는 주증기관과 급수관의 파단을 가정 하였다. 핵연료 집합체의 전단력, 굽힘모우멘트, 변위 및 지지격자체의 충격하중에 대하여 자세히 고찰하였고 이들 동적해석 결과를 이용하여 핵연료집합체의 구조적 건전성을 평가하였으며 사고조건에서 2차측 배관파단이 핵연료집합체의 구조적 건전성 에 미치는 영향을 검토하였다.

• The Journal of Asian Finance, Economics and Business
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• 제9권1호
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• pp.13-24
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• 2022

The main goal of this study is to look at how South Korea can catch up to the rest of the world through policy-driven structural change and manufacturing revolutions. To achieve the objective, this study used annual data on real exports and real GDP from the World Development Indicator WDI of South Korea for the period 1960 to 2019. The study's goal is to use econometrics to detect this policy-driven structural change trend. Multiple nonlinear Granger causality test was used to accomplish this. The findings revealed structural breaks and nonlinearities in the dynamic link between South Korea's real GDP and real exports. Furthermore, results also show evidence of multiple structural breaks in South Korean data. South Korea's economic catch-up was the result of a constant reevaluation of industrial policies, readjustment, and structural change to constantly explore and utilize comparative advantage, realizing economies of scale at the global level, and reallocating and redistribution of resources towards productive sectors with high value-added output, according to econometric analysis. If South Korea would have not done this structural change this miracle to escape the middle-income trap would not have been possible. These findings support the descriptive evidence of structural change in favor of manufacturing revolutions and value addition industry development in South Korea.

• 자원ㆍ환경경제연구
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• 제19권3호
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• pp.571-595
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• 2010

본 연구는 1971년~2007년까지 아시아 11개국에 대한 일인당 상대(relative per capita) $CO_2$배출량의 확률적 수렴성(stochastic convergence)을 검정하고 일인당 상대 GDP와의 환경쿠즈네츠곡선(Environmental Kuznets Curve: EKC)가설을 검정하고자 하였다. 본 분석을 위하여 다중의 내생적 구조변화(multiple structural breaks)를 허용하고 횡단면 주체간 의존성(cross-sectional dependence)을 고려하는 Carrion-i-Silvestre et al. (2005)의 패널정상성검정(panel stationarity test)과 Banerjee and Carrion-i-Silvestre (2006)과 Westerlund and Edgerton (2007)의 패널공적분(panel cointegration) 검정 방법 등을 사용하였다. 분석 결과 아시아 국가들에서의 일인당 상대 $CO_2$배출량에서 장기 그룹평균 수준으로 확률적 수렴이 이루어지고 있었고 일인당 상대 GDP와의 사이에 공적분관계가 성립하였지만 EKC 가설의 존재를 발견하지 못하였다. 경제성장 발전에 우선적으로 정책을 집행하고 있는 아시아 국가에서는 오염배출량 감소보다 증가하는 국가들의 영향력이 크게 나타나 EKC 가설이 성립하지 않는 것으로 나타났다.

• 융합경영연구
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• 제12권4호
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• pp.27-36
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• 2024

Purpose: The paper analyzes for detecting unexpected shocks such as global financial crisis and COVID-19 pandemic, and contagion between countries by capturing in the mean-shift, variance-covariance-shift, and skewness-coskewness-shift parameters of interest rates. Research design, data and methodology: A flexible multivariate model of interest rates is provided by allowing for regime switching and a joint skewed normal distribution. The model is applying to the structural breaks of crisis and contagion between the US and the selected global bond markets during the global financial crisis and COVID-19 pandemic, respectively. Inspection of the moment statistics weakly suggests a flight to safety to the US during the global financial crisis and to Canada during the COVID-19 pandemic. Results: The results indicate that risk averse investors had a higher risk appetite for the US and Canada assets during the crisis regimes, compared to their counterparts. Conclusions: The results show that coskewness contagion dominates correlation contagion, and coskewness contagion is significant for the Korea and Japan-US pairs for the global financial crisis and the Euro-US pair for the COVID-19 pandemic. All channels of structural breaks of crisis and contagion are significant when considered jointly, reinforcing the need to consider contagion and structural breaks during crises in a multivariate setting.

• ETRI Journal
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• 제32권1호
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• pp.120-128
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• 2010

In this paper, we describe a modified fixed-threshold sequential minimal optimization (FSMO) for 1-slack structural support vector machine (SVM) problems. Because the modified FSMO uses the fact that the formulation of 1-slack structural SVMs has no bias, it breaks down the quadratic programming (QP) problems of 1-slack structural SVMs into a series of smallest QP problems, each involving only one variable. For various test sets, the modified FSMO is as accurate as existing structural SVM implementations (n-slack and 1-slack SVM-struct) but is faster on large data sets.

• Nuclear Engineering and Technology
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• 제25권2호
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• pp.204-214
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• 1993

본 논문은 원자력발전소의 배관설계에 파단전 누설(leak-before-break : LBB) 개념이 적용됨에 따라 새롭게 해석대상이 된 분기관파단에 의한 노심지지배럴의 쉘응답을 계산한 것이다. 앞으로 직경 10인치 이상의 고에너지 배관에 대해 LBB 개념이 적용될 것으로 예상되는 바, 이 경우 LBB 적용대상에서 제외되는 유일한 1차측 배관인 3인치 가압기 분무관의 파단을 가정하였고 이때 노심 지지배럴에 가해지는 쉘응답을 구하였다. 이들 응답을 직경 10인치 이상인 배관파단시의 응답과 비교한 결과 앞으로 직경 10인치 이상의 배관에 대해 LBB 개념이 적용될 경우 배관파단에 대한 노심지지배럴의 쉘응답은 무시할 수 있음을 보였다.

• 국제학술발표논문집
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• The 7th International Conference on Construction Engineering and Project Management Summit Forum on Sustainable Construction and Management
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• pp.62-72
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• 2017

In this study, liner unit root tests and panel unit root tests to the ratio of city to regional house price were applied to examine the ripple effects across 28 cities in the Yangtze River Delta region. Then invert LM unit root tests with two structural breaks for 10 representative cities were conducted. The results showed that there is overwhelming evidence of the existence of ripple effect in the Yangtze River Delta region, while segmentation is restricted to a small group of cities in which there is no long-run relationship with the Yangtze River Delta region average; compared to no- and one-break case, there is overwhelming evidence of a ripple effect with the LM test with two structural breaks. Furthermore, the results of the Granger causality test showed that changes in house prices in Shanghai, Nanjing and Hangzhou have led to changes in house prices in other cities. The findings of this research make certain contributions to the improvements of research system of ripple effect among regional house prices in the Yangtze River Delta Region,and could be referenced by other markets of other cities.

• Asian Pacific Journal of Cancer Prevention
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• 제14권2호
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• pp.651-658
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• 2013

Uterine leiomyomas (UL) are extremely common neoplasms in women of reproductive age, and are associated with a variety of characteristic choromosomal aberrations (CAs). The p53 gene has been reported to play a crucial role in suppressing the growth of a variety of cancer cells. Therefore, the present study investigated the effects of CAs and the p53 gene on ULs. We performed cytogenetic analysis by G-banding in 10 cases undergoing myomectomy or hysterectomy. Fluorescence in situ hybridization (FISH) with a p53 gene probe was also used on interphase nuclei to screen for deletions. In patients, CAs were found in 23.4% of 500 cells analysed, significantly more frequent than in the control group (p<0.001). In the patients, 76% of the abnormalities were structural aberrations (deletions, translocations and breaks), and only 24% were numerical. Deletions were the most common structural aberration observed in CAs. Among these CAs, specific changes in five loci 1q11, 1q42, 2p23, 5q31 and Xp22 have been found in our patients and these changes were not reported previously in UL. The chromosome breaks were more frequent in cases, from high to low, 1, 2, 6, 9, 3, 5, 10 and 12. Chromosome 22, X, 3, 17 and 18 aneuploidy was observed to be the most frequent among all numerical aberrations. We observed a low frequency of p53 losses (2-11%) in our cases. The increased incidence of autosomal deletions, translocations, chromatid breaks and aneuploidy, could contribute to the progression of the disease along with other chromosomal alterations.