• (The) Research of the performance art and culture
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• no.23
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• pp.105-158
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• 2011

Due to the system of sending selected hyanggi(local entertaining woman) to the government office in Seoul after the abolition of the system of gyeonggi(entertaining woman in capital area) during the reign of King Injo(1595~1649), the kyobang-jeongjae(local dance performed for the provincial government office) had gotten into the court to be performed at the royal banquet as gungjung-jeongjae(court dance), one of which was seonyurak(dance of boating). It used to be performed for finale of the royal banquet in the late Joseon Dynasty and appeared in several uigwes(record for royal banquet) since its first appearance in the wonhaeng-eulmyo-jeongri-uigwe, documented in 1795, the 19th year of the reign of King Jeongjo. Considering that the yeoggi(female entertainer) responsible for the court dance, seonyurrak was the seonsanggi(selected entertaining woman from provinces) from the northwestern provincial villages such as Euiju, Ahnju, and Seongcheon etc., we can assume that the baettaragi, one of kyobang-jeongjaes whould have been getting into the court to become the seonyurrak as court dance. The baettaragi, kyobang-jeongjae of northwestern province that affected the development of the court dance, seonyurak was created as performance executed by entertaining women of kyobang(local supervisory office for entertaining women) on the basis of the fact that the envoy of Joseon dynasty to the Ming dynasty could not help but taking a sea route when Amaga Aisin Gurun had a grip on the northeastern area of China during the shift of power from Ming to Qing. There had been a lot of banquets for envoys in the northwestern province because of its geographical feature as gateway to trip to China and the baettaragi used to be performed by entertaining women belonged to local provincial office to consolate the sadness of separation with those who destined to depart to China and to hope for their safe return. The kyobang-jeongjae, baettaragi of northwestern province is recorded as performance with sorrowful song to put the pain of parting into work, according to many related documents. It puts together painted boats as props, the march of a couple of dancer dressed up as soldier with marching music called gochiak, the song and musical accompaniment before getting on boat, the dramatic expression of sailing, and the farewell song praying for safe return etc. It turns the situation of dispatching envoys for China by sea into performance with combination of music, song and dance. Created in this way, the kyobang-jeongjae, baettaragi had been performed at the various banquets for envoys departing for China and it affected the formation of court dance or gungjung-jeongjae called seonyurak through the activities of selected local entertaining women. It also exerted influence on other similar performance in provincial area because of the returning home of the selected local entertainers who finished their performance in Seoul and it had been performed with different variation at local banquet including locality in it.

• Journal of Intelligence and Information Systems
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• v.24 no.2
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• pp.195-220
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• 2018

In this study, we conducted an empirical analysis of the factors that affect the change of Bitcoin Closing Price. Previous studies have focused on the security of the block chain system, the economic ripple effects caused by the cryptocurrency, legal implications and the acceptance to consumer about cryptocurrency. In various area, cryptocurrency was studied and many researcher and people including government, regardless of country, try to utilize cryptocurrency and applicate to its technology. Despite of rapid and dramatic change of cryptocurrencies' price and growth of its effects, empirical study of the factors affecting the price change of cryptocurrency was lack. There were only a few limited studies, business reports and short working paper. Therefore, it is necessary to determine what factors effect on the change of closing Bitcoin price. For analysis, hypotheses were constructed from three dimensions of consumer, industry, and macroeconomics for analysis, and time series data were collected for variables of each dimension. Consumer variables consist of search traffic of Bitcoin, search traffic of bitcoin ban, search traffic of ransomware and search traffic of war. Industry variables were composed GPU vendors' stock price and memory vendors' stock price. Macro-economy variables were contemplated such as U.S. dollar index futures, FOMC policy interest rates, WTI crude oil price. Using above variables, we did times series regression analysis to find relationship between those variables and change of Bitcoin Closing Price. Before the regression analysis to confirm the relationship between change of Bitcoin Closing Price and the other variables, we performed the Unit-root test to verifying the stationary of time series data to avoid spurious regression. Then, using a stationary data, we did the regression analysis. As a result of the analysis, we found that the change of Bitcoin Closing Price has negative effects with search traffic of 'Bitcoin Ban' and US dollar index futures, while change of GPU vendors' stock price and change of WTI crude oil price showed positive effects. In case of 'Bitcoin Ban', it is directly determining the maintenance or abolition of Bitcoin trade, that's why consumer reacted sensitively and effected on change of Bitcoin Closing Price. GPU is raw material of Bitcoin mining. Generally, increasing of companies' stock price means the growth of the sales of those companies' products and services. GPU's demands increases are indirectly reflected to the GPU vendors' stock price. Making an interpretation, a rise in prices of GPU has put a crimp on the mining of Bitcoin. Consequently, GPU vendors' stock price effects on change of Bitcoin Closing Price. And we confirmed U.S. dollar index futures moved in the opposite direction with change of Bitcoin Closing Price. It moved like Gold. Gold was considered as a safe asset to consumers and it means consumer think that Bitcoin is a safe asset. On the other hand, WTI oil price went Bitcoin Closing Price's way. It implies that Bitcoin are regarded to investment asset like raw materials market's product. The variables that were not significant in the analysis were search traffic of bitcoin, search traffic of ransomware, search traffic of war, memory vendor's stock price, FOMC policy interest rates. In search traffic of bitcoin, we judged that interest in Bitcoin did not lead to purchase of Bitcoin. It means search traffic of Bitcoin didn't reflect all of Bitcoin's demand. So, it implies there are some factors that regulate and mediate the Bitcoin purchase. In search traffic of ransomware, it is hard to say concern of ransomware determined the whole Bitcoin demand. Because only a few people damaged by ransomware and the percentage of hackers requiring Bitcoins was low. Also, its information security problem is events not continuous issues. Search traffic of war was not significant. Like stock market, generally it has negative in relation to war, but exceptional case like Gulf war, it moves stakeholders' profits and environment. We think that this is the same case. In memory vendor stock price, this is because memory vendors' flagship products were not VRAM which is essential for Bitcoin supply. In FOMC policy interest rates, when the interest rate is low, the surplus capital is invested in securities such as stocks. But Bitcoin' price fluctuation was large so it is not recognized as an attractive commodity to the consumers. In addition, unlike the stock market, Bitcoin doesn't have any safety policy such as Circuit breakers and Sidecar. Through this study, we verified what factors effect on change of Bitcoin Closing Price, and interpreted why such change happened. In addition, establishing the characteristics of Bitcoin as a safe asset and investment asset, we provide a guide how consumer, financial institution and government organization approach to the cryptocurrency. Moreover, corroborating the factors affecting change of Bitcoin Closing Price, researcher will get some clue and qualification which factors have to be considered in hereafter cryptocurrency study.