• Journal of Korea Port Economic Association
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• v.27 no.3
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• pp.41-64
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• 2011

This article investigates the interrelationships in daily returns using fractionally integrated error correction term and volatilities using constant conditional correlation and dynamic conditional correlation GARCH with asymmetries between Capesize and Panamax markets. Our findings are as follows. First, for the fractionally cointegrated error correction model, there is a unidirectional relationship in returns from the Panamax market to the Capesize market, but a bidirectional causal relationship prevails for the traditional error correction models. Second, the coefficients for the error correction term are all statistically significant. Of particular interest are the signs of the estimates for the error correction term, which are all negative for the Capesize return equation and all positive for the Panamax return. Third, there are bidirectional volatility spillovers between both markets and the direction of the information flow seems to be stronger from Panamax to Capesize. Fourth, the coefficients for the asymmetric term are all significantly positive in the Capesize market, but the Panamax market does not have a significant effect. However, the coefficients for the asymmetric term are all significant, implying that the leverage effect does exist in the Capesize and Panamax markets.

• Journal of the Computational Structural Engineering Institute of Korea
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• v.32 no.4
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• pp.257-263
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• 2019

Multilayered structures include lamination by relatively thick plies and thin interlayers. For efficient peridynamic analysis of dynamic fracturing multilayered structures, the interlayer is modeled using ghost peridynamic particles while the ply is formulated via real peridynamics. With the nonlocal ghost interlayer, one may keep the discretization resolution low for the ply. In this study, the characteristics of dynamic wave propagation through the nonlocal ghost interlayer in peridynamic analysis are investigated. It is observed that the interlayer not only binds adjacent plies, but also significantly influences energy transfer between plies, and thereby their deformation and motion. In addition, near a surface or boundary, peridynamic particles do not have a full nonlocal neighborhoods. This causes the effective material properties near the surface to be different from those in the bulk. Surface correction based on neighborhood volumes is employed. The impact of surface correction on wave propagation in multilayered structures is investigated.

• STI Policy Review
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• v.6 no.1
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• pp.1-23
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• 2015

Based on the work of Anand et al. (2013) we measure inclusive income growth, which combines growth in gross domestic product (GDP) per capita and growth in the equity of the income distribution. Extending the work of Causa et al. (2014), we estimate a dynamic simultaneous structural equations model of GDP per capita and inclusive income on panel data for 63 countries over the 1990-2013 period. We estimate both equations in error correction form by difference GMM (generalized method of moments). Among the explanatory variables of the level and the distribution of GDP per capita we include R&D (research and development) expenditure per capita. In OECD countries we obtain a large positive effect of R&D on GDP. R&D is found to have a positive effect on the social mobility index but its impact on the income equity index at first decreases, then switches around to become slightly positive in the long run. In non- OECD countries, R&D is found to decrease inclusive income, mostly through a negative growth effect but also because of a slightly increasing income inequity effect.

• Transactions of the Korean Society of Mechanical Engineers A
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• v.24 no.2 s.173
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• pp.506-517
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• 2000

One dimensional performance model has been used for the design of torque converter. The model is based on the concept of constant mean flow path and constant flow angle. These constant-assumed para meters make the design procedure to be simple. In practice, some parameters are usually replaced with geometric raw data and, the constant experiential correction factors have been used to minimize the design error. These factors have no definite physical meaning and so they cannot be applied confidently to the other design condition. In this study, the detail dynamic model of torque converter is presented to establish the theoretical background of correction factors. To verify the validity of theoretical model, steady state performance test was carried out on the several input speed. The oil temperature effect on the performance is analysed and adjusted. The constant equivalent flow angles are determined at a part of performance region by comparing the theoretical model and the test data. The sensitivity of correction factors to the input speeds are studied and the change of torus flow is presented.

• Journal of Distribution Science
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• v.17 no.1
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• pp.11-19
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• 2019

Purpose - We document the impact of economic policy uncertainty (EPU) in the US and China on the dynamic spillover effect of macroeconomics such as stock price, housing price in Korea. Research design, data, and methodology - We use the nine variables to analyze the effect which produces a result among the EPU indexes of the US and China on economic variables which is the consumer price index (CPI), housing purchase price composite index, housing lease price, the stock price index in banking industry, construction industry and distribution industry, and composite leading indicator from January 1995 to December 2016 with the Vector Error Correction Model. Result - The US EPU index has significantly a negative relation on the CPI, housing purchase price index, housing lease price index, the stock price index in banking industry, construction industry, and distribution industry in Korea. Conclusions - We find the dynamic effect of the EPU indexes in the US and China on the macroeconomics returns in Korea. This study has an empirical evidence that the economy market in Korea is influenced by the EPU index of the US rather than it of China. The higher EPU, the more risky the economy of in Korea.

• The Journal of Industrial Distribution & Business
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• v.9 no.5
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• pp.63-72
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• 2018

Purpose - This work analyzes, in detail, the specification of vector error correction model (VECM) and thus examines the relationships and impact among seven economic variables for USA - balance on current account (BCA), index of stock (STOCK), gross domestic product (GDP), housing price indices (HOUSING), a measure of the money supply that includes total currency as well as large time deposits, institutional money market funds, short-term repurchase agreements and other larger liquid assets (M3), real rate of interest (IR_REAL) and household credits (LOAN). In particular, we search for the main explanatory variables that have an effect on stock and real estate market, respectively and investigate the causal and dynamic associations between them. Research design, data, and methodology - We perform the time series vector error correction model to infer the dynamic relationships among seven variables above. This work employs the conventional augmented Dickey-Fuller (ADF) and Phillips-Perron (PP) unit root techniques to test for stationarity among seven variables under consideration, and Johansen cointegration test to specify the order or the number of cointegration relationship. Granger causality test is exploited to inspect for causal relationship and, at the same time, impulse response function and variance decomposition analysis are checked for both short-run and long-run association among the seven variables by EViews 9.0. The underlying model was analyzed by using 108 realizations from Q1 1990 to Q4 2016 for USA. Results - The results show that all the seven variables for USA have one unit root and they are cointegrated with at most five and three cointegrating equation for USA. The vector error correction model expresses a long-run relationship among variables. Both IR_REAL and M3 may influence real estate market, and GDP does stock market in USA. On the other hand, GDP, IR_REAL, M3, STOCK and LOAN may be considered as causal factors to affect real estate market. Conclusions - The findings indicate that both stock market and real estate market can be modelled as vector error correction specification for USA. In addition, we can detect causal relationships among variables and compare dynamic differences between countries in terms of stock market and real estate market.

• Proceedings of the Korean Geotechical Society Conference
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• 2003.03a
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• pp.315-322
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• 2003

Cyclic simple shear tests were performed to find out the effect of preshear on dynamic strength of the sandy soil. Tests were performed for the specimens with 40% and 60% of relative density, under three different effective vertical stress of 50, 100 and 200kPa. For 50 and 100kPa, preshear ratios 0.00, 0.08, 0.12 and 0.16 were given, respectively, For low and high relative densities, two different results are shown in dynamic tests. Under the dense conditions, the maximum shear stress ratio($\tau$$\_$cyc//$\sigma$$\_$vo/) and the cyclic shear stress ratio($\tau$$\_$cyc//$\sigma$$\_$vo/) causing a certain shear strain increase with augmenting preshear ratio(${\alpha}$). However, the maximum shear stress ratio and the cyclic shear stress ratio increase or decrease with increasing preshear ratio under the loose conditions. Correction factor(K$\_$${\alpha}$/) for preshear increases at an early stage and then decreases with increasing preshear ratio at loose condition and increase with increasing preshear ratio at dense condition. Correction factor (K$\_$${\alpha}$,Max/) for preshear increases with the increasing preshear ratio irrespective of relative density, and the value of has same behavior as K$\_$${\alpha}$/.

• Transactions of the Korean Society of Automotive Engineers
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• v.5 no.1
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• pp.101-109
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• 1997

A tool for the dynamic simulation and design technique of the excavator plays an important role in the prediction of dynamic behavior of the excavator in the initial design stage. In this paper, a flexible multibody dynamic analysis model including track of the crawler type excavator is developed using DADS and ANSYS. Through the driving simulation of the excavator travelling over rough road track, frequency characteristics of the upper frame and cabin are obtained, and the reaction forces acting on the track rollers are also presented for the fatigue life estimation. The effect of boom vibration modes on the joint reaction forces and accelerations is presented from the swing simulation.

• Proceedings of the Korean Society for Noise and Vibration Engineering Conference
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• 1996.10a
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• pp.210-216
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• 1996

Spectral element method(SEM) has been recognized to provide accurate structural dynamic responses even at high frequency. The Duhamel's integral based SEM developed by the authors for the structures under dynamic distributed loads does not take into account the zero frequency effect and requires significant computational time due to the integration procedure of Duhamel's integral. Hence, in this paper, a new SEM algorithm is proposed. This new algorithm is based on the FEM-type procedure for the distributed loads and includes the zero frequency correction to improve the accuracy. Some numerical results are illustrated to prove the accuracy of present new SEM algorithm.

• Structural Monitoring and Maintenance
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• v.11 no.1
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• pp.19-40
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• 2024

The elastic theory of beams is fundamental in engineering of design and structure. In this study, we construct Green's function for inhomogeneous fourth-order differential operators subjected to associated constraints that arises in dealing with dynamic problems in the Rayleigh beam. We obtain solutions for homogeneous and completely inhomogeneous beam problems using Green's function. This enables us to consider rotational influences in determining the eigenfrequency of beam vibrations. Additionally, we investigate the dynamic vibration model of inhomogeneous beams incorporating rotational effects. The eigenvalues of Rayleigh beams, including first-order correction terms, are also computed and displayed in tabular forms.