• Communications for Statistical Applications and Methods
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• v.25 no.4
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• pp.397-409
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• 2018

The world financial markets are inter-linked in ways that varies according to market and time. We examine the causality of change focusing on the Korean market as related to the U.S. (S&P 500), Japan (Nikkei 225), Hong-Kong (HSI), and European (DAX) markets. In order to capture time-varying causality running from and to the Korea stock market, we apply the Granger causality test under a VAR model with a wild bootstrap rolling-window approach. We also propose a new concept of a significant causality ratio to measure the intensity of the Granger causality in each time unit. There are many asymmetric strengths in mutual Granger causal relationships. Moreover, there are cases with significant Granger causal relations only in one direction. The period with the most severe Granger causality both running from and to the KOSPI market is the GFC. The market that formed the two-way Granger causal relationship with the KOSPI market for the longest period is the S&P 500. The HSI and DAX markets have the strongest two-way Granger causal relationship with the KOSPI shortly after 2000, and the Nikkei market had the strongest two-way Granger causal relationship with the KOSPI market before the Asian financial crisis.

• Journal of Korea Port Economic Association
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• v.32 no.4
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• pp.165-182
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• 2016

This study examines the competitiveness and cooperativeness among the container ports in East Asia by analyzing their monthly dynamics in eight years (2008-2015). Time series data on container throughput divided into origin and destination (O/D), such as the top six Chinese ports and the transshipment (T/S) ports such as Hong Kong, Busan, and Singapore, are computed with two methods based on the Vector Error Correction Model (VECM). The first Granger causality test results show that Busan T/S has significant bilateral relations with three Chinese O/D ports; and significant unidirectional relations with three other O/D ports. Shenzhen port has significant bilateral relations with Singapore, and has a significant unidirectional relation with Hong Kong port. Co-integrating test results showed that Busan holds negative co-integration with all Chinese O/D ports. Impulse response function (IRF) results show an opposite direction between paired ports. The ratios of the impulse from T/S ports are significantly high to one another in the short-run, but its power declines as time passes. The ratio of the impulse from the Chinese ports to T/S ports is less significant in the short-run period, however, it becomes more significant as time passes. The significance of most shocks was high in the second period, but was diluted after the sixth period.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.3
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• pp.165-170
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• 2021

This paper examines the long-run relationship between financial development and economic growth. The effective function of financial development is crucial to promote the economic development of the country. To achieve the objective, this study used Gross Domestic Product as a dependent variable and Credit to The Private Sector, Ratio of the Gross Fixed Capital Formation to GDP, Trade, Consumer Price Index and Labour Force as an independent variable. Augmented Dickey-Fuller test statistic (ADF) to check the stationary. Bounds test for cointegration and Auto-Regressive Distributed Lag Models (ARDL) are used to check cointegrating relationship amongst the variables and causality between financial development and economic growth. Moreover, the Model selection method is Akaike Info Criterion (AIC). This result demonstrates that the labor force and trade hold a significantly negative relationship with economic growth. Nevertheless, inflation, Credit to The Private Sector, and Ratio of the Gross Fixed Capital Formation to GDP show a significantly positive relationship with economic growth. Therefore, there is a statistically significant relationship between Financial Development and Economic growth in Sri Lanka and the Sri Lankan government should reform its trade policies.

• The Journal of Korean Medicine
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• v.45 no.1
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• pp.65-79
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• 2024

Objectives: The purpose of this study is to evaluate weight change and analyze adverse events in post-menopausal obese women with Gamitaeeumjowee-tang for weight loss. Methods: A retrospective chart review was conducted for medical records of 115 post-menopausal obese women (body mass index, BMI≥25 kg/m²) who were administered with Gamitaeeumjowee-tang for 12 weeks for the purpose of weight loss. Weight, skeletal muscle ratio and BMI changes were compared before and after the program. Adverse events were evaluated by causality, severity and system-organ classes. Results: A total of 115 patients were included in this study. The average total weight loss in post-menopausal women was 5.72±2.04kg(p<0.001) and the average weight loss rate was 8.06±2.70%(p<0.001). After the 12-week program, the body fat rate was significantly decreased(3.76±2.20%)(p<0.001) and the skeletal muscle ratio was significantly increased(2.07±1.24%)(p<0.001). There were no significant differences in weight loss, skeletal muscle ratio change and body fat rate change depending on the number of hospital visits. Insomnia was frequently reported throughout the period, and no serious adverse events were reported. Conclusions: This study showed the potential that weight management treatment with Gamitaeeumjowee-tang could be a good way to lose weight of post-menopausal obese women without serious adverse events. Continuous well designed clinical studies are needed.

• Journal of Korea Port Economic Association
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• v.37 no.4
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• pp.161-173
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• 2021

The shipping industry plummeted and was depressed due to the global economic crisis caused by the bankruptcy of Lehman Brothers in the US in 2008. In 2020, the shipping market also suffered from a collapse in the unstable global economic situation due to the COVID-19 pandemic, but unexpectedly, it changed to an upward trend from the end of 2020, and in 2021, it exceeded the market of the boom period of 2008. According to the Clarksons report published in May 2021, the decrease in cargo volume due to the COVID-19 pandemic in 2020 has returned to the pre-corona level by the end of 2020, and the tramper bulk carrier capacity of 103~104% of the Panamax has been in the ports due to congestion. Earnings across the bulker segments have risen to ten-year highs in recent months. In this study, as factors affecting BDI, the capacity and congestion ratio of Cape and Panamax ships on the supply side, iron ore and coal seaborne tonnge on the demand side and Granger causality test, IRF(Impulse Response Function) and FEVD(Forecast Error Variance Decomposition) were performed using VAR model to analyze the impact on BDI by congestion caused by strengthen quarantine at the port due to the COVID-19 pandemic and the loading and discharging operation delay due to the infection of the stevedore, etc and to predict the shipping market after the pandemic. As a result of the Granger causality test of variables and BDI using time series data from January 2016 to July 2021, causality was found in the Fleet and Congestion variables, and as a result of the Impulse Response Function, Congestion variable was found to have significant at both upper and lower limit of the confidence interval. As a result of the Forecast Error Variance Decomposition, Congestion variable showed an explanatory power upto 25% for the change in BDI. If the congestion in ports decreases after With Corona, it is expected that there is down-risk in the shipping market. The COVID-19 pandemic occurred not from economic factors but from an ecological factor by the pandemic is different from the past economic crisis. It is necessary to analyze from a different point of view than the past economic crisis. This study has meaningful to analyze the causality and explanatory power of Congestion factor by pandemic.

• The Transactions of The Korean Institute of Electrical Engineers
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• v.67 no.11
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• pp.1415-1422
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• 2018

In Korea, prior to 2011, the electric reserve margin followed the probabilistic reliability view and the planning reserve margin had been operated at about 15% based on the assumption that power outage was permitted within 0.5 days a year. However, after experiencing the shortage of the electric generation capacity in Sept. 15, 2011, the planning reserve margin was selected as 22% to improve the reliability of the electric supply. In this paper, using panel data of 28 OECD countries over the period 2000-2014 we attempted to empirically examine the linkage between reserve margin, electricity tariffs, renewable energy share, GDP per capita, and summer / winter peak-to-peak ratios. As a result, all four independent variables have been significant for the electric reserve margin, and in particular, we found that countries with similar peaks in winter and summer have operated 4.3% higher reserve margin than countries experiencing only summer peak.

• The Journal of Asian Finance, Economics and Business
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• v.4 no.4
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• pp.51-60
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• 2017

India is the top recipient of workers' remittance flows; recent data indicate that the Remittances/GDP ratio has increased from 2.7% in 2000 to 3.36% in 2015. We apply a consumption behavior model, based on the "permanent income hypothesis", to estimate the consumption augmentation and the stability impact for the period of 1989-2014. The independent variables are: (i) real per capita income (exclusive of remittances) is the measure of "permanent income", (ii) remittances is the measure of "transitory income", and (iii) real interest rate as the indicator of consumers' ability for intertemporal consumption. The economic ramifications are important since current global risk factors could decrease flows in the future. The results indicate the significance of all three variables; there are: (i) evidence of significant consumption augmentation, (ii) consumption responds higher to remittances than to real income, the remittance elasticity is 0.571 and the income elasticity is 0.31, and (iii) evidence of pro-cyclical effect. The VAR model indicates some linkages and causality in the series that result in small response to the shocks. Policies to increase or stabilize remittance flows and to leverage remittances for economic development are important.

• Nutrition Research and Practice
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• v.15 no.4
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• pp.468-478
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• 2021

BACKGROUND/OBJECTIVES: This study aimed to analyze the association between dietary omega-3 fatty acid intake and depression in postmenopausal women using data from the Korea National Health and Nutrition Examination Survey (KNHANES) VI. SUBJECTS/METHODS: The KNHANES is a cross-sectional nationwide health and nutrition survey. Dietary data, including omega-3 fatty acids, were assessed using the 24-h recall method. Depression was evaluated using a survey questionnaire. The association between dietary omega-3 fatty acids and depression was evaluated using multivariate logistic regression analysis. Depression, according to the dietary omega-3 fatty acid intake, was expressed as the odds ratio (OR) with a 95% confidence interval (CI). A total of 4,150 postmenopausal women were included in the analysis. RESULTS: In the fully-adjusted model, the group with the highest dietary omega-3 fatty acid intake significantly showed lower prevalence of depression than the group with the lowest intake (OR, 0.52; 95% CI, 0.33-0.83); a significant linear trend was detected (P for trend = 0.04). According to the dose-response analysis using cubic restricted spline regression, this association was linear and monotonic (P for non-linearity = 0.32). CONCLUSIONS: In this study, the dietary omega-3 fatty acid intake in postmenopausal women was inversely proportional to depression in a dose-response manner. Large cohort studies are needed to verify the causality between omega-3 fatty acids and depression in Korean postmenopausal women.

• Journal of Navigation and Port Research
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• v.46 no.2
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• pp.99-109
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• 2022

A report released by the Chinese Maritime Court found that the natural environment and other objective factors have greatly reduced the risk of ship collision accidents with the advancement of technologies. However, collisions between merchant ships and fishing boats occur frequently along the coast during fishing seasons, which should be highly valued. International conventions and domestic legislation in China comprise detailed laws with respect to ship collisions, but the theory of ship collision infringement needs to be improved, enriched, and developed. Meanwhile, the development of the tort liability law provides theoretical support for ship collision infringement. As far as China's ship tort legal system is concerned, the research on ship collision tort damage compensation is relatively extensive, and the constitutive elements and causality of ship collision tort liability have also been studied in depth. The purpose of this paper is to explore the domestic legislation applicable to disputes related to ship collisions in China. As these laws are unclear on the resolution of disputes resulting from ship collisions, significant attention has been focused on the final judgments by the Supreme Court of China (SPC), as well as the judicial judgments set by the Maritime Court of China.

• The Journal of Society for e-Business Studies
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• v.26 no.3
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• pp.33-53
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• 2021

In the crossroads of social change caused by the spread of the Fourth Industrial Revolution and the prolonged COVID-19, the Korean government announced the Digital New Deal policy on July 14, 2020. The Digital New Deal policy's primary goal is to create new businesses by accelerating digital transformation in the public sector and industries around data, networks, and artificial intelligence technologies. However, in a rapidly changing social environment, information asymmetry of the future benefits of technology can cause differences in the public's ability to analyze the direction and effectiveness of policies, resulting in uncertainty about the practical effects of policies. On the other hand, the media leads the formation of discourse through communicators' role to disseminate government policies to the public and provides knowledge about specific issues through the news. In other words, as the media coverage of a particular policy increases, the issue concentration increases, which also affects public decision-making. Therefore, the purpose of this study is to verify the dynamic relationship between the media coverage and the stock market on the Korean government's digital New Deal policy using Granger causality, impulse response functions, and variance decomposition analysis. To this end, the daily stock turnover ratio, daily price-earnings ratio, and EWMA volatility of digital technology-based companies related to the digital new deal policy among KOSDAQ listed companies were set as variables. As a result, keyword search volume, daily stock turnover ratio, EWMA volatility have a bi-directional Granger causal relationship with media coverage. And an increase in media coverage has a high impact on keyword search volume on digital new deal policies. Also, the impulse response analysis on media coverage showed a sharp drop in EWMA volatility. The influence gradually increased over time and played a role in mitigating stock market volatility. Based on this study's findings, the amount of media coverage of digital new deals policy has a significant dynamic relationship with the stock market.