• The Journal of Asian Finance, Economics and Business
• /
• v.7 no.11
• /
• pp.23-31
• /
• 2020

This paper investigates the impact of monetary policy independence shock on bond yield by allowing for heterogeneous coefficients in the model based on panel data for 19 developing countries using quarterly data from 1991 to 2016. First, we estimate the model using conventional panel VAR estimation with the assumption of homogeneous coefficients across countries. Second, by performing Chow and Roy-Zellner tests to check the homogeneity assumption, we find that the assumption does not hold in the model. Third, we apply a mean-group estimation for panel VAR as a solution for heterogeneity panel model. The results reveal that central bank independence is effective in reducing bond yield with the maximum at period 6 after the shock. Shock one standard deviation bond yield has a negative effect on consumption and investment. We determine that central bank independence has a contradictory effect on real activity; a negative effect on consumption but a positive influence on investment for the first two years after the shock. Additionally, we split our sample into three groups to make the subgroups pool. Our empirical result shows that monetary policy independence shock reduces bond yield. Meanwhile, the response of economic activity to bond yield varies for all three groups.

• Journal of Korea Trade
• /
• v.25 no.4
• /
• pp.146-163
• /
• 2021

Purpose - This paper examines China's impact on Korea's ICT exports considering the direct competition channel, the production shift channel, and the indirect demand channel at once. This paper also takes China's economic rebalancing into account and discusses whether it makes any differences in the effect of the three channels. Design/methodology - To quantify the effect of the three channels, I constructed a linear panel regression model and estimated it with various estimation methods including the system GMM. China's exports toward the same destination as Korea's exports, Korea's exports toward China, and the third countries' exports toward China respectively reflect the three channels. China's GVC indicators are included as well to evaluate the effect of further China's economic rebalancing. Since the present paper has a greater interest in the effect of China rather than the determinant of bilateral trade, a (fixed effect) panel model becomes more appropriate than the gravity model because timeinvariant variables in the gravity model, such as the distance and the language, are eliminated during the estimation process. Findings - The estimation results indicate that Chinese ICT exports are complementary to Korea's ICT exports in general. However, when markets are considered in subgroups, China's ICT exports could have a negative effect in the long run, especially for SITC75 and SITC76 markets, implying a possible competitive threat of China. The production shift effect turns significant during China's economic rebalancing in the markets for the advanced economies and the SITC76 product. China's indirect demand channel is also in effect significantly for the advanced economy and SITC75 commodities during China's economic rebalancing periods. In addition, this paper shows that China's transition toward upstream in the global value chain could have a positive impact on Korea's ICT exports, especially at the Asian market. Originality/value - The contribution of this paper is threefold. First, it focuses on the ICT industry for which Korea increasingly depends on China and China becomes a global hub of the GVC. Second, this paper quantitatively studies three channels in a model in contrast to the literature which mostly examines those channels separately and pays less attention to the GVC aspect. Third, by utilizing relatively recent data from the period of 2001-2017, this paper discusses whether China's economic rebalancing affects the three channels.

• Proceedings of the Korean Society for Noise and Vibration Engineering Conference
• /
• 2008.04a
• /
• pp.599-602
• /
• 2008

This paper deals with the optimization of Gas-Gas-Heater elements for desulfurization equipment through flow analysis. The flow analysis model used in the paper is ${\kappa}-{\varepsilon}$ turbulent flow model. Temperature and flow velocity distributions for three types of panel elements are calculated. Through the analysis the following conclusions are obtained. Firstly, pressure differences of between inlet and outlet for three types of panel elements do not exceed in the standard pressure difference. Secondly, it is expected that NU-type panel element having wide area of heat transfer will be more effective in the aspect of the heat transfer.

• Proceedings of the Korean Society of Precision Engineering Conference
• /
• 2001.04a
• /
• pp.131-134
• /
• 2001

The three-dimensional precision measurement technology for industry product of middle and/or large scale has been developed. Theodolite measurement system which is one of the technology is widely used in aerospace industry. This paper describes measurement method and results for spacecraft structure test model by using the measurement system. And structural stability for STM is desribed through the comparison between design values and measured values.

• Asia-Pacific Journal of Business
• /
• v.15 no.2
• /
• pp.207-222
• /
• 2024

Purpose - This study investigates whether the lagged price difference ratio between preferred and common stocks is related to the return and closing price of the preferred stock using three panel models. Design/methodology/approach - As a first step, we use a two-way fixed effect panel model with stationary preferred stock returns as a dependent variable. For robustness, we then apply the autoregressive distributed lag model (ARDL) and error correction model (ECM) with nonstationary closing prices of the preferred stocks as a dependent variable and compare the results of each model. The ARDL and ECM models provide an advantage of estimating a long-run equilibrium equation together if a long-run relationship exists between the two time-series variables compared to the fixed effect model. Findings - Our sample consists of 107 preferred stocks with at least four years of daily observations as of the end of December 2023. The coefficients of the error correction terms in the ARDL and ECM models are highly statistically significant, approximately -0.08. This indicates that the disequilibrium between the closing prices of common and preferred stocks adjusts by about 8% per day toward equilibrium. In all three models, the price difference ratio on day t-1 was statistically significant in explaining the preferred stock returns or closing prices on day t, implying that trading based on the previous day's price difference ratio is effective for one day. Research implications or Originality - Furthermore, the returns on preferred stocks are higher for firms with a lower proportion of foreign investors or a lower foreign market capitalization of preferred stocks. This suggests that foreign investors with informational advantages do not actively engage in profit-taking by trading preferred stocks, thus not narrowing the price difference. In summary, the recent surge in preferred stock prices is likely driven mainly by the irrational behavior of retail investors.

• Journal of Korean Society of Steel Construction
• /
• v.9 no.4 s.33
• /
• pp.683-695
• /
• 1997

This paper presents the shear behavior of panel zone in steel frame piers. The results of loading tests on twenty box connections and three types of analysis model are reported herein. It is indicate that the major cause of the reduction of strength and shear deformation capacity (ductility) is the sectional-area ratio and the shear buckling of panel zone. Based on the results, some new proposals are presented for the evalution of strength and ductility of panel zone. This paper is also discussed the ductility of connections by current design procedure.

• Steel and Composite Structures
• /
• v.36 no.5
• /
• pp.521-531
• /
• 2020

The behavior variation of concrete dam is investigated, based on a new method for analyzing the data model of concrete dam in service process for the limitation of wavelet transform for solving concrete dam service process model. The study takes into account the time and position of behavior change during the process of concrete dam service. There is no dependence on the effect quantity for overcoming the shortcomings of the traditional identification method. The panel data model is firstly proposed for analyzing the behavior change of composite concrete dam. The change-point theory is used to identify whether the behavior of concrete dams changes during service. The phase space reconstruction technique is used to reconstruct the phase plane of the trend effect component. The time dimension method is used to solve the construction of multi-transformation model of composite panel data. An existing 76.3-m-high dam is used to investigate some key issues on the behavior change. Emphasis is placed on conversion time and location for three time periods consistent with the practical analysis report for evaluating the validity of the analysis method of the behavior variation of concrete dams presented in this paper.

• The Transactions of The Korean Institute of Electrical Engineers
• /
• v.66 no.4
• /
• pp.709-714
• /
• 2017

The curved panel is widely used for display of TVs and smart phones. This paper proposes a new auto-focusing method for curved panel inspection system. Since the distance between the camera and the panel varies with the curve position, the camera should change its focus at every inspection time. In order to reduce the focusing time, we propose an effective focusing method that considers the mathematical model of panel curve. The Lagrange polynomial equation is applied to modeling the panel curve. The foci of initial three points are used to get the curve equation, and the other foci are calculated automatically from the curve equation. The experiment result shows that the proposed method can reduce the focusing time.

• Proceedings of the Korean Statistical Society Conference
• /
• 2002.11a
• /
• pp.265-272
• /
• 2002

An Integer-valued autoregressive integrated (INARI) model is introduced to eliminate stochastic trend and seasonality from time series of count data. This INARI extends the previous integer-valued ARMA model. We show that it is stationary and ergodic to establish asymptotic normality for conditional least squares estimator. Optimal estimating equations are used to reflect categorical and serial correlations arising from panel count data and variations arising from three random processes for obtaining observation into estimation. Under regularity conditions for martingale sequence, we show asymptotic normality for estimators from the estimating equations. Using cancer mortality data provided by the U.S. National Center for Health Statistics (NCHS), we apply our results to estimate the probability of cells classified by 4 causes of death and 6 age groups and to forecast death count of each cell. We also investigate impact of three random processes on estimation.

• Journal of Aerospace System Engineering
• /
• v.16 no.6
• /
• pp.8-17
• /
• 2022

This paper presents a novel geometric modeling technique to predict the mechanical properties of an aircraft wing's skin-stringer integrated panel. Due to mechanical and adhesive fastening, this panel is vulnerable to stress concentration and debonding, so we designed it to integrate the skin and stringer using three-dimensional woven composites. Geometric modeling was conducted by measuring the geometric parameters of the specimen and defining the pattern of the yarns as functions. We used a weighted average model with iso-strain and iso-stress assumptions to predict the mechanical properties of the panel parts. We then compared the results of a finite element analysis with a compression test to verify the accuracy of our model. Our proposed technique proved to be more efficient than the traditional experimental method for predicting the mechanical properties of skin-stringer integrated panels.