{"title":"Analysis of the Synchronization between Global Dry Bulk Market and Chinese Container Market","authors":"Hyunsok Kim, Myung-Hee Chang","doi":"10.5394/KINPR.2017.41.1.25","DOIUrl":null,"url":null,"abstract":": Thepurposeofthisinvestigationistoanalyzethesynchronizationbetweentherepresentativeglobalfreightindex,theBaltic DrybulkIndex(BDI)andtheChinaContainerFreightIndex(CCFI)withmonthlydatafrom2000to2016.Usingthenon-stationarity ofthebusinesscyclethatisabletoincludecommontrends, weemploytheEngle-Granger2stageco-integrationtestandfoundno synchronization.Onthecontrary,weadditionallyestimatedthecausalitybetweenthemarketsandrevealedthecausality,whichimplies thattheChineseeconomyhasasignificanteffectontheglobalmarket.TheresultsofthisempiricalanalysisdemonstratethattheCCFI ofChinaisappropriateforanalyzingtheshippingindustry.Inpractice,thismeansthatitismoreappropriatetoincludeCCFI inthe globalmarketoutlookthanuseitasasubstitutefortheglobalfreightrateindex,theBDI.Thisisacasestudyofthesynchronization oftheeconomicfluctuationsoftheshippingindustry.ItsuggeststhattheeconomicfluctuationsofChinaneedtobeconsideredinthe unstable globalmarketforecast.Inparticular, thiscaseappliestothe fluctuationsintheshippingindustrysynchronismandprovides importantresultsinscientificterms.","PeriodicalId":16242,"journal":{"name":"Journal of Korean navigation and port research","volume":"39 1","pages":"25-32"},"PeriodicalIF":0.0000,"publicationDate":"2017-02-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"2","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Korean navigation and port research","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.5394/KINPR.2017.41.1.25","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
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