The Dynamic Effects of the Foreign Economic Shocks on the Korean Port Industry

Table 1

The variance of decomposition of the forecast errors.

Step	Real economic activity factor	Inflation factor	World liquidity factor	World interest factor	Domestic growth	Import-export	Seaborne freight
1	31.85	16.02	0.81	0.12	1.35	2.87	46.98
2	47.52	19.81	5.71	0.55	2.41	1.55	22.45
3	55.38	15.88	5.30	1.32	2.57	1.55	17.99
4	56.57	14.58	5.42	1.16	3.87	2.56	15.84
5	55.44	16.05	5.31	1.14	3.96	2.57	15.52
6	53.71	17.55	6.45	1.26	4.18	2.46	14.39
7	51.95	18.10	7.74	1.43	4.81	2.53	13.46
8	50.38	18.26	8.88	1.43	5.51	2.67	12.87
9	49.51	18.25	9.53	1.42	5.95	2.69	12.64
10	49.31	18.19	9.70	1.42	6.09	2.68	12.62
11	49.28	18.19	9.70	1.42	6.10	2.69	12.62
12	49.21	18.27	9.70	1.41	6.09	2.72	12.60