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

Table 2

The variance of decomposition based on the alternative aggregation.

Step	Real economic activity factor	Inflation factor	World liquidity factor	World interest factor	Domestic growth	Import-export	Seaborne freight
1	28.663	0.059	5.516	0.236	1.674	2.466	61.385
2	47.827	0.066	9.941	1.28	4.792	1.696	34.398
3	52.041	0.127	8.855	1.905	4.606	2.826	29.64
4	50.431	0.158	11.837	2.97	4.607	3.087	26.911
5	46.519	0.151	17.126	3.143	4.385	2.847	25.828
6	43.597	0.278	20.145	2.867	5.774	2.869	24.469
7	42.045	0.723	20.883	2.719	7.332	3.031	23.268
8	41.097	1.069	20.893	2.881	8.318	3.142	22.6
9	40.591	1.273	20.697	3.166	8.739	3.173	22.36
10	40.406	1.384	20.628	3.373	8.793	3.16	22.257
11	40.351	1.42	20.736	3.458	8.744	3.159	22.132
12	40.32	1.418	20.87	3.46	8.748	3.192	21.992