marginal distributions that capture the fat-tailed behavior, we estimate risk measures such as the Value-at-Risk and expected … shortfall and evaluate whether those from the Gaussian copula function underestimate or overestimate true risk measures. We also … returns. We fit the GPD as the two margins and a variety of copula functions in the extant literature in evaluating the risk …

and 2SLS regression were used for each analysis respectively.The empirical estimation results show that Korea's foreign …

overall. We made an illustrative application, an estimation of Okun’s law with regional panel data from 16 local Korean … goverments by using the proposed estimator. The estimation results shows that the effects of growth rates on unemployment rates …