• The Journal of Asian Finance, Economics and Business
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• 제9권2호
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• pp.61-69
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• 2022

The study intends to investigate a short-run and a long-run causality among money, income, and prices in the Keynesian and Monetarists framework. This study emphasizes the importance of unrecorded money, which exists alongside legal monetary assets and plays a dual function in determining economic prosperity. The underground economy, which is a hidden component of aggregate economic activity, is determined using Tanzi's monetary approach (Tanzi, 1980). This research uses a time series of annual data from 1990 to 2019 for this purpose. The data is extracted from the World Bank database for the monetary and development indicators. The study keeping in view the trending nature in data follows a unit root testing followed by the Autoregressive Distributive Lag Model (ARDL) to assess the long and short-run dynamics of causality among the variables. In both the pricing and income equations, the study finds a significant level link among the variables; however, there is no evidence of the presence of a level association in the money equation. The short-run causal relationship provides evidence of bi-directional causation between the supply of money and national income. The outcome of this study advise that though the view point of both the Monetarist and Keynesian school holds in both short and long run, however, in Pakistan only the Monetarists' role of money supply and income holds in Pakistan. This evidence would be of precise interest to the policy-makers.

• Journal of Korea Trade
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• 제24권1호
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• pp.146-170
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• 2020

Purpose - This paper addresses the concepts of FDI-Trade-Growth nexus in Myanmar's economy and empirically investigates the interrelationships of trade, investment and economic growth to reveal the growth model of Myanmar's economy. Additionally, this paper also addresses the cooperative strategies between Myanmar and South Korea through a case study related to South Korea's economic growth. Design/methodology - Our empirical model considers the interrelationship among FDI, trade, growth, labor force and inflation in Myanmar. This study employs ARDL (Autoregressive Distributed Lag) to conduct an analysis of the FDI-Trade-Growth relationships using the time series data from 1970 to 2016 and a conducted case study of South Korea provided for practical implication on cooperative strategies between Myanmar and Korea. Findings - Export equation was chosen through the diagnostic tests. Our main findings can be summarized as follows: Export in Myanmar is positively influenced by labor force, FDI, capital formation and negatively impacted by import and instable inflation rate in the long run. In the short run, GDP and import positively influence export. The Granger causality test proves that Myanmar is an FDI/labor force-led Growth economy, where FDI and labor force are main drivers of export followed by GDP in Myanmar. The case study of South Korea provided that Korea's tax and credit system for promoting export-led FDI industries and cooperative units for joint ventures between Korea and Myanmar in export-led FDI industries are recommended. Originality/value - No study has yet to be conducted on the interrelationships of macroeconomic factors from the perspectives of FDI-Trade-Growth Nexus in Myanmar under the assumption of labor force and inflation rate as fundamental conditions. The current study also covered a relatively longer period of time series data from 1970 to 2016. This paper also conducts a case study of South Korea's experience in order to evaluate the findings and provide better policy implications.

• 자원환경지질
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• 제55권6호
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• pp.617-632
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• 2022

In recent years, environmental pollution and determining the main factors causing this pollution have become an important issue. This study investigates the relationship between the agricultural sector and environmental pollution in Azerbaijan for 1992-2018. The dependent variable in the study is the agricultural greenhouse gas emissions (CO₂ equivalent). Eight variables were selected as explanatory variables: four agricultural inputs and four agricultural macro indicators. Unit root tests, ARDL boundary test, FMOLS, DOLS and CCR long-term estimators, Granger causality analysis, and variance decomposition analyses were used to investigate the effect of these variables on agricultural emissions. The results show that chemical fertilizer consumption, livestock number, and pesticide use positively and statistically significantly affect agricultural emissions from agricultural input variables. In contrast, agricultural energy consumption has a negative and significant effect. From agricultural macro indicator variables, it was found that the crop and animal production index had a positive and significant effect on agricultural emissions. According to the Granger causality test results, it was concluded that there are a causality relationship from chemical fertilizer consumption, livestock number, crop and livestock production index variables towards agricultural emissions. Considering all the results obtained, it is seen that the variables that have the most effect on the increase in agricultural emissions in Azerbaijan are the number of livestock, the consumption of chemical fertilizers, and the use of pesticides, respectively. The results from the research will contribute to the information on agricultural greenhouse gas emissions and will play an enlightening role for policymakers and the general public.

• Journal of Information Processing Systems
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• 제17권6호
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• pp.1044-1056
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• 2021

Globalization has integrated the world through interaction among countries and people with the help of information and telecommunication technology (ICT). The rapid mode of globalization has put a new life in ICT and economic sector. The key focus of this study is to examine the nexus among the globalization, ICT and economic growth. This study uses autoregressive distributed lag model (ARDL), vector error correction model (VECM) and econometric method spanning from 1990 to 2015. The empirical result highlights that the globalization stimulates economic growth of a country. In addition, both the internet penetration and the mobile phone usage contribute to the economic growth. Lastly, this article contributes important policy lessons on strengthening the economy by utilizing ICT with the rapid globalization.

• Journal of Information Technology Applications and Management
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• 제29권4호
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• pp.17-33
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• 2022

This study measures the internal and external competitiveness of 35 OECD countries in the insurance industry. We analyze whether variables related to the Fourth Industrial Revolution affect international competitiveness by applying a nonlinear autoregressive distributed lag model. As a result, the competitiveness of life insurance foreign companies in internal is showing positive responses in high income inequality countries. In addition, insurance companies in countries with low income inequality have shown high performance in external. The non-life insurance industry is less sensitive to shocks than life insurance. This is because non-life insurance is a more dangerous industry than life insurance and there are many restrictions on policies and regulations. The reason is that non-life insurance is a more dangerous industry than life insurance and there are many restrictions on policies and regulations.

• Asian Journal of Business Environment
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• 제14권2호
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• pp.19-30
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• 2024

Purpose: This research article investigates the intricate relationship between economic growth and employment in the Korean agri-food industry. Research design, data and methodology: Drawing on Okun's law, which proposes a negative correlation between economic growth and unemployment, the study explores the applicability of this law to different sectors. By focusing on the agri-food industry, the study examines the impact of economic growth on both full-time and temporary employment. Results: The findings highlight the industry's role as a buffer, absorbing workers from other sectors, particularly manufacturing. Moreover, the study reveals that temporary employment is more sensitive to economic growth fluctuations compared to full-time employment. Conclusions: The research emphasizes the importance of implementing employment programs that support transitioning workers in the agri-food industry, facilitating knowledge and skill transfer to ensure sustained employment. Furthermore, it recommends government and company support for temporary employment during buffering periods to ensure safe job transitions. This study provides valuable evidence to understand the nuanced relationship between economic growth and employment in the Korean agri-food industry.

• 자원ㆍ환경경제연구
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• 제24권3호
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• pp.463-488
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• 2015

본 연구에서는 2015년부터 시행된 온실가스 배출권 거래제도에 맞추어 상쇄(offset)제도의 구체적인 설계가 필요한 시점에서, 가정부문의 고효율 전자기기의 보급을 통해 확보할 수 있는 잠재 상쇄 공급량을 추정하였다. 분석대상 품목은 TV, 세탁기, 선풍기, 냉장고, 에어컨 등 다섯 가지 가전기기이며, 자기회귀시차분포모형(ARDL)을 통해 2016년부터 2022년까지의 고효율 가전기기의 보급대수를 추정하고, 효율 개선을 통한 전기 절감량과 이에 따른 탄소 환산율을 통해 최종적으로 잠재 상쇄 공급량을 도출하였다. 고효율 가전기기의 에너지 절감률을 각각 10%와 20%로 가정했을 때 2022년에 누적된 탄소 저감량은 $361,899CO_2t$과 $723,797CO_2t$으로 나타났으며, 에너지 절감량이 큰 순서로는 에어컨, 냉장고, TV, 세탁기, 선풍기 순으로 나타났다. 또한 에너지 소비효율 1등급 가전기기의 에너지 절감률이 20%라고 가정했을 때, 누적 탄소 저감량이 2015년에 비해 2022년에 약 316% 증가하는 것으로 나타났다.

• 환경정책연구
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• 제9권1호
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• pp.57-81
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• 2010

고유가 시대인 현실에서 우리나라는 화석연료에 대한 의존도가 높아 저탄소 녹색성장이 가능한 경제사회 구조로의 전환이 시급하다. 현재 화석연료 사용과 관련된 보조금 개편은 환경에 유해한 투입요소에 대한 보조금을 감축 또는 제거하여 경제적 효율성을 제고하고 환경 피해를 완화시켜 사회 전체적으로 편익을 가져올 수 있는 Win-Win 효과가 기대되는 정책방안이다. 특히, 우리나라 전력부문에서 시행되는 보조금 제도 중에서 산업용, 농업용 및 심야전력에 대한 교차보조금의 경우, 전체 전력부문 보조금의 80% 이상을 차지하는 가장 큰 규모인데 본 논문은 전력부문 환경유해보조금 가운데 가장 큰 비중(연간 약 1조 6,583억원)을 차지하는 교차보조금 제도 중에서 산업용 전기의 환경유해보조금 개편 시 기대될 수 있는 파급효과를 가격탄력성 추정을 통해 파악하였다. 가격탄력성 추정에는 ARDL(자기회귀시차분포) 모형을 이용하였고, 기본 데이터는 1990년부터 2007년까지의 분기별 자료를 이용하였다. 본 연구에서 환경유해보조금 제거로 산업용 전력에 대한 연간 에너지 수요변화량은 -12,475,930MWh만큼 사용량이 감소할 것으로 추정되었으며, 이산화탄소 배출량의 경우를 보면 연간 2,644,897톤이 감소하는 것으로 추정되어 보조금 폐지가 이산화탄소 저감에 상당한 기여를 하는 것으로 나타났다. 또한 EU에서 제시한 오염물질 단위당 환경오염비용을 이용하여 배출저감량을 금액으로 환산하면 산업용 전력보조금 제거로 연간 약 1조 1,914억원의 환경개선편익 발생하는 것으로 나타났다. 그리고 이산화탄소의 경우 톤당 25유로를 적용하여 계산하면 산업용 전력보조금 제거로 연간 약 1,062억원의 환경개선편익이 발생하는 것으로 나타났다.

• The Journal of Asian Finance, Economics and Business
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• 제7권6호
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• pp.185-195
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• 2020

The study investigates the impact of globalization on coal consumption in Vietnam. This study employs an autoregressed distributed lag approach on time series data for the period of 1990 to 2017. The study tests the stationary, cointegration of time series data and utilizes autoregressed distributed lag modeling technique to determine the short-run and long-run relationship among coal consumption, globalization, income, population, and CO₂ emissions. The results show that globalization increases coal consumption in Vietnam in the long run. The results also show that rapid economic growth promotes more coal consumption in the short run as well as in the long run. Moreover, higher population reduces coal consumption, and CO₂ emissions decrease coal consumption both in the short run and the long run. The findings of the study suggest that globalization increases coal consumption in Vietnam in the long run. This result suggests that the increase in globalization level in Vietnam increases coal consumption. An interesting finding is that higher population reduces coal consumption, and population is an important factor towards the lessening in coal consumption. The findings confirm that environmental pollution decreases coal consumption in the short run and the long run. This implies that coal consumption may be green consumption in Vietnam.

• The Journal of Asian Finance, Economics and Business
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• 제7권6호
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• pp.109-116
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• 2020

The study examines the nexus between financial development and economic growth in India during Q1: 1996 to Q3: 2018. This study employs time-series data of real GDP and ratio of broad money to GDP as a proxy for economic and financial development, respectively. The data are obtained from RBI database on the Indian economy. All variables are seasonally adjusted using X12-arima technique and expressed in natural logarithm form. Non-linear Autoregressive Distributed Lag (NARDL) bound test has been used to check for cointegrating relationship of these two variables. Empirical findings suggest that, unlike in the short run, in the long run financial development does impact economic growth positively. Further, a symmetric effect of positive and negative components of financial development is found for the Indian economy, whereas the effect of control variable like exchange rate and trade openness is in consonance with common economic intuition. Exchange rate is in consonance with intuitive economic logic that a fall in exchange rate makes exports cheaper and increases the quantity of export, which improves the balance of payment and leads to a rise in aggregate demand, hence improves economic growth. This paper contributes to the existing literature on India by breaking down financial indicator into positive and negative components to examine the finance-growth relationship.