• The Southeast Asian review
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• v.21 no.3
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• pp.139-203
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• 2011

This paper attempts to review of recent development of ASEAN financial integration and to evaluate it and predict its future aspect. For this purpose, we first examine the historic aspect of ASEAN financial integration such as ASEAN financial service open agreement or ASEAN capital market forum report and currently agreed integration plan. In addition, we study the development stages of ASEAM member countries in terms of its economic size or income level. Finally, we look at the financial market and institutional aspect of ASEAN member countries and the recent development of global financial market. From these analyses, we find several important facts. First, it is true that ASEAN, in general, will enjoy the effect of expanding regional investment and improving the quality of financial service through the financial integration. We think that its long term benefit is too large for ASEAN member states to avoid. Second, as a result, it is certain that ASEAN will corporate further to make its financial market to be integrated in the future. Third, however, despite these benefits and continuing efforts, we expect that it will be very difficult for ASEAN to reach a stage of financial integration as suggested in the Blueprint of ASEAN Economic Community by the year of 2015. The large difference among member states in term of economic and financial development will not allow for them to reach a single goal within a short time. Instead, we expect the following scenario for the integration process will hold. First, ASEAN will reach an agreement on the institutional framework by 2015 and afterwards, slowly the markets will begin to integrate. Second, at the earlier stage, not all but some countries will start the integration process. We expect that the financial market of ASEAN 5 will first be integrated and other 5 will join to it later.

• Asian Journal of Innovation and Policy
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• v.6 no.3
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• pp.313-331
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• 2017

This paper exhibits the concept of Triple Helix model to explain and link university-industry-government (Triple Helix) connections to national innovation systems theory. The driver of this paper is to test the dynamics of Triple Helix concept under national innovation system in the Association of South East Asian Countries (ASEAN)-5 economies. Panel econometric analysis with cross-sectional dependence (CD) test is applied to investigate the relationship amongst Triple Helix variables. The empirical analysis employs innovation indicators of five founding ASEAN countries namely Malaysia, Indonesia, Singapore, the Philippines and Thailand for the period of 2000-2015 from an existing WDI and WCY database. Econometric results support the two research questions of this study; firstly, there is a significant relationship between innovation outcome and its key drivers under Triple Helix context of National Innovation System in ASEAN-5 economies; secondly, the extent of the relationship among government R&D expenditure with high-tech productions are positive and significant while new ideas coming from universities as scientific publications and high-tech production have positive relationship but not significant yet in ASEAN-5 countries. Overall labor productivity is positive and significant with innovation outcomes in ASEAN-5.

• East Asian Economic Review
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• v.27 no.1
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• pp.33-60
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• 2023

This paper analyzes the entire distribution of stock market returns/volatility in five emerging markets (ASEAN5) and figures out the conditional distribution of the CHI_EPU index. The aim is to examine the impact of CHI_EPU on the stock returns/volatility density of ASEAN5 markets. It also examined whether changes in CHI_EPU explain returns at higher or lower points (abnormal returns). This paper models the behaviour of stock returns from March 2011 to June 2018 using a non-parametric conditional density estimation approach. The results indicate that CHI_EPU diminishes stock returns and augments volatility in ASEAN5 markets, except for Malaysia, where it affects stock returns positively. The possible reason for this positive impact is that EPU is not the leading factor reducing Malaysian stock returns; but, other forces, such as dependency on other countries' stock markets and global factors, may have a positive impact on stock returns (Bachmann and Bayer, 2013). Thus, the risk of simultaneous investment in Chinese and ASEAN5 stock markets, except Malaysia, is high. Further, the degree of this influence intensifies at extreme high/low intervals (positive/negative tails). The findings of this study have significant implications for investors, policymakers, market agents, and analysts of ASEAN5.

• The Journal of the Institute of Internet, Broadcasting and Communication
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• v.20 no.4
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• pp.23-33
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• 2020

The purpose of this study was to find ways to co-produce ASEAN-Korea co-production in the ASEAN market, which is the market that we should strategically converge in the domestic and overseas environment of the Korean content industry. The research content to achieve the research objective was targeted at viewers of broadcasting programs from five ASEAN countries, and the survey methods were conducted for case-research analysis. First, we analyzed the current status of Korean content broadcasting in five ASEAN countries during the first half of 2018, secondly, the status of use and awareness of Korean broadcasting programs in the five ASEAN countries, fourth, use and awareness of joint broadcasting programs with Korea, and finally, international joint production cases with Korea in the five ASEAN countries. Through this ideal, it is worth suggesting that the Korea-ASEAN joint production should strategically converge under the domestic and international environments currently facing the Korean content industry.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.3
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• pp.1-10
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• 2021

This study examines the dynamic pattern of the exchange rate volatilities of the ASEAN-5 currencies from January 2006 to August 2020. The exchange rates applied in this study comprise bilateral and effective exchange rates in order to investigate the influence of the US dollar on the stability of the ASEAN-5 currencies. Since a volatility model employed in this study is a natural cubic spline volatility model, the Monte Carlo simulation is consequently conducted to determine an appropriate criterion to select a number of quantile knots for this model. The simulation results reveal that, among four candidate criteria, Generalized Cross-Validation is a suitable criterion for modeling the ASEAN-5 exchange rate volatilities. The estimated volatilities showed the inconstant dynamic patterns reflecting the uncertain exchange rate risk arising in international transactions. The bilateral exchange rate volatilities of the ASEAN-5 currencies to the US dollar are more variable than their corresponding effective exchange rate volatilities, indicating the influence of the US dollar on the stability of the ASEAN-5 currencies. The findings of this study suggest that the natural cubic spline volatility model with the quantile knots selected by Generalized Cross-Validation is practical and can be used to examine the dynamic patterns of the financial volatility.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.5
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• pp.43-52
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• 2021

This study is the first to scrutinize how real effective exchange rate, together with the vehicle currency exchange rate, asymmetrically influences the total trade balance between ASEAN (Association of Southeast Asian Nations) and the EU (European Union). This research employs quarterly data between 2000Q1 and 2018Q1, which is derived from several sources. We introduce a method for constructing the double-aggregated real effective exchange rate between ASEAN and the EU that captures the roles of all their currencies. Moreover, we propose the formula to compute vehicle currency exchange rate to assess the importance of vehicle currency in ASEAN-EU trade. Additionally, as asymmetrical impacts of exchange rate on trade balance are well documented by current studies, we employ Nonlinear Autoregressive Distributed Lag (NARDL) model of Shin et al. (2014) to analyze the impacts of currency depreciation as well as appreciation in detail. The findings confirm the prominence of USD as vehicle currency in ASEAN-EU trade. Both depreciation and appreciation of ASEAN's currencies against USD can foster ASEAN's trade balance in the long run. Short-run asymmetrical impacts as well as J-curve effect are found in the vehicle currency models only. The results are robust for the cases of EU-28 and EU-27.

• Journal of the Korean Wood Science and Technology
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• v.46 no.5
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• pp.577-596
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• 2018

ASEAN countries consist of vast coastal areas and thousands of islands that are vulnerable to the effects of climate change on sea level rise. It is believed that this will play an important role in reducing greenhouse gas emissions globally in order to minimize the damage suffered by ASEAN countries. To overcome this issue, biofuels have been used to minimize the impact on the environment by replacing fossil fuels and to reduce greenhouse gas emissions. In those cases of United States, Brazil and Europe, where biofuels are highly utilized, research, development and investment in this field have been actively conducted in the past. In ASEAN countries, however, it has not been a long time since the biofuel policies were established. To overcome this problem, we investigated the renewable fuel policy in the United States, Brazil and the European Union. Based on this, we suggested the utilization plan and prospect of biofuel policy in ASEAN countries.

• Journal of the Korean BIBLIA Society for library and Information Science
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• v.27 no.3
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• pp.273-294
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• 2016

This research is part of the Korean-ASEAN Official Development Assistance (ODA) project, specifically exploring the possibility of using public libraries as a place for Information and Communication Technology (ICT) literacy training for women from ASEAN (Association of Southeast Asian Nations) countries. Women from ASEAN countries are often minorities in ICT capacity building. A survey of 1,000 female public library users - 100 people from each of the ten ASEAN countries - and in-depth interviews with librarians from national libraries were conducted. The survey results showed that 68.8% of respondents perceived public libraries as a suitable place for ICT literacy training. 27.5% of respondents visited libraries for ICT-related activities, including information retrieval, e-mail, SNS, etc., Meanwhile, findings from the interviews highlighted the importance of having up-to-date ICT infrastructure - computers, Internet, professional ICT skill training for librarians, strategic planning for policies, budgets, and cooperation with other related institutions - in public libraries in order to provide effective ICT training.

• Journal of Korean Society of Transportation
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• v.23 no.1
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• pp.55-66
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• 2005

Association of South East Asian Nations(ASEAN) has recently decided to develop ASEAN Highway Network to connect member countries by road in an attempt to achieve a goal of closer economic integration in the region. This entailed the necessity to newly construct or upgrade some 5,481 km of road sections to make ASEAN Highway Network functional. This study offers haw we can prioritize development of these road sections using the Analytic Hierarchy Process. Particularly, it shows how individual road sections can be prioritized considering the importance of corridor or road group where the individual road section lies. It also develops how values of different evaluation criteria can be compared in the same scale. This new approach can be useful in prioritizing highway development in such cases where candidate road sections are widely scattered around the region, so detailed benefit and cost analysis is practically too demanding to carry out.

• The Journal of Asian Finance, Economics and Business
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• v.9 no.2
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• pp.313-324
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• 2022

The Chinese outward foreign direct investment (OFDI) involves various bilateral trade agreements and regional agreements signed between China and other countries. This study examines the impact of Chinese OFDI in ASEAN-5 countries through ASEAN-China Free Trade Agreement (ACFTA) namely Indonesia, Malaysia, Philippines, Singapore, and Thailand from 2000 to 2016. This study attempts to address three research objectives. The first is to examine the motives for China's investment in ASEAN-5. The second is to explore the different impacts of China's investment across countries. The third is to investigate whether the OFDI conducted by state-owned enterprises (SOEs) will produce different impacts on the firm's efficiency score. Using the DEA approach, this study finds evidence that the overall Chinese OFDI is relatively efficient. We find that the estimated efficiency score of this OFDI has improved in pre- and post ACFTA where a higher overall efficiency score was reported when comparing pre- and post ACFTA signing for both SOEs and NSOEs. Finally, China's parent firms' efficiencies showed higher scores among NSOEs compared to SOEs after the signing of ACFTA for all ASEAN countries except Malaysia. We highlight that the country's institutional infrastructure, earlier investment presence, and diplomatic ties help in shaping an effective trade agreement.