• East Asian Economic Review
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• 제23권1호
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• pp.55-88
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• 2019

Our paper contributes to existing literature by empirically investigate the trade structure and trade performance between Korea and ASEAN. Overall, trade activities between Korea and almost major ASEAN economies have significantly focused on capital goods, medium and high technology goods, while the remaining ASEAN countries' exports over Korea have been mainly primary and low technology goods. There has been a higher complementarity in between Korea's exports and ASEAN's imports compared with between ASEAN's exports and Korea's imports. Estimation results show that ASEAN's GDP and income have larger impacts than those of Korea on aggregate trade flows as well as sectoral level between two sides. Additionally, geographical conditions are critical factors impeding Korea-ASEAN trade. Meanwhile, other factors in the estimation model have mixed impacts on components of Korea-ASEAN trade structure. Finally, there is a significant room for Korea's trade expansion with ASEAN, particularly new and less developed members in future.

• East Asian Economic Review
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• 제24권4호
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• pp.417-440
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• 2020

The coronavirus pandemic of 2019-20 confronted fiscally dominant regimes around the world with the question of whether the large deficits caused by the health crisis should be monetized or financed by issuing debt. The unpleasant monetarist arithmetic of Sargent and Wallace (1981) states that in a fiscally dominant regime tighter money now can cause higher inflation in the future. In spite of the qualifier 'unpleasant,' this result is positive in nature, and, therefore, void of normative content. I analyze conditions under which it is optimal in a welfare sense for the central bank to delay inflation by issuing debt to finance part of the fiscal deficit. The analysis is conducted in the context of a model in which the aforementioned monetarist arithmetic holds, in the sense that if the government finds it optimal to delay inflation, it does so knowing that it would result in higher inflation in the future. The central result of the paper is that delaying inflation is optimal when the fiscal deficit is expected to decline over time.

• East Asian Economic Review
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• 제24권4호
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• pp.469-495
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• 2020

This paper overviews different exit strategies for the U.S. from the debt-overhang, and analyses their implications for emerging markets and global stability. These strategies are discussed in the context of the debates about secular-stagnation versus debt-overhang, the fiscal theory of the price level, the size of fiscal multipliers, prospects for a multipolar currency system, and historical case studies. We conclude that the reallocation of U.S. fiscal efforts towards infrastructure investment aiming at boosting growth, followed by a gradual tax increase, aiming at reaching a modest primary fiscal surplus over time are akin to an upfront investment in greater long-term global stability. Such a trajectory may solidify the viability and credibility of the U.S. dollar as a global anchor, thereby stabilizing Emerging Markets economies and global growth.

• East Asian Economic Review
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• 제25권1호
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• pp.73-97
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• 2021

China has experienced many structural changes in the process of economic development over the past three decades. Using a time-varying parameter VAR model with stochastic volatility and mixture innovations, this study investigates whether such structural changes in, especially tools and operational aims of monetary policy, affect the monetary transmission mechanism. We find that impulse responses of output growth and inflation to monetary shocks have substantially increased and then reversed to decrease around 2005-2006. This time variation is mainly caused by changes in the monetary transmission mechanism, i.e., the manner in which main macroeconomic variables respond to policy shocks, rather than by changes in volatilities of exogenous shocks. The result implies that aggressive monetary policy to facilitate economic growth in the developing economies may be legitimized, unless it causes inflation seriously.

• The Journal of Asian Finance, Economics and Business
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• 제9권1호
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• pp.153-166
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• 2022

The study estimates the Structured VAR and the Dynamic Stochastic General Equilibrium Model for the Vietnamese economy based on the new Keynesian model for small and open economies, with the output gap, inflation, policy interest rate, the Vietnamese exchange rate, and the inflation and interest rate in the United States. The paper aims to clarify the impulse response of the macro variables through their shocks. It offers to model the SVAR and DSGE processes, as well as describe why and how interest rate policy is important in the impulse response of macro variables like the output gap and inflation process. The study supports the central role of monetary policy by giving empirical evidence for the new Keynesian theory, according to which an interest rate shock causes the output gap to widen and inflation to decrease. Finally, the application of the DSGE model is becoming more and more popular in the State Bank of Viet Nam to improve its policy planning, analyzing, and forecasting policy towards sustainable and stable growth.

• The Journal of Asian Finance, Economics and Business
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• 제9권1호
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• pp.35-42
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• 2022

The paper aims to examine the impact of exports on the growth of Vietnamese manufacturing small and medium-sized enterprises (SMEs) by exploring the information of 36,053 enterprises across 24 manufacturing sectors from the Vietnam Annual Enterprise Survey (VAES) in the period 2014-2019. To deal with the problem of variable variance, autocorrelation, and endogeneity of the model, the paper uses the OLS regression method with a strong standard error method and system GMM. Export participation by SMEs is positively associated with business growth in terms of sales and total assets, according to the findings. The GMM estimate shows that the rate of sales growth among exporters is 36.5 percent greater than that of non-exporting enterprises in the case of the sales growth measure. Exporters' average total asset growth rate is 19% greater than the rate estimated for non-exporting businesses. The study's findings indicate the need of adopting policies that promote SMEs in transition economies like Vietnam to engage in exporting activities. Furthermore, the findings show that financial assistance and suitable ownership would enable SMEs to take advantage of export opportunities to increase sales and total assets.

• 수완나부미
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• 제9권2호
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• pp.7-34
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• 2017

Various models have been presented to describe early Southeast Asian political formations that draw on both indigenous and imported Indic ideas. The most influential of these are the "Mandala" (Wolters 1968, 1982, 1999), "Galactic" (Tambiah 1976), "Negara" (Geertz 1980), and Anderson's 1972 "The idea of power in Javanese culture." This paper represents an initial attempt to compare the salient features of these models with historical and archaeological data from South Sulawesi where, exceptionally and importantly, societies developed independently of Indic ideas. South Sulawesi is unique in being the only region of maritime Southeast Asia where there are sufficient written and oral sources, often substantiated by archaeological data, to document the social evolution of its society from scattered, economically self-sufficient communities with ranked lineages practicing swidden agriculture to large political units (kingdoms) constructed around indigenous cultural and political concepts with economies based on wet-rice agriculture. This wealth of data provides us with a much more detailed picture of the emergence, development and support structures of early kingdoms than found in the models, which makes South Sulawesi of fundamental importance in understanding the social and economic evolution of pre-Indic influenced Austronesian societies in Maritime Southeast Asia.

• Asia pacific journal of information systems
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• 제33권4호
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• pp.999-1015
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• 2023

Smart speakers represent a growing product in home electronics. However, their capability to record voices in their immediate surroundings has spurred concerns about privacy violations. In this paper, we assess the extent of those concerns in the opinions of smart speaker users by examining the reviews posted by smart speaker users. We focus on South Korea as a representative of advanced Asian economies. The results show that Korean smart speaker users are either unconcerned or unaware of privacy issues, confirming the results of previous studies about UK users, but with an even lower degree of interest in the topic. However, for the few users concerned about privacy, their attitude towards privacy influences their overall opinion about smart speakers.

• 국제지역연구
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• 제13권2호
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• pp.311-368
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• 2009

자원전쟁 시대에 한국 경제가 생존하고 번영하기 위해서는 다양한 노력이 필요하다. 자원의 자주개발률 제고, 신재생에너지 공급비중 확대 등과 함께 자원부국과의 경제협력 확대가 요구되고 있다. 안정적인 국민 경제 발전에 필수적인 원자재의 안정적 확보 및 신규 해외시장 개척의 중요성이 더욱 높아지고 있다. 특히 한국의 경우 에너지의 97%를 수입에 의존하고 있는 상황에서 해외자원개발을 통한 자주개발률을 높이는 것이 매우 중요한 국가적 과제가 되고 있고, 그러한 관점에서 풍부한 천연자원을 보유하고 있어 중앙아시아 지역은 한국의 해외 에너지 자원개발과 에너지 안보 보장을 위해 매우 중요한 지역이다. 중앙아시아는 지리적 거리감에도 불구하고 한국과 정치 경제 민족적으로 매우 밀접한 관련을 가진다. 그러나 한국의 중앙아시아 진출은 아직까지 미약하며 체계적인 정책수립의 초기 단계에 머물고 있다. 미국, 일본, 중국, EU 등 주요국의 중앙아시아 진출 전략에서 보듯이 한국의 경우 우선적으로 중앙아시아에서 지속적으로 국가 이미지를 제고해야 할 것이다. ODA 지원 확대, ADB 등 국제기구의 중앙아시아 지원 사업 적극 참여 등을 통해 중장기적인 관점에서 안정적인 중앙아시아 진출 기반 확대를 도모해야 할 것이다. 정부의 적극적인 중앙아시아 진출 환경 조성 노력 하에 대기업뿐만 아니라 중소기업들의 활발한 진출이 이루어지도록 유도해야 한다.

• 동아시아식생활학회지
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• 제21권2호
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• pp.167-173
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• 2011

Research on recognition, preference, and consumption of ginseng was conducted with the goal of enhancing the consumption of ginseng, and commercializing local ginseng dishes in Geumsan. With help from the Eulji University hospitals in Daejeon and Geumsan, a survey was completed by a group of 200 patients, including 50 diabetic and 50 hypertensive patients from each center. Results based on a patient's residence (p<0.001), and illness (p<0.001), showed that the percentage of outpatient treatments was very high at the center in Geumsan. Based on a patient's residence (p<0.001) and illness, a preference for ginseng was very high in Geumsan. Based on a patient's residence (p<0.01) and illness (p<0.05), the willingness to try new ginseng dishes was stronger at the center in Geumsan compared to the center at Daejeon. Based on residence and illness (p<0.001), hypertensive patients were more enthusiastic towards taking ginseng herbs. Based on residence (p<0.001) and illness (p<0.001), percipience concerning the effects of ginseng was more positive in Geumsan. Based on residence (p<0.001) and illness, the frequency of ginseng herb intake was higher in Geumsan. The research provides the basis for establishing changes in the perception of ginseng, providing accurate information, and promoting ginseng in local economies.