• Asian Journal of Business Environment
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• 제3권2호
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• pp.31-37
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• 2013

Purpose - This paper objectively analyzes the effects of globalization on Zimbabwe's business and economic development using the Business in Context (BIC) model. Research design, data, and methodology - We employed a qualitative research methodology, following an exploratory secondary research design in this paper. Results - The findings reveal that businesses in Zimbabwe have benefited from globalization as it has drawn investments from international companies in the country. In addition, the business sector is benefiting from the economies of scale realized from the investments made by companies in Africa, East Asia, Europe, and America. However, we also discover that globalization has resulted in the proliferation of cheap sub-standard goods and services from East Asia, and has increased competition between indigenous companies and foreign-owned multinationals. Conclusion - Our findings suggest that globalization has both positive and negative effects on business and economic development in Africa in general, and Zimbabwe in particular. However, we note that the advantages, to a certain extent, outweigh the disadvantages. What, then, could be the way forward for Zimbabwe, in the face of globalization? As a solution, this paper recommends the development of a policy on global associations by the Zimbabwean government, to enhance business and economic development.

• The Journal of Asian Finance, Economics and Business
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• 제1권4호
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• pp.5-13
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• 2014

This study contributes to addressing the problem of an aging population by providing important information that determines feasible monthly payments for the clients of Chinese reverse mortgage products and by promoting the implementation of reverse mortgages in China. The variables used in this study include mean values obtained from time series data, of the rate of increase of housing prices, and the probability value, interest rate, and mortality rate obtained through the geometric Brownian motion (GBM). For mortality rates, China Life Insurance female mortality rates (2000-2003) were used. This study aims to apply the main variables that affect reverse mortgage products in a monthly payment model based on Chinese financial market conditions, and determine loan values. In this study, Shanghai's reverse mortgage monthly payments, by age levels, were calculated through the loan-to-value (LTV) and payment (PMT) methods to evaluate the value of the reverse mortgages. Based on the optimal combination of the three factors of payment amount, loan interest rates, and the level of acceptance of prices, efforts must be made to extract the best value for the elderly. Only in this way can the interests of both lenders and borrowers be protected, by increasing the market share and economies of scale of the reverse mortgage industry and effectively improving the living standards of the elderly.

• The Journal of Asian Finance, Economics and Business
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• 제7권2호
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• pp.281-289
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• 2020

This research analyses the challenges facing SMEs in Oman in their quest for internationalization. The study is based on the OECD Model of Internationalization put forward in the report titled "How to Foster the Internationalization of SMEs through the Pacific Alliance Integration Process" which focuses on four factors namely finance, business environment, firm capabilities and market access, which are appropriate for an emerging economy like Oman. This study used a descriptive and quantitative research design in attempting to analyze the challenges being faced by Omani SMEs in their endeavors to internationalize. The research investigates causal relationship between variables using positivist and deductive approach. Data collected from 102 respondents was analysed by Structural Equation Modeling(SEM) using AMOS. It was found that finance availability was the most significant predictor of internationalization challenges followed by market access and business environment, while firm capabilities had no impact. Thus SMEs need easier access to credit and have to develop their international business networks and their marketing capabilities in order to grow internationally. Keeping in mind the contribution made by SMEs the government has to intervene by opening up easy lines of credit to SME exporters and allowing them relaxations in customs and other duties.

• The Journal of Asian Finance, Economics and Business
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• 제7권11호
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• pp.357-366
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• 2020

The purpose of this study is to investigate the impact of internationalization on the business performance of firms in Laos as a transition economy. Using a panel dataset collected by the World Bank for 285 firms during the period 2009, 2012, and 2016 in the service and manufacturing industries, the two-steps Heckman regression results found robust evidence for the fact that the S-curve tie exists between the degree of internationalization and business performance of firms in Laos while controlling other factors. Specifically, if firms have a degree of internationalization lower than 0.4374, they will suffer losses due to the high cost of preparing for phase 1 which is market penetration. Then, when the degree of internationalization continues to increase from 0.4374 to 0.9131, firms will gain benefits from internationalization (phase 2), however, these benefits will deteriorate when the degree of internationalization is greater than 0.9131 (phase 3), meaning that firms will no longer be able to exploit economies of scale or advantages in target markets, or product cycles will fall into a state of decline. Interestingly, we also found that firms with a high concentration level of ownership and internationalization activities may achieve better performance than those with a low concentration of ownership and one which carried out internationalization activities.

• 항공우주정책ㆍ법학회지
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• 제22권2호
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• pp.135-154
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• 2007

The 3 Northeast Asian countries of Korea, Japan and China have been stricter to each other than to other countries of out-region in air liberalization. The prominent reason of this intra-regional protective policy in air transportation seems to be the difference in competitive strength of their national flag carriers. As the 3 countries realize the importance of their mutual cooperation in the region, since China grows to be one of the leading economies in the world and the intra-regional trade and visitors increase tremendously, they are now taking the policy of intra-regional air liberalization more vigorously than before. Especially air cargo liberalization is easier than air passenger liberalization because they realize that the development of open economy is based on free flow of logistics regardless of the competitiveness of their national flag carriers. As Korea is the leading country in the region to promote air liberalization, this paper reviews the importance and growing trend of air cargo, analyzes current air liberalization policy between Korea, Japan and China and the initial effects of open sky in the routes of Shandung-Korea, and suggests the new policies of air liberalization to promote free flow of air logistics.

• East Asian Economic Review
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• 제18권4호
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• pp.425-461
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• 2014

This paper analyzes the impact of the Canada-Korea Free Trade Agreement on the basis of the published text and agreed schedule of commitments. We find that the Agreement reinforces existing patterns of comparative advantage between Canada (agriculture and resource-based sectors) and Korea (autos and other industries). The sensitive sectors that held up the deal for years - autos into Canada and beef into Korea - witness major trade gains, but are not unduly disrupted. In both economies, the major output gains otherwise come in non-traded services sectors, driven by income effects. We find that trade diversion effects are quite significant; this lends support for the domino theory of major free trade agreements - since the Korea-EU agreement broke the ice, the pressure has intensified on third parties to re-level playing fields by striking their own deals. The study breaks new ground in modelling services trade by developing policy impacts based on the extent to which the text of the Agreement modifies Korea's and Canada's scores on the OECD's Services Trade Restrictiveness Index and by providing estimates of Mode 3 Services trade impacts. The analysis of the Agreement as negotiated, the present study, in our view, is a step forward in understanding the impact of modern free trade agreements.

• The Journal of Asian Finance, Economics and Business
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• 제6권2호
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• pp.63-73
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• 2019

The paper aims to investigate relationships between technology and innovation management, total factor productivity and economic growth in China. By comparing the trends in total factor productivity growth of industrialized economies (i.e. OECD), this study intends to showcase the importance of total factor productivity progress in the Chinese economy. The study employs time series data of an annual basis for the period from 1977 to 2016 retrieved from the World Development Indicator. The study employs unit root test, cointegration test, fully modified least squares estimation method, canonical cointegrating regression and dynamic least squares estimation method to test the hypotheses. The results of the cointegrating regression analysis show that manufacturing growth leads to an increase of total factor productivity in the short-run in China. The findings of the study suggest that manufacturing (i.e. technology and product innovation) is positively related to the increase of total factor productivity in the short-run and total output growth in the long-run. The findings suggest that promoting technology and innovation management and supporting R&D subsidies may reduce the marginal cost of conducting R&D and increase the rate of technology and innovation management and R&D activity and therefore, the total factor productivity growth rate.

• 한국항만경제학회지
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• 제18권2호
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• pp.27-45
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• 2002

The continuing pace of technological change and the trend toward larger and faster ships is evident as shipping lines compete in seeking economies of scale in the global market and ports. become increasingly reliant on sophisticated equipment. Across the Asia and Pacific region some of the worlds most modern container ships are calling at an extensive network of mainline and feeder ports. This paper shows that during the period from 1999 to 2011, Asian container trade is expected to continue to increase more rapidly than the world average, i.e., 7.2 per cent per annum compared with the world average of 6.3 per cent. It is forecast that the total volumes of international containers handled at the ports in Asia and the Pacific will increase at an average growth rate of 7,2 per cent per annum. In order to handle the anticipated port container traffic in 2011, new container berths are required in nearly every country in the Asia and the Pacific region. This will entail very significant capital investment requirements. If countries in the UNESCAP region are to position their ports to meet the challenges of the next decade, there is an urgent need to implement more robust strategies to address important issues including prioritisation of port development projects, promotion of private sector participation in ports, emphasis on productivity and preparation for intermodal integration and logistics growth.

• The Journal of Asian Finance, Economics and Business
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• 제8권11호
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• pp.203-212
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• 2021

Theoretically, economic growth necessitates financial liberalization. Thus, the current research examines the effect of financial liberalization on economic growth in emerging nations, with a particular focus on Egypt and Saudi Arabia. To determine this effect, the study employs a model that uses Gross Domestic Product growth as the dependent variable and the following macroeconomic variables as financial liberalization indices: Broad money as a percentage of GDP, Domestic bank credit to the private sector as a percentage of GDP, Monetary sector credit to the private sector as a percentage of GDP, Net inflows of foreign direct investment as a percentage of GDP. All data is annual data of Egypt and the Kingdom of Saudi Arabia for the period 1970-2018 obtained from the World Bank open data website. The empirical investigation employs the Autoregressive Distributed Lag (ARDL) approach. The findings indicate that, after more than three decades of implementation, both countries' financial and external liberalization policies do not have a favorable effect on their economies' growth rates. Additionally, this study has led us to conclude that any financial liberalization policy in both countries must be preceded by the strengthening of these countries' financial development and institutional frameworks, as well as the achievement of macroeconomic stability.

• The Journal of Asian Finance, Economics and Business
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• 제8권12호
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• pp.9-17
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• 2021

Globalization is an economic process responsible for the increase of interdependence of world economies. It enhances the mobility of national resources internationally via the integration of markets, trade and investments with minimal barriers to slow the flow of products and services. Although globalization has some positive impacts on the economy, it is said to be a factor in the decline of income inequality of the participating countries. However, the results of previous studies on the relationship between globalization and income inequality are inconclusive. This suggests that there are other factors influencing the relationship between the two variables. The purpose of this study is to examine the role of intelligence (IQ) in the globalization-income inequality relationship. This study employs the threshold regression technique and cross-nation observations from 117 sample nations for the period 1980-2016. The results show that the impact of globalization on income inequality in a nation relies on its IQ level. The results imply that economic globalization has a negative impact on income inequality in nations with lower IQ levels. It widens the gap between the poor and rich. While in nations with higher IQ levels, it seems to not have any significant impact on income distribution.