• The Journal of Asian Finance, Economics and Business
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• v.1 no.1
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• pp.5-14
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• 2014

This paper empirically examines the short-run and long-run causal relationship between stock market prices and exchange rates in Chinese stock markets using monthly data from January 2002 to December 2012 retrieved from the National Bureau of Statistics of the People's Republic of China. Unit root, cointegration tests, vector error correction estimates, block exogeneity Wald tests, impulse responses, variance decomposition techniques and structural break tests are employed. This study found 1) long-run causality from exchange rates to stock prices in Chinese stock markets and 2) short-run causality from Japanese yen and Korean won exchange rates to stock prices in the Shanghai Stock Exchange strongly prevails while in the Shenzhen Stock Exchange weakly prevails. The impact of the global financial crisis from 2007 to 2009 on Chinese stock markets was insignificant.

• East Asian Economic Review
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• v.26 no.2
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• pp.143-169
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• 2022

This study investigates the effect of economic factors on immigration using the gravity model of immigration. Cross-sectional regression and panel data analyses are conducted from 2000 to 2019 using the OECD International Migration Database, which consists of 36 destination countries and 201 countries of origin. The Poisson pseudo-maximum-likelihood method, which can effectively correct potential biased estimates caused by zeros in the immigration data, is used for estimation. The results indicate that the economic factors strengthened after the global financial crisis. Additionally, this effect varies depending on the type of immigration (the income level of origin country). The gravity model applied to immigration performs reasonably well, but it is necessary to consider the country-specific and time-varying characteristics.

• East Asian Economic Review
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• v.28 no.1
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• pp.95-140
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• 2024

This study empirically investigates the international transmission of China's uncertainty shocks. It estimates a time-varying parameter Bayesian global structural vector autoregressive model (TVP-BGVAR) using time series data for 33 countries to evaluate heterogeneous international linkage across countries and time. Uncertainty shocks are identified via sign restrictions. The empirical results reveal that an increase in uncertainty in China negatively affects the global economy, but those effects significantly vary over time. The effects of China's uncertainty shocks on the global economy have been significantly altered by China's WTO accession, the global financial crisis, and the recent US-China trade conflict. Furthermore, the effects of China's uncertainty shocks, typically on inflation, differ significantly across countries. Moreover, Trade openness appears crucial in explaining heterogeneous GDP responses across countries, whereas the international dimension of monetary policy appears to be important in explaining heterogeneous inflation responses across countries.

• Journal of Korea Port Economic Association
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• v.27 no.4
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• pp.1-11
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• 2011

In much the same way as the US Lehman crisis of 2008-2009 severely impacted the European economy through financial market dislocation, a European banking crisis would materially impact the US economy through a generalized increase in global risk aversion. A deepening of the European crisis could very well derail the US economic recovery and have a harmful impact on the Asian economies. This kind of vicious circle could be a bad news to the shipping companies. The purpose of the study is to predict the Baltic Dry Index representing the shipping business during the period of 2012 using the ARIMA-type models. This include the ARIMA and Intervention-ARIMA models. This article introduces the four ARIMA models and six Intervention-ARIMA models. The monthly data cover the period January 2000 through October 2011. The out-of-sample forecasting performance is also calculated. Forecasting performance is measured by three summary statistics: root mean squared percent error, mean absolute percent error and mean percent error. The root mean squared percent errors, however, are somewhat higher than normally expected. This reveals that it is very difficult to predict the BDI The ARIMA-type models show that the shipping market will be bearish in 2012. These pessimistic ex-ante forecasts are supported by the Hodrick-Prescott filtering technique.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.8
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• pp.1-13
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• 2020

This study examines the effect of managerial ownership on firm value in capital markets where outside governance mechanisms to discipline managers are weak or non-existent. We hypothesize that strong market forces in the U.S. confound the effect of managerial ownership on firm value, i.e., the convergence of interest argument. We test the hypothesis using data from 112 firms from Singapore Stock Exchange and 205 firms from the Stock Exchange of Thailand prior to the Asian financial crisis in 1997 when the market forces were weak, yet the investor protection was sufficient to prevent outright appropriation from management. For ease of comparison, we use methodologies from studies done on the U.S. sample firms during the same study period as ours. We find that, both in Singapore and Thailand, firm value is a function of managerial ownership, and the relation is of the famous inverted U-shaped. Moreover, the relation is robust under different model specifications. The results from Thai sample, with weaker market forces than in Singapore, lend support to many agency cost hypotheses advanced in the U.S. Our results provide useful implication for investors in emerging and frontier markets where outside governance mechanisms are yet to be fully developed.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.3
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• pp.181-190
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• 2021

This paper empirically examines the asymmetric response of the Indonesian Islamic stock market to macroeconomic variables encompassing money supply, domestic output, exchange rate, and Federal Reserve rate. Our study employs the Jakarta Islamic Index (JII) after the financial crisis in the Southeast Asian country using monthly data from January 2000 to December 2019. Non-linear Autoregressive Distributed lag (NARDL) is applied. Our study considers two models consisting of the model without the Federal Reserve rate and the model with it. Our findings confirm the long-run link between Jakarta Islamic Index and macroeconomic factors being studied. Furthermore, the Jakarta Islamic Index asymmetrically responds to broad money supply and exchange rate, but not to domestic output and Federal Reserve rate. A reduction in the money supply has a worse effect on Islamic stock prices as compared to an increase in the money supply. The Jakarta Islamic Index responds differently to depreciation and appreciation. The transmission of the exchange rate to Islamic stock prices occurs only for appreciation. Our study finds an absence of transmission mechanism from the domestic output and the interest rate to Islamic stock prices. Our results imply that the easy money policy and stabilizing currency are key to supporting Indonesian Islamic stock prices.

• Asian Journal of Innovation and Policy
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• v.12 no.1
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• pp.001-026
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• 2023

This paper dealt with the Korean manpower policy in science and technology, focusing on the contents and tools of the Special Act and its Master Plans. After briefly introducing the historical development of the Korean manpower policy from the 1960s to the present, it discussed and analyzed the Special Act and Plans from the framework of personnel development, distribution, utilization and infrastructure. Korea's science and technology manpower policy has focused on fostering and supplying manpower in line with the country's industrial growth strategy. In the early stage of industrial development during the 1960s and 1980s, government research institutes were direct and effective tools for nurturing S&T manpower. Since the 1990s, the importance of university research has increased. The government fostered graduate research manpower through the research-oriented university policy of the BK21 program. After the IMF financial crisis in 1997, the tendency of students to avoid careers in science and technology led to enacting the Special Act (2004) governing the field of S&T human resources. The Special Act has contributed to leveling up the university education system in science and engineering and sophisticated the policy to include entrepreneurship training, spin-off startups, industry-university cooperation, and offering degree programs. The Special Act and the regularly revised Master Plans have been essential tools in systematically managing the science and technology manpower policies of the Korean government.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.14 no.3
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• pp.1073-1080
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• 2013

Owing to 88 Olympic, social atmosphere changed to more freely and abundant liquidity, which caused by trade surplus, had led to the surge in real estate prices. Accordingly, The Roh Taewoo government announced the construction of five new towns, Bun-dang, Il-san etc. The Kim Youngsam government had dramatically enhanced the transparency of transactions on real estate field by introducing real-name transaction system. Whereas the Kim Daejung government carried out real estate stimulus package to early recovery from Asian financial cirsis. But, the Roh Muhyeon government conducted strongly suppressing polices. This report want to testify governments' real estate polices and their effectiveness on the real estate market after '90s using VAR model.

• Journal of the Korean Geographical Society
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• v.45 no.4
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• pp.478-501
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• 2010

The purpose of this study is to understand spatial economic inequalities under the framework of the dynamics of economic spaces in relation to the four global megatrends: globalization, knowledge-based economy, information society, and the service world. The international inequalities in East Asia, as well as inter-regional inequalities within Japan, Korea, and Thailand were analyzed. The variables related to the four megatrends, as a whole, have clearly explained the variations in international inequalities in East Asia, as well as the inter-regional inequalities within a nation. The individual impacts of the variables on spatial inequalities are, however, significantly different depending on the spatial scale of analysis and national characteristics. Overall, there has been a convergence trend of international per capita GNI (Gross National Income) in East Asian nations, while both divergent and convergent trends are evident at the regional scale within a nation. Two global oil crises in the 1970s and the East Asian financial crisis in the late 1990s resulted in the discontinuity of the general convergence trend, and have led to the increase of international and inter-regional inequalities in economic activities. This suggests that although the effect of the global crisis differs in each country, in general, the economies of peripheral countries and regions are more vulnerable during a global economic crisis.

• Korean Journal of Social Welfare Studies
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• v.41 no.3
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• pp.5-27
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• 2010

The objective of this study is to examine the dicourse of East Asian Welfare Models and its applicability to explain the development of the Korean Welfare State(regime). The Confucianist Welfare State, representing East Asian Welfare Models has limitations in explaining the current features and dynamics of east asian welfare states. Compared to the western and northern european welfare states, the Welfare State(Regime) of Korea, one of the east asian countries show the clear differences in terms of its origin, the background of formulation, the orientation of the policy and the actors. Thus, a new approach to examine the East Asian Welfare Model is needed. As a theoretical framework, the origin and the growth of the Korean Welfare State(Regime) can be understood and explained in the boundary of concept and the theoretical framework of the Authoritative Developmental State; Historically, the democratization of the 1980s and the financial crisis of the end of 1990s in Korea contributed to the growth of the welfare policies and institutions in Korea. Japan, Taiwan and other east asian counties, such as Hong Kong and Singapore have many similarities with Korea in terms of welfare policies and institutions. Comparative studies of these countries can create significant and useful results to develop a new concept and model of East Asian Welfare States. Case studies and active academic exchanges among welfare state researchers in these east asian countries are very important to develop a new concept of East Asian Welfare State Models.