• Journal of Korea Multimedia Society
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• v.19 no.7
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• pp.1107-1115
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• 2016

Efficient Market Hypothesis (EMH), states that at any point in time in a liquid market security prices fully reflect all available information. This paper presents a study of proving the hypothesis through daily Twitter sentiments using the hybrid approach of the lexicon-based approach and the naïve Bayes classifier. In this research we analyze the currency exchange rate movement of Indonesia Rupiah vs US dollar as a way of testing the Efficient Market Hypothesis. In order to find a correlation between the prediction sentiments from Twitter data and the actual currency exchange rate trends we collect Twitter data every day and compute the overall sentiment to label them as positive or negative. Experimental results have shown 69% correct prediction of sentiment analysis and 65.7% correlation with positive sentiments. This implies that EMH is semi-strong Efficient Market Hypothesis, and that public information provide by Twitter sentiment correlate with changes in the exchange market trends.

• The Journal of Asian Finance, Economics and Business
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• v.5 no.1
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• pp.5-9
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• 2018

Many developing countries have attempted to depreciate their currencies in order to make their products cheaper, stimulate exports, shift aggregate demand to the right, and increase aggregate output. However, currency depreciation tends to increase import prices, raise domestic inflation, reduce capital inflows, and shift aggregate supply to the left. The net impact is unclear. The paper incorporates the monetary policy function in the model, which is determined by the inflation gap, the output gap, the real effective exchange rate, and the world real interest rate. Applying an extended IS-MP-AS model (Romer, 2000), the paper finds that real depreciation raised real GDP during 1997.Q1-2005.Q3 whereas real appreciation increased real GDP during 2005.Q4-2017.Q2. In addition, a higher government debt-to-GDP ratio, a lower U.S. real federal funds rate, a higher real stock price, a lower real oil price or a lower expected inflation rate would help increase real GDP. Hence, real depreciation or real appreciation may increase or reduce aggregate output, depending upon the level of economic development. Although expansionary fiscal policy is effective in stimulating the economy, caution needs to be exercised as there may be a debt threshold beyond which a further increase in the debt-to-GDO ratio would hurt economic growth.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.8
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• pp.225-231
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• 2020

The paper aims to investigate the impact of trade integration on business cycle synchronization for the East Asian countries during 2005- 2017 based on the endogeneity hypothesis of Optimum Currency Area criteria. We test the determinants of business cycles by calculating bilateral trade, financial integration, and business cycle synchronization. Applying the system Generalized Method of Moments for dynamic panel data models, the results show that business cycle synchronization is highly associated with trade and financial integration. These findings confirm the endogeneity hypothesis that more trade integration will mitigate asymmetric shocks, and have a positive impact on the business cycle synchronization. The increased trade intensity and financial linkage lead to more correlated business cycles in East Asia. Apart from trade and financial integration, the trade structure differential, monetary policy similarity also influence the business cycle comovement. The significantly negative impact of trade structure differential on business cycle synchronization suggests that countries with less similar structures are more likely to undergo asymmetric shocks. The results also indicate that monetary policy matters for output comovement. This study recommends that the East Asian countries should focus on bilateral trade as well as financial integration with each other to reap benefits from the integration process.

• Journal of Information Processing Systems
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• v.14 no.4
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• pp.837-850
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• 2018

Bitcoin is a decentralized crypto-currency, which is based on the peer-to-peer network, and was introduced by Satoshi Nakamoto in 2008. Bitcoin transactions are written by using a scripting language. The hash value of a transaction's script is used to identify the transaction over the network. In February 2014, a Bitcoin exchange company, Mt. Gox, claimed that they had lost hundreds of millions US dollars worth of Bitcoins in an attack known as transaction malleability. Although known about since 2011, this was the first known attack that resulted in a company loosing multi-millions of US dollars in Bitcoins. Our reason for writing this paper is to understand Bitcoin transaction malleability and to propose an efficient solution. Our solution is a softfork (i.e., it can be gradually implemented). Towards the end of the paper we present a detailed analysis of our scheme with respect to various transaction malleability-based attack scenarios to show that our simple solution can prevent future incidents involving transaction malleability from occurring. We compare our scheme with existing approaches and present an analysis regarding the computational cost and storage requirements of our proposed solution, which shows the feasibility of our proposed scheme.

• Journal of Internet Computing and Services
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• v.22 no.4
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• pp.111-121
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• 2021

This study aims to provide implications for future research on cryptocurrency through examining domestic research trends in cryptocurrency. As a result of the study, domestic research on cryptocurrency has been in full swing since 2018, but research is still lacking, with a total of 30 academic papers and 14 dissertations. By detailed topic, research on legal, taxation and market aspects is relatively more than research on acceptance. In this study, research on legal, taxation, crime, market, and acceptance, which are classified as research topics, will have academic value, and future research on virtual currency needs to be actively conducted.

• International Area Studies Review
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• v.13 no.2
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• pp.526-548
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• 2009

Foreign Direct Investment(FDI) has played a vital role in the economic growth of Pakistan. The objective of this paper is to review the literature on the Pakistan's FDI law and explore possibilities for research. We focus on the Foreign Private Investment (Promotion and Protection) Act 1976, Furtherance and Protection of Economic Reforms Act 1992, and Foreign Currency Accounts (Protection) Ordinance 2001. Major concern seems to be frequent change in policies, lack of follow up for effective implementation of the good decisions above all the law.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.8
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• pp.399-407
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• 2021

Stock movement is difficult to predict because it has dynamic characteristics and is influenced by many factors. Even so, there are some approaches to predict stock price movements, namely technical analysis, fundamental analysis, and sentiment analysis. Many researches have tried to predict stock price movement by utilizing these analysis techniques. However, the results obtained are varied and inconsistent depending on the variables and object used. This is because stock price movement is influenced by a variety of factors, and it is likely that those studies did not cover all of them. One of which is that no research considers the use of fundamental analysis in terms of currency exchange rates and the use of foreign stock price index movement related to the technical analysis. This research aims to predict stock price movements in Indonesia based on sentiment analysis, technical analysis, and fundamental analysis using Support Vector Machine. The result obtained has a prediction accuracy rate of 65,33% on an average. The inclusion of currency exchange rate and foreign stock price index movement as a predictor in this research which can increase average prediction accuracy rate by 11.78% compared to the prediction without using these two variables which only results in average prediction accuracy rate of 53.55%.

• The Journal of the Convergence on Culture Technology
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• v.7 no.1
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• pp.608-614
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• 2021

Currently, blockchain-based public cryptocurrency (hereinafter referred to as cryptocurrency) cannot acquire status as a currency for transaction due to the economic policies of each country, but it is used as an alternative currency transaction method due to individual circumstances of some Internet users. With this trend, it is predicted that such cryptocurrency can be used in real life beyond the Internet in the near future. In this paper, a technical method for designing a cryptocurrency payment system based on LoRaWAN that can easily build a wireless Internet network infrastructure at low cost as a way to activate the use of cryptocurrency in real life is presented based on the LoRaWAN standard.

• Journal of Korea Trade
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• v.23 no.7
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• pp.113-127
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• 2019

Purpose - This paper investigates whether financial crises could be the indicators of capital outflow waves or vice versa in Korea. Korea has experienced two severe financial crises, which are the Asian Crisis and the global financial crisis. Although there were many variables associated with these two remarkable events, one notable variable was gross capital outflows, which had significantly increased around them. Motivated by existing literature which built theoretical frameworks explaining the relationship between capital flight and financial crises, we examine the empirical evidence for this relationship. Design/methodology - We use panel data from 61 countries including Korea from 1980 to 2009 to study the associations between capital flight and diverse financial crises such as banking, currency, debt, and inflation crises. To be specific, we use the complementary log-log model to see whether capital outflow waves are reliable indicators for domestic financial crises. Findings - The results show, first, that banking, currency, and inflation crises are associated with capital flight. Second, debt crises are also associated with capital flight, but the result is not robust to different specifications. And, third, the positive associations between capital flight and crises are mainly driven by banking flows rather than FDI and portfolio flows. Originality/value - This paper is one of a few studies that investigates domestic (not foreign) investors' behavior during financial turmoil. Furthermore, theoretical studies which provide contradictory explanations on the movements of gross capital outflows during financial crises emphasizes the importance of empirical evidence in this paper.

• Fourth Industrial Review
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• v.2 no.2
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• pp.39-46
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• 2022

Purpose - This study analyzes the investment environment of South Korea by using the rating scale of Robert B Stobaugh, Jr, and draws conclusion implication. Research design, data, and methodology - The study conducted a survey on according to the political stability, capital repatriation, foreign ownership allowed, discrimination and controls, foreign vs domestic businesses, currency stability, willingness to grant tariff protection, availability of local capital, and annual inflation for last 5 years. The score of these eight aspects will be given based on the current situation in South Korea and the sum of the scores will be calculated. Result - China-Korea economic and trade relations are in a stage of transformation and upgrading, and the level of economic and trade cooperation in various fields is reaching a new level. It is hoped that Chinese enterprises will grasp business opportunities, strengthen research and analysis of the Korea market and achieve mutually beneficial cooperation. Conclusion - The investment environment of South Korea is superior according to the political stability, capital repatriation, foreign ownership allowed, discrimination and controls, foreign vs domestic businesses, currency stability, willingness to grant tariff protection, availability of local capital, and annual inflation for last 5 years.