• East Asian Economic Review
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• v.22 no.4
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• pp.507-529
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• 2018

This paper evaluates the whole impact of quantitative easing on inflation in Korea implemented by the central banks in four major advanced economies, the U.S., Euro Area, U.K. and Japan. According to the analysis employing a VAR-X model with the security holdings of those central banks an exogenous variable, quantitative easing is estimated to exert downward pressures on inflation in Korea. Considering the impulse responses of Korean macroeconomic variables to a quantitative easing shock, the spillover effect is transmitted through exchange rate channel while trade channel turns out to be ineffective. In an additional analysis assessing the impact of each quantitative easing program of the central banks, only those of the Fed and European Central Bank are estimated to be significant. The empirical results prove to be robust even if using long-term interest rates as an alternative indicator of quantitative easing.

• East Asian Economic Review
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• v.28 no.1
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• pp.37-67
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• 2024

This paper analyses carbon emissions and value-added embodied in trade between two large developed countries, South Korea and the United States, during 2000-2014. Using multi-regional input-output (MRIO) tables, our analysis reveals that carbon emissions and value-added embodied in exports grew by 19% and 101% for South Korea but shrank by 43% and 7% for the United States. As a result, South Korea experienced a 40% increase in net carbon exports and 243% increase in net value-added exports. At the industry level, the primary drivers of changes in carbon exports were electricity and basic materials. The majority of industries in witnessed improvements in carbon intensities suggesting improved environmental efficiency. While both countries achieved a decoupling of carbon emissions from value-added exports, substantial year-to-year and sectoral variations were observed. Finally, structural decomposition analysis indicates that domestic supply-side factors played a role in decreasing emissions whereas foreign demand-side factors contributed to emissions increases. In line with the main findings, various implications for policy and future research are discussed.

• 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 the Economic Geographical Society of Korea
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• v.24 no.3
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• pp.243-258
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• 2021

By using the trade in value-added(TiVA) database and employing social network analysis, this paper analyzes changes in global trade to be triggered by the Belt and Road Initiative (BRI) and the US-China trade war. The main results are summarized as follows. First, the BRI will help maintain China's core position as the world's manufacturing hub, and will strengthen Europe's service industry capabilities within the global value chain(GVC) network. Second, the US R&D industry, US wholesale and retail industries, and Germany's automobile industry were considered the most influential industries in the GVC network during the 1995-2011 period, and will retain their status until 2049, when the US-China trade war and the BRI are reflected. Third, the increase of the number of communities shows that the BRI might spur fragmentation of the production process. Finally, community structures of inter-industry trade relations, including China's electronics industry, Germany's automobile industry, and US R&D, show important features that are related to the competiveness of each country's service industries.

• Journal of Korea Trade
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• v.27 no.5
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• pp.113-136
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• 2023

Purpose - Global production chains and their impacts on economic growth have drawn extensive attention from researchers. Close relationships among global production chains, export and economic growth have been illuminated, as evidenced by the fast and stable economic growth of East Asian economies. These economies perform various roles within global production chains using offshoring, in which the impact of import on domestic gross output is as strong as that of export. The impact of import on economic growth would depend on whether imported inputs substitute or complement domestic inputs production, which is likely to vary according to individual countries' functions within global production chains. The economic growth of concerned countries would also be diverse. However, little attention has been paid to the impact brought by imports compared to its significance. Design/methodology - The principal methodology used in this paper is structural decomposition analysis (SDA), widely chosen to elucidate the impact of various factors on domestic gross output using input-output tables. This paper extracts trade data of six Asian economies from the World Input-Output Database (WIOD) 2016 release that covers 43 countries for the period 2000-2014. The extracted data is then categorised into 37 sectors. First, this paper calculates the Feenstra-Hanson Offshoring Index (OSI) of each country. It then applies SDA to measure the changes in each economy's gross output, export, import input coefficients, and domestic input coefficients. Finally, after taking the first difference from pooled time-series data, it estimates the correlations between imported input coefficients and OSI using the ordinary least square (OLS) method. Findings - The main findings of this paper can be summarised as follows. Firstly, all six countries have increasingly engaged in global production chains, as evidenced by the growing size of OSI. Secondly, there are negative correlations in five countries except Japan, with sectoral differences. Thirdly, changes in import input coefficients are not negative in all six countries, indicating that offshoring does not necessarily substitute for domestic inputs production but does complement it and, therefore, fosters their economic growth. This is observed in China, Indonesia, Korea and Taiwan. Offshoring has led to an increase in the use of imported inputs, which has, in turn, stimulated domestic inputs production in these countries. Originality/value - While existing studies focus on the role of export in evaluating the impact of participating global production chains, this paper explicitly examines the unexplored impact of import on domestic gross output by considering both the substitution and the complementary effect, using the WIOD. The findings of this paper suggest that Asian economies have achieved fast and stable economic growth not only through successful export management but also through effective import management within global production chains. This paper recommends that the Korean government and enterprises carefully choose offshoring strategies to minimise disruption to domestic production chains or foster them.

• Journal of the Korea Institute of Information and Communication Engineering
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• v.20 no.8
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• pp.1596-1606
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• 2016

Today the ocean is a treasure trove of the resources that prosperous country and the passage of the trade to lead the world economy. Due to the development of the latest science and technology, human activities are increasingly expanding into the ocean from land. Modern east Asian countries have also recognized the value of the ocean and competitively pursue their own interests at sea. For this reason, the conflict between the East Asian countries is rising. On the other hand, the means of International organizations and maritime security to resolve these issues are very limited. In order to solve this problem, we should reexamine the scope and agenda of the maritime security issues, and re-evaluate the process and results of the various security cooperation which have been implemented. If we solve these problems successfully, the troubled Asian waters will be changed to 'sea of peace and prosperity'.

• The Journal of Internal Korean Medicine
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• v.43 no.4
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• pp.720-737
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• 2022

Objectives: To compare the effectiveness and safety of East Asian traditional medicine treatments (EATMT) versus conventional management in patients following heart valve replacement surgery. Methods: We searched several databases, including the Korean Studies Information Service System, PubMed, China National Knowledge Infrastructure, and Citation Information by NII. The search range included randomized controlled trials from each first issue until June 27, 2021. Two review authors independently extracted the data. We assessed the risk of systematic errors by evaluating risk domains using the "Risk of bias" tool. Results: We included 5 trials in the review. In the EATMT, the investigators reported significant improvements in reshaping of the heart structure: left ventricular end diastolic diameter (MD -4.43, 95% CI -6.06 to -2.79; 130 participants; 2 studies; high evidence). Comparisons with usual care revealed a significant decrease in gastrointestinal complications rate (OR 0.30, 95% CI 0.20 to 0.47; 503 participants; 2 studies; high evidence). We assessed 4 studies as having a low risk of bias and 1 study as having a high risk of bias. Conclusion: This systematic review suggests that East Asian traditional medicine interventions may be effective in preventing and alleviating complications, but we found evidence of important trade-offs between known benefits and known adverse effects in cardiac dysfunction and inflammation following heart valve replacement. Consequently, additional high-quality studies should be conducted.

• Journal of the East Asian Society of Dietary Life
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• v.16 no.4
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• pp.488-495
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• 2006

The purposes of this study were to measure respondent's demographic characteristics, respondent's attitudes toward chicken meat, and factors influencing the level of perceived helpfulness of country of origin in predicting the safety of chicken. The data was collected through a consumer survey during the March 2006. Two hundred fifty meat consumers living in Suncheon, the eastern part of Chonnam, were randomly selected as respondents. Eleven respondents did not complete the survey instrument, resulting in a final sample size of 239. All estimations were carried out using correlation, logistic procedure of SAS package, and plum procedure of SPSS. The level of perceived helpfulness of country of origin in predicting the safety of chicken meat was significantly correlated with trust, antibiotics and salmonella/bacteria among the attitude variables. The proportional odds assumption of the model was violated at p<0.05. The estimated results of the multinomial logit model indicated that income, single, occupation, and education significantly affected helpful perception over not helpful perception, while gender and occupation significantly affected very helpful perception over not helpful perception in the case of the extended model. These study results from this study could be useful in developing marketing and health promotion strategies, as well as government trade policy.

• Journal of the East Asian Society of Dietary Life
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• v.3 no.2
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• pp.15-24
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• 1993

(1) According to the history of three kingdoms, tea was introduced to Korea at the period of Korea at the period of Sun-Duck Queen of Shilla dynasty, and Dae-Ryeom Kim, the emissary, brought tea seeds from Tang China in 828, and sowed them on Mt. Jiri by the order of the King Heung-Duck, Shila. In 1885, The Chosun government took action in transplant 6000 each of tea of tea seeding from Ch'ing. (2) Transmission of schools As for the type of tea through the history of Korea, it could be characterized as cake-tea in the three kingdoms period, lump-tea in Koryo dynasty and leaf-tea in Chosun dynasty. Those were affected by Chinese tea culture. (3) Transfer of tea and tea utensils Kokuryo and Shilla had to import cake-tea from tang China, and Koryo had to import lump-tea from Sung China, and Chosun had to import leaf-tea from ch'ing China. On the other hand, to export various tea to Khitai, Chin, Yuan, and Chosun had to export tea Ch'ing China. And the tea bowl produced in the Sung such as Chien Chou ware and Chi Chou ware, was also introduced to Koryo. (4) Suggestion for the promation of tea industry The Chosun government were adviced to the exchange of Chosun tea for Chosun tea for China horse, by yang Ho, General to the Ming expeditionary forces in Chosun, and were advised to engage in foreign tea trade, by Lee Hong Jyand, minister of commerce for the nothern sea to the Ching.

• Asian review of World Histories
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• v.2 no.1
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• pp.105-127
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• 2014

The Silk Road, a trans-Eurasian network of trade routes connecting East and Southeast Asia to Central Asia, India, Southwest Asia, the Mediterranean, and northern Europe, which flourished from roughly 100 BCE to around 1450, has enjoyed two modern eras of intense academic study. The first spanned a period of little more than five decades, from the late nineteenth century into the early1930s, when a succession of European, Japanese, and American scholar-adventurers, working primarily in Chinese Turkestan (present-day Xinjiang Uyghur Autonomous Region, which comprises China's vast northwest) and China's Gansu Province (to the immediate east of Xinjiang) rediscovered and often looted many of the ancient sites and artifacts of the Silk Road. The second era began to pick up momentum in the 1980s due to a number of geopolitical, cultural, and technological realities as well as the emergence of the New World History as a historiographical field and area of teaching. This second period of fascination with the Silk Road has resulted in not only a substantial body of both learned and popular publications as well as productions in other media but also in an ever-expanding sense among historians of the scope, reach, and significance of the Silk Road.