• STI Policy Review
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• v.4 no.1
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• pp.1-13
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• 2013

The Schumpeterian process of "creative destruction", associated with the emergence and diffusion of new radical, so-called "general purpose" technologies, has throughout history impacted wealth and income, jobs creation, jobs displacement, and the emergence and submergence of new hotspots of innovation. Emerging countries have benefited most from such a renewing of those societies' dynamics, leading them to higher levels of economic development and welfare. Doing so they have shown a remarkable capacity in moving upstream in the value chain, from outsourcing of manufacturing activities to autonomous process technology development, product development, design, and applied research. At the same time however, such Schumpeterian processes have now and then turned into exactly opposite processes of "destructive creation." Such processes seem to have become common among what could be called "submerging" economies: innovation only benefitting a few at the expense of many with as a result an opposite pattern of a long term reduction in overall welfare, productivity, and employment growth.

• Journal of Distribution Science
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• v.13 no.6
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• pp.5-10
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• 2015

Purpose - Conspicuous consumption is the public display of wealth to impress others. In this study, consumption patterns by social class and economic development of countries were theoretically examined. Research design, Data, and Methodology - A qualitative approach of historical investigation and literature review was employed to identify current trends and emerging phenomena in the areas of consumer behavior and conspicuous consumption. Result - The main participants of conspicuous consumption have changed from the upper class in developing countries to the middle class in developed countries. While the main purpose of conspicuous consumption, that is, achieving higher status, remains unchanged, a leisure upper class has emerged as a new consumer group for conspicuous consumption in developed countries. Conclusions - To satisfy consumers'demands for new conspicuous consumption, marketers are encouraged to offer luxury experience and hybrid products.

• Journal of the Korean Geographical Society
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• v.39 no.6 s.105
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• pp.933-954
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• 2004

This paper considers critically the conceptual development of international environmental security, and to explore some limitations which seem to have made difficult the construction of regional environmental governance among North-East Asian countries. The recently emerging concept of environmental security has turned the traditional or realistic meaning of security to the neo-liberal and the political-economic one. On the basis of a reconsideration of these newly developed meanings of security, this paper has reviewed critically some work which have focused on the concepts of environmental regime and of environmental governance. To formulate a true environmental governance, it is suggested that we need a theoretical analysis on the economic and political contexts and a practical development of civil society. From this point of view, the economic structure of labour division, the political tension and military opposition in the region, and the immaturity and exclusiveness of civil consciousness can be pointed out as some limitations of environmental security to be constructed in the North-East Asian region. A true environmental security in this region requires formation of reciprocal economic relationship, development of regional institutions for political trust among countries, and improvement of interaction between non-governmental organizations (NGOs).

• Journal of Korea Trade
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• v.23 no.7
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• pp.96-112
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• 2019

Purpose - "Trade Facilitation" aims the easier flow of trade across borders, driven not only by effective customs administration, the efficiency of appropriate authorities, but also by telecommunications, the quality of infrastructures and competent logistics. Facilitating trade will help lower trade development costs as well as improve economic development and enhance economic benefits for emerging economies at a time when imports and exports are sent in and out across borders several times in the form of intermediate and final products. Not only that, globalization is being accelerated, which in turn increases competitiveness and this makes logistics one of the key factors when it comes to international trade. Highly efficient logistics services promote product movement, ensure product safety and delivery speed, and reduce trade costs between countries. The purpose of this study is, by using the LPI indices based on gravity model estimates, to analyze the impact of each LPI component on trade with the 20 biggest exporting countries of Northeast Asian countries-Korea, Japan, and China-which account for 19.05% of global exports. Design/methodology - Also, this study statistically analyzes the impact of trade on Northeast Asian countries' top 20 exporting countries, using the LPI indices relevant to Trade Facilitation based on the gravity model estimates. Findings - As a result, it was turned out that the distance, GDP, and the LPI components have relevant impact on the trade exports of all three countries but demonstrated little relation to the demographic perspective. Originality/value - The study also found we can increase the trade volume by improving three countries' trade partners' LPI indices since Korea, Japan, and China share most of their 20 biggest trade partners.

• Asian Journal of Innovation and Policy
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• v.1 no.2
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• pp.133-147
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• 2012

Asia is becoming a stronghold for innovation careers along with its resurgence in economic, political, and cultural arenas. This transformation happened on the backdrop of growing enrolments in higher education, increasing investments in scientific research & innovation, and innovation supportive policy measures by several Asian countries. Research and Development (R&D) and product customization centres of multinational corporations (MNCs) sited in emerging nations are also instrumental in this transformation.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.5
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• pp.543-549
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• 2021

The stock market plays a crucial role in the growth of industry and trade, which eventually affects the economy. This paper studies the determinants of stock market development in Jordan using yearly time-series data (1978-2019). The autoregressive distributed lag approach is applied to examine co-integration, while the vector error correction model is employed to estimate (long-run and short-run) causal relationships. The results show that macroeconomic determinants such as gross domestic product, gross domestic savings, investment rate, credit to the private sector, broadest money supply, stock market liquidity, and inflation rate are important determinants of stock market development. These findings provide vital implications for policymakers in developed and emerging stock markets. First, economic development plays an imperative role in stock market development. Second, developing the banking sector is mandatory because it can significantly promote stock market development. Third, domestic investment is a significant determinant of stock market development, especially in emerging countries. However, it is vital to launch policies that lead to encourage investment and promote stock market development, and this could be done through (1) encouraging competition, (2) improving the institutional framework, and (3) removing trade blocks by establishing a mutual connection between foreign private investment entities and government authorities.

• Hwankyungkyoyuk
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• v.5 no.1
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• pp.112-137
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• 1993

As the concern with the creation of environmental problems and regulations about them becomes internationally growing, environmental cooperations with countries concerned are emerging as the first item on the political agenda. In case of South Korea, cooperations with countries in the Asian region is needed urgently. In particular, cooperations with North Korea will be an important factor to reunify the Korean peninsula as well as to solve environmental problems in South Korea. Accordingly, it is necessary to seek feasible alternatives and possibilities of coping with international environment in South and North Korea. This study is limited to literature study based on collecting materials and the testimony of former residents in North Korea. The period of study ranges from May to December in 1992. The research findings show the following environmental problems and alternatives : It is recognized in South Korea that the creation of environmental problems is product of economic development. Currently, the Korean government makes an effort to revise environmental administration and law, to encourage environmental education, and to proceed with environmental technology policies by establishing environmental policies together with economic development plans. North Korea ascribes the cause of environmental problems to colonial exploitation by Japan and the U.S. Environmental pollutants in North Korea is relatively less than South Korea, provisions such as environmental conservation movement, environmental education, and environmental administration and law are not well organized in the country. However, North korea will speed up its economic development to solve economic crises. Therefore, it is expected that industrial wastes, corrosion of nature, and water pollution will result in serious environmental problems. The fields expected to cooperate with South and North Korea are in the following : South Korea may adopt the model of the former East and West Germany and proceed to cooperate with North Korea in public sector as well as private sector. The possible programs are such as academic exchange to conserve environment, joint research in the area of the Demilitarized Zone, conservation of ecosystems around Imjin and Pukhan Rivers, South Korea's support of advanced environmental technology and industrial and financial aid to North Korea. Conflicts between countries concerned in the North East Asian region will be caused by the responsibilities of pollutions because of the seashore development of the Yellow Sea by South Korea and increasing seashore industrial complexes around the Yellow Sea in China, Therefore, it is desirable that the two countries will participate in organizations related to environment. Joint projects between South and North Korea will be as follows : 1. Construction of long-range monitoring system : 2. Investigation of the state of pollutions around the Yellow Sea and alternatives : 3. Construction of joint monitoring system to regulate the movement of pollutants : 4. Cooperation of environmental technology and exchange of information ; and 5. Support of Cooperation of environment in private sector. Efforts to cooperate with North korea is expected to overcome differences between the two countries as well as to encourage unification of the korean peninsula, which will lead to reducing the cost of environmental recovery. These efforts will also contribute to the maintenance for peace and stability on the korean peninsula as well as in the North East Asian region.

• Journal of Environmental Policy
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• v.10 no.4
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• pp.3-37
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• 2011

This paper investigates the existence of the environmental Kuznets curve (EKC) for carbon dioxide $CO_2$ emissions and its causal relationships with economic growth and openness by using time series data (1971-2006) from China (an emerging market), Korea (a newly industrialized country), and Japan (a developed country). The sample countries span a whole range of development stages from industrialized to newly industrialized and emerging market economies. The environmental consequences according to openness and economic growth do not show uniform results across the countries. Depending on the national characteristics, the estimated EKC show different temporal patterns. China shows an N-shaped curve while Japan has a U-shaped curve. Such dissimilarities are also found in the relationship between $CO_2$ emissions and openness. In the case of Korea, and Japan it represents an inverted U-shaped curve while China shows a U-shaped curve. We also analyze the dynamic relationships between the variables by adopting a vector auto regression or vector error correction model. These models through the impulse response functions allow for analysis of the causal variable's influence on the dynamic response of emission variables, and it adopts a variance decomposition to explain the magnitude of the forecast error variance determined by the shocks to each of the causal variables over time. Results show evidence of large heterogeneity among the countries and variables impacts.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.3
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• pp.1121-1133
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• 2021

The paper examines the impacts of the various sustainability dimensions on the financial performance of commercial banks in three Arab countries. Three dimensions have been considered as constitutive of the term sustainable development (social, economic, and environmental). The relationship between the sustainability dimensions of companies and accounting indicators was analyzed. The main hypothesis posits that the dimensions of sustainability do not have a significant and positive effect on the financial performance of the commercial banks. The study population consisted of commercial banks operating in three Arab countries (Oman, United Arab Emirates, and Jordan); the period of the study is from 2007 to 2018. The data were collected from the financial reports and sustainability reports of each bank through the Internet. The overall results of the study showed a moderately positive relationship between all sustainability dimensions and the banks' financial performance. The main contribution of the research is to study the dimensions of sustainability reports as contained in the Global Reporting Initiative (GRI-G4) and their impacts on the financial performance of commercial banks. Thus, this research will contribute to increasing the interest of the banks in sustainable development in a context where this research in Arab countries is scarce.

• Journal of Korea Trade
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• v.24 no.6
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• pp.1-18
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• 2020

Purpose - This study investigates whether a listing effect exists in cross-border M&As and whether the effect can be attributed to the uncertainty of the GDP growth rate in the target firm's home country. We apply a joint variable analysis using M&A announcement data from the Korea Exchange (KRX), Shanghai Stock Exchange (SSE), and the Taiwan Stock Exchange (TWSE) from 2004 to 2013. We also conduct an event study using the measure of the uncertainty of the GDP growth rate (based on IMF statistics) in 55 target countries. Design/methodology - We measure the abnormal return (AR) using the market-adjusted model. We test the significance of the AR and the cumulative abnormal return (CAR) using a one-sample t-test. We examine the characteristics of the CARs depending on whether the target company is listed by applying a difference analysis using CAR as a test variable. In addition, we set CAR (-5, +5) as a dependent variable to identify the cause of the listing effect, and test both the financial characteristic variables of the acquirer and the collective characteristic variables of the merger as independent variables in the multiple regression analysis. Findings - First, we find the listing effect of cross-border M&As in the KRX, SSE, and TWSE, which represent the capital markets in Korea, China, and Taiwan, respectively. This listing effect persists during the global financial crisis and has a negative effect on the wealth of acquiring shareholders, especially when the target countries are emerging markets. Second, greater uncertainty regarding the target countries' economic growth in cross-border M&As has a negative effect on the wealth of acquiring firms' shareholders. Third, our empirical analysis demonstrates that the listing effect is attributable to the fact that firms listed in a target country with greater uncertainty of economic growth are more directly and greatly exposed to uncertain capital markets through stock markets, than are unlisted firms. Originality/value - This study is significant in that it presents a new strategic perspective in the study of cross-border M&As by demonstrating empirically that the listing effect is attributable to the uncertainty regarding the economic development of the target firms' home countries.