• The Journal of Asian Finance, Economics and Business
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• v.8 no.4
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• pp.11-19
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• 2021

This study aims to analyze the causality relationship between sectoral stock markets (agricultural, financial, industrial, and mining sectors) and economic growth in the short and long term as well as to analyze whether it has similar types or not. The data used is quarterly time-series data (first quarter 2009 to fourth 2019). To determine the causality relationship, this study conducts a variable and multivariate causality test. The results of the varying granger causality test show that there is only a one-way relationship, where the economic growth of the agriculture sector affects its shares. A one-way relationship also occurs in stocks of the industrial sector, which has an influence on economic growth. The multivariate causality test shows that the economic growth of the agricultural sector has a two-way causality relationship, and it also exists between the industrial sector and the financial sector stock markets. The two-way causality relationship between the stock market and sectoral economic growth is a convergence towards long-term equilibrium. The findings of this study suggest that the government through the Financial Services Authority and the Indonesia Stock Exchange have to maintain stability in the stock market as a supporter of the national economy.

• The Southeast Asian review
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• v.20 no.3
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• pp.41-64
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• 2010

The recent global financial crisis triggered by the sub-prime mortgage debacle in the United States hit hard most ASEAN countries that have just recovered from the unprecedented economic crisis ten years ago. This paper, using individual time-series and panel data from 1990 to 2009, intends to investigate and compare the impacts of the two aforementioned economic crises on trade in the four developing ASEAN countries that encompass Indonesia, Malaysia, the Philippines and Thailand. In doing so, the paper traces the behaviors of main macroeconomic variables before and after the crises on graphs, and then estimates classical export and import demand functions that include real exchange rate, home and foreign GDPs as explanatory variables. In the estimation functions, two dummy variables are added to consider the effects of the two economic crises separately. Individual country data analyses reveal that by and large the 1997 economic crisis seems hit those ASEAN countries' exports and imports harder than the recent global financial crisis. Surprisingly the recent financial crisis turns out more or less statistically insignificant for those countries' export and import performances. The fixed effect model estimation using panel data of those four ASEAN countries also shows that the 1997 economic crisis had affected exports and imports of those countries negatively while the recent global financial crisis was not statistically significant. These results indicate that overall the effect from the 1997 crisis was more devastating than that of the recent global crisis for those ASEAN countries.

• The Journal of Asian Finance, Economics and Business
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• v.10 no.2
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• pp.213-222
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• 2023

This paper mainly studies the relationship between financial development, inbound tourism development, and economic growth rate in Fujian Province, China. This study uses the data of real GDP, foreign exchange income from international tourism, and financial interrelations ratio from 1994 to 2019. In the analysis process, the Johansen cointegration test is first used to analyze whether the three have a long-term equilibrium relationship. Then the vector error correction model is established to test the restrictive relationship among the three. Next, the Granger causality test assesses whether the three have a causal relationship. Finally, the contribution rate of the three is analyzed by variance decomposition. The above methods show the following conclusions: first, the three have a long-term equilibrium relationship. Secondly, in the short term, local economic growth is constrained by inbound tourism and financial development. Thirdly, there is a causal relationship between economic growth and inbound tourism in Fujian, while there is a unidirectional causal relationship between financial development and economic growth, financial development, and inbound tourism. Fourthly, the contribution rate of inbound tourism to economic growth fluctuations in Fujian is higher than that of financial development.

• International Area Studies Review
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• v.14 no.3
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• pp.221-246
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• 2010

The paper is basically attempted to reveal a mechanism of exchange rate determination in global foreign exchange markets. For a theoretical framework, uncovered interest rate parity(UIRP), covered interest rate parity(CIRP), and real interest rate parity(RIRP) are tentatively adapted, and GARCH-M model is employed for an econometric methodology. Empirical evidence shows that the UIRP is superior to others, and the RIRP is better than the CIRP in explaining how exchange rates are determined in global exchange markets. All of them, however, is not fully supported by economic theories. Following Frankel(1989), country premium, volatility premium, and currency premium are evaluated to see if which premium is a crucial in disturbing the RIRP, and it is found that country and currency premiums are a major components in disturbing the RIRP. To this end, market-oriented and market-determined systems has to be built to avoid currency disputes which is undergoing hot issue in global foreign exchange market.

• The Journal of Fisheries Business Administration
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• v.53 no.2
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• pp.21-41
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• 2022

The effect of change in exchange rates on an economy is very important, especially, to a small open economy like South Korea. I explore whether Free Trade Agreements (FTAs) have positive influences on exchange rate-pass through import price of import market for fishery products in South Korea. Competition among FTA partners is enhanced after FTAs are effective. I expect that the extent to which are exchange rate pass-through (hereafter, ERPT) into import price of fishery products (in terms of Korea currency) would be reduced since the import market for fishery products in South Korea is an oligopolistic market. Specifically, I investigate two research questions with six South Korea's FTA partners-Norway, Thailand, Peru, U.S., China and Vietnam. First, whether the extent to which are exchange rate pass-through into import price of fishery products from six FTA partners would decrase in the post-FTA era; seconds, the size of reduction has a negative relation with the size of their market share in the import market for fishery products in South Korea if it decreases. The empirical results indicate that the degree of ERPT into import price from other FTA partners than Norway has been reduced after FTA, statistically and significantly; however, I do not find the evidence that the size of reduction is related to their market share. The findings in this study imply that FTAs have negative effects on producers' economic welfare in South Korea's fishery industry by reducing the extent to which are exchange rate pass-through as well as reducing tariff barriers.

• Journal of the Korean Society of Surveying, Geodesy, Photogrammetry and Cartography
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• v.25 no.1
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• pp.69-75
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• 2007

The information in physical planning field shows the socio-economic potentials of land resources while cadastral data does the physical and legal realities of the land. The two domains commonly deal with land information but have different views. Cadastre has to evolved to the multi-purpose ones which provide value-added information and support a wide spectrum of decision makers by mixing their own information with other spatial/non-spatial databases. In this context, the demands of data exchange between the two domains is growing up but this cannot be done without resolving the heterogeneity between the two information applications. Both of either discipline sees the reality within its own scope, which means each has a unique way to abstract real world phenomena to the database. The heterogeneity problem emerges when an GIS is autonomously and independently established. It causes considerable communication difficulties since heterogeneity of representations forms unique data semantics for each database. The semantic heterogeneity obviously creates an obstacle to data exchange but, at the same time, it can be a key to solve the problems too. Therefore, the study focuses on facilitating data sharing between the fields of cadastre and physical planning by resolving the semantic heterogeneity. The core job is developing a conversion mechanism of cadastral data into the information for the physical planning by DB coupling techniques.

• Journal of Multimedia Information System
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• v.8 no.3
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• pp.197-202
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• 2021

Bitcoin and blockchain are often making headlines not only on TV or media but also among the public in today's society. These technologies have been developed after the risk of the centralized financial system came to the fore during the 2007 global financial crisis. Since then, an anonymous inventor called Satoshi Nakamoto penned the bitcoin white paper where a blockchain-based reference implementation was introduced. Bitcoin was able to achieve unprecedented growth by positioning itself as one of the top global currencies in terms of market capitalization after five years since its development. The pace of Vietnam's economic development is notably fast among Asian nations, while the nation was expected to be a Southeast Asian blockchain hub but they have banned virtual currency trading recently. However, they've also designated the State Bank of Vietnam (SBV) as a responsible agency for the research of blockchain-based cryptocurrencies, the construction of a service ecosystem, and their test operations. The fast-growing economy, increasing number of smartphone users, and the Vietnam government's support policies for startups substantiate these efforts. Therefore, this paper attempts to study the current status of Vietnam's blockchain technology that has been considered to be the center of blockchain systems right behind Singapore, and its implications for Korean companies.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.5
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• pp.595-605
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• 2021

The objectives of this research are to see if the phenomena of "demand following" and "supply leading" exist in the business cycle, as well as to look at how liquidity and output react to changes in credit risk, investment-saving gap, inflation, exchange rate, and growth rate of real national output. Employing quarterly data of Maluku and North Maluku (2008-2019), this study utilizes VAR/VECM for inferential analysis. This research found three important findings. First, liquidity and output growth influenced each other in the long run. Second, the determinants of output growth for Maluku are liquidity, investment-saving gap, and inflation, while the determinants of liquidity are output-growth, the gap of investment-saving, and inflation. Third, the determinants of output growth for North Maluku are liquidity, credit risk, investment-saving gap, inflation, exchange rate, and the national output-growth, while the determinants of liquidity are output-growth, credit risk, investment-saving gap, inflation, exchange rate, and national output-growth. The findings of this study supported the hypothesis of demand following and supply leading theory in the Maluku and North Maluku business cycles. This study concludes that economic development would improve if supported by liquidity adequacy through increased deposit growth.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.3
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• pp.1135-1142
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• 2021

This study aims to examine the factors that determine bond yields in infrastructure companies listed on the Indonesia Stock Exchange. The research sample used 31 bonds issued by the company during the 2015-2019 period. The data analysis method to estimate the determinant of bond yield uses multiple regression models. The results prove that the increase in the coupon rate causes bond yields to increase, while the inflation rate has the opposite effect of decreasing bond yield. Interest rate, exchange rate, duration, and bond rating variables cannot affect the bond yield. The results of this study imply that investors will be interested in investing in bonds with better yields if the company has to set a higher coupon rate, especially in economic conditions that experience low inflation rates. Interest rates and exchange rates as macroeconomic variables have not been considered by investors in purchasing bonds. Bond characteristic factors, namely, the duration and rating of the bonds, are considered less important factors in bond investment decisions because they are more oriented towards getting higher yields. Therefore, further research needs to be explored further related to the behavior of Indonesian bond investors who may have different characters from investors in other countries.

• Proceedings of the KSEEG Conference
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• 2000.04b
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• pp.276-277
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• 2000