• East Asian Economic Review
• /
• 제18권1호
• /
• pp.3-27
• /
• 2014

This paper examines the effects of financial crises on the long memory volatility dependency of daily exchange returns focusing on the Asian crisis in 97-98 and the Global crisis in 08-09. By using the daily KRW-USD and JPY-USD exchange rates which have different trading regions and volumes, this paper first applies both the parametric FIGARCH model and the semi-parametric Local Whittle method to estimate the long memory volatility dependency of the daily returns and the temporally aggregated returns of the two exchange rates. Then it compares the effects of the two financial crises on the long memory volatility dependency of the daily returns. The estimation results reflect that the long memory volatility dependency of the KRW-USD is generally greater than that of the JPY-USD returns and the long memory dependency of the two returns appears to be invariant to temporal aggregation. And, the two financial crises appear to affect the volatility dynamics of all the returns by inducing greater long memory dependency in the volatility process of the exchange returns, but the degree of the effects of the two crises seems to be different on the exchange rates.

• East Asian Economic Review
• /
• 제20권4호
• /
• pp.469-491
• /
• 2016

In this paper, we estimate the exchange rate exposure, indicating the effect of exchange rate movements on firm values, for a sample of 1,400 firms in seven East Asian countries. The exposure estimates based on various exchange rate variables, return horizons and a control variable are compared. A key result from our analysis is that the long term effect of exchange rate movements on firm values is greater than the short term effect. And we find very similar results from using other exchange rate variables such as the U.S. dollar exchange rate, etc. Second, we add exchange rate volatility as a control variable and find that the extent of exposure is not much changed. Third, we examine the changes in exposure to exchange rate volatility with an increase in return horizon. Consequently the ratio of firms with significant exposures increases with the return horizons. Interestingly, the increase of exposure with the return horizons is faster for exposure to volatility than for exposure to exchange rate itself. Taken as a whole, our findings suggest that the socalled "exposure puzzle" may be a matter of the methodology used to measure exposure.

• The Journal of Asian Finance, Economics and Business
• /
• 제7권6호
• /
• pp.109-116
• /
• 2020

The study examines the nexus between financial development and economic growth in India during Q1: 1996 to Q3: 2018. This study employs time-series data of real GDP and ratio of broad money to GDP as a proxy for economic and financial development, respectively. The data are obtained from RBI database on the Indian economy. All variables are seasonally adjusted using X12-arima technique and expressed in natural logarithm form. Non-linear Autoregressive Distributed Lag (NARDL) bound test has been used to check for cointegrating relationship of these two variables. Empirical findings suggest that, unlike in the short run, in the long run financial development does impact economic growth positively. Further, a symmetric effect of positive and negative components of financial development is found for the Indian economy, whereas the effect of control variable like exchange rate and trade openness is in consonance with common economic intuition. Exchange rate is in consonance with intuitive economic logic that a fall in exchange rate makes exports cheaper and increases the quantity of export, which improves the balance of payment and leads to a rise in aggregate demand, hence improves economic growth. This paper contributes to the existing literature on India by breaking down financial indicator into positive and negative components to examine the finance-growth relationship.

• 영어영문학
• /
• 제55권5호
• /
• pp.767-792
• /
• 2009

The two fields, economics of art and literature, tend to be put together as part of cultural economic studies; yet the former has been widely popular as compared to the latter. Economics of art has been known as part of social science which studies art economically. Similarly, economics of literature is likely to be an interdisciplinary study of literature and economics. Literature is suggested usually to reflect the economic base of a society as a form of its superstructure in view of classical Marxism; so, it is interesting to see social, economic activities, such as individual values and social institutions, income, price and opportunity cost, in a particular way of analyzing economic ideas in literature. Capital seems to have an innate property of self-expansion in literature; this property thus features actual economic life since in capitalism money is the universal value between persons and literary works. Specifically, the field of economics of literature starts with such ideas: economics of literature is part of cultural economics; and economics of literature deals with the economic value of literature. Putting interdisciplinary fields of literature and economics together, this study is to examine the economic value of literature in which Karl Marx talked about commodities with exchange value, use value, and fetishism. The exchange value is commercial worth, the actual exchange value of a publication; yet, the use value is innate worth, the aesthetic use value of literature. With commodity fetishism, profit seems not as the outcome of a social relation, but of a work- "reification" as the would-be Marxists suggest. As a commodity, the literary work appears to be able to animate life and power in reality. As a result, this paper asserts that social, economical activities in literature as we may apply to the study of economics of literature increase its economic value, implying commercial and innate worth, as the capital in the marketplace.

• 대한전기학회:학술대회논문집
• /
• 대한전기학회 2005년도 추계학술대회 논문집 전력기술부문
• /
• pp.356-358
• /
• 2005

This paper evaluates minimum and maximum power exchange considering economic and technical characteristics between Russia and ROK. First, we evaluate minimum power exchange to assure the economic feasibility by comparison with the total cost and benefit of the interconnected line. For evaluating maximum exchange power, system constraints are considered, which are examined through load flow and dynamic analysis by using the PSS/E program. As a result of these evaluations, we suggest the reasonable range of power exchange between ROK and Russia considering economic and technical constraints with the interconnection scenario that power system interconnection between ROK and Russia will be realized in the year 2010.

• 한국환경과학회지
• /
• 제9권3호
• /
• pp.261-266
• /
• 2000

A kinetic study for nitrate removal by anion exchange resin was performed using continuous column reactors. Kinetic approach from the packed bed showed the reaction rate constant k$_1$ was 0.07~0.17 $\ell$/mgㆍhr and maximum exchange quantity q$_{o}$ was 27.75~31.81 mg/g. The results from the continuous column well agreed with that from the batch reactor. An economic analysis of the water treatment plant by anion exchange resin with a regenerating system was performed to design plant and process. Based on the treatment of 20 mg/$\ell$ nitrate-contained wastewater of 10,000 gallons per day to 2 mg/$\ell$, total capital cost and total annual cost are estimated to be 836 million wons and 211 million wons, respectively.y.

• 한국항만경제학회지
• /
• 제27권1호
• /
• pp.235-245
• /
• 2011

본 논문은 조선산업의 경기가 환율 및 환율 변동성에 유의미한 영향을 미치는 것을 보이고 있다. 조선업 경기중에서 수주량과 건조량이 환율 및 환율 변동성에 선제적이 장기적인 영향을 미치는 것으로 나타났다. 이것은 조선업의 경기가 환율 및 환율 변동성을 파악하는 데 중요한 요인임을 시사한다. 이것은 선물환 매도와 같은 조선산업의 환헤지가 영향을 미치는 것으로 짐작된다. 본 논문 결과는 정책당국이 외환시장 안정을 위해 조선업 경기에 대한 모니터링이 필요함을 정책적 시사점을 제시하고 있다.

• 무역학회지
• /
• 제44권6호
• /
• pp.247-265
• /
• 2019

This research focuses on the influences of FDI on the economic growth of four countries by Mekong river: Vietnam, Laos, Cambodia and Thailand. At the same time, the study also analyzes the contributing of economic growth to attract FDI inflow to these countries. The panel data during the period 1998-2017 were collected from World Bank. Empirical analysis figures out that GDP, mobile phone, labor force are the determinants affecting positive to FDI and vice versa exchange rate, wage are the negative factors. Secondly, FDI, export, exchange rate, government expenditure impact positively on economic growth but inflation and population have negative effect on the economic development. Thirdly, The FDI and economic growth have impact mutually in Vietnam, Laos, Cambodia and Thailand economy. FDI plays a very crucial role in contributing greatly to the economic development of the Mekong sub-region. The economic growth is higher, the FDI inflow is more attractive. From the results, some practical suggestions are offered to enhance the competitiveness in attracting FDI.

• Journal of the Korean Data and Information Science Society
• /
• 제18권2호
• /
• pp.345-356
• /
• 2007

This study deals with an early detection problem of structural change in won/dollar exchange market. A CUSUM algorithm is developed to monitor relevant economic variables indicating structural change in won/dollar exchange market. We applied the CUSUM algorithm to examine whether or not it was possible to alarm the 1997 economic crisis of Korea in advance.

• 한국지역사회생활과학회지
• /
• 제15권3호
• /
• pp.29-43
• /
• 2004

The purpose of this study was to calculate the economic effect of Women-Farmer's Center. Since 2001, The Ministry of Agriculture and Forestry has run Women-Farmer's Centers in which women-farmers can receive the care for their pre-schooling children, after-school learning service, and city-farm exchange, education, and counseling. In other words, Women Farmer's Center provides not only improvement of ease and quality of life of women-farmer's, but also spreading economic effect to community and country. By calculation based on business plan of 14 centers that run centers, total economic income effects are 2,784 million won, which consist of 1,265 million won for counseling, 146 million won for the care of infants and children, 139 million won after-school learning, 1,020 million won for education, and 214 million won for city-farm exchange program. The Women-Farmer's Center should be managed reasonably with government support so that Women-Farmer's Center will become as a base camp for young women farmers to participate in agriculture and rural community and increase its economic effect for the nation in the future.