• Journal of Korea Trade
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• v.23 no.5
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• pp.129-144
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• 2019

Purpose - Recent empirical studies have reached mixed results on the effects of financial liberalization and currency crises. We argue that this relationship is likely to depend both on whether controls are primarily on the degrees of financial liberalization and on the stability of the government. Using the disaggregated data on financial liberalization recently developed by Abiad et al (2010) for a sample of 30 emerging countries over the period 1995-2015, we attempt to investigate the political economy determinants of currency crises. Design/methodology - Our empirical model considers the relationship between financial liberalization and currency crises for emerging market economies. This study employs the existing theoretical framework to identify the disaggregate level for financial liberalization across countries. Using a multivariate logit model, this study attempts to estimate the interrelationship among financial liberalization, government stability and currency crises complemented by a case study of South Korea. Findings - Our main findings can be summarized as follows: we find strong support for the proposition that more liberalized financial institutions are positively associated with the probability of currency crises especially under less stable governments, but reduce the risks of currency crises especially for more stable governments. We also examine the role of financial systems with the case of South Korea after Asian financial crises and the results are further supported and consistent with the empirical findings. Originality/value - Existing studies focus on the economic factors across countries. This paper instead attempts to evaluate the effects of financial liberalization and currency crises by incorporating political considerations with newly developed dataset on financial liberalization, which are essential to the understanding of the causes of currency crises.

• Journal of Korea Trade
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• v.24 no.8
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• pp.63-80
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• 2020

Purpose - Recent empirical studies have shown that FDI is expected to be strongly associated with democratic governance, political stability, and sound macroeconomic conditions of the host country. We attempt to take it a step further to see if governments implement a major change in institutional characteristics, will the institutional reform toward better governance have a substantive effect in enhancing FDI inflows. This paper thus aims to analyze the importance of good governance as an important factor in the attractiveness of FDI inflows in ASEAN+3 (Korea, China, Japan) countries. Design/methodology - To determine the effects of good governance on FDI inflows across ASEAN+3 countries recorded between 1996-2018, the Worldwide Governance Indicators (WGI) are used to investigate the impact of good governance on FDI inflows. The model has been estimated by using fixed effects to show the robustness of the results. Findings - Our main findings can be summarized as follows: Political Stability, Rule of Law, and Voice and Accountability have a statistically significant impact on the inflow of FDI in the ASEAN+3 Countries, especially for Korean economy. Moreover, GDP growth continue to exert their positive influence. However, Regulatory Quality, Government Effectiveness and Control of Corruption, though equally important, are insignificant to attract FDI inflows. The key finding is that good governance has a significant impact on inward FDI in the ASEAN+3 countries. Originality/value - Existing studies focus on the impact of political factors on FDI across countries. This paper instead attempts to investigate which type of good governance is the most important in promoting FDI inflows across ASEAN+3 countries, which is essential for multinationals to consider when choosing a foreign site as a possible FDI destination.

• Wind and Structures
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• v.34 no.2
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• pp.185-197
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• 2022

This study aimed to analyze the wind-induced mechanical energy (WME) of a proposed super high-rise and long-span transmission tower-line system (SHLTTS), which, in 2021, is the tallest tower-line system with the longest span. Anew index - the WME, accounting for the wind-induced vibration behavior of the whole system rather than the local part, was first proposed. The occurrence of the maximum WME for a transmission tower, with or without conductors, under synoptic winds, was analyzed, and the corresponding formulae were derived based on stochastic vibration theory. Some calculation data, such as the drag coefficient, dynamic parameters, windshielding areas, mass, calculation point coordinates, mode shape and influence function, derived from wind tunnel testing on reducedscale models and finite element software were used in calculating the maximum WME of the transmission tower under three cases. Then, the influence of conductors, wind speed, gradient wind height and wind yaw angle on WME components and the energy transfer relationship between substructures (transmission tower and conductor) were analyzed. The study showed that the presence of conductors increases the WME of transmission towers and changes the proportion of the mean component (MC), background component (BC) and resonant component (RC) for WME; The RC of WME is more susceptible to the wind speed change. Affected by the gradient wind height, the WME components decrease. With the RC decreasing the fastest and the MC decreasing the slowest; The WME reaches the its maximum value at the wind yaw angle of 30°. Due to the influence of three factors, namely: the long span of the conductors, the gradient wind height and the complex geometrical profile, it is important that the tower-line coupling effect, the potential for fatigue damage and the most unfavorable wind yaw angle should be given particular attention in the wind-resistant design of SHLTTSs