• Journal of Korea Trade
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• 제26권3호
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• pp.45-62
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• 2022

Purpose - Using unexpected changes in geopolitical tensions on the Korean peninsula as a quasi-natural experimental setting, we examine whether and how geopolitical risks travel across borders through firm-level imports and exports linkages. We also test whether the effects are driven by either imports or exports and assess whether firms can effectively hedge themselves against geopolitical risks. Design/methodology - We focus on a series of unanticipated geopolitical events taken place in Korea in 2018. Making use of the shocks to geopolitical climate, we identify five milestone events toward peace talks. We employ the event studies methodology. We examine heterogenous firm-level stock price reactions around key event dates depending on firms' exposure to geopolitical risks. As a measure of firms' exposure to geopolitical risks in Korea, we utilize a text-based measure of firm-level trade links. When a firm announces and discusses its purchase of inputs from Korea or sales of outputs to Korea in their annual disclosure filings, we define a firm to have a trade relationship with Korea and have exposure to Korean geopolitical risks. Similarly, we use a measure of a firm's hedging policies based on a firm's textual mention of the use of foreign exchange derivatives in their annual disclosure. Findings - We find that U.S. firms that have direct trade links to Korea gained significantly more value when the intensity of geopolitical risks drops compared to firms without such trade links to Korea. The effects are pronounced for firms purchasing inputs from or selling outputs to Korea. We find that the effectiveness of foreign exchange hedging against geopolitical risks is limited. Originality/value - We document the international transmission of geopolitical uncertainty through trade linkages. Export links as well as import links serve as important nexus of transmission of geopolitical risks across borders. Hedging strategies involving foreign-exchanges derivatives do not seem to insulate firms again geopolitical risks. With the recent movements of localization and reshuffling of the global value chain, our results suggest a significant impact of geopolitical risks in Korea on the construction of the global value chain.

• 한국항해항만학회지
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• 제44권6호
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• pp.524-533
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• 2020

자유무역지역제도는 1970년부터 제조업 중심으로 산업단지형 자유무역지역에서 시행되어 왔으며, 입주기업에게 조세 감면 및 규제 완화 등의 혜택을 제공함으로써 외국인 투자를 유치하고 무역물동량 증가를 창출하는데 큰 역할을 해 왔다. 그러나 산업단지형 자유무역지역의 외국인투자 유치실적이 현저히 떨어지고 있는 실정이다. 한편으로, 항만형 자유무역지역에서는 항만 물동량의 증가로 발전 가능성을 크게 내포하고 있어, 현재까지 제조업 중심으로 시행되어 온 자유무역지역제도의 발전 방향을 점검해 볼 필요가 있다. 본 논문에서는 자유무역지역의 역할과 운영 실태를 파악하고 이에 대한 문제점을 도출하고자 한다. 이를 위해, 항만형 자유무역지역에 특화된 비즈니스 모델을 분석하여 문제점을 파악하고, 물품보관을 목적으로 한 내국 물품의 관세영역으로 재반출에 대한 제도 개선방안을 제시하며, 간이 시뮬레이션을 통하여 개선방안에 대한 효과를 분석하였다. 본 연구에서 제시한 제도 개선으로 자유무역지역을 국제물류허브 및 글로벌배송센터로 이용하고자 하는 외국기업을 유치하는데 매우 중요한 요소로 작용할 것이다.

• East Asian Economic Review
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• 제25권2호
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• pp.151-174
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• 2021

This paper empirically examines whether and how inward foreign direct investment (FDI) affected industrial productivity in Korea during the 2000-2016 period, based on dynamic panel data of inflow FDI on an arrival basis from 427 manufacturing industries. The paper adds to the literature by analyzing whether both technology spillovers and industrial restructuring from inward FDI can differ according to industrial characteristics such as capital intensity, imported intermediate inputs, and tariffs. The empirical results show that the overall effects of inward FDI on total factor productivity (TFP) were statistically insignificant in general. However, the positive effects of inward FDI on productivity became statistically significant for industries with lower tariffs. Capital intensity were not involved in the relationship between inward FDI and productivity. Thus, the paper highlights that the results in previous studies with inward FDI on a notification basis were overestimated and inward FDI policies in Korea should focus on channels such as trade liberalization and the redistribution of production factors rather than capital accumulation.

• 무역학회지
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• 제44권3호
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• pp.123-136
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• 2019

This study investigates the facilitating factors of FDI (foreign direct investment) inflows in 15 developing countries of three continents (Asia, Latin America, and Africa) using fixed-effect panel regression analysis with 30-year macro socio-economic data. The facilitating factors of FDI inflows in each continent differed. In Asia, labor compensation, GDP, consumer expenditure, human capital, and export facilitated FDI inflows in decreasing order, as did export, total factor productivity, GDP, and human capital in Latin America, and investment expenditure, human capital, government expenditure, and export in Africa. Most importantly, the character of cost saving efficiency-seeking investment was very strong in Asia. Also, third-party export-oriented investment and economic growth-oriented investment were shown in Latin America and Africa, respectively.

• 무역학회지
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• 제45권4호
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• pp.195-205
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• 2020

This study investigates the effects of financial development on the foreign direct investment (FDI) flow in host countries. Using bilateral FDI data from 34 OECD source countries to 146 host countries, we performed panel data analysis based on a gravity FDI equation. We hypothesized that the financial development would increase the volume of FDI flows. The results suggest that the well-functioning finance market of source countries as well as a better accessable financial market of host countries contribute to the increase in FDI of OECD in their partner countries. We found also that the financial development effects of source countries are larger than those of host countries. This result shows that the financial development can play a crucial role to impact the FDI inflows as push factor in source country than as a pull factor in host countries.

• 한국경제지리학회지
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• 제3권1호
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• pp.35-51
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• 2000

국제교역흐름은 경제적 요인들 뿐 만 아니라 세계의 사회, 정치, 문화적 환경에 의하여 결정되어 왔다. 세계화와 더불어 국제교역환경도 빠르게 변화하고 있으며, 이러한 변화는 국제교역의 흐름에 상당한 변화를 주고 있다. 본 연구의 목적은 경제의 세계화가 국제교역의 흐름에 미치는 영향을 파악하고자 하는 것이다. 우선 국제교역에 나타나는 변화를 특히 경제적, 사회적, 정치적으로 국제적 연계가 강화되면서 나타나는 경제적 결합에 초점을 두어 산업 입지와 투자, 그리고 그 밖의 교역환경들과 연결하여 종합적으로 파악해 보았다. 특히 산업 입지에 변화를 주어 상품의 수요와 공급의 공간적 분포를 재편하는 역할과 함께 기업내 교역흐름을 확장시켜 결과적으로 국제교역패턴에 영향을 끼치고 있는 다국적 기업들에 의한 해외직접투자의 영향을 분석하였다. 기업내 교역은 해외직접투자의 흐름에 의해 결정되므로 본 연구에서는 해외직접투자의 기원지와 대상지의 지리적 특성을 분석하였다. 또한 해외직접투자와 기업내 교역의 공간적 분포에 나타나는 변화를 분석하였다.

• 산경연구논집
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• 제10권11호
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• pp.15-23
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• 2019

Purpose: Global economic integration has provided good opportunities and conditions for the development of foreign direct investment in Finances. Therefore, this paper attempts to explore what determines foreign direct investment in Finances of Organization for Economic Co-operation and Development (OECD) countries. Research design, data and methodology: This paper employs the panel data over the period 2005-2017 and uses the random effect model to estimate this proposition. Results: The results indicate that the foreign direct investment in services, growth rate of GDP, interest rate and saving are positively related with foreign direct investment in finances. Conversely, the growth rate of wage and fluctuation rate of exchange rate are negatively related with foreign direct investment in finances. Moreover, the results verify that the effect of these variables on foreign direct investment in finances is different before and after 2008 (global economic crisis). In addition, the results also manifest that the regional effect exists. Namely, the effect of these variables on foreign direct investment in finances between G7 countries and G20 countries exist significant difference. Conclusions: Those variables used in this paper are related with foreign direct investment in Finances of (OECD) countries.

• 한국항해항만학회:학술대회논문집
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• 한국항해항만학회 2000년도 Proceeding of CIN-KIN Joint Symposium 2000 on M.E.T. Under STCW 78/95 and SINO-KOREA MARITIME CONTACT IN MID-CENTURIES
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• pp.205-218
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• 2000

Hull forms of Jiao Yi Ship for shipping and foreign trade in Silla and Tang Dynasty were transformed and developed in accordance to their voyage and rational routes. The trade ship was a sea ship, used by Chang Po Go's, the Silla great sea merchant ship, in the marine trade with China during the 8th and 9th century. It is not easy to presume the hull type and trade formal of Chang Po Go's Jiao Yi Ship of the 8th and 9th Century. Studying on the ship type of the trade ship is the urgent problem to be solved, in the sphere of leaning about the history of communication between China and Korea. The authors take the initial prove into this subjects, by researching Chang Po Go's marine activities, and point out that the trade ship's original type should be the Sha Ship which was the sea ship sailing th sea in northern China, in the Tang Dynasty. This study aims to present materials concerning hull forms of Chang Po Go's Jian Yi Ship by analysing ancient voyage history, foreign trade history, and ship history of Silla, Tang and Japan during the 8th and 9th century.

• 한국항만경제학회지
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• 제19권1호
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• pp.23-41
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• 2003

The purpose of this paper is to analyze the gravitation of ship's cargo tons of arriving and leaving port of Busan based on the gravity model empirically and experimentally and to suggest possible ways to expand the trade quantities(cargo tons) by identifying important factors determining the port of Busan's bilateral trade flows with foreign countries by using the 1995, and 2001 data. In this paper, new independent variables, such as land, populations, and the APEC and ASEAN memberships, and new dependent variable, such as the ship's cargo tons of arrival and leaving port of Busan were used for expanding the previous studies. Empirical analysis found that the port of Busan tends to trade more with countries in close proximity and the large size of economies. The fact that the port of Busan's trades more with APEC countries than with non-APEC countries is a clear empirical evidence of the growing importance of the regional trade agreement and strategic alliance with the ports of these member countries. The main policy implication based on the findings of this study is that GDP, distance, adjacency, and APEC membership which were the affecting variables to the bilateral trade with the port of Busan should be closely investigated for enhancing the trade quantities with those foreign countries.

• 무역학회지
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• 제45권1호
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• pp.155-171
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• 2020

In reality, there are numerous [Note: I advise to change the tone to being more certain, as opposed to offering a possibility. You need to emphasize the seriousness of the conditions that your study wants to talk about] non-tariff trade barriers under free trade agreements, with various stakeholders having different trade-off interests. This study focuses on the rules of origin verification and considers cases in which domestic firms, foreign firms, and domestic consumer groups compete politically for their rent protection in the domestic market. As in Gwande et al. (2006), cross-border lobbies are considered possible wherein foreign firms also lobby the government to influence the decision-making process of how stringently to verify the rules of origin. [Note: Starting here, switch to past tense because a: study intentions above can be in present tense, b: study procedures should be in past tense] In this study, we assumed that all stakeholders form interest groups and present political contributions to the government based on their interests. The stringency of the rules of origin verification was then determined through this political process, and we compared this to a socially optimal one in the analysis. It was found that the verification was less stringent when there was cross-border lobbying than the socially optimal one.