• Journal of the Korean Data and Information Science Society
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• 제20권4호
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• pp.655-660
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• 2009

최근의 글로벌경제위기 상황에서 국내 금융외환시장이 높은 환율변동을 보이며 불안한 모습을 보이고 있다. 따라서 그 어느 때보다 금리, 환율 등 가격변수들의 움직임 및 이들 간의 관계에 대한 관심이 높다. 본 연구에서는 국내시장을 중심으로 환율, 금리의 추이 및 인과관계에 대하여 연구하였다. 글로벌경제위기 상황에서 원/달러환율, 콜금리의 움직임에서 나타나는 주요 특징을 알아보고, 교차상관분석 및 그랜저 인과관계검정 등을 이용하여 두 변수간의 상호연관관계에 대하여 선도/지연 관계를 중심으로 분석하였다.

• East Asian Economic Review
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• 제20권3호
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• pp.339-363
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• 2016

This paper analyzes why the global financial crisis in 2008 severely affected Asia's trade. Asia has been suffering from the falls in export demand from developed countries. However the abrupt trade declines in Asia are not fully explained by reactions to this as in previous experiences. The question is why the financial crisis in 2008 brought about the abrupt and deep collapse in world trade, while other world-wide recessions had more moderate effects on world trade. This paper shows that the dynamic relationship between trade and trade finance is one important factor in explaining this question. This paper also applies the Granger (causality) test to uncover different relationships in the developed and developing economies and show different results for different countries in Asia. We employ a Markov-Switching FAVAR (Factor Augmented VAR) to show that global liquidity shocks are important factors in explaining the huge and abrupt trade drops in Asia.

• 유통과학연구
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• 제10권7호
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• pp.13-22
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• 2012

The effect of the September 2008 global financial crisis weighed heavily on stock markets around the world. The purpose of this study is to empirically investigate the impact of the crisis on Amman Stock Exchange. Event study methodology has been adopted on a period of 24 months, from January 2008 to December 2009. Monthly average abnormal returns across a sample of 52 industrial and services companies have been tested separately. The results reveal that Amman Stock Exchange experienced significant negative abnormal returns in the fourth quarter of the year 2008. However, there were no significant abnormal returns observed thereafter. This means that Amman Stock Exchange managed to overcome its adverse consequences. Since the event study tests for market efficiency, as well, the results show that Amman Stock Exchange reaction is consistent with the semi-strong form of the efficient market hypothesis.

• East Asian Economic Review
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• 제18권3호
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• pp.253-276
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• 2014

We examine which traditional asset pricing variables together with bank-specific accounting variables explain the cross-sectional variation of future bank stock returns, using a firm-level data of eight Asian countries. Our empirical evidence shows that exchange rate risk, firm size, the book-to-market ratio, and the net income ratio are important in explaining future bank stock returns during normal times. However, during the Global Financial Crisis period, different variables such as local market beta, illiquidity risk, equity ratio, and off-balance sheets ratio were statistically significant. Thus, researchers and policy practitioners should monitor these variables during normal times as well as during times of crisis.

• 사회경제평론
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• 제31권1호
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• pp.25-61
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• 2018

올해로 한국사회경제학회(약칭 한사경)와 같은 해에 태어난 87년 체제는 역사적 종말을 고하게 되었다. 한사경 창립 30주년을 맞이하여 본 논문은 지난 10년간의 한사경 연구동향을 정리하였다. 이러한 정리는 새로운 체제 속의 한사경의 진로 모색에 일조할 것으로 기대한다. 지난 10년간 주요 연구동향은 다음과 같다. 2007년 미국의 서브프라임모기지 사태로 비롯된 글로벌 금융위기는 글로벌 경제위기로 확산되면서 경제학의 위기마저 초래하였다. 한사경은 경제학의 위기에 대처하면서 불평등의 경제학의 연구에 집중하면서 정치경제학 뿐만 아니라 다양한 접근과 방법론으로 주류경제학을 비판하였다. 그러나 지난 10년간의 보수정권 하에서 진보경제학의 전선이 퇴각하면서 진보경제학은 지식재생산의 위기를 겪으면서 주변화 되어 갔다. 새로운 체제가 들어서면서 전선의 복구 이상으로 중요한 것은 새로운 체제와 시대에 조응하는 진보경제학으로 거듭 나는 것이다. 이것은 우리나라의 유일무이한 진보경제학의 종합학회로서 한사경의 책임이기도 하다.

• KDI Journal of Economic Policy
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• 제37권1호
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• pp.19-44
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• 2015

This paper examines the effect of the global financial crisis on corporate investment in Korea. Specifically, the crisis was considered to have possibly constrained firm-level investment as the negative shock to the credit supply dramatically unfolded. As Duchin et al. (2010) demonstrated, if a negative supply-side shock is evident during a crisis period, larger cash holdings before the crisis will lead to fewer constraints to corporate investment, or vice versa. In order to investigate the supply-side effect of the crisis, we use firm-level financial data, including firms listed on the Korean stock market as well as small and medium-sized enterprises. We find that corporate investment declined significantly after the crisis, even if we control for factors associated with the demand side, such as contemporaneous capital productivity and cash flow. More importantly, the decline is positively and significantly related to cash holdings before the crisis, implying the negative effect of a credit supply shock. Small and medium enterprises experienced relatively sharp investment declines compared to those of larger firms, and the relationship between pre-crisis cash amounts and the degree of investment decline is greater than that in large firms. Additionally, we examine whether the negative effect persists up to the present, finding evidence that the cash-investment relationship continues in small and medium-sized enterprises.

• 토지주택연구
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• 제4권1호
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• pp.23-31
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• 2013

The regional economic crises in the late 1990s and the global economic crisis in the late 2000s had reduced the differences in housing policies among the major Asian economies. This paper attempts to explain and compare housing welfare policy shifts between subsidizing home owning and subsidized renting from the perspectives of the economic and social roles of housing, the lock-in effect of policy processes, and the welfare provision strategy of the East Asian economies. It argues that the impact of economic crises on housing welfare policy in East Asia depended on the duration and the intensity of the crisis and the length and severity of the subsequent economic depression. Another important factor was the role of housing in the economic and social development, especially whether housing market development was considered as an engine of economic growth or revival, and whether the tools of housing policy caused the economic crisis. The loss of impetus for home ownership drive and the new emphasis on rental subsidy provision are new policy trends. Nonetheless, the economic revival since mid-2009 has caused the re-introduction of home ownership subsidies for quenching the housing affordability problems and enhancing home ownership making use of the strong economic conditions.

• Asia Marketing Journal
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• 제14권3호
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• pp.7-26
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• 2012

The success story of E-mart fascinated many academics and practitioners alike. Though E-mart began as a nameless discount store in Chang-dong, Seoul in 1993, it has transformed itself into a leading distribution company and one of the most powerful brands in Korea. Surprisingly, it achieved the great success against the two crises it met: the national economic crisis and the invasion of the global giant Walmart. The main objective of this case study is to formally examine how E-mart overcame the two crises. More specifically, this case study highlights the ways with which E-mart turned those difficulties into opportunities for growth. In our examination of the E-mart case, we could clearly see E-mart's competence and spirit that allowed it to turn crises into advantageous opportunities. E-mart attracted the customers who wanted value-oriented consumption by its positioning as the "Lowest price discount store", when consumer sentiment was frozen under the economic crisis. Furthermore, when a large-scale foreign discount store like Walmart entered the Korea market, E-mart built its core competencies as the 'Korean style discount store'. These ingenious positioning and efforts resulted in E-mart taking over their archrival, Walmart, and forced the global Goliath to exit the Korean market. The case of E-mart's effective crisis management teaches many important lessons and a few core lessons that apply to many companies. One such lesson is the importance of positioning which enabled E-mart to turn crises into opportunities. Granted, the strategy of positioning as the 'Korean style discount store', or 'Lowest price discount store' was possible due to overall support with cost reduction, development and management of their own system, an apprentice educate system, etc. based on an excellent selection of location of the store and efficient distribution systems. Still, the positioning strategy of E-mart was truly ground breaking in distancing itself from its competitors. The lessons from E-mart will help those companies currently in a stagnant situation or a crisis to turn their obstacles into great success.

• 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.

• The Journal of Asian Finance, Economics and Business
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• 제7권2호
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• pp.157-168
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• 2020

Since the economic crisis sweeps across the world in 2008, the foreign direct investment of various countries has been greatly impacted. Therefore, this paper regards China as an example to analyze China's outward foreign direct investment patterns in terms of Asian financial markets with a panel data over the period 2003-2017. We mainly focus on the money market oriented outward foreign direct investment and foreign exchange market oriented outward foreign direct investment. Using the individual fixed effect model to conduct empirical analyses, the empirical findings indicate that China will reduce its foreign direct investment amount to a country with large money supply and China will increase its foreign direct investment amount to a country with large foreign exchange reserves. Furthermore, when a country has signed Free Trade Agreement with China, China will increase more foreign direct investment amount to these countries than that of a country who has not signed Free Trade Agreement with China. Moreover, the empirical findings indicate that no matter what the money market oriented outward foreign direct investment or foreign market oriented outward foreign direct investment, China will reduce its foreign direct investment amount to these Asian countries due to the global economic crisis.