• The Journal of Asian Finance, Economics and Business
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• v.4 no.1
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• pp.19-23
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• 2017

Based on a simultaneous-equation model consisting of aggregate demand and short-run aggregate supply, this paper estimates a reduced-form equation specifying that the equilibrium real GDP is a function of the real effective exchange rate, the government deficit as a percent of GDP, the real interest rate, foreign income, labor productivity, the real oil price, the expected inflation rate, and the interactive and intercept binary variables accounting for a potential change in the slope of the real effective exchange rate and shift in the intercept. Applying the exponential GARCH technique, it finds that aggregate output in Australia has a positive relationship with the real effective exchange rate during 2003.Q3 - 2013.Q2, the government deficit as a percent of GDP, U.S. real GDP, labor productivity and the real oil price and a negative relationship with the real effective exchange rate during 2013.Q3 - 2016.Q1, the real lending rate and the expected inflation rate. These results suggest that real appreciation was expansionary before 2013.Q3 whereas real depreciation was expansionary after 2013.Q2 and that more government deficit as a percent of GDP would be helpful to stimulate the economy. Hence, the impact of real appreciation or real depreciation on real GDP may change overtime.

• The Journal of Asian Finance, Economics and Business
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• v.5 no.4
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• pp.35-44
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• 2018

The study is aimed at investigating the main factors that affect the interest rate yields, in the long-term. In addition, the study surveys the theories and literature relating to the determinants of interest rate. The importance of which is essential not only for governments, but also for banks and corporate financial risk management decisions, including risk exposures in banks and capital markets. Interest rate influences corporate profit as well as growth. For this purpose, the study examines the impact of budget deficit, risk-free rate, capital inflows, money supply and business cycles on real interest rate in Jordan. These factors are based upon well-established theories and straightforward practical view as interest rate determinants. Using data for (1990-2015), the study employed Johansen's co-integrating test, which takes into consideration the long-term unsynchronized relationships. The data is tested for normality, symmetric correlations, covariance diagonal and unit root. The results show that the government budget deficit, short-term risk-free interest rate, capital inflows, money supply and business cycle are long-term determinants of the real interest rate in Jordan. The coefficients of government budget deficit, short-term risk-free rate, money supply and business cycle all are inversely affecting the real interest rate, while capital inflows has a positive impact on the real interest rate.

• Journal of the Korean Association of Oral and Maxillofacial Surgeons
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• v.42 no.5
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• pp.259-264
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• 2016

Objectives: We evaluated and recorded post-traumatic and postoperative neurosensory deficits of the inferior alveolar nerve (IAN) in mandibular fracture in order to identify associated risk factors. Materials and Methods: This was a prospective cohort study composed of 60 patients treated for mandibular fracture. The primary study variable was the change between the post-traumatic IAN neurosensory examination score and the score after fracture reduction. Risk factors were categorized as demographic, anatomic, fracture displacement, and treatment. Appropriate descriptive and bivariate statistics were computed. Results: Sixty patients with unilateral mandibular fracture reported within 24 hours of injury were evaluated over a one-year period. A post-traumatic neurosensory deficit was observed in 52 patients (86.7%), the percentage of which was reduced to 23.3% over the follow-up period. Abnormal postoperative neurosensory scores were significantly higher in angle fracture cases (33.3%) compared to body fracture cases (11.1%). When recovered and non-recovered neurosensory scores were compared by fracture location, 88.9% of body fracture cases showed significant recovery compared to 66.7% of mandibular angle fracture cases. Cases with less than 5 mm fracture displacement showed statistically significantly higher neurosensory recovery scores (90.6%) compared to those with more than 5 mm fracture displacement (60.7%). Conclusion: Use of a miniplate with mono-cortical screws does not play a role in increasing IAN post-traumatic neurosensory deficit. Early management can reduce the chances of permanent neurosensory deficit. Mandibular fracture displacement of 5 mm or more and fracture location were found to be associated with an increased risk of post-traumatic IAN neurosensory score worsening.

• Proceedings of the KSR Conference
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• 2007.11a
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• pp.1683-1693
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• 2007

Urban has been operating Korail and the local autonomous entity in Korea. Over 70 LRTs will be constructed in the future, but it is hard to manage them due to structural deficit from construction debt, so Public finance plays a very important role in order to overcome a deficit. Therefore, it is necessary to plan detailed analysis and planned system about the expenditure of the amount which is borrowed from country and local government and business income from railroad companies like government grants, PSO. This research wishes to grasp the problem and present model about reasonable and efficient financial program, analyzing about increasing import and expenses of Urban.

• International Commerce and Information Review
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• v.9 no.1
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• pp.43-64
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• 2007

The study is examined to illustrate Korea's status in service trade, including travel deficit, outbound travel market, and inbound travel market. This research will also illustrate what factors generate the growth of travel deficit and suggest some alternatives to solve it even if government notes a steady increase in exports of cultural products and programs and entertainment services, driven by the Korean Wave sweeping across Asia. The study suggested some possible alternatives such as growth of travel balance, improvement of low image on Korean tourism, aggressive participation of government, strengthened role of Korean Tourism Organization(KTO), and appropriate control on overseas studies to lessen an increase of travel deficit. In addition, the study concluded, even if a tourism industry includes a higher multiplier effect, the spontaneous participation intention by Koreans themselves and the strong supports from local governments should be another major successful factors to settle down the travel deficit.

• The Journal of Economics, Marketing and Management
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• v.5 no.1
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• pp.27-37
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• 2017

Domestic government debt securities is one of the steps which is taken by the government of Indonesia as a major source of financial budget, covering for the budget deficit, debt payments and interest debt. The purposes of this research are to know the development of budget deficits, government debt and impact of domestic government debt securities against economic growth in Indonesia. Method of analysis used Ordinary Least Squares (OLS) analyzing the impact of the domestic debt against economic growth in Indonesia. This research uses time series data from 1997 to 2014. Total government debt and domestic government debt securities in Indonesia increased during the last five years. The average of domestic government securities was above 50 percent of the total government debt. Estimated results showed domestic government debt securities has a positive and significant effect to economic growth. Official development assistance (ODA) has a negative effect to economic growth. Other variables such as the gross fixed capital formation and receipt of remittance have positive and significant effect, total imports and government expenditure have negative and significant effect against economic growth.

• Korean Journal of Environment and Ecology
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• v.28 no.6
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• pp.769-778
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• 2014

The rapid urbanization and increase in population due to industrialization have led to the extension of cities and the reduction in naturality as a necessity. Now, it is the biggest threat to virtuous circle of ecosystem. With the expansion of common recognition that this ecological crisis would be accompanied by the crisis of mankind, many countries all around the world are conducting researches to indicate the optimum consumption level of individual as an index in addition to cross-national environmental indicators such as ESI, EPI and SDI, by measuring environmental consumption of state, local government or individual, and comparing each region. Based on this background, this research was carried out to estimate the environmental capacity of 23 local government in Gyeongsangbuk-do. The result of EF estimation showed that EF value necessary for life per head in Gyeongsangbuk-do was 0.9534, and it showed an ecological deficit of 25.3 percent when analyzing it in consideration of the ecological capacity. Also, among the local governments in Gyeongsangbuk-do, Youngduk-gun displayed the highest EF, and Ulleung-gun displayed the lowest EF. But when analyzing the ecological deficit in consideration of the ecological capacity of each region, Gumi-city showed the greatest ecological deficit, and Youngyang-gun showed the biggest ecological capacity. The environmental capacity estimated in this study is to digitize the ecological capacity and ecological deficit of each local government in Gyeongsangbuk-do. The estimated optimum environmental capacity of each local government suggests the scale of environmental preservation and proper development and furthermore, could be used as fundamental data for persuading members of each local government when selecting a location of development facility or preservation area.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.7
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• pp.15-25
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• 2020

This empirical research aims to identify the relationship between fiscal and financial macroeconomic fundamentals and the volatility of government bonds' borrowing cost in an emerging country - Vietnam. The study covers the period from July 2006 to December 2019 and it is based on a sample of 1-year, 3-year, and 5-year government bonds, which represent short-term, medium-term and long-term sovereign bonds in Vietnam, respectively. The Generalized AutoRegressive Conditional Heteroskedasticity (GARCH) model and its derivatives such as EGARCH and TGARCH are applied on monthly dataset to examine and suggest a significant effect of fiscal and financial determinants of bond yield volatility. The findings of this study indicate that the variation of Vietnam government bond yields is in compliance with the theories of term structure of interest rate. The results also show that a proportion of the variation in the yields on Vietnam government bonds is attributed to the interest rate itself in the previous period, base rate, foreign interest rate, return of the stock market, fiscal deficit, public debt, and current account balance. Our results could be helpful in the macroeconomic policy formulation for policy-makers and in the investment practice for investors regarding the prediction of bond yield volatility.

• East Asian Economic Review
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• v.24 no.4
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• pp.417-440
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• 2020

The coronavirus pandemic of 2019-20 confronted fiscally dominant regimes around the world with the question of whether the large deficits caused by the health crisis should be monetized or financed by issuing debt. The unpleasant monetarist arithmetic of Sargent and Wallace (1981) states that in a fiscally dominant regime tighter money now can cause higher inflation in the future. In spite of the qualifier 'unpleasant,' this result is positive in nature, and, therefore, void of normative content. I analyze conditions under which it is optimal in a welfare sense for the central bank to delay inflation by issuing debt to finance part of the fiscal deficit. The analysis is conducted in the context of a model in which the aforementioned monetarist arithmetic holds, in the sense that if the government finds it optimal to delay inflation, it does so knowing that it would result in higher inflation in the future. The central result of the paper is that delaying inflation is optimal when the fiscal deficit is expected to decline over time.

• Economic Analysis
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• v.25 no.3
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• pp.100-137
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• 2019

In this study, I analyzed the effects of government spending on macro variables and on each industry by using a factor augmented vector autoregressive model (FAVAR) and 167 macro-variables in Korea since 2000. The results reveal that the effects of two types of government spending - government consumption and government investment - greatly differ, therefore it is better to consider the two types of spending separately for a more precise analysis. The stimulus effects of government consumption are clear, but those of government investment are not. In addition, the crowding-out effects of government spending take place through the current account deficit channel rather than the traditional crowding-out channel, reducing private consumption and investment. Both types of government spending show a positive effect on the construction industry. Also, an increase in government consumption stimulates output in various manufacturing and service sectors.