• KDI Journal of Economic Policy
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• v.36 no.2
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• pp.1-64
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• 2014

This paper attempts to search the driving forces of the Korean economy after 2000 by analyzing an estimated DSGE model and observing the degree of implementation regarding non-systematic parts of both the monetary and fiscal policy during the global financial crisis. Two types of trends, various cyclical factors and frictions are introduced in the model for an empirical analysis in which historical decompositions of key macro variables are quantitatively assessed after 2000. While the monetary policy during the global financial crisis have reacted systematically in accordance with the estimated Taylor rule relatively, the fiscal policy which was aggressively expansionary is not fully explained by the estimated fiscal rule but more by the large magnitude of non-systematic reaction.

• 사회경제평론
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• no.38
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• pp.163-198
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• 2012

This analysis suggests a post Keynesian macro-dynamic model that integrates a financial variable, firm's debt, into the post Keynesian model of growth and distribution. On the basis of it, this study analyzes the effects of government financial expenditure on capital accumulation empirically. It also studies empirically whether a regime shift has arisen since Asian financial crisis in 1997. This paper shows that government financial expenditure has exerted an positive effect on capital accumulation. This empirical result supports government intervention in financial market in recurrence of financial crises. This study also finds grounds for a change in accumulation regime since Asian financial crisis in 1997.

• Human Ecology Research
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• v.57 no.3
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• pp.445-457
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• 2019

This study investigated the impact of parentification on ambivalence over the emotional expression of early adults who had a sibling with disabilities and examined if rejection sensitivity moderated the relationship of parentification and ambivalence over emotional expression. Participants consisted of 116 siblings in early adulthood who had a sibling with disabilities (45 male; 71 female). The data were collected from 13 centers for family disability, four community rehabilitation centers, three parent societies for people with disabilities, and three self-help groups in Seoul, Busan, and Gyeonggi province. The levels of ambivalence over emotional expression, parentification, and rejecton sensitivity were measured by the Ambivalence over Emotional Expression Questionnaire (King & Emmons, 1990), the Filial Responsibility Scale-Adult (Jurkovic, Thirkield, & Morrell, 2001), and the Rejection Sensitivity Questionnaire (Downey & Feldman, 1996), respectively. The PROCESS Macro program examined the moderating model. The Results indicated that both levels of parentification and rejection sensitivity increased the level of ambivalence over emotional expression of non-disabled siblings. In addition, rejection sensitivity moderated the effect of parentification on ambivalence over emotional expression. The influence of parentification on ambivalence over emotional expression was greater when the level of rejection sensitivity was high, compared to when it was low.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.12
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• pp.117-127
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• 2021

This study was conducted to comprehensively identify factors that potentially influence corporate investment behavior, including micro, macro, and sectoral variables. Furthermore, investment behavior was studied across nations based on their participation in the global value chain (GVC), which was evaluated based on commodities, limited manufacturing, advanced manufacturing, and innovative activities. The study uses the dynamic panel data analysis and Generalized Method of Moment (GMM) estimation for a sample of 800 corporations, with data spanning over 2000-2019. The study result shows that in all types of countries, the coefficient lag indicator of capital expenditure statistically has a significant effect on capital expenditure. Sales growth, exchange rate, and GDP have a significant positive effect on corporate investment growth, while DER has a negative effect. In commodity countries, corporate investment is influenced by sales growth, exchange rate, and FCI. The variables that influence corporate investment in manufacturing countries are the FCI, exchange rate, sales growth, GDP, and DER. In innovative countries, variables that significantly affect capital expenditure are DER, GDP, and Tobin Q. In each type of country, the interaction terms between exchange rate and commodity price are positive and statistically significant.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.2
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• pp.195-200
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• 2021

In recent years, Vietnam's economic growth rate has been attributed to the growth of many well-managed industries within Southeast Asia. Among them is the civil construction industry. Construction projects typically take a long time to complete and require a huge budget. Many socio-economic variables and factors affect total construction project costs due to market fluctuations. In recent years, crucial socioeconomic development indicators of construction reached a fairly high growth rate. Also, most infrastructure and construction projects have a high degree of complexity and uncertainty. This makes it challenging to predict the accurate project price. These challenges raise the need to recognize significant factors that influence the construction price index of civil buildings in Vietnam, both micro and macro. Therefore, this paper presents critical factors that affect the construction price index using the fuzzy extent analysis process in an uncertain environment. This proposed quantitative model is expected to reflect the uncertainty in the process of evaluating and ranking the influencing factors of the construction price index in Vietnam. The research results would also allow project stakeholders to be more informed of the factors affecting the construction price index in the context of Vietnam's civil construction industry. They also enable construction contractors to estimate project costs and bid rates better, enhancing their project and risk management performance.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.3
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• pp.977-985
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• 2021

The main aim of the study is to provide empirical evidence about the association between stock market exchange data and weighted price index. This research utilized monthly reported data from the Amman stock exchange market (ASE) and the Central Bank of Jordan (CBJ). The weighted price index was employed as the dependent variable and the independent variables were weighted price index (WPI), turnover ratio (TOR), number of trading days (NTD), price-earnings ratio (PER), and dividends yield ratio (DY). The time period of the study was from January 2015 to October 2020. The study's methodology follows a quantitative approach using the multiple regression method to test the hypotheses of the study. The final results of the study provided conclusive evidence that the market-weighted price index is strongly and positively correlated to three predetermined variables, namely; turnover ratio, price-earnings ratio, and dividend yield but no evidence was obtained for the effect of the number of trading days. The finding of the current study proved that the market price index is not only influenced by macro factors, but also by other variables assumed to not beneficial for the judgment of price index movements.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.4
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• pp.339-347
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• 2021

This study aims to forecast the exchange rate by a combination of different models as proposed by Poon and Granger (2003). For this purpose, we include three univariate time series models, i.e., ARIMA, Naïve, Exponential smoothing, and one multivariate model, i.e., NARDL. This is the first of its kind endeavor to combine univariate models along with NARDL to the best of our knowledge. Utilizing monthly data from January 2011 to December 2020, we predict the Pakistani Rupee against the US dollar by a combination of different forecasting techniques. The observations from M1 2020 to M12 2020 are held back for in-sample forecasting. The models are then assessed through equal weightage and var-cor methods. Our results suggest that NARDL outperforms all individual time series models in terms of forecasting the exchange rate. Similarly, the combination of NARDL and Naïve model again outperformed all of the individual as well as combined models with the lowest MAPE value of 0.612 suggesting that the Pakistani Rupee exchange rate against the US Dollar is dependent upon the macro-economic fundamentals and recent observations of the time series. Further evidence shows that the combination of models plays a vital role in forecasting, as stated by Poon and Granger (2003).

• Journal of the Korean Society of Clothing and Textiles
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• v.45 no.3
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• pp.559-572
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• 2021

This study explores the effects of VR (Virtual Reality) store vividness, which is one of VR shopping environmental features used in previous research, on user satisfaction. In addition, the mediating role of immersion between VR store vividness and user satisfaction is investigated. The moderating role of self-efficacy is also explored since the effects of vividness and immersion on user satisfaction may depend on a consumer's perceived shopping self-efficacy. A total of 58 participants experienced a VR store with the Oculus Go VR headset. To test the hypotheses, model 14 of Process Macro 3.4 is used (95% Confidence Interval). According to the results, immersion mediated between VR store vividness and user satisfaction. Additionally, there was a significant interaction effect between immersion and self-efficacy on user satisfaction. When a consumer experiences high immersion at a VR store, consumers may have a strongly positive experience, especially among those who have a perceived low shopping self-efficacy.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.1
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• pp.751-758
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• 2021

This research is conducted to measure the efficiency level of Islamic banking in Indonesia and also to analyze the factors that can affect its efficiency level. This research used a purposive sampling technique to determine the sample size that will be used, with criteria that the bank has been operating since 2010 and consistently published its financial reports during the research period from 2011 until 2019; therefore, the total sample obtained was 11 samples. Analysis for efficiency level is done by using linear programming Stochastic Frontier Analysis (SFA), with test tool in the form of Frontier 4.1 and Eviews9 to find out what factors that affect efficiency. Efficiency test is done by involving input and output, while influence test used bank-specific variables comprising bank size, bank financial ratio, and macro-economy variable. Research result shows that there are only two banks that are almost close to being fully efficient firms, but the result still does not indicate that Islamic bank works efficiently. Results of the influence test show that factors affecting Islamic banking efficiency in Indonesia are bank size, Capital Adequacy Ratio (CAR), Non-Performing Finance (NPF), and Financing to Deposit Ratio (FDR), while other factors are not influential over the study period.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.1
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• pp.207-215
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• 2021

The number of tourists visiting Nepal has shown rapid growth in recent years, and Nepal is expecting more tourist arrivals in the future. This paper, thus, attempts to analyze the tourist arrivals in Nepal and predict the number of visitors until 2025. This paper has examined the international tourist arrival trend in Nepal using the Gompertz and Logistic growth model. The international tourist arrival data from 1991 to 2018 is used to investigate international tourist arrival trends. The result of the analysis found that the Gompertz model performs a better fit than the Logistic model. The study further forecast the expected tourist arrival below one million (844,319) by 2025. Nevertheless, the government of Nepal has the goal of two million tourists in a year. The present study also discusses system dynamics scenarios for the two million potential visitors within a year. Scenario analysis shows that proper advertisement and positive word-of-mouth will be key factors in achieving a higher number of tourists. The current study could fill the gap of theoretical and empirical forecasting of tourist arrivals in the Nepalese tourism industry. Also, the study findings would be beneficial for government officers, planners and investors, and policy-makers in the Nepalese tourism industry.