• Journal of Distribution Science
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• v.17 no.1
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• pp.21-31
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• 2019

Purpose - As the market economy deepens, the issue of social equity caused by income distribution becomes more and more significant. Therefore, this paper attempts to exploit the determinants of income distribution in terms of macroeconomics. Research design, data, and methodology - The data set from 1990 to 2017 will be used to conduct an empirical analysis under a menu of econometric approaches such as vector autoregressive model and impulse response function. The income distribution and other macroeconomic variables such as foreign direct investment and employment will be used to conduct an empirical analysis to explore the determinants of income distribution in terms of macroeconomics. Results - The findings indicate that the income distribution is related with macroeconomics. More specifically, the export, import, GDP and foreign direct investment play a role in deteriorating the income distribution. Conversely, the industrialization, inflation and employment can improve the income distribution. Unfortunately, the inflation and employment do not get through under 5% significant test. Conclusions - Due to that a good income distribution can be beneficial for both a country and an individual, this paper provides a new scope for China's government to improve its income distribution in terms of macroeconomics.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.12
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• pp.919-926
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• 2020

The purpose of this study is to analyze and test the effect of financial ratios and macroeconomics on Islamic stock returns listed in Jakarta Islamic Index (JII) other than to assess whether investment risk can be an intervening variable in this study. The type of research is explanatory in nature with a quantitative descriptive approach. The data used is based on secondary sources with a sample group of 29 companies listed on JII for a 5-year period ending 31 December 2018. The data obtained were analyzed by using SEM (Structural Equation Model) with AMOS (Analysis Moment of Structural) 21 program. The results of the study show that only financial ratios affect sharia stock returns and investment risk, while the mediation test found that investment risk does not act as a mediating variable between financial ratios and macroeconomics and Islamic stock return. These findings indicate that the role of the company's financial health is very important. Besides affecting the rate of return obtained, the company's financial health can also reflect the level of risk that investors will accept in the future. By improving financial performance properly, a company will have a positive impact on various interested parties and minimize the level of investor losses.

• The Journal of Industrial Distribution & Business
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• v.9 no.9
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• pp.7-14
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• 2018

Purpose - Social welfare is a social insurance system that provides funds and services for all citizens to maximize their life quality. Its ultimate goal is to alleviate social contradictions. Therefore, this paper explores the determinants of social welfare in terms of macroeconomics. Research design, data, and methodology - Based on the vector error correction model, the annual time series from 1990 to 2017 will be used to conduct an empirical analysis. The real GDP, the real income, the inflation and the degree of openness will be treated as independent variables. The input of social welfare will be treated as a dependent variable. These variables will be used to perform the cointegration test and the vector error correction model to explore how the macroeconomic variables affect social welfare both in long run and short run. Result - Via the empirical analysis, it can be summarized that the real GDP, the real income and the degree of openness are the driving determinants to enlarge the social welfare. Conversely, the inflation is the obstructive determinant to reduce the social welfare. Conclusion - The positive and negative determinants of social welfare exist simultaneously, China's government should take macroeconomic regulation and control to balance them to enlarge social welfare.

• Korean Journal of Artificial Intelligence
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• v.6 no.2
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• pp.1-9
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• 2018

Recently, the rapid development of artificial intelligence industry has resulted in a great change in our modern society. Due to this background, this paper takes the United Kingdom as an example to explore the determinants of artificial intelligence industry in terms of United Kingdom's macroeconomics. The quarterly time series from the first quarter of 2010 to the fourth quarter of 2017 will be employed to conduct an empirical analysis under the vector error correction model. In this paper, the real GDP, the employment figure, the real income, the foreign direct investment, the government budget and the inflation will be regarded as independent variables. The input of artificial intelligence industry will be regarded as a dependent variable. These macroeconomic variables will be applied to perform an empirical analysis so as to explore how the macroeconomic variables affect the artificial intelligence industry. The findings show that the real GDP, the real income, the foreign direct investment and the government budget are the driving determinants to promote the development of artificial intelligence industry. Conversely, the employment figure and the inflation is the obstructive determinants to hamper the development of artificial intelligence industry.

• Journal of Distribution Science
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• v.17 no.1
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• pp.11-19
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• 2019

Purpose - We document the impact of economic policy uncertainty (EPU) in the US and China on the dynamic spillover effect of macroeconomics such as stock price, housing price in Korea. Research design, data, and methodology - We use the nine variables to analyze the effect which produces a result among the EPU indexes of the US and China on economic variables which is the consumer price index (CPI), housing purchase price composite index, housing lease price, the stock price index in banking industry, construction industry and distribution industry, and composite leading indicator from January 1995 to December 2016 with the Vector Error Correction Model. Result - The US EPU index has significantly a negative relation on the CPI, housing purchase price index, housing lease price index, the stock price index in banking industry, construction industry, and distribution industry in Korea. Conclusions - We find the dynamic effect of the EPU indexes in the US and China on the macroeconomics returns in Korea. This study has an empirical evidence that the economy market in Korea is influenced by the EPU index of the US rather than it of China. The higher EPU, the more risky the economy of in Korea.

• The Journal of Asian Finance, Economics and Business
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• v.9 no.9
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• pp.263-269
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• 2022

The global financial crisis of 2008-2009 and the COVID-19 pandemic that started in 2019 along with the slow and unstable recovery of the global economy have raised concerns about the impact of global uncertainty on the macroeconomics of the countries. The paper used the Structural Vector Autoregression (SVAR) model to examine the impact of global uncertainty shocks on Vietnam's economy from the period 2008-2022. We found that Vietnam's output dropped following the shock of global uncertainty, the peak was in the third month, and lasted for one year. Inflation in Vietnam had a rapid downturn in the first month, peaked in the seventh month, and took a long time to cease. When the economy experienced the shock of increased global uncertainty, Vietnam's policy interest rate was adjusted downward. Additionally, we included a long-term interest rate to consider the overall impact of monetary policy into account. A decreasing trend was also found with this rate. The global uncertainty shock effects acted as the aggregate demand shocks, reducing output and inflation as the uncertainty increases and vice versa, thus monetary policy can be used to regulate Vietnam's economy to deal with negative shocks without the trade-offs between output and inflation as aggregate supply shocks.

• Korea-Australia Rheology Journal
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• v.18 no.1
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• pp.31-38
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• 2006

A systematic approach is employed to elucidate the interrelationships among macroeconomic entities such as science, engineering, technology, industry and national economy. Specifically, a conceptual, sequential method has been developed to clearly identify the essential ingredients needed for each macroeconomic entity starting from science to transform to the next one, and all the way to the national economy where the production of added-value is of overriding importance. The results thus obtained can then be utilized for macroeconomists to readily apply the engineering theory and knowledge to various macroeconomics situations, while engineers can likewise utilize the results on top of the microeconomic knowledge already prevalent in many engineering fields in getting better grasp of the seemingly difficult nation's macroeconomic picture. Other peripheral concepts and issues such as the evolutionary development of industry, the perspectives of the $21^{st}$ century civilization, an analogy between macroeconomics and chemical engineering, and national policies for each macroeconomic entity are also presented in this study.

• The Korean Journal of Financial Management
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• v.21 no.1
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• pp.125-148
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• 2004

This paper deals with the relationship between money supply and the stock market. However, unlike past works, it has employed a rational expectation hypothesis and an efficient market hypothesis drawn from new classical macroeconomics and new Keynesian macro-economics, respectively. Accordingly, hypothesis 1 states that if economic subjects have rational expectation, they will immediately respond to a change in money supply. On the other hand, hypothesis 2 supposes that the expectation of economic subjects has changed after the currency crisis. This paper has first identified unit root by using the augmented Dickey-Fuller test and the Phillips-Perron test, then testing both hypotheses by employing the Johansen Procedure and vector error correction model for the periods before and after a currency crisis.

• Korean Journal of Construction Engineering and Management
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• v.13 no.4
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• pp.60-68
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• 2012

The past IMF foreign exchange crisis and subprime financial crisis had a big influence on variability of macroeconomics, even if the origin of its occurrence might be different. This not only had a significant infrequence on the overall industries, but also produced many insolvent companies by being closely linked with a management environment of an individual construction company leading the construction industry. Actually, the level of default risk of construction companies before and after fluctuation of macroeconomics gets to experience a rapid changing process, and a difference in reaction against shock exists according to each company. Accordingly, the purpose of this paper is to confirm the fluctuation process of the default risk of construction companies under the fluctuation of macroeconomics such as the IMF financial crisis and the subprime mortgage crisis. As an analysis result, it is judged that the subprime financial crisis gave bigger shock to construction companies than the foreign exchange crisis, and it is expected that this would have a relation with the construction market before shock of macroeconomics. In addition, it was analyzed that when comparing insolvent companies with normal companies, the recovery speed of normal companies is faster. It is judged that this was affected by a difference of internal business capacity between insolvent companies and normal companies.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.8
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• pp.311-324
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• 2021

Investors have increasingly become interested in macroeconomic antecedents in order to better understand the investment environment and estimate the scope of profitable investment in equity markets. This study endeavors to examine the interdependency between the macroeconomic antecedents (international oil price (COP), Domestic gold price (GP), Rupee-dollar exchange rates (ER), Real interest rates (RIR), consumer price indices (CPI)), and the BSE Sensex and Nifty 50 index return. The data is converted into a natural logarithm for keeping it normal as well as for reducing the problem of heteroscedasticity. Monthly time series data from January 1992 to July 2019 is extracted from the Reserve Bank of India database with the application of financial Econometrics. Breusch-Godfrey serial correlation LM test for removal of autocorrelation, Breusch-Pagan-Godfrey test for removal of heteroscedasticity, Cointegration test and VECM test for testing cointegration between macroeconomic factors and market returns,] are employed to fit regression model. The Indian market returns are stable and positive but show intense volatility. When the series is stationary after the first difference, heteroskedasticity and serial correlation are not present. Different forecast accuracy measures point out macroeconomics can forecast future market returns of the Indian stock market. The step-by-step econometric tests show the long-run affiliation among macroeconomic antecedents.