• The Journal of Asian Finance, Economics and Business
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• v.8 no.4
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• pp.55-67
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• 2021

This study aims to measure the lower tail dependence as risk contagion from the U.S. economy to 18 developing countries affecting FDI inflows using time-series data from 2005 to 2019. Firstly, we utilize four dynamic copula models, namely, Student-t, Clayton, rotated survival Gumbel, and rotated survival Joe, to measure the tail dependence structure between the U.S. and each developing country's real GDP growth. Secondly, we use the regression model to explore the contagion effects on FDI inflows. The results show that there is evidence of the tail dependence between the U.S and developing economies, indicating the presence of the contagion effects. Primarily, we observe that the degree of contagion effects of the global financial crisis varies across countries; a strong impact is observed in Chinese, South African, Russian, Colombian, and Mexican economic growth. Furthermore, we found significant contagion risk affecting FDI inflows positively in China, Indonesia, Columbia, Morocco, and negatively in the Philippines, Bulgaria, and South Africa. This study demonstrates the usefulness of the copulas model in terms of examining contagion. Our findings shed light on the influence of sound policies and regulations to cope with both positive and negative consequences of the contagion on the capital movement.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.3
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• pp.781-791
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• 2021

This study aims to analyze the relationship between the business cycles of the ASEAN +3 countries. In addition, the effects of the spillover value on the coincident indicators are determined. This study employs secondary data and uses multivariate time series of five ASEAN countries, namely, Indonesia, Malaysia, Singapore, Thailand, and the Philippines. The proxy was the real gross domestic product (GDP) collected annually from the CEIC, the IMF, and the World Bank for the period from 1964 to 2016. The data was plotted against two time periods, 1964-1998 as the pre-crisis period, and 1999-2016 as the post-crisis period. The index data was changed to the base year 2010. The data was subsequently separated from the trends and the cyclic components. The cyclic components were obtained by using Hondrick-Prescott filter, and them were further analyzed. The analytical method used was Contemporaneous and Cross-Correlation tools. The results showed that, before and after the crisis, the value of the business cycle correlation between ASEAN +3 countries was stronger and moved together at the same level of lag value. The implication of this research was an initial finding of the ASEAN +3 countries' prerequisites for the formation of a common currency.

• Korea Trade Review
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• v.44 no.1
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• pp.269-283
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• 2019

Due to environmental issues such as global warming, the importance of renewable energy is growing. Solar Power System is one of the most growing eco-friendly energy industries in the world, but Korea's solar energy industry faces fierce competition due to the trade regulations and changes in energy related laws in the major markets such as the U.S., EU and China. Therefore, Korea needs to diversify its export markets towards emerging markets. This paper analyzed 162 countries in the world and developed a model to measure how promising the countries are. GSMI(Grid connected Solar Market Index) and OSMI(Off-grid Solar Market Index) are invented based on the models. By using the developed model and the data of 162 countries over the 15-year period from 2000 to 2014, the foreign markets are ranked for searching the export market. According to the analysis, China, Japan, U.S, India and Taiwan ranked first to fifth in GSMI and OSMI ranking, which were followed by China, India, Bangladesh, Philippines and Afghanistan. The model developed through this research is expected to provide a more reasonable and scientific approach to the advancement of the Korean solar energy industry into overseas markets.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.7
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• pp.139-150
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• 2021

The financial system is a relatively important sector in the economy of a country. Its role in providing access to financial services to people is able to support a better economy. The main problem in this financial system is caused by the barriers that prevent individuals or companies from accessing these financial services. This study aims to empirically analyze the relationship financial inclusion and financial system stability in ASEAN 4 (Indonesia, Malaysia, Thailand, and The Philippines). Financial inclusion proxied by the financial inclusion through credit variable and other banking variables such as the number of financial services access, banking asset, and financial system stabilization is seen from banking performance through non-performing loan and Z score instruments. Empirically, the study uses panel data in the form of annual data for 2005-2016. The method used Panel VAR. The result shows that financial inclusion affects the stability of the financial system in ASEAN 4. This indicates that financial development through financial inclusion can encourage stability of the financial system in ASEAN 4. In this globalization era, the integrated financial system is increasing, this research shows the importance of developing financial inclusion by eliminating barriers to financial exclusion.

• Korea Trade Review
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• v.44 no.4
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• pp.51-66
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• 2019

This study analyzes trade competitiveness by classifying the classification by item among Korea and the 10 ASEAN member countries into high level and medium-high level technology industry groups, medium level, medium-low level, and low-level technology industry groups. Before analyzing each of the 10 member states, I investigate the trade competitiveness between Korea and ASEAN, and analyze the trade competitiveness of Korea, especially among the 10 member countries, with Korea having a competitive industrial force. The study results revealed that trade with Vietnam was actively promoted, with Korea-Vietnam trade volume also growing far above that of other member states. And trade with Korea was brisk in the order of Singapore, Indonesia, Malaysia and the Philippines. The analysis of the trade structure of the 10 ASEAN member states, confirmed that imports were also being made while exporting items in the high- and medium-level technology industry groups. The possibility of entering the Korean market was quite high, given that Korea imported high- and medium- and high-tech industrial forces while exporting low-tech industrial forces.

• The Southeast Asian review
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• v.20 no.3
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• pp.41-64
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• 2010

The recent global financial crisis triggered by the sub-prime mortgage debacle in the United States hit hard most ASEAN countries that have just recovered from the unprecedented economic crisis ten years ago. This paper, using individual time-series and panel data from 1990 to 2009, intends to investigate and compare the impacts of the two aforementioned economic crises on trade in the four developing ASEAN countries that encompass Indonesia, Malaysia, the Philippines and Thailand. In doing so, the paper traces the behaviors of main macroeconomic variables before and after the crises on graphs, and then estimates classical export and import demand functions that include real exchange rate, home and foreign GDPs as explanatory variables. In the estimation functions, two dummy variables are added to consider the effects of the two economic crises separately. Individual country data analyses reveal that by and large the 1997 economic crisis seems hit those ASEAN countries' exports and imports harder than the recent global financial crisis. Surprisingly the recent financial crisis turns out more or less statistically insignificant for those countries' export and import performances. The fixed effect model estimation using panel data of those four ASEAN countries also shows that the 1997 economic crisis had affected exports and imports of those countries negatively while the recent global financial crisis was not statistically significant. These results indicate that overall the effect from the 1997 crisis was more devastating than that of the recent global crisis for those ASEAN countries.

• Journal of Contemporary Eastern Asia
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• v.19 no.2
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• pp.40-60
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• 2020

Among Filipino entertainers in Japan, trans women (transgender women) or transpinay (Filipino trans woman) entertainers remain understudied compared to cisgender women. Though the number of entertainers has declined, transpinay entertainers remain relevant as transgender issues continue to be salient globally. This study explains the gendered experiences of the transpinay migrants, particularly in entertainment work and their relationships, which are different from cisgender Filipino women entertainers' experiences. Using grounded theory and drawing on concepts of performativity in interactions to analyze the narratives of transpinay entertainers, I delve into how transpinay entertainers negotiate their gender and migrant identities as they establish professional and personal relationships. Moreover, the transpinays' entertainment work is a significant contributing factor to their sense of belonging in Japan, as they form relationships with colleagues, clients, and partners who support them and, thereby, sustain their lifestyles as trans women. The transpinay entertainers' flows of migration between Japan and the Philippines reveal that they embrace various aspects of social remittances and use them to their advantage to create and enhance their transpinay identity in Japan. By examining the transpinays' migrant experiences, this study aims to elucidate the gendered experiences of transpinay entertainers, which involve significant negotiations in their migration pathways notably different from cisgender Filipino women entertainers, reveal resilience.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.3
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• pp.191-199
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• 2021

The study examines the causal relationship between financial development and economic growth through trade openness for the leading ASEAN countries (Indonesia, the Philippines, Malaysia, Singapore, Thailand, and Vietnam). The study employs a panel data for the period of 25 years spanning from 1995 to 2015 for the six countries, yielding a balanced panel of 150 observations. Fixed effect model (FEM) and random effect model (REM) are used for the panel data, following the Hausman test performed for model selection. The trivariate Granger causality test is also used to check for possible relationship between the variables. The results show that REM is chosen based on the Hausman test result, suggesting that the trade openness has a positive association with growth whereas the financial development is positively, but insignificantly associated with growth. The reason for this is that the financial development and economic growth may be related to each other. The results are, then, further explored and confirmed by the causality test. That is, the financial development and the economic growth, through the trade openness, are found to have bidirectional positive relationships. This implies that there would be shortcomings when ignoring the presence of trade openness, which positively impacts the relationship between finance and growth.

• Korean Journal of Plant Taxonomy
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• v.51 no.1
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• pp.10-17
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• 2021

Invasive alien species management is pivotal for biodiversity conservation. Commelina caroliniana Walter, from the family Commelinaceae, is an alien plant native to the Himalayas and India, but it has been widely introduced around the world, including in the United States, Brazil, Philippines, and Japan. In Korea, the first population was found growing adjacent to agricultural land and farm roads on Jejudo Island, and field observations confirmed the presence of at least nine populations there. It is similar morphologically to C. diffusa Burm. f. but can be distinguished by involucral bracts that are ciliate at the base, hairs on the peduncle and obsolete upper cincinnus, brown spots on its 4-lobed antherode, and seed surfaces that are smooth to slightly alveolate. It was determined to have an invasiveness low score of 8 according to the Korean 'Invasive Alien Plant Risk Assessment', suggesting that it may spread to natural habitats. Although the current distribution of C. caroliniana is restricted to Jeju-si, it has spread dramatically in many other areas of the world. At present, it has had a limited impact on the local environment, but local and regulatory authorities should pay close attention to this plant and take measures to prevent its expansion in the future.

• Journal of Species Research
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• v.10 no.4
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• pp.364-386
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• 2021

Six species of the family Kelleriidae, including four new species, are recorded from tropical waters of the Asia-Pacific, two of them from Phuket Island, Thailand, one each from Bohol Island, Philippines and Phu Quoc Island, Vietnam, and two from Kosrae Island, Micronesia. A new genus Kelleriella is proposed to accomodate one of these new species (Kelleriella quadridens n. sp.). There are three diagnostic features of the new genus: the terminal segment of antenna is armed with one strong claw and six setae, the armature of the maxilliped endopod is reduced, and the third exopodal segment of leg 4 is armed with four spines and five setae. The other three new species are Kelleria latipes n. sp., Kelleria phuketensis n. sp., and Kelleria robusta n. sp. As diagnostic features of these new species, their caudal rami are about 2.5, 3.2, and 1.72 times longer than wide, respectively, the exopod of leg 5 of them is smooth, without any process, about 1.9, 3.7, and 2.9 times longer than wide, respectively, and armed with one spine plus one seta in Kelleria latipes and Kelleria phuketensis or with 2 setae in Kelleria robusta. Additionally, Kelleria javaensis Mulyadi, 2009 is synonymized with Kelleria regalis Gurney, 1927 and Kelleria grandisetiger Kim, 2006 is synonymized with Kelleria andamanensis Sewell, 1949, and both species are redescribed.