• The Journal of Asian Finance, Economics and Business
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• 제7권12호
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• pp.43-52
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• 2020

This paper examines how macroeconomic variables, such as interest rate differences, inflation, exchange rates, economic growth and external debt growth, affect capital flight in the ASEAN-8 countries. We apply a panel data model with fixed effect estimation for the data for eight countries from the period 1994 to 2018. We use the residual approach used by the World Bank to measure the value of capital flight. The results show that the interest rate differences, exchange rates, economic growth and foreign debt growth had a positive and significant effect on outward capital flight. A further implication of this finding is that the interest rate differences, exchange rate, economic growth and foreign debt growth are factors that trigger an increase in capital outflow in the ASEAN-8 countries. Nonetheless, inflation rate is not considered to be the main factor influencing capital flight, as average inflation in the ASEAN-8 countries remains relatively stable. This paper will be beneficial for policymakers in the ASEAN-8 countries and encourage them to constantly pay attention to these four variables, as they significantly influence capital flight, whereas they can disregard the impact of the inflation variable that is not significant in influencing capital flight.

• 수산경영론집
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• 제49권1호
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• pp.1-15
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• 2018

The main purpose of this study is to explore a way of fisheries cooperation through the ODA demand survey in the fisheries sector on 8 ASEAN countries. In detail, we identified the status of detailed cooperation in the fisheries sector with ASEAN countries and identified new cooperation network construction projects in accordance with the changes in external cooperation environment, and presented strategies and policy directions for fisheries cooperation projects. For this purpose, we surveyed the questionnaires of 8 ASEAN countries using structured questionnaires for local fisheries experts. As a result of the questionnaire analysis, eight ASEAN countries were classified into three groups according to DAC beneficiary standards and suggested implications. Based on the results of the survey, the basic direction of the fisheries cooperation projects in each of the eight countries surveyed was set up, and the preferred projects for fisheries cooperation projects were proposed by dividing them into groups. In addition, the research results were used to systematically establish national promotion plans.

• The Journal of Asian Finance, Economics and Business
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• 제8권3호
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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.

• Journal of Korea Trade
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• 제24권8호
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• pp.63-80
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• 2020

Purpose - Recent empirical studies have shown that FDI is expected to be strongly associated with democratic governance, political stability, and sound macroeconomic conditions of the host country. We attempt to take it a step further to see if governments implement a major change in institutional characteristics, will the institutional reform toward better governance have a substantive effect in enhancing FDI inflows. This paper thus aims to analyze the importance of good governance as an important factor in the attractiveness of FDI inflows in ASEAN+3 (Korea, China, Japan) countries. Design/methodology - To determine the effects of good governance on FDI inflows across ASEAN+3 countries recorded between 1996-2018, the Worldwide Governance Indicators (WGI) are used to investigate the impact of good governance on FDI inflows. The model has been estimated by using fixed effects to show the robustness of the results. Findings - Our main findings can be summarized as follows: Political Stability, Rule of Law, and Voice and Accountability have a statistically significant impact on the inflow of FDI in the ASEAN+3 Countries, especially for Korean economy. Moreover, GDP growth continue to exert their positive influence. However, Regulatory Quality, Government Effectiveness and Control of Corruption, though equally important, are insignificant to attract FDI inflows. The key finding is that good governance has a significant impact on inward FDI in the ASEAN+3 countries. Originality/value - Existing studies focus on the impact of political factors on FDI across countries. This paper instead attempts to investigate which type of good governance is the most important in promoting FDI inflows across ASEAN+3 countries, which is essential for multinationals to consider when choosing a foreign site as a possible FDI destination.

• The Journal of Asian Finance, Economics and Business
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• 제8권3호
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• pp.731-740
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• 2021

This research aims to investigate the determinants of real effective exchange rate in emerging ASEAN countries, including Indonesia, Malaysia, Philippines, Thailand, and Vietnam. The research was conducted by using quarterly time series data set from 1980Q1 to 2020Q3. Cointegration and the error correction model (ECM) methods were applied to test the long run and short run relationship of the real effective exchange rate and its determinants. The results indicate that the ratio of foreign direct investment to GDP and the government spending have significantly positive impact on real effective exchange rate in the Emerging ASEAN countries. The trade opening had influencing real effective exchange rate in most the Emerging ASEAN countries, except Vietnam. In addition, the international reserve (INR) had significant long-run impacts variables on real effective exchange rate in Malaysia, Thailand and Vietnam. In the short run equilibrium, the error collection term suggest that Indonesia and Malaysia are the fastest speed adjustment to equilibrium. In addition, the term of trade influence the real effective exchange rate in Indonesia, Malaysia, and the Philippines but it is not in Thailand and Vietnam. However, FDI is a major factor of the real effective exchange rate in Vietnam, but not for other countries.

• The Journal of Asian Finance, Economics and Business
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• 제8권8호
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• pp.421-431
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• 2021

This study investigates the empirical linkages between ASEAN countries' institutional quality and financial inclusion using country data from 2008-2019. In this paper, six governance indicators from the World Governance index are used to measure the impact of institutions on financial inclusion. The PCA method's financial inclusion index is constructed from 3 indicators: penetration, access, and usage: penetration, access, and usage with six indices respectively as the number of ATMs per 1000 km², the number of bank branches per 1000 km², the number of ATMs per 100,000 people and the number of bank branches for 100,000 adults, the ratio of credit to private to GDP, and the ratio of deposit to private to GDP. Regression analysis with the Generalized Moments method shows the positive impact of institutions and other control variables like GDP per capita, inflation, bank concentration, and human development index on financial inclusion. Therefore, this study recommends that the government and policymakers in countries pursue the financial inclusion agenda to pay attention to the financial and economic indicators and institutional factors. This is because many savers, borrowers, and investors may not be protected when financial contracts are enforced or breaches occur in an environment where economic, legal, judicial, and political institutions are weak, such as in ASEAN countries.

• The Journal of Asian Finance, Economics and Business
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• 제8권10호
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• pp.229-238
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• 2021

The article applies the ECM - ARDL model to examine the relationship between economic indicators and the existence of the disease in the long run of 10 ASEAN countries from 2000 to 2019. There are two models: The first model investigates the impact of GDP per capita, net inflow FDI, unemployment rate, and inflation rate on the proportion of export to GDP of ASEAN countries, the second model is similar to the first one but adds one more variable to the independent variable list - 'the variable for disease'. The results prove the long-run effect of GDP per capita, FDI, unemployment and inflation rate on export of the selected countries, though individual country shows differences in the sign and magnitude of these impacts. Surprisingly, the number of people suffering from disease does not affect the export of all selected countries as expected. The results of the two models also indicate that the disequilibrium in the short run converges to the equilibrium in the long run with a high proportion, especially in the case of Cambodia and the Philippines, with the rate of 95.65% and 151.94%, respectively. The findings can be useful for policymakers in promulgating efficient policies to enhance the trading activities of the selected countries.

• The Journal of Asian Finance, Economics and Business
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• 제8권11호
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• pp.41-46
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• 2021

The purpose of this study is to investigate the relationship between unemployment and shadow economy for 7 selected ASEAN countries using panel data from 2000-2017. This study uses a sample of 7 ASEAN countries including Cambodia, Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam covering the 2000-2017 period. The stationarity of the variables is determined by Pesaran panel unit-root tests. The Westerlund panel co-integration technique is used to examine the long-run relationship among the variables. In addition, dynamic ordinary least squares (DOLS) and fully modified ordinary least squares (FMOLS) methods are also employed. The DOLS and FMOLS results indicate that unemployment acts as an important driver for the increase in the shadow economy. In addition, the study results also reveal that GDP per capita has a negative impact on the shadow economy. Moreover, government expenditure, bank credit, and inflation are positively related to the shadow economy. The empirical results indicate that the size of the shadow economy is boosted by unemployment in the selected ASEAN economies. In addition, it is also evident that an increase of GDP per capita in the sample countries results in a lower shadow economy. Besides, government expenditure, bank credit, and inflation play a crucial role in the shadow economy.

• 국제지역연구
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• 제13권2호
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• pp.117-144
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• 2009

Yamazawa (1970) 교수가 개발한 무역결합도 모형을 이용하여 한국의 주요 ASEAN제국에 대한 무역결합도, 무역보완도 및 국별편향도를 OECD 무역행렬자료을 이용하여 2000년과 2005년에 대해 계측하였다. 한국의 인도네시아에 대한 무역결합도는 2000년의 8.91로부터 2005년에는 10.88로 상승하였는데, 이는 주로 한국의 인도네시아에 대한 국별편향도가 2000년의 9.58로부터 2005년에는 10.75로 크게 상승한데 기인한 것이다. 이러한 결과는 무역결합도를 증진시키기 위해서는 양국간 자본이동을 증가시키거나 무역장벽을 낮추는 등의 양국간 국별편향도를 개선시키는 노력이 필요하다는 것을 의미한다. 한국의 여타 주요ASEAN제국(즉, 말레이시아, 필립핀, 싱가폴 및 태국)에 대한 무역결합도의 경우 동 기간 중 무역보완도가 다소 하락한 것 외에는 상술한 한국의 인도네시아에 대한 무역결합도와 유사한 변화를 보이고 있다. 따라서 한국과 이들 여타 ASEAN제국 간에 자본이동을 증가시키거나 무역장벽을 낮춤으로써 한국과 이들 여타 ASEAN제국 간의 국별편향도를 개선시키는 노력이 필요해 보인다.

• 한국비블리아학회지
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• 제27권3호
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• pp.273-294
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• 2016

본 연구는 한-ASEAN 공적개발원조(ODA) 사업의 일환으로 ASEAN(Association of Southeast Asian Nations) 회원국에서 공공도서관이 정보소외계층인 여성들에게 ICT 리터러시 교육 및 활용 공간으로서 적합한지 알아보고, 향후 활용 방안을 모색하기 위하여 진행되었다. 이를 위해 ASEAN 회원국 공공도서관 여성 이용자 1,000명을 대상으로 설문조사를 하고 ASEAN 회원국 10개국의 사서 및 정보전문가와 심층 인터뷰를 진행하였다. 설문조사 결과 전체 응답자의 68.8%가 공공도서관이 ICT 교육장소로 적합하며, 접근이 편리하다고 응답하였다. 또한 도서관 이용 목적에 대하여 27.5%가 정보검색과 이메일 등 ICT를 이용하기 위해 도서관을 방문하는 것으로 나타났다. 또한 사서 및 정보전문가와의 인터뷰 결과 효율적인 ICT 리터러시 교육을 위해서는 인터넷과 컴퓨터 기반 시설의 확충이 필요하며, ICT 리터러시 교육 담당자를 위한 기술 교육과 관련 기관과의 협력, 재정 확충 및 세부 정책의 필요성이 제기되었다.