• The Journal of Asian Finance, Economics and Business
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• 제3권3호
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• pp.27-37
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• 2016

This study uses an endogenous economic growth model to determine the long run relationship between trade openness and economic growth in China by using the data 1975-2009.It contributes to the literature by developing trade openness index. An autoregressive distributed lag approach to cointegration and rolling regression method are employed. This study tests the link between trade openness and economic growth in the case of China by using the framework of endogenous economic growth model. This study also employs the rolling window regression method in order to examine the stability of coefficients throughout the sample span. The autoregressive distributed lag (ARDL) cointegration technique and rolling regression method are used. The empirical findings indicate that trade openness (i.e. Both individual trade indicator and composite trade openness index) are positively related to economic growth in the long run and short run. Our results indicate that trade openness as measured by individual trade indicator and composite trade openness index are positively related to economic growth in the long run and short run. However, results from the rolling window suggest that trade openness is negatively linked to economic growth only for a number of years.

• The Journal of Asian Finance, Economics and Business
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• 제8권3호
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• pp.111-118
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• 2021

The purpose of this paper is to study the impact of trade openness on foreign direct investment (FDI) inflows into Vietnam, an emerging country with relatively high trade openness in recent years. The study used the vector autoregression (VAR) model to examine the impact of trade openness on FDI in Vietnam, in the period from 2005 to 2019. The research data are time-series data, with quarterly frequency, from 2005:Q4 to 2019:Q3. The FDI data were collected by International Financial Statistics. The data of trade openness were calculated based on Vietnam's export, import, and GDP data collected by the General Statistics Office of Vietnam. The estimated result shows that the trade openness has a positive effect on FDI. The current FDI is heavily influenced by FDI in the past with an average explanation of 74%. The main findings indicate that trade openness has a positive effect on FDI inflows into Vietnam. The findings also show that FDI in Vietnam is significantly affected by the shocks of the FDI itself in the past. The findings of the study suggest the Vietnamese Government improves the quality of trade openness and FDI, continues and maintains economic relations with other countries to increase trade openness.

• Journal of Korea Trade
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• 제26권2호
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• pp.1-20
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• 2022

Purpose - Multiple stakeholders-including politicians, investors, and the wider public-have questioned the value of investing in port infrastructure improvements and the contributions they can make to economic performance. Design/methodology - This paper presents an empirical study of 56 countries with seaports from the year 2006 to 2019 to determine how the quality of port infrastructure affects its contribution in terms of trade openness and economic growth. To this end, this study applies hierarchical multiple regression analysis with panel data to empirically examine the economic impact of port infrastructure quality on the relationship between trade openness and economic growth. After the 56 selected countries were categorized as developed or developing, a multi-group panel data analysis was conducted. Findings - The results of this study show that trade openness has a significant positive effect on the national economy. The findings also indicate that, although developing countries should expect greater economic growth after investing in port infrastructure, this relationship weakens as developing countries become richer. Originality/value - The findings of this study not only elucidate the relationship between trade openness and national economic growth, but they also emphasize the importance of trade openness and port infrastructure in national economic growth, particularly among developing countries.

• The Journal of Asian Finance, Economics and Business
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• 제7권12호
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• pp.73-84
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• 2020

The study aims to investigate the dual effects of corruption control on economic growth in relationship with the stock market and trade openness in developing countries. The study used difference S-GMM method on the dynamic panel data model in the period (2002-2017) with data collected from the World Bank. The study discovers the dominant impacts of corruption control in the relationship with the stock market on economic growth. At the same time, the study also confirms the overwhelming impact of corruption control in the relationship between trade openness and economic growth in the developing countries. In addition, the study shows that inefficient stock markets in developing countries will not promote economic growth. Meanwhile, the long-standing credit market has a positive impact on economic growth. With the strong development of stock market and trade openness in the period (2002-2017), control on corruption in developing countries does not get better in time with the increase in demand. The findings of this study suggest a number of solutions to strengthen corruption control, leading to the increased efficiency on the stock market and as well as encouraging the positive effects of trade openness to contribute to promoting economic growth in developing countries.

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

• 노동경제논집
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• 제28권2호
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• pp.55-92
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• 2005

본 연구는 우리나라 제조업에 있어서 산업별 시장개방의 차이가 기업의 고용전략과 노사관계에 어떤 영향을 미치는지를 실증분석을 통하여 살펴본다. 우선 기업의 고용전략 면을 살펴보면 시장개방이 확대될 때 혁신전략 또는 노동비용절약적인 전략 중 어느 특정 전략을 선호하는 것으로는 나타나지 않는데 이는 시장개방이 임금이나 고용에 매우 미약한 영향을 미쳐왔다는 기존의 외국 연구와도 연관성을 갖는다. 또한 세계화 등으로 시장개방이 확대되면 기업이 노동비용절약적인 정책을 보다 더 확대할 것이라는 일반적 우려가 적어도 우리나라 제조업 부문에서는 실증적으로 증명되지 않는다는 것을 보여준다. 시장개방과 노사관계에 관한 연구 결과는 좀더 흥미로운데, 시장개방도가 높은 산업에 속하는 기업일수록 협력적 노사관계를 가질 가능성이 높게 나타나고 있다. 또한 시장개방이 확대될 때 노동조합이 존재하는 경우에 협력적인 노사관계가 보다 더 강해지는 것으로 나타나는데 이는 '대외경쟁'라는 공동의 적이 생기면 노동조합이 있는 경우 노사가 더 합심해서 타계하려고 노력한다는 것을 시사한다.

• The Journal of Asian Finance, Economics and Business
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• 제6권3호
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• pp.151-162
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• 2019

The paper examines the effects of Foreign Direct Investment (FDI) on the economic growth of Lao People's Democratic Republic (Lao PDR) between 1993 and 2015. The investigation is based on the influence of growth and economic absorptive capability determinants such as human capital, trade openness, and institutional quality. The methodological analysis uses a multivariate framework accounting capital stock, labor stock, FDI, human capital, trade openness, and institutional quality in regression of the Vector Autoregressive model. Augmented Dickey-Fuller unit root test, Johansen Cointegration test, and Granger Causality test were applied as parts of the econometric time-series analysis approach. The empirical results demonstrate the positive effects of FDI and trade openness, and the negative effects of human capital and institutional quality on the economic growth of the Lao PDR over the 1993 to 2015 period. The findings confirm that trade openness complemented by a sufficient level of infrastructure, education, quality institutions, and transparency significantly influence economic growth and attract more FDI. Research results lend credence to the need for the Lao PDR's government to focus on improving its economic absorptive capability and economic competitiveness regionally and globally by improving wealth and resource management strategies, as failure to take this course of action could lead to the Dutch Disease effects.

• Journal of Korea Trade
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• 제26권5호
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• pp.56-75
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• 2022

Purpose - This study examines the influencing factors of China's cross-border e-commerce exports in the context of the current situation and trends of China's cross-border e-commerce development. Through an improved trade gravity model, it provides more in-depth research and constructive opinions on the development of cross-border e-commerce in China. In this paper, factors such as consumption gap, volume of trade frictions, number of tourists, Internet usage and trade openness are added to the formula of the traditional trade gravity model in the improved trade gravity model to examine the influencing factors on China's cross-border e-commerce exports. Design/methodology - According to the empirical analysis, China's cross-border e-commerce exports to ten countries are used as dependent variables, and consumption gap, trade friction volume, trade distance, trade openness and number of Internet users are taken as independent variables. Regression analysis is conducted through a modified gravity model to test whether the hypotheses hold. Findings - The analysis shows that the hypothesis that China's cross-border e-commerce exports are influenced by trade openness, trade distance, consumption gap between trade parties, and the number of Internet users in the importing country is supported by these four hypotheses, but not all independent variables have an impact on them. Specifically, the number of travelers, trade frictions do not have an impact on China's cross-border e-commerce. That is to say, trade friction between China and the United States and political issues such as China-India and China-Japan territorial disputes that emerged before do not affect the development of cross-border e-commerce in China. Originality/value - The analysis shows that the factors influencing China's cross-border e-commerce exports are the trade openness of the importing country, the trade distance, the number of Internet users in the importing country, and the consumption gap between the two sides of the trade. The trade openness and the number of Internet users positively contribute to China's cross-border e-commerce, while the consumption gap and trade distance are negatively related to them. And the analysis found that the Sino-US trade war and the Sino-Indian territorial disputes and other trade frictions to China's cross-border e-commerce exports did not have a substantial impact.

• The Journal of Asian Finance, Economics and Business
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• 제9권2호
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• pp.295-303
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• 2022

Information and communication technology (ICT) is one of the primary zones that stimulates economic development in today's globalized world. It promotes technological developments in worldwide communication and manufacturing systems, as well as economic growth and development. Many economic activities, such as international trade and foreign direct investment, rely heavily on contemporary information and communications technologies (FDI). The goal of this study is to look at the dynamic relationship between FDI, ICT, trade openness, and economic growth in the context of BRICS countries from 2000 to 2018, with Gross Domestic Product as the dependent variable and Telephone subscriptions, Mobile subscriptions, Broadband subscriptions, Internet subscribers, Secure internet servers, Trade, and Foreign direct investment as the independent variables.Two variables are used as proxies to manage the macroeconomic environment, while five variables are used as proxies for ICT infrastructures. The outcomes of this study are analyzed using Generalized Methods of Movements (GMM). According to this study, ICT has a positive impact on the economic growth of a few countries. Trade openness and foreign direct investment, on the other hand, have a negative impact on economic growth. As growing countries, the BRICS must participate in economic reform and liberalization measures. This report suggests policy proposals for improving ICT standards, focusing especially on economic growth, trade openness, and increasing foreign investment in the BRICS countries.

• 국제지역연구
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• 제14권3호
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• pp.477-498
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• 2010

본 연구는 다른 국가에 비해 무역개방도가 높은 동아시아 국가의 특징을 고려한 조건부 수렴현상을 패널분석 하였다. 이는 동아시아 국가는 무역개방도가 높은 특징이 나타나고 있기 때문에 경제성장의 수렴현상을 분석하기 위해서는 무역개방도를 추가적으로 통제할 필요가 있기 때문이다. 분석결과 인적자본, 투자율을 통제하였을 때 보다 무역개방도를 추가로 통제하였을 때 수렴현상이 더욱 뚜렷하게 나타났고 수렴속도도 더욱 빨라진 것으로 분석되었다. 추가적으로 동아시아 국가들을 동남아 국가와 동북아 국가로 구분하여 분석하였다. 동북아 국가에서는 절대적 수렴과 조건부수렴 현상이 모두 나타났지만, 동남아 국가에서는 무역개방도를 추가로 통제시킨 조건부 수렴현상만이 나타났다.분석결과를 종합하면 동아시아 국가의 높은 무역개방도를 통제시킨 조건부 수렴에서 수렴현상이 더욱 강하게 나타났다. 본 연구의 분석결과를 바탕으로 시사점을 도출하면 첫째로, 대외무역의존도가 높은 동아시아 국가들의 무역개방도가 경제성장의 수렴에 있어서 상당한 긍정적인 영향을 미쳤다. 둘째, 동아시아 국가의 지역경제통합 성립을 위해서는 동북아시아 국가와 동남아시아 국가의 경제성장 격차를 줄여 나갈 필요성이 있다.