• Asian Journal of Business Environment
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• v.6 no.1
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• pp.19-24
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• 2016

Purpose - This paper aims to find and analyze factors that determine the flows of bilateral foreign direct investment in intra-ASEAN. It specifically focuses on the dimension of macro-economic, natural resources, human resources, and the quality of governance. Research design, data, and methodology - Data were collected from 64 bilateral relations between ASEAN nations from 2002 to 2013. Panel gravity model was utilized to find factors that determine the flows of bilateral foreign direct investment. Results - Significant factors were identified that determine the flows of bilateral foreign direct investment: GDP home country, GDP host country, real interest rate, distance, and total natural resources rent. Unexpectedly, natural resources have a negative effect. Conclusions - In a situation of increasing the flow of FDI among the countries of ASEAN, the government should control the interest rates and maintain good relations with nearby countries. The negative effect of total natural resource rents implies that ASEAN countries should not depend on their natural resources to attract foreign investments.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.4
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• pp.635-641
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• 2021

This paper aims to find out the main factors that are important in determining the size of investment in the Jordanian productive sectors. For this purpose, the study used panel data for four Jordanian productive sectors over the period 2000-2017. Also, fixed-effects modeling was carried out to identify the relationship between investment and its potential determinants. Empirical investigations of the four productive sectors reveal the following results: The real value of sector's production and the real value of credit facilities have a positive and significant impact on investment, while the real interest rate has a negative effect on investment in the Jordanian productive sectors. Also, at the sector level, agriculture was more responsive to changes in the real value of credit facilities, while other sectors were more responsive to changes in the real value of sector's production. According to these results, it seems that some policy actions should be taken to enhance the size and the role of investment in the economy. For example, policymakers should adopt a mixed policy and expand the provision of credit facilities, especially to the agricultural sector, to enhance agricultural activity in a manner that ensures the improvement of infrastructure and land reclamation.

• The Journal of Industrial Distribution & Business
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• v.12 no.2
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• pp.41-52
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• 2021

Purpose: This study aims to provide implications for the government's housing supply policy by analyzing the factors that determine the type of real estate holding and household debt. This study started from the awareness that the determinants of household debt differ depending on the type of real estate holding. Research design, data and methodology: Real estate ownership type was classified and analyzed into 4 models: model 1 (1 household 1 house and self-resident), model 2 (1 household multiple real estate ownership and self-resident), model 3 (1 household 1 house and rent residence), model 4 (1 household holds a large number of real estate and rent residence). The analysis method used multiple regression analysis. The dependent variable was household total debt. As independent variables, household debt, annual gross household income, financial assets, real estate net assets, annual repayment, demographic & residential characteristics were used. Results: 1) Model 4 has the highest household debt and the highest gross income, Model 2 has the most real estate mortgage loans and real estate net asset, and Model 1 has the highest real estate mortgage payments. 2) The positive factor of common household debt determinants is real estate net assets, and the negative factor is financial assets. 3) It was the net assets of real estate that acted as a positive factor in common for the four models. In other words, the more financial assets, the less household debt. It was analyzed that the more net assets of real estate, the more household debt. The annual repayment of financial liabilities had no influence on household debt, while the annual repayment of loan liabilities and household debt had a positive relationship. Conclusions: 1) It is necessary to introduce benefits and systems that can increase the proportion of household financial asset. Specific alternatives include tax benefits and reduced fees for financial asset investment. 2) In the case where a homeless person prepares one house for one household, it is necessary to prepare various support measures according to the income level. The specific alternative is to give additional points for pre-sale or apply an interest rate cut incentive for mortgage loans.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.12
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• pp.63-73
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• 2021

This study investigates the key determinants of exchange rate (RER) misalignment for the period 1991 to 2020. The BEER technique has been used to estimate the degree of the equilibrium exchange rate. To explore the actual exchange rate misalignment and to assess the behavior of variables that are different in different regimes of undervaluation and overvaluation, the nonlinear technique of Markov regime-switching (MSM) was applied. The mean and variance of each regime are highly significant and show that undervaluation episodes have a low mean (116.139) and more volatility (1.229) while overvaluation episodes have a high mean (126.732) with less volatility (0.871). The findings show that MSM accurately identifies exchange rate misalignment in both regimes as separate incidents of overvaluation and undervaluation. Results further depict that misalignment of the RER is affected by terms of trade, net foreign assets, interest differential, government investment, and consumption decision. Results recommend that if policymakers want to use the exchange rate as a policy tool, they must first consider the drivers of the equilibrium exchange rate. As a result, any deliberate actions to address exchange rate misalignment must focus on the underlying fundamentals that drive the exchange rate.

• 사회경제평론
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• no.38
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• pp.241-259
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• 2012

This paper reviews four different kinds of currency crisis models proposed to explain the Korean crisis of 1997 to examine which model is more relevant to explain the Korean crisis of 2008. According to the author's investigation, the 'Frenkel-Neftci' cycle is more relevant model to interpret the Korean crisis of 2008. In 2008, spreads opened due to, first, high interest rate policy by the Korean government aimed to suppress real estate price increase, and, second, the expectation about exchange rate appreciation, and thirdly stock market returns after recovering the crisis. Then the international capital market catastrophe due to the subprime crises produced the sudden change of expectation of the market participants. Huge capital outflows resulted from the credit crunch in the international capital markets, and the possibility of exchange rate depreciation by the Korean government to promote exports in the course of the global recession.

• Communications for Statistical Applications and Methods
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• v.24 no.6
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• pp.605-625
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• 2017

This paper presents proportional odds cure models to allow spatial correlations by including spatial frailty in the interval censored data setting. Parametric cure rate models with independent and dependent spatial frailties are proposed and compared. Our approach enables different underlying activation mechanisms that lead to the event of interest; in addition, the number of competing causes which may be responsible for the occurrence of the event of interest follows a Geometric distribution. Markov chain Monte Carlo method is used in a Bayesian framework for inferential purposes. For model comparison some Bayesian criteria were used. An influence diagnostic analysis was conducted to detect possible influential or extreme observations that may cause distortions on the results of the analysis. Finally, the proposed models are applied for the analysis of a real data set on smoking cessation. The results of the application show that the parametric cure model with frailties under the first activation scheme has better findings.

• Journal of Distribution Science
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• v.14 no.4
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• pp.33-38
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• 2016

Purpose - This study purposes to analyze the impact of regional economic integration and macroeconomic on Indonesian FDI inflows. Research design, data, and methodology - Data were collected from bilateral relation between Indonesia and 21 home countries whose dominant share FDI to Indonesia from 2005 to 2013. Analysis method was conducted by panel gravity modeI to find the impact of regional economic integration and macroeconomic on Indonesian FDI inflows. Results - The empirical results show that GDP of the home country and Indonesia have a positive impact on Indonesia FDI. Distance and home country real interest rate have a negative impact on Indonesia FDI. Economic integration of European Union (EU) and Indonesia's cooperation with Japan in ASEAN-Japan Comprehensive Economic Partnership (AJCEP) have created impact of investment creation on Indonesia FDI, unfortunately, economic integration of ASEAN has created impact of investment diversion on Indonesian FDI. Conclusions - In order to increase FDI inflow to Indonesia, Indonesia government should improve the physical and social infrastructures to drive the productivity and economic efficiency. It will increase the GDP and also attract more investors. Low interest rate policy should be considered.

• International Area Studies Review
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• v.12 no.3
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• pp.49-67
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• 2008

In this paper, we address the problem of optimal monetary policy rule in the presence of abrupt shifts in the structure of the economy. To do so, we first estimate a Markov switching model for the US housing price inflation, and find evidence supporting the presence of two distinct regimes for the US housing price inflation. One of the two regimes identified appears 'usual', in that housing price inflation negatively responds to higher real interest rate. The other regime is 'unusual', in that the housing price inflation is positively related with real interest rate. We then solve an optimal control problem of the FRB under the presence of the two regimes thus identified. The optimal policy is 'asymmetric' in that the optimal responses in the 'usual' regime require the FRB to lean against the wind to inflationary pressure, while the FRB is recommended to accommodate it in the unusual regime. It is also found that the optimal degree of responses is more conservative when the FRB acknowledges the uncertainty about future regime.

• The Journal of the Convergence on Culture Technology
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• v.8 no.1
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• pp.435-440
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• 2022

This study analyzed the impact of changes in real estate prices on the soundness of Korean banks using multiple regression models. As a result of the analysis, changes in real estate prices significantly increase the banks' non-performing loans through the increase in loans. Among macroeconomic variables, short-term interest rates were found to have a significant effect on all soundness indicators such as BIS capital adequacy ratio, non-performing loans ratio, and liquidity coverage ratio. Among the bank characteristics indicators, the loan growth rate had a significant negative effect on BIS capital adequacy ratio, and the real estate mortgage rate had a significant positive effect. In additional, it was found that non-performing loans ratio and liquidity coverage ratio had a negative effect on BIS capital adequacy ratio.

• Journal of the Korea Institute of Information and Communication Engineering
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• v.16 no.12
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• pp.2665-2674
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• 2012

This paper propose the method to recognize the lanes and distance between cars in real-time which detects dangerous situations and helps safe driving in the actual road environment. First of all, it extracts the area of interest corresponding to roads and cars from the road image photographed by using the forward-looking camera. Through the hough transform for the area of interest, this study detects linear components and also selects the lane and conducts filtering by calculating probability. And through the shadow threshold analysis of the cars in front within the area of interest, it extracts the objects of cars in front and calculates the distance from cars in front. According to the result of applying the suggested technology to recognize the lane and distance between cars to the road situation for testing, it showed over 95% recognition rate; thus, it has been proved that it can respond to safe driving.