• Title, Summary, Keyword: 글로벌 금융위기

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해운이슈 - 글로벌 금융위기가 2009년에는 과연 어떻게 전개될까? - 포스코경영연구소, '글로벌 금융위기 전개방향' 분석 -

  • 한국선주협회
    • 해운
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    • no.1
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    • pp.19-22
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    • 2009
  • 사상최고의 호황기와 최악의 침체기를 동시에 경험했던 세계 해운업계는 2009년에 글로벌 금융위기가 어떻게 전개될 것인지에 대해 촉각을 곤두세우고 있다. 지난해 9월 미국 리먼브러더스의 파산으로 야기된 글로벌 금융위기가 전세계로 확산되면서 해운시황이 5개월 사이에 최악의 상황으로 곤두박질했기 때문이다. 긍정적인 전망 보다는 부정적인 전망이 우세한 가운데 포스코경영연구소에서‘글로벌 금융위기 전개방향 및 파급영향’을 분석했다. 다음은 그 내용을 정리한 것이다.

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해운이슈 - 세계 금융위기 발발로 인한 한국경제 파급효과 클 듯 - 삼성경제연구소, '글로벌 금융위기와 한국경제' 발표 -

  • 한국선주협회
    • 해운
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    • no.10
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    • pp.16-21
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    • 2008
  • 최근 글로벌 금융위기가 심화된 이후 한국경제의 불확실성이 높아지고 있다. 환율과 주가를 비롯한 제반 금융변수들의 변동폭이 사상 최고치를 기록하는 등 국내 금융시장이 불안한 모습을 보이고 있다. 다음은 삼성경제연구소에서 최근 발표한 '글로벌 금융위기와 한국경제'를 요약정리한 것이다.

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Spillover Effects among Chinese, Korean, and the U.S. Stock Markets -Comparison of the two financial crises- (아시아 외환위기와 글로벌 금융위기에서의 중국, 한국, 미국주식시장 사이의 spillover효과에 관한 연구)

  • Kim, Kyu-Hyong;Chang, Kyung-Chun;Shi, An-Qi
    • Management & Information Systems Review
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    • v.29 no.2
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    • pp.97-118
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    • 2010
  • This paper explores the mean and volatility spillover effects among Chinese, Korean, and the U.S. stock markets during the Asian and global financial crises. We found that, during the Asian Financial crisis, there was no mean spillover effect to the Chinese stock markets. However, there were reciprocal mean spillover effects between the U.S. and the Korean market. This implies that Korean market was open, while Chinese market was secluded from the international financial market at that time. The negative volatility spillover effect between the U.S. and China reinforces this finding. During the global financial crisis, there was reciprocal mean spillover effect between the U.S. and China, and between the U.S. and Korea. This may reflect the fact that Chinese market has opened to the international financial market. However, the volatility spillover effect does not exist between China and the U.S., while the U.S. and Korea has reciprocal volatility spillover effect to each other. These findings may imply that China is still in the process of opening her stock market to international investors.

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The Impact of Foreign Investors on Asian Emerging Equity Markets during the Global Financial Crisis (글로벌 금융위기 기간에 외국인 투자자가 아시아 신흥국 주식시장에 미친 영향)

  • Jo, Gab-Je;Kim, Yoon-Min
    • International Area Studies Review
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    • v.20 no.1
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    • pp.79-104
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    • 2016
  • This paper investigates the impact and behavior of foreign equity investment in Asian emerging economies during the 2007-2008 and the 2010-2012 global financial crises in terms of volatility and return. The empirical results indicate that foreign investors show positive feedback trading behavior in the sample countries. We find evidence that foreign investors' net selling behavior significantly increases market volatility in most countries.

An Analysis of the Co-Movement Effect of Korean, Chinese, Japanese and US Stock Markets: Focus on Global Financial Crisis (한국·중국·일본·미국 주식시장 간 동조화 현상: 글로벌 금융위기 전·후를 중심)

  • Choi, Sung-Uk;Kang, Sang Hoon
    • International Area Studies Review
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    • v.18 no.3
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    • pp.67-88
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    • 2014
  • The Chinese stock market has increasingly strengthened its market power on other stock markets due to rapid growth of its economy. In this context, this study investigated return spillover effect as well as asymmetric volatility spillover effect using a VAR-Bivariate EGARCH model among stock markets(China, US, Japan, Korea). Furthermore, we conjectured the impact of 2008 global financial crisis on the spillover effect of the Chinese stock market. In our empirical results, the Chinese stock market has a weak return spillover effect to other markets(US, Japan, Korea), but after the global financial crisis, its return spillover effect becomes stronger among other stock markets. In addition, the Chinese stock market have strengthened its asymmetric volatility spillover effect on other stock markets after the Global financial crisis. As a result, the Chinese stock market has an strong influence on other stock markets.

Measures of Underlying Inflation and Evaluation of Inflation Targeting with Global Crisis in Korea (글로벌 금융위기와 물가안정목표제 평가: 근원인플레이션을 중심으로)

  • Park, Won-Am
    • KDI Journal of Economic Policy
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    • v.32 no.3
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    • pp.1-32
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    • 2010
  • The global financial crisis has exerted enormous impacts on the attainment of inflation target in Korea. The annual average CPI inflation was 3.3% during the targeting period of 2007-2009 and the target was $3.0{\pm}0.5%$. Thus Korea has succeeded in keeping annual average CPI inflation just below the upper limit of the 2007-2009 target under the global crisis. This paper intends to evaluate the performance of the inflation targeting system in Korea. First, it estimates the conventional call rate reaction equation under the global crisis and finds that the policy interest rates never reacted to expected inflation, output gap, and won/dollar exchange rate, as expected by theory. Second, it identifies the shock of global financial crisis into core and non-core, applying the structural VAR model. The core shock was defined to have no (medium- to) long-run impact on real output. The core shock was identified to have the character of the demand shock, since it has the positive impact on the inflation and output in the short run. The structural core inflation due to core shock was an attractor of headline inflation, not vice versa. Therefore, the structural core inflation that reflects the demand-side shock would be the better intermediate target for the final headline inflation target than the official core inflation that excludes the volatile inflation of agricultural and oil-related products. During the inflation targeting period of 2007-2009, the structural core inflation was more volatile than the official core inflation, because the global crisis has very large negative impacts on the domestic demand as well as the prices of agricultural and oil-related products. This paper shows that the negative core shock during the fourth quarter of 2008 was larger than that in the financial crisis in 1998. But the core shock turned into positive very quickly in 2009, as the Korean economy recovered very quickly from crisis. The volatile changes in structural core inflation suggests that the Bank of Korea barely managed to attain the 2007-2009 inflation target, owing to the very large negative impacts of the global financial crisis on the domestic demand. It also suggests that the rapid rise in core inflation with the rapid recovery of the Korean economy will lead to rapid rise in headline inflation.

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The Impacts of Speculative Trading on Commodity Prices After the Global Financial Crisis (금융위기 이후 투기 거래가 원자재 가격에 미친 영향)

  • Kim, Hwa-Nyeon
    • Journal of the Korea Academia-Industrial cooperation Society
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    • v.17 no.5
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    • pp.179-185
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    • 2016
  • This study verifies whether speculative trading in commodity markets acted as the primary cause of the increase in commodity prices after the global financial crisis using the Structural Vector Autoregressive (SVAR) model. The effects of speculative trading on commodity prices increased by a factor of 3 to 6 after the crisis compared to those before the crisis. Although the demand related variables, such as industrial production, affected commodity prices significantly before the crisis, their effects decreased after the crisis. Consequently, the rebound of commodity prices after the crisis was mainly caused by the increase in speculative money, fortified by the expansion of the global liquidity supply. The global liquidity may well increase in the future, because the U.S. Federal Reserve Board is likely to continue to increase its interest rate. This study claims that when global liquidity shrinks as a result of a change in the Fed's monetary policy stance, speculative trading will slow down, leading to a decline in commodity prices.

A Study on the Effect of Financial Cooperation in East Asia on the Export-Import Logistics (수출입 물류에 동아시아 금융협력이 미치는 영향 분석)

  • Kang, Bo-Kyung
    • Journal of Korea Port Economic Association
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    • v.27 no.3
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    • pp.161-177
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    • 2011
  • Nowadays, a capital flow and intimacy of financial system among countries have been increasing in global financial environment. So it is easily possible that the risk of some countries which are in financial crisis infects other countries in the world. A recent global financial crisis reminds countries in East Asia of advancing the financial cooperation as well as financial integration. Countries in East Asia agreed with the Chiang Mai Initiative to prevent a recurrence of financial crisis in East Asia. A bilateral swap arrangement of the CMI has several purposes in order to offer foreign currency liquidity against economic crisis, remove the opportunity cost of foreign exchange reserve, push ahead the financial integration, increase the export-import logistics and so on. This paper analyzes the effect of financial cooperation in East Asia on the export-import logistics with random effect estimation and fixed effect estimation. As a result, each of country in East Asia is able to increase almost 10.3% of the export-import logistics on average.

Global Financial Crisis and the Monitoring Role of Foreign Investors (글로벌 금융위기와 외국인투자자의 감시자 역할)

  • Rhee, Chang Seop;Chun, Hong-min;Soh, Seung Bum
    • The Journal of the Korea Contents Association
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    • v.19 no.9
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    • pp.233-241
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    • 2019
  • The purpose of this study is to empirically analyze whether the influence of foreign investors from the monitoring role in Korean capital market is observed differently in accordance with the global financial crisis situation. We collected a total of 2,919 firm data from 2003 to 2015 and performed the empirical tests between foreign investor ownership and firms' cost of equity capital separately according to the situation of the global financial crisis. From the empirical results, foreign investors in general were playing a positive function in the Korean capital market by effectively performing the monitoring role for companies. However, we observed that their monitoring role is not effectively performed when the risk level of capital market is maximized, such as during the global financial crisis. The study suggested that the influence of foreign investors may vary depending on the level of risk in the capital market, which is expected to contribute to the market participants and academia.

해운이슈 - 지난 2008년 세계해운시장 천당과 지옥 동시에 경험 - 미국발 금융위기 전세계로 확산되면서 해운 직격탄 -

  • 한국선주협회
    • 해운
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    • no.2
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    • pp.12-18
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    • 2009
  • 지난 2008년은 글로벌 금융위기에 의한 악재가 해운시장에 그대로 반영된 한 해였다. 지난해 9월15일 리먼브러더스 파산신청을 계기로 시작된 미국발 금융위기가 급속도로 실물경제로 전이되면서 세계교역량이 급격히 감소하면서 세계해운시장은 벼랑 끝으로 추락했다. 다음은 Lloyd's Shipping Economist 2월호 '통계로 본 2008년 해운시황 회고'를 정리한 것이다.

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