아태비즈니스연구 (Asia-Pacific Journal of Business)

  • 제10권4호
  • /
  • Pages.119-135
  • /
  • 2019
  • /
  • 2233-5900(pISSN)
  • /
  • 2384-3934(eISSN)
강원대학교 경영경제연구소 (KNU The Institute of Management & Economy Research)
권호 표지
DOI QR코드

DOI QR Code

소비에 대한 요인별 세계화의 영향 분석

The Influences of the Globalization Factors on Consumption

  • 윤재형 (국립안동대학교 경제학과)
  • 투고 : 2019.11.30
  • 심사 : 2019.12.24
  • 발행 : 2019.12.30
PDF 다운로드
⟨ 이전 논문 다음 논문 ⟩

초록

This study analyzes the effects of trade globalization and financial globalization on consumption classified by type(durable, quasi-durable, non-durable and service). On the other hand, trade globalization and financial globalization were decomposed into OECD common factor, regional factors, and the idiosyncratic country-specific factors by time-varying dynamic factor analysis. The characteristics of OECD common factor, regional factors, and the idiosyncratic country-specific factors of trade and financial globalization were analyzed. Furthermore, the influences of these factors on consumption by type were analyzed. The analysis shows that globalization has negative effects on consumption. In particular, we found out that the idiosyncratic country-specific factor of Korea in trade and financial globalization had a statistically significant negative effect on consumption. We can infer that the globalization affecting consumption can be attributed to the idiosyncratic country-specific factor, which is economic choice rather than uncontrollable global trend. Accordingly, to solve the sluggish consumption problem caused by globalization, it is necessary to require not only domestic consumption expansion policies but also the efforts to resolve economic polarization problems to be able to stimulate consumption.

키워드

참고문헌

  1. Bae, MiKyeong and Kwanghee Park (2005), "A Study of Consumption Patterns for High-Income Households-Six Major Expenditure Catagories", Korean Journal of Human Ecology, 14(3), 423-432.
  2. Bhatt, V., N. K. Kishor and J. Ma(2017), "The Impact of EMU on Bond Yield Convergence: Evidence from a Time-Varying Dynamic Factor Model", Journal of Economic Dynamics and Control, 82, 206-272. http://dx.doi.org/10.1016/j.jedc.2017.06.008
  3. Chen, Xiaofen (2017), "Globalization and Household Saving: Is there a Link ?", Applied Economics, 49(29), 2797-2816. https://doi.org/10.1080/00036846.2016.1248355
  4. Choi, Nam-Jin and Dong-Hun Joo (2016), "Effect of Household Debt and Volatility of Debt on the Consumption and Growth Rate", Journal of Finance & Knowledge Studies, 14(1), 71-100.
  5. Choi, Heegab(2003), "Consumption under Uncertainty: Use of Direct Observations on Expectations", KUKJE KYUNGJE YONGU, 9(1), 187-206.
  6. Gygli, S., F. Haelg, and J.E. Sturm (2018), "The KOF Globalization Index-Revisited". KOF Working Paper 439, KOF Swiss Economic Institute.
  7. Hall, R.E.(1978), "Stochastic Implications of the Life Cycle-Permanent-Income Hypothesis: Theory and Evidence", Journal of Political Economy, 86, 971-87. https://doi.org/10.1086/260724
  8. Hwang, Jinyoung and Sun-Ho Lee (2015), "Household Debt and Its Impacts on Consumption and Income in Korea", The Journal of Korean Public Policy, 17(2), 127-153.
  9. Kang, Hui-Don and In-Hwan So (2005), "The Effects of National Pension and Population Aging on Private Consumption and Savings", Monthly Bulletin, The Bank of Korea, 23-61.
  10. Kim, Byung-Woo (2018), "Effects on Consumption of Public Social Security", Korean Journal of Public Finance, 11(1), 109-145.
  11. Kim, Ji-Yong (2017), "An Analyzing the Competitiveness of Chinese Metal Items in the Korean Market under Korea-China FTAS", Asia-Pacific Journal of Business, 8(1), 67-77.
  12. Kim, Jin-Woo and Seung Hee Kim (2018), "An Analysis on the Effects of Household Consumption Expenditure on Household Characteristics According to the Change of Housing Price", Residential Environment, 6(4), 179-195. http://dx.doi.org/10.22313/reik.2018.16.4.179
  13. Kim, Tae-Hwan and Yunmi Kim (2018), "The Asymmetric Nature of Rule-of-Thumb Consumers", Applied Economics, 16(1), 115-134.
  14. Kim, Young-Joon and Jong Chil Son (2014), "The Effect of Global Outsourcing and Technological Change on Skill Premium in Korea", KYUNG JE HAK YON GU, 62(1), 91-131.
  15. Konya, I. and H. Ohashi(2004), "Globalization and Consumption Patterns among the OECD countries", working paper.
  16. Lee, Sun-Ok (2011), "Theory and Measurement of Consumption Function in Korea, Japan, and China", The Journal of Northeast Asian Economic Studies, 24(1), 1-25.
  17. Noh, Mean-Sun (2019), " An Analysis on Wage Difference between Large and Medium-Small Firms in Korea abd Japan", KOSBI Small Business Focus 19(10).
  18. Shena, Zhi-Feng, Tae-In Kim and Ji-Jian Gu(2017), "A Comparative Analysis on the Export Competitiveness between Korea and China: Focusing on RCA and TSI", Asia-Pacific Journal of Business, 8(2), 57-73.
  19. Yo, JooHee and Choon-Geol Moon (2011), "Consumption Smoothing over the Life Cycle", Journal of Economic Studies, 32(1), 1-25.
  20. Yoon, Jai-Hyung (2017), "An Empirical Analysis on the Relationship Between Income Inequality and Economic Growth", Asia-Pacific Journal of Business, 8(2), 41-53.
  21. Yoon, Jai-Hyung (2018), "Long-Run Relationship between Globalization and Employtment: An Analysis using Panel Cointegration Method", Journal of Industrial Economics and Business, 31(6), 1943-1965. http://dx.doi.org/10.22558/jieb.2018.12.31.6.1943