• 유통과학연구
• /
• 제10권7호
• /
• pp.13-22
• /
• 2012

The effect of the September 2008 global financial crisis weighed heavily on stock markets around the world. The purpose of this study is to empirically investigate the impact of the crisis on Amman Stock Exchange. Event study methodology has been adopted on a period of 24 months, from January 2008 to December 2009. Monthly average abnormal returns across a sample of 52 industrial and services companies have been tested separately. The results reveal that Amman Stock Exchange experienced significant negative abnormal returns in the fourth quarter of the year 2008. However, there were no significant abnormal returns observed thereafter. This means that Amman Stock Exchange managed to overcome its adverse consequences. Since the event study tests for market efficiency, as well, the results show that Amman Stock Exchange reaction is consistent with the semi-strong form of the efficient market hypothesis.

• 산경연구논집
• /
• 제9권1호
• /
• pp.25-38
• /
• 2018

Purpose - The purpose of this study is to empirically investigate the impact of donor's fiscal status on aid decisions before and after the 2008 global financial crisis. The effects on aid can change depending on the donor country's fiscal status and the period of financial crisis. Research design, data, and methodology - A fixed effect regression and dynamic panel GMM is conducted using a comprehensive dataset combining 31 donor and 167 recipient countries during 1996-2015. The key explanatory variable is central government debt-to-GDP ratio of donor country. Recipient countries' GNI per capita, population, governance indicators, and bilateral trade-to-GDP ratio between donor and recipient countries are included as control variables. Results - We can confirm the relationship between donor country's fiscal status and aid flow. The cyclical component of government debt is found to have a negative impact on grant decisions particularly after the 2008 global financial crisis. This effect becomes larger in the countries with high government debt-to-GDP ratio. ODA decisions from the countries with low financial constraint do not significantly affected by the recipient countries' factors such as GNI, population, and governance indicator. Conclusions - Based on the empirical results of this study, the source of aid should be diversified by incorporating private sector and innovative financing sources.

• 한국항해항만학회지
• /
• 제44권3호
• /
• pp.244-252
• /
• 2020

2008년 9월 미국의 서브프라임 모기지 부실에 의한 리먼브러더스 사태로 시작된 글로벌 금융위기가 세계 건화물해운시장에도 영향을 끼쳐 건화물 물동량 감소와 선박의 공급과잉으로 세계 건화물해운산업과 조선산업에 심각한 불황을 유발하였다. 이러한 상황에서, 국제경제의 동향에 민감한 한국경제의 구조 여건상 한국의 건화물선해운기업(또는 건화물선사)도 2008년 이후 현재까지 어렵게 경영을 헤쳐가고 있다. 이와 같은 심각한 불황과 그 여파로 건화물선사의 수익이 급감 할 수밖에 없게 되었으며 열악한 재무구조로 인해 경영이 부실해지고 급기야 도산과 파산하는 해운기업이 속출하게 되었다. 이러한 점을 고려하여 동 연구는 2008년 글로벌 금융위기를 기점으로 2005년부터 2007년까지와 그 후 2010년부터 2012년까지로 기간을 선정한 다음 한국의 외항 건화물 해운기업을 건전기업과 부실기업으로 구분하여 두 기업집단 간의 주요 재무비율에 어떠한 변화와 차이가 있었는지 t 검정을 통해 분석하였다. 실증분석에서 두 집단 간에 차이를 보인 주요 재무비율로는 수익성비율과 성장성비율이다. 본 연구의 의의는 첫째, 해운기업 경영에도 역시 재무건전성에 대한 체계적인 관리가 중요하며 이를 위해 수익성이 높은 화물을 계약하는 영업전략이 중요하다. 둘째, 선박의 효율적인 운항 및 관리로 성장성이 지속되는 기업으로 경영해야 한다는 것이다.

• 사회경제평론
• /
• 제38호
• /
• pp.241-259
• /
• 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.

• Journal of Construction Engineering and Project Management
• /
• 제2권3호
• /
• pp.8-16
• /
• 2012

After the 2008 global financial crisis, the construction environment in South Korea continued change in the construction environment. Construction orders in 2011 have shown a downward trend compared with the previous year. Along with these changes in the construction market, the professional capabilities of construction project managers that are perceived as important also changed after the global financial crisis. Accordingly, this study was conducted to identify the major business capabilities of the current construction project managers and to determine which of these capabilities have undergone changes in terms of the importance accorded to them after the global financial crisis, and ultimately, to derive the construction project manager capability areas that need to be strengthened according to the changes in the construction environment. The capabilities of construction project managers were surveyed at two different time points: in 2007 and in 2010. The results show that the year 2010, after the global financial crisis, an increase in the perceived important capabilities of construction project managers compared with 2007. This results the impact of the changes in the construction environment on the importance of construction project managers. This study derived the ramifications of the early identification of systems and prospects according to the changes in the construction circumstances on more efficient onsite and human resources management, by considering the appropriate capabilities of the construction project managers.

• East Asian Economic Review
• /
• 제22권1호
• /
• pp.55-73
• /
• 2018

The substantial slowdown of economic growth since the global financial crisis of 2008-2009 is rekindling debate on whether developing Asia should use fiscal expansion to boost aggregate demand. A key factor in the debate is the effectiveness of countercyclical fiscal policy in the region. The global crisis, as well as the fiscal stimulus packages implemented by developing Asian countries at that time, give some clues to this important issue. The region weathered the global crisis well and experienced a robust V-shaped recovery. According to conventional wisdom, the fiscal stimulus packages put in place by Asian governments played a key role in the region's recovery. The central objective of this paper is to empirically test this wisdom by using cross-country panel data. Our main finding is that the stimulus has had a limited but positive impact on developing Asia's output during the global crisis. This lends some support to the notion that countercyclical fiscal policy can help the region cope with severe external shocks. The broader, more fundamental implication for regional policymakers is that the region's long-standing commitment to fiscal discipline can yield significant benefits beyond macroeconomic stability. An important consequence of this commitment - relatively healthy fiscal balance sheets - enabled the region's governments to quickly and decisively embark upon fiscal stimulus programs.

• 국제지역연구
• /
• 제15권2호
• /
• pp.51-68
• /
• 2011

본 연구의 목적은 2008년 글로벌 금융위기 이후 미국의 힘에 대한 중국의 인식을 살펴보는 것이다. 중국은 글로벌 금융위기로 인해 미국의 경제적 패권의 지위는 약화되었지만, 미국의 패권은 단지 경제력만이 아닌 미국의 종합적인 국력기반 위에 구축되어 있기 때문에 전반적인 국제질서에서 미국이 차지하는 패권적 지위가 약화되지는 않을 것으로 전망하고 있다. 또한 미국의 패권적 지위가 지속될 것이기 때문에 소위 '일초다강'이라는 국제질서에 근본적인 변화가 발생하지는 않겠지만 미국 경제력의 퇴보로 중국은 미국과의 격차가 줄어들 수 있는 기회를 맞이할 것이라고 진단하고 있다. 단기적으로 볼 때, 중국은 경제적 측면에서 글로벌 금융체제 개혁의 이니셔티브를 확보하기 위한 정책을 펼칠 가능성이 높다. 안보적 측면에서 역내에 미국의 영향이 중국의 핵심 이익을 위배하지 않는 범위 내에서 중국은 미국과 보다 협력적인 정책을 취할 것이라고 예상된다.

• Journal of Korea Trade
• /
• 제24권7호
• /
• pp.54-72
• /
• 2020

Purpose - This study explores the contextual factors that affect the relationship between CEO overseas experience and firm internationalization. This study incorporates a wide range of contextual factors, including mega, macro, and micro variables. In particular, this study goes a step further from prior studies by incorporating a higher-order variable i.e., the global financial crisis that can constrain the managerial discretion of a CEO. Design/methodology - To structure the balanced data set before and after the 2008 global financial crisis, we used the data for the years from 2002 to 2014 from a sample of Korean manufacturing firms. Ultimately, 1101 firm-year unbalanced panel observations from 101 firms were used for the analysis. Findings - Our main findings can be summarized as follows. CEO overseas experience is positively related to firm internationalization. However, this relationship varies depending on the CEOs level of managerial discretion. As for the constraining moderation, the global financial crisis weakened the positive relationship between CEO overseas experience and firm internationalization. As for the enabling moderation, the CEOs tenure strengthened the relationship. Originality/value - This study adopted the knowledge, skills, and abilities (KSA) framework to explain the relationship between CEO overseas experience and firm internationalization. Moreover, we argue that the CEO-internationalization relationship depends on the specific context of the managerial discretion, focusing on the 2008 global financial crisis. Empirically, this study adopted the 2SLS procedure to correct endogeneity. Instead of taking the actual value of prior internationalization as a control, we estimated prior internationalization using the instrument variables at an industry level. This procedure made our estimation more robust.

• 융합정보논문지
• /
• 제10권3호
• /
• pp.67-75
• /
• 2020

본 연구에서는 주식시장과 채권시장간의 정보 이전효과(information flow effect)를 살펴보기 위해 우리나라 KOSPI의 일일지수와 초단기 채권형 펀드(money market fund : MMF) 수익률 자료를 이용하여 분석하였다. 전체 분석대상 기간은 1997년 5월 2일부터 2019년 8월 30일까지 이다. 1997년 5월 2일부터 2008년 12월 30일 글로벌금융위기전 기간, 2008년 12월 30일부터 2019년 8월 30일까지 글로벌금융위기 후 기간과 전체기간으로 세분하여 실증분석을 하였다. 분석결과 비대칭적 변동성을 고려한 EGARCH 모형이 적합한 것으로 나타났다. 주식시장과 채권시장 간에는 가격이전효과와 변동성 이전효과가 양방향으로 존재하는 것으로 나타났으며, 가격이전효과는 두 시장 간에 글로벌금융위기전 기간이 후보다 더 크게 나타났다. 주식시장과 채권시장간의 정보에 대한 비대칭적 변동성이 두 시장에 존재하는 것으로 나타났다.

• 국제학술발표논문집
• /
• The 6th International Conference on Construction Engineering and Project Management
• /
• pp.736-737
• /
• 2015

In these days, international construction market including construction companies has much grown due to globalization and economic boom in the mid 2000's. The size of international construction market, measured with overseas revenue of 225 construction firms, has expanded 2.7 times from 2003 to 2008 according to the ENR. However, after the global financial crisis of 2008 it has faced condition of low growth. In this research, major changes of international construction market and top contractors have been studied. In this study, changes of international construction market have been analyzed in the aspect of region and product including general buildings, transportation, petroleum, etc. Then, in order to find the changes of top contractors which obtained good accomplishment, business performance of companies have been examined by the compound annual growth rate, profit margin and international revenue by comparing the data before 2008 and after. The purpose of the study is to understand major changes of international construction market. Also, strategy changes of top contractors against market stagnation, profit depreciation, high competition have been inferred through the study. The result of the study would contribute to analyzing the strategies of construction companies in international market.