• The Journal of Asian Finance, Economics and Business
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• v.7 no.2
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• pp.157-168
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• 2020

Since the economic crisis sweeps across the world in 2008, the foreign direct investment of various countries has been greatly impacted. Therefore, this paper regards China as an example to analyze China's outward foreign direct investment patterns in terms of Asian financial markets with a panel data over the period 2003-2017. We mainly focus on the money market oriented outward foreign direct investment and foreign exchange market oriented outward foreign direct investment. Using the individual fixed effect model to conduct empirical analyses, the empirical findings indicate that China will reduce its foreign direct investment amount to a country with large money supply and China will increase its foreign direct investment amount to a country with large foreign exchange reserves. Furthermore, when a country has signed Free Trade Agreement with China, China will increase more foreign direct investment amount to these countries than that of a country who has not signed Free Trade Agreement with China. Moreover, the empirical findings indicate that no matter what the money market oriented outward foreign direct investment or foreign market oriented outward foreign direct investment, China will reduce its foreign direct investment amount to these Asian countries due to the global economic crisis.

• East Asian Economic Review
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• v.18 no.3
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• pp.253-276
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• 2014

We examine which traditional asset pricing variables together with bank-specific accounting variables explain the cross-sectional variation of future bank stock returns, using a firm-level data of eight Asian countries. Our empirical evidence shows that exchange rate risk, firm size, the book-to-market ratio, and the net income ratio are important in explaining future bank stock returns during normal times. However, during the Global Financial Crisis period, different variables such as local market beta, illiquidity risk, equity ratio, and off-balance sheets ratio were statistically significant. Thus, researchers and policy practitioners should monitor these variables during normal times as well as during times of crisis.

• Clinical and Experimental Pediatrics
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• v.51 no.5
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• pp.452-456
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• 2008

Kawasaki disease (KD) is an acute, self-limited vasculitis of unknown etiology that occurs predominantly in infants and young children. Initially described in 1967 by Dr. Tomisaku Kawasaki, it is now the most common cause of acquired heart disease among children in developed nations. Although KD has been reported across all racial and ethnic groups, the incidence of KD is more common among Asians, which suggests differences of race-specific susceptibility. The prevalence of the disease varies considerably among different Asian countries, and there is a higher rate of KD reported in Asian countries such as Japan and Korea than in other countries. In Korea, a nationwide epidemiological study has been conducted every three years since the 1990s by the Korean Pediatric Heart Association to determine the epidemiologic patterns and incidence rate of KD in Korea. It was thus found in a recent survey (2003-2005) that the average annual incidence of 105.0/100,000 Korean children under the age of five years was the second-highest reported rate in the world, after Japan.

• Journal of Korea Trade
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• v.27 no.5
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• pp.113-136
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• 2023

Purpose - Global production chains and their impacts on economic growth have drawn extensive attention from researchers. Close relationships among global production chains, export and economic growth have been illuminated, as evidenced by the fast and stable economic growth of East Asian economies. These economies perform various roles within global production chains using offshoring, in which the impact of import on domestic gross output is as strong as that of export. The impact of import on economic growth would depend on whether imported inputs substitute or complement domestic inputs production, which is likely to vary according to individual countries' functions within global production chains. The economic growth of concerned countries would also be diverse. However, little attention has been paid to the impact brought by imports compared to its significance. Design/methodology - The principal methodology used in this paper is structural decomposition analysis (SDA), widely chosen to elucidate the impact of various factors on domestic gross output using input-output tables. This paper extracts trade data of six Asian economies from the World Input-Output Database (WIOD) 2016 release that covers 43 countries for the period 2000-2014. The extracted data is then categorised into 37 sectors. First, this paper calculates the Feenstra-Hanson Offshoring Index (OSI) of each country. It then applies SDA to measure the changes in each economy's gross output, export, import input coefficients, and domestic input coefficients. Finally, after taking the first difference from pooled time-series data, it estimates the correlations between imported input coefficients and OSI using the ordinary least square (OLS) method. Findings - The main findings of this paper can be summarised as follows. Firstly, all six countries have increasingly engaged in global production chains, as evidenced by the growing size of OSI. Secondly, there are negative correlations in five countries except Japan, with sectoral differences. Thirdly, changes in import input coefficients are not negative in all six countries, indicating that offshoring does not necessarily substitute for domestic inputs production but does complement it and, therefore, fosters their economic growth. This is observed in China, Indonesia, Korea and Taiwan. Offshoring has led to an increase in the use of imported inputs, which has, in turn, stimulated domestic inputs production in these countries. Originality/value - While existing studies focus on the role of export in evaluating the impact of participating global production chains, this paper explicitly examines the unexplored impact of import on domestic gross output by considering both the substitution and the complementary effect, using the WIOD. The findings of this paper suggest that Asian economies have achieved fast and stable economic growth not only through successful export management but also through effective import management within global production chains. This paper recommends that the Korean government and enterprises carefully choose offshoring strategies to minimise disruption to domestic production chains or foster them.

• Proceedings of the Safety Management and Science Conference
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• 2005.11a
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• pp.1-9
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• 2005

Along with the increasing trade volume among Korea, China, and Japan, firm and efficient logistics management through mutual co-operation Is being highly requested. In order to achieve logistics efficiency, logistics standardization should precede. Using standardized pallet is the core of logistics standardization which is closely connected to the unit load system and palletization. This study focuses on pallet standardization in three countries which are Korea, China, and Japan. The dramatic effect from pallet standardization Is expected in economy / international trade field and logistics / environment field. This study suggests an institute of Asian logistics standardization as a method to accomplish the logistics standardization among three countries. When these three countries overcome the disparity in standardization level and diverse concerns, we will finally attain efficient logistics system which will work as a 'highway' of North-East Asian logistics.

• Atmosphere
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• v.14 no.3
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• pp.41-54
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• 2004

In this study, a brief overview on a WMO/WWRP program - The Observing System Research and Predictability Experiment (THORPEX) and discussions on perspectives and potential benefits of Asian countries are provided. THORPEX is aimed at accelerating improvements in the accuracy of 1 to 14-day high-impact weather forecasts with research objectives of: 1) predictability and dynamical processes; 2) observing systems; 3) data assimilation and observing strategies; and 4) societal and economic applications. Direct benefits of Asian countries from THORPEX include improvement of: 1) forecast skills in global models, which exerts positive impact on mesoscale forecasts; 2) typhoon forecasts through dropwindsonde observations; and 3) forecast skills for high-impact weather systems via increased observations in neighboring countries. Various indirect benefits for scientific researches are also discussed. Extensive adaptive observation studies are recommended for all high-impact weather systems coming into the Korean peninsula, and enhancement of observations in the highly sensitive regions for the forecast error growth is required to improve forecast skills in the peninsula, possibly through international collaborations with neighboring countries.

• Proceedings of the Korean Professional Engineer Association Conference
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• 1992.12a
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• pp.129-132
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• 1992

Economic development is the common problem for Northeast Asian Countries, even if their political regimes are defferent. What we based on the economic development are infrastructure and regional development. As a matter of course, they have to be accompanied with science and technology. In the Japan Sea(the Eastern Sea) Rim, it is expected that a regional development zone based on the idea of a “borderless world” will be established. Moreover science and technology as well as capital are also expected to be invested in that 3one. That is to say, the regional development Bone needs Japanese and Korea capital, science and technology.

• The Southeast Asian review
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• v.19 no.1
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• pp.1-27
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• 2009

In the global economy, Korean foreign direct investment (FDI) to Southeast Asian countries expands rapidly as the countries try to make attracting investment strategies and to improve their investment condition. This paper, using panel-data for 2004-2006 in Indonesia, Vietnam and Malaya which are the main countries of Korean FDI for last ten years, shows analysis of the Korean FDI performance in Southeast Asia and compares the Korean firms' achievement with the case of China. According to the forty nine firms' official sources in Indonesia, Vietnam and Malaya, presented to the Export-Import Bank of Korea, over fifty percent of FDI consists of M&A. And Korean FDI has concentrated in the manufacturing industry. In order to measure the FDI performance, the study sets a regression function; operating profit ratio is the dependent variable and the total sales, expert ratio and investment period are the independent variables representing firms' volume, purpose of FDI and firms' adaptation to the local countries.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.12
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• pp.85-94
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• 2021

Infrastructure capacities are essential elements and one of the sustainable lines to drive economic growth. Infrastructure development, both physical and social, is vital to sector-wise economic development. However, there is limited evidence of how infrastructure development in certain sectors benefits the economy as a whole. This study explains the relationships between infrastructure and economic growth in selected middle-income Asian countries, highlighting the essential criteria to benefit from both physical and social infrastructure, as well as sectoral (agriculture, industry, and services) economic output. The research uses the data from 1990 to 2020 for empirical estimations. The study used Levin, Lin, & Chu test, ADF- Fischer chi- Square, and PP- Fischer Chi-Square to test unit root and to observe the stationary nature of the panel. Padroni and Kao cointegration is applied to check the cointegration among different panes. A Fully Modified OLS was employed for checking the association between physical and social infrastructure and economic growth. Results show that physical and social infrastructure negatively impact sectoral output in Asia's middle-income countries. Apart from infrastructure the per capita GDP growth, tax to GDP ratio, and population growth shows a simultaneous relation between infrastructure and sectoral economic growth.

• Journal of Korea Trade
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• v.25 no.1
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• pp.65-88
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• 2021

Purpose - This paper aims to examine the determinants of SWFs' investment in Asian countries and to identify consistent investment patterns of SWFs in specific target firms from Asia, particularly China and South Korea. Design/methodology - This study extends the Tobin's Q model to examine the relationship between SWF investments in target firms and their returns with other firm-level control variables. We collect consistent data on SWF investments and the matched firm-level data on target firms, which of observation is 1,512 firms (333 in South Korea and 1,179 in China) targeted by 20 SWF sources during 1997-2017. The panel random effect model is used to estimate the extended Tobin's Q model. The robustness of the estimations is tested by the simultaneous equation models and the panel GEE model. Findings - The evidence shows that sovereign wealth funds are more inclined to invest in the financial sector with a monopoly position and in large firms with higher growth opportunity and superior cash asset ratios in China. In contrast to their investments in China, sovereign wealth funds in South Korea prefer to invest in strategic sectors, such as energy and information technology, and in large firms with high performance and low leverage. Sovereign wealth funds' investments tend to significantly improve the target firm's performance measured by sales growth and returns in both Korea and China. Originality/value - The existing literature focuses on examining the determination of SWFs investment in the developed countries, such as Europe and the United States. Our paper contributes to the literature in three ways; first, we analyzes case studies of SWF investments in Asian markets, which are less developed and riskier. Second, we examine whether the determination of SWF investment in Asian target firms depends on the different time periods, on types of sources of SWFs, and on acquiring countries. Third, our research uses vast sample data on target firms in longer time periods (1997-2017) than other previous studies on the SWFs for Asian markets.