• The Journal of Asian Finance, Economics and Business
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• v.8 no.9
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• pp.165-176
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• 2021

The paper has used the Solow-Swan growth model to analyze the long-term impact of credit market development and stock market development on economic growth in Asia from 2000 to 2019. The empirical model is performed with panel cointegration analysis by Common Correlated Effects (CCE) method with cross-sectional dependencies. The results find that there exists a cointegration relationship among stock market, credit market development, and economic growth. These results also show that financial structure improves the exact impact of financial development on economic growth, namely the opposite effect of stock market development and credit market development. Moreover, the Granger causality test reveals a bi-directional relationship between credit market development and economic growth, while only unidirectional causality from stock market development to economic growth for the whole group panel. And it is different for a specific country, according to Kónya's test. The view of the new structuralism does not apply in the Asian financial system when we estimate the Nonlinear Autoregressive Distributed Lag model (NARDL) to analyze the asymmetric relationship between financial structure and economic growth. On the whole, policymakers can draw on the findings to provide policy implications to improve their country's financial system as well as pursue the goal of sustainable economic growth.

• KDI Journal of Economic Policy
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• v.42 no.1
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• pp.31-56
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• 2020

Does financial development contribute to economic growth? The literature finds that an expansion in financial resources is useful for economic growth if the degree of financial development is under a certain threshold; otherwise, the expansion is detrimental to growth. Almost every published study, however, considers country-panel data. Accordingly, the results are not directly applicable to the Korean economy. By examining Korean time-series data, this paper finds that there is an inverse U-shaped relationship between the per capita real GDP growth rate and private credit (as a percentage of nominal GDP)-a well-known measure of quantitative financial development, where the threshold is 171.5%. This paper also finds that private credit is positively associated with economic growth if the share of household credit out of private credit is less than 46.9%; otherwise, private credit is negatively associated with economic growth. As of 2016, the ratio of private credit to GDP and the ratio of household credit to private credit are both higher than the corresponding thresholds, which implies that policymakers should place more emphasis on qualitative financial development than on a quantitative expansion of financial resources.

• Journal of Agricultural Extension & Community Development
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• v.7 no.2
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• pp.377-390
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• 2000

The purpose of this paper was to draw implications for community economic development policies of Korean local governments by investigating the community economic development policies of the USA local governments. Those policies can be segmented to first wave(1950s-1970s), second wave(1980s), and third wave(1990s) of development policy. First two policies entailed some expense to community residents by providing low tax rates, tax abatement, tax reliefs, industrial revenue bonds, and direct state loans for potential companies. These policies brought ‘clawback’ and ‘drawbacks’ to the local residents. The third wave of community economic development policy includes capital market programs(predominantly government-financed loan programs and government support for predominantly privately financed loan or equity programs), providing information and education for small business in the communities, supporting small business by providing high technology and research, and export assistance-providing information/training opportunity how to export, sending trade missions, and export financing. Local government authorities in Korea should learn the community economic development policies administrated by the USA local governments so that they can avoid the potential try-and-errors in establishing, planning, and administrating their economic development policies.

• Journal of Korean Society of Transportation
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• v.3 no.1
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• pp.76-85
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• 1985

The significant role of transportation system for economic development process has been recognized, but the argument that transportation improvements stimulate economic development has brought sometimes no resonance in lacking of a plausible theory on the conditions and process of economic development by transportation investment. This paper reviews the theory on regional differentiation of transportation system and shows why and how the installation of a new transportation system or the improvements of the old transportation quality differentiate the spatial order of economic activities. It presents the interaction between the change of transportation quality with introducing of definition "transportation value" as tool of its determination and economic activities following the regional differentiation process, which result means regional defferentiation of niveau of economic development.

• International Journal of Railway
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• v.3 no.4
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• pp.113-116
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• 2010

In modern conditions of world economic development the integral element of stable social and economic development of the separate countries of the world is the level of their transport infrastructure development, on the one hand capability to effectively provide economic communications between regions inside the country, and capability to integrate into world economic. The condition of a transport infrastructure and its possibility in sphere of maintenance of national participants of foreign trade are reflected in many respects on competitiveness of production, made by them, in the world market and, as consequence, on a country role in economic.

• Journal of Agricultural Extension & Community Development
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• v.27 no.4
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• pp.211-225
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• 2020

It is important to understand what affects community satisfaction. Because community impacts and participation is a central aspect of fostering local community development, it is important to understand how these processes occur. The study aims to identify the factors influencing community satisfaction and to examine the moderating effects of community participation between community perceived impacts and community satisfaction. Data were collected from 328 usable questionnaires among community residents participating rural development projects in Buyeo and Chungyang county, Chungnam province. Results of a factor analysis yielded four dimensions of community perceived impacts which were negative socio-economic impacts, positive economic impacts, positive environmental impacts, and positive social impacts. Hierarchical regression analysis revealed that negative socio-economic impacts, positive economic impacts, and positive environmental impacts affected significantly for community satisfaction. it reveals that there are moderating effects on community participation of negative socio-economic impacts and positive economic impacts. It was suggested that negative socio-economic impacts, positive economic impacts, and community participation should be considered to implement rural development projects and its policy decision making.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.7
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• pp.43-54
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• 2021

Human capital and innovation capacities are essential elements and one of the sustainable approaches to driving economic growth. However, there is debate among scholars concerning these two factors in fostering economic growth. This study investigates the relationships between human capital and innovation capacity and economic growth in selected ASEAN countries, namely, Malaysia, Thailand, and Indonesia. Economists widely discussed the interrelation of human capital and innovation. A large body of literature stated that human capital is an essential factor and engine of economic growth. Innovation has become key in transforming the economic development of developing countries. We analyze human capital (HC) and innovation capacity (INC) using static panel data analysis. The data analysis shows that the fixed-effect model is the best model in this study. Further, human capital (HC) has a significant positive relationship with economic growth. Meanwhile, innovation capacity has no significant relationship with economic growth. We also found that Malaysia's coefficient of human capital and innovation capacity is higher and more efficient than in Thailand and Indonesia. In conclusion, human capital and innovation capacity are crucial elements for measuring economic growth. Skilled human capital contributes significantly to the economic growth and economic development of a nation.

• Proceedings of the KSR Conference
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• 2011.10a
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• pp.472-476
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• 2011

Railway R&D technology development projects for the economic value of technology development does not mention the estimated economic impact on future policies must reflect the issues that are raised. In the research phase of technology development by providing value and economic effects can increase the utilization of technology development are considered. However, some items in some way to analyze and quantify its effect on what the procedures are not standardized, not as needed by individual researchers and analysis by providing a variety of reliability problems can occur. Therefore, the development of technologies to measure the value and economic impact analysis and the development of a standardized manual is needed. In this paper, development of railway technology R & D performance (technical, economic) to be estimated by an objective analysis of standardized and that man should aim to create. And the standard manual of the national economic effect in the development of technologies (production inducement effect, the effect of import substitution industries, including analysis using the taxable year), due to technology development and economic benefits (investment in railways in the handbook and the feasibility of the proposed railway project to produce various ally standards), technology development, and on which to base the valuation will.

• KDI Journal of Economic Policy
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• v.40 no.3
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• pp.91-115
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• 2018

This paper aims to identify the most effective mode of development finance flows for the economic growth of middle-income developing and least developed countries, separately. It also attempts to confirm whether governance has any significant role in the causal relationship between development finance flows and economic growth. Policymakers in each developing country should select the most effective modality of development finance inflows among the different modalities (such as Official Development Assistance (ODA) grants, Official Development Assistance (ODA) loans, FDI, and international personal remittances) and expand it for their economic growth. Dynamic panel regression models were used on 48 least developed countries and 89 middle-income developing countries, respectively, during the Millennium Development Era: 2000-2015. The empirical analysis results show that ODA grants and remittances were most effective in promoting economic growth for least developed countries, while FDI was most effective for middle-income developing countries. These findings were not affected by the status of governance of the individual country.

• Asian Journal of Business Environment
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• v.2 no.2
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• pp.27-33
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• 2012

Purpose - The article studies aims to construct the center of economy in the upriver area of Chang Jiang, and has realistic significance probing into the contribution of insurance essential factor market to economic development on the contribution role of essential factor market of insurance in financial industry development to economic growth in Chongqing in both aspects of direct and indirect contribution by the way of demonstration analysis. Research data and methodology - The data are from Statistic Yearbook in Chongqing in 1997-2008.The conclusion shows that essential factor market of insurance development falls behind of economic growth in direct aspect; BBD, BLD and FIR could pull economic growth, but ID just restrain economic growth in Chongqing. Results -The estimate coefficient sigh of BDD, BLD, FIR are plus but ID is not, it is to say the increase of bank deposit dump could impel economic growth, which is accord with general thought. Conclusions - At last, the article Having Studied on the contribution role of essential factor market of insurance in financial industry development to economic growth in Chongqing by the way of demonstration analysis.