• The Journal of Asian Finance, Economics and Business
• /
• 제8권5호
• /
• pp.543-549
• /
• 2021

The stock market plays a crucial role in the growth of industry and trade, which eventually affects the economy. This paper studies the determinants of stock market development in Jordan using yearly time-series data (1978-2019). The autoregressive distributed lag approach is applied to examine co-integration, while the vector error correction model is employed to estimate (long-run and short-run) causal relationships. The results show that macroeconomic determinants such as gross domestic product, gross domestic savings, investment rate, credit to the private sector, broadest money supply, stock market liquidity, and inflation rate are important determinants of stock market development. These findings provide vital implications for policymakers in developed and emerging stock markets. First, economic development plays an imperative role in stock market development. Second, developing the banking sector is mandatory because it can significantly promote stock market development. Third, domestic investment is a significant determinant of stock market development, especially in emerging countries. However, it is vital to launch policies that lead to encourage investment and promote stock market development, and this could be done through (1) encouraging competition, (2) improving the institutional framework, and (3) removing trade blocks by establishing a mutual connection between foreign private investment entities and government authorities.

• The Journal of Asian Finance, Economics and Business
• /
• 제4권3호
• /
• pp.27-34
• /
• 2017

This study aims to assess the attraction of foreign direct investment in Vietnamese economic zones (including industrial zones and economic zones). The main research method used are synthesis and comparison analysis based on the data collected from the surveyed group comprising of enterprises operating in the economic zones in the Middle (Chu Lai, Nhon Hoi, Dung Quat) and the Southern (the largest island: Phu Quoc). After conducting surveys, research results show that there is a difference between the assessment and the level to meet the requirements of investors with business environment, expressed through the following criteria: (1) the infrastructure; (2) quality of public services; (3) preferential policies; (4) labor; (5) market; and (6) social services. Based on the assessment of the identified criteria, this paper had suggested six number of recommendations to promote the role of attracting foreign direct investment capital into the economic zones in Vietnam: (1) implementing the "one-stop-shop" policy; (2) continuing to improve the infrastructure of economic zones; (3) prevent and ensure the security of economic zones; (4) implementing vocational training activities to improve quality of human resources; (5) development of supporting industries; (6) raising the quality of capital invested in the economic zone.

• 유통과학연구
• /
• 제13권6호
• /
• pp.17-23
• /
• 2015

Purpose - Transnational corporations (TNCs) have influenced drastic changes (financial services, manufacturing, labor, technology transfer) in Central Eastern Europe (CEE). This paper examines the indirect changes in the CEE pattern of industrial development and market distribution. Research design, data, and methodology - Over 25 years, neighboring (or rival) countries competed to attract TNCs as a double-edged strategy for privatization and debt reduction. Through their experience attracting foreign direct investment (FDI), many countries started to reflect aspects of national capitalism. Countries also began to realize in 2010 that TNCs sought to enter markets with more favorable conditions for export-oriented manufacturing. Results - The analysis reveals that TNC investment strategies were aimed at eliminating local competition to acquire industrial "brown fields" to convert into "green fields." CEE countries have since strengthened their national systems and the support of large-scale state-owned enterprises and small and medium-sized start-up enterprises. Conclusions - CEE has changed based on industrial development and a regional structure of TNC market distribution and associated government policies. The pattern toward flexible markets gives countries the ability to further their economies.

• 도시과학
• /
• 제9권1호
• /
• pp.51-59
• /
• 2020

With the rapid development of China's industrialization and urbanization, air pollution has become a growing concern. The emergence of air pollution not only affects people's health, but also restricts the development of China's social economy. This paper puts forward specific measures for air pollution control by examining the causes of air pollution and by comparing air pollution status and management policies between Korea and China. Methods of control involve improving the urban environmental management mechanism, spreading awareness of urban environmental management and air pollution management laws and regulations system, strengthening clean energy utilization and urban environmental greening, increasing investment and management funds and more. Through these measures, urban environmental management in China can be accelerated and level of environmental management improved.

• 산경연구논집
• /
• 제6권1호
• /
• pp.5-15
• /
• 2015

Purpose - This study reviews Cameroon's economic growth, crisis, and recovery, aiming to: review the principal factors of Cameroon's real economic growth; explore the causes of its economic crisis analyze the determinants of its economic recovery; and suggest appropriate policies to ameliorate economic growth. Research design, data, and methodology - By reviewing the relevant literature and economic indicators, we observed that from the 1980s to the present, Cameroon experienced all the possible business cycle phases: economic prosperity (until 1985), economic and social crisis (1986-1994), and renewed economic growth (after 1995). Results - As a result of the economic changes in Cameroon, its macroeconomic indicators have evolved. Poverty and inequality have changed in both quantitative and qualitative terms. Throughout the examined period, rural poverty has become more widespread, deeper, and more severe than urban poverty, while inequality has experienced greater increases in urban areas relative to rural zones. Conclusions -To reap maximum benefits and reduce poverty from these economic changes, Cameroon needs to liberalize trade and foreign exchange transactions to attract foreign investment, especially during the current globalization.

• 무역학회지
• /
• 제47권6호
• /
• pp.173-187
• /
• 2022

Since the economic reform 1991, Indian has been implementing policies to promote trade and foreign direct investment (FDI). In particular, since the inauguration of the Modi government in 2014, India has created an economic environment in which more FDI can be launched and more jobs created in manufacturing sector. This study aims to analyze between FDI outflows and export from Korea to India. Using the quarter data from 2000 to 2021, this study examines panel regression. From the panel regression result, Korea's FDI outflows to India has a significantly positive impact on the Korea's export into India. Therefore, the relationship between FDI outflows and export from Korea to India is complementary. It is due that Korea's companies invest into India directly for the purpose of construction of production factors, and export capital goods and intermediate goods for producing in the factors. Therefore, for promoting FDI and export between Korea and India, Korean government should do continuous economic cooperation and discussion for the cooperation with Indian government.

• 대한토목학회논문집
• /
• 제31권1D호
• /
• pp.119-126
• /
• 2011

지구온난화의 문제가 대두되면서 세계 각국이 환경친화적인 녹색성장 방안을 제시하는 가운데, 고속철도사업은 환경친화적인 글로벌 패러다임에 적합한 상품으로 부상하고 있다. 그러나 우리나라는 지난 40여 년간 도로 위주의 건설정책으로 철도분야 투자는 도로의 40~50%에 불과하며, 미국발 금융위기의 영향과 민간투자사업과 관련한 제도적 지원 미흡으로 인해 SOC 투자의 민간 비중 역시 매우 낮은 수준이다. 따라서 제한된 예산으로 효율적인 고속철도사업을 수행할 수 있도록 민간투자자의 참여를 유도할 수 있는 전략의 발굴이 요구되고 있다. 한편, 고속철도 건설사업은 향후 해외건설시장의 큰 부분을 차지할 것으로 예상되고 있으나, 우리나라는 2010년 600억 달러 이상의 비약적인 해외건설수주에도 불구, 철도 분야 수주실적은 매우 미비하여 우리 건설업체들이 해외건설시장에서 구축한 브랜드이미지와 독자적인 고속철도기술의 결합을 통한 시너지 창출이 가능함에도 불구하고 아직까지 실현되지 못하고 있다. 따라서, 해외 고속철도 시장동향 및 우리업체의 역량수준 분석을 통한 건설업체 관점의 해외 고속철도사업 진출전략의 수립이 필요한 실정이다. 이에 본 연구는 국내 고속철도시장의 활성화를 위한 민간투자자의 참여유도 방안을 수립하고, 해외고속철도사업 진출을 위한 컨소시엄 모델 정립 및 제도적 정책적 국내 국외시장 지원방안을 도출하기 위해 고속철도사업의 영역을 국내와 해외로 나누어 자료수집 및 동향 분석 등을 개별적으로 수행하였으며, 고속철도 분야에 대한 건설업체의 인식수준 및 니즈, 활성화 전략의 실효성 검토를 위한 설문조사 및 업계 전문가 심층 면담을 함께 실시하였다. 본 연구에서 도출된 활성화 및 참여확대 방안은 1) BTL방식의 철도사업 추진 및 민간의 참여 유도를 위한 부대사업 관련 법률 개정, 2) 민간선투자제도의 활성화를 위한 업체의 신용도에 따른 팩토링 금리 수준의 인센티브 수준 상향 조정, 3) 호남~제주 해저고속철도사업의 추진, 4) Total Service제공을 위한 신흥시장 진출 컨소시엄 모델의 정립, 5) 고속철도 기술의 해외진출 및 우리 업체들의 해외참여 확대를 지원하기 위한 한국철도협회의 역량 제고, 6) 글로벌 인프라펀드 규모의 확대이며, 이와 같은 전략추진을 통해 국내 고속철도시장의 활성화 및 우리 업체들의 해외사업 참여확대를 기대할 수 있을 것이다.

• 유통과학연구
• /
• 제13권4호
• /
• pp.35-43
• /
• 2015

Purpose - This study aims to seek various plans to maintain the advancement of the overseas and domestic employment scenario through a case analysis of the Japanese industry, which maintains domestic employment while promoting the overseas advancement of companies despite having a similar industrial structure as Korea. The study further intends to derive insightful implications for Japanese manufacturing companies and government policies. Research design, data, and methodology - We selected four companies from the Japanese manufacturing industry. Being companies that were successful in increasing the domestic employment scenario while advancing in overseas markets. We utilized several secondary data sources including Japanese newspapers and report literature. Results - Previous studies have shown a negative relationship between Foreign Direct Investment (FDI) or offshoring and domestic employment. However, our results showed this relationship with respect to the Japanese manufacturing industry as follows: 1. FDI for developing overseas markets does not decrease domestic production. If Japanese companies change their strategy from exports to overseas production, there will be a consequent decrease in domestic employment of Multinational Enterprises (MNEs). However, the local production that plans the sales expansion of a foreign market does not substitute domestic production. 2. Several case studies illustrate that, as the production of final goods is expanded in foreign countries, there is a corresponding increase in the export of intermediary goods from Japan. In this case, if the production process of Japanese companies is promoted in foreign markets, the amount of exported material and parts from Japan will consequently increase. 3. It is difficult to consider that the establishment of subsidiary companies in foreign countries by manufacturing companies for wholesale, retail, and services decreases domestic employment. This is because the international development of these industries needs expatriates, expatriate training organizations, and research and development (R&D) activities. 4. When there is overseas demand, the growth of local management activities is expected to increase the work of the overseas business department in the head office in Japan, if competitiveness can be secured for better localization and management speed. 5. The conversion of the domestic manufacturing industry into high value-added production is necessary. The relocation of domestic production to foreign markets decreases domestic employment. To prevent this, the upgradation of domestic production bases, including high value-added production, and R&D capability need to be strengthened. Technology-based companies must develop new technology, patents, processes, and so forth, which require extensive human resources for R&D. Conclusions - Domestic medium-sized companies that are capable of consistently supplying high value-added products should be actively encouraged to deploy into and develop overseas markets. Further, this paper considers the necessity of a guidance policy that provides suggestions for overseas deployment, by the initiation of the government, to companies that cannot do so due to the lack of foreign experience or decisions by the CEO, despite having the relevant capability and technologies to supply high value-added products.

• 한국경제지리학회지
• /
• 제2권1_2호
• /
• pp.145-167
• /
• 1999

본 논문의 목적은 (1) 한국 가전 대기업들의 진입과 퇴출과정을 유럽통합과 확대과정의 맥락에서 살펴보는데 있으며, (2) 그 과정이 각기 다른 지리적 규모(세계적, 지역적(EU), 국가적, 지방적 규모)와 얼마나 역설적으로 상호 얽혀있는가를 밝히는데 있다. 1980년대 이후 급격하게 증가된 한국 가전 대기업들의 對EU 해외직접투자는 EU의 강화된 무역지역주의에 대응한 결과였다. 이러한 방어적 투자는 관련 대기업의 계열사들 및 중소협력업체들의 시기적으로 다른 진입을 통하여 이루어 졌으며, 결과적으로 EU내 기업전략으로써 방어적 유럽화를 창출시키는 계기가 되었다. 그럼에도 불구하고, 방어적 진입은 이후 대기업들의 생산의 일부가 (1) EU 무역규제의 변화에 민감하게 반응하면서, (2) EU내 투자유치 지역에서의 비용경쟁력유지에 실패함으로써 (입지이전을 통한) 퇴출로 이어졌다. 결국, 한국 대기업들의 진입과 퇴출과정은 통합유럽을 향한 EU의 무역, 산업, 외국인투자 및 지역정책들이 일관된 방향으로 결합되지 못하면서 야기되었으며, 이와 같은 맥락에서 그 과정들은 세계적-지역적-국가적-지방적 연결체라는 상호 얽힌, 역설적 구조속에서 진행되고 있다.

• 유통과학연구
• /
• 제13권7호
• /
• pp.53-61
• /
• 2015

Purpose - This research analyzes overseas expansion support systems for small- and medium-sized enterprises in Germany and Japan. Germany and Japan have developed overseas expansion support policies for such enterprises. The study then explores the implications for Korea and its local governments. Research design, data, and methodology - We did a comparative analysis of Japan and Germany and their support for overseas expansion of small and medium companies. Data were mainly collected from the Ministry of Economy, Trade and Industry (Japan) and the Germany Trade and Invest (Germany) agency through statistics and literature surveys, and analysis studies. Results - First, human resources cultivation and funding support policies, which both Germany and Japan use as part of small- and medium-sized enterprise policies, should be modified to Korean circumstances and to reflect its own small- and medium-sized enterprise support needs. Second, both the German policies that support overseas expansion of small- and medium-sized enterprises and those of Japan's include the philosophy and methods that put an emphasis on these enterprises, despite the fact that there are big differences in the overseas policies in these two countries. Third, German and Japanese governments are embracing the idea that small- and medium-sized enterprises are key to their national economies and implementing policies based on the ratio occupied by these enterprises in the domestic consumption or GDP. In other words, Germany and Japan consider small- and medium-sized enterprises as central to their nation's industry, and assess them as economic industry that should definitely exist for the continued survival of big businesses, and not just as merely supplemental to big business. Fourth, whereas Germany emphasizes support to product exhibition in its overseas expansion support policies, Japan is providing integrated support containing foreign direct investment to small- and medium-sized enterprises. Fifth, there are differences in the overseas expansion support in Germany and Japan in terms of their support to big business. Whereas Germany considers support to big business unnecessary, Japan is implementing active support policies to areas corresponding to big business. Korea will have to benchmark the policies of Germany and Japan, and decide whether or not to give full support to small- and medium-sized enterprises, while excluding areas supporting big business. Conclusions - Based on this analysis of German and Japanese overseas expansion support policies, we need to choose the policies that will engender a solid outcome and derive modified policies for the circumstances of Korea. Additionally, we can use the comparison of the overseas support policies of Japan and Germany to choose small- and medium-sized enterprise overseas expansion support policies for Korea. However, we cannot provide specific overseas support policies by industry. This point will be referenced as a limitation of this study. In future research, we expect that some researchers will take an empirical approach to exploring Korean overseas expansion support through collecting cases of overseas support policies and interviewing policy authorities.