• Asia-Pacific Journal of Business
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• v.11 no.4
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• pp.65-81
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• 2020

Purpose - This research aims to investigate how consumers' eco-friendly product choice ratio changes as the benefits of eco-friendly products are framed as (1) non-monetary benefits, (2) monetary gain integrated with the loss or (3) monetary gain segregated from the loss. Design/methodology/approach - A mixed-design, scenario-based choice experiment was conducted. A series of chi-square tests and residual analyses were conducted to analyze the data. Findings - When the monetary gain was larger or slightly smaller than the loss, the participants' eco-friendly product choice ratio was higher when the monetary gain was integrated with the loss than those in the other two conditions. When the monetary gain was significantly smaller than the loss, the participants' eco-friendly product choice ratio was lower when the monetary gain was integrated with the loss than those in the other conditions. The ratio did not differ between the latter two conditions. Research implications or Originality - This research shows that marketers should frame the benefits of eco-friendly products and their costs in different manners depending on the relative magnitudes of them. This research also complements the existing literature by comparing the effectiveness of non-monetary framing of eco-friendly product benefits with that of monetary framing following hedonic editing hypothesis.

• Fashion & Textile Research Journal
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• v.25 no.3
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• pp.280-290
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• 2023

As consumers are increasingly shopping online for fashion products, their return behavior is also increasing. Regarding the factors affecting return behavior, this study explores the effect of the purchasing orientation considering returns that are derived from bracketing purchase behavior, monetary lenient return policies, and non-monetary lenient return policies. Additionally, this study examines the effect of monetary/non-monetary lenient return policies on return behavior, mediated by the purchasing orientation considering returns. This study was conducted through an online survey and 238 data were collected and used for analysis. Two research models were designed for each independent variable of monetary lenient return policies, and non-monetary lenient return policies, and the path of the research model was analyzed using Process Macro 4.0. The study found that the sub-dimensions of return policy - monetary or non-monetary return policies - had different effects on return behavior through purchasing orientation considering returns. Monetary lenient return policies had a positive direct effect on return behavior, and purchasing orientation considering returns mediated the effect of the monetary lenient return policies on return behavior. However, the non-monetary lenient return policies only positively and significantly directly affected return behavior. The findings of this study contribute to understanding consumers' purchasing orientation considering returns. Furthermore, from the effect of the return policy on return behavior, the results are valuable as they can help fashion marketers establish a return strategy.

• Asia-Pacific Journal of Business
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• v.13 no.4
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• pp.135-149
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• 2022

Purpose - The primary objective of this article is to investigate the impact of U.S. monetary policy on institutional / individual / foreign investor reactions in the Korean stock market. Design/methodology/approach - This study employs a high frequency event study methodology to identify U.S. monetary policy shocks and quantify the impact of identified shocks on investor reactions. The dependent variable in the regression model is net stock purchase, while the explanatory variables are U.S. monetary policy shocks. The model is estimated for the period 2000-2019, including 156 FOMC meetings. Findings - Foreign investors immediately sell stocks in response to contractionary U.S. monetary shocks. They do not, however, react to anticipated changes in monetary policy rates, confirming the rationality of foreign investors. Individual investors demonstrate the opposite response, indicating that a non-trivial proportion of individual investors are irrational. Research implications or Originality - This study adds to the current literature on the effect of U.S. monetary policy on the Korean stock market. This study demonstrates a heterogeneous response to U.S. monetary policy shocks, validating the rational investment behavior of foreign investors, while individual investors exhibit a certain degree of irrationality. Methodologically, this study adds to the literature by quantifying the impact of U.S. monetary policy employing a sharper identification method allowing a simple and consistent estimation.

• Journal of Fashion Business
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• v.10 no.3
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• pp.69-77
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• 2006

This paper studied the effects of consumers' fashion item sales promotion attitude, depending on different sales promotions (monetary vs. non monetary) and sales promotion benefit timing (immediate vs. delayed) in fashion stores (high involvement product brand vs. low involvement). Three hypotheses were developed. H1; Monetary promotion is more effective than non-monetary promotion in fashion stores. H2; Immediate benefit is more effective than delayed benefit for both monetary and non-monetary promotions in fashion stores. H3; High-involvement fashion brand is more promotion elastic than low-involvement. Data were solicited from 300 female college student and $2{\times}2{\times}2$ between subjects experiment were designed. The results found out that monetary sales promotion effect was more positive than non-monetary and H1 was supported. Furthermore immediate benefit method was more effective than delayed benefit and H2 was supported as well. Significant interaction between sales promotion type and benefit timing was obtained. However, brand involvement effect was not found to the sales promotion attitudes.

• The Journal of Economics, Marketing and Management
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• v.3 no.1
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• pp.23-32
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• 2015

Present monetary system is based on fallacies. The purpose of this article is to highlight the pitfalls in economic thinking. The article shows that this way of thinking leads to the creation of inflation which is the root of all evil. The analysis proceeds in different approach to the contemporary theory of money. An inflation- free monetary system is introduced. Monetary system is the set of mechanisms that controls money. In this broad sense, monetary system can be divided into three different systems. Each of them has different goal; National monetary system which aims to raise sufficient funds in order to reach an optimal level of output growth that maintains full employment and satisfies the economic requirements of the community. National redistribution system which aims to redistribute funds in order to sustain individuals at or above a specified material standard of living, and enable government to provide public services. International monetary system which aims to preserve rights of parties in foreign exchange transactions.

• East Asian Journal of Business Economics (EAJBE)
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• v.6 no.1
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• pp.1-31
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• 2018

Purpose - This study is to analyze indicators characterizing the monetary turnover and its determining factors. Also this paper looked at the evolution of monetary aggregates of the Russian Federation, Australian, Sweden, Denmark, countries of CIS at the present stage of development and in the historical context. Research design, data, and methodology - The scale of research on Russia: to be analyzed the amount of data from the 2011 by 2016. In the historical context of the estimated data in the 1900-2011. On Belarus - the 2007-2017, on Tajikistan - the 2000 - 2017, on Kazakhstan - the 2000-2017, on Kyrgyzstan - the 2000-2017, on Australian - the 1959-2017, on Sweden - the 2009-2017, on Denmark - the 1999-2017. Results - Hypothesis 1. In Russian Federation the monetary stock has the steady tendency to growth. The dynamics of money supply in Russia is largely determined by historical events. Hypothesis 2. The dynamics of money supply the leading countries-partners has the tendency to grow. The monetary amount of countries-partners are analyzed is largely determined by external debt, GDP, the exports, the imports, the international reserves. Conclusions - The dynamics of monetary stock of Russia is determined by the historical events in many respects. The Russian Federation maintains a steady and the liquid economic position in the case of considerable amount of monetary stock and the high degree of its surplus. In most of the countries studied, the monetary supply has a significant volume exceeding the needs of the economy. If the distribution of monetary mass is adequate and there is a vertical of financial control, this will not have a negative impact on the country's economic stability and the development.

• Korea Trade Review
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• v.43 no.5
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• pp.93-113
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• 2018

The purpose of the study is to investigate whether monetary and non-monetary incentives of exports incentives affect the formation of trust between exporters and importers. Data was collected from 110 Korean SMEs(small and medium-sized enterprises) that were engaged in exporting. 'Three hypotheses were proposed and tested using the data collected. Findings include monetary incentives are not related to trust, but non-monetary incentives are positively related to trust. The findings suggest that exporters should focus on non-monetary incentives, rather than monetary incentives, to build trust with importers. Non-monetary incentives signal that exporters intend to have long-term relationship with importers, but monetary incentives do not. Trust was also found to mediate the relationship between non-monetary incentives and importer' role performance. Non-monetary incentives affect importer's role performance through trust formed between importer and exporter.

• KDI Journal of Economic Policy
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• v.32 no.2
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• pp.1-26
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• 2010

This paper empirically examines whether Korean monetary policy is independent of U.S. monetary policy during the post-crisis period in which capital account is liberalized and floating exchange rate regime is adopted and during the pre-crisis period in which capital mobility is restricted and tightly managed exchange rate regime is adopted. Before capital account liberalization, monetary autonomy can be achieved in view of the trillema, even under tightly managed exchange rate regime, as capital mobility is restricted. On the other hand, for the period after capital account liberalization, monetary autonomy can be also achieved in view of the trillema, as exchange rate stability is given up. Securing monetary autonomy, however, may not be easy under liberalized capital account for a small open economy like Korea. Huge capital movements can generate excessive instability in foreign exchange and asset markets. Strengthened international economic linkages may also be another factor to prevent monetary policy from being independent. Using block-exogenous structural VAR model, the effects of U.S. monetary policy shocks on Korean economy are examined. Empirical results show that Korean monetary policy is not independent of U.S. monetary policy for both periods before and after capital account liberalization. For the period after capital account liberalization, Korea does not seem to have implemented floating exchange rate policy in practice, which may lead Korean monetary policy to be dependent on U.S. monetary policy. For the period after capital account liberalization, portfolio flows respond dramatically to the U.S. monetary policy, which may also keep Korean monetary policy from being independent.

• East Asian Journal of Business Economics (EAJBE)
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• v.5 no.1
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• pp.33-49
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• 2017

This article can see the analysis of the monetary market of Russia at the present stage, its main segments. An assessment is given to the regulation of mechanism by liquidity, the transactions of the Bank of Russia on the provision of liquidity and on absorption of liquidity, the transaction of fixed action and the transaction in the public market are analyzed. To determine the tendency of development of the monetary market and its segments. In the work using the methods of multivariate statistics, the tools of financial mathematics. To be analyzed the amount of data from the 2015 -2016 year, the 2013 year. (daily data). Hypothesis 1. The dynamics of the money market of Russia at the present stage of development of domestic economy is rather stable. Hypothesis 2.The many transactions of regulation to decrease the liquidity of by monetary movement, the control function. Also in the article consider the contour of the financial transaction. This article reveals the theoretical bases of analysis of profitability of credit operations.

• International Journal of Advanced Culture Technology
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• v.7 no.1
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• pp.84-88
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• 2019

This paper examines whether the exchange rate respond differently to monetary policy shocks in Korea using regression model. We find an asymmetric response of the monetary policy shocks to the monetary policy shocks in the context of Korea. Over the whole period sample, we do not find the effect of an actual interest rate on exchange rate. But we find that the estimated coefficient on the expected and unexpected change in the policy rate are negative and statistically significant. In the period of monetary policy easing, the estimated coefficient on the expected and unexpected change in the policy rate are negative but not statistically significant. In contrast, the period of monetary policy tightening, the estimated coefficient on the expected and unexpected change in the policy rate are negative and statistically significant.