• The Journal of Asian Finance, Economics and Business
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• 제8권8호
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• pp.311-324
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• 2021

Investors have increasingly become interested in macroeconomic antecedents in order to better understand the investment environment and estimate the scope of profitable investment in equity markets. This study endeavors to examine the interdependency between the macroeconomic antecedents (international oil price (COP), Domestic gold price (GP), Rupee-dollar exchange rates (ER), Real interest rates (RIR), consumer price indices (CPI)), and the BSE Sensex and Nifty 50 index return. The data is converted into a natural logarithm for keeping it normal as well as for reducing the problem of heteroscedasticity. Monthly time series data from January 1992 to July 2019 is extracted from the Reserve Bank of India database with the application of financial Econometrics. Breusch-Godfrey serial correlation LM test for removal of autocorrelation, Breusch-Pagan-Godfrey test for removal of heteroscedasticity, Cointegration test and VECM test for testing cointegration between macroeconomic factors and market returns,] are employed to fit regression model. The Indian market returns are stable and positive but show intense volatility. When the series is stationary after the first difference, heteroskedasticity and serial correlation are not present. Different forecast accuracy measures point out macroeconomics can forecast future market returns of the Indian stock market. The step-by-step econometric tests show the long-run affiliation among macroeconomic antecedents.

• 의료법학
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• 제7권2호
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• pp.311-330
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• 2006

As issues of education, employment and so on, the medical issue is one of the hot spots of society in China today. The health system reform which was pushed ahead after China's Revolution and open to the outside world hasn't received great progress. Many actual problems haven't been solved, for example it is difficult and expensive to see a doctor. With the development of the economy and society, the citizen's legal consciousness has gradually risen. They make a claim for better medical service. At the same time, the number of the disputes of medical care arises annually. China has sped up the opening of service trade for fulfilling promises of entry the WTO since 2001. China has already opened many service trade fields, including medical field. From the domestic perspective, there are many problems in domestic medical department. From the international perspective, China's present medical level falls behind the world advanced medical level. Under this background, it is a bold act for China to open the medical service field to foreign investors. Today, a huge medical service market is developed in China. However, the government's investment to medical devices and the financing channels is limited. Therefore, it is inevitable that individuals, social organizations and foreign investors invest to the medical market. In view of the situation, Chinese government issued a series of relevant laws and rules. In recent years, many multinational companies, consortiums, charitable institutions, enterprises and individuals establish various medical institutions in China. But there are rare research in the actuality and legal subject of foreign investment to Chinese medical market. Hence, it is necessary to realize the actuality of foreign investment to Chinese medical market, to familiar with the elements and procedure of establishing foreign joint and cooperative medical institution. Meanwhile, analyzing the existing problems and posing the legal subject have important theoretic and practical value.

• The Journal of Asian Finance, Economics and Business
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• 제7권10호
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• pp.581-589
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• 2020

Foreign factors play an important role in the socio-economic development of each country, in which foreign direct investment (FDI), foreign aid and exports of goods and services are always given top priority in undeveloped countries as well as developing countries. The purpose of this study is to examine the relationship between the various factors such as FDI, foreign aid, exports and economic growth in Vietnam. The empirical method employed secondary time-series data set during the period 1997-2018 to determine the impact of FDI, foreign aid and exports on economic growth in Vietnam by using a linear approach. For this study, data is collected from the World Bank and relevant agencies in Vietnam. An empirical model is built with a correlation and regression analysis between economic growth (GDP, current) and three independent variables (FDI, aid, exports of goods and services). The results show that the relationship between FDI (net inflows), aid, exports and GDP (current) has a positive effect at a 1% significance level. Based on these findings, the article recommends that Vietnam continues to seek effective solutions to maintain high economic growth rates by attracting FDI inflows, official development assistance (ODA), and increasing exports of goods and services.

• The Journal of Asian Finance, Economics and Business
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• 제8권5호
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• pp.53-60
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• 2021

Foreign direct investment (FDI) is especially important for developing countries. This study investigates the determinants of FDI in the case of Indonesia. Most empirical researches in this field used time series data of a single country or panel data of several countries. Although panel data analysis is more comprehensive, however results taken from cross-country analysis cannot be directly applied to any specific country in the dataset and therefore lacks practicality. In this research, panel data analysis of a single country is performed to overcome the aforementioned shortcomings. Five determinants of FDI are tested using panel data of 33 Indonesian provinces over 10-year period of time. Two methodologies are adopted, random/fixed effects model and Granger Causality. The results show that only market size significantly affects FDI when tested using both methodologies. Human capital and financial market development show significant result in one of the two methodologies. While, economic growth and infrastructure did not show any significant results at all. This research stresses the importance of comprehensive single country analysis since only one out of five commonly discussed determinants is applicable in the case of Indonesia. Governments should therefore carefully reconsider the use of cross-country analysis as a basis of their policy formulations.

• The Journal of Asian Finance, Economics and Business
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• 제8권3호
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• pp.741-750
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• 2021

The budget deficit is closely related to expansionary fiscal policy as a fiscal instrument to encourage economic growth. This study aims to apply optimal control theory in the Keynesian macroeconomic model for the economy, so that optimal growth can be found. Macroeconomic variables include GDP, consumption, investment, exports, imports, and budget deficit as control variables. This study uses secondary data in the form of time series, the time period 1990 to 2018. Performing optimal control will result in optimal fiscal policy. The optimal determination is done through simulation, for the period 2019-2023. The discrete optimal control problem is to minimize the objective function in the form of a quadratic function against the deviation of the state variable and control variable from the target value and the optimal value. Meanwhile, the constraint is Keynes' macroeconomic model. The results showed that the optimal value of macroeconomic variables has a deviation from the target values consisting of: consumption, investment, exports, imports, GDP, and budget deficit. The largest deviation from the average during the simulation occurs in GDP, followed by investment, exports, and the budget deficit. Meanwhile, the lowest average deviation is found in imports.

• 자원ㆍ환경경제연구
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• 제16권3호
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• pp.485-510
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• 2007

본 연구에서는 우리나라 제조업의 전체 에너지절약 투자액과 에너지원단위 자료를 이용하여 에너지절약 투자액이 에너지원단위를 개선시키는 효과가 있는지를 실증분석하였다. 실증분석에 사용된 자료는 패널자료(panel data)로서 제조업 9개 업종 가운데 분석기간 동안 시계열의 안정성이 상대적으로 떨어지는 것으로 판단되는 기타 제조업을 제외한 8개 업종이다. 이 가운데 에너지 다소비업종과 비다소비업종은 각각 4개씩이다. 분석기간은 에너지절약 설비 투자 자료가 이용 가능한 1982~2004년까지이다. 추정결과에 의하면, 첫째로 에너지절약 투자는 에너지원단위를 개선시키는 효과가 있는 것으로 추정되었으나, 에너지절약 절대량 측면에서 그 효과는 그리 크지 않는 것으로 나타났다. 둘째로 에너지절약 자금이 에너지원단위를 개선시키는 데 있어 탄력성 측면에서는 에너지 다소비 업종에 비해 에너지 비다소비 업종에서 더 큰 것으로 추정되었다. 셋째로 에너지절약 관련 투자에 있어 에너지절약 투자 자금도 중요하지만, 자동화 투자도 에너지원단위 개선에 중요한 역할을 하는 것으로 나타났기 때문에 투자의 효율성 개선 측면에서 신중한 접근이 필요하다. 분석에 의하면, 자동화 투자의 에너지원단위 개선효과가 탄력성 측면에서 에너지절약 투자보다 큰 것으로 나타났다. 그러나 투자규모면에서 보면, 에너지절약 투자규모는 자동화 투자 규모에 비해 현격히 낮다. 따라서 탄력성 측면에서는 에너지원단위가 에너지절약 투자액보다 자동화투자에 보다 민감하게 반응하지만, 투자규모를 고려한 단위 투자비에 대한 온실가스 배출 저감효과는 에너지절약 투자액이 보다 큰 것으로 나타났다.

• The Journal of Asian Finance, Economics and Business
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• 제6권3호
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• pp.151-162
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• 2019

The paper examines the effects of Foreign Direct Investment (FDI) on the economic growth of Lao People's Democratic Republic (Lao PDR) between 1993 and 2015. The investigation is based on the influence of growth and economic absorptive capability determinants such as human capital, trade openness, and institutional quality. The methodological analysis uses a multivariate framework accounting capital stock, labor stock, FDI, human capital, trade openness, and institutional quality in regression of the Vector Autoregressive model. Augmented Dickey-Fuller unit root test, Johansen Cointegration test, and Granger Causality test were applied as parts of the econometric time-series analysis approach. The empirical results demonstrate the positive effects of FDI and trade openness, and the negative effects of human capital and institutional quality on the economic growth of the Lao PDR over the 1993 to 2015 period. The findings confirm that trade openness complemented by a sufficient level of infrastructure, education, quality institutions, and transparency significantly influence economic growth and attract more FDI. Research results lend credence to the need for the Lao PDR's government to focus on improving its economic absorptive capability and economic competitiveness regionally and globally by improving wealth and resource management strategies, as failure to take this course of action could lead to the Dutch Disease effects.

• The Journal of Asian Finance, Economics and Business
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• 제8권3호
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• pp.111-118
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• 2021

The purpose of this paper is to study the impact of trade openness on foreign direct investment (FDI) inflows into Vietnam, an emerging country with relatively high trade openness in recent years. The study used the vector autoregression (VAR) model to examine the impact of trade openness on FDI in Vietnam, in the period from 2005 to 2019. The research data are time-series data, with quarterly frequency, from 2005:Q4 to 2019:Q3. The FDI data were collected by International Financial Statistics. The data of trade openness were calculated based on Vietnam's export, import, and GDP data collected by the General Statistics Office of Vietnam. The estimated result shows that the trade openness has a positive effect on FDI. The current FDI is heavily influenced by FDI in the past with an average explanation of 74%. The main findings indicate that trade openness has a positive effect on FDI inflows into Vietnam. The findings also show that FDI in Vietnam is significantly affected by the shocks of the FDI itself in the past. The findings of the study suggest the Vietnamese Government improves the quality of trade openness and FDI, continues and maintains economic relations with other countries to increase trade openness.

• 응용통계연구
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• 제24권6호
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• pp.1021-1031
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• 2011

주가연계증권(ELS)은 주가와 연동되어 수익률이 결정되는 금융상품으로 현재 증권회사뿐만 아니라 은행에서도 많이 판매되고 있는 간접투자상품이다. 이 논문에서는 수익다이어그램을 통해 대표적인 주가연계증권의 수익구조를 알아보며 특히 현재 가장 많이 판매되고 있는 원금비보장 상품인 스텝다운형에 관심을 가진다. KOSPI 200과 홍콩 HSI를 기초자산으로 설정한 스텝다운형 상품에서 투자시점의 시계열 특성에 따른 조기상환여부와 경험적 분포를 이용한 VaR를 통한 위험률에 대해 고찰해 본다.

• 지능정보연구
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• 제29권1호
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• pp.377-396
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• 2023

암호화폐시장이 지속해서 성장함에 따라 하나의 새로운 금융시장으로 발전하였다. 이러한 암호화폐시장에 관한 투자전략 연구의 필요성 또한 대두되고 있다. 본 연구에서는 단기매매전략과 딥러닝을 결합한 암호화폐 투자 방법론에 대해 실증분석을 진행하였다. 투자 대상의 암호화폐를 이더리움으로 설정하고, 과거 데이터를 기반으로 최적의 파라미터를 찾아 이를 활용하여 실험 모델의 투자 성과를 분석하였다. 실험 모델은 변동성돌파전략, LSTM(Long Short Term Memory)모델, 이동평균 교차 전략, 그리고 단일 모델들을 결합한 결합 모델이다. 변동성돌파전략은 일 단위로 변동성이 크게 상승할 때 매수하고 당일 종가에 매도하는 단기매매전략이며, LSTM모델은 시계열 데이터에 적합한 딥러닝 모델인 LSTM을 활용하여 얻은 예측 종가를 이용한 매매방법이다. 이동평균 교차 전략은 단기 이동평균선이 교차할 때 매매를 결정하는 방법이다. 결합 모델은 변동성돌파전략의 매수 조건과 변동성돌파전략의 목표 매수가보다 LSTM의 예측 종가가 큰 경우 매수하는 조건이 동시에 만족하면 매수하는 규칙이다. 결합 모델은 변동성돌파전략과 LSTM모델의 파생 변수를 활용해 매수 조건에 AND와 OR를 사용하여 만든 매매 규칙이다. 실험 결과, 단일 모델보다 결합 모델에서 투자 성과가 우수함을 확인하였다. 특히, 데일리 트레이딩과 매수 후 보유의 누적수익률은 -50%이하인 것에 비해 결합 모델은 +11.35%의 높은 누적수익률을 달성하여 하락이 지속되던 투자 기간에도 기술적으로 방어하며 수익을 낼 수 있음을 확인하였다. 본 연구는 기존의 딥러닝기반 암호화폐 가격 예측에서 나아가 변동성이 큰 암호화폐시장에서 딥러닝과 단기매매전략을 결합하여 투자 성과를 개선하였다는 점에서 학술적 의의가 있으며, 실제 투자 시 적용 가능성을 보여주었다는 점에서 실무적 의의가 있다.