• The Journal of Asian Finance, Economics and Business
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• v.8 no.4
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• pp.665-672
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• 2021

The paper examines the impact of shadow economy and corruption, along with public expenditure, trade openness, foreign direct investment (FDI), inflation, and tax revenue on the economic growth of the BRICS countries. Data were collected from the World Bank, Transparency International, and Heritage Foundation over the 1991-2017 period. The Bayesian linear regression method is used to examine whether shadow economy, corruption and other indicators affect the economic growth of countries studied. This paper applies the normal prior suggested by Lemoine (2019) while the posterior distribution is simulated using Monte Carlo Markov Chain (MCMC) technique through the Gibbs sampling algorithm. The results indicate that public expenditure and trade openness can enhance the BRICS countries' economic growth, with the positive impact probability of 75.69% and 67.11%, respectively. Also, FDI, inflation, and tax revenue positively affect this growth, though the probability of positive effect is ambiguous, ranging from 51.13% to 56.36%. Further, the research's major finding is that shadow economy and control of corruption have a positive effect on the economic growth of the BRICS countries. Nevertheless, the posterior probabilities of these two factors are 62.23% and 65.25%, respectively. This result suggests that their positive effect probability is not high.

• Asian Journal of Business Environment
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• v.11 no.1
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• pp.39-50
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• 2021

Purpose: This study seeks to establish the environmental damage theory applicable to Kenya. The analysis is based on annual data drawn from World Bank on carbon dioxide emissions (CO2e) and gross domestic product per capita (GDPPC) for Kenya spanning 1963 to 2017. Research Methodology: The study adopts explanatory research design and autoregressive distributed lag model for analysis. Results: The results revealed a coefficient of -0.017 for GDPPC and 0.004 for GDPPC squared indicating that economic growth has negative effect on CO2e in the initial stages of growth but positive effect in the high growth regime with the marginal effect being higher in the initial growth regime. The findings suggest a U-shaped relationship consistent with Brundtland Curve Hypothesis (BCH). Conclusions: The findings emphasize the need for sustainable development path that enables present generations to meet own needs without compromising the capacity of future generations to meet their own. Sustainable development may include, investment in renewable energies like wind, solar and adoption of energy efficient technologies in production and manufacturing. The study concludes that BCH is applicable to Kenya and that developing affordable and effective mechanisms to boost sustainable development implementation is necessary to decrease the anthropogenic impact in the environment without any attendant reduction in the economic growth.

• Korean Journal of Artificial Intelligence
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• v.7 no.1
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• pp.17-22
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• 2019

The rapid development of artificial intelligence technology has exerted a great influence on all fields of the world, which of course also affects the world economy. This has also aroused a large number of economists' interest in this proposition. Since the definition of artificial intelligence is not unified yet, the results from previous researches are not reliable enough. At present, most scholars use the neoclassical growth model or task-based model to explore the path of artificial intelligence on economic variables. There into, most of them use the degree of automation to represent the artificial intelligence. They find that the degree of automation can change the proportion of industries. This only verifies that artificial intelligence can affect the economic variables. But the magnitude of artificial intelligence on economic variables can not be correctly estimated. Therefore, in order to have a better understanding on the impact of artificial intelligence on economic growth, this paper systematically reviews and collates previous literature on this topic. The results of this paper indicate that both in theoretical and empirical studies, artificial intelligence has a positive effect on economic growth. Then, some suggestions and limitations have also been put forward accordingly.

• Korean System Dynamics Review
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• v.1 no.1
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• pp.29-56
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• 2000

During the past few years, cyberspace and electronic commerce has been expanding throughout the world rapidly. The purpose of this paper is to find out policy leverages for boosting up cyberspace and electronic commerce using system dynamics simulation modeling approach. The system dynamics simulation model developed in this paper allows analysis of both the effect of factors on dynamic growth pattern of cyberspace as well as the effect of time delay in information processing, money transfer and delivery on model behavior. Finding of this study is that capacity of information infrastructure and size of cyberspace population are key factors of cyberspace growth. Also, reducing time delay in information flow, money flow, and delivery flow is an important policy leverages for growth of electronic commerce.

• Korea Trade Review
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• v.44 no.6
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• pp.247-265
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• 2019

This research focuses on the influences of FDI on the economic growth of four countries by Mekong river: Vietnam, Laos, Cambodia and Thailand. At the same time, the study also analyzes the contributing of economic growth to attract FDI inflow to these countries. The panel data during the period 1998-2017 were collected from World Bank. Empirical analysis figures out that GDP, mobile phone, labor force are the determinants affecting positive to FDI and vice versa exchange rate, wage are the negative factors. Secondly, FDI, export, exchange rate, government expenditure impact positively on economic growth but inflation and population have negative effect on the economic development. Thirdly, The FDI and economic growth have impact mutually in Vietnam, Laos, Cambodia and Thailand economy. FDI plays a very crucial role in contributing greatly to the economic development of the Mekong sub-region. The economic growth is higher, the FDI inflow is more attractive. From the results, some practical suggestions are offered to enhance the competitiveness in attracting FDI.

• Asian Journal of Business Environment
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• v.9 no.4
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• pp.5-13
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• 2019

Purpose - This research is aimed to investigate the impact of the Information and Communication Technology (hereinafter ICT) development index and ICT investment on Indonesian economic growth. Research design, data and methodology - The data used consist of ICT development index, government expenditure on ICT sector, and economic growth from 33 provinces in Indonesia from 2012 to 2015. Based on the Networked Readiness Index published by the World Economic Forum (WEF), Indonesia was ranked 80^th among 142 countries in 2012 and had climbed 64^th in 2014. This indicates that the businesses in Indonesia have adopted ICTs to increase productivity and expand their activities. Panel data regression analysis is performed to reveal the change of the impact over time in each of the provinces. Result - The ICT development index and government expenditure for ICT have a positive effect on the economic growth of all provinces, although the impact is different in each of the provinces. There is a digital gap between the provinces, especially the large digital gap occurring with DKI Jakarta. The provinces of Eastern Indonesia such as NTT and Papua are still relatively slow in development of ICT. Conclusions - ICT development index and allocation of local government expenditure for ICT have significant effect on economic growth. ICT development index has a bigger role in increasing economic growth.

• Journal of Ginseng Research
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• v.30 no.3
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• pp.158-164
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• 2006

The American ginseng is getting popular in the world market with cooling effects. This paper study history of the cooling effect of American ginseng. Most references include one's assertion on the cooling effect of American ginseng based on the old chinese believe. However, American ginseng was discovered in 1716 and export to China from mid 18 century. Concerning on the time period for clinical demonstration to get people's believe, it is not sufficient to conform the cooling effects of American ginseng. That is why the American ginseng was sold as an inferior goods compare oriental ginseng until mid 1970s. United State FDA also does not certify any effectiveness of Ginseng yet. However, it is important to study on the American ginseng because of rapid growth in the world ginseng market.

• The Journal of Korea Robotics Society
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• v.2 no.4
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• pp.346-352
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• 2007

As the new industry of this 21centuries, theme park is the important position to the front leader countries as a new growth engine due to its industrial-economical and cultural-social effect. While domestic theme park industries show lower competitive position with global theme park in aspect of management and qualities and have weak brand power. The global situation of present service robot industry of the world is the beginning stage and the time for strengthening competitive position and the best opportunity becoming global leader of world markets by prior occupation through provision of factitious market creating big demand. Robot theme park is possibile to provide such big demand of various robot and this paper present of ideas for robot theme park.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.12
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• pp.43-52
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• 2020

This paper examines how macroeconomic variables, such as interest rate differences, inflation, exchange rates, economic growth and external debt growth, affect capital flight in the ASEAN-8 countries. We apply a panel data model with fixed effect estimation for the data for eight countries from the period 1994 to 2018. We use the residual approach used by the World Bank to measure the value of capital flight. The results show that the interest rate differences, exchange rates, economic growth and foreign debt growth had a positive and significant effect on outward capital flight. A further implication of this finding is that the interest rate differences, exchange rate, economic growth and foreign debt growth are factors that trigger an increase in capital outflow in the ASEAN-8 countries. Nonetheless, inflation rate is not considered to be the main factor influencing capital flight, as average inflation in the ASEAN-8 countries remains relatively stable. This paper will be beneficial for policymakers in the ASEAN-8 countries and encourage them to constantly pay attention to these four variables, as they significantly influence capital flight, whereas they can disregard the impact of the inflation variable that is not significant in influencing capital flight.

• The Journal of Asian Finance, Economics and Business
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• v.9 no.3
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• pp.23-31
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• 2022

The study investigates the effect of trade openness on the economic growth of agricultural countries. The information of export, import, gross domestic product (GDP), Gross Fixed Capital Formation (GFCF), and population of 72 agrarian nations generated by the World Bank from 2011 until 2020 is used for data examination. Then, before panel data analysis, a preferred model is chosen from among common-effects, fixed-effects, and random effects. The best model turns out to be a fixed-effect model. The result reports that from 2011 to 2020; 16 out of 72 nations have succeeded in experiencing positive economic growth, the value of GFCF was US$ 2,859.04 billion, and later grew by 19 percent to US$ 3,393.73 billion, the population tends to increase continuously year by year, and 2 out of 72 countries experienced export plus import exceed their GDP. Moreover, trade openness is positively associated with economic growth, with a coefficient of 3.81. Besides that, an increase in GFCF may boost economic growth by approximately 3.32 percent. On the contrary, one percent additional population significantly delivers around 25.46 percent negative economic growth. To sum up, the higher intensity of products or services sold and bought abroad may enhance the economic performance.