• The Journal of Asian Finance, Economics and Business
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• 제9권5호
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• pp.285-294
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• 2022

Using the ARDL approach, this study examined the impact of macro factors on Vietnam's stock market in the short and long run from 2010 to 2021. The State Bank of Vietnam and the International Monetary Fund provided time series data for this study. Research results show that in the long run, money supply and exchange rate respectively affect the stock market. The money supply had a positive effect on the VN-Index, while the exchange rate showed the opposite effect. However, the study did not find a relationship between world oil price and interest rates on VN-Index in the long run. On the other hand, in the short term, there are relationships between variables; specifically, interest rates and exchange rates have a negative impact on the VN-Index, while the world oil price and the fluctuation of money supply M2 of the previous one and two months showed an impact in the same direction on this index. The differences in the regression results on the impact of exchange rate and oil price on the VN-Index compared to previous studies come from the characteristics of Vietnam's stock market, with the large capitalization of companies in the oil and gas sector, and the structure of Vietnam's economy with export heavily depends on FDI sector.

• 무역학회지
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• 제47권5호
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• pp.75-93
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• 2022

Purchasing Power Parity (hereafter, PPP) means the purchasing power of two currencies is the same when one is converted into the other one. According to previous studies on PPP, as the volatility of the real exchange rate is smaller, PPP may be more likely to hold. Since New Zealand adopted the inflation targeting policy in December 1989, many countries started to adopt it as their monetary policy frame. Previous studies on inflation targeting found that inflation targeting policy has positive effects on not only achieving price stability but also reducing the volatility of nominal/ real exchange rates. Therefore, in this study, I explored whether inflation targeting policy has positive effects on purchasing power parity subject to 19 OECD countries, applying an Exponential Smooth Transition Autoregressive (ESTAR) model during the sample periods, from 1974:Q1 to 2019:Q4. Based on the ESTAR estimate results, I found limited favorable evidence of PPP for only two countries- England and Switzerland- among 9 inflation targeters, compared to non-inflation targeters, and also I found that favorable evidence of PPP only for these two countries among 9 inflation targeters during post-inflation targeting, but not during pre-inflation targeting. These findings imply that the positive effects of inflation targeting on PPP may be questionable unlike Ding and Kim (2012) and Kim (2014)'s study.

• East Asian Economic Review
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• 제17권2호
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• pp.129-159
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• 2013

Over the course of the recent global financial crisis, emerging economies experienced massive swings in capital inflows. In this paper, we estimate a VAR model to assess the impact of capital inflow shocks, which are identified using a set of sign restrictions, on house prices in Korea. We base the analysis on three alternative measures of capital inflows: net total inflows, net portfolio inflows and gross total inflows. The results suggest that capital inflow shocks have a significantly positive and persistent effect on real house prices. Although shocks to capital inflows are found to be substantially more important for Korean asset markets than for other OECD countries, their overall explanatory power is modest. Using regional house price data we also show that capital inflow shocks have an asymmetric effect on property markets across the seven largest Korean cities and across different parts of Seoul.

• KDI Journal of Economic Policy
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• 제40권3호
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• pp.45-68
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• 2018

We uncover a nexus between actual inflation, inflation perceptions and expectations in Korea through analyzing micro as well as aggregate data from the Consumer Survey. We document two novel findings. First, households' subjective perceptions of inflation exert more impact on expectation formation than actual inflation. Second, inflation perceptions are broadly in line with the trajectory of the inflation trend. This is attributable to the fact that changes in actual inflation have been generated mainly by the consumption items whose price changes are perceived more sensitively as those items are frequently bought or have a larger share in household expenditures. Conducting a cross-country comparison, we find that information rigidity in expectation formation process and the nexus between perceptions and expectations of inflation prove to be stronger in Korea. Additionally, we reconfirm the existing finding that the scope of information utilized for forming inflation expectations is fairly circumscribed.

• 한국안전학회지
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• 제18권3호
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• pp.114-119
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• 2003

The building needs of the community are met by the interrelated construction activities of maintaining, modernizing and replacing the existing stock of building and by the erection of additional new building. Studying the service lift of buildings and how it is determined can serve as an important measuring stick in making decisions on construction policy. Therefore, the purpose of this study is to provide useful information for future construction through a comparative and analytical study of building structures on disappeared buildings. It was found that most building structure had a shorter service life than the standard set by The Korea Appraisal Board. This situation may have occurred due to the sharp rise in replacement of older buildings with new buildings for the purpose of monetary profit. To increase the economic life of buildings reduce losses of the nation's capital henceforth, examination on policy md steady study needs to be done.

• 한국품질경영학회:학술대회논문집
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• 한국품질경영학회 2006년도 춘계학술대회
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• pp.400-404
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• 2006

The environmental problem come because the demage cost of environmental pollution is not properly reflected in market price. The government regulations for market is justified to solve the problem. The policy needs a close analysis of environmental, economical effect for the point of time, methods, rational decision making of the government regulations. Especially, we need to assume and analyze about social expenses by environmental pollution and policy execution. The cost-benefit analysis about environmental pollution is used to support decision making. The value of benefit about damage by environmental pollution or about improvement changes a monetary unit through the cost-benefit analysis. The working like this is said environmental material valuation or measuring valuation. This work is studied about looking for proper analysis model to apply our environmental materials.

• East Asian Economic Review
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• 제24권4호
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• pp.417-440
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• 2020

The coronavirus pandemic of 2019-20 confronted fiscally dominant regimes around the world with the question of whether the large deficits caused by the health crisis should be monetized or financed by issuing debt. The unpleasant monetarist arithmetic of Sargent and Wallace (1981) states that in a fiscally dominant regime tighter money now can cause higher inflation in the future. In spite of the qualifier 'unpleasant,' this result is positive in nature, and, therefore, void of normative content. I analyze conditions under which it is optimal in a welfare sense for the central bank to delay inflation by issuing debt to finance part of the fiscal deficit. The analysis is conducted in the context of a model in which the aforementioned monetarist arithmetic holds, in the sense that if the government finds it optimal to delay inflation, it does so knowing that it would result in higher inflation in the future. The central result of the paper is that delaying inflation is optimal when the fiscal deficit is expected to decline over time.

• East Asian Economic Review
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• 제28권1호
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• pp.95-140
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• 2024

This study empirically investigates the international transmission of China's uncertainty shocks. It estimates a time-varying parameter Bayesian global structural vector autoregressive model (TVP-BGVAR) using time series data for 33 countries to evaluate heterogeneous international linkage across countries and time. Uncertainty shocks are identified via sign restrictions. The empirical results reveal that an increase in uncertainty in China negatively affects the global economy, but those effects significantly vary over time. The effects of China's uncertainty shocks on the global economy have been significantly altered by China's WTO accession, the global financial crisis, and the recent US-China trade conflict. Furthermore, the effects of China's uncertainty shocks, typically on inflation, differ significantly across countries. Moreover, Trade openness appears crucial in explaining heterogeneous GDP responses across countries, whereas the international dimension of monetary policy appears to be important in explaining heterogeneous inflation responses across countries.

• 자원ㆍ환경경제연구
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• 제27권1호
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• pp.139-160
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• 2018

리스크에 대한 개인의 태도와 원자력발전 수용성의 관계에 대한 기존의 연구가 다수 존재함에도 불구하고 최근 경주 지역을 중심으로 하여 빈번하게 발생하는 지진과 같은 자연재해의 경험이 원자력 수용성에 미치는 영향에 대해 분석한 국내 연구는 많지 않다. 본 연구는 2017년 3월 1,349명을 대상으로 실시된 설문조사 데이터를 기초로 하여 지진의 경험 및 정부의 보상조건(10년간 전기료 '10% 인하', '30% 인하', '50% 인하', '100% 인하')을 주요 변수로 하여 원전 유치 태도의 결정요인을 분석하였다. 프로빗 모형을 이용한 분석 결과에 따르면, 인근 원전의 존재 자체가 원전에 대한 위협감을 높이는 요인으로 작용하지는 않지만, 지진의 경험이 더해지면 원전 유치를 반대할 확률이 높아졌다. 물론, 정부의 보상 수준이 높아지면 원전 유치를 반대할 확률은 낮아진다. 그러나 10년간 전기료 무상지원이라는 보상이 주어진다고 해도 원전 유치에 찬성할 확률은 50%를 밑돈다. 특히 최근 지진이 빈번하게 발생하며 시민들의 지진 경험이 높아진다는 점을 고려할 때 원전 건설에 대한 국민의 동의를 얻어내기 위한 경제적 비용은 더욱 커질 것으로 예상된다.

• The Journal of Asian Finance, Economics and Business
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• 제6권4호
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• pp.139-145
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• 2019

This study examines the dynamic linkages between food price inflation and its volatility in the context of Sri Lanka. The empirical evidence derived from the monthly data for the period from 2003M1 to 2017M12 for Sri Lanka. The relationship between inflation rate and inflation volatility has attracted more attention by theoretical and empirical macroeconomists. Empirical studies on the relationship between food inflation and food inflation variability is scarce in the literature. Food price inflation is defined as log difference of food price series. The volatility of a food price inflation is measured by conditional variance generated by the FIGARCH model. Preliminary analysis showed that food inflation is stationary series. Granger causality test reveals that food inflation seems to exert positive impact on inflation variability. We find no evidence for inflation uncertainty affecting food inflation rates. Hence, the findings of the study supports the Friedman-Ball hypothesis in both cases of consumer food price inflation and wholesale food price inflation. This implies that past information on food inflation can help improve the one-step-ahead prediction of food inflation variability but not vice versa. Our results have some important policy implications for the design of monetary policy, food policy thereby promoting macroeconomic stability.