APEC Studies Association of Korea最新文献

How useful are consumer and real estate brokerage manager forecasts of housing prices in South Korea? A directional analysis 消费者和房地产经纪经理对韩国房价的预测有多大用处?方向性分析

APEC Studies Association of Korea Pub Date : 2023-06-30 DOI: 10.52595/jas.15.1.11

Youngcheul Ahn

{"title":"How useful are consumer and real estate brokerage manager forecasts of housing prices in South Korea? A directional analysis","authors":"Youngcheul Ahn","doi":"10.52595/jas.15.1.11","DOIUrl":"https://doi.org/10.52595/jas.15.1.11","url":null,"abstract":"Using a newly developed market timing test, we evaluate the directional accuracy of consumers’ forecasts of housing price inflation based on the Bank of Korea’s South Korean consumer survey and real estate brokerage managers’ forecasts from the Kookmin Bank’s survey data. Our directional analysis results show that Korean real estate brokerage managers’ forecasts and consumers’ forecasts are not useful predictors of housing price inflation during the whole sample period. The results of the directional analysis are the same, even though the sample period was split into subperiods. Our results shed light on the redundancies of consumers’ and real estate brokerage managers’ forecasts in formulating government housing policies for housing price stability. Our findings have policy implications for policymakers. First, although Korean consumers’ and real estate brokerage managers’ forecasts are not useful in making correct predictions about the direction of housing price inflation, those forecasts should be considered as those forecasts can cause consumers’ irrational house buying herding behavior. Next, to stabilize housing price inflation within the policy target range, it may be necessary to control households’ expectations about the future direction of housing prices as it can mitigate their irrational house buying herding behavior. Further, we show the advantage of the new market-timing test and how its test results are robust for serial correlation in time-series forecasts and the corresponding actual outcomes. Relying solely on the market timing tests used in the literature, except for the new test, would lead us to conclude that Korean real-estate brokerage managers’ forecasts are useful.","PeriodicalId":360741,"journal":{"name":"APEC Studies Association of Korea","volume":"28 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116802102","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Making Sense of the Trump Tariff: Evidence from the Exclusion Request 理解特朗普关税:来自排除请求的证据

APEC Studies Association of Korea Pub Date : 2023-06-30 DOI: 10.52595/jas.15.1.1

Yeo Joon Yoon

引用次数: 0

Reason for Opposite Movement of GDP Deflator Inflation with CPI Inflation in Korea 韩国国内生产总值平减指数与消费者物价指数反向运动的原因

APEC Studies Association of Korea Pub Date : 2023-06-30 DOI: 10.52595/jas.15.1.21

In Huh

引用次数: 0

Estimation of A Class of Nonparameteric Probit Models 一类非参数概率模型的估计

APEC Studies Association of Korea Pub Date : 2022-12-30 DOI: 10.52595/jas.14.2.39

Sungwon Lee

引用次数: 0

Corporate governance and firm performance: Evidence from banking industry in South Asia 公司治理与公司绩效:来自南亚银行业的证据

APEC Studies Association of Korea Pub Date : 2022-12-30 DOI: 10.52595/jas.14.2.11

Joohee Park, C. Chung

引用次数: 0

Analysis of the Digital Trade Agreements among Several APEC Member Countries 亚太经合组织若干成员国数字贸易协定分析

APEC Studies Association of Korea Pub Date : 2022-12-30 DOI: 10.52595/jas.14.2.1

Kiyoun Sohn

{"title":"Analysis of the Digital Trade Agreements among Several APEC Member Countries","authors":"Kiyoun Sohn","doi":"10.52595/jas.14.2.1","DOIUrl":"https://doi.org/10.52595/jas.14.2.1","url":null,"abstract":"We analyze a variety of digital trade agreements with a view to exploring a useful guidance to clarify and improve the agreements. After examining the key features of the agreements, we compare them in two aspects, market access and policy cooperation. While the market access issues include the cross-border transfer of information by electronic means, the location of computing facilities, no imposition of customs duties on electronic transmissions and the express shipments, the policy cooperation issues do cooperation on standard and conformity assessment for digital trade, FinTech cooperation, and competition policy cooperation. Next, after evaluating the digital trade agreements, we find the need for reasonable definitions of critical terms such as digital trade and digital service. Also we suggest how to clarify and improve the scope of digital product and their relationship with the relevant WTO agreements, primarily GATS. Finally, we conclude with future issues such as the role of APEC, the interconnection between digital trade and trade in services, Korea’s strategies for future digital trade agreements, and the multilateral negotiations on digital trade at several international organizations such as WTO and OECD.","PeriodicalId":360741,"journal":{"name":"APEC Studies Association of Korea","volume":"32 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-12-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126119550","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Mega FTAs in East Asia and Their Strategies: Competition and Cooperation by Reshaping Global Supply and Value Chains 东亚大型自由贸易协定及其战略:重塑全球供应链和价值链的竞争与合作

APEC Studies Association of Korea Pub Date : 2022-12-30 DOI: 10.52595/jas.14.2.23

Sang-Chul Park

{"title":"Mega FTAs in East Asia and Their Strategies: Competition and Cooperation by Reshaping Global Supply and Value Chains","authors":"Sang-Chul Park","doi":"10.52595/jas.14.2.23","DOIUrl":"https://doi.org/10.52595/jas.14.2.23","url":null,"abstract":"The EU’s single market provides several implications to East Asian countries building their FTAs for their regional economic integration. They participate in different mega FTAs such as the RCEP and the CPTPP. As a result, their economic interests are rather divided deeply and related to political and security issues in the Asia and Pacific region. Particularly, the trade conflicts between the U.S. and China have continued since 2018, and the U.S. negated the TPP that turned to CPTPP without the U.S., while India withdrew from the RCEP in Nov. 2019. This paper deals with Mega FTAs as well as East Asian collaboration and competition. It also argues what are East Asian countries’ economic interests by participating in the RCEP and the CPTPP as well as how to overcome the newly emerging protectionism caused by the new U.S. trade policy and trade conflicts between G2. Finally, it also analyzes the roles and strategies of China, Japan, and Korea to protect their regional and global economic interests overcoming protectionism in the global trade environment individually and collectively, while the new global supply chains are reshaping in the region.","PeriodicalId":360741,"journal":{"name":"APEC Studies Association of Korea","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-12-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129848606","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Corporate Ownership Structure and Cash Holdings in the Vietnamese Market 越南市场的公司股权结构与现金持有量

APEC Studies Association of Korea Pub Date : 2022-06-30 DOI: 10.52595/jas.14.1.29

S. Cho, C. Chung

{"title":"Corporate Ownership Structure and Cash Holdings in the Vietnamese Market","authors":"S. Cho, C. Chung","doi":"10.52595/jas.14.1.29","DOIUrl":"https://doi.org/10.52595/jas.14.1.29","url":null,"abstract":"This study examines the relationship between corporate ownership structures and cash holdings in Vietnam using panel regression. We use a sample of 646 non-financial firms listed on the Ho Chi Minh City Stock Exchange from 2010 to 2018. Our main analysis employs firms’ state and foreign ownership status as the explanatory variables and firms’ cash holdings as the response variable. Both state ownership and foreign ownership exert a statistically significant positive influence on the investee firms’ internal cash reserves. Our baseline result implies that both state and foreign investors are likely to demand high cash ratio based on precautionary motives. To address endogeneity issues, we also include a firm’s cash policy in the past three years in the analysis. Both types of ownership and cash holdings are significantly positively related, hinting that our results are robust to autocorrelation. This positive link reveals that firms are likely to accumulate large cash savings in a weak business environment characterized by poor investor protection and high levels of political uncertainty and information asymmetry. These results indicate a possibility that different management preferences of domestic and foreign shareholders may be overridden by an adverse business environment. One important policy implication is that regulatory agencies should adopt a uniform accounting standard for financial reports, preferably under the international financial reporting standards (IFRS), to improve the information transfer between outside investors and shareholders. This will enhance minor shareholders’ rights and values and induce more effective monitoring mechanisms to enter the market, thereby creating a healthier business environment.","PeriodicalId":360741,"journal":{"name":"APEC Studies Association of Korea","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130245031","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Mechanisms of Consumer Responses to Underdog Companies: A Global Marketing Perspective 消费者对弱势公司的反应机制:全球营销视角

APEC Studies Association of Korea Pub Date : 2022-06-30 DOI: 10.52595/jas.14.1.61

Bangwool Han

{"title":"Mechanisms of Consumer Responses to Underdog Companies: A Global Marketing Perspective","authors":"Bangwool Han","doi":"10.52595/jas.14.1.61","DOIUrl":"https://doi.org/10.52595/jas.14.1.61","url":null,"abstract":"The phenomenon in which consumers support less established companies regardless of their lack of resources and opportunities has created the concept of the underdog effect. Relatively small companies, both domestic and international, often employ marketing strategies that rely on the underdog effect to gain market share in competition with dominant firms. To better understand the effectiveness of underdog positioning, a review of this literature is necessary, given that prior research has identified inconclusive and inconsistent effects of underdog positioning on consumer preferences and purchase intentions. This paper presents a systematic review of the literature on the underlying mechanisms of the underdog effect. The analysis of the selected articles published over the past 16 years in prominent journals of business and consumer behaviors such as Journal of Consumer Research, Journal of Brand Management, Journal of Business Research, Journal of Consumer Psychology, Journal of Consumer Behaviour, Journal of Marketing, Psychology & Marketing has provided psychological processes as the relevant mediators of the relationship between the underdog effect and consumer responses. The current paper makes an important contribution to the brand performance literatures by addressing the research gap in the area of underdog positioning strategy. Further, to benefit managers who practice underdog positioning, this study discusses future research directions based on global consumption trends.","PeriodicalId":360741,"journal":{"name":"APEC Studies Association of Korea","volume":"122 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131386610","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

No Great Convergence, but not Myth: Stabilization and Growth in East Asia, 1990-2018 没有大融合，但不是神话:东亚的稳定与增长，1990-2018

APEC Studies Association of Korea Pub Date : 2022-06-30 DOI: 10.52595/jas.14.1.1

A. Kohsaka

{"title":"No Great Convergence, but not Myth: Stabilization and Growth in East Asia, 1990-2018","authors":"A. Kohsaka","doi":"10.52595/jas.14.1.1","DOIUrl":"https://doi.org/10.52595/jas.14.1.1","url":null,"abstract":"Along with global economic integration through trade and financial flows, emerging market economies (EMEs) have become increasingly affected by global fluctuations and structural changes. Also, despite their apparent income convergence since the 2000s, their growth performances have become differentiated across regions. This paper overviews how EMEs in East Asia have coped with these circumstances since the 1990s, and assesses their economic performances from the aspects of both short-run macroeconomic stabilization and long-run economic growth in comparison with other regions. Scrutinizing monetary regime choices in the policy trilemma, dynamic patterns of total capital flows as well as by types of capital, saving-investment gaps and growth finance, and sources of economic growth, the exceptional income convergence of East Asian EMEs imply the following lessons, being apparently heterodox to conventional views: Given volatile global capital flows in the imperfect capital market, in small open economies such as EMEs, 1) for macroeconomic stabilization, exchange rate stability supported by managed float and capital controls is a more reasonable choice than the conventional mix of free float and open capital account, and 2) for economic growth, domestic savings are more reliable and important source of growth finance than foreign capital inflows. In fact, it turns out that 3) capital accumulation has been more important source of long-run economic growth than TFP growth throughout both advanced and emerging market economies. It should be noted, however, that 4) excessive capital accumulation could lead to relatively lower welfare levels than what income levels can attain.","PeriodicalId":360741,"journal":{"name":"APEC Studies Association of Korea","volume":"23 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125243323","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0