Journal of Korea Trade最新文献

{"title":"Revisiting the Role of Imported Inputs in Asian Economies","authors":"Woocheol Lee","doi":"10.35611/jkt.2023.27.5.113","DOIUrl":"https://doi.org/10.35611/jkt.2023.27.5.113","url":null,"abstract":"Purpose - Global production chains and their impacts on economic growth have drawn extensive attention from researchers. Close relationships among global production chains, export and economic growth have been illuminated, as evidenced by the fast and stable economic growth of East Asian economies. These economies perform various roles within global production chains using offshoring, in which the impact of import on domestic gross output is as strong as that of export. The impact of import on economic growth would depend on whether imported inputs substitute or complement domestic inputs production, which is likely to vary according to individual countries' functions within global production chains. The economic growth of concerned countries would also be diverse. However, little attention has been paid to the impact brought by imports compared to its significance. Design/methodology - The principal methodology used in this paper is structural decomposition analysis (SDA), widely chosen to elucidate the impact of various factors on domestic gross output using input-output tables. This paper extracts trade data of six Asian economies from the World Input-Output Database (WIOD) 2016 release that covers 43 countries for the period 2000-2014. The extracted data is then categorised into 37 sectors. First, this paper calculates the Feenstra-Hanson Offshoring Index (OSI) of each country. It then applies SDA to measure the changes in each economy's gross output, export, import input coefficients, and domestic input coefficients. Finally, after taking the first difference from pooled time-series data, it estimates the correlations between imported input coefficients and OSI using the ordinary least square (OLS) method. Findings - The main findings of this paper can be summarised as follows. Firstly, all six countries have increasingly engaged in global production chains, as evidenced by the growing size of OSI. Secondly, there are negative correlations in five countries except Japan, with sectoral differences. Thirdly, changes in import input coefficients are not negative in all six countries, indicating that offshoring does not necessarily substitute for domestic inputs production but does complement it and, therefore, fosters their economic growth. This is observed in China, Indonesia, Korea and Taiwan. Offshoring has led to an increase in the use of imported inputs, which has, in turn, stimulated domestic inputs production in these countries. Originality/value - While existing studies focus on the role of export in evaluating the impact of participating global production chains, this paper explicitly examines the unexplored impact of import on domestic gross output by considering both the substitution and the complementary effect, using the WIOD. The findings of this paper suggest that Asian economies have achieved fast and stable economic growth not only through successful export management but also through effective import management within globa","PeriodicalId":37797,"journal":{"name":"Journal of Korea Trade","volume":"29 1","pages":""},"PeriodicalIF":0.5,"publicationDate":"2023-10-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139307837","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Impact of Logistics 4.0 Technology Adoption on Logistics Performance: The Mediating Effect of Logistics Innovation Capability and the Mediated Moderation Effect of Firm Size","authors":"Young-Min Kim","doi":"10.35611/jkt.2023.27.5.63","DOIUrl":"https://doi.org/10.35611/jkt.2023.27.5.63","url":null,"abstract":"Purpose - This study aims to identify the relationship between logistics companies’ Logistics 4.0 technology adoption with logistics innovation capability and logistics performance, and analyze the mediating effect of logistics innovation capability and the mediated moderation effect of firm size through logistics innovation capability. Design/methodology - Research models and hypotheses were established based on prior research related to Industry 4.0, Logistics 4.0, logistics technology, logistics performance, and firm size. The survey was conducted on the employees of logistics companies, and exploratory factor analysis, reliability analysis, confirmatory factor analysis, discriminant validity analysis, structural equation model analysis, mediation effect, moderation effect, and the mediated moderation effect analysis were performed. Findings - The adoption of Logistics 4.0 technology was found to significantly affect logistics innova- tion capability and logistics performance. Logistics innovation capability was found to significantly affect logistics performance. Moreover, logistics innovation capability was found to have a significant mediation effect on the relationship between Logistics 4.0 technology adoption and logistics perfor- mance. The moderation effect based on firm size was found to have a partial effect on logistics in- novation capability and logistics performance, but the mediated moderation effect was not significant. Originality/value - This study is meaningful in that it empirically analyzed the relationship of Logistics 4.0 technology adoption with logistics innovation capability and logistics performance, the mediating effect of logistics innovation capability, the moderation effect of firm size, and the mediated moderation effect of firm size, which were not addressed in previous studies.","PeriodicalId":37797,"journal":{"name":"Journal of Korea Trade","volume":"66 1","pages":""},"PeriodicalIF":0.5,"publicationDate":"2023-10-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139309191","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Localized Knowledge Spillovers and Organizational Capabilities: Evidence from the Canadian Manufacturing Sector","authors":"Joung-Yeo No","doi":"10.35611/jkt.2023.27.5.91","DOIUrl":"https://doi.org/10.35611/jkt.2023.27.5.91","url":null,"abstract":"Purpose - This study empirically investigates how the effects of localized knowledge spillovers on technology adoption are conditional on the organizational capabilities of potential adopters. Design/methodology - The empirical model utilized in this study examines how the presence of prior adopters of advanced manufacturing technologies affects a plant’s technology adoption decision differently based on its organizational capabilities, measured by plant size and plant status (single- plant firm vs. multi-plant firm). Moreover, this study investigates how the scope of knowledge spillovers from prior adopters, both in terms of geographical and functional proximities, differ for plants with different organizational capabilities. Findings - The main findings of this study are as follows: 1. Although plants with lower organizational capabilities are less likely to adopt advanced technologies, such plants receive greater marginal benefits from knowledge spillovers from prior adopters in their region. 2. Plants with greater organizational capabilities can benefit from knowledge spillovers from a wider set of prior adopters. In other words, while plants with lower organizational capabilities tend to benefit from knowledge spillovers from “similar” and “local” adopters, plants with greater organizational capabilities can also benefit from knowledge spillovers from “not-too-similar” or are geographically distant prior adopters. Originality/value - While existing studies mainly focus on the effects of the various kinds of regional agglomeration, few studies investigate localized knowledge spillovers in technology adoption. Moreover, no prior studies have explored how the effects of knowledge spillovers on technology adoption depend on a plant’s organizational capabilities and how the scope of knowledge spillovers differs for plants with different organizational capabilities. This study is the first to empirically investigate this topic.","PeriodicalId":37797,"journal":{"name":"Journal of Korea Trade","volume":"157 1","pages":""},"PeriodicalIF":0.5,"publicationDate":"2023-10-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139307033","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Effect of Trade Agreements on Korea’s Bilateral Trade Volume: Mitigating the Impact of Economic Uncertainty in Trading Countries","authors":"Heedae Park, Jiyoung An","doi":"10.35611/jkt.2023.27.5.153","DOIUrl":"https://doi.org/10.35611/jkt.2023.27.5.153","url":null,"abstract":"Purpose - This research empirically analyzes the influence of economic policy uncertainty and free trade agreements (FTAs) on bilateral trade volumes between Korea and its trading partners. The study investigates whether fluctuations in the Economic Policy Uncertainty Index (EPUI) for both Korea and its trading partners significantly impact trade volumes and whether the implementation of FTAs mitigates these effects. Design/methodology - The study employs dynamic panel data analysis using the system generalized method of moments (system GMM) estimation method to achieve its research objectives. It utilizes country-month-level panel data, including the EPUI, trade volume between Korea and its trading partner countries, and other pertinent variables. The use of system GMM allows for the control of potential endogeneity issues and the incorporation of country-specific and time-specific effects. Findings - The analysis yields significant results regarding the impact of economic policy uncertainty on Korea's exports and imports, particularly before the implementation of FTAs. An increase in the EPUI of trading partners leads to a notable increase in Korea's exports to them. Conversely, an increase in Korea's EPUI negatively affects its imports from trading partners. However, post-FTA implemen- tation, the influence of each country's EPUI on trade volume is neutralized, with no significant difference observed. Originality/value - This research contributes to the existing literature by providing empirical evidence on the interaction effects between economic policy uncertainty and FTAs on bilateral trade volumes. The study's uniqueness lies in its examination of how FTAs mitigate the impact of economic uncertainty on trade relations between countries. The findings underscore the importance of trade agreements as mechanisms to address economic risks and promote international trade relations. In a world where global market uncertainties persist, these insights can aid policymakers in Korea and other countries in enhancing their trade cooperation strategies and navigating challenges posed by evolving economic landscapes.","PeriodicalId":37797,"journal":{"name":"Journal of Korea Trade","volume":"1 1","pages":""},"PeriodicalIF":0.5,"publicationDate":"2023-10-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139308676","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Effect of Economic and Infrastructure Factors on the Formation of Electric Vehicle Supply Chain and Optimal Location Selection: Korea-US FDI","authors":"Young-Kyou Ha","doi":"10.35611/jkt.2023.27.5.23","DOIUrl":"https://doi.org/10.35611/jkt.2023.27.5.23","url":null,"abstract":"Purpose - This study aims to present the changes and directions in the automotive supply chain in the face of changes in the global supply chain caused by external factors and the integration of industries resulting from internal factors. Assuming FDI in the Korean automotive industry in the US, this study analyzed the influential factors over the long term and derived the optimal location. Design/methodology - For this analysis, the characteristics and current status of the automotive industry are presented. Additionally, the study emphasizes the necessity and direction of change. The factors influencing Korea-US FDI in the automotive industry and the electric vehicle industry were analyzed through panel analysis. The optimal location from the perspective of distribution costs was selected using linear programming under the assumption that local demand will be replaced by local production in the future. Findings - This study found that the electric vehicle supply chain will change with the characteristics of the electric and electronic industries rather than with the traditional automotive industry. Additionally, in deriving the optimal location, the study emphasized the proximity to the consumption market. Originality/value - The analysis method and conclusions of this study not only present the influential factors and direction of FDI in the automotive industry but also can be applied to other industries. Moreover, the study provides practical and policy implications for industries and governments considering FDI in the US.","PeriodicalId":37797,"journal":{"name":"Journal of Korea Trade","volume":"1 1","pages":""},"PeriodicalIF":0.5,"publicationDate":"2023-10-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139306888","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"FDI and the Evolution of Directed Technological Progress Bias: New Evidence from Korean Outward Investment","authors":"M. m","doi":"10.35611/jkt.2023.27.5.1","DOIUrl":"https://doi.org/10.35611/jkt.2023.27.5.1","url":null,"abstract":"Purpose - Southeast Asia has been the focus of Korea's foreign investment. Korea has been helping developing countries in Southeast Asia achieve economic growth and win-win cooperation through capital exports. FDI is an important channel for technology diffusion. However, the impact of FDI on the bias of technological progress in the host country is dependent on the host country's own endowment structure and capital-labor factor substitution elasticity. Therefore, the central issue of this paper is to accurately evaluate the impact of Korea's FDI to the four Southeast Asian countries in various industries on their bias of technological progress. Design/methodology - The paper uses macroeconomic data for Korea and four East Asian countries to estimate capital-labor factor elasticities of substitution using nonlinear, seemingly uncorrelated regressions (NLSUR). Then, the biased technological change index (BTCI) is calculated for each country. Finally, panel data analysis is used to explore the impact of Korean FDI in various industries in the four Southeast Asian countries on their own directed technological progress, and a robustness test is conducted. Findings - There is a substitution relationship between capital and labor factors based on their elasticity in Korea, Singapore and the Philippines. There is a complementary relationship between capital and labor factors in Indonesia and Malaysia. According to the BTCI, there is a trend toward labor-biased technological progress in all countries. Korean investments in manufacturing, wholesale and retail trade in the host country trigger capital-biased technological change in the host country; investments in the finance, insurance and information and communication sectors trigger labor- biased technological change. In addition, this paper also confirms that directed technological progress can enable cross-country transmission. Originality/value - The innovation of this paper lies in three aspects. First, we estimate the BTCI for five countries and explore the trend and situation of directed technological progress in each country from each country's own perspective. Second, we explore the impact of Korean FDI in the host country on the bias to its technological progress at the industry level. Second, we explore the impact of Korean FDI in various industries in the four Southeast Asian countries on the four countries' own directed technological progress from a national perspective. Finally, we propose corresponding countermea- sures for technological progress from the perspective of inverse factor endowment. These innovative points not only expand the understanding of technological progress and cross-country technology transfer in East Asia but also provide practical references for policy-makers and business operators.","PeriodicalId":37797,"journal":{"name":"Journal of Korea Trade","volume":"1 1","pages":""},"PeriodicalIF":0.5,"publicationDate":"2023-10-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139308719","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Legal Implications of U.S. CVD on Tires and Undervalued Currency in the WTO's SCM","authors":"M. m, Xuan Zhou, Chang Hwan Choi","doi":"10.35611/jkt.2023.27.5.41","DOIUrl":"https://doi.org/10.35611/jkt.2023.27.5.41","url":null,"abstract":"Purpose - This paper examines whether the imposition of countervailing duties by the United States on undervalued foreign currency is legally consistent with the WTO's SCM Agreement. Design/methodology - The study uses a methodology that involves analyzing relevant WTO agree- ments, prior panel reports, Appellate Body decisions, and other legal documents. Findings - The findings suggest that to impose countervailing duties, certain legal requirements must be met, including financial contribution, benefit, and specificity. The paper also notes that when calculating the benefits of undervalued foreign currency, losses from import activities due to currency undervaluation must be considered. Additionally, classifying all exports to the US under specific industries or business groups is likely to be inconsistent with the SCM Agreement. Originality/value - Even the US countervailing measures on exchange rate subsidies may not comply with WTO regulations due to incorrect calculation of benefits and a lack of specificity, however, it suggests that when intervening in the foreign exchange market, the measures should aim to achieve only minimum policy goals.","PeriodicalId":37797,"journal":{"name":"Journal of Korea Trade","volume":"212 1","pages":""},"PeriodicalIF":0.5,"publicationDate":"2023-10-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139306339","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"A Study on Co-movements and Information Spillover Effects Between the International Commodity Futures Markets and the South Korean Stock Markets: Comparison of the COVID-19 and 2008 Financial Crises","authors":"Yin-Hua Li, Guo-Dong Yang, M. m","doi":"10.35611/jkt.2023.27.5.167","DOIUrl":"https://doi.org/10.35611/jkt.2023.27.5.167","url":null,"abstract":"Purpose - This paper aims to compare and analyze the co-movements and information spillover effects between the international commodity futures markets and the South Korean stock markets during the COVID-19 and the 2008 financial crises. Design/methodology - The DCC-GARCH model is used in the co-movements analysis. In contrast, the BEKK-GARCH model is used to evaluate information spillover effects. The statistical data used is from January 1, 2005, to December 31, 2022. It comprises the Korea Composite Stock Price Index data and daily international commodity futures prices of natural gas, West Texas Intermediate crude oil, gold, silver, copper, nickel, soybean, and wheat. Findings - The results of the co-movement analysis were as follows: First, it was shown that the co- movements between the international commodity futures markets and the South Korean stock markets were temporarily strengthened when the COVID-19 and 2008 financial crises occurred. Second, the South Korean stock markets were shown to have high correlations with the copper, nickel, and crude oil futures markets. The results of the information spillover effects analysis are as follows: First, before the 2008 financial crisis, four commodity futures markets (natural gas, gold, copper, and wheat) were shown to be in two-way leading relationships with the South Korean stock markets. In contrast, seven commodity futures markets, except for the natural gas futures market, were shown to be in two-way leading relationships with the South Korean stock markets after the financial crisis. Second, before the COVID-19 crisis, most international commodity futures markets, excluding natural gas and crude oil future markets, were shown to have led the South Korean stock markets in one direction. Third, it was revealed that after the COVID-19 crisis, the connections between the South Korean stock markets and the international commodity futures markets, except for natural gas, crude oil, and gold, were completely severed. Originality/value - Useful information for portfolio strategy establishment can be provided to investors through the results of this study. In addition, it is judged that financial policy authorities can utilize the results as data for efficient regulation of the financial market and policy establishment.","PeriodicalId":37797,"journal":{"name":"Journal of Korea Trade","volume":"56 1","pages":""},"PeriodicalIF":0.5,"publicationDate":"2023-10-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139307600","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Containing China versus Choking the Asian Economy","authors":"Inkyo Cheong, Byeongho Lim, Yeri Ryu","doi":"10.35611/jkt.2023.27.5.137","DOIUrl":"https://doi.org/10.35611/jkt.2023.27.5.137","url":null,"abstract":"Purpose - Although many existing studies on the US-China hegemonic conflict and decoupling have been published, most of them are qualitative and use descriptive analysis methods. Papers that quantitatively analyzed decoupling mainly estimate the effect of a tariff increase. However, this paper quantitatively analyzed the ripple effect by focusing on decoupling technology spillover between the United States and China. And, for the first time, it was suggested that the blocking of technology spillover could give a fatal blow to the East Asian economy as well as China. Design/methodology - The United States is pursuing decoupling with China, primarily in goods trade and blocking technology transfer. This paper sets up various scenarios and uses three computational general equilibrium (CGE) models to analyze the overall ripple effects of decoupling. A paper using the three CGE models for decoupling ripple effect analysis has not yet been published. Findings - Decoupling will hit the economies of regions with close economic ties to China more than others. According to simulation results of this study, the Chinese economy may suffer severe damage that is difficult to recover from, and the economies of Asian countries are predicted to deteriorate to the point of being choked. Originality/value - Existing papers that assessed the effect of decoupling mostly focus on estimating the effect itself through tariff hikes. This paper is meaningful in that it comprehensively analyzed decoupling by adding the effect of technology spillover blockade. In addition, another meaning can be found in that it quantified for the first time that it will deal a huge blow to the extent of choking the East Asian economy as well as China.","PeriodicalId":37797,"journal":{"name":"Journal of Korea Trade","volume":"93 1","pages":""},"PeriodicalIF":0.5,"publicationDate":"2023-10-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139309476","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"A Study on Determining Trade Terms for Logistics Efficiency in the Era of Logistics 4.0: Moderated Mediating Effect of Added Value of Traded Goods","authors":"Chang-Bong Kim, Kyeong-Wook Jeong, Hwa-Jung Hyun","doi":"10.35611/jkt.2023.27.4.1","DOIUrl":"https://doi.org/10.35611/jkt.2023.27.4.1","url":null,"abstract":"<jats:p />","PeriodicalId":37797,"journal":{"name":"Journal of Korea Trade","volume":"7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-08-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136036148","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}