Earticle

Korea's export enterprises have being confronted many difficulties in export as China did not followed international standards, requiring extremely complicated certification procedures and redundant tests on Technical Barriers to Trade (TBT). There have been many items in electronic equipment, automobile parts, steel, chemicals, pharmaceuticals etc in TBT. Korea-China FTA signed in 2015 is expected to resolve these various issues related to TBT for the Korean companies. Because it mutually certifies internationally accredited tests (IECEE CB), guarantees national treatment, and promises information exchange for consumer safety. Considering the correlation between the number of WTO TBT notices of China by product and the amount of Korea's exports to China by product, the correlation coefficient was 75.3. The correlation coefficient between the number of TBT notices and the size of TBT was also 46.2. These results mean that the items that rely more on exports to China face more TBT, it also means that China has been using TBT as the industry protection and development policies since the 2000s.

This paper analyzed the evaluation factor on the onsight management that employees in Korean firms in China recognize by utilizing One-way ANOVA and regression methods. Survey was conducted by a special consulting enterprise in China during July, 2012. The number of firms is 321. Dependent variables include an evaluation on past business in China, an evaluation on current business, and an evaluation on future business. Independent variables include an entrance age, industry, and region. The empirical results are as follows. First, the evaluation on past business in China turned out to be worse as a firm is younger. It turned out to be better in service industry rather than in manufacturing industry. Region, however, was indifferent to the evaluation on past business in China. Secondly, the evaluation on current business turned out to be indifferent to the entrance age and region. However, it was better in service industry rather than in manufacturing industry. Lastly, the evaluation on future business turned out to be better when a firm is younger. It was better in service industry than in manufacturing industry. However, region did not affect the evaluation on future business.

As companies' international business activities become global value chain managements, international trade is shifting from international movement of goods to transfer of raw materials, goods, technology and capital based on global value chain management of multinational firms. Thus FDI becomes more and more important for the economic development of a country. In order to analyze location advantage of several regions in Korea, this paper analyzed the location advantage factors based on the regional GVC development model through interviews with those in charge of foreign direct investment in their regions. Also this paper diagnosed the current stage of regional GVC development, and proposed strategic development factors for further promotion of foreign direct investment. Using the result of several regions’research results in this paper, regional governments will make more effective and dynamic policies for the economic development for their regions.

본 연구는 중국의 에너지 소비와 GDP와 총고정자본형성별 CO2 배출량을 포함하여 실제 중국 국내 총생산(China GDP) 사이의 동태적 인과관계를 분석하였다. 본 연구에서는 Unit Roots Test, Johansen의 공적분분석(Johnasen Cointegration Analysis)와벡터오차모형(VECM : Vector Error Correction Model)을 사용하여 1969년부터 2014년까지의중국의 실질 국내총생산과 에너지 소비간의 장․단기 인관관계를 분석하였다. 실증분석 결과로 중국의 경제성장과 에너지 소비간의 장기 공적분화된 인과관계를 완전히 지지하고 있었다. 특히 벡터오차모형(VECM: Vector Error Correction Model)을 통하여, 경제성장과 에너지 소비간의 장기 양방향 인과관계와 그리고 CO2 배출은 경제성장에 부정적임을 보여주는 결과가 도출되었다. 이러한 연구의 결과를 통하여 중국의 에너지 정책 인입안자들에게 경제성장을 훼손할 수 있는 수준의 에너지 소비(환경오염)의 기준을 제시하고 있다. 또 중국의 경제성장을 가속화 하기위해서는 석탄(고체연료)의 효율적인 이용에 대하여 제언하고 있다. 그리고 석탄이나 환경오염을 유발하는 고체연료의 효율적인 사용을 통하여 경제성장을 촉진하고 CO2배출을 감소시키기위한 에너지 소비 구조조정에 대해서도 시사점을 제시하고 있다.

This paper investigates the dynamic relationship between China’s energy consumption and its real gross domestic product, including its CO2 emissions per GDP and gross fixed capital formation. Unit root test, the Johansen cointegration analysis and vector error correction model (VECM) are used in this study to examine the short and long run causalities between real gross domestic product and energy consumption over the said period from 1969 to 2014 in China. The empirical results fully support a long-term cointegrated relationship between the economic growth and energy consumption. Through VECM, this paper still finds that there is long run bidirectional causality between the economic growth and energy consumption, and the CO2 emission is negative to the economic growth. These findings will remind energy policy makers not to reduce energy consumption. Otherwise it would harm the economic growth. And energy authority should deepen the clean and efficient use of coal or adjust the energy consumption structure to reduce CO2 emission to accelerate the economic growth.

This paper argues the predictive variables of ‘organization identity’ as perception of the individual being with united ties with organization and employee OCB behaviors(its consequences). A field survey was conducted on Korean company vietnam site workers in Vietnam for a month with a total of 258 samples. The research results can be summarized into two parts. First, by analyzing the antecedent variables such as company outside reputation, and communication information that have effects on the organization identity, these variables have positive effects on organization identity. Second, in analyzing what roles the organization identity plays in the organization’s effectiveness, organization identity had mediating effects on employee extra role behaviors.

This paper investigates the impact of oil price shock on three domestic price indices such as import price(IPI), producer price(PPI) and consumer price(CPI). According to the results of cointegration test, The 5 variables including exchange rate, has a stable cointegration vector which means there is a long-run relationship among variables. The VECM model has been estimated in order to examine the inter-relationship using the impulse response function. The impulse response analysis shows that the oil price shock have caused to the impact on the import price bigger than on the producer price. The results of variance decomposition indicate that the influence of oil price to producer price is much bigger than the import and consumer price indices.

We attempts to discover whether foreign exchange exposure(FEX) of Turkish firms are determined by the firm-specific and/or strategy-specific attributes. We select 601 Turkish manufacturing firms for 2003-2015, employing the two-factor model in Jorion(1990) to measure firms’ FEX. The findings are first, from the perspective of firm-specific attributes, firm size is positively correlated to firms’ FEX, whereas long-term debt ratio, quick ratio and dividend payout ratio are negatively correlated to firms’FEX. Second, from the perspective of strategy-specific attributes, export ratio is negatively correlated to firms’ FEX. Third, macroeconomic factors are not significantly correlated to firms’ FEX.

In this paper, we investigate the dynamic relationships between international financial integration and economic growth by using quarterly data from 1995 to 2015 in Korea. And this study implements a variety of time series data analysis like impulse response function and forecast error variance decomposition based on VAR model besides Granger causality test. At first, the results of Granger causality test shows that international financial integration significantly causes economic growth. But causality between two variables in an opposite direction could not be found. To be more specific, we find that international financial integration has the positive effects on real GDP growth rate in Korea from the results of impulse response function based on VAR model. In addition, comparison results of the explanation power from forecast error variance decomposition show that foreign direct investment has the stronger explanation power than foreign portfolio investment although the extent of the former is smaller than the latter.

To measure spillover caused by Japan's quantitative easing(hereafter QE) this study focus the effects of macro variables on Korea, Busan, Ulsan and Gyeongnam respectively. For empirical specification we extend VAR(vector autoregressive, hereafeter VAR) model to regional framework and estimate Rolling VAR to capture spillover changes. In particular, we normalize the estimates to spillover indices, which is suggested by Dieblod and Yilmaz (2012). The estimates provide that spillover with regional economy is synchronized with the global business cycle, but does not represent a rapid transition impact as policy changes in advanced economy including Japan.　It is implied that the greater influence of major regional industry accounts for a high proportion of Korea economy. Above all, our empirical results confirms increased association of the other countries policy changes and regional economy.

This paper tries to show the trade creation and trade diversion effect of KORUS FTA on the Korea's export through event study methodology. To analyze the changes of Korean export trend before KORUS FTA and after FTA, we use export and import data of 53 states and 1,239 products provided by US Census Bureau. We compare mean of korean export data toward US before the year 2012 and export data of each year from the year 2012. According to the results of the analysis, trade creation effect of KORUS FTA is not significant. However, trade diversion effect was increased as time passes. Therefore, KORUS FTA has increased welfare of Korea by increasing export, but has not increased welfare of world economy.

We analyzed the performance of Chinese firms after cross-border M&A (CBM&A) from an institutional perspective. Based on the features of Chinese firms’ CBM&A, institutional distance and state ownership are examined, which are two core variables of the institutional view. In this study, 198 CBM&As undertaken by Chinese firms between 2000 and 2010 were examined. The results indicate that institutional distance has a negative impact on the performance of Chinese firms after CBM&A. Both state ownership and international experience have positive effects on firm performance after CBM&A; however, institutional distance has a negative moderating effect on these positive relationships. The institutional perspective may explain the poor performance of Chinese firms after CBM&A. Discussion of our results yields various implications.

This study examines empirical relevance of Ricardian equivalence hypothesis using a quantile regression model of private saving offset behavior. Panel data for 23 OECD countries over 1990~2014 were used. The heterogeneous effects of speed of aging and level of government debt were considered in the regression across distributions of private saving rate testing for possible existence of nonlinear effects. The main empirical findings are as follows: First, quantile regression results show statistically significant difference from mean regression results. Second, in high quantiles (0.7 quantile and above) of private saving rate, speed of aging and level of government debt show statistically significant impacts. That means ageing and government debt level may have a nonlinear effect on private saving, in addition to usual private saving offset in Ricardian equivalence. So effectiveness of fiscal policy measures may be further limited if population aging is fast going on and government debt goes beyond a threshold level.

This study is to analyze the hedge ratio and the hedge performance of the Carbon Emission futures contracts. we especially focus on EUA and CER which are sorts of the Carbon Emission and based on EU-ETS. In the study, the sample period is covering from September 2, 2009 to March 29, 2013 and a total of 928 time series are used. To estimate the hedge ratio, this study uses the naive model, the ordinary least square(OLS) model and the vector error correction model(VECM). The hedge performance calculated by these models is compared. The major results of this study are as follow: First, as results of the ADF and PP test, both the Carbon emission spot and futures returns are non-stationary at the price levels. After log price first differences, two time series are stationary. From the results of the Johansen’s cointegration test, there is a cointegration relationship between the two prices series. Second, the optimal hedge ratio of the OLS model is the highest and the naive model is the smallest. And there are statistically meaningful differences among models as a result of the ANOVA analysis. Third, generally, the hedge performance of the OLS model is better than the naive model and VECM. In conclusion, investors are encouraged to use the OLS model to hedge the risk of the Carbon emission spot market.

This study attempts to define the relationship between cross-border B2C e-commerce and e-Trade through clarifying the concept and management area of cross-border B2C e-commerce. This study tries to consider the current situation and background of the expansion of cross-border B2C e-commerce, to verify the necessity of classification between cross-border B2C e-commerce and e-Trade, and to examine the concept and management area of B2C cross-border e-commerce. And, this study considers whether cross-border B2C e-commerce is considered from the point of view in consumer transaction or in international trade. In conclusion, considering the continuos increase of cross-border B2C e-commerce in international trade, it is necessary to regulate cross-border B2C e-commerce on the point of view of international trade. And it is necessary to institute the regulation related to cross-border B2C e-commerce in legal norms like Foreign Trade Act.

Under the rules of “Korean Custom Law”, Any customs officer may, when he deems it necessary to inspect goods shipped into a bonded area, take part of such goods for use as samples.(3) When part of goods taken for use as samples under paragraph (2) are used orconsumed, they shall be deemed goods on which an import declaration is filed and then customs duties thereon are paid. But when any other officer who want to ship the goods out and use such smples from bonded warehouses, customs duties thereon should b paid. In some respect these custom rules are losing fairness. In order to find a efficient solutions for easier application of law, this thesis introduces the case study on theapplication of law. Through this case study I suggested the needs for the improvement of the current rules on the custom law.

The purpose of this empirical study is to test the relationships between environmental uncertainty, low cost oriented resources, differentiated service capabilities and the performance of Korean maritime firms. A path analysis model approach was employed to test the empirical model and hypotheses. Research results show that low cost oriented resources of a significant positive effect on the firm performance. In addition, the results show that environmental variability had a positive effect on the low cost oriented resources and environmental complexity had a positive effect on the differentiated capability.