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JOURNAL OF ECONOMIC RESEARCH update

JOURNAL OF ECONOMIC RESEARCH

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수록정보
수록범위 : 1권1호(1996)~22권2호(2017) |수록논문 수 : 279
JOURNAL OF ECONOMIC RESEARCH
22권2호(2017년 08월) 수록논문
최근 권호 논문
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KCI등재

1Inflation-Linked Korea Treasury Bonds as a Strategic Asset

저자 : ( Choonwon Park ) , ( Daekeun Park )

발행기관 : 한양대학교 경제연구소 간행물 : JOURNAL OF ECONOMIC RESEARCH 22권 2호 발행 연도 : 2017 페이지 : pp. 103-125 (23 pages)

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The Korean government introduced its first inflation indexed bond, the Inflation-Linked Korea Treasury Bond (hereafter KTBi), in March 2007. This paper investigates the role of KTBi as a strategic asset in a nominal asset portfolio by estimating a bivariate GARCH model with conditional correlation and by conducting spanning tests. Estimation of the bivariate GARCH model reveals that market information such as the yield curve slope and yield spread between KTBi and KTB are useful in predicting the correlation between the returns of KTBi and KTB as well as the level of the returns of these two assets. Unconditional and conditional spanning tests produce different results regarding the potential role of KTBi as a strategic asset. While unconditional spanning tests do not reject the null hypothesis that existing assets span KTBi, the same null hypothesis is strongly rejected by conditional spanning tests. Such a result means that KTBi is capable of improving the mean-variance efficiency when added to existing investment portfolios.

KCI등재

2Government Domestic Debt, Private Sector Credit, and Crowding Out Effect in Oil-Dependent Countries

저자 : ( Anthony Anyanwu ) , ( Christopher Gan ) , ( Baiding Hu )

발행기관 : 한양대학교 경제연구소 간행물 : JOURNAL OF ECONOMIC RESEARCH 22권 2호 발행 연도 : 2017 페이지 : pp. 127-151 (25 pages)

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Banks are more liquid, better capitalised, and more profitable in oil-dependent countries. However, bank credit to the private sector is relatively low as a percentage of GDP. The low level has been blamed, amongst other reasons, on governments` reliance on the banking sector to finance fiscal deficits. This study examines the crowding out effect of government domestic borrowing using a panel data model for 28 oil-dependent countries over the period 1990-2012. We estimate the model, using both fixed effects and generalised method of moments estimators and find that a one percent increase in government borrowing from domestic banks significantly decreases private sector credit by 0.22 percent and has no significant impact on the lending rate banks charge to the private sector. This finding suggests that government domestic borrowing has resulted in the shrinking of private credit and works through the credit channel and not the interest rate channel.

KCI등재

3Assessing the Resource Curse Question: A Case of Crude Oil Production in Nigeria

저자 : ( Godwin Essang Esu )

발행기관 : 한양대학교 경제연구소 간행물 : JOURNAL OF ECONOMIC RESEARCH 22권 2호 발행 연도 : 2017 페이지 : pp. 153-213 (61 pages)

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This research attempted to investigate the effects of oil production on the performance of the Nigerian economy, with a view to either accepting or rejecting the resource curse hypothesis (which states that countries with abundance of natural resources, such as crude oil, tend to grow at a rather sluggish pace compared to their counterparts with fewer resources). In doing this, time series data spanning between 1980 and 2015 (which included gross domestic product [GDP], oil revenue, expenditure on health and education, gross fixed capital formation, net trade, political instability, corruption, etc., extracted from World Development Indicators [WDI], Central Bank of Nigeria [CBN] Statistical Bulletin, and World Governance Indicators [WGI]; used to proxy economic performance, crude oil production, human capital development, capital formation/accumulation, trade openness, and institutional qualities) were assessed. An econometric approach was applied, with emphasis on the Autoregressive Distributed Lag (ARDL) Bound Test technique to cointegration (for its capacity of using variables, their lags as well as the lags of other variables in the series, endogenously; its general-tospecific framework and its adequate lag-order selection capacity). The findings showed that generally, crude oil abundance has positive effects on the Nigerian economy, however, the resource curse hypothesis was found to be present, and had been transmitted by institutional factors such as corruption, weak rule of law, government ineffectiveness, political instability/violence & terrorism and so on. It was suggested, amongst other things, that institutions and institutional quality should be strengthened and conscious efforts at diversifying the economy should be considered a matter of urgent importance, if the full benefits of crude oil abundance are to be accessed.

KCI등재

4Does Government`s R&D Expenditure Stimulate Economic Growth in China?

저자 : ( Myung Hoon Yi ) , ( Jai S. Mah )

발행기관 : 한양대학교 경제연구소 간행물 : JOURNAL OF ECONOMIC RESEARCH 22권 2호 발행 연도 : 2017 페이지 : pp. 215-226 (12 pages)

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Since its economic reform in the late 1970s, China has recorded a very rapid economic growth rate. In the meantime, the Chinese government has actively pursued R&D-promotion policies. Using time series data over the period 1982-2010, this paper applies smallsample cointegration tests, OLS and GMM estimations, and Granger causality tests to reveal the determinants of China`s rapid economic growth. We find that the government`s R&D expenditures have had a positive effect on and causes economic growth in the Granger sense. In contrast, investment, the trade dependence ratio, and the inflation rate have not caused economic growth. Our results show that China`s remarkable economic growth since the 1980s can be explained by the R&D-based endogenous-growth theory.

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2미국의 비트코인 규제

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해당 간행물 관심 구독기관

서울대학교 연세대학교 한국전력공사 전력연구원 UBC(CANADA) Ritsumeikan Asia Pacific University
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  • 1 서울대학교 (3건)
  • 2 연세대학교 (2건)
  • 3 한국전력공사 전력연구원 (1건)
  • 4 UBC(CANADA) (1건)
  • 5 Ritsumeikan Asia Pacific University (1건)
  • 6 경찰대학교 (1건)
  • 7 이화여자대학교 (1건)
  • 8 서울시립대학교 (1건)
  • 9 세종대학교 (1건)

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