|
on South East Asia |
| By: | Seo , Eunsook (Sangmyung University); Binh , Ki Beom (Myongji University) |
| Abstract: | Korean Abstract: 아세안 금융시장은 국내 시장에서 새로운 기회를 발굴하기 어려운 한국 금융산업의 지속적, 안정적 성장을 위한 주요 전략시장으로, 국내 금융기업들이 진출하여 해당국 금융기관들과 경쟁하기 위해서는 아세안의 금융산업에 대한 심층적 이해와 함께 금융산업의 경쟁구도까지 파악해야 할 필요가 있다. 최근 아세안은 금융인프라의 선진화와 금융 경쟁력 강화를 위해 아세안 금융통합을 본격적으로 추진 중이다. 금융통합이란 협의로는 동일한 제도의 적용, 금융거래 및 접근 비용의 동일성을 의미하며, 광의의 개념으로는 국가간 경계를 넘어 금융시장의 연계성이 증가하는 상태나 현상으로 정의된다. 결국 아세안 금융통합은 명시적으로는 아세안(ASEAN) 소속 국가간 금융시장의 통합을 의미하고, 이를 통해 장기적으로 아세안 역내 투자(자본거래) 및 무역(상품과 서비스 거래)의 증진을 통해 상호간 경제성장의 시너지를 촉진하고 공동체 형성을 가속화하기 위한 것이다. 그러나 아세안 내 국가간 경제규모나 금융산업의 발전 정도에 있어 상당한 격차가 존재하기에 금융통합을 통해 진정한 의미의 단일화된 금융시장으로 정착하고 작동하는 데는 한계가 있어 보인다. 그럼에도 현재 새로운 부가가치 창출을 위해 해외 진출을 지속적으로 시도하고 있는 국내 금융회사에 있어 높은 경제성장세를 지속하고 있는 아세안은 전략적으로 매우 중요한 지역인바, 이 지역의 경제 및 금융시장의 변화에 주목해야 할 것이다. 본 연구의 주요 목적은 아세안 각 국가, 특히 싱가포르, 말레이시아, 인도네시아, 태국 등을 중심으로 금융시장 및 금융산업의 현황과 특징을 면밀히 검토하고, 아세안 금융통합 과정에서 해당 국가의 금융시장 및 산업 부문에서 예상되는 변화도 함께 살펴봄으로써 국내 금융기업의 동남아 진출전략을 수립하는 데 있다. 본 연구는 기존 연구와 몇 가지 점에서 차별성이 있다. 우선 국내 금융회사의 해외 진출과 관련된 기존의 보고서가 주로 간단한 현황을 제시하는 브리프 형태이거나 금융회사의 일반적인 해외 진출전략에 초점을 두고 있는 반면, 본 연구는 아세안 지역에 보다 특화된 연구라는 점에서 차별성이 존재한다. 둘째, 아세안 금융통합이 진행되면서 아세안 지역의 금융시장 및 금융산업에 나타난 변화에 초점을 두고 일관된 체계하에 아세안 주요 4개국을 비교？분석한 내용을 제시하고 있다. 즉 거시경제 환경, 금융시장 환경과 현황, 그리고 금융산업 현황 및 발달 정도 등과 관련된 변수들을 최대한 동일하게 적용하여 아세안 주요 4개국의 지역간 비교, 분석이 가능하도록 했다. English Abstract: ASEAN is a key strategic market for Korean financial companies, as it represents a promising new source of sustained growth for an industry that is reaching the limits of growth in a saturated domestic market. For Korean companies to compete effectively with local financial companies in ASEAN member states, it is crucial to have a deep understanding of ASEAN's financial industry, and furthermore to be aware of its current competitive landscape. Recently ASEAN has begun earnestly to promote ASEAN financial integration with a view to enhancing the region's financial infrastructure and financial competitiveness. According to a commonly used concept of financial integration, a financial market is considered integrated if all market participants face a single set of rules, have equal access to the market, and are treated equally when engaged in it. More broadly, it indicates a state or a condition whereby connectivity among disparate financial markets increase beyond national borders. Thus, financial integration in ASEAN, literally, means integration of financial markets among the ASEAN member states, to stimulate economic growth and accelerate the process of forming an integrated community in the long run, through enhanced intra-regional investment (capital) and trade (goods and services). Due to considerable differences in market size and the stage of financial development among the member states, establishing a single financial market in ASEAN might be an overly ambitious goal. However, the sustained economic growth of the region, and domestic financial companies' vigorous efforts to expand overseas business and generate new sources of profits, makes ASEAN a highly strategic region. Thus we need to pay closer attention to the development of economies and financial markets in ASEAN. The main objective of this study is to investigate current conditions and characteristics of ASEAN financial markets and the financial industry, particularly those of Singapore, Malaysia, Indonesia, and Thailand, and project future changes that may occur during the course of financial integration in ASEAN. These would help financial companies from Korea establish strategies to enter the Southeast Asian market. Since ASEAN is a strategic market for Korean financial companies with respect to continued growth and profit generation-especially when it is hard to find new opportunities within Korea-an understanding of financial markets of major ASEAN countries, including the current landscape of market competition, is critical for Korean companies to compete effectively in the region. |
| Keywords: | Financial System; Financial Integration; Financial Industry; Singapore; Malaysia; Thailand |
| Date: | 2015–12–30 |
| URL: | http://d.repec.org/n?u=RePEc:ris:kieppa:2015_026&r=sea |
| By: | Kim , Han Sung (Ajou University); Lee , Hongshik (Korea University - Department of Economics); Kang , Moonsung (Korea University - Division of International Studies); Song , Backhoon (Sungshin Women's University) |
| Abstract: | Korean Abstract: 2005년 WTO 홍콩 각료회의에서 무역을 위한 원조(AfT: Aid for Trade) 이니셔티브가 채택된 이후 다방면에 걸쳐 국제사회의 AfT는 증가하여 왔다. 실제로 AfT가 ODA에서 차지하는 비중은 2006년 이후 꾸준히 증가하여 2012년에는 전체 ODA의 약 31%를 차지하고 있다. 그러나 이와 같은 AfT가 개발도상국의 무역비용 감소와 수출경쟁력 증가에 실질적으로 기여했는가에 대해서는 다양한 의견이 존재하고 있다. 이에 따라 무역을 위한 원조가 과연 개발도상국의 수출과 성장에 어떠한 영향을 미치는지에 대하여 많은 국내외 연구자들의 관심이 집중되고 있다. 이처럼 AfT에 대한 관심이 증가하면서 한국의 AfT 규모 또한 크게 증가하여 DAC 회원국가 중 8위에 해당하는 금액을 지원하고 있으며, 이는 우리나라 전체 ODA의 40%를 차지하고 있다. 그러나 지금까지 한국의 AfT 원조는 절대적인 규모에만 초점을 맞추고 있어 효율적인 자원 배분이 이루어지지 않는다는 문제가 제기되고 있다. 즉 우리가 지원한 AfT 사업이 어떠한 방식으로 사용되었는지, 실제로 공여국과 수원국 사이에 무역량을 증진시키는 데 효과적으로 기여하였는지를 모니터링할 수 있는 연구는 실시되지 않고 있는 실정이다. 이에 본 연구에서는 지금까지 한국의 AfT가 실제로 수원국과 공여국 간의 무역을 활성화시켰는지 여부를 실증적으로 분석하고, 앞으로의 AfT가 수원국의 무역을 통한 경제성장에 어떠한 영향을 줄 수 있으며, 한국과 수원국 간의 무역증진에 어떻게 기여할 수 있는지를 분석하고 있다. 이를 위하여 동남아시아국가연합 후발 가입국이고 체제전환국가로 빠른 경제성장을 이룩하고 있는 베트남, 라오스 및 캄보디아를 대상으로 연구를 실시하였다. English Abstract: Since the adoption of the WTO-led Aid for Trade (AfT) initiative in 2005, there has been a steady increase in trade related aid around the world. The share of AfT in total official development assistance (ODA) reached to 31% in 2012. Along with the increase in AfT, there has a slight controversy regarding the impact of AfT on reduction of trade costs and/or expert competitiveness of recipient countries. The Korea's volume of ODA has been increasing, with Korea becoming the 8th largest AfT donor country among DAC member countries; Korean ODA comprised 40% of the AfT itself. Interest regarding AfT, however, has mostly been concerned with the volume of AfT and there was relatively less attention toward its effectiveness. Our study, rather, is focused on the qualitative aspect of AfT; we would like to answer the questions on whether Korea's AfT had positive impacts on recipient countries' trade capacity - meaning our investigations would concern how the AfT contributed to their economic growth and what will be its impact on the trade between Korea and recipient countries. We selected three Southeast Asian countries, Vietnam, Cambodia and Lao PDR, who are late-comers among ASEAN (Association of South East Asian Nations) members and also transition countries with a high economic growth. |
| Keywords: | AfT; Aid For Trade; Trade; Trade Policy; International Aid; Vietnam; Laos; Cambodia |
| Date: | 2015–12–30 |
| URL: | http://d.repec.org/n?u=RePEc:ris:kieppa:2015_027&r=sea |
| By: | Medalla, Erlinda M.; Mantaring, Melalyn C. |
| Abstract: | The Association of Southeast Asian Nations (ASEAN) has been working toward the free movement of goods in the region. Although significant progress has been made in the opening up of markets through tariff elimination, addressing the issues on nontariff measures (NTMs) remain. With the reduction in tariffs across the globe, increasing attention has thus shifted to the effects of these NTMs that become simply nontariff barriers (NTBs) to trade. NTMs could be justified for different reasons, such as health, security, environment, and consumer protection. However, they could adversely affect the global and regional production chains by unnecessarily increasing the cost of doing business.This paper reviews existing studies on NTMs for better understanding of NTM implications to international trade, as well as to local business, and to propose some ways forward. For additional insights, it presents the results of the small sample survey (perception) among exporters on the types of NTMs encountered within and outside ASEAN, and the perceived operating cost impact of NTMs. The survey identifies three main NTBs affecting operations of their businesses either within or outside ASEAN: (1) Custom formalities, (2) rules of origin, and (3) technical barriers to trade (TBTs). These are consistent with the findings of an International Trade Center Business Survey on NTMs in the Philippines in 2015-2016. Some of the policy recommendations of the paper are creating a comprehensive and updated database of NTMs, intensive reforms to streamline NTM procedures, improvements in testing laboratories and facilities, accreditation and certification process, and capacity building on what and how to comply with applicable sanitary and phytosanitary measures, and TBTs. |
| Keywords: | Philippines, nontariff measures, ASEAN, nontariff barriers, trade in goods, NTMs, sanitary and phytosanitary measures, technical barriers to trade, rules of origin, international trade, accreditation, capacity building |
| Date: | 2017 |
| URL: | http://d.repec.org/n?u=RePEc:phd:dpaper:dp_2017-18&r=sea |
| By: | Siar, Sheila V.; Llanto, Gilberto M.; Albert, Jose Ramon G. |
| Abstract: | Using a purposive online and paper-based survey and focus group discussions with select target groups, this study makes inferences about the level of awareness of the Filipino people on ASEAN; their perceived problems confronting the Philippines and ASEAN; and their aspirations, concerns, and hopes for the association. It reveals moderate familiarity about ASEAN, as well as modest identification as ASEAN citizens, which improves with age and experience. There is also a general sentiment that Philippine membership in the association is beneficial for the country, albeit only moderate as well. Media coverage on ASEAN is also perceived to be inadequate. The study validates the most immediate concerns being faced by the Philippines today, notably affordable internet connection, poverty, corruption, agriculture and food security, and energy provision and price. Most pressing regional-level concerns are climate change and natural disasters, territorial/maritime disputes, trade and investment issues, agriculture and food security, and income disparity and social inequality. These reflect the priorities that ASEAN leaders should focus on in the immediate future to remain relevant and responsive to the needs of ASEAN peoples. Aspirations are high for ASEAN to realize its integration agenda and to play an active role in global negotiations and forums and for its member-states to achieve inclusive economic prosperity. How to realize these aspirations rests in part on the ability of its member-states to work harmoniously with one another and contribute actively toward the realization of the ASEAN Community Vision. For its part, ASEAN has to provide a strong leadership role in integrating its member-states, which individually are also confronted by a host of problems. As ASEAN's coordinating body, its Secretariat needs to strengthen its capability so it can provide more effective technical support to the association in meeting its goals and aspirations. |
| Keywords: | Philippines, food security, regional integration, ASEAN, climate change, agriculture, ASEAN Secretariat, Association of Southeast Asian Nations, internet connection, poverty, corruption, international relations |
| Date: | 2017 |
| URL: | http://d.repec.org/n?u=RePEc:phd:dpaper:dp_2017-11&r=sea |
| By: | Sta. Romana, Leonardo L. |
| Abstract: | This study begins with an overview of the poverty situation in the Philippines. It then takes a brief look at the poor in the rural areas, followed with a discussion of the poor in the informal sector. It then brings these two sectors together, with an examination of the poor and the urban/rural and formal/informal divides. It concludes with a discussion of the relationship among trade, poverty and the structural transformation of the Philippine economy. |
| Keywords: | Rural, informal sector, Asia, South East Asia, development economics, structural transformation, inclusive growth, unemployment, underemployment |
| JEL: | F16 I32 O2 O53 |
| Date: | 2017–01–31 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:78432&r=sea |
| By: | Sta. Romana, Leonardo L. |
| Abstract: | This study begins with an overview of the poverty situation in the Philippines. It then takes a brief look at the poor in the rural areas, followed with a discussion of the poor in the informal sector. It then brings these two sectors together, with an examination of the poor and the urban/rural and formal/informal divides. It concludes with a discussion of the relationship among trade, poverty and the structural transformation of the Philippine economy. |
| Keywords: | Rural,informal sector,Asia,South East Asia,development economics,structural transformation,economic liberalization,economic openness,inclusive growth,unemployment,underemployment |
| Date: | 2017 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:esprep:157271&r=sea |
| By: | Chakraborty, Anushree; Chakraborty, Debashis |
| Abstract: | After initiating the economic liberalization policies in 1991, India adopted a ‘Look East Policy’ (LEP) with the dual objective of securing economic growth and maintaining maritime security. Cooperation with East Asia received further boost, when the ‘Act East Policy’ (AEP) came into effect during the maiden visit of Prime Minister Mr. Narendra Modi at the ASEAN-India Summit in 2014, which emphasizes on practicing more action-oriented policy towards ASEAN and the wider East Asia. As a result of the policy shift and through the other initiatives like Make-in-India, India’s trade and investment linkages with East Asia is on the rise. In 2015, the Prime Minister visited five East Asian countries at various occasions. There have been other high level diplomatic visits to the East, followed by the appropriate diplomatic channels. Therefore, AEP has brought a great sense of speed and priority in engaging with the East and Southeast Asian countries. On maritime front, China’s nine-dash line doctrine generated strategic concerns both in East and Southeast Asia and India has emerged as a strategic player in the region through joint naval exercises and capacity buildings with partner countries. Given the recent reservations expressed by Beijing against the ruling by the international tribunal in The Hague, India’s maritime security initiatives in East Asia is likely stay relevant in coming days. The current paper examines the future for India-East Asia relations in days to come, especially in the current geo-political set-up. |
| Keywords: | Trade Policy, Intra-Industry Trade, Maritime Security, India |
| JEL: | F14 F15 |
| Date: | 2017–04–20 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:78676&r=sea |
| By: | Christophe Muller (Aix-Marseille Univ. (Aix-Marseille School of Economics), CNRS, EHESS and Centrale Marseille) |
| Abstract: | For the first time in Indonesia, we jointly analyse several economic statistics and ethnic diversity indicators at national and local levels. Nationally, we find very high levels of economic inequality, measured from household asset values or consumption expenditure. In contrast, the levels of ethnic diversity, while non-negligible, are much lower, whether they reflect fractionalization, polarization, or horizontal inequity based on individual living standards. All horizontal inequity indicators surged after the Asian economic crisis. Horizontal inequity based on education is much lower and decreasing. Finally, we provide tentative explanations of local horizontal inequity in regressions that show a mixed pattern of socioeconomic influences. |
| Keywords: | community activities, ethnic diversity, Inequality, Indonesia |
| JEL: | D71 H42 I32 |
| Date: | 2017–04 |
| URL: | http://d.repec.org/n?u=RePEc:aim:wpaimx:1715&r=sea |
| By: | Chan, Jia Hao |
| Abstract: | This is a book review for François Gipouloux's The Asian Mediterranean: port cities and trading networks in China, Japan and South Asia, 13th-21st century. |
| Keywords: | Book review |
| JEL: | Y3 |
| Date: | 2017–03 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:78703&r=sea |
| By: | Navarro, Adoracion M.; Tanghal, Juan Alfonso O. |
| Abstract: | This study examines procurement policy issues in light of recent concerns on delays in project implementation and underspending of government agencies. In the 2014 and 2015 reports of the Department of Budget and Management, procurement is cited as a reason for underspending. Likewise, government agencies with major underspending concerns noted "public procurement issues" as a recurring reason for the low disbursement outturn. In an attempt to make procurement less of a hurdle, Congress currently proposes to grant emergency powers to the president and do away with competitive bidding as the default mode in implementing transportation projects. However, procurement data analysis shows that in civil works procurement, the bid failure rate tends to be higher under the alternative mode of procurement than under the competitive mode, a result which does not support Congress' proposal. Key lessons from experience are also investigated through interviews with various government agencies in the implementation and execution of the Philippine procurement process. The numerous key informant interviews greatly revealed the difficulties encountered and good practices implemented under the current legislative framework. To address procurement issues, the study recommends: (1) pursuing deliberate investments in and having a political will for systems change and organizational culture change, (2) greater investment in planning and other preparatory activities before the actual procurement, (3) innovation orientation in public procurement, and (4) value-for-money procurement. |
| Date: | 2017 |
| URL: | http://d.repec.org/n?u=RePEc:phd:dpaper:dp_2017-16&r=sea |
| By: | Mendolia, Silvia (University of Wollongong); Nguyen, Thi (University of Wollongong); Yerokhin, Oleg (University of Wollongong) |
| Abstract: | This paper investigates the relationship between parental health shocks and children's engagement in education and labour market, using a panel data survey of Vietnamese families, interviewed between 2004 and 2008. While there is substantial evidence showing the intergenerational transmission of health, the literature investigating the impact of parental health on children's educational and labour market outcomes is limited, especially in developing countries. We use child fixed effects and control for a detailed set of household and local area characteristics. Our main findings show that maternal illness substantially decreases chances of being enrolled in school for children between 10 and 23 years old and, at the same time, increases the children's likelihood of entering the labour market and working more hours for children aged 10-15 years old. The effect is particularly pronounced for girls, who seem to experience worst adverse consequences in terms of education and labour market engagement. |
| Keywords: | children's education, child labour, parental illness |
| JEL: | I10 I14 I24 |
| Date: | 2017–03 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp10651&r=sea |
| By: | Brodeur, Abel (University of Ottawa); Lekfuangfu, Warn N. (Chulalongkorn University); Zylberberg, Yanos (University of Bristol) |
| Abstract: | This paper analyzes the determinants behind the spatial distribution of the sex industry in Thailand. We relate the development of the sex industry to an early temporary demand shock, i.e., U.S. military presence during the Vietnam War. Comparing the surroundings of Thai military bases used by the U.S. army to districts close to unused Thai bases, we find that there are currently 5 times more commercial sex workers in districts near former U.S. bases. The development of the sex industry is also explained by a high price elasticity of supply due to female migration from regions affected by an agricultural crisis. Finally, we study a consequence induced by the large numbers of sex workers in few red-light districts: the HIV outbreak in the early 1990s. |
| Keywords: | sex industry, industry location, persistence, HIV/AIDS |
| JEL: | O17 O18 N15 J46 J47 I28 |
| Date: | 2017–03 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp10686&r=sea |
| By: | Conrado, Vilma; Tuscano, Jocelyn; Oñate, Beatriz; Torio, Erwin; Umengan, Jane; Paat, Nina Klare |
| Abstract: | This study aims to evaluate the impact of agricultural insurance of the Philippine Crop Insurance Corporation (PCIC) on corn farmers in the Cagayan Valley Region, Philippines. A total of 500 corn farmers were classified into the following treatments: 250 corn farmers with insurance (118 with indemnity claims and 132 without indemnity claims) randomly taken from PCIC agricultural insurance subscribers for 2014 and 2015 matched with 250 without insurance from the Registry System for Basic Sectors in Agriculture list. These treatment groups were further divided according to farm size groups. Regression analysis was used to determine the demand on agricultural insurance and the t-test was used to test the difference on net farm income on corn production between treatment groups. The results show that the factors affecting the probability of PCIC insurance availment by corn farmers are farm size, government transfer income, adoption of hybrid variety, land tenure, and the distance of farmer to PCIC office. Farmers with crop insurance tend to have significantly higher adoption rate of hybrid variety than farmers without crop insurance. The larger the farm size, the higher the probability of getting insurance for their corn farms. Corn farmers who do not own the land they farm and those who received higher government transfers tend to have higher probability of getting agricultural insurance. Farmers with insurance with claim have significantly higher net incomes per hectare than those without insurance. When farmers were not grouped by farm size, farmers with insurance with claims have higher net incomes than farmers with insurance but without indemnity claims in 2014 and 2015. Similar result was found in large farms (greater than 1.0 ha) when farmers were grouped according to farm size. Therefore, there is significant impact of receiving indemnity claims on the net farm income of farmers in corn production. Hence, it is recommended that policies, programs, and efforts of the government and the PCIC be directed toward enhancing the factors that increase the availment of and review of indemnity coverage of agricultural insurance. |
| Keywords: | Philippines, impact evaluation, Philippine Crop Insurance Corporation, crop insurance, agricultural insurance, corn, PCIC, corn production, Cagayan Valley, Registry System for Basic Sectors in Agriculture |
| Date: | 2017 |
| URL: | http://d.repec.org/n?u=RePEc:phd:dpaper:dp_2017-12&r=sea |
| By: | Wenchao (Michelle) Jin (Institute for Fiscal Studies and Institute for Fiscal Studies) |
| Abstract: | In China, the employment rate among middle-aged and older urban residents is exceptionally low. For example, 27% of 55-64-year-old urban women were in work in 2013, compared to more than 50% in UK, Thailand and Philippines. This paper investigates potential explanations of this low level of employment in urban China. I document the stylized fact that a majority of individuals stop working as soon as they qualify for a public pension, which most often happens at age 50 for women. I also highlight the presence of signi cant amounts of financial and time transfers between generations. I provide descriptive evidence that transfers from children are responsive to parental incomes, and that mother's labour supply is aff ected by the expectation of transfers from her children. I then built and calibrate a life-cycle model of labour supply and saving. I fi nd that both the pension system and transfers from children have large eff ects on female labour supply. Increasing the female pension age from the status-quo to 60 would raise the employment rate of 50-59 year old women by 28 percentage points. |
| Keywords: | employment, employment rates, China |
| Date: | 2016–12–05 |
| URL: | http://d.repec.org/n?u=RePEc:ifs:ifsewp:16/24&r=sea |
| By: | John Cawley; Damien de Walque; Daniel Grossman |
| Abstract: | A substantial literature has examined the impact of stress during early childhood on later-life health. This paper contributes to that literature by examining the later-life health impact of stress during adolescence and early adulthood, using a novel proxy for stress: risk of military induction during the Vietnam War. We estimate that a 10 percentage point (2 standard deviation) increase in induction risk in young adulthood is associated with a 1.5 percentage point (8%) increase in the probability of being obese and a 1 percentage point (10%) increase in the probability of being in fair or poor health later in life. This does not appear to be due to cohort effects; these associations exist only for men who did not serve in the war, and are not present for women or men who did serve. These findings add to the evidence on the lasting consequences of stress, and also indicate that induction risk during Vietnam may, in certain contexts, be an invalid instrument for education or marriage because it appears to have a direct impact on health. |
| JEL: | H56 I1 I12 I14 I18 I31 J1 J18 N32 |
| Date: | 2017–04 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:23334&r=sea |
| By: | Rosellon, Maureen Ane D. |
| Abstract: | The Philippines enacted two legislations to promote renewable energy (RE) deployment (i.e., Renewable Energy Act of 2008 and the Biofuels Act of 2006) in recognition of the advantages of the use of RE as energy source. However, there remain issues and criticisms on the promotion of RE technologies and on the implementation of the RE laws. Both sides of the debate have their justifications for supporting or not supporting the use of RE resources and technologies. The implementation of the RE laws, rules, and regulations has also been receiving criticisms. For this paper, data and information on the areas of debate were collected and examined. Findings provide some reference for revisiting the RE laws and regulations to improve their implementation and produce better outcomes for stakeholders. |
| Keywords: | Philippines, regulations, renewable energy, policy debate, Philippine Renewable Energy Act, Philippine Biofuels Act, energy source, laws |
| Date: | 2017 |
| URL: | http://d.repec.org/n?u=RePEc:phd:dpaper:dp_2017-17&r=sea |
| By: | Mohd Amin, Nurlida |
| Abstract: | This paper analyze the risk and performance of one conventional bank in Malaysia. This study included many variables to determined the risk and performance on that bank using five years (2011-2015) data from the bank’s financial statement and annual report. The method that are used in this paper in examine the data are credit risk ratio, liquidity ratio, operational risk ratio, market risk indicator, return on asset ratio, return on equity ratio, net interest margin ratio. All this ratio will determined the risk associated with CIMB Bank Berhad and also the bank’s performance for the past five years. This study employs SPSS time series regression analysis of the bank from the year 2011 to 2015. This paper outlined the result from the analysis. |
| Keywords: | Credit risk, Liquidity Risk, Operational Risk, Market Risk, GDP, Inflation, Exchange Rate, Unemployment Rate and Profitability |
| JEL: | D8 G3 G32 |
| Date: | 2017–04–16 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:78334&r=sea |
| By: | Tng Boon Hwa; Mala Raghavan; Teh Tian Huey |
| Abstract: | This paper studies the causes and effects of portfolio flows in Malaysia. We use Structural Vector Autoregression (SVAR) and Autoregressive Distributed Lag (ARDL) models to analyse the interactions among portfolio flows, global and domestic macro and financial variables within a common empirical framework. Three findings emerge: First, the SVAR estimations show that global and domestic factors play transitory roles in driving Malaysia’s net portfolio flows. A subsample analysis from the ARDL model highlights that domestic factors play an increasingly important role in attracting portfolio inflows as Malaysia liberalised its exchange rate regime and capital flow restrictions. Second, higher net portfolio flows lead to exchange rate appreciation, higher equity prices and credit expansion. The effects are visible in the exchange rate, followed by equity prices and credit. Third, in the transmission of higher portfolio flows to growth, the positive effects from higher equity prices and credit are partially offset by the dampening effect from the appreciating exchange rate on output. While the contribution of portfolio flow’s effects on output variance is low, the impulse responses of output does change to portfolio flow shocks, suggesting that portfolio flows are tail risks to growth and that the risks magnify when the flows are large and volatile. |
| Keywords: | International Portfolio Flows, Open Economy, Financial Economics, SVAR Model |
| JEL: | C52 E44 F41 G15 |
| Date: | 2017–05 |
| URL: | http://d.repec.org/n?u=RePEc:een:camaaa:2017-35&r=sea |
| By: | Pakrashi, Debayan (Asian Development Bank Institute); Frijters, Paul (Asian Development Bank Institute) |
| Abstract: | Economic growth in the East Asian economies was remarkable during the latter part of the 20th century, starting with Japan just after World War II, followed by the East Asian Tigers and “tiger cubs” and, most recently, the People’s Republic of China and India. The high, sustained economic growth of these economies during their boom period reduced the disparity between the West and these countries (in terms of standards of living). The source of such extraordinary growth has been a matter of great interest since then, but no attempt has been made so far to model the political economy of takeoffs and landings in the context of economic growth. We empirically define takeoffs and landings, and provide an overlapping generation model with technological change and skill formation to explain the relatively stable growth rates in the Asian economies for decades. The existence of a technology trap, meaning economies cannot afford available advanced technology, may explain why takeoffs are relatively rare, even when many underdeveloped economies are still waiting for their own growth miracle. |
| Keywords: | takeoff; landings; technology trap; economic growth; economic miracle; overlapping generation model; technological change; skill formation |
| JEL: | O31 O43 O57 |
| Date: | 2017–01–19 |
| URL: | http://d.repec.org/n?u=RePEc:ris:adbiwp:0641&r=sea |
| By: | Nhung LE (International University, Vietnam National University & LaRGE Research Center, Université de Strasbourg) |
| Abstract: | We investigate the impact of family ownership on determinants of leverage in South East Asia. We find that family firms use more debt than non-family firms and that family ownership strengthens the positive relationship between firm size and leverage. Family firms have a higher level of tangibility at a certain level of debt relative to non-family firms. On one hand, family firms with family CEOs use more debt to finance internal fund deficit relative to family firms with CEOs from outside or non-family firms. On the other hand, family firms with family CEOs have a lower level of debt corresponding to growth opportunities than others. Our results are robust to alternative estimation techniques and measurement of leverage. These findings contribute to understanding the determinants of leverage among family-controlled firms in South East Asia. |
| Keywords: | Family firms, capital structure, South East Asia. |
| JEL: | G30 G32 |
| Date: | 2017 |
| URL: | http://d.repec.org/n?u=RePEc:lar:wpaper:2017-09&r=sea |
| By: | Jamalludin, Nadia |
| Abstract: | The purpose of this study is to examine the overall performance of SapuraKencana as an oil and gas in industry in Malaysia. The overall performance is being measured from 2011 to 2015 as measuring liability, operational and liquidity performance. These three performances are important for this company as this kind of industry is growing fast. The most significant one is liquidity performance where it contains of measurement of how well company in generating profit through its assets. Relationships of these three performances with GDP are also measured using SPSS in creating correlation and Annova in order to see the significant result. In order to find the result, most of the data output in SPSS is included ROA as dependent variable. |
| Keywords: | Performance, liquidity, measurement, profit |
| JEL: | G17 G23 |
| Date: | 2017–04–16 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:78423&r=sea |
| By: | Lansigan, Felino P.; Reano, Consorcia E.; Comia, Liza N.; Tandang, Nancy A.; Collado, Roselle V.; Reyes, James Roldan S.; Arana, Rachelyn S.; Roldan, Ronald Jr. R.; Marcelino, Rocky T.; Mendoza, Jared Jorim O.; Talento, Mara Sherlin D.; Gayosa, Edrun R.; Almero, Leonard Alan F. |
| Abstract: | The evaluation of the impact of agricultural insurance program of the Philippine Crop Insurance Corporation on coconut farmers in Region IV-A (CALABARZON) was conducted from October 2015 to July 2016. The main instrument for conducting impact evaluation was the Coconut Farmers Survey which covered the provinces of Batangas, Cavite, Laguna, and Quezon with a random sample of 500 coconut farmers. The 500 samples comprised the random sample of 250 matched pairs of coconut farmers. Each pair was composed of a farmer with insurance and a farmer without insurance. Farmers with insurance were classified further into two groups, namely, those with claims and those without claims. A proportional allocation scheme with groups and farm size as stratification variables was used. For each of the two insurance groups, three strata were formed defined according to farm size: Stratum 1 - 0.5 ha and below; Stratum 2 – greater than 0.5 to 1 ha; and Stratum 3 - greater than 1 ha. Farmer, farm, and household characteristics were obtained by interviewing the farmers using a structured survey questionnaire. The farmers cited the following: 1) adverse weather conditions, 2) low farm gate prices, and 3) pests and diseases as the three most important problems. Although the study was conducted to assess the impact of agricultural insurance, it was worth noting that a significant proportion of coconut farmers were not aware of existing programs such as crop insurance. The study revealed that lack of awareness among coconut farmers on the availability of insurance products was a big problem. Some of the farmers who have been granted free insurance were not aware that they were insured. Among the most common and important reasons for non-availment of crop insurance were the lack of awareness on the availability of crop insurance products, lack of information on how to process insurance documents, and the belief that there was no need for insurance. No significant differences in mean income from coconut production were observed between the two groups with insurance, with claims and without claims, across farm sizes 0.5 ha and below and greater than 0.5 to 1 ha. Significant differences were detected only for farmers with farm sizes greater than 1 ha. The results were consistent across 2014 and 2015. When pooled, no differences were obtained between the group with insurance and the group without insurance. Results showed that the only characteristic associated with whether or not the farmer is insured is if the farmer is keen on joining farmers' organizations. Although the farmers think that having insurance is advantageous, most farmers were not willing to pay any premium. |
| Keywords: | Philippines, impact evaluation, , Philippine Crop Insurance Corporation, crop insurance, agricultural insurance, coconut, PCIC, CALABARZON, coconut farmers |
| Date: | 2017 |
| URL: | http://d.repec.org/n?u=RePEc:phd:dpaper:dp_2017-15&r=sea |
| By: | Jamalludin, Nadia |
| Abstract: | The purpose of this study is to examine the overall performance of SapuraKencana as an oil and gas in industry in Malaysia. The overall performance is being measured from 2011 to 2015 as measuring liability, operational and liquidity performance. These three performances are important for this company as this kind of industry is growing fast. The most significant one is liquidity performance where it contains of measurement of how well company in generating profit through its assets. Relationships of these three performances with GDP are also measured using SPSS in creating correlation and Annova in order to see the significant result. In order to find the result, most of the data output in SPSS is included ROA as dependent variable. |
| Keywords: | Performance, liquidity, measurement, profit |
| JEL: | G11 G17 G2 |
| Date: | 2017–04–16 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:78422&r=sea |
| By: | Oh , Yoon Ah (Korea Institute for International Economic Policy); Na, Heeryang (Pukyong National University); Lee , Jae-Ho (Korea Institute for International Economic Policy); Shin , Mingeum (Korea Institute for International Economic Policy); Shin , Minlee (Korea Institute for International Economic Policy) |
| Abstract: | Korean Abstract: 2015년 동남아 도시화율은 48%로 세계평균 54%에 못 미치지만, 향후 빠르게 증가하여 2020년 도시인구가 농촌인구를 추월하고 2050년경에는 도시화율이 65%에 도달할 것으로 보인다. 동남아의 도시화는 그 수준은 비록 낮으나 상당히 빠르게 진행되고 있다. 도시과밀화 역시 진행 속도가 빠르고 도시의 인구와 생산활동이 특정 도시에 집중되는 도시종주성(urban primacy) 역시 높은 편이다. 본 연구에서 수행한 실증분석에 따르면 동남아에서는 도시화가 임계점을 지나면 경제성장에 부정적인 영향을 준다는 일반론과 달리 도시화가 진행될수록 경제성장에 미치는 긍정적인 영향이 커지는 것으로 나타났다. 이는 동남아에서 도시화가 경제성장의 동력으로서 재차 강조되어야 하고 도시화를 촉진할 수 있는 정책이 보다 과감하게 추진될 필요가 있음을 시사한다. 그러나 동남아에서 도시가 경제성장의 원동력으로 그 잠재성이 충분히 발휘되고 있다고는 보기 힘들다. 동남아의 많은 도시들에서 극심한 교통혼잡과 공해, 지가상승으로 수직적 집적보다는 수평적 확산이 발생하고 있어 집적경제의 이점을 충분히 살리지 못하고 있다. 생산적 도시의 형성은 토지와 각종 인프라의 적시 공급에 크게 영향을 받는다. 그러나 동남아 대부분의 국가에서 도시개발과 인프라건설을 위한 토지취득에 대해서 관련 법제와 이슈는 제도적 기반이 확립되어 있지 않고 정부의 역량이 취약하여 효과적인 토지공급이 지연되고 있다. 또한 인프라의 경우 도시기반시설과 도시간 연결을 담당하는 전국적 교통네트워크도 상당한 투자가 필요하나 개발금융의 부족과 관리 역량의 취약으로 경제성장을 뒷받침할 수 있을 정도의 신속한 확충이 어렵다. 토지와 인프라의 적시 공급 문제는 동남아의 도시화와 특히 인구과밀화가 증가세를 보이는 현 상황에서 보다 적극적인 대응이 필요하다. 또한 동남아의 대부분 국가들에서 지방분권화된 정부형태는 토지매입, 인프라확대, 도시개발과 도시계획에 있어 정책효율성 확보를 어렵게 하고 있다. 동남아 주요국들은 상당부분 지방분권화되어 있는 상태이며 국토·도시개발 정책수립과 시행의 상당부분이 지방정부에 이양되어 있거나 이양의 폭이 커지고 있는 추세이다. 이 가운데 중앙과 지방정부의 정책조율의 미흡, 지방정부의 취약한 역량, 그리고 이로 인한 도시정책의 비효율성이 지방분권화된 국토 및 도시개발의 과제로 대두되고 있다. 지방분권화는 세계적인 흐름이고 그 속도는 개발도상국에서도 향후 가속화될 것으로 보이기 때문에, 지방분권화된 도시행정을 개선하고 지방정부의 역량을 강화하는 방향으로 개선방향이 잡혀야 할 것으로 보인다. English Abstract: As of 2015, 48 percent of Southeast Asia's population live in urban areas, which is below the world average of 54 percent. Although stating from a low base, Southeast Asia is urbanizing rapidly. Its urban population will surpass rural population in 2020 and By 2050 approximately 65 percent of the region’s population will live in urban areas. Urban population, urban land area, and urban population density in Southeast Asia are all increasing at a fast rate and the levels of urban primacy are high in most countries. Urban growth in Southeast Asia contributes to economic development and more so at higher levels of urbanization. This implies that urbanization needs to be reemphasized as an engine for economic development and policies to foster urbanization needs more support. Yet Southeast is not effectively leveraging urbanization for economic development. Due to high levels of congestion, pollution, and rents, many Southeast Asian cities are growing outward, not upward, failing to take advantage of agglomeration economies. A timely supply of land and urban infrastructure, both inner-city and intra-city, is critical to the development of productive cities. However, in many Southeast Asian countries, government regulations are not in place and bureaucratic capacity is insufficient to implement effective land acquisition. Similarly, the lack of development finance and poor regulation environment makes infrastructure investment difficult. Land and infrastructure issues need to be addressed more aggressively given the rapid urbanization and the increase in urban density in Southeast Asia. Decentralization poses another challenge for effective management of urban policy and development. Many Southeast Asian countries have undertaken devolution over the years and now a great part of national spatial and urban planning and implementation are under the responsibility of local governments. The poor coordination between national and local governments, low capacity of local governments, and resulting inefficiency of urban policy have undermined urbanization for productive cities. Since decentralization continues to intensify in the future, urban management under decentralization must be reformed and the capacity of local governments need to be strengthened. |
| Keywords: | Urban; Urban Primacy; Urban System; Urbanization; Korea Economic Cooperation Southeast Asia; Southeast Asia; Indonesia; Vietnam; Philippines |
| Date: | 2015–12–30 |
| URL: | http://d.repec.org/n?u=RePEc:ris:kieppa:2015_019&r=sea |
| By: | Llanto, Gilberto M.; Ortiz, Ma. Kristina P.; Madriaga, Cherry Ann D. |
| Abstract: | The Philippine fishing industry is considered as one of the major industries in the agriculture and fisheries sector. The marine resources available to the country indicate its vast potential in employment creation and output growth. It is in this light that the research team conducted this study with special focus on the tuna industry. The study objectives are to (a) provide regulatory mapping imposed on the local tuna industry; (b) identify those regulations considered as unnecessary or too burdensome to the industry; and (c) provide some recommendations on removing unnecessary regulations. An important inclusion in this project is the Informed Regulatory Conversation which allows the regulators and the private sector to discuss the identified issues and come up with unified recommendations to ease the regulatory burden on different tuna industry stakeholders. The result of the regulatory mapping shows the extent and number of regulations affecting the industry. Overall, the regulations imposed on the industry, especially those concerned with food safety standards, make sense and are necessary. However, there is a case for improving the regulatory framework of the tuna industry, especially the procedures for registration, licensing, and inspection as discussed in detail in the report. The regulatory issues that were identified by the team basically focused on a) acquiring business permit; b) acquiring registration and licenses for all types of fishing vessels from MARINA, BFAR, and the local government unit; c) acquiring License to Operate from the FDA and the possible case of duplication of inspection process by the BFAR and FDA; d) acquiring Certificate of Product Registration from the FDA; e) the Qualified Person in Industry Regulatory Affairs of FDA; and f) presence of BFAR signatories for the regulatory instruments, among others. Agreements to solve the regulatory burden to address the issues are detailed in the report. |
| Keywords: | Philippines, fisheries, regulatory burden, regulatory impact analysis, cost of doing business, agriculture, Bureau of Fisheries and Aquatic Resources, regulations, registration licensing, tuna industry, Hazard Analysis of Critical Control Points, license to operate, business permit, Maritime Industry Authority, Food and Drug Administration |
| Date: | 2017 |
| URL: | http://d.repec.org/n?u=RePEc:phd:dpaper:dp_2017-13&r=sea |
| By: | Shahardin, Nur'Izzate Iwana |
| Abstract: | The main purpose of this study is to examine the relationship between risk and performance of commercial bank in Malaysia. This study aims to investigate the impact of bank-specific factors which include liquidity risk, operational risk, and credit risk (microeconomic factors) and gross domestic product (GDP) and inflation rate (macroeconomic factors) on the performance of Malaysian commercial bank over the period of 2011 to 2015. The bank performance is measured by Return on Assets (ROA). The results imply that ratios employed in this study have different effects on the performance of bank. In this study, the findings show that only GDP has positive relationship with ROA. Four factors namely liquidity risk, operational risk, credit risk, and inflation rate have negative relationship with the ROA. |
| Keywords: | Credit Risk, Liquidity Risk, Profitability Risk, Macroeconomic and ROA |
| JEL: | D00 E00 E03 G00 |
| Date: | 2017–04–17 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:78681&r=sea |
| By: | Han , Minsoo (Korea Institute for International Economic Policy); Seo, Bongkyo (Dongduk Women's University); Lim, Tae-Hoon (Korea Capital Market Institute (KCMI)); Kang , Eunjung (Korea Institute for International Economic Policy); Kim , Youngsun (Korea Institute for International Economic Policy) |
| Abstract: | Korean Abstract: 2015년 11월 12일에 임종룡 금융위원장은 앞으로 금융 중심지로서의 실질적인 기능을 강화하는 방향으로 우리나라의 금융정책을 추진하겠다는 뜻을 밝혔다. 최근 정부가 제시한 금융산업 경쟁력 강화방안의 세부 목표 중 금융중심지 조성에 다시 주목하고 있는 것이다. 이는 우리나라에 금융 중심지를 조성함으로써 국내 금융사가 해외 금융 서비스 수요를 유치하는 한편 해외금융사의 국내 시장으로의 진입을 유도해서 우리나라 금융산업의 신성장동력을 확보하기 위함이다. 하지만 과거의 경험에 비추어볼 때 우리나라에 세계적인 경쟁력을 갖춘 동북아 금융허브를 조성하는 과정은 쉽지 않을 것이다. 우리나라 정부는 지난 2003년부터 '동북아 금융허브' 추진전략을 국정과제로 설정하고 2020년 아시아 3대 금융허브로 도약한다는 비전을 제시하면서 국내 금융 및 경제 규제환경 개선, 국제 금융기관을 유치하기 위한 다양한 유인정책 등을 제시했다. 하지만 동북아 금융센터 발전전략은 사실상 뚜렷한 성과를 내지 못한 것으로 평가받고 있으며1) 세계경제포럼(WEF)에 따르면 지난 10년 사이 우리나라 금융산업의 경쟁력은 2007년 27위에서 2015년 87위로 오히려 크게 감소한 것으로 나타났다. 그럼에도 불구하고 다음의 세 가지 대내외 경제 환경의 변화는 우리 정부의 금융 중심지 추진과 관련해 주목할 필요가 있다. 첫째, 중국 정부의 지난 수년간의 위안화 국제화의 노력이 성과를 거두어서 2015년 11월 위안화는 IMF의 SDR 통화 바스켓 구성에 10% 이상 편입되었다. 또한 중국 정부는 향후에도 위안화 국제화를 꾸준히 추진할 것임을 거듭 밝히고 있다. 둘째, 단계적이고 점진적인 자본시장 개방과 환율운용의 점진적인 규제완화 방식을 채택하고 있는 중국에게 있어서 위안화 역외 금융허브 (RMB offshore financial Hub)의 역할은 위안화 국제화를 위해 중요하다. 따라서 중국은 전면적인 자본시장 개방 전에 상당 기간 동안 위안화 역외 허브를 지원할 것이다. 마지막으로 2014년 7월 3일 중국 시진핑 주석의 방문을 계기로 2014년 12월부터 원-위안화 직거래 시장 개설, 교통은행 (Bank of Communications) 서울지점의 위완화 청산결제은행으로의 선정, 800억 위안 규모의 위안화 적격해외기관투자자 (RQFII: RMB Qualified Foreign Institutional Investor) 자격 획득 등 원-위안화 직거래시장의 확대는 순조롭게 진행되고 있다. English Abstract: Jong-yong Yim, chairman of the Financial Services Commission (FSC) in Korea, said on November 12, 2015 that one of the FSC future policies is to establish a financial hub in Korea. In particular, among Korean government proposals for elevating competitiveness of Korean financial sector, the creation and development of a financial hub recently receives attention. An established financial hub might be able to allow domestic financial companies to address to the foreign demand for financial services and induce the entry of foreign financial companies into Korean financial industry. Thereby, the creation and development of a financial hub would be new momentum for growth in Korean financial sector. Our past experience tells that it would be a difficult task to create and develop a competitive financial hub in Korea, however. Korean government established the roadmap for the creation and development of Northeastern Asian financial hub in Korea as Presidential agenda in 2003, planned to implement a series of financial sector reforms, and announced that the future Korean financial hub would become one of three major financial hubs in Asia until 2020. However, the current consensus is that a financial hub in Korea has yet been successful and, as World Economic Forum (WEF) announced, the competitiveness in Korean financial industry has gotten worse from 27th rank in 2007 to currently 87th in the world. Nevertheless, the following three recent changes in domestic and foreign economic environment should be notable as regards Korean government's efforts for establishing a financial hub in Korea. First, since the last couple of year efforts by Chinese government for RMB (Chinese yuan) internalization, the IMF said on November 30, 2015 that it added RMB to its benchmark SDR basket. Chinese government also said that it continued to push for RMB internalization in the future. Second, RMB offshore financial hubs are important for RMB internalization as Chinese government takes a gradual approach to openness of its capital market and deregulation of its exchange rate manipulation. Therefore, for the time being Chinese government would support RMB offshore financial hubs. Lastly, since the visit of Xi Jinping, Chinese president, on July 3, 2014, China and Korea have agreed upon opening won-yuan direct market, assigning the Korean branch of Bank of Communications to become a RMB clearing house in Korea, and 80 billion RMBs of RQFII (RMB Qualified Foreign Institutional Investor) grant. |
| Keywords: | Renminbi; Offshore Financial Hub; Korea; China; Hong Kong; Singapore; Taiwan; London; Luxembourg |
| Date: | 2015–12–30 |
| URL: | http://d.repec.org/n?u=RePEc:ris:kieppa:2015_004&r=sea |
| By: | Teo, Sze Wee |
| Abstract: | This study is carried to determine the relationship between performance (ROA) of Telekom Malaysia Berhad (TM) and internal factor including financial risk and external factor including macroeconomic variable where ROA stand as dependent variable to be measured by the other variable. Data is collected from annual report of TM between year 2011 to 2015. The measurement of the financial risk is to discover the overall performance of the company in the period of 5 years. Additional measurement is involved which is the size of the company show a negative relationship as well as significant related with performance of TM. To examine the relationship of risk factor to the profitability, this study is utilizing current ratio, GDP, leverage ratio, standard deviation, unemployment rate, exchange rate, and inflation rate. Data was analyzed using statistic calculation and presented in the regression result including descriptive statistic, correlation, and model summary. Result showing that exchange rate is only one factor that strongly significant related to the performance of the company. The rest of the variable is less significant affecting and related to the performance of TM. |
| Keywords: | Liquidity risk, profitability, ROA, and macroeconomy. |
| JEL: | G3 |
| Date: | 2017–04–17 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:78461&r=sea |
| By: | Kwak , Sungil (Korea Institute for International Economic Policy); Lee , Chang-Soo (Kyung Hee University); Cheong , Jae Wan (Korea Institute for International Economic Policy); Lee , Jae-Ho (Korea Institute for International Economic Policy); Kim , Jegook (Korea Institute for International Economic Policy) |
| Abstract: | Korean Abstract: AEC는 2015년 말 출범할 예정이지만 실질적 경제공동체 형태를 달성하지는 못할 것 같다. 다만 출범은 그동안의 통합노력을 정리하고 부진한 부분을 식별하는 계기가 될 전망이다. 아세안이 지난 2014년 네피도에서 아세안공동체의 향후 10년 추진비전(Nay Pyi Taw Declaration on the ASEAN Community's Post-2015 Vision)을 제시한 것은 2015년 말 출범할 아세안 경제공동체(AEC)가 장기적으로 보완돼야 한다는 인식을 나타낸 것이다. 따라서 AEC가 경제공동체로서 역내 무역 및 투자 구조에 미치는 영향은 출범 초기에는 미약하거나 없을 수도 있다. 그러나 회원국 간에 제도적 통일성이 완비되고, 통합을 위해 국가 간 조정되고 있는 제도와 정책이 실질적으로 이행된다면 점진적으로 통합의 기대효과를 누릴 수 있을 것으로 기대한다. 2장에서는 아세안 경제통합의 전개를 통시적으로 살펴보고 새롭게 출범할 아세안 경제공동체에 대한 주변국의 대응을 살펴보았다. 1967년 창설된 아세안은 경제협력보다는 주로 정치적 목적에 주안점을 두고 있었기에 경제협력에 대한 관심은 상대적으로 적었다. 1970년대 후반에야 아세안은 경제협력 및 통합에 관심을 두었다. 그리고 1992년에 아세안자유무역협정(AFTA)를 이행하면서 본격적으로 경제통합을 추진하였다.3장에서는 아세안 경제공동체(AEC) 창설의 전개과정을 경제통합 필요성 인식기(1단계, 1993~2001), 경제통합노력의 발현기(2단계, 2002~2007), 경제통합 구체화기(3단계, 2007~2015)로 구분하여 각 기간의 특징과 변화추이를 분석했다. 역내무역비중은 부침이 있었지만 90년대 이후 꾸준히 증가해 오다가 3단계(경제통합 구체화기)에 들어서면서 정체되었다. 이는 새로운 물품무역협정인 아세안 물품무역에 관한협정(ATIGA)를 아세안이 발효시켰음에도 역외국가와의 ‘아세안 1 FTA’의 체결로 인해 역외 무역비중이 큰 폭으로 증가했기 때문이다. 무역보다 규모 면에서 상대적으로 작다는 점을 고려하면 역내무역을 증가하기 위해서는 투자국의 역내국가 간 생산네트워크 확대가 필요하다. 즉 아세안 국가의 GVC 참여는 선진국의 FDI 유입을 통해 이루어진 것이므로 투자국이 역내 투자조정을 해야 역내교역이 증가할 수 있음을 시사한다. 통시적으로 보았을 때 외부로부터의 FDI 유입이 없다면 아세안 역내 무역․투자구조에 변화가 거의 없음을 확인했다. 이런 상황에서 AEC라는 경제공동체가 출범하고 자유화 조치에 합의를 이룬다 해서 역내 무역 및 투자구조가 변화할지는 의문이다. 이 질문에 대한 정책 실험을 위해 4장에서 CGE 모형을 활용하여 AEC가 출범되었을 때 역내 무역 및 투자 구조, 그리고 산업구조가 어떻게 변화하는지를 살펴보았다. 모형으로부터 AEC 형성이 각국 GDP에 미치는 효과를 추정한 결과에 따르면 아세안 역내 모든 국가에서 그 효과가 낮게 나타났다. 또한, 산업별 수출입구성비와 중간재 투입비중의 변화도 거의 영향력이 없는 것으로 나타났다.5장에서는 아세안 역내 국가별로 차이가 존재하는 산업정책 및 경제발전 전략을 살펴보았다. 인도네시아는 경제규모에 비해 역내 비교우위를 가진 산업이 줄어들고 있으므로 보호주의적인 정책 기조를 유지하고 있다. 반면에 말레이시아는 아세안의 산업화를 주도해 온 국가답게 AEC 출범에 대비해 관세․비관세 장벽 철폐, 서비스 개방 등 적극적인 개방노선을 채택했다. 마지막 6장은 이상의 연구결과를 바탕으로 정책적 시사점을 제시하고 있다. English Abstract: Despite the formal launch of ASEAN Economic Community (AEC) in December 2015, it is debatable whether the Community will work well. Instead, it is more appropriate to view the launch of AEC as an opportunity to align the efforts in integrating the ASEAN and to identify its strengths and weaknesses. Therefore, the impact of the AEC on regional trade and investment is likely to be minimal or even not visible at all in the early stage immediately following the launch. However, the Nay Pyi Taw Declaration on the ASEAN Community's Post-2015 Vision in 2014 is a display of the ASEAN's willingness to advance the AEC in a long-term vision. When standardized institutions and policies are implemented in the member states, the AEC will be able to successfully integrate the ASEAN economy. This study begins with an overview of the progress in ASEAN economic integration and responses from surrounding nations. At its establishment in 1967, the motivation for ASEAN was mainly political, not economic. It was only in the late 1970s when the ASEAN started to express interest in economic integration and cooperation. In the second chapter, we conduct in-depth survey to review the awareness of Korean businesses to the establishment of the AEC and to see if the response to the launch of the AEC is prepared. Survey questionnaires were distributed to both companies based in Korea as well as those based in ASEAN region. The results showed low level of awareness regarding the launch of the AEC. In the third chapter, the study categorizes the progress of the establishment of the AEC into three stages. The first stage begins in 1993 when the member states began to recognize the needs for economic integration. The second stage is when initiatives took place between 2002 and 2007. In the third stage, detailed efforts were made regarding the integration of ASEAN economy. This study reviews the features and transitions. The following chapter 4 experiments the change in regional trade, investment and industrial structure assuming the launch of AEC through dynamic CGE models. According to the findings, GDP change in each ASEAN country was nominal. Little change was observed in net export composition and intermediary material input by each industry. Chapter Five seeks to compare different industrial policy as well as economic development strategy of ASEAN members. Considering the study results, the final chapter provides policy implications for Korea regarding the launch of AEC. |
| Keywords: | Economic Integration; AEC; ASEAN; Industrial Policy; Trade; ASEAN Countries |
| Date: | 2015–12–30 |
| URL: | http://d.repec.org/n?u=RePEc:ris:kieppa:2015_017&r=sea |
| By: | Medalla, Erlinda M. |
| Abstract: | After numerous attempts over more than a decade, the Philippine government finally enacted a comprehensive competition law, the Philippine Competition Act (Republic Act 10667) in July 2015. Before this breakthrough legislation, competition policy and law was scattered in about 30 different laws (for instance, the Philippine Constitution, Revised Penal Code, Consumer and Price Acts, and sector-specific regulations), with outdated provisions and hardly any jurisprudence. The passing of the law is only the first step. Much needs to be done to establish a truly working competition policy, including capacity building, and dissemination, information, and education for the law. This paper attempts to contribute in this regard by examining the provisions of the new law and providing an overview of what it covers, what it can do, and what could be the possible implications for related policies. As such, this paper has three major sections. The first provides an overview of the rationale and objectives of competition law. The second discusses the major provisions of the new law, including some comments to highlight important provisions. The third section provides an overall assessment of the act and additional comments and observations. The section also briefly looks at the case of PLDT/Globe acquisition of the San Miguel Corporation's telecommunications assets. |
| Keywords: | Philippines, Philippine Competition Act, competition policy and law, anticompetitive behavior, San Miguel Corporation, PLDT, Globe |
| Date: | 2017 |
| URL: | http://d.repec.org/n?u=RePEc:phd:dpaper:dp_2017-14&r=sea |
| By: | Jaelani, Aan |
| Abstract: | This paper reviewed the event and festival tourism held in Cirebon the last few years very heavily promoted. Cirebon as the gate of secret and as a metropolitan city has many tourist attractions and facilities adequate infrastructure as one of the tourist traffic in Indonesia. With the review of documents and trend analysis, the shariah marketing mix approach in the promotion of events and festivals in Cirebon, both in the field of religious and traditions, art and culture, culinary, natural beauty, and the local economy offers a new concept in marketing tourism products which emphasize aspects locality and uniqueness noticed preservation, and also principles of shariah ensure their halal products and values of business ethics in marketing. |
| Keywords: | event, festival, halal tourism, shariah marketing mix |
| JEL: | L83 M31 O18 Z1 |
| Date: | 2017–04–05 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:78624&r=sea |
| By: | Cortes, Patricia (Boston University); Pan, Jessica (National University of Singapore) |
| Abstract: | Occupational differences by gender remain a common feature of labor markets. We begin by documenting recent trends in occupational segregation and its implications. We then review recent empirical research, focusing on new classes of explanations that emphasize the role of gender differences in psychological traits, preferences for non-pecuniary (family-friendly) job characteristics, personality traits, and skills. Using detailed data on occupational work content from O*NET linked to the American Community Survey (ACS), we examine how the various job attributes identified in the literature affect men and women's occupational choices and the gender wage gap. Finally, we consider the role of gender identity and social norms in shaping occupational choice and preferences for various job attributes. We conclude with policy implications and suggestions for future research. |
| Keywords: | gender, occupation, segregation, gender preferences, family-friendly, psychological traits, personality traits, identity |
| JEL: | J16 J24 |
| Date: | 2017–03 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp10672&r=sea |
| By: | Whang , Unjung (Korea Institute for International Economic Policy); Moon , Seongman (Chonbuk National University); Ahn , Taehyun (Sogang University); Kim , Su Bin (Korea Institute for International Economic Policy); Kim , Junyup (Independent) |
| Abstract: | Economic growth in Korea has slowed down dramatically after the Asian financial crisis of 1997. The average growth rate of real GDP of Korea before the crisis (1981-1996) was 9.3%, while it was reduced to 3.7% during the period (2003-2014) after the credit card lending boom following the financial crisis. Coincidentally, the patterns of domestic demand growth before and after the crisis were similar to the GDP growth: the average growth rate of Korean real domestic demand was 8.8% and -0.3%, in the respective periods. This remarkable decline in both growth rates should not be attributed to the factors that are linked to the short-run economic fluctuations because these phenomena have lasted more then 10 years after the Asian financial crisis. Instead, structural factors related to the domestic market or exports are more likely to induce the significant declines in the growth of these two variables. In this study, we focus on identifying those structural factors that are responsible for the decline in the growth rate of domestic demand after the Asian financial crisis, which may result in the decrease in economic growth. Motivated by observing dramatic changes in the growth rates of the relevant variables such as GDP, domestic demand, investment, and exports, we consider two structural problems that the Korean economy faced after the Asian financial crisis: i) one is the dampened ripple effects of exports on domestic demand and thus on GDP; ii) the other is the decrease in the growth of household disposable income. First, exports can contribute to the economic growth via two channels. One is the direct contribution to the GDP. The other is the indirect contribution to the GDP through the domestic demand (that is, the ripple effect of exports on GDP). As firms export more, they tend to use more production inputs and thus are more likely to increase investment and employment, which results in the increase in domestic demand. In fact, the data reveal that about one third of GDP growth can be accounted for by exports directly in the period of 1981-1996. This implies that two third of GDP growth can be explained by the domestic demand. In contrast, the Korean economic growth after the Asian financial crisis is entirely driven by export growth, that is, the growth of export sector does not boost domestic demand after the crisis. In other words, the ripple effect of export sectors on GDP has significantly dampened after the Asian financial crisis. Furthermore, we found two potential reasons for the dampened ripple effect from the export sector. These reasons are closely related to changes in investment behaviors of large-sized Korean exporting firms before and after the Asian financial crisis: i) the large-sized exporting firms do not invest their earnings from exports any more to create new industries; ii) they tend to use more foreign value added contents for their exports and to increase outward FDI by participating in the Global Value Chains (GVCs). Second, another structural factor that affects the pattern of domestic demand before and after the Asian financial crisis is closely associated with the decrease in the growth of household real disposable income. Its growth rate was 10.3% in the former period (1981-1996), which is higher than the GDP growth rate. Its growth rate, in contrast, was 2.3% after the financial crisis, which is lower than the GDP growth rate. This remarkable decrease in the growth of household income may influence household consumption, and hence economic growth. In fact, the data reveal that the real consumption growth rate was 8.4% in the former period and 2.4% in the latter period, respectively. These patterns of consumption growth rates before and after the crisis were similar to the patterns of both the GDP and the income growth rate. In addition, the decrease in household disposable income is more likely to induce increase in household debts and thus an increase in the burden of debt service. This will further restrict consumption and domestic demand growth, which may result in an overall decline in economic growth. To be more specific, we pointed out three potential factors that are closely linked to the decrease in the growth of household disposable income. These reasons are related to the labor market reforms after the Asian financial crisis: i) a seizable number of necessity-driven entrepreneurs (i.e., self-employed households) whose income are relatively low, ii) a large proportion of temporary workers whose wages are about 70 to 80% of the regular workers, and iii) a relatively low wage in small and medium-sized enterprises (SMEs) which employ a large portion of total workforce. In the two subsequent chapters, we examined the two issues related to the structural problems of the Korean economy using the micro-level data: i) a link between temporary employment contract and firms’ productivity and ii) a difference in consumption behavior between wage workers and self-employed households. Motivated by concerns that an increase in the share of temporary workers in total employment can potentially harm firm productivity, we empirically investigated the relationship between temporary employment and firms’ productivity. The estimated results show that using temporary workers decreases firms’ productivity. Besides, we found some evidence that a higher conversion rate from temporary to permanent worker leads to the increase in firm’s productivity. Finally, we looked into the seriousness of the self-employed household debt that may negatively affect consumption, and thus the overall domestic demand. To do this, we examined the different patterns of consumption behavior between wage workers and self-employed households using the household-level panel survey data. The key finding is that the financial debt of self-employed households is negatively associated with consumption expenditure, while this relationship is positive for wage workers. That is, the self-employed households tend to make a loan (i.e., business loans) that is not directly related to consumption itself. Rather, they tend to reduce their consumption due to a heavy debt burden from business loans. To the extent that the dampened ripple effects from the export sectors after the Asian financial crisis are mainly due to the changed investment behaviors of large exporting firms, policy makers should develop policies which aim at providing a better environment where small and medium-sized firms can participate in global value chains more actively. Those firms are not likely to use more foreign value added contents or invest in foreign countries because of their small sizes and limited capabilities. Instead, they may participate in global value chains by attracting multinational firms. To do this, those firms should develop better technologies or produce high quality goods and/or services which can be differentiated from foreign small- and medium-sized firms so that they can have comparative advantages. And policies should be able to encourage small and medium-sized firms to develop those technologies and to produce those goods and services. Most importantly, polices should be aimed at attracting foreign multinational firms so that domestic firms benefit from the active participation in global value chains. To the extent that the decrease in the growth of household disposable income is due to the presence of significant share of necessity-driven entrepreneurs and non-regular workers, and their relatively low income, policy makers should reform labor markets to deal with these issues. In particular, policies should be aimed at reducing the use of temporary workers by raising the conversion rate from temporary to permanent employment. In addition, alternative job opportunities which may absorb those self-employed workers should be created. There is a large degree of human capital mismatch: retired workers, in general, are more likely better matches for new businesses such as food and beverage franchise and agency for selling mobile phones. If there exist jobs where they can take advantage of their human capital, they would have less incentive to open those businesses which contribute to decreasing labor productivity in the service sector. |
| Keywords: | Economy - Korea; Structure Problem; Ripple Effect; Domestic Demand; Employment; Household Debts |
| Date: | 2015–12–30 |
| URL: | http://d.repec.org/n?u=RePEc:ris:kieppa:2015_001&r=sea |
| By: | Chun , Chaesung (Seoul National University); Kim , Sungbae (East Asia Institute) |
| Abstract: | Korean Abstract: 최근 한국 사회에서 통일대박론이 제시되어 통일에 대한 기대와 통일준비 필요성에 대한 인식이 높아져 가고 있다. 통일의 편익을 강조하는 담론은 통일의 열망을 불러일으키고 보다 나은 전략을 지향한다는 점에서 바람직한 일이다. 문제는 편익과 비용을 총체적으로 파악하는 논의를 마련하는 것인데, 최근의 경향 중 우려스러운 것은 통일의 경제적 편익을 지나치게 강조하는 경향이다. 통일은 비단 통일한국이라는 거대 공동체의 출현을 의미할 뿐 아니라, 동아시아 지정학 구도의 근본적 변화를 초래하는 만큼, 국제정치적 편익을 정교하게 인식하는 것이 필요하다. 본 연구는 경제적 편익에 치우친 논의를 벗어나 정치·사회·외교적 편익을 종합적으로 고려하고, 통일 한국의 편익 뿐 아니라 동아시아와 세계에 미치는 편익을 함께 강조하고자 한다. 한반도 통일의 국제정치적 편익은 한편으로는 통일이 되면 한국의 국제정치적 지위 및 국력에서 엄청난 편익이 된다는 논의를 포함하기도 하지만, 다른 한편으로는 한국이 강대한 통일 국가가 됨으로써 동북아 및 국제사회에도 편익이 될 수 있다는 논리를 제시하는 일이다. 이를 위해서는 주변국들과 국제사회가 한국 통일의 편익을 공유할 수 있다는 논리를 제시하는 것이 필요하다. 이러한 관점에서 현 박근혜 정부의 다양한 전략은 의미있는 성과를 보이고 있다. 즉, 남북관계에 관한 원칙은 신뢰 프로세스로 알려져 있으며 DMZ 세계평화공원, 유라시아 이니셔티브 등 9개 세부 중점과제들이 포함되어 있다. 아울러 통일과 관련해서는 드레스덴 구상을 천명한 바 있다. 이와는 별도로 동북아 평화협력 구상이 동북아 지역정책으로 제시되어 있는데 동북아 지역에 다자협력 질서를 좀 더 구체화하는 노력도 추진되고 있다. 본 논문의 연구에 근거하여 다음과 같은 전략적 지향을 고려할 필요가 있다. 첫째, 통일외교의 맥락에서 박근혜 정부의 지역전략으로서 동북아 평화협력 구상을 보다 정교화할 필요가 있다. 동북아 지역의 안보 위협을 감소시키고 현재의 불안정한 구조를 대체할 수 있는 새로운 안보 거버넌스를 창출하는데 한반도 통일이 기여할 수 있다는 것을 선명하게 증명해야 한다. 미국의 재균형 전략, 중국의 중국몽, 일본의 보통국가화 전략에 견주어 우리 정부의 국가안보전략은 남북관계 차원의 협소한 범위를 벗어날 필요가 있다. 남북관계와 대북정책도 적어도 동북아의 새로운 아키텍쳐에 대한 우리 나름의 그림을 가지고 추진되어야 한다. 그런 맥락에서 현재 절실한 것은 보다 완성도 높은 동북아 정책 구상과 한반도 통일방안의 제시이다. (후략) English Abstract: According to the "Unification Bonanza" initiative by President Park in early 2014, expectations towards unification are rising alongside the recognition that unification requires preparation. Discourse centered on unification benefits is desirable for eliciting passion for unification and seeking better strategies. However, the problem is to create claims for overall apprehension of cost and benefit. Recent trends tend to stress economic costs and benefits of unification too radically. Unification not only represents the emergence of a large-scale community which is a unified Korea, but will also cause fundamental shifts in the geopolitical constellation of North East Asia (hereafter NEA). For this reason, the costs and benefits in terms of international politics must be viewed in detail. This study seeks to move behind discussions that center on economic cost and benefit, and instead considers cost and benefit for politics, society, and diplomacy. By doing so, we emphasize not only the national benefit of unified Korea, but also for benefits of NEA and the world. While discussions on the benefits for international politics maintain the view that Korea's standing and national power in international politics will reap huge benefit, another implied logic also suggests that a strong unified Korea may benefit NEA and the international community. Hence, now is the time for suggesting the logic that neighboring countries and international society can share the benefits of Korean unification. In this aspect, the present government's diverse strategies are achieving meaningful results. The principle of inter-Korean relations is known as the 'Trust-Building Process on the Korean Peninsular', which consists of 9 main subjects including DMZ World Peace Park and Eurasia Initiative Strategy. Regarding unification, the government has declared 'Dresden Manifesto'. In addition to this, NEA Peace and Cooperation Initiative is suggested as a NEA regional policy and there is an effort to give shape to multilateral cooperation order in NEA region. Based on the diplomacy and security benefit analysis of unification for each country and region, the Korean diplomatic policy for unification ought to consider the following strategic tendencies. Firstly, in the context of unification diplomacy, NEA peace cooperation as part of President Park’s regional strategy must be made more intricate. We must clearly demonstrate to neighboring countries that a unified Korean Peninsula will decrease the regional security threat, and may well contribute to creating new security governance that replaces the current unstable structure. On par with the US rebalancing strategy, the Chinese dream, and the Japanese normalization strategy, the national security strategy of the South Korean government must be compelled to expand the limited scope of South-North Korean relations. Even when devising inter-Korean relations and policies vis-à-vis North Korea, we ought to follow a grand underpinning for a new NEA architecture, for which it is most urgent to conjure a better policy vis-à-vis NEA and to suggest ways to unify the Korean Peninsula. |
| Keywords: | Security Benefits; Unification; Diplomatic Policy; Korean Peninsula; Foreign Policy; South Korea; Economic Cooperation; North Korea |
| Date: | 2017–03–20 |
| URL: | http://d.repec.org/n?u=RePEc:ris:kieppa:2014_032&r=sea |