Download or read book Essays on the Econometric Analysis of Financial Models for the Korean Financial Markets written by Jieun Lee and published by . This book was released on 1996 with total page 338 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Journal of Economic Literature written by and published by . This book was released on 2003 with total page 448 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Herd Behavior in Financial Markets written by Sushil Bikhchandani and published by . This book was released on 2000 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Geopolitical Risk on Stock Returns Evidence from Inter Korea Geopolitics written by Seungho Jung and published by International Monetary Fund. This book was released on 2021-10-22 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: We investigate how corporate stock returns respond to geopolitical risk in the case of South Korea, which has experienced large and unpredictable geopolitical swings that originate from North Korea. To do so, a monthly index of geopolitical risk from North Korea (the GPRNK index) is constructed using automated keyword searches in South Korean media. The GPRNK index, designed to capture both upside and downside risk, corroborates that geopolitical risk sharply increases with the occurrence of nuclear tests, missile launches, or military confrontations, and decreases significantly around the times of summit meetings or multilateral talks. Using firm-level data, we find that heightened geopolitical risk reduces stock returns, and that the reductions in stock returns are greater especially for large firms, firms with a higher share of domestic investors, and for firms with a higher ratio of fixed assets to total assets. These results suggest that international portfolio diversification and investment irreversibility are important channels through which geopolitical risk affects stock returns.

Download or read book Financial Development in Korea 1945 1978 written by David C. Cole and published by BRILL. This book was released on 2020-03-17 with total page 377 pages. Available in PDF, EPUB and Kindle. Book excerpt: A study of the postwar developent of the South Korean financial sector tthrough 1978. A detailed description of the structure of the financial sector is provided, followed by discussions of Korea's regulated and unregulated financial institutions and markets, government policies to influence resource allocation and mobilization, price-stabilization problems and policies, and lessons from the Korean experience.

Download or read book Three Essays on the Transmission of the Korean Financial Crisis to the Real Sector written by Jong Hun Kim and published by . This book was released on 2005 with total page 136 pages. Available in PDF, EPUB and Kindle. Book excerpt: The main purpose of this dissertation is to identify the prominent channels through which financial decisions are transmitted to real economic activities with three different empirical studies. The first essay examines investment behavior and the effects of financing constraints among Korean manufacturing firms before and after the 1997 financial crisis using a firm-level panel data. The results indicate that investment depends on both sales and the level of cash balances. Firms' financing constraints, as measured by their cash balances, turn out to be binding in financially "weaker" groups such as younger firms and those with lower dividend payouts. The second essay identifies the role of non-monetary factors using a methodology similar to Bernanke's (1983) study of the Great Depression in the United States. We find that increases in the spread between market interest rates and government bond yields, which is a measure of the cost of credit intermediation, whether caused by shifts in business risk or lowered expectations for the Korean economy among international investors, explain the decline in output more fully than frameworks relying only on a fall in the real stock of money. The results, obtained from structural regression equations, unrestricted vector autoregressive systems, and the accompanying dynamic forecasts, suggest that the causes of the crisis lie in factors far deeper than shifts in precautionary and speculative demands for the won. We also find that the credit crunch following the crisis affected light industry more emphatically than heavy industry. The third essay examines the impact of financial factors on economic growth in several East Asian countries using macroeconomic panel data and various estimation techniques. The dynamic panel vector autoregressive analysis shows that growth in these countries was to some extent "finance-led." We do not find that the relationship between finance and growth differs between the four countries that experienced crises (Indonesia, Korea, Malaysia and Thailand) and the other countries that did not. The results suggest that we may not be able to blame the financial sector solely as the main trigger of the economic crisis. While these essays focus on the 1997 East Asian crisis, and may give more attention on the Korean episode, we believe that they shed light on financial and economic developments more generally since the crisis could happen to any country, especially when they are on a path to having more developed and internationally open economies.

Download or read book Essays on the Korean Economy written by Hanʼguk Kaebal Yŏnʼguwŏn and published by . This book was released on 1977 with total page 500 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book An Engine Not a Camera written by Donald MacKenzie and published by MIT Press. This book was released on 2008-08-29 with total page 782 pages. Available in PDF, EPUB and Kindle. Book excerpt: In An Engine, Not a Camera, Donald MacKenzie argues that the emergence of modern economic theories of finance affected financial markets in fundamental ways. These new, Nobel Prize-winning theories, based on elegant mathematical models of markets, were not simply external analyses but intrinsic parts of economic processes. Paraphrasing Milton Friedman, MacKenzie says that economic models are an engine of inquiry rather than a camera to reproduce empirical facts. More than that, the emergence of an authoritative theory of financial markets altered those markets fundamentally. For example, in 1970, there was almost no trading in financial derivatives such as "futures." By June of 2004, derivatives contracts totaling $273 trillion were outstanding worldwide. MacKenzie suggests that this growth could never have happened without the development of theories that gave derivatives legitimacy and explained their complexities. MacKenzie examines the role played by finance theory in the two most serious crises to hit the world's financial markets in recent years: the stock market crash of 1987 and the market turmoil that engulfed the hedge fund Long-Term Capital Management in 1998. He also looks at finance theory that is somewhat beyond the mainstream—chaos theorist Benoit Mandelbrot's model of "wild" randomness. MacKenzie's pioneering work in the social studies of finance will interest anyone who wants to understand how America's financial markets have grown into their current form.

Download or read book Routledge Library Editions Banking Finance written by Various and published by Routledge. This book was released on 2021-12-02 with total page 10558 pages. Available in PDF, EPUB and Kindle. Book excerpt: Current interest in the history of money and banking remains strong and it is opportune to survey developments both in the UK, USA, Europe and Asia. This set provides historical analysis which incorporates research from the early twentieth century onwards in a form that is both accessible to students of money & banking and economists, economic historians and bankers This set re-issues 38 volumes originally published between 1900 and 2000. It charts the history of early banking, discusses banking in the UK, Europe,Japan and the USA, analyses banks as multinationals, the UK mortgage market, banking policy and structure and examines specific sectors such as gilts and gold.

Download or read book American Doctoral Dissertations written by and published by . This book was released on 1996 with total page 872 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Theory And Reality In Financial Economics Essays Toward A New Political Finance written by George M Frankfurter and published by World Scientific. This book was released on 2007-11-01 with total page 238 pages. Available in PDF, EPUB and Kindle. Book excerpt: The current literature on financial economics is dominated by neoclassical dogma and, supposedly, the notion of value-neutrality. However, the failure of neoclassical economics to deal with real financial phenomena suggests that this might be too simplistic of an approach.This book consists of a collection of essays dealing with financial markets' imperfections, and the inability of neoclassical economics to deal with such imperfections. Its central argument is that financial economics, as based on the tenets of neoclassical economics, cannot answer or solve the real-life problems that people face. It also shows the direct relationship between economics and politics — something that is usually denied in academic models, given that science is supposed to be value-neutral. In this thought-provoking and avant-garde book, the author not only exposes what has gone wrong, but also suggests reforms to both the academic and the political-economic systems that might help make markets fair rather than efficient. Drawing on interdisciplinary fields, this book will appeal to readers who are interested in finance, economics, business, the political economy and philosophy.

Download or read book Essays on Volatility and Risk in Financial Markets written by Kwanho Kim and published by . This book was released on 1993 with total page 312 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book The Financial Development of Japan Korea and Taiwan written by Hugh T. Patrick and published by Oxford University Press, USA. This book was released on 1994 with total page 401 pages. Available in PDF, EPUB and Kindle. Book excerpt: The analysis shows how financial development has occurred in two distinct phases. Initially, interest rates were regulated to remain below market levels, entry of new financial institutions was restricted, financial markets were segmented, and domestic finance was insulated from world financial markets. The second phase has seen a steady, if sometimes slow, removal of these restrictions.

Download or read book Foreign Exchange Issues Capital Markets and International Banking in the 1990s RLE Banking and Finance written by Khosrow Fatemi and published by Routledge. This book was released on 2012-05-25 with total page 298 pages. Available in PDF, EPUB and Kindle. Book excerpt: The need for continued analysis and evaluation of the international financial system is as pressing now as it was when this book was originally published. This volume provides an in-depth analysis of certain aspects of the international financial system. Specifically it addresses four of the most important financial and monetary issues of the present time: exchange rate, capital markets, international banking and external debt and international financial management.

Download or read book Korea s Political Economy written by Lee-Jay Cho and published by Routledge. This book was released on 2019-03-07 with total page 710 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the past three decades, South Korea has moved along a path of strong economic growth and political democratization, attracting worldwide attention and providing valuable lessons for other developing economies. Yet Korea still must grapple with many intractable problems fueled by its rapid industrialization and uneven growth, including unbalanced distribution of wealth, concentrated economic power, and adversarial relationships between management and labor. Within the context of these sweeping changes, this volume explores options for economic and social institutional reform in Korea. Drawing on models of economic development from Japan, the United States, and Europe, a distinguished group of Asian and Western scholars relates the experiences of previously industrialized economies to each facet of Koreas economic system, including national management; taxation and banking; land ownership and use; trade and industrial strategy; and relations among business ownership, management, and labor. In so doing, the contributors provide valuable insights and fresh proposals for a viable model of social and economic modernization. Throughout the volume, the contributors emphasize the importance of Koreas cultural heritage-not only in explaining the nations recent growth but also as a key element of its continued success. By providing an overview of the evolution and interaction of Korean economic, political, and sociocultural institutions, the contributors make clear how these structures mediate the movement between cultural values and economic progress.

Download or read book The Korean Developmental State written by Iain Pirie and published by Routledge. This book was released on 2007-09-12 with total page 248 pages. Available in PDF, EPUB and Kindle. Book excerpt: Ian Pirie gives a comprehensive and up-to-date analysis of state and economic restructuring in South Korea since the 1997 crisis.

Download or read book Diversity and Transformations of Asian Capitalisms written by Robert Boyer and published by Routledge. This book was released on 2013-05-13 with total page 418 pages. Available in PDF, EPUB and Kindle. Book excerpt: Among a vast literature on the Asian economies, the book proposes a distinctive approach, inspired by Régulation Theory, in order to understand the current transformations of the Asian economies. The book follows their transformations after the 1997 Asian crisis until the subprime crisis. During this period, the viability of their growth regime was to coherence of five basic institutional forms: the degree of competition and insertion into the world economy, the nature of labour market organization, the monetary and exchange rate regimes and finally the style for State intervention via legislation, public spending and tax. The book provides new findings. The degree of financial liberalization and opening to the world economy largely determines the severity of the 2008-2009 recession and the political-economic reactions of each Asian countries to the subprime crisis. Asian capitalisms are distinct from American and European ones, but they are quite diverse among themselves, and this differentiation has been widening during the last decade. This book will help to shed light on a de facto regional economic integration is taking place in Asia, but unsolved past political conflicts do hinder the institutionalisation of these interdependencies.