are higher than in the U.S. or several developing countries for which comparable studies exist. Second, in line with …

English Abstract:: In this paper, we investigate the dynamic impact of U.S. long-term interest rate changes on the term … with a macroeconomic factor and regime shifts. In the model, the vector of exogenous factors consists of the U.S. long …-term interest rate and three latent factors. The latent factors determine the shape of the Korean yield curve, and the U.S. interest …