The European experience offers three possible models for regional integration: a free trade arrangement, a single market, and a common currency area. This paper examines the effect of regional integration on total factor productivity to assess the long-run growth implications of each model. The...

In this study we develop a measure of bank performance based on the Malmquist index approach. This measure supplements existing financial ratios such as ROA and ROE by addressing some of limitations of these ratios. In our empirical investigation building upon the Malmquist index measure as well...

This paper demonstrates that group-affiliated firms have financial attributes that are different from those of stand-alone firms and suggests that these differences are consistent with ex-post consequences of receiving equity investment (EI) in business groups. Therefore, intra-group EI serves...

We consider Korea and Japan in East Asia as the representative country of each of the two groups: high- versus low-depreciation economies during the 2008 global financial crisis. Although the two countries have geographical and industrial similarities, their exchange rate change during the...

This paper considers a model of precautionary behavior under health uncertainty and derives testable equations to be used in empirical analysis. Our empirical findings based on data from Korea provide evidence of precautionary motive for saving and medical expenses that arises from health...

This study analyzes total factor productivity in manufacturing industries for a sample of OECD countries. The estimates of Malmquist indexes clearly indicate that research and development (R&D) capital is an important determinant of productivity growth in manufacturing industries. The empirical...

In this paper we examine the technical efficiency of firms in the iron and steel industry and try to identify the factors contributing to the industry's efficiency growth, using a time-varying stochastic frontier model. Based on our findings, which pertain to 52 iron and steel firms over the...

By analyzing bond price reactions to rating changes in Korea, this study adds a new angle to the existing literature on Global Rating Agencies (GRAs, i.e. Moody’s, S&P’s, Fitch) with higher reputation/independence vs. National Rating Agencies (NRAs) with more in-depth local knowledge. Faced...

To take full advantage of foreign investors, a host country must provide an appealing environment: a stable economic and political environment; a fair, rational, and, comprehensive legal system; a fair, reasonable, and, balanced tax program; a fair, productive, and, balanced regulatory system;...