This study investigates the effects of oil price shocks on exchange rate movements in five major oil-exporting countries: Russia, Brazil, Mexico, Canada, and Norway. The R2 for the model doubles in Russia and Brazil, but increases slightly in Canada and Norway when oil prices are added to it....

This study investigates whether the globalization of financial markets enhances the efficiency of national stock markets. To this end, we have developed a dynamic representation of cointegration which is consistent with hypothesis that stock prices reflect the efficient discounting of new...

Purpose – The purpose of this paper is to investigate how Korean conglomerates (chaebol) have rapidly ascended to international prominence. The success of Korean chaebol firms seems to be associated with internal market transactions. Just as Japanese keiretsu firms succeeded by utilizing a...

This study investigates what happened to productivity growth during the Information Technology (IT) revolution in an IT-driven economy, Korea. To this end, we have decomposed the source of productivity growth into technological change, technical efficiency and scale economies using a stochastic...

A recent development in microeconomic theory suggests that the size of the elasticity of substitution between factors is relevant to economic growth. This study undertakes an empirical investigation of this proposition, comparing two economies--the United States and South Korea. The authors'...

Existing studies on bubbles have been mainly concerned with investigating the stationarity properties of stock prices and market fundamentals. We develop a new method of testing for bubbles that relates the bubble component of stock prices to the probability of bursting in the context of the...