Korean Abstract: 본 연구에서는 채권 및 주식 투자자금간 상호관계에 초점을 두고 글로벌 및 국내 요인이 아시아 신흥국 포트폴리오투자 행태에 미치는 영향을 분석하였다. 베이지안 패널 VAR 모형을 이용하여 추정한 결과, 첫째...

Who are the first users of a newly-internationalizing currency? This issue, crucial to understanding the dynamics of the emergence of a new international monetary order, remains long underexplored in the existing literature, which tends to adopt a supply-side approach analyzing mainly the...

We assess the effect of tighter monetary policy in the U.S. and emerging market economies (EMEs) on EMEs using a panel factor-augmented VAR model. We find that a U.S. policy rate hike outstrips an equivalent domestic rate hike in its impacts on EMEs. In addition, EMEs show divergent policy...

Korean Abstract: 본 논문에서는 2002∼2010년 중 우리나라와 교역상대국 간 수출입 패널데이터를 이용하여 해외충격이 우리나라의 수출입에 미치는 파급효과를 직·간접 무역연계성의 역할에 주목하여 실증 분석하였다. 분석 결과...

Korean Abstract: 글로벌 금융위기 이후 글로벌 리밸런싱과 환율신축성의 역할에 대한 관심이 증대되었다. 본 연구에서는 환율신축성이 글로벌 리밸런싱에 미치는 영향에 대한 실증적 증거가 제한적일 뿐 아니라 1990년대 이후...

The internationalisation of the Chinese renminbi has taken a path distinct from most cases involving previous international currencies, in that policy measures adopted by governments have played crucial roles in it. This paper conducts a cross‐country analysis of the factors that have led...

This paper investigates how patterns of vertical specialization in trade among the three major East Asian economies ― China, Japan and Korea ― are shaped, and what the effects of the real exchange rate fluctuations on trade volumes are. We develop a simple two-country model that focuses on...

We assess the effect of tighter monetary policy in the U.S. and emerging market economies (EMEs) on EMEs using a panel factor-augmented VAR model. We find that a U.S. policy rate hike outstrips an equivalent domestic rate hike in its impacts on EMEs. In addition, EMEs show divergent policy...