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Article
Publication date: 31 May 2005

Tong Suk Kim, Yun Keun Lee and Jung-Soon Hyun

The term structure of KTB (Korea Treasury Bond) is empirically implemented and forecasted by the extended 2-factor CIR model. Pearson and Sun model. MLE is applied to estimate…

16

Abstract

The term structure of KTB (Korea Treasury Bond) is empirically implemented and forecasted by the extended 2-factor CIR model. Pearson and Sun model. MLE is applied to estimate parameters. Using KTB prices forecasted by the model, strategies of trading and hedge between KTB, KTF (Korea Treasury Futures) are established. In this article we can see that Pearson and Sun model appropriately explains the term structure of KTB but does not fit forecasting KTB prices. However, the model well forecasts the direction of interest rate moving up or down. Through such a forecast‘ profit via trading KTB and KTF can be realized.

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Journal of Derivatives and Quantitative Studies, vol. 13 no. 1
Type: Research Article
ISSN: 2713-6647

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Available. Open Access. Open Access
Article
Publication date: 31 December 2009

Jung Taik Hyun, Jun Yeop Lee and Jin Young Hong

This paper examines global imbalance and rebalancing issues from the viewpoint of Korea. As IMF (2009) notes, the unwinding of global imbalance seems inevitable and, in fact, it…

328

Abstract

This paper examines global imbalance and rebalancing issues from the viewpoint of Korea. As IMF (2009) notes, the unwinding of global imbalance seems inevitable and, in fact, it is in progress. We illustrate that Korea, with a flexible exchange rate system and relatively balanced current accounts, has little direct linkage to global imbalance. However, we also find that Korea is not immune to the costly adjustment process of imbalance due to the triangular trade between Korea, China and the U.S. The fact that Korea is ‘indirectly’ linked to global imbalance limits Korea’s ability to cope with the situation. Boosting domestic demand, often mentioned recommendation for East Asia, is not an appropriate solution for Korea with low personal savings rate. A lot depends on China’s policy. If China reduces its dependence on U.S. market and increases domestic consumption despite unemployment risk in export manufacturing sector, it will provide Korea with an opportunity for more stable growth based on China’s final demand. Korea can also make efforts to increase economic integration and expand monetary cooperation in Asia that would help to increase consumption demands and final goods trade in the region.

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Journal of International Logistics and Trade, vol. 7 no. 2
Type: Research Article
ISSN: 1738-2122

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Available. Open Access. Open Access
Article
Publication date: 15 November 2005

Jung Taik Hyun and Jun Yeop Lee

This paper examined the future prospects of China’s economic development and its impact on the East Asian Economy and the economic integration of the region. The key issue to…

183

Abstract

This paper examined the future prospects of China’s economic development and its impact on the East Asian Economy and the economic integration of the region. The key issue to China’s economic growth is the contradiction between the socialist political system and a market-based economy. The overall assessment is that China will be able to manage the transformation of the nation into a steadily growing market economy.

We also found that China is the key country forming a triangular trading block which has implemented the international division of labor in the North-East Asian region. China’s rapid export growth and increased market share in the world economy is not a threat but a new opportunity for the East Asian countries. The rise of China will certainly be accompanied by an expansion of a consumer market, which will also broaden business opportunities for East Asian.

Despite the interdependence between East Asian countries, a regional trading bloc embracing East Asia has not been created yet. The future prospects for realizing the vision of a regional free trade agreement in East Asia in the foreseeable future is not bright, either.

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Journal of International Logistics and Trade, vol. 3 no. 2
Type: Research Article
ISSN: 1738-2122

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Available. Open Access. Open Access
Article
Publication date: 31 December 2004

Jung Taik Hyun and Jin Young Hong

The economic success of East Asia was due to an export-led growth strategy, which was heavily dependent on the global trading system underpinned by the General Agreement on…

284

Abstract

The economic success of East Asia was due to an export-led growth strategy, which was heavily dependent on the global trading system underpinned by the General Agreement on Tariffs and Trade (GATT) and the World Trade Organization (WTO). In recent years, however; East Asian countries have shifted their trade policy focus to regional agreements and made Free Trade Agreements (FTAs) among themselves arid with other regions. Government organization has been restructured to increase FTA activities. Generally, the current literature predicts that FTA activities of East Asia would help to increase the welfare of the region. In this paper; we offer a critical assessment of East Asia FTAs. We note that East Asia FTAs provide incomplete coverage of sectors and are likely to lead to an inefficient resource allocation. FTA movements are not matched with actual trade flows. The benefits of East Asia FTAs are fairly limited and potential benefits, if any, would not likely be materialized in the near future. Our overall assessment is that the recent policy shift in East Asian countries from multilateral trade orientation or unilateral action to regionalism or a parallel multilateral and regional trade approach will not produce much gain. The governments should increase their efforts at economic reform and reduce barriers to trade and investment, rather than to allocate more resource and manpower to FTA activities.

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Journal of International Logistics and Trade, vol. 2 no. 2
Type: Research Article
ISSN: 1738-2122

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Available. Open Access. Open Access
Article
Publication date: 31 December 2007

Jung Taik Hyun and Moon Joong Tcha

China has been the most important economic partner to Korea since the resurrection of their diplomatic relationship and economic interaction. It has been suggested that China…

156

Abstract

China has been the most important economic partner to Korea since the resurrection of their diplomatic relationship and economic interaction. It has been suggested that China simultaneously presents challenges and opportunities to the Korean economy. This paper investigates changes in trade specialization patterns and comparative advantage of Korea and China, and analyzes the effect of market expansion of Chinese industries on market shares of Korean industries. It is found that since the early 1990s, the industries that lost market share as China’s share increased include those in which Korea has maintained a comparative advantage or improved the level of disadvantage, such as IT equipment and other transport equipments. Considering growth of trade flows and emergence of China, it is critical for Korea to actively participate in international production chains, create competitive edges and extend complementary relationship with trading partners.

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Journal of International Logistics and Trade, vol. 5 no. 2
Type: Research Article
ISSN: 1738-2122

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Article
Publication date: 28 September 2012

Fevzi Okumus

158

Abstract

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International Journal of Contemporary Hospitality Management, vol. 24 no. 7
Type: Research Article
ISSN: 0959-6119

Available. Open Access. Open Access
Article
Publication date: 30 January 2005

Inkyo Cheong

Since the financial crisis, East Asian countries have worked on bilateral/regional Free Trade Agreements (FTAs). Currently, East Asian countries are working on over 30 FTAs. So…

175

Abstract

Since the financial crisis, East Asian countries have worked on bilateral/regional Free Trade Agreements (FTAs). Currently, East Asian countries are working on over 30 FTAs. So far, the United States (U.S.) has exerted its considerable political and economic power in East Asia, but its political and diplomatic position is increasingly shaky for many reasons-emergence of China’s economic and military strength, growing regionalism in East Asia, weakening influence of the Asia Pacific Economic Conference (APEC) forum, and growing anti-American sentiment after the anti-terrorism war. The U.S. will be even more concerned about the development of FTAs in East Asia, since the country will suffer economic and non-economic losses when the East Asian regionalism is developed. This article evaluates a U.S.-Korea FTA in terms of U.S. involvement in East Asian regionalism, and tries to provide an economic assessment of the FTA. This article points out that the U.S. should take advantage of the U.S.-Korea FTA to secure its interests in East Asia and to avoid exclusion from East Asian regional economic integration.

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Journal of International Logistics and Trade, vol. 3 no. 1
Type: Research Article
ISSN: 1738-2122

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Available. Open Access. Open Access

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Learning and Teaching in Higher Education: Gulf Perspectives, vol. 8 no. 2
Type: Research Article
ISSN: 2077-5504

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