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한양대학교 경제연구소> JOURNAL OF ECONOMIC RESEARCH

JOURNAL OF ECONOMIC RESEARCH update

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수록정보
수록범위 : 1권1호(1996)~24권2호(2019) |수록논문 수 : 304
JOURNAL OF ECONOMIC RESEARCH
24권2호(2019년 08월) 수록논문
최근 권호 논문
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KCI등재

1Assessment of stock market contagion during the subprime mortgage crisis using GARCH-in-VAR model

저자 : Jaehong Kim , Byeongseon Seo

발행기관 : 한양대학교 경제연구소 간행물 : JOURNAL OF ECONOMIC RESEARCH 24권 2호 발행 연도 : 2019 페이지 : pp. 129-155 (27 pages)

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In this paper, we provide an assessment of stock market contagion based on the multivariate GARCH-in-VAR model, where the mean equation of VAR involves conditional volatility. Our specification of GARCH-in-VAR can detect cross-market linkages by the risk-toreturn volatility effect of the conditional volatility in VAR as well as the return-to-return interdependence effect of the structural shocks. Significant changes in interdependence and the volatility effect provide important evidence for contagion caused by increases in cross-market linkages through these two channels. Applying this approach to the subprime mortgage crisis, we examine whether there existed financial contagion between the stock markets of the U.S. and those of the major countries in Asia, America, and Europe. Empirical assessment confirms that most of the countries experienced contagion through either one of the two channels or through both channels, and that through which channel the crisis is transmitted to a country depends on the country's economic robustness and global financial market integration. The impact of a shock from the U.S. on other markets tends to be more pronounced and persistent when it is propagated through the volatility effect than through interdependence.

KCI등재

2Dividend taxes and payout policy: Evidence from Korea's 2015-2017 dividend tax cut

저자 : Jeong Hwan Lee , Young Lee

발행기관 : 한양대학교 경제연구소 간행물 : JOURNAL OF ECONOMIC RESEARCH 24권 2호 발행 연도 : 2019 페이지 : pp. 157-196 (40 pages)

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The Korean government temporarily lowered dividend tax rates for investors of firms that significantly increased dividend payments in 2015-2017. We examine how the dividend tax cut affects corporate payout policies. We found substantial dividend payment growth in the qualifying firms, mainly funded by operating cash flow; neither cash holding nor share repurchase is significantly reduced. The insider ownership is found to be an important factor in driving a continual enjoyment of the dividend tax cut. Yet, a large proportion of firms only temporarily enjoy the dividend tax cut in 2015, which argues against slow adjustments in dividend payout policy.

KCI등재

3Household remittance inflows and child education in Ghana: Exploring the gender and locational dimensions

저자 : Abdallah Abdul-mumuni , Isaac Koomson

발행기관 : 한양대학교 경제연구소 간행물 : JOURNAL OF ECONOMIC RESEARCH 24권 2호 발행 연도 : 2019 페이지 : pp. 197-222 (26 pages)

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This paper investigates the effect of household remittance inflows on child education in Ghana using data from the Ghana Living Standards Survey Six (GLSS 6). Employing an instrumental variable approach and including children at the nursery and kindergarten levels in our study, the following findings are established. First, remittance inflows generally reduce household liquidity constraints, translating into increased number of school hours for their children. Second, while remittance inflow improves child education in the urban areas, it reduces school hours for their counterparts in rural communities. Third, gains in school hours from remittance inflows are much greater for boys but do not make any or much of a difference in improving that of the girl-child. We call for financial system regulations that help to substantially reduce transaction costs on (or rigidities in) remittance inflows so that its influence on child education outcomes will be improved.

KCI등재

4Exchange rate puzzle in New Zealand: New evidence

저자 : Baiding Hu , Yingjie Lin , Paul Dalziel

발행기관 : 한양대학교 경제연구소 간행물 : JOURNAL OF ECONOMIC RESEARCH 24권 2호 발행 연도 : 2019 페이지 : pp. 223-246 (24 pages)

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This paper adopts an event-study approach that utilises a combination of the asset pricing model of the exchange rate due to Engel and West (2010) and a state space model to examine the impact of monetary policy shocks on the change of the New Zealand exchange rate. We find evidence to support the “exchange rate puzzle” (ERP) originally coined by Grilli and Roubini (1995). The ERP in the New Zealand context was also found in Wilkinson et al. (2001). Using newer data, the present study is able to account for the role of the recent global financial crisis (GFC) in influencing the nexus between the exchange rate and interest rate. It is found that the GFC had a mediating effect on the ERP, showing the exchange rate responded asymmetrically to monetary policy shocks.

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1연안해역에서 석유오염물질의 세균학적 분해에 관한 연구

(2006)홍길동 외 1명심리학41회 피인용

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2미국의 비트코인 규제

(2006)홍길동심리학41회 피인용

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2미국의 비트코인 규제

(2006)홍길동41회 피인용

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