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JOURNAL OF ECONOMIC RESEARCH update

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수록정보
수록범위 : 1권1호(1996)~25권2호(2020) |수록논문 수 : 316
JOURNAL OF ECONOMIC RESEARCH
25권2호(2020년 08월) 수록논문
최근 권호 논문
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KCI등재

1Financial constraints and lender selection: An empirical analysis

저자 : Dr. Sumitra Naha , P. O. Rabindra Sarani

발행기관 : 한양대학교 경제연구소 간행물 : JOURNAL OF ECONOMIC RESEARCH 25권 2호 발행 연도 : 2020 페이지 : pp. 101-124 (24 pages)

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Imperfections in the financial markets due to the presence of agency problems and significant informational asymmetries between borrowers and lenders gives rise to financial constraints which restrict the amount or quality of investment options by firms. The present study has a combined objective. It investigates the presence of financial constraints at firm level via investment cash-flow relation in the context of a developing country like India. Then it tries to determine the preferred choice of firms among the alternative sources of debt financing to alleviate the constraints. The major empirical findings suggest that firms from the Indian manufacturing sector face the problem of financial constraints. As firms seek external borrowing, intermediaries play a relatively more important role in the provision of debt finance to the highly constrained Indian firms than do capital market sources or direct borrowing. Among the intermediaries, bulk of the total borrowings is from the commercial banks.

KCI등재

2Regime changes in uncertainty channel between inflation and output growth

저자 : Sang-kuck Chung

발행기관 : 한양대학교 경제연구소 간행물 : JOURNAL OF ECONOMIC RESEARCH 25권 2호 발행 연도 : 2020 페이지 : pp. 125-154 (30 pages)

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In order to investigate the presence of regime changes in the effects of real and nominal uncertainty on inflation and output growth, bivariate normal mixture GARCH-in-mean models are developed for monthly data of inflation and output growth in USA. Overall, we find significant evidence in favor of and against four hypotheses depending on regimes. The key idea in this paper is that the model embeds two different regimes of a usual volatility, which occurs most of the time, and an extreme volatility, which occurs rarely.

KCI등재

3Does financial development promote export diversification in Sub-Saharan Africa?

저자 : Richard Kofi Akoto , Charles Adjasi

발행기관 : 한양대학교 경제연구소 간행물 : JOURNAL OF ECONOMIC RESEARCH 25권 2호 발행 연도 : 2020 페이지 : pp. 155-178 (24 pages)

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This paper examines the effect of financial sector development on export diversification of 41 sub-Saharan Africa countries using data for the period 1995-2013. The empirical results using dynamic panel system generalized methods of moments (System-GMM) estimation technique show that high financial development promotes export diversification in sub-Saharan Africa. The finding underscores the importance of financial sector development policies in sub-Saharan Africa to stimulate export diversification. Specifically, it is necessary to increase the roll out of financial infrastructure across sub-Saharan Africa to widen the extent of financial access. Government should also ensure macroeconomic stability to support financial sector development in the various sub-Saharan Africa countries.

KCI등재

4Reassessment of diversification effects on market values of banks

저자 : Jinyong Kim , Yong-cheol Kim , Yongsik Kim

발행기관 : 한양대학교 경제연구소 간행물 : JOURNAL OF ECONOMIC RESEARCH 25권 2호 발행 연도 : 2020 페이지 : pp. 179-198 (20 pages)

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The effects of income diversification of banks on various risk-adjusted market value measures are reassessed by applying quantile regressions on U.S. bank holding company data from 2000-2010. An indirect effect from a diversified income structure and a direct effect from an increased non-interest income share jointly determine the net effect of income diversification. The first main empirical finding shows a significant discount for the banks in the upper quantiles of the risk-adjusted market value distributions. Second, the net diversification effects change over time. These findings are consistent with the view that the diversification discount reflects an opportunity cost in adjusting a dynamic value-maximizing strategy.

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