학술논문
Capital Outflow Waves in the Korean Economy during Financial Turmoil: Its Implications and Policy Suggestions
이용수 31
- 영문명
- 발행기관
- 한국무역학회
- 저자명
- Jae-Hyun Suh
- 간행물 정보
- 『Journal of Korea Trade (JKT)』Vol.23 No.7, 113~127쪽, 전체 15쪽
- 주제분류
- 경제경영 > 무역학
- 파일형태
- 발행일자
- 2019.11.30
4,600원
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국문 초록
영문 초록
Purpose - This paper investigates whether financial crises could be the indicators of capital outflow waves or vice versa in Korea. Korea has experienced two severe financial crises, which are the Asian Crisis and the global financial crisis. Although there were many variables associated with these two remarkable events, one notable variable was gross capital outflows, which had significantly increased around them. Motivated by existing literature which built theoretical frameworks explaining the relationship between capital flight and financial crises, we examine the empirical evidence for this relationship.
Design/methodology - We use panel data from 61 countries including Korea from 1980 to 2009 to study the associations between capital flight and diverse financial crises such as banking, currency, debt, and inflation crises. To be specific, we use the complementary log-log model to see whether capital outflow waves are reliable indicators for domestic financial crises.
Findings - The results show, first, that banking, currency, and inflation crises are associated with capital flight. Second, debt crises are also associated with capital flight, but the result is not robust to different specifications. And, third, the positive associations between capital flight and crises are mainly driven by banking flows rather than FDI and portfolio flows.
Originality/value - This paper is one of a few studies that investigates domestic (not foreign) investors’ behavior during financial turmoil. Furthermore, theoretical studies which provide contradictory explanations on the movements of gross capital outflows during financial crises emphasizes the importance of empirical evidence in this paper.
목차
1. Introduction
2. Linkages between Capital Outflows and Financial Crises
3. Data and Estimation Strategy
4. Results
5. Conclusions
References
해당간행물 수록 논문
- The Effect of U.S. Protectionist Trade Policy on Foreign Ownership: A Study of Korea’s Data Set
- An Empirical Study on the Effects of Export Promotion on Korea-China-Japan Using Logistics Performance Index (LPI)
- An Empirical Study on Consumers’ Intention to Use a Global Business-to-Consumer Sharing Platform
- Capital Outflow Waves in the Korean Economy during Financial Turmoil: Its Implications and Policy Suggestions
- With Regard to Local Contents Rule (Non-tariff Barriers to Trade): After Announcing the Shanghai-Hong Kong Stock Connect, is the Chinese Capital Market Suitable for Korean Investors?
- Assessment of Competitiveness Improvement on Multinational Enterprises based in Korea
- The Moderating Effect of Internal Control on Performance of Cross-Border M&A under the Uncertainty of Economic Policy: Evidence from China
- A Study on Port Improvement with the Activation of Cross-Border E-Commerce: A Study of Pyeongtaek Port
- The Impact of ICT Goods Imports on Economic Growth: Evidence from Asia-Pacific Countries
- The Effects of International Entrepreneurial Orientation and Entrepreneurial Activities on SMEs’ Export Performance
- Does National Distance Affect Different Industries in Different Ways? A Test of the Ghemawat CAGE Model
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