Abstract
The literature on financial repression and financial liberalization in developing countries commenced with the seminal work of Mckinnon and Shaw in 1973 which focused on financial repression and the need for developing economies to allow real interests rates to be determined by market forces. With the adverse effects of financial repression on economic growth emerging, financial liberalization was advocated as a key to financial development and growth-enhancing economic policies. These arguments have been challenged by experiences of many developing countries which implemented liberalization policies and underwent devastating financial crisis. Financial liberalization is intended to promote market efficiency and economic welfare. However, the experiences in many countries revealed that deregulation and liberalization without the requisite regulation resulted in excessive risk-taking and encouraged an over-accumulation of short-term external liabilities by both financial and corporate sector. Costly lessons learned from the experiences should not lead to a return to financial repression. Rather institutional framework, including regulatory reform and infrastructure reform, should be established for the enhancement of the economic benefits from the financial liberalization.
Keyword: deregulation, economic crisis, financial liberalization, supervisory reform
Hyeoncheol Shin, Taeyeon Hwang, Seokwan Yoon
Abstract
The purpose of this study is to testing the existence of bubble in regional housing market by using Shiller"s excess volatility test. In analysis results, housing market in all have bubble because of housing price"s excess volatility. In the analysis results by region, the province are more sensitive than the metropolis in volatility. Metropolises is stagnant situation as the relatively slow economic growth. By the Central Government"s balanced regional development policy, expectation of the province"s economic growth is high. The region is divided into three groups in accordance with the type of path of development. Group I is the region to repeat a growth and a stagnation. Group II is the region to repeat a potential growth and a decline. and Group III is the region to circulate development path. In the analysis results by group, group III is more sensitive than the other group. As group III is expected to rise housing prices, and that the bubble is burst.
Keyword: housing price, bubble, market fundamental value, regional development path
Sunghwan Cha, Byungryul Bae, Jiwon Lee
Abstract
Recently, a large number of the coffee shops and franchise coffee shops are continuously increasing. But coffee shops managers are not concerned about the importance of the physical environment of their coffee shop. It is a matter of differentiation, due to the difference between success and failure of the coffee shops will be determined. We analyzed the physical environment of coffee shop which has a competitive advantage. We include coffee shop’s physical environment as follows: space, cleanliness, aesthetic, entertainment, convenience, and comfortable. We modeled customer satisfaction as a mediator on store loyalty. We call this model as full mediation model. We also modeled physical environment directly affect store loyalty. We call this model as partial mediation model. Research results indicate that space, cleanliness, aesthetic physical environment affect on customer satisfaction, and customer satisfaction positively affects store loyalty. We found that cleanliness and aesthetic affect directly store loyalty. Therefore, space, cleanliness, aesthetic physical environment must be considered importantly by coffee shop managers, and coffee shop managers also must provide high level of customer satisfaction.
Keyword: customer satisfaction, store loyalty, store physical environment
Shorefuzzaman Mollah, Minho Kim, Yuri Lee
Abstract
This article pays attention to the practice and propagation of stakeholders preferences assessment of corporate social responsibilities (CSR) performed by the non-government organization particularly private banks in Bangladesh for developing the socio-economic states and ensuring the fundamental rights for stakeholders. Two techniques were used to search out the impacts of CSR activities executed by private banks. The first technique is the questionnaire method i.e. A series of interviews with the corresponding authorities and employers of the associated banks. The second technique is analytical opinions from expertise personnel. Therefore, a structured questionnaire was formed including targeted quarries. The findings show that the private banks endeavor to maximize returns from their shareholders moreover, comprehended their duty for the society. It creates a Win-Win situation for involved parties and the economic progress of Bangladesh. Beyond this, the bank executives should pay more attention to analyze the real situation and fulfil the anticipation by the people of the society.
Keyword: Corporate Social Responsibility (CSR), Commercial Banks, Preference, Corporate ethics, Bangladesh
Shiba Raj Pokharel, Bishnu Prasad Pokharel, Youngsoo Ra
Abstract
Workers’ remittance as major sources of foreign currency plays an important role in the economy of Nepal and has become a substantial component of current account surplus in the balance of payments. The major objective of this study was to investigate the inflows of remittance, its contribution for economic development of Nepal, utilization of remittance and the channels of remittance. The research has stressed the positive impact of the remittance to the nation. However, a negative correlation with GDP growth. Some socio-economic implications of remittance are also become apparent. This study empirically shows that the higher percentages of remittances are still transferred by informal channels and the remittances used in daily consumption, and other nonproductive areas such as buying land and buildings etc.
Keyword: Remittances, foreign currency, economic development, Nepal
Guijun Lin, Jooyoung Yoon, Miryung Song
Abstract
The paper attempts to empirically identify a set of practical export skills important to the Chinese firms. A survey containing 88 practical export skills, selected from the existing literature, was sent to 800 Chinese exporting companies in major eastern regions of China. With the factor analysis, eights kill categories were identified and 56skills were found more important. The eight skill categories include international finance, international marketing, international trade policy and regulations, international trade logistics, international payment terms, strategic management in international trade, international trade research and international trade practice. All the skills were ranked according to the mean value and standard deviations. The results of the study show that skills in international trade policy and regulations, international payment terms and international trade research were viewed as being the most important. In general, the Chinese exporters viewed the basic finance and strategic management skills as being more important than advanced skills. International marketing skills were considered to be of only moderate importance and some were ranked even lower. In contrast to earlier findings for other countries, international trade logistics skills and international trade practice skills were viewed as being less important. These importance rankings may provide some useful insight into the general skill levels of the Chinese exporting firms and help international business educators prepare more effective skill training programs.
Keyword: export skill, export success, factor analysis, Chinese firms
Abstract
The purposes of this study were to explore the relationship between purchase intention and purchase experience for eco-labelled detergent and to test mean differences(ANOVA analysis) among four types(no intention and no experience, intention but no experience, no intention but experience, both intention and experience) categorized by both intention and experience and to test the influencing factors for three other types compared with the consumer type of no intention and no purchase(multinomial logit analysis). As the result, purchase intention and experience of eco-labeled detergent were significantly correlated each other. Then four types of consumers were found to respond significantly to be different for most variables such as understanding eco-label, self-confidence of choice, reference group, advertisement, product concern, price perception, policies beside sex, education and income. In addition, age was found to significantly influence to all types of consumer, while education was to the type of consumer having both intention and experience. Also advertisement was found to be significantly influence to the type of consumer for intention alone and having both, while self-confidence of product choice was to influence for the type of experience only and having both, which have opposite directions. Finally, this study might provide useful information to consumers, related industries and policy makers by exploring the psychological factors such as values, knowledge, concern for environment with socio-demographics.
Keyword: Environment friendly behavior, Eco-labelled detergent, Purchasing intention, Purchasing experien