In this study we analyze how the price impact of trades and the bid-ask spread are related to foreign stock ownership using data from 20 emerging markets. We show that while the price impact of trades increases with the percentage of shares held by foreign investors, the bid-ask spread decreases...

This paper has revisited the roles of agricultural sector development for Sub-Saharan Africa (SSA) in responding to the twofold challenges – broadening the base of economic growth and sustaining growth momentum. Based on a holistic and long-term perspective on the mechanism of an economic...

This paper draws implications for the effective operation of an MaPP framework based on the experiences during the 2000s of Korea. Korea had in fact operated several MaPP measures, but could not shield itself from the impacts of the global financial crisis in 2008 because of a new type of...

The Welfare cost of inflation is revisited with a search-theoretic model wherein distinct features of cash and checkable deposits as means of payment are incorporated. Our result implies that the presence of an interest-bearing checkable deposit amplifies the cost of inflation significantly via...

This paper has revisited the roles of agricultural sector development for Sub-Saharan Africa (SSA) in responding to the twofold challenges – broadening the base of economic growth and sustaining growth momentum. Based on a holistic and long-term perspective on the mechanism of an economic...

Over the course of the recent global financial crisis, emerging economies experienced massive swings in capital inflows. In this paper, we estimate a VAR model to assess the impact of capital inflow shocks, which are identified using a set of sign restrictions, on house prices in Korea. We base...

Korean Abstract: 본고는 외환자유화에 따른 외환수급 저변의 확대가 외환시장 전반의 안정성을 제고시킬 것이라는 주장에 대해 실증분석하였다. 이를 위해 외환자유화 이후 ‘외환거래량의 추세적 증가에 따라 환율변동성이...

This paper explores the impact of the adoption of inflation targeting (IT) on the dynamics of city-level inflation in Korea using both aggregate and sector-level data. When looking at aggregate regional inflation, we find that the mean, volatility and persistence fell in all cities in the wake...

We investigate the effects of a non-financial firm's entry on competition in the retail payments market, from the perspective of duopoly between an incumbent and an entrant in conditions of vertical restraints. Considering the cross-platform externalities in payment processing, differentiated...

Korean Abstract: 북한의 인구구조는 체제전환 및 남한과의 통합 과정에서 경제성장이나 통일비용 등에 영향을 미치는 중요 변수 가운데 하나이다. 본 연구에서는 UN 세계인구전망 통계를 이용하여 북한의 인구구조 변화 추이를...