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Fan Zhang

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Takatoshi Ito, Satoshi Koibuchi, Kiyotaka Sato and Junko Shimizu

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Takatoshi Ito, Satoshi Koibuchi, Kiyotaka Sato and Junko Shimizu

Chapter 1 introduces the theme of this book, exchange rate risk for the exporters, by showing the sensitivity of corporate earnings and stock prices to exchange rate fluctuations. When the yen appreciates, corporate earnings and the Nikkei Index tend to fall. Faced with a long-run trend of yen appreciation, Japanese exporting firms have taken many countermeasures to lessen the exchange rate impact on their sales and profits. By invoicing in yen, they can avoid the exchange rate risk. However, importers suffer from exchange risk and have to absorb the change in import costs by changing their profit margins. Hence, which currency exports should be invoiced in depends on the nature of the products, the relationship between exporter and importer, and whether the exported goods are for the local market or for re-exporting after assembly. The chapter introduces these concepts and sets up the questions to be answered in later chapters.

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Ju-Ho Lee, Hyeok Jeong and Song Chang Hong

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Ju-Ho Lee, Hyeok Jeong and Song Chang Hong

Over the last half century, Korea successfully escaped from poverty and socio-economic instability to achieve remarkable economic growth and democracy. An average Korean lived on 2.3 dollars per day in the 1950s; she now earns about 60 dollars per day. Since 1960, the Korean economy has maintained a 6 percent annual growth rate of real GDP per capita, becoming the 13th largest economy in the world (Maddison Project, 2013). This achievement is regarded as a historic case of sustainable growth. While several factors contributed to this outstanding growth, there is emerging consensus that Korea’s achievement of both sustained economic development and democracy is mainly due to its investment in people. At its initial stage of development, Korea faced problems similar to most other developing countries. To escape from a vicious cycle of poverty, Korea had to overcome a legacy of antiquated traditions in education and training. Koreans had traditionally neglected vocational and technical training, owing partly to Confucianism, which praises scholars of the humanities and farmers while disregards professions in manufacturing and trade. Because parents encouraged their children to pursue academic education in colleges and hold white-collar jobs, industries lagged behind with few technicians, skilled workers, and blue-collar workers. To make matters worse, Japanese colonial rule prohibited Koreans from accumulating both physical and human capital for entrepreneurship in industrial sectors. The three years of the Korean War with the division of the Korean peninsula also devastated the economic and social infrastructure and fundamentals for economic growth.

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Preface

Exploring the Causes and Remedies of Japanization

Edited by Dongchul Cho, Takatoshi Ito and Andrew Mason

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Introduction and overview

Exploring the Causes and Remedies of Japanization

Dongchul Cho, Takatoshi Ito and Andrew Mason

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Abbreviations and acronyms

Exploring the Causes and Remedies of Japanization

Edited by Dongchul Cho, Takatoshi Ito and Andrew Mason

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Mohamed Ariff and Shamsher Mohamad

Adam Smith traced the source of opulence of nation, which he called capital, to the uninterrupted efforts of every man to better his condition. Today we define wealth as the item that has some economic substance, a value such that this wealth can be used for several intended purposes, in modern economics, for consumption as theoretically glorified by the Utility Maximization Theorem (Arrow-Debreu). In this chapter, the reader is introduced to the modern idea of net wealth held by households and entities. The amount of wealth as at 2017 is given as US$ 250 trillion after all liabilities are subtracted from total wealth. In this context, Calvin’s contribution of wealth as God’s gift to man is referred to, which provides a continuity with Islam’s claim that wealth belongs to God, and He apportions who begets it.

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Preface

Theory and Practice

Edited by Mohamed Ariff and Shamsher Mohamad