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Current Issue

Volume 27 Number 4 (2023)

PISSN : 2508-1640 EISSN : 2508-1667

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1
  • The Impacts of Climate Variability on Household Consumption: Evidence Based on Village Weather Data in Indonesia
  • https://dx.doi.org/10.11644/KIEP.EAER.2023.27.4.425
  • Pratiwi Ira Eka; Bokyeong Park
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    This study investigates the impacts of long-term climate variability on household consumption in Indonesia, a country highly vulnerable to climate change. The analysis combines household survey data from nearly 5,998 families with satellite-derived weather data from NASA POWER spanning 30 years. We use the long-term variability in temperature and precipitation as a proxy for climate change. This study examines the impact of climate change which proceeds over the long term, unlike previous studies concerning one-off or short-term climate events. In addition, using satellite data enhances the accuracy of households’ exposure to climate variability. The analysis finds that households in a village with higher temperature and precipitation variability significantly consume less food. This implies that households more exposed to climate change are at higher risk of malnutrition in developing countries. This study has a limitation that it cannot rule out the potential endogeneity of choosing a climatevulnerable residential location due to economic poorness.

    JEL Classification: Q54, D60, O10

2
  • The Ebb and Flow of Regional Integration Vision in Asia-Pacific : From a Lens of Leaders’ Declarations over 30 Years
  • https://dx.doi.org/10.11644/KIEP.EAER.2023.27.4.426
  • Jungmeen Suh
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    This paper examines how APEC has transformed itself into an international forum for the vision of regional integration. It aims to quantify the documentation produced by the international organization and provide quantifiable evidence that aligns with prior knowledge rather than relying solely on intuition. For this purpose, I use various text mining techniques to extract multi-dimensional features from the text of APEC Leaders’ Declarations from 1993 to 2023. In terms of interest and expectations for APEC as a forum, it is found that members have experienced two major peaks and troughs over the last three decades. It is found that the change point coincides with the Asian financial crisis of 1997 and the tensions between the United States and China since 2017. To explore more various aspects of economic integration in the Asia-Pacific region, this study also considers how consistently APEC has been an international forum for addressing issues, which members are active, and how members have clustered based on their views of APEC.

    JEL Classification: F13, F14

3
  • Business Cycle Synchronization between the European Union and Korea
  • https://dx.doi.org/10.11644/KIEP.EAER.2023.27.4.427
  • Jiyoun An; In Huh
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    In the recent 20 years, the capital flows between Korea and European Union have increased and diversified. In particular, the business cycles of two economies have shown similar patterns since the Global Financial Crisis. This study examines both trends and investigates the roles of finance and trade on business cycle co-movements between two economies. The empirical results show that the business cycles can diverge due to either the common shocks or the country-specific shocks. Furthermore, financial integration increases the business cycle co-movements driven by both the country-specific shocks and the common shocks between two economies.

    JEL Classification: E32, F40, F44

4
  • The Effects of Policy Funds on the Investment and Management Stabilization Financing of Small- and Medium-sized Enterprises
  • https://dx.doi.org/10.11644/KIEP.EAER.2023.27.4.428
  • Jinhwa Chung; Bohyun Kim; Seongman Moon
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    This study empirically examines the impacts of policy funds from three different aspects using data on Daegu city’s local government loans. First, we estimate the influence of policy funds on mitigating financial constraints affecting the investment decisions of Small- and Medium-sized Enterprises (SMEs), yielding inconclusive results indicating no significant discernible effects of policy funds. Second, we scrutinize the ramifications of policy funds on enterprise’s management stability, revealing that these funds contribute to stabilizing the operations of small-scale enterprises. Third, we explore whether policy funds engender an unintended consequence of bolstering distressed enterprises, presenting empirical evidence that suggests a delayed exit of such enterprises.

    JEL Classification: G20, G30