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이병윤 ( Byung Yoon Lee ),이윤석 ( Yoon Sok Lee ) 한국금융연구원 2011 KIF 연구보고서 Vol.2011 No.5
This paper empirically investigates the relationship between the choice of overseas financing and its impact on foreign liquidity in the case of commercial banks in Korea. More specifically, we are interested in the impact of choosing overseas financing via deposit-taking, borrowing and bond issuance on foreign liquidity. We apply the indicator of net stable funding difference suggested by Angora and Roulet (2010) to the balance sheet denominated in foreign currency which provides a more accurate description of the foreign liquidity condition of banks. Panel regression analysis based on 8 major commercial banks in Korea from 2001 to 2009 shows that foreign liquidity deteriorates with higher levels of short term borrowing while the opposite is true with long term borrowing. This confirms the conventional view that short term borrowing is detrimental to foreign liquidity. In addition, we found that, among long term overseas financing, long term borrowing actually improves the foreign liquidity condition whereas long term bond issuance resulted in the opposite. This result can be interpreted as stressing the importance of relationship building with clients through direct borrowing which is difficult to develop when issuing bonds.
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여은정 ( Eun Jung Yeo ),이윤석 ( Yoon Sok Lee ) 한국산업조직학회 2013 산업조직연구 Vol.21 No.2
This paper analyzes both theoretically and empirically the effects of crossshareholdings on firm value. We show using a simple cross-shareholding theoretical model that higher levels of technology lead to positive effects from increased cross-shareholdings on firm value, and vice versa. Using annual per capita sales as a proxy for technology level, we also show empirically, using panel data analysis, that this positive effect applies to only firms with annual per capita sales over 2.03 billion won. The main finding also holds when we use annual per capita value-added data as a proxy for the firm`s technology level. The finding implies that a firm`s financial decision to increase the firm value through cross-shareholding should take into account it`s technology level.
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Financial Globalization and Financial Effective Exchange Rate in Korea
김소영(Soyoung Kim),민경희(Kyung hee Min),이윤석(Yoon sok Lee) 한국계량경제학회 2017 JOURNAL OF ECONOMIC THEORY AND ECONOMETRICS Vol.28 No.2
This paper constructs a monthly financial effective exchange rate index of Korea and investigates the relationship between the financial effective exchange rate and the external position and that between the financial effective exchange rate and capital flows. It turns out that sometimes the exchange rate index and the traditional BIS trade-weighted index move in opposite directions. The relative volatilities of the two indices are also different. The net foreign exposure of Korea as of 2014 shows that a 1% depreciation of the Won results in a 0.48% increase in the valuation of the external position. Empirical results show that the increase in the rate of change of the financial effective exchange rate significantly leads to capital outflows, especially in portfolio investment and bond investment in particular. The use of the financial effective exchange rate is better equipped than the traditional trade-weighted exchange rate in explaining and estimating the wealth effects of the changes in net external positions.
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