Volume 9, Issue 1

The Impact of Remittances on Monetary Variables Lower Middle Income Countries

Md. Mahmud Hasan Shah, Changkon Choi, Syeda Fatima Zahid

Remittances area Stable source of financial volatility for remittance-receiving countries, although capital flows have fallen sharply for lower middle income countries during recent years. This study examines the relationships between remittances andthe monetary transmission channel, aside from the exogenously imposed assumption of price rigidity. The model is built up from microeconomic foundations and is analyzed using the autoregressive distributed lag (ARDL) co-integration framework for the lower middle income countries with the highest remittances as a percentage share of GDP in 2013. The results, based on the bounds testing procedure, confirm that a stable, long-run relationship exists between remittance growth and monetary variables. The empirical results show that there is a unique co-integrated and stable long-run relationship among broad money growth, GDP growth, inflation rate, official exchange rate, and real interest rate for all eight counties. We find that the remittance elasticity coefficients are mixed and inconsistent for each individual country among the lower middle income countries. Our results also reveal that, after incorporating the CUSUM and the Cumulative Sum of Recursive Residuals (CUSUMSQ) rests, the remittance function was stable was stable between 1980 and 2014. This finding therefore explain the monetary nature of the transfersin the presence of remittances and financial developments in the financial sector.

Keyword: Remittance, Moneraty Variables, ARDL, CUSUM test

A Study on the Recognition and Enforcement of Arbitral Awards between Mainland and Taiwan

Cheng Cheng, Hyunsoo Ha

China and Taiwan have been separated since 1949 due to civil war. On January 1st, 1979, the Standing Committee of the National People’s Congress of China declared “A Message to Compatriots in Taiwan” which suggested that they would change the policy toward Taiwan from military confrontation to peaceful unification through “three links and four communications” policy. Due to the political specificity between these two sides, both China and Taiwan have formed their independent and separate law zones. On the one hand, with the increased economic trade between them, the related disputes also increased. Consequently, the use of arbitration system as a tool to resolve the commercial disputes has increased. Under the uncertain political situation between China and Taiwan, the competent courts intervened in the execution of the arbitration award but by which law should the enforcement be determined turned out to be a problem. This research analyzes the characteristics and problems related to the approval and enforcement of arbitration between China and Taiwan. Based on this, this research proposes precautions for applying the approval and enforcement of the arbitration award between these two sides. In addition, this research suggests the considerations when Korean enterprises use their arbitration system. Finally, This research provides some implications for the establishment of regulations and systems related to the approval and enforcement of the arbitration award between Korea and North Korea.

Keyword: Arbitration, the Recognition and Enforcement of Arbitral Awards, China's Arbitration System, Taiwan's Arbitration System, the Recognition and Enforcement of Arbitral Awards between Mainland China and Taiwan

A Study on Relationship between Organizational justice and innovative Behavior Focused on the Mediating Effects of Trust types

Liu Jiakun, Sooil Ko

The main purpose of this is (1) to examine the effects of perceived organizational justice (distributive, procedural, interactional justice) and trust types, (2) to examine the effects of perceived organizat distributive, procedural, interactional justice ional justice and innovative behavior, (3) to examine the relationship between organizational justice and innovative behavior focused on the mediating effects of trust types. For this reason, I set up two dimensions of Trust; Trust in Organization and Trust in Supervisor in order to analyze the fitness of the research model and to test the hypotheses, the data are collected from Chinese State-owned enterprises through the administration of structured questionnaires. Among 218 responses, only 190 responses were used as final set of data for analysis. The linear regression analysis is performed by the SPSS package. The goodness of fit indices that the fit of the model to the data which is generally good. Beginning of this test, organizational justice and trust types are not divided up into meaningful factors by factor analysis that I never really predict. Theoretically, organizational justice has three factors, distributive justice, procedural justice, interactional justice. And For the study, I Set up two dimensions of Trust: Trust in Organization and Trust in Superior. Research findings can be summarized as follows: I The results of the study showed that perceived organizational justice (distributive, procedural, interactional justice) had a positive effect on trust types. 2. The results of the study showed that perceived organizational justice (distributive, procedural, interactional justice) had a positive effect on innovative behaviors. 3. trust types mediated between perceived organizational justice (distributive, procedural, interactional justice) and innovative behaviors.

Keyword: Distributive Justice, Procedural Justice, Interactional Justice, Trust in Organization, Trust in Superior, Innovative Behavior