Sponsored product reviews have emerged as an important tool in influencer marketing. In particular, non-monetary sponsorships, where brands give influencers a product as a gift for a free trial, are widely used in influencer marketing. Yet, there is little understanding of i) the impact of non-monetary sponsorship on consumers’ downstream behaviors, such as social media engagement, ii) the moderating effect of influencer type, and iii) the underlying mechanisms through consumer perceptions of the brand (i.e., brand trust) and product (i.e., perceived product quality). To fill this gap, we first empirically examined the impact of non-monetary sponsorship on customer engagement using an Instagram dataset through regression analyses. In this analysis, the propensity score matching (PSM) method was employed to match non-monetary sponsored posts with other similar posts, which controls unobserved confounding variables and resolves the endogeneity problem. The empirical analysis shows that non-monetary sponsorship increases social media engagement, and the positive impact is stronger when a micro-influencer generates a non-monetary sponsored post. Next, using a lab experiment, we provide evidence for a causal link between non-monetary sponsorship and consumers’ downstream behavior (i.e., social media engagement, purchase intention, and brand attitude) and support the mediation through higher perceived product quality and brand trust. We contribute to the literature on influencer marketing by documenting the positive impact of non-monetary sponsorship on social media engagement, examining the moderating role of influencer type, and providing novel mechanisms underlying the effect of non-monetary sponsorship. The findings also highlight the changes in consumer perception of sponsorship and offer insights into the design of influencer marketing campaigns for marketing practitioners.

As the general public’s awareness of the environmental problems associated with economic growth have increased, interests in eco-friendly products have also increased for the past few decades. However, many consumer surveys and sales data indicate that while many consumers believe that buying eco-friendly products is important for protection of environment, actual adoption of those products are far below what has been expected. This discrepancy between consumers’ beliefs and actions regarding eco-friendly products purchase suggests that consumers do not purchase eco-friendly products solely based on environmental concerns and environmental merits of products. Then, what is the decisive determinants of consumer’s decisions to buy of green products? Previous researches showed that many people usually are reluctant to buying green products because of high price compared to conventional products (Hopkins and Roche 2009; Thakur and Aurora 2015), but if people perceived additional value to self (e.g. functional value, social value, emotional value, economic value, epistemic value), people are willing to buy green product (Lin and Huang 2012; Jung and Kim 2014; Renfro 2010). In other words, the perceived personal value for money, associated price and benefits of product, can be importantly decisive determinants of eco-friendly buying decisions. Moreover, among many values or benefits, economic benefit such as monetary savings can be an effective factor to adaption of green product. This is because that many consumers are very sensitive to price of green products as many researchers argued, and economic benefit is so visible and computable that reduce consumer’s perceived cost. Therefore, for inducing the adaption of green product, the way of appealing and presenting product information about price premium and potential economic benefits is very important in marketing communication with consumers. However, the extant many researches have focused on highlighting that which benefits of product depending on individual difference is more attractive to people, rather than both price and benefit. There is a general lack of study on this issue in the extant literature. Furthermore, previous experiments about green products have another limitation that it is difficult to reflect the real choice of green product. Many empirical researches have focused on an attitude toward product or advertisement, a preference or a purchase intention as dependent variables, which are mostly used for predicting consumer’s choice of product. However, choice does not always and reflect the attitude toward product or advertisement, preference or purchase intention. Thus, the more research reflected actual choice of green product or conventional product is considerably needed. To fill the gap in the extant literature, this research develops and tests hypotheses on how different presentations of price premiums and monetary savings of eco-friendly products affect consumers’ choice of those product, based on extended Thaler (1985)’s Hedonic editing hypothesis of mental accounting theory, which this study proposed. In extended Thaler’s Hedonic editing hypothesis, alternative presentation (all of segregation) is added to original Thaler’s Hedonic editing hypothesis, to compensate for limitation of original hypothesis that most fragmentarily consider two attributes of product (e.g. one gain and one loss, one gain and one gain), even though attributes of products can be composed of several attributes. Therefore, this research investigates whether presenting price premiums and monetary savings in an integrated manner, a segregated manner or an all of segregated manner leads to differential choices, depending on the relative sizes of monetary gains and losses of various eco-friendly products. Additionally, this study also analyze the moderating effect of consumer’s product involvement. According to ELM model (Petty and Cacioppo 1979), the different methods of inducing persuasion may work in decision-making process, depending on level of involvement. To be specific, under high involvement, conditions the quality of the arguments contained in a message has had a greater impact on persuasion (central route). While, under low involvement conditions, peripheral cues such as attractiveness of a message source or the number of positive or negative messages have had a greater impact on persuasion (peripheral route). Therefore, this study suggests that consumers with low product involvement will more choose green product in message condition, which has the greatest number of positive information, while the consumers with low product involvement will have no difference in choice of green product, depending on different presentation. This study conducted an experiment about a choice between green product and non-green product on different presentation of monetary costs and benefits (integration, segregation, all of segregation), in each types of product (multiple gain product, mixed gain product, mixed loss product). We selected representative product for each type of product, after investigating market research (multiple gain product-washing machine; mixed gain product-LED bulb and rechargeable battery; mixed loss product-hybrid car) as shown in Table 1, and the price of each green and conventional product and cost saving amount of green product is based on real product’s attributes, in an experiment. In doing so, this study analyzed and compared the proportion of choice of green product in each conditions, by using omnibus chi-square test with SPSS 21.0 (Sharpe 2015). The findings of the empirical study shows that the effect of presentations of price and monetary savings is only significant to low product involvement consumer in all product categories, excepted for hybrid car. The results showed that low involvement consumers make many choices of green product in condition, which has the greatest number of positive information. Specifically all of segregation is the most persuasive than other presentation for LED bulb to low involvement consumer, but all of segregation is the less persuasive for rechargeable battery. This results indicate that the persuasive way of presentation is different depending on attributes of each product although LED bulb and rechargeable battery is classified as same types of product. The contribution of this study to the literature on choice of eco-friendly products in perspectives of mental accounting theory is four-fold. First of theoretical contribution, this study could extend and develop Thaler (1985)’s Hedonic editing hypothesis, by proposing alternative presentation (all of segregation). Additionally this study found that the proportion of choice of green product can be different in same type of product, depending on attribute of product. Third, this study reflected actual choice of green product by considering consumer’s choice as dependent variables, rather than attitude, preference or purchase intention. Finally, in managerial implication, this study provide managerial guidelines and strategy how to present the message about green product to increase consumer’s choice, depending on product type. Further research for extend and develop this study are currently underway.

In response to the 2008 global financial crisis, many of the world’s largest central banks initiated unconventional monetary policies such as quantitative easing when standard open market operations became ineffective. The Bank of Japan, the US Federal Reserve, the Bank of England and the European Community Bank were among those that aggressively increased their respective monetary bases to purchase specified financial assets from commercial banks and financial institutions in order to lower interest rates interest rates for specific debt securities and stimulate their economies. Japan, which has long suffered from years of debilitating deflationary cycles, has targeted and committed to open-ended purchases until a stable two percent rate of consumer price inflation is achieved. Several of Japan’s chief exporting rivals, in particular China, have publicly criticized the Bank of Japan for using its current monetary policy to intentionally devalue its currency and thereby benefit from an unfair trade practice. This criticism is unwarranted and Japan’s policy complies with international law.

During the past few years, the Bank of Japan has injected billions of yen into the economy and pursued a monetary easing policy. Japan has plausible arguments, namely that its current policies are needed to support the growth of the economy and to spur inflation. However, these measures result in a weakened yen and increase trade imbalances between Japan and other Asian countries, particularly China. This article argues that Japan’s practice is rooted in protectionism and examines such actions under the IMF Agreement and the WTO system. It is suggested that the Chinese government should adopt diplomatic and judicial approaches to urge Japan to return to normal monetary policies.

본 연구는 사적지형 경주국립공원의 자연환경 가치와 문화유적의 가치를 동일한 방식으로 추정하여 그 크기를 비교해 보고자 수행 되었다. 각각의 가치 추정방식은 환경재의 가치추정방법으로 널리 알려진 CVM 기법을 이용하였다. 투입된 변수와 추정모형은 동일하며 응답자에게 자연환경을 보존하는데 지불할 금액과 문화유적을 보존하는데 지불할 의사액을 구분하여 질문하였다. 그 결과 경주국립공원의 자연환경을 보전하는데 지불할 의사액 WTP는 1인당 17,838원으로 추정되었으며 문화유적을 보전하는데 지불할 의사액 WTP는 1인당 316,248원으로 나타났다. 이를 바탕으로 경주국립공원이 연간 방문객에게 제공하는 자연환경의 가치는 470억원, 문화유적의 연간 가치는 8,457억 원으로 추정되었다. 두 가지 가치요소를 합하면 경주국립공원 1회 방문 시 얻는 자연환경과 문화유적의 가치는 334,086원, 연간 가치는 8,934억 원으로 추산 할 수 있으며 문화유적의 가치가 자연환경의 가치보다 18배가량 높게 추정되었다. 이러한 이유는 경주국립공원에 분포하고 있는 국보 11점, 보물 23점, 사적 13개소, 사적 및 명승 1개소, 지방문화재 18개소 등 총 66건으로 보유한 문화재가 자연환경의 가치보다 월등히 높다고 응답자들은 판단하였기 때문이다. 본 연구의 결과를 바탕으로 한 경주국립공원의 운영관리계획은 물리적 구성요소의 특성을 감안하여 관련전문가들과의 협의를 통하여 차별화된 운영전략을 마련해야할 것으로 판단한다.

고의 또는 과실로 타인의 영화필름 원판을 훼손하거나 분실하여 그 재산적 가치를 소멸시킨 경우 영화필름 원판의 소유자는 불법행위자 또는 채무불이행자에 대하여 손해배상을 청구할 수 있고, 이 때 손해액은 위 영화필름 원판의 재산적 가치가 될 것이다. 우리 나라에서 영화감독이며 제작자인 방규식이 영화진흥공사에 보관시킨 극영화‘돌아이4(둔버기)’의 영화필름 원판을 분실되어 영화진흥공사를 상대로 손해배상을 청구한 사건에서, 서울지방법원은 원판 필름이라는 동산의 재산적 손해액에 초점을 맞추어 손해액을 계산하였음에 비하여(서울지방법원 1995. 7. 14. 선고 93가합52650 판결), 서울고등법원은 영화필름원판이 소멸되어 그 권리의 행사가 불가능하게 됨으로써 손해가 발생하였다고 보면서 다만 원판필름 자체는 교환가격이 형성되어 있지아니하여 그 자체의 손해액을 산정하기 불가능하고, 위 저작권 존속기간내에 원판필름을 공중파방송과 유선방송에 수년 단위로 방영함으로써 얻을 수 있는 수익이 재산적 손해액이라고 판시하였다(서울고등법원1998. 7. 15. 선고95나32756 판결). 서울고등법원의 판시는 서울지방법원의 판시보다 진일보하였다고 보이지만 다음과 같은 문제점을 안고 있다고 보인다. 첫째, 원판 필름 자체는 시장에서 거래의 대상이 되지 아니하므로 그 가치를 산정할 수 없다고 판시한 것은 타당하지 아니하다고 보인다. 이 사건에서 영화예술을 전공한 교수가 원판필름 자체의 가치를 여러 측면에서 평가하여 그 가액을 감정하였지만 법원은 이를 채용하지 아니한 것도 타당성이 의심스럽다. 둘째, 서울고등법원은 원판 필름이 변론종결 당시 시장에서 이용되는 형태에 한정하여 공중파 TV 방영과 유선방송의 경우에 있어서의 저작권 존속기간 중의 손해를 산정하였을뿐 원고가 주장한 DVD, 고화질TV 기타 새롭게 등장하는 매체에의한 이용 가능성이 상실됨으로써 발생하는 손해는 전혀 고려하지 않았으나, 단지 위 새로운 매체의 시장이 형성되지 아니하였다는 이유로 손해의 발생을 부정하는 것은 타당하지 아니하다고 보인다.

This paper investigates the impact of monetary policy independence shock on bond yield by allowing for heterogeneous coefficients in the model based on panel data for 19 developing countries using quarterly data from 1991 to 2016. First, we estimate the model using conventional panel VAR estimation with the assumption of homogeneous coefficients across countries. Second, by performing Chow and Roy-Zellner tests to check the homogeneity assumption, we find that the assumption does not hold in the model. Third, we apply a meangroup estimation for panel VAR as a solution for heterogeneity panel model. The results reveal that central bank independence is effective in reducing bond yield with the maximum at period 6 after the shock. Shock one standard deviation bond yield has a negative effect on consumption and investment. We determine that central bank independence has a contradictory effect on real activity; a negative effect on consumption but a positive influence on investment for the first two years after the shock. Additionally, we split our sample into three groups to make the subgroups pool. Our empirical result shows that monetary policy independence shock reduces bond yield. Meanwhile, the response of economic activity to bond yield varies for all three groups.

The effectiveness of monetary policy critically depends upon how well the transmission mechanism functions, so that the desired impact on output and inflation is achieved. The purpose of this paper is to study the transmission mechanism of monetary policy by analyzing the impact on inflation and output during multiple indicator regime (1998-99 to 2014) in an emerging economy-India. The Inflation Targeting Regime is also briefly outlined alongwith the impact on output and inflation. Using quarterly data for the period 1997 to 2017, the paper uses weighted average call money market rate as a proxy for the policy rate and evaluates the strength of the interest rate channel. We use a conventional Structural vector auto regression (SVAR) methodology to evaluate the efficacy and show the impluse response functions. Our results find that changes in the policy rate impact output growth steeply with a lag of about two quarters and the impact on inflation is maximized after three quarters. The study concludes that the monetary policy in India has a significant impact on output and inflation in the short-to-medium-run. After the policy shock, the fall in the output growth rate is of greater magnitude than the fall in inflation.

Purpose – This paper examines whether fiscal and monetary expansion would affect output in Australia. Research design, data, and methodology – An extended IS-LM model which describes the equilibrium in the goods market and the money market is applied. The real effective exchange rate and the real stock price are included in order to determine whether there may be any substitution or wealth effect. The sample consists of Annual data ranging from 1990 to 2018. The GARCH process is used in empirical work to correct for potential autoregressive conditional heteroscedasticity. Results – Expansionary fiscal policy reduces output; whereas, expansionary monetary policy raises output. In addition, real appreciation of the Australian dollar, a lower U.S. interest rate, a higher real stock price or a lower expected inflation would increase output. The finding that expansionary fiscal policy has a negative impact on real GDP suggests that the negative crowding-out effect on private spending dominates the positive impact. Conclusions – Fiscal prudence needs to be pursued. Real depreciation of the Australian dollar hurts output. Monetary tightening in the U.S. generates a negative effect on Australia’s output. A healthy stock market is conducive to economic growth as higher stock prices tend to result in the wealth and other positive effects, increasing consumption and business spending.

The study aims to analyze the influence of egoistic, altruistic and biospheric value on green functional benefit, green monetary cost, green satisfaction and green loyalty. The study analyzes the effect of green functional benefit and green monetary cost on green satisfaction and green loyalty, as well as green satisfaction on green loyalty. The study employs quantitative methods with customers who have green brand purchase experience in Indonesia. Non-probability sampling was conducted using purposive sampling method based on predetermined criteria, which are customers who have already purchase and use green brand products. A total of 402 samples were analyzed using Structural Equation Modelling. The result shows that the data support hypotheses on egoistic and biospheric value, hypotheses on green functional benefit effect to green satisfaction and green loyalty, as well as green monetary cost effect to green loyalty. The other hypotheses are not supported by data. As a conclusion, it is egoistic and biospheric value that has positive effect on green loyalty, while green functional benefit and green monetary cost act as mediation between the value orientation and green loyalty. As managerial implication, green brand marketing strategy should incorporate egoistic and biospheric values in messages in advertising and promotion.

Purpose - The adjustment of one country's monetary policy can cause the macroeconomic change of other countries. Due to this, this paper attempts to analyze the impact of China’s monetary policy on South Korea’s exchange rate. Research design, data, and methodology - Based on the flexible-price monetary model, sets of annual time series from 1980 to 2017 are employed to perform an empirical estimation. The vector error correction model is also used to exploit the short-run relationship between both of them. Of course, the South Korea’s real GDP, the China’s real GDP, South Korea’s interest rate, the South Korea’s interest rate and the South Korea’s monetary supply are treated as independent variables in this paper. Result - The long-run findings reveal that the China’s money supply has a negative effect on South Korea’s exchange rate. Respectively, the short-run findings depicts that the China’s money supply has negative a effect on South Korea’s exchange rate. Of course, other variables selected in this paper also have an effect on South Korea’s exchange rate whatever positive or negative. Conclusions - As the empirical evidence shows, the China’s monetary policy has a negative effect on South Korea’s exchange rate whenever in the long run or in the short run.

This study is motivated based on concern from some renowned scholars and central bankers whom have raised the issue of the sustainability of the International Monetary System (IMS). Using the panel data set of four major international currencies, USD, JPY, EUR and GBP from 1973 to 2013 with Pooled Mean Group (PMG) estimator, to re-examine whether Triffin dilemma still exists through investigating the relationship between the reserve share, current account balance and real effective exchange rate. The evidence from the result indicates that Triffin dilemma exists only in the long run, and shows that in the long-run, current account balance is proportionate to the increased real effective exchange rate while varies inversely with the reserve shares. However, the estimation for the short-run is not significant to prove the existence of Triffin dilemma. In addition, we investigated the non-dollar panel sample and found that the international monetary system still suffers from Triffin dilemma even without the dollar. To overcome Triffin dilemma, immediate step such as having currency swap mechanism is recommended. In medium term, a multi-polar Monetary System is suggested, and in the longer time, a supranational currency will be used to replace all the currencies in the world.