Template-Type: ReDIF-Article 1.0 Author-Name: Shiguang Ma Author-X-Name-First: Shiguang Author-X-Name-Last: Ma Author-Name: Gary Tian Author-X-Name-First: Gary Author-X-Name-Last: Tian Author-Name: Brian Andrew Author-X-Name-First: Brian Author-X-Name-Last: Andrew Title: Sustainable development of the Chinese economy and capital market Journal: Journal of the Asia Pacific Economy Pages: 321-324 Issue: 3 Volume: 21 Year: 2016 Month: 7 X-DOI: 10.1080/13547860.2016.1176639 File-URL: http://hdl.handle.net/10.1080/13547860.2016.1176639 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:21:y:2016:i:3:p:321-324 Template-Type: ReDIF-Article 1.0 Author-Name: Sajid Anwar Author-X-Name-First: Sajid Author-X-Name-Last: Anwar Author-Name: Sizhong Sun Author-X-Name-First: Sizhong Author-X-Name-Last: Sun Title: Foreign direct investment, domestic sales and exports of local firms: a regional perspective from China Abstract: Using a simultaneous equations model, this paper investigates how/whether the presence of foreign direct investment (FDI) affects the performance of local firms in China's (1) leather shoe manufacturing and (2) textile and garment manufacturing industries. We use the value of sales (total revenue) as a measure of firm performance in domestic and export markets. The distinguishing feature of this paper is the use of an FDI presence measure that takes the regional dimension into account. The empirical analysis presented in this paper reveals that the presence of FDI leads to a significant positive impact on the domestic sales and export intensity of local firms in both industries. This result is found to be robust to alternative measures of FDI. Based on the result, it is recommended that, in order to maximize the benefits from inward FDI, Chinese policy-makers must encourage domestic and foreign-invested firms to locate in close geographical proximity. Journal: Journal of the Asia Pacific Economy Pages: 325-338 Issue: 3 Volume: 21 Year: 2016 Month: 7 X-DOI: 10.1080/13547860.2016.1176640 File-URL: http://hdl.handle.net/10.1080/13547860.2016.1176640 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:21:y:2016:i:3:p:325-338 Template-Type: ReDIF-Article 1.0 Author-Name: Yan Wu Author-X-Name-First: Yan Author-X-Name-Last: Wu Author-Name: Chunlai Chen Author-X-Name-First: Chunlai Author-X-Name-Last: Chen Title: The impact of foreign direct investment on urbanization in China Abstract: This study uses city level panel data covering China's 262 cities for the period 2004–2012 and employs the dynamic panel system generalized method of moments (GMM) model with the instrumental variables regression technique to investigate empirically the impact of foreign direct investment on urbanization in China. The study finds that foreign direct investment on average has played a significantly positive role in the development of China's urbanization. However, the impact of foreign direct investment on urbanization varies from region to region. Foreign direct investment has a positive impact on urbanization in the coastal region but has no significant impact on urbanization in the inland region. Apart from foreign direct investment, the study suggests that the economic structure, the level of economic development, the level of fixed assets investment and the size of a city's population are important determinants of urbanization in China. Journal: Journal of the Asia Pacific Economy Pages: 339-356 Issue: 3 Volume: 21 Year: 2016 Month: 7 X-DOI: 10.1080/13547860.2016.1176641 File-URL: http://hdl.handle.net/10.1080/13547860.2016.1176641 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:21:y:2016:i:3:p:339-356 Template-Type: ReDIF-Article 1.0 Author-Name: Tsun Se Cheong Author-X-Name-First: Tsun Se Author-X-Name-Last: Cheong Author-Name: Yanrui Wu Author-X-Name-First: Yanrui Author-X-Name-Last: Wu Author-Name: Jianxin Wu Author-X-Name-First: Jianxin Author-X-Name-Last: Wu Title: Evolution of carbon dioxide emissions in Chinese cities: trends and transitional dynamics Abstract: The aim of this paper is to examine the transitional dynamics of carbon dioxide emission in China by using a prefecture-level database. Convergence analysis is conducted and mobility probability plots (MPPs) are employed to examine the distribution dynamics of 286 cities from 2002 to 2011. The empirical investigation is conducted in three steps. In the first step, the research is carried out at the national level, and it provides an overall view of the evolution of carbon dioxide emission in China. In step two, the database is divided into smaller spatial groupings so as to investigate the relationship between carbon dioxide emission and geographical location. In the third step, the evolution of carbon dioxide emission in the key cities and in other non-key cities is examined, along with its implications for environmental protection. This study offers valuable information on convergence of carbon dioxide emission in China. Journal: Journal of the Asia Pacific Economy Pages: 357-377 Issue: 3 Volume: 21 Year: 2016 Month: 7 X-DOI: 10.1080/13547860.2016.1176642 File-URL: http://hdl.handle.net/10.1080/13547860.2016.1176642 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:21:y:2016:i:3:p:357-377 Template-Type: ReDIF-Article 1.0 Author-Name: Jianxin Wu Author-X-Name-First: Jianxin Author-X-Name-Last: Wu Author-Name: Yanrui Wu Author-X-Name-First: Yanrui Author-X-Name-Last: Wu Author-Name: Bing Wang Author-X-Name-First: Bing Author-X-Name-Last: Wang Title: The greenness of Chinese cities: carbon dioxide emission and its determinants Abstract: This paper investigates carbon dioxide (CO2) emission and its determinants in 286 Chinese cities. The findings strongly support an inverted U-shaped relationship between per capita CO2 emission (PCE) and urban development. However, the realization of this relationship depends on stringent governmental policy interventions. The regression analysis in this paper shows that city size is positively correlated with CO2 emission efficiency, but negatively correlated with PCE. This result suggests that population restrictions in large cities tend to increase CO2 emission. It is also shown that regional development programs are likely to encourage economic activities in regions with low CO2 emission efficiency and may have significant environmental consequences in the future. Journal: Journal of the Asia Pacific Economy Pages: 378-396 Issue: 3 Volume: 21 Year: 2016 Month: 7 X-DOI: 10.1080/13547860.2016.1176643 File-URL: http://hdl.handle.net/10.1080/13547860.2016.1176643 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:21:y:2016:i:3:p:378-396 Template-Type: ReDIF-Article 1.0 Author-Name: Jing Chi Author-X-Name-First: Jing Author-X-Name-Last: Chi Author-Name: Jing Liao Author-X-Name-First: Jing Author-X-Name-Last: Liao Author-Name: Xiaojun Chen Author-X-Name-First: Xiaojun Author-X-Name-Last: Chen Title: Politically connected CEOs and earnings management: evidence from China Abstract: This paper examines the impact of politically connected CEOs on earnings management in Chinese listed firms. The results show that firms with politically connected CEOs engage in significantly lower levels of accrual-based earnings management than firms without politically connected CEOs. We then find evidence that firms with politically connected CEOs conduct significantly higher levels of real earnings management, which is more difficult to detect than accrual-based earnings management, and that in non-state-controlled firms, where government support is less, the presence of politically connected CEOs is positively related to accruals manipulation. We draw regulators’ attention to the fact that using accrual-based earnings management measures alone may underestimate the earnings management activities of firms with politically connected CEOs. Our findings are robust after controlling for possible endogeneity. Journal: Journal of the Asia Pacific Economy Pages: 397-417 Issue: 3 Volume: 21 Year: 2016 Month: 7 X-DOI: 10.1080/13547860.2016.1176644 File-URL: http://hdl.handle.net/10.1080/13547860.2016.1176644 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:21:y:2016:i:3:p:397-417 Template-Type: ReDIF-Article 1.0 Author-Name: Maria Heui-Yeong Kim Author-X-Name-First: Maria Heui-Yeong Author-X-Name-Last: Kim Author-Name: Shiguang Ma Author-X-Name-First: Shiguang Author-X-Name-Last: Ma Author-Name: Yanran Annie Zhou Author-X-Name-First: Yanran Annie Author-X-Name-Last: Zhou Title: Survival prediction of distressed firms: evidence from the Chinese special treatment firms Abstract: In the Chinese stock market, firms experiencing financial distress have been imposed on a Special Treatment (ST) cap by the China Securities Regulatory Commission. Using a sample of 441 ST firms tracked from 1998 to 2011, this paper employs a Cox proportional hazards model to predict turnaround probability for a distressed firm to remove the ST cap. The predictor variables incorporate (1) accounting-driven ratios, (2) market-driven variables, and (3) information on ownership structure and restructuring status throughout the process. In contrast to previous distress studies, this paper finds that market variables do not add predictive power to the model when combined with accounting variables. Also, incorporating the time effect, the results show that the survivor function for an ST firm's survival is negatively related to the duration, and that the Cox hazards model outperforms the logit model in the out-of-sample forecast. Journal: Journal of the Asia Pacific Economy Pages: 418-443 Issue: 3 Volume: 21 Year: 2016 Month: 7 X-DOI: 10.1080/13547860.2016.1176645 File-URL: http://hdl.handle.net/10.1080/13547860.2016.1176645 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:21:y:2016:i:3:p:418-443 Template-Type: ReDIF-Article 1.0 Author-Name: Zhaobin Fan Author-X-Name-First: Zhaobin Author-X-Name-Last: Fan Author-Name: Ruohan Zhang Author-X-Name-First: Ruohan Author-X-Name-Last: Zhang Author-Name: Xiaotong Liu Author-X-Name-First: Xiaotong Author-X-Name-Last: Liu Title: Income inequality, entrepreneur formation, and the economic development: evidence from China Abstract: On the basis of the role of entrepreneurs in the process of economic development, this paper builds an overlapping generation model to examine the impact of income inequality on economic development from the viewpoint of entrepreneur formation. The results show that in the presence of credit constraints, the impact of income inequality on economic development depends on the stages of development. In the early stages of development, income inequality is beneficial for the formation of entrepreneurs through alleviating the credit constraints. In the later stages of development, however, it is income equality which stimulates the formation of entrepreneurs through alleviating the credit constraints. By the data of China's provinces over the period 2003–2012, this paper estimates the impact of income inequality on the formation of entrepreneurs using the system Generalized Method of Moments approach. The results show that income inequality has a significantly negative impact on the formation of entrepreneurs in both one-step and two-step regressions. Journal: Journal of the Asia Pacific Economy Pages: 444-464 Issue: 3 Volume: 21 Year: 2016 Month: 7 X-DOI: 10.1080/13547860.2016.1176646 File-URL: http://hdl.handle.net/10.1080/13547860.2016.1176646 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:21:y:2016:i:3:p:444-464 Template-Type: ReDIF-Article 1.0 Author-Name: John Thoburn Author-X-Name-First: John Author-X-Name-Last: Thoburn Title: Economic growth and employment in Vietnam, by David Lim Journal: Journal of the Asia Pacific Economy Pages: 465-466 Issue: 3 Volume: 21 Year: 2016 Month: 7 X-DOI: 10.1080/13547860.2016.1176647 File-URL: http://hdl.handle.net/10.1080/13547860.2016.1176647 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:21:y:2016:i:3:p:465-466 Template-Type: ReDIF-Article 1.0 Author-Name: Hing-Man Leung Author-X-Name-First: Hing-Man Author-X-Name-Last: Leung Title: Two New Lessons from the Asian Miracles Abstract: Four Asian economies – Hong Kong, Singapore, Korea and Taiwan – have grown at spectacular speeds adopting different strategies. Past debates focused on their growth takeoff. The present paper studies their future outlook. As an economy matures, sustaining economic performance requires innovation and technology upgrading. Hong Kong, under a minimalist administration, is now critically deficient in technology. Singapore, dependent on foreign multinationals, is struggling to become a creator and not just a user of technology. We seek to explain why Hong Kong and Singapore are so much less innovative than Korea and Taiwan. Journal: Journal of the Asia Pacific Economy Pages: 1-16 Issue: 1 Volume: 12 Year: 2007 X-DOI: 10.1080/13547860601083488 File-URL: http://hdl.handle.net/10.1080/13547860601083488 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:12:y:2007:i:1:p:1-16 Template-Type: ReDIF-Article 1.0 Author-Name: Hui Tan Author-X-Name-First: Hui Author-X-Name-Last: Tan Author-Name: Chee Hooy Author-X-Name-First: Chee Author-X-Name-Last: Hooy Title: The Development of East Asian Countries towards a Knowledge-based Economy: A DEA Analysis Abstract: This paper measures the knowledge-based development of nine countries in the two categories of developed and emerging economies. The developed economies selected include the three bench-marking developed countries from three different regions; they are the United States from the North American region, Finland from Europe and Japan, Korea and Singapore from the Asia region. The emerging economies, on the other hand, include China, Malaysia, the Philippines and Thailand. The performances of these countries are evaluated by two means: the radar charts and Data Envelopment Analysis (DEA). The first analysis shows that developed countries have accumulated more knowledge stock. They have also shaped a better resource environment relative to emerging countries. On the other hand, the DEA scores indicate that four of the small countries, Finland, Malaysia, Singapore and South Korea, are relatively more efficient in generating further K-outputs when compared with the large economic giants such the US and Japan, and also other less-developed peers in term of GNI per capita. Journal: Journal of the Asia Pacific Economy Pages: 17-33 Issue: 1 Volume: 12 Year: 2007 X-DOI: 10.1080/13547860601083538 File-URL: http://hdl.handle.net/10.1080/13547860601083538 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:12:y:2007:i:1:p:17-33 Template-Type: ReDIF-Article 1.0 Author-Name: Simon Feeny Author-X-Name-First: Simon Author-X-Name-Last: Feeny Title: Impacts of Foreign Aid to Melanesia Abstract: This paper investigates aid effectiveness in Melanesia, a region consisting of Fiji, Papua New Guinea, the Solomon Islands, Vanuatu and New Caledonia. These countries are of great interest since they have not performed well despite being rich in resources and receiving large amounts of foreign aid. The paper examines the impact of foreign aid on agricultural growth and overall economic growth in Melanesia. The impact on agricultural growth is important since the majority of people in Melanesia live in rural areas, reliant on agriculture for their livelihoods. Using the econometric analysis of data for the period 1980 to 2001, results provide no evidence that foreign aid has impacted on the agricultural sector. However, the paper does find evidence that foreign aid has impacted favourably on economic growth. A number of explanations and policy recommendations are provided. Journal: Journal of the Asia Pacific Economy Pages: 34-60 Issue: 1 Volume: 12 Year: 2007 X-DOI: 10.1080/13547860601083603 File-URL: http://hdl.handle.net/10.1080/13547860601083603 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:12:y:2007:i:1:p:34-60 Template-Type: ReDIF-Article 1.0 Author-Name: Ibrahim Chowdhury Author-X-Name-First: Ibrahim Author-X-Name-Last: Chowdhury Title: Purchasing Power Parity and the Real Exchange Rate in Bangladesh: A Nonlinear Analysis Abstract: The long-run purchasing power parity (PPP) hypothesis is examined using data for Bangladesh and four trading partners – the US, Euro area, Japan and India – during the period 1994 to 2002. We apply recently developed nonlinear econometric techniques and provide strong evidence for highly nonlinear mean-reversion of real bilateral Bangladesh taka exchange rates toward a stable long-run equilibrium. Our findings imply strong support for the validity of long-run PPP as well as for the theoretical models that predict nonlinear adjustment in real exchange rates. Journal: Journal of the Asia Pacific Economy Pages: 61-75 Issue: 1 Volume: 12 Year: 2007 X-DOI: 10.1080/13547860601083736 File-URL: http://hdl.handle.net/10.1080/13547860601083736 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:12:y:2007:i:1:p:61-75 Template-Type: ReDIF-Article 1.0 Author-Name: Suparna Basu Author-X-Name-First: Suparna Author-X-Name-Last: Basu Author-Name: Debabrata Datta Author-X-Name-First: Debabrata Author-X-Name-Last: Datta Title: India–Bangladesh Trade Deficit and Misaligned Bilateral Exchange Rate: Can Bangladesh Draw Lessons from Indonesia? Abstract: This paper enquires into the persistent trade deficit against Bangladesh in India–Bangladesh bilateral trade. For this purpose, the paper examines the extent of trade similarities and complementarities between the two countries with the help of RCA indices and Cosine measures. The results show that Bangladesh exports match with Indian exports and not with Indian imports. The paper also calculates G-L indices to measure the extent of intra-industry trade between the two countries and finds that this trade, albeit small, is growing in importance. The paper then makes an econometric study of the demand for Bangladeshi goods in the Indian market with long run time series data and finds that removal of Indian trade restrictions beyond a certain level stimulates export. While analyzing the trade deficit, the paper observes an inverse relation between exchange rate and trade deficit at the bilateral level and finds remittance-driven misalignment and overvaluation in the taka against the rupee, with the possibility of Dutch disease syndrome. As Bangladesh can draw lessons from the success story of Indonesia in avoiding Dutch disease, the paper studies econometrically the management of foreign exchange earning in Indonesia during the oil boom and finds the necessity for policy-induced adjustment in the exchange rate, which can help the Bangladesh economy to diversify and register better export performance in the future. Journal: Journal of the Asia Pacific Economy Pages: 76-102 Issue: 1 Volume: 12 Year: 2007 X-DOI: 10.1080/13547860601083751 File-URL: http://hdl.handle.net/10.1080/13547860601083751 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:12:y:2007:i:1:p:76-102 Template-Type: ReDIF-Article 1.0 Author-Name: Suri Rajapakse Author-X-Name-First: Suri Author-X-Name-Last: Rajapakse Author-Name: Mahinda Siriwardana Author-X-Name-First: Mahinda Author-X-Name-Last: Siriwardana Title: Over-optimism Bias in Market Analysts' Forecasts: The Case of the Australian Dollar Abstract: Accurate forecasting of future exchange rates are of vital importance for firms and portfolio managers in the management of risk in international transactions. These enterprises frequently resort to the forecasts of market analysts as a viable source. In the meantime, market analysts' forecasts of the Australian dollar seem to be driven by over-optimism bias similar to that found by Mande et al. (2003) with respect to US and Japanese earnings forecasts. An examination of analysts' short-term forecasts of the Australian dollar reveals that they are subject to substantial over-optimism bias. The present research is an attempt to establish such empirical evidence of over-optimism bias in the context of Australian dollar forecasts. The findings of the research will be useful to business and government in the management of international transactions. Pages: 103-113 Issue: 1 Volume: 12 Year: 2007 X-DOI: 10.1080/13547860601083769 File-URL: http://hdl.handle.net/10.1080/13547860601083769 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:12:y:2007:i:1:p:103-113 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Notes on Contributors Journal: Pages: 121-123 Issue: 1 Volume: 12 Year: 2007 X-DOI: 10.1080/13547860601083777 File-URL: http://hdl.handle.net/10.1080/13547860601083777 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:12:y:2007:i:1:p:121-123 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: A Reviews of: “Reforming China's State-Owned Enterprises and Banks” Journal: Pages: 114-120 Issue: 1 Volume: 12 Year: 2007 X-DOI: 10.1080/13547860601086119 File-URL: http://hdl.handle.net/10.1080/13547860601086119 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:12:y:2007:i:1:p:114-120 Template-Type: ReDIF-Article 1.0 Author-Name: Xu Yi-chong Author-X-Name-First: Xu Author-X-Name-Last: Yi-chong Title: Sovereign wealth funds: the good, the bad or the ugly? Abstract: Concerns about sovereign credits in 2007–08 were quickly replaced by concerns over sovereign debts in 2010–11. Sovereign creditor countries might have triggered political outcries in developed countries just before the global financial crisis broke out in 2008; sovereign debt problems in many developed countries placed the global economy in a vulnerable position. This paper examines what these developments tell us about the nature of sovereign wealth funds (SWFs), their performance and their impact on the changing global financial situation and, more importantly, international political economy. Journal: Journal of the Asia Pacific Economy Pages: 193-207 Issue: 2 Volume: 17 Year: 2012 X-DOI: 10.1080/13547860.2012.668021 File-URL: http://hdl.handle.net/10.1080/13547860.2012.668021 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:17:y:2012:i:2:p:193-207 Template-Type: ReDIF-Article 1.0 Author-Name: Woochan Kim Author-X-Name-First: Woochan Author-X-Name-Last: Kim Title: Korea investment corporation: its origin and evolution Abstract: This paper provides a detailed account of the creation and the evolution of Korea Investment Corporation (KIC) – a sovereign wealth fund (SWF) established in 2005 by the Korean government. It highlights three features of KIC. First, the case of KIC effectively shows the problem of having an unclear mission statement, which allows the mission to evolve over time and multiple missions to coexist, which may contradict each other. Second, it effectively reveals the typical conflicts that may arise between the central bank and the ministry involved when setting up a reserve-based SWF. Third, it effectively shows how an SWF can be operated in a way that favors the bureaucrats and the politicians. Journal: Journal of the Asia Pacific Economy Pages: 208-235 Issue: 2 Volume: 17 Year: 2012 X-DOI: 10.1080/13547860.2012.668022 File-URL: http://hdl.handle.net/10.1080/13547860.2012.668022 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:17:y:2012:i:2:p:208-235 Template-Type: ReDIF-Article 1.0 Author-Name: Jikon Lai Author-X-Name-First: Jikon Author-X-Name-Last: Lai Title: Khazanah Nasional: Malaysia's treasure trove Abstract: Malaysia's Khazanah Nasional, established in 1994, is one of the 20 largest sovereign wealth funds in the world. In the first decade of its existence, Khazanah had remained a relatively secretive organisation, sheltered by virtue of being wholly owned by the government and reporting directly to the prime minister who provided the organisation with investment direction. However, at the dawn of its second decade of existence, Khazanah became much more transparent and accountable, and provided the public with more information about its activities, including a limited range of financial indicators. The change in leadership and democratic demands explain this turnaround. A reformed Khazanah was also given a new mandate to invest more aggressively internationally. The bulk of its investments has, however, remained in Malaysia and continues to be affected by the dynamics of local politics. Journal: Journal of the Asia Pacific Economy Pages: 236-252 Issue: 2 Volume: 17 Year: 2012 X-DOI: 10.1080/13547860.2012.668023 File-URL: http://hdl.handle.net/10.1080/13547860.2012.668023 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:17:y:2012:i:2:p:236-252 Template-Type: ReDIF-Article 1.0 Author-Name: Leong Liew Author-X-Name-First: Leong Author-X-Name-Last: Liew Author-Name: Liping He Author-X-Name-First: Liping Author-X-Name-Last: He Title: Operating in an inharmonious world: China Investment Corporation Abstract: This paper investigates the establishment and subsequent investment strategy of China's official sovereign wealth fund, the China Investment Corporation (CIC). CIC, as its stands today, is derivative of the contest between the People's Bank of China and Ministry of Finance for control over the nation's financial assets. The contest takes place amidst China's desire to avoid significant appreciation of its currency to protect its export markets and yuan value of its state-owned foreign financial assets. But investments of CIC are not merely regarded by the state as an instrument to influence the value of the yuan, they also reflect the state's attempt to better utilize its foreign exchange reserves to improve the nation's energy and resource security, and promote development of domestic industry. CIC's foreign investments have attracted global attention, but its support for China's SOEs through its banks might turn out to be more significant. Journal: Journal of the Asia Pacific Economy Pages: 253-267 Issue: 2 Volume: 17 Year: 2012 X-DOI: 10.1080/13547860.2012.668027 File-URL: http://hdl.handle.net/10.1080/13547860.2012.668027 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:17:y:2012:i:2:p:253-267 Template-Type: ReDIF-Article 1.0 Author-Name: Duc-Tho Nguyen Author-X-Name-First: Duc-Tho Author-X-Name-Last: Nguyen Author-Name: Tran-Phuc Nguyen Author-X-Name-First: Tran-Phuc Author-X-Name-Last: Nguyen Author-Name: Jeremy Nguyen Author-X-Name-First: Jeremy Author-X-Name-Last: Nguyen Title: Vietnam's SCIC: a gradualist approach to sovereign wealth funds Abstract: Vietnam's State Capital Investment Corporation (SCIC) was established in 2005, with the primary goal of helping the authorities to make, under market conditions, the most of state capital investments in business enterprises. To date, SCIC has had to grapple mainly with facilitating the ‘equitization’ (that is privatization) of large numbers of state-owned enterprises. As yet it is still too early to make a firm assessment of SCIC's performance with regard to either of the above objectives. Nevertheless, a discernable picture has begun to emerge, in which SCIC appears to have been a typical example of Vietnam's gradualist approach in transitioning to a more market-oriented economic system: the pace of change may have been slow and uneven, but there are clear indications of movements toward the end goal. Journal: Journal of the Asia Pacific Economy Pages: 268-283 Issue: 2 Volume: 17 Year: 2012 X-DOI: 10.1080/13547860.2012.668065 File-URL: http://hdl.handle.net/10.1080/13547860.2012.668065 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:17:y:2012:i:2:p:268-283 Template-Type: ReDIF-Article 1.0 Author-Name: Richard Eccleston Author-X-Name-First: Richard Author-X-Name-Last: Eccleston Title: Australia's Future Fund: a future beyond the GFC Abstract: Australia's Future Fund (FF) was created in 2006 as a long-term savings fund designed to meet the Australian Government's future public service pension liabilities. With the onset of the financial crisis, few commentators thought the Australian Government would have the capacity or interest to continue investing in the FF. However, in the context of Australia's rapid, commodity-driven recovery from the crisis there is a growing case that the FF should play a central role in a new fiscal policy framework designed to manage the risks associated with the current resources boom. The paper explores these arguments and the politics associated with implementing such a framework and in so doing highlights the political constraints associated with implementing SWFs in advanced democracies. Journal: Journal of the Asia Pacific Economy Pages: 284-297 Issue: 2 Volume: 17 Year: 2012 X-DOI: 10.1080/13547860.2012.668083 File-URL: http://hdl.handle.net/10.1080/13547860.2012.668083 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:17:y:2012:i:2:p:284-297 Template-Type: ReDIF-Article 1.0 Author-Name: Dinusha Dharmaratna Author-X-Name-First: Dinusha Author-X-Name-Last: Dharmaratna Author-Name: Jaai Parasnis Author-X-Name-First: Jaai Author-X-Name-Last: Parasnis Title: An analysis of the cost structure of water supply in Sri Lanka Abstract: Water utilities in developing countries face a challenge in maintaining the existing supply and extending the supply of pipe-borne water to rural areas in face of growing demand. Understanding the cost structure is important for developing the pricing policies, regulating the market structure and ensuring the financial viability of the supply of pipe-borne water. This paper investigates economic parameters of water supply in Sri Lanka, which exhibits the common physical and institutional features of water sector in Asian countries. The estimated marginal cost of water supply of Sri Lankan rupees (SLRS) 16.50 per cubic metre in the short run, rising to SLRS 47.25 in the long run, suggests that water is under-priced under the current pricing regime. We find existence of economies of scale as well as significant substitution possibilities between inputs. Thus, under correct tariff regime, there is a scope to accelerate the expansion of water supply. Journal: Journal of the Asia Pacific Economy Pages: 298-314 Issue: 2 Volume: 17 Year: 2012 X-DOI: 10.1080/13547860.2012.668092 File-URL: http://hdl.handle.net/10.1080/13547860.2012.668092 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:17:y:2012:i:2:p:298-314 Template-Type: ReDIF-Article 1.0 Author-Name: Chandan Sharma Author-X-Name-First: Chandan Author-X-Name-Last: Sharma Title: R&D and firm performance: evidence from the Indian pharmaceutical industry Abstract: This paper examines the impact of research and development (R&D) activities on firms’ performance for the Indian pharmaceutical industry by utilizing the data of the postreform period (1994–2006). For this purpose, we construct two empirical frameworks, namely growth accounting and production function. Estimation results based on the growth-accounting framework suggest that R&D intensity has a positive and significant effect (15%) on total factor productivity. The results also confirm that the performance of foreign firms operating in the industry is more sensitive toward R&D than the local firms. Furthermore, the estimation results of the production function approach indicate that the output elasticity to R&D capital varies from 10% to 13%. In view of these findings, we propose further encouragement and incentives for doing in-house innovative activities in the Indian pharmaceutical industry. Journal: Journal of the Asia Pacific Economy Pages: 332-342 Issue: 2 Volume: 17 Year: 2012 X-DOI: 10.1080/13547860.2012.668094 File-URL: http://hdl.handle.net/10.1080/13547860.2012.668094 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:17:y:2012:i:2:p:332-342 Template-Type: ReDIF-Article 1.0 Author-Name: Aurora Teixeira Author-X-Name-First: Aurora Author-X-Name-Last: Teixeira Author-Name: Li Shu Author-X-Name-First: Li Author-X-Name-Last: Shu Title: The level of human capital in innovative firms located in China. Is foreign capital relevant? Abstract: Studies on the impact of foreign direct investment (FDI) on the Chinese economy have essentially focused on the relationship between FDI, productivity and economic growth, revealing a tendency toward sectoral, regional and macroeconomic empirical studies. This work aims to complement these approaches and contribute to the rather limited literature on the relationship between FDI, Human Capital and Innovation at a corporate level. Based on a set of large and innovative firms (national and foreign capital) located in China, we have concluded that (1) the direct impact of foreign capital on the level of human capital in firms is negative, that is no evidence was found suggesting that FDI has a positive influence on their human capital and (ii) in indirect terms, by means of investment in R&D (research and development) activities, FDI has a positive impact on general human capital (i.e. formal education). These results suggest that for China to benefit from FDI, it is necessary to implement a selective policy to attract FDI, taking into account more technologically advanced, R&D-based projects. Journal: Journal of the Asia Pacific Economy Pages: 343-360 Issue: 2 Volume: 17 Year: 2012 X-DOI: 10.1080/13547860.2012.668095 File-URL: http://hdl.handle.net/10.1080/13547860.2012.668095 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:17:y:2012:i:2:p:343-360 Template-Type: ReDIF-Article 1.0 Author-Name: Michael Troilo Author-X-Name-First: Michael Author-X-Name-Last: Troilo Author-Name: Jun Zhang Author-X-Name-First: Jun Author-X-Name-Last: Zhang Title: and entrepreneurship in urban China Abstract: We test for the relative importance of guanxi (‘connections’) as a catalyst for entrepreneurship in urban China using survey data from five cities for the period 1996–2001. We find that guanxi with the Chinese Communist Party (CPC) is negatively correlated with the likelihood of being either a sole proprietor or an entrepreneur with employees. Family guanxi has no effect for sole proprietors, but is positively correlated with the probability of being an entrepreneur with employees. These findings add to the literature on entrepreneurship in China by differentiating the effects of various types of guanxi on various forms of entrepreneurship. Journal: Journal of the Asia Pacific Economy Pages: 315-331 Issue: 2 Volume: 17 Year: 2012 X-DOI: 10.1080/13547860.2012.668280 File-URL: http://hdl.handle.net/10.1080/13547860.2012.668280 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:17:y:2012:i:2:p:315-331 Template-Type: ReDIF-Article 1.0 Author-Name: Hal Hill Author-X-Name-First: Hal Author-X-Name-Last: Hill Title: A Review of “An Economic History of Cambodia in the Twentieth Century” Journal: Journal of the Asia Pacific Economy Pages: 361-362 Issue: 2 Volume: 17 Year: 2012 X-DOI: 10.1080/13547860.2012.670903 File-URL: http://hdl.handle.net/10.1080/13547860.2012.670903 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:17:y:2012:i:2:p:361-362 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Notes on contributors Journal: Journal of the Asia Pacific Economy Pages: 363-365 Issue: 2 Volume: 17 Year: 2012 X-DOI: 10.1080/13547860.2012.674278 File-URL: http://hdl.handle.net/10.1080/13547860.2012.674278 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:17:y:2012:i:2:p:363-365 Template-Type: ReDIF-Article 1.0 Author-Name: Richard Chung Author-X-Name-First: Richard Author-X-Name-Last: Chung Author-Name: Ali F. Darrat Author-X-Name-First: Ali F. Author-X-Name-Last: Darrat Author-Name: Bin Li Author-X-Name-First: Bin Author-X-Name-Last: Li Title: Superstitions and stock trading: some new evidence Abstract: We examine the potential effect of superstitious beliefs on stock trading in four Asian-Pacific countries with deep Chinese cultural heritage (China, Hong Kong, Singapore, and Taiwan). We focus on market responses to days that are superstitiously deemed in the Chinese cultural as either lucky or unlucky. Our regression results from daily data over 2 January 1991 to 30 December 2011 suggest that unlucky days (particularly day 4 and Friday the 13th) generally exhibit higher stock returns. However, our results remain generally consistent with market efficiency since a trading rule based on this numbering pattern fails to produce any significant abnormal profits after taking into account transaction costs. Journal: Journal of the Asia Pacific Economy Pages: 527-538 Issue: 4 Volume: 19 Year: 2014 Month: 10 X-DOI: 10.1080/13547860.2014.920589 File-URL: http://hdl.handle.net/10.1080/13547860.2014.920589 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:19:y:2014:i:4:p:527-538 Template-Type: ReDIF-Article 1.0 Author-Name: Partha Gangopadhyay Author-X-Name-First: Partha Author-X-Name-Last: Gangopadhyay Author-Name: Mustafa A. Rahman Author-X-Name-First: Mustafa A. Author-X-Name-Last: Rahman Author-Name: Biswa Nath Bhattacharya Author-X-Name-First: Biswa Nath Author-X-Name-Last: Bhattacharya Title: Are there any roles for social conformity and deviance in poverty? Insights from a field study on working poverty and educational investment in Bangladesh Abstract: In recent decades the Indian subcontinent has displayed remarkable invariance in the incidence of working poverty despite strong economic performance. It is widely held that education can rescue households from various types of poverty traps created by information problems and incorrect expectations. Yet we know very little about the motivation of the working poor in acquiring education. From a field study conducted in Bangladesh, we gain invaluable insights for the first time, to our best understanding, into the factors that shape the decision of a poor household to care about and respond to educational decisions of others in one's community. Based on the ‘choice-theoretic framework of rational emulation and deviance’, we empirically explain why some households choose to copy others, while some choose deviance even though social deviance in acquiring education can throw subjects into abject poverty. Journal: Journal of the Asia Pacific Economy Pages: 539-557 Issue: 4 Volume: 19 Year: 2014 Month: 10 X-DOI: 10.1080/13547860.2014.920590 File-URL: http://hdl.handle.net/10.1080/13547860.2014.920590 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:19:y:2014:i:4:p:539-557 Template-Type: ReDIF-Article 1.0 Author-Name: Dinh Khoi Phan Author-X-Name-First: Dinh Khoi Author-X-Name-Last: Phan Author-Name: Christopher Gan Author-X-Name-First: Christopher Author-X-Name-Last: Gan Author-Name: Gilbert V. Nartea Author-X-Name-First: Gilbert V. Author-X-Name-Last: Nartea Author-Name: David A. Cohen Author-X-Name-First: David A. Author-X-Name-Last: Cohen Title: The impact of microcredit on rural households in the Mekong River Delta of Vietnam Abstract: This paper evaluates how microcredit affects rural households in the Mekong River Delta of Vietnam using the propensity score matching methods. The results show that the Vietnam Bank for Social Policies (VBSP) microcredit program has a significant positive impact on household consumption but no significant impact on household income. In addition, the findings show greater consumption and income impact for the ‘true poor’ when only the poor group is included in the analysis. This implies that this group benefits more from participating in the microcredit program than low-income households. Journal: Journal of the Asia Pacific Economy Pages: 558-578 Issue: 4 Volume: 19 Year: 2014 Month: 10 X-DOI: 10.1080/13547860.2014.920591 File-URL: http://hdl.handle.net/10.1080/13547860.2014.920591 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:19:y:2014:i:4:p:558-578 Template-Type: ReDIF-Article 1.0 Author-Name: Wolter Hassink Author-X-Name-First: Wolter Author-X-Name-Last: Hassink Author-Name: Bas van Leeuwen Author-X-Name-First: Bas Author-X-Name-Last: van Leeuwen Title: A note on height and surnames: the role of networks Abstract: Many studies indicate that human height is determined largely by childhood circumstances, which in turn influences an adult's labor market opportunities. The aim of this note is to test this thesis by examining the correlation between childhood circumstances and labor market outcomes on the one hand, and heights on the other, when networks are included as proxied by surnames. The fact that, after the inclusion of this surname proxy, we find a correlation only between height and labor market outcomes suggests that while childhood circumstances affect height largely via social status and networks as captured by surnames, the same does not apply for labor market outcomes. Journal: Journal of the Asia Pacific Economy Pages: 579-587 Issue: 4 Volume: 19 Year: 2014 Month: 10 X-DOI: 10.1080/13547860.2014.920592 File-URL: http://hdl.handle.net/10.1080/13547860.2014.920592 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:19:y:2014:i:4:p:579-587 Template-Type: ReDIF-Article 1.0 Author-Name: Yonghun Jung Author-X-Name-First: Yonghun Author-X-Name-Last: Jung Author-Name: Seong-Hoon Lee Author-X-Name-First: Seong-Hoon Author-X-Name-Last: Lee Title: Spillover effects and the decision to export in Korean manufacturing firms Abstract: This study examines region-industry spillover effects on the decision to export using a panel of Korean manufacturing plants over the period 1988–1999. We find that the presence of spillovers from other exporters has a statistically significant positive effect on the decision to export, after controlling for sunk costs to enter new markets, plant characteristics, and other factors that are commonly considered to affect the firm's decision to export goods. The result showing a significant and positive spillover effect on the decision to export is consistent with the studies on firms in developing countries but contrasts with the study on firms in the United States. Thus, we suggest the establishment of export promotion policy based on capturing the important spillover effects caused by proximity and resource reallocation in developing countries. This policy should differ from that in developed countries based on the characteristics of individual firms. Journal: Journal of the Asia Pacific Economy Pages: 588-603 Issue: 4 Volume: 19 Year: 2014 Month: 10 X-DOI: 10.1080/13547860.2014.920593 File-URL: http://hdl.handle.net/10.1080/13547860.2014.920593 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:19:y:2014:i:4:p:588-603 Template-Type: ReDIF-Article 1.0 Author-Name: Ahmed Taneem Muzaffar Author-X-Name-First: Ahmed Taneem Author-X-Name-Last: Muzaffar Author-Name: P.N. (Raja) Junankar Author-X-Name-First: P.N. (Raja) Author-X-Name-Last: Junankar Title: Inflation–growth relationship in selected Asian developing countries: evidence from panel data Abstract: We question the empirical foundation of keeping inflation at 5% or below in developing economies. Using System Generalized Method of Moments we investigate the issue in the context of 14 Asian developing countries for the period 1961–2010. We find no robust empirical justification for targeting inflation at such a low level. The inflation threshold for these countries is found around 13% and it may range between 7% and 14% depending on the level of development. The findings suggest that developing countries can gain from moderate levels of inflation and should not be alarmed when inflation crosses the 5% benchmark. Journal: Journal of the Asia Pacific Economy Pages: 604-628 Issue: 4 Volume: 19 Year: 2014 Month: 10 X-DOI: 10.1080/13547860.2014.920594 File-URL: http://hdl.handle.net/10.1080/13547860.2014.920594 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:19:y:2014:i:4:p:604-628 Template-Type: ReDIF-Article 1.0 Author-Name: Sumudu Perera Author-X-Name-First: Sumudu Author-X-Name-Last: Perera Author-Name: Mahinda Siriwardana Author-X-Name-First: Mahinda Author-X-Name-Last: Siriwardana Author-Name: Stuart Mounter Author-X-Name-First: Stuart Author-X-Name-Last: Mounter Title: Reducing poverty and income inequality in Sri Lanka: does trade liberalisation help? Abstract: The impacts of trade liberalisation in South Asia on poverty and income inequality in Sri Lanka are examined in this paper using a multi-country computable general equilibrium model. A non-parametric extended representative household-agent approach employing micro-household survey data is used to estimate the income inequality and poverty effects. Two trade liberalisation policy simulations are investigated: (1) the formation of a South Asian Free Trade Agreement and (2) unilateral trade liberalisation in South Asia. The results indicate that overall income inequality and income inequality among different household groups in the urban, rural and estate sectors in Sri Lanka would fall under both trade liberalisation policies. Foster, Greer and Thorbecke indices reveal that poverty would also decline in all three sectors. In both instances, unilateral trade liberalisation delivers the greatest reductions. Journal: Journal of the Asia Pacific Economy Pages: 629-655 Issue: 4 Volume: 19 Year: 2014 Month: 10 X-DOI: 10.1080/13547860.2014.920595 File-URL: http://hdl.handle.net/10.1080/13547860.2014.920595 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:19:y:2014:i:4:p:629-655 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Journal of the Asia Pacific Economy Journal: Journal of the Asia Pacific Economy Pages: ebi-ebi Issue: 4 Volume: 19 Year: 2014 Month: 10 X-DOI: 10.1080/13547860.2014.931139 File-URL: http://hdl.handle.net/10.1080/13547860.2014.931139 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:19:y:2014:i:4:p:ebi-ebi Template-Type: ReDIF-Article 1.0 Author-Name: Andrew Jia-Yi Kam Author-X-Name-First: Andrew Jia-Yi Author-X-Name-Last: Kam Title: Revisiting the productivity growth and spillovers debate: the case of Malaysian manufacturing sector Abstract: Malaysia, a country which aspires to be an industrialised nation by the year 2020 is now facing the dilemma of industrialisation slowdown – ‘the middle-income trap’. The search for sources of economic growth in this paper drew attention to the productivity growth debate a la Krugman's ‘Perspiration vs. Inspiration’ discussion. The paper hypothesised that increase in productivity growth is viewed as the key for breaking free from the middle-income trap. Based on Malaysia's early experiences in hosting multinational corporations, this paper also examines the incidence of spillovers from foreign to local industries as a way to improve productivity growth. Findings suggest that increase in skill intensity and capital utilisation may allow countries to move up the value chain and move out of the middle-income trap. Finally, evidence of spillovers may imply that the industrial dualism concerns may be less profound in the later years of a country's industrialisation phase. Journal: Journal of the Asia Pacific Economy Pages: 656-681 Issue: 4 Volume: 19 Year: 2014 Month: 10 X-DOI: 10.1080/13547860.2014.934529 File-URL: http://hdl.handle.net/10.1080/13547860.2014.934529 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:19:y:2014:i:4:p:656-681 Template-Type: ReDIF-Article 1.0 Author-Name: Jayant Menon Author-X-Name-First: Jayant Author-X-Name-Last: Menon Title: Dealing with multiple currencies: what options for the transitional economies of Southeast Asia? Abstract: There is a spectrum of policy options available in dealing with dollarization in the transitional economies of Southeast Asia. These range from official dollarization at one end and enforced de-dollarization at the other. In between lie: currency board arrangements (CBAs), single currency options; and the muddling through approach. Both official dollarization and CBAs are not viable options for these countries. Official dollarization is politically untenable, while implementing a credible CBA is currently beyond the financial capacity of these countries. The single currency option remains somewhat vague in terms of detail, in relation to both design and time frame, and the region is unlikely to meet Optimal Currency Area (OCA) criteria. Lao PDR attempted to enforce de-dollarization in 1997, but the result was counter-productive. The muddling through but accelerating reforms approach appears to be the most realistic option. This approach views the multiple currency phenomenon (MCP) not so much as the problem, but rather as a symptom. The causes of the problem emanate from macroeconomic instability, political uncertainty, an underdeveloped financial and monetary system, and weak legal and institutional systems. Addressing these problems directly should eventually remove the symptom in the form of the MCP. Journal: Journal of the Asia Pacific Economy Pages: 131-146 Issue: 2 Volume: 13 Year: 2008 X-DOI: 10.1080/13547860801923525 File-URL: http://hdl.handle.net/10.1080/13547860801923525 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:13:y:2008:i:2:p:131-146 Template-Type: ReDIF-Article 1.0 Author-Name: Takahiro Akita Author-X-Name-First: Takahiro Author-X-Name-Last: Akita Author-Name: Sachiko Miyata Author-X-Name-First: Sachiko Author-X-Name-Last: Miyata Title: Urbanization, educational expansion, and expenditure inequality in Indonesia in 1996, 1999, and 2002 Abstract: This paper considers urban–rural location and education as the main factors of expenditure inequality, and attempts to examine inequality changes associated with urbanization and educational expansion in Indonesia. The urban sector's higher educational group is found to have contributed significantly to overall inequality. Its within-group inequality increased significantly. This, together with educational expansion, led to a conspicuous rise in urban inequality. Overall inequality rose, due not only to the rise in urban inequality but also a widening urban–rural disparity, accompanied by urbanization. To mitigate overall inequality, the government needs to introduce policies that could reduce inequality among households with a tertiary education. Journal: Journal of the Asia Pacific Economy Pages: 147-167 Issue: 2 Volume: 13 Year: 2008 X-DOI: 10.1080/13547860801923558 File-URL: http://hdl.handle.net/10.1080/13547860801923558 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:13:y:2008:i:2:p:147-167 Template-Type: ReDIF-Article 1.0 Author-Name: Qiangbing Chen Author-X-Name-First: Qiangbing Author-X-Name-Last: Chen Title: Rent seeking and economic liberalization: why are China and Vietnam different from Eastern Europe? Abstract: Why did a gradualist transition approach achieve different performances among socialist economies in the 1980s? Why did some socialist economies never try a gradualist approach to economic liberalization? This paper develops a model to show that the liberalization of a socialist economy has two opposite effects on the rent captured by government. The initial economic condition determines the relative strength of the two effects, and consequently the transition path and performance. In addition, a gradualist reform strategy adopted by a rent-seeking government cannot finish the transition toward a complete market economy. To achieve that goal, a new constitutional order and the rule of law are necessary. Journal: Journal of the Asia Pacific Economy Pages: 168-179 Issue: 2 Volume: 13 Year: 2008 X-DOI: 10.1080/13547860801923566 File-URL: http://hdl.handle.net/10.1080/13547860801923566 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:13:y:2008:i:2:p:168-179 Template-Type: ReDIF-Article 1.0 Author-Name: Takashi Kurosaki Author-X-Name-First: Takashi Author-X-Name-Last: Kurosaki Title: Crop choice, farm income, and political control in Myanmar Abstract: Myanmar's agricultural economy has been under transition from a planned to a market system since the late 1980s and has experienced a substantial increase in production. However, little research is available on the impact of economic policies in this country on agricultural production decisions and rural incomes. Therefore, this paper investigates the impact using a micro dataset collected in 2001 and covering more than 500 households in eight villages with diverse agro-ecological environments. Regression analyses focusing on within-village variations in cropping patterns show that the acreage share under non-lucrative paddy crops was higher for farmers who were under tighter control of the local administration due to their political vulnerability. Simulation results based on the regression estimates show that the loss in rural incomes due to farmers being forced to grow too much paddy was not negligible. Journal: Journal of the Asia Pacific Economy Pages: 180-203 Issue: 2 Volume: 13 Year: 2008 X-DOI: 10.1080/13547860801923582 File-URL: http://hdl.handle.net/10.1080/13547860801923582 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:13:y:2008:i:2:p:180-203 Template-Type: ReDIF-Article 1.0 Author-Name: Rohit Kumar Author-X-Name-First: Rohit Author-X-Name-Last: Kumar Author-Name: Amitava Sarkar Author-X-Name-First: Amitava Author-X-Name-Last: Sarkar Title: Psychographic segmentation of Indian urban consumers Abstract: Since 1991, India is emerging as a key destination for marketers from across the globe. However, little work of relevance has been undertaken to understand the Indian Consumers. It is believed that the Indian metropolitan consumers are fairly homogeneous in nature. In this paper, we report the results of a survey conducted amongst 560 respondents in the five metropolises. The objective was to segment the metropolitan consumers on behavioral aspects and to understand their consumption pattern. The study, designed on the basis of VALS, uses cluster analysis to segment the Indian metropolitan consumers into six behavioral categories, namely Well Settled, Strugglers, Enjoyers, Conservatives, Self Concerned and Realist. The segments have been profiled in terms of their product ownership, Activities and Interests, Financial Investment avenues and Media habits. Implications for marketing and government policy have been discussed. Journal: Journal of the Asia Pacific Economy Pages: 204-226 Issue: 2 Volume: 13 Year: 2008 X-DOI: 10.1080/13547860801923590 File-URL: http://hdl.handle.net/10.1080/13547860801923590 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:13:y:2008:i:2:p:204-226 Template-Type: ReDIF-Article 1.0 Author-Name: Hsiu Chiang Author-X-Name-First: Hsiu Author-X-Name-Last: Chiang Title: The ‘Flying Geese Development’ model of the IT industry in East Asia Abstract: The IT industry developed in the United States and was then transmitted to Japan and further to Taiwan, South Korea, and China. Adopting the ‘Flying Geese development’ model as its analytical framework, this paper examines the development of the IT industry and the changes in the exports and imports of the five economies. This paper estimated comparable time series data on the production, export, and import of IT goods and IT services separately for the five economies. It found that the US has already reached the reverse import stage for IT goods while East Asian economies are at the export stage. Furthermore, only the US exports IT services to the other four. It also provides an econometric analysis of the mechanism of international transmission of the IT industry. This paper also takes into account foreign direct investment, OEM, and mobility of IT specialists into the analysis and refers to the possibility of leapfrogging. Journal: Journal of the Asia Pacific Economy Pages: 227-242 Issue: 2 Volume: 13 Year: 2008 X-DOI: 10.1080/13547860801923616 File-URL: http://hdl.handle.net/10.1080/13547860801923616 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:13:y:2008:i:2:p:227-242 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Book Reviews Journal: Pages: 243-252 Issue: 2 Volume: 13 Year: 2008 X-DOI: 10.1080/13547860801923640 File-URL: http://hdl.handle.net/10.1080/13547860801923640 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:13:y:2008:i:2:p:243-252 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Notes on Contributors Journal: Pages: 253-254 Issue: 2 Volume: 13 Year: 2008 X-DOI: 10.1080/13547860801923665 File-URL: http://hdl.handle.net/10.1080/13547860801923665 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:13:y:2008:i:2:p:253-254 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: referees 2010 Journal: Journal of the Asia Pacific Economy Pages: 1-2 Issue: 1 Volume: 16 Year: 2011 X-DOI: 10.1080/13547860.2011.539395 File-URL: http://hdl.handle.net/10.1080/13547860.2011.539395 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:16:y:2011:i:1:p:1-2 Template-Type: ReDIF-Article 1.0 Author-Name: Lan Nguyen Author-X-Name-First: Lan Author-X-Name-Last: Nguyen Author-Name: Sajid Anwar Author-X-Name-First: Sajid Author-X-Name-Last: Anwar Title: Fiscal decentralisation and economic growth in Vietnam Abstract: By making use of a recently released panel dataset that covers 61 provinces of Vietnam, this paper examines the link between fiscal decentralisation and economic growth. Significant fiscal decentralisation has taken place in Vietnam from the mid-1990s. This paper explicitly considers the effect of fiscal decentralisation on economic growth (1) under the 1996 State Budget Law, which covered the period 1996 to 2001, and (2) under the 2002 State Budget Law, which covered the period 2002 to 2007. Our empirical analysis reveals that economic growth in Vietnam is positively associated with revenue decentralisation but negatively associated with expenditure decentralisation. Journal: Journal of the Asia Pacific Economy Pages: 3-14 Issue: 1 Volume: 16 Year: 2011 X-DOI: 10.1080/13547860.2011.539397 File-URL: http://hdl.handle.net/10.1080/13547860.2011.539397 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:16:y:2011:i:1:p:3-14 Template-Type: ReDIF-Article 1.0 Author-Name: Winai Wongsurawat Author-X-Name-First: Winai Author-X-Name-Last: Wongsurawat Title: Management fees and total expenses of mutual funds in Thailand Abstract: To encourage disciplined saving and stimulate growth in capital markets, the Thai government recently introduced two new classes of mutual funds, which provide unique income tax benefits. Using panel data constructed from annual reports, this article offers a general overview of these new funds in terms of size, family affiliation and performance. Special emphasis is placed on fees and total expense ratios, because such features of asset management industries in developing countries such as Thailand have been understudied. Consistent with findings for other countries, Thai funds investing in high-risk, equity securities charge consistently higher fees and expenses than those that focus on fixed income securities. Investors of large funds pay higher management fees, while funds belonging to big families appear to charge lower management fees and total expenses. Finally, there is some suggestive evidence of a negative association between fees charged and investment returns, although simultaneity renders any causal implications inappropriate. Journal: Journal of the Asia Pacific Economy Pages: 15-28 Issue: 1 Volume: 16 Year: 2011 X-DOI: 10.1080/13547860.2011.539398 File-URL: http://hdl.handle.net/10.1080/13547860.2011.539398 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:16:y:2011:i:1:p:15-28 Template-Type: ReDIF-Article 1.0 Author-Name: Quamrul Alam Author-X-Name-First: Quamrul Author-X-Name-Last: Alam Author-Name: Mohammad Yusuf Author-X-Name-First: Mohammad Author-X-Name-Last: Yusuf Author-Name: Ken Coghill Author-X-Name-First: Ken Author-X-Name-Last: Coghill Title: Does unilateral liberalization promote WTO GATS commitment? Cross-country evidence from the telecommunications sector Abstract: This paper addresses two questions: (1) does unilateral liberalization in the telecommunications sector promote a country's commitments in the World Trade Organization (WTO) and (2) what are the possible reasons for a disconnection between unilateral liberalized measures and General Agreement on Trade in Services (GATS) commitments? On the basis of interviews with trade and WTO experts and a closer comparison between the GATS commitments and actual policies of the selected WTO members in the telecommunications sector, we argue that unilateral liberalization, in most cases, acts as a push factor and provides the grounds for making multilateral WTO commitments. Apart from unilateral liberalization, a country also requires the achievement of ‘sufficient conditions’ before agreeing to undertake liberalization commitments under GATS. Furthermore, the study suggests that the desire to attract Foreign Direct Investment (FDI) and also to overcome domestic resistance to reform may encourage each WTO member to make higher commitments. Conversely, a countries’ intention to remain unconstrained by WTO commitments may induce them to commit at a lower level than their actual level of openness. Journal: Journal of the Asia Pacific Economy Pages: 29-49 Issue: 1 Volume: 16 Year: 2011 X-DOI: 10.1080/13547860.2011.539399 File-URL: http://hdl.handle.net/10.1080/13547860.2011.539399 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:16:y:2011:i:1:p:29-49 Template-Type: ReDIF-Article 1.0 Author-Name: Dong-hyun Oh Author-X-Name-First: Dong-hyun Author-X-Name-Last: Oh Title: Productivity growth, efficiency change and technical progress of the Korean manufacturing industry Abstract: By using a plentiful plant-level data-set, we examined productivity growth of the Korean manufacturing industry for the period 1993–2003. In doing this, we employed the Malmquist productivity growth index. We also investigated decomposed components of productivity growth. A second-stage regression analysis was employed to find determinants of productivity growth. Empirical results show that after the 1997 financial crisis productivity and efficiency decreased, whereas technology improved. The result of the second regression analysis indicates that a competitive market condition, R&D activities, export activities and innovativeness increased the rate of productivity growth. It also shows that productivity converged during the study period. Journal: Journal of the Asia Pacific Economy Pages: 50-70 Issue: 1 Volume: 16 Year: 2011 X-DOI: 10.1080/13547860.2011.539401 File-URL: http://hdl.handle.net/10.1080/13547860.2011.539401 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:16:y:2011:i:1:p:50-70 Template-Type: ReDIF-Article 1.0 Author-Name: Abdul Jalil Author-X-Name-First: Abdul Author-X-Name-Last: Jalil Author-Name: Mete Feridun Author-X-Name-First: Mete Author-X-Name-Last: Feridun Title: Impact of financial development on economic growth: empirical evidence from Pakistan Abstract: The present article aims at investigating the effects of financial sector development on economic growth in the case of Pakistan from 1975 to 2008. A composite financial depth indicator is built using principal component analysis (PCA) and is used in the Autoregressive Distributed Lag (ARDL) bounds testing approach to cointegration. The results suggest the presence of a positive and significant relationship between financial development and economic growth. Journal: Journal of the Asia Pacific Economy Pages: 71-80 Issue: 1 Volume: 16 Year: 2011 X-DOI: 10.1080/13547860.2011.539403 File-URL: http://hdl.handle.net/10.1080/13547860.2011.539403 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:16:y:2011:i:1:p:71-80 Template-Type: ReDIF-Article 1.0 Author-Name: Pushkar Maitra Author-X-Name-First: Pushkar Author-X-Name-Last: Maitra Author-Name: Anu Rammohan Author-X-Name-First: Anu Author-X-Name-Last: Rammohan Title: The link between infant mortality and child nutrition in India: is there any evidence of a gender bias? Abstract: In this paper, using the 1998–1999 National Family Health Survey data-set from India, we study whether there are gender differentials in infant mortality and child nutrition. Our analysis finds no evidence of gender differentials in survival probability. However, conditional upon surviving the first year, girls are found to have poorer height-for-age outcomes. There are also significant regional differences in both survival probabilities and nutritional outcomes. We show that the height-for-age z-score is significantly lower for higher birth-order children (later-born children), and the effect is monotonically increasing. Finally, parental education and household wealth have statistically significant effects on both survival outcomes and child nutrition. Journal: Journal of the Asia Pacific Economy Pages: 81-110 Issue: 1 Volume: 16 Year: 2011 X-DOI: 10.1080/13547860.2011.539405 File-URL: http://hdl.handle.net/10.1080/13547860.2011.539405 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:16:y:2011:i:1:p:81-110 Template-Type: ReDIF-Article 1.0 Author-Name: Heru Kusharjanto Author-X-Name-First: Heru Author-X-Name-Last: Kusharjanto Author-Name: Donghun Kim Author-X-Name-First: Donghun Author-X-Name-Last: Kim Title: Infrastructure and human development: the case of Java, Indonesia Abstract: This study examines the relationship between infrastructure and human development in Java, Indonesia, using regency-level 2002–2005 panel data. We find that improving infrastructure significantly enhances human development. In particular, electricity infrastructure has a greater influence on human development than other types of infrastructure, such as clean water, roads or the number of classrooms per student. We find that for every 1% increase in the proportion of households with electricity, the human development index (HDI) increases by 0.2%. Improvements in other types of infrastructure lead over the long run to lesser increases in the HDI, ranging from 0.01% to 0.03%. Journal: Journal of the Asia Pacific Economy Pages: 111-124 Issue: 1 Volume: 16 Year: 2011 X-DOI: 10.1080/13547860.2011.539407 File-URL: http://hdl.handle.net/10.1080/13547860.2011.539407 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:16:y:2011:i:1:p:111-124 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Notes on contributors Journal: Journal of the Asia Pacific Economy Pages: 125-127 Issue: 1 Volume: 16 Year: 2011 X-DOI: 10.1080/13547860.2011.539408 File-URL: http://hdl.handle.net/10.1080/13547860.2011.539408 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:16:y:2011:i:1:p:125-127 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Financial Issues in the Asia-Pacific Region Journal: Journal of the Asia Pacific Economy Pages: 375-376 Issue: 4 Volume: 11 Year: 2006 X-DOI: 10.1080/13547860600923494 File-URL: http://hdl.handle.net/10.1080/13547860600923494 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:11:y:2006:i:4:p:375-376 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Notes on Contributors Journal: Pages: 502-504 Issue: 4 Volume: 11 Year: 2006 X-DOI: 10.1080/13547860600923510 File-URL: http://hdl.handle.net/10.1080/13547860600923510 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:11:y:2006:i:4:p:502-504 Template-Type: ReDIF-Article 1.0 Author-Name: Muzafar Habibullah Author-X-Name-First: Muzafar Author-X-Name-Last: Habibullah Author-Name: Yoke-Kee Eng Author-X-Name-First: Yoke-Kee Author-X-Name-Last: Eng Title: Does Financial Development Cause Economic Growth? A Panel Data Dynamic Analysis for the Asian Developing Countries Abstract: This paper examines the causal relationship between financial development and economic growth of the Asian developing countries from a panel data perspective and uses the system GMM technique developed by Arellano & Bover (1995) and Blundell & Bond (1998) and conducts causality testing analysis. The panel data sets involve 13 Asian developing countries: Bangladesh, India, Indonesia, South Korea, Lao PDR, Malaysia, Myanmar, Nepal, Pakistan, Philippine, Singapore, Sri Lanka and Thailand for the period 1990–1998. The result of our study is in agreement with other causality studies by Calderon & Liu (2003), Fase & Abma (2003), and Christopoulos & Tsionas (2004) that financial development promotes growth, thus supporting the old Schumpeterian hypothesis and Patrick's ‘supply-leading’ hypothesis. Journal: Journal of the Asia Pacific Economy Pages: 377-393 Issue: 4 Volume: 11 Year: 2006 X-DOI: 10.1080/13547860600923585 File-URL: http://hdl.handle.net/10.1080/13547860600923585 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:11:y:2006:i:4:p:377-393 Template-Type: ReDIF-Article 1.0 Author-Name: Huay Lee Author-X-Name-First: Huay Author-X-Name-Last: Lee Author-Name: Hui Tan Author-X-Name-First: Hui Author-X-Name-Last: Tan Title: Technology Transfer, FDI and Economic Growth in the ASEAN Region Abstract: The aim of this study was to investigate the intensity of international technology transfer in selected ASEAN economies through import of machinery and foreign direct investment. The technology transfer intensities across the ASEAN economies vary substantially, with Singapore leading among the four selected economies, followed by Malaysia, Thailand, and Indonesia. The intensities of foreign direct investment (FDI) inflows into the region is closely related to the levels of technology transfer to the region. It is observed that the Asian financial crisis did alter the concentration of FDI inflows in these countries. The data also show that the ratios suffered a setback in the year after 1998. After this setback, both Malaysia and Singapore gained momentum again in attracting inflows of FDI, almost double the ratio of 1998. This indicates that Malaysia and Singapore were the most successful among the selected ASEAN countries in tapping the benefits of FDI and technological transfers with good strategies and policies. In contrast, Indonesia faced a continuing outflow of FDI since the crisis, yielding a negative impact on its economic activities. Among nations, Japan and the United States are the two dominant FDI providers for the ASEAN region, and they have contributed substantially in the transfer of technologies into the region. Journal: Journal of the Asia Pacific Economy Pages: 394-410 Issue: 4 Volume: 11 Year: 2006 X-DOI: 10.1080/13547860600923593 File-URL: http://hdl.handle.net/10.1080/13547860600923593 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:11:y:2006:i:4:p:394-410 Template-Type: ReDIF-Article 1.0 Author-Name: Yoke-Kee Eng Author-X-Name-First: Yoke-Kee Author-X-Name-Last: Eng Author-Name: Muzafar Habibullah Author-X-Name-First: Muzafar Author-X-Name-Last: Habibullah Title: Assessing International Capital Mobility in East Asian Economies: A Panel Error-Correction Approach Abstract: This study assesses financial integration and the degree of international capital mobility in the East Asian region by analyzing the dynamics of national saving-investment relationships. Following the work of Pelgrin & Schich (2004), we interpret the close relationship between national saving and investment in the long run reflecting a solvency constraint and focus on the short term saving investment analysis relationship to assess the degree of capital mobility. Applying the panel error – correction technique proposed by Pesaran et al. (1999), our empirical results suggest that there exists a long-run relationship between saving and investment and that the short-run is driven by the extent of the gap between current and long-run equilibrium values. The low estimated values of the short-run coefficient of the changes in the saving rate signal some degree of capital mobility. Journal: Journal of the Asia Pacific Economy Pages: 411-423 Issue: 4 Volume: 11 Year: 2006 X-DOI: 10.1080/13547860600923676 File-URL: http://hdl.handle.net/10.1080/13547860600923676 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:11:y:2006:i:4:p:411-423 Template-Type: ReDIF-Article 1.0 Author-Name: Mansor Ibrahim Author-X-Name-First: Mansor Author-X-Name-Last: Ibrahim Title: Integration or Segmentation of the Malaysian Equity Market: An Analysis of Pre- and Post-Capital Controls Abstract: This paper utilizes cointegration and vector autoregression (VAR) to assess integration or segmentation of the Malaysian equity market both prior to the Asian crisis and after the imposition of capital controls. We consider both regional and international financial forces represented respectively by the ASEAN markets and the advanced markets of US and Japan. We form three systems of share prices: (i) ASEAN markets; (ii) US, Japan and Malaysia; and (iii) US, Japan and ASEAN. Our findings suggest no long run relation among share prices in all systems either before the Asian crisis or after the imposition of capital controls. However, there are substantial short run dynamic interactions among regional markets of ASEAN. We note significant responses of the Malaysian market to ASEAN shocks regardless of the sample periods. By contrast, its responses to innovations in US and Japan, while significant before the Asian crisis, turn insignificant after the imposition of capital controls. The US market is comparatively more influential in accounting for fluctuations in the ASEAN markets. From these results, we contend that capital controls played some role in insulating the Malaysian market from international disturbances. Journal: Journal of the Asia Pacific Economy Pages: 424-443 Issue: 4 Volume: 11 Year: 2006 X-DOI: 10.1080/13547860600923718 File-URL: http://hdl.handle.net/10.1080/13547860600923718 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:11:y:2006:i:4:p:424-443 Template-Type: ReDIF-Article 1.0 Author-Name: Anil Mishra Author-X-Name-First: Anil Author-X-Name-Last: Mishra Author-Name: Kevin Daly Author-X-Name-First: Kevin Author-X-Name-Last: Daly Title: Multi-Country Empirical Investigation into International Financial Integration Abstract: This paper focuses on the dynamics of international financial integration for a set of 13 industrial countries including Australia over the period 1990 to 2003 by analysing data on the level and composition of foreign assets and liabilities. The study provides insights into the broad trends on cross-country holdings and investigates the correlation of international asset positions with various ‘explanatory variables’ such as the degree of financial restrictions, the depth of financial markets, the openness to international trade, etc. The results show that the growth in goods trade and stock market capitalization are the main determinants of the growth in the scale of international balance sheets. Journal: Journal of the Asia Pacific Economy Pages: 444-461 Issue: 4 Volume: 11 Year: 2006 X-DOI: 10.1080/13547860600923775 File-URL: http://hdl.handle.net/10.1080/13547860600923775 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:11:y:2006:i:4:p:444-461 Template-Type: ReDIF-Article 1.0 Author-Name: Xinsheng Lu Author-X-Name-First: Xinsheng Author-X-Name-Last: Lu Author-Name: Francis In Author-X-Name-First: Francis Author-X-Name-Last: In Title: Monetary Policy, Open Market Operations and New Zealand Interest-Rate and Exchange-Rate Markets Abstract: This paper examines the impact of the Reserve Bank of New Zealand's open market operations (OMOs) and monetary policy on interest rates and foreign exchange markets. We focus on the effect of OMOs and cash rate target announcements in two distinctive monetary policy regimes with different degrees of policy transparency. Our empirical results suggest that the OMOs conducted by the central bank have significant contemporaneous impacts on returns volatility of short-and long-term interest rate markets but not on the New Zealand dollar exchange rate market. Strong OMO effects are observed for all five markets during the MCI period. Our findings suggest that, although the role of the OMOs decreases as monetary policy transparency increases, the OMOs still convey important information that shapes market expectations and redirects market participants' expectations of future monetary policy movements. OMOs therefore impact on mean returns and return volatility of New Zealand financial markets. Journal: Journal of the Asia Pacific Economy Pages: 462-481 Issue: 4 Volume: 11 Year: 2006 X-DOI: 10.1080/13547860600924021 File-URL: http://hdl.handle.net/10.1080/13547860600924021 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:11:y:2006:i:4:p:462-481 Template-Type: ReDIF-Article 1.0 Author-Name: Shin-Ichi Fukuda Author-X-Name-First: Shin-Ichi Author-X-Name-Last: Fukuda Author-Name: Munehisa Kasuya Author-X-Name-First: Munehisa Author-X-Name-Last: Kasuya Author-Name: Jouchi Nakajima Author-X-Name-First: Jouchi Author-X-Name-Last: Nakajima Title: Deteriorating Bank Health and Lending in Japan: Evidence from Unlisted Companies under Financial Distress Abstract: When a borrower faces a hold-up problem, deteriorating bank health might reduce a borrower's credit availability. However, a bank with an impaired balance-sheet might attempt to ‘gamble for resurrection’ and hence might increase risky lending to zombie firms. The purpose of this paper is to investigate what impacts weakened financial conditions of banks had on loans outstanding to medium size firms in Japan. Estimating lending functions, we examine the determinants of lending to unlisted Japanese companies in the late 1990s and the early 2000s. We find that two alternative measures of the bank health, regulatory capital adequacy ratios and ratios of non-performing loans (NPLs), had opposite impacts on lending. In the case of regulatory capital adequacy ratios, its deterioration had a perverse impact on the bank's lending. The deteriorating NPL ratios, however, increased lending to troubled firms to keep otherwise economically bankrupt firms alive. Journal: Journal of the Asia Pacific Economy Pages: 482-501 Issue: 4 Volume: 11 Year: 2006 X-DOI: 10.1080/13547860600924138 File-URL: http://hdl.handle.net/10.1080/13547860600924138 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:11:y:2006:i:4:p:482-501 Template-Type: ReDIF-Article 1.0 Author-Name: Yu Chen Author-X-Name-First: Yu Author-X-Name-Last: Chen Author-Name: Fung Kwan Author-X-Name-First: Fung Author-X-Name-Last: Kwan Author-Name: Guang-Zhen Sun Author-X-Name-First: Guang-Zhen Author-X-Name-Last: Sun Title: Economic integration and development of the Chinese economy: an introduction Journal: Journal of the Asia Pacific Economy Pages: 337-340 Issue: 4 Volume: 15 Year: 2010 X-DOI: 10.1080/13547860.2010.516147 File-URL: http://hdl.handle.net/10.1080/13547860.2010.516147 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:15:y:2010:i:4:p:337-340 Template-Type: ReDIF-Article 1.0 Author-Name: James Mirrlees Author-X-Name-First: James Author-X-Name-Last: Mirrlees Title: Are recessions inevitable? Abstract: Using historical data for the US, it is shown that, in the long run, growth is remarkably predictable. Recessions have many different causes. It is argued that the present recession is the result of the conjunction of several economic actions and features, particularly faulty policy response to increased commodity prices and bad incentives for lenders in financial institutions created by the marketed derivatives. Arguments for using fiscal stimulus to counteract recession are rehearsed. Reasons why these policies were not fully effective are offered, and the prospects for future prevention are assessed. Journal: Journal of the Asia Pacific Economy Pages: 341-348 Issue: 4 Volume: 15 Year: 2010 X-DOI: 10.1080/13547860.2010.516148 File-URL: http://hdl.handle.net/10.1080/13547860.2010.516148 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:15:y:2010:i:4:p:341-348 Template-Type: ReDIF-Article 1.0 Author-Name: Wing Woo Author-X-Name-First: Wing Author-X-Name-Last: Woo Author-Name: Wei Zhang Author-X-Name-First: Wei Author-X-Name-Last: Zhang Title: Time for China to move from macro-stability to macro-sustainability: making macro-stimulus work and maintaining its effects Abstract: We attribute the success of China's monetary–fiscal policies in producing 8.7% growth in 2009 to the following: (1) the capital adequacy ratio requirement was not binding because the banks’ capital had not been reduced by losses on assets like subprime mortgages; (2) the initial fiscal position was sound, and this allowed a substantial expansion of the budget deficit; and (3) the state has direct control over the actions of the state-controlled enterprises and the state-controlled banks, which dominate large segments of the economy, and so could order the state-controlled enterprises to ramp up investments and the state-controlled banks to ramp up lending. However, these quick decisions can be hasty actions that increase the role of the state-controlled firms in the economy and generate non-performing loans in the future. Chinese policy-makers can eliminate the trade-off between maintaining sufficient aggregate demand and ensuring economic efficiency by replacing the present macro-stimulus with new market-friendly growth drivers. Small and medium private banks should be legalized and interest rate liberalized to promote the formation of new private businesses. Farmland should be privatized so that new entrepreneurs would have the collateral to access investment loans. The termination of the household registration system and the adoption of the principle of future home ownership would accelerate high-quality urbanization, whereby the state would build public housing for migrants. China's high economic growth and its integration into the global economy are now threatened by increasing calls in the developed countries, especially in the USA, for protectionism against Chinese exports. As these calls have been prompted by China's chronic trade surplus and by the present deep recession (from the Global Financial Crisis), China should aggressively reduce the trade imbalances (e.g. by removing export rebate, liberalizing imports and modernizing the financial sector) to forestall protectionism. Journal: Journal of the Asia Pacific Economy Pages: 349-368 Issue: 4 Volume: 15 Year: 2010 X-DOI: 10.1080/13547860.2010.516149 File-URL: http://hdl.handle.net/10.1080/13547860.2010.516149 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:15:y:2010:i:4:p:349-368 Template-Type: ReDIF-Article 1.0 Author-Name: Julan Du Author-X-Name-First: Julan Author-X-Name-Last: Du Author-Name: Qing He Author-X-Name-First: Qing Author-X-Name-Last: He Author-Name: Oliver Rui Author-X-Name-First: Oliver Author-X-Name-Last: Rui Title: Does financial deepening promote risk sharing in China? Abstract: This paper addresses the issue of whether financial deepening has promoted interregional risk sharing in China. It first examines the evolution pattern of overall risk sharing across China as a whole and in its coastal, central and western areas in different periods. The level of risk sharing exhibits a declining pattern over time, most of which is attributable to the coastal areas. This is in striking contrast to the rapid development of financial markets and financial intermediaries over the decades. By analyzing whether the development of the credit and capital markets affects consumption risk sharing, we conclude that financial development has not promoted risk sharing for the nation as a whole. While the expansion of the capital market has promoted risk sharing in the coastal areas in spite of the overall declining trend in that region, there is no evidence to show that this is true for the western areas. Journal: Journal of the Asia Pacific Economy Pages: 369-387 Issue: 4 Volume: 15 Year: 2010 X-DOI: 10.1080/13547860.2010.516150 File-URL: http://hdl.handle.net/10.1080/13547860.2010.516150 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:15:y:2010:i:4:p:369-387 Template-Type: ReDIF-Article 1.0 Author-Name: Shujie Yao Author-X-Name-First: Shujie Author-X-Name-Last: Yao Author-Name: Dan Luo Author-X-Name-First: Dan Author-X-Name-Last: Luo Author-Name: Stephen Morgan Author-X-Name-First: Stephen Author-X-Name-Last: Morgan Title: Bank share prices and stock market integration in Greater China Abstract: This paper empirically analyzes the relationship between the Shanghai Stock Exchange (SSE) Composite Index and the indexes of 10 Chinese listed banks. In particular, we try to test whether the listing of these banks has played a role in leading the Chinese stock market boom during 2007. Using daily prices from 1 June 2006 to 15 November 2007, we found that a unidirectional causality relationship existed either way between most bank stock prices and the market index while the bidirectional relationship only identified among five of the ten banks. We also observed that the market indexes of SSE, Hong Kong and Taiwan followed a similar trend, indicating a possible cointegration of the Greater China stock markets, which was in part driven by the listing of Chinese banks. Journal: Journal of the Asia Pacific Economy Pages: 388-395 Issue: 4 Volume: 15 Year: 2010 X-DOI: 10.1080/13547860.2010.516152 File-URL: http://hdl.handle.net/10.1080/13547860.2010.516152 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:15:y:2010:i:4:p:388-395 Template-Type: ReDIF-Article 1.0 Author-Name: Wei Chi Author-X-Name-First: Wei Author-X-Name-Last: Chi Author-Name: Xiaoye Qian Author-X-Name-First: Xiaoye Author-X-Name-Last: Qian Title: The role of education in regional innovation activities: spatial evidence from China Abstract: Using Chinese provincial data from 1997 to 2006, we examine the role of education in regional innovation activities. We test the spatial autocorrelation of provincial innovative activities and find significant support for it in the data, suggesting the need to incorporate spatial dependence in estimating the impact of education on innovation. We find that workers’ tertiary education is significantly and positively related to provincial innovative activities measured by invention patent applications per capita. The result does not vary when spatial dependence is incorporated in the estimation. Thus, we find strong and robust evidence for the prediction of the endogenous growth theory about the positive effect of human capital on innovation. Journal: Journal of the Asia Pacific Economy Pages: 396-419 Issue: 4 Volume: 15 Year: 2010 X-DOI: 10.1080/13547860.2010.516158 File-URL: http://hdl.handle.net/10.1080/13547860.2010.516158 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:15:y:2010:i:4:p:396-419 Template-Type: ReDIF-Article 1.0 Author-Name: Chun Lei Author-X-Name-First: Chun Author-X-Name-Last: Lei Author-Name: Pui Tam Author-X-Name-First: Pui Author-X-Name-Last: Tam Title: A panel data approach to the income convergence among Mainland China, Hong Kong and Macao Abstract: This paper provides empirical evidence in support of income convergence among Mainland China, Hong Kong and Macao in the postreform era of Mainland China. Adopting the multieconomy income convergence model and employing the panel unit root testing techniques, this paper finds that relative incomes of Mainland China, Hong Kong and Macao have no tendency to deviate from one another in the long run. The occurrence of income convergence among these Chinese economies can be attributed to rapid growth on the Mainland China and Macao sides but relatively sluggish performance of Hong Kong in recent years. Macao can be regarded as playing a catalytic role in this long-run income convergence process. The finding of convergence indicates promising prospects for deepening economic cooperation and integration among the Chinese economies for their long-run sustainable economic growth. Journal: Journal of the Asia Pacific Economy Pages: 420-435 Issue: 4 Volume: 15 Year: 2010 X-DOI: 10.1080/13547860.2010.516160 File-URL: http://hdl.handle.net/10.1080/13547860.2010.516160 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:15:y:2010:i:4:p:420-435 Template-Type: ReDIF-Article 1.0 Author-Name: Ravi Kanbur Author-X-Name-First: Ravi Author-X-Name-Last: Kanbur Author-Name: Ganesh Rauniyar Author-X-Name-First: Ganesh Author-X-Name-Last: Rauniyar Title: Conceptualizing inclusive development: with applications to rural infrastructure and development assistance Abstract: This paper undertakes three tasks. The first and major task is the definition of inclusive development, in particular distinguishing it from growth, pro-poor growth and inclusive growth and differentiating these from each other. The paper then proceeds to apply this definition to specific issues focusing on rural infrastructure. The second task is to discuss the relationship between rural infrastructure and inclusive development. The third and final task is to draw out the implications of the recent literature on development assistance and its effectiveness, for donor support of rural infrastructure with the objective of inclusive development. Journal: Journal of the Asia Pacific Economy Pages: 437-454 Issue: 4 Volume: 15 Year: 2010 X-DOI: 10.1080/13547860.2010.516163 File-URL: http://hdl.handle.net/10.1080/13547860.2010.516163 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:15:y:2010:i:4:p:437-454 Template-Type: ReDIF-Article 1.0 Author-Name: M. Nair Author-X-Name-First: M. Author-X-Name-Last: Nair Author-Name: Jothee Sinnakkannu Author-X-Name-First: Jothee Author-X-Name-Last: Sinnakkannu Title: De-pegging of the Chinese renminbi against the US dollar: analysis of its effects on China's international trade competitiveness Abstract: We studied the over- or undervaluation of RMB against the USD, JPY and EUR using the relative purchasing power parity method. We found that the RMB is undervalued in its real terms against the USD by 20.6% and against the EUR by 15.5% between July 2005 and June 2009. We used the export growth and the world exports share methods to determine China's international trade competitiveness during the similar period of time. We found that the de-pegging of RMB has not altered China's international trade competitiveness. We imply the findings that China has been protective by involving in large-scale one-direction intervention in the foreign exchange market, which is in contrast to Article IV of the International Monetary Fund. Journal: Journal of the Asia Pacific Economy Pages: 470-489 Issue: 4 Volume: 15 Year: 2010 X-DOI: 10.1080/13547860.2010.516169 File-URL: http://hdl.handle.net/10.1080/13547860.2010.516169 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:15:y:2010:i:4:p:470-489 Template-Type: ReDIF-Article 1.0 Author-Name: Gary Tian Author-X-Name-First: Gary Author-X-Name-Last: Tian Author-Name: Shiguang Ma Author-X-Name-First: Shiguang Author-X-Name-Last: Ma Title: The relationship between stock returns and the foreign exchange rate: the ARDL approach Abstract: This study employs the ARDL cointegration approach in order to examine the impact of financial liberalization on the relationships between the exchange rate and share market performance in China. We discovered that cointegration has existed between the Shanghai A Share Index and the exchange rate of the renminbi against the US dollar and Hong Kong dollar since 2005, when the Chinese exchange rate regime became a flexible, managed, floating system. We found that both the exchange rate and the money supply influenced stock price, with a positive correlation. We further show that the money supply increase was largely caused by a huge ‘hot money’ inflow from other countries in recent years. After local currency appreciation, hot money, followed by the money supply increase, pushed the market into a high level, based on expectations regarding the local currency's further appreciation. Journal: Journal of the Asia Pacific Economy Pages: 490-508 Issue: 4 Volume: 15 Year: 2010 X-DOI: 10.1080/13547860.2010.516171 File-URL: http://hdl.handle.net/10.1080/13547860.2010.516171 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:15:y:2010:i:4:p:490-508 Template-Type: ReDIF-Article 1.0 Author-Name: Chee-Keong Choong Author-X-Name-First: Chee-Keong Author-X-Name-Last: Choong Author-Name: Zulkornain Yusop Author-X-Name-First: Zulkornain Author-X-Name-Last: Yusop Author-Name: Siong-Hook Law Author-X-Name-First: Siong-Hook Author-X-Name-Last: Law Title: Private capital flows to developing countries: the role of the domestic financial sector Abstract: The relationship between private capital flows and growth has been examined extensively in the literature, yet numerous controversies remain. This study examines the relationships among private capital flows (foreign direct investment and portfolio investment), financial development and economic performance in a panel of developing countries over the period 1983–2006, by employing generalized method of moments (GMM) panel data analysis. We find that these private capital flows have a positive impact on growth with a well-developed financial sector but have a negative effect in the presence of poor financial sector development. Moreover, foreign direct investment promotes economic growth via efficiency effect, while portfolio investment stimulates economic growth via investment effect. Hence, well-developed financial sectors are ones that are crucial for economic growth. Journal: Journal of the Asia Pacific Economy Pages: 509-529 Issue: 4 Volume: 15 Year: 2010 X-DOI: 10.1080/13547860.2010.516173 File-URL: http://hdl.handle.net/10.1080/13547860.2010.516173 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:15:y:2010:i:4:p:509-529 Template-Type: ReDIF-Article 1.0 Author-Name: John Thoburn Author-X-Name-First: John Author-X-Name-Last: Thoburn Title: A Review of “Vietnam: rising dragon” Journal: Journal of the Asia Pacific Economy Pages: 530-531 Issue: 4 Volume: 15 Year: 2010 X-DOI: 10.1080/13547860.2010.516174 File-URL: http://hdl.handle.net/10.1080/13547860.2010.516174 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:15:y:2010:i:4:p:530-531 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Notes on contributors Journal: Journal of the Asia Pacific Economy Pages: 532-536 Issue: 4 Volume: 15 Year: 2010 X-DOI: 10.1080/13547860.2010.516175 File-URL: http://hdl.handle.net/10.1080/13547860.2010.516175 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:15:y:2010:i:4:p:532-536 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Journal of the Asia Pacific Economy Journal: Journal of the Asia Pacific Economy Pages: ebi-ebi Issue: 4 Volume: 15 Year: 2010 X-DOI: 10.1080/13547860.2010.516177 File-URL: http://hdl.handle.net/10.1080/13547860.2010.516177 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:15:y:2010:i:4:p:ebi-ebi Template-Type: ReDIF-Article 1.0 Author-Name: Ganesh Rauniyar Author-X-Name-First: Ganesh Author-X-Name-Last: Rauniyar Author-Name: Ravi Kanbur Author-X-Name-First: Ravi Author-X-Name-Last: Kanbur Title: Inclusive growth and inclusive development: a review and synthesis of Asian Development Bank literature Abstract: The Asian Development Bank (ADB) has relatively few but well-founded and relevant studies, reports and publications on inclusive growth, inclusive development, or inclusive social development. This paper seeks to summarize the knowledge products obtained from existing ADB studies, statements and initiatives. It draws from the research and analytic work undertaken in the recent years by ADB's Economics and Research Department, the East Asia Regional Department and the Operations Evaluation Department, and other sources. One of the findings is that while there is no agreed and common definition of inclusive growth or inclusive development, the term is understood to refer to ‘growth coupled with equal opportunities’, and consisting of economic, social and institutional dimensions. Among the major recommendations of the ADB literature are that efforts to achieve inclusive growth and inclusive development should involve a combination of mutually reinforcing measures including: (1) promoting efficient and sustainable economic growth, (2) ensuring a level political playing field and (3) strengthening capacities and providing for social safety nets. Journal: Journal of the Asia Pacific Economy Pages: 455-469 Issue: 4 Volume: 15 Year: 2010 X-DOI: 10.1080/13547860.2010.517680 File-URL: http://hdl.handle.net/10.1080/13547860.2010.517680 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:15:y:2010:i:4:p:455-469 Template-Type: ReDIF-Article 1.0 Author-Name: Ganesh Rauniyar Author-X-Name-First: Ganesh Author-X-Name-Last: Rauniyar Author-Name: Ravi Kanbur Author-X-Name-First: Ravi Author-X-Name-Last: Kanbur Title: Introduction Journal: Journal of the Asia Pacific Economy Pages: 436-436 Issue: 4 Volume: 15 Year: 2010 X-DOI: 10.1080/13547860.2010.534908 File-URL: http://hdl.handle.net/10.1080/13547860.2010.534908 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:15:y:2010:i:4:p:436-436 Template-Type: ReDIF-Article 1.0 Author-Name: Pham Hoang Mai Author-X-Name-First: Pham Hoang Author-X-Name-Last: Mai Title: Regional Economic Development and Foreign Direct Investment Flows in Vietnam, 1988-98 Abstract: Over the 1988-98 period, large amounts of foreign direct investment (FDI) have flowed to several regions and provinces in Vietnam. These have contributed to regional economic development by increasing the industrial capital stock and output. However, as FDI flows have been allocated unequally between provinces and between regions, such contributions may widen the gap between rich and poor provinces. An analysis of factors that influence the pattern of regional allocation of FDI flows finds that the infrastructure, the quality of the labour force and the size of the local market are the most important factors deciding the regional allocation of FDI flows. Government tax incentives, on the other hand, have not made any significant impact on attracting FDI flows to poor and remote provinces. Thus the government should shift its concentration of public expenditure toward poorer provinces to improve these provinces' physical and social infrastructure. Such improvement of infrastructure will speed up the diffusion process of FDI flows toward poorer provinces located around big cities and more developed provinces. The rapid diffusion of FDI flows will then contribute more significantly to reduce the gap between rich and poor regions and provinces in Vietnam. Journal: Journal of the Asia Pacific Economy Pages: 182-202 Issue: 2 Volume: 7 Year: 2002 X-DOI: 10.1080/13547860220134815 File-URL: http://hdl.handle.net/10.1080/13547860220134815 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:7:y:2002:i:2:p:182-202 Template-Type: ReDIF-Article 1.0 Author-Name: Kui-Yin Cheung Author-X-Name-First: Kui-Yin Author-X-Name-Last: Cheung Author-Name: Chengze Simon Fan Author-X-Name-First: Chengze Simon Author-X-Name-Last: Fan Title: Does Trade Lead to Wage Inequality? A Cross-industry Analysis Abstract: This paper investigates empirically the impact of increasing volume of trade on wage inequality in four industrial sectors in Hong Kong. We generate the hypotheses within the context of the Heckscher-Ohlin model, and use the cointegration techniques to test the hypotheses. Because of the large volume of trade between Hong Kong and Mainland China, this empirical study contributes to the lively debate in recent economic literature about the effects of trade on wage inequality. The cointegration analysis in this paper shows support for the hypotheses that the wage ratio between skilled workers and unskilled workers in Hong Kong raised significantly as the trade volume between Hong Kong and China increased. Thus, our finding adds evidence to the Stolper-Samuelson theorem that unskilled workers in developed countries will earn lower relative real wage rates from trading with developing countries. Journal: Journal of the Asia Pacific Economy Pages: 147-159 Issue: 2 Volume: 7 Year: 2002 X-DOI: 10.1080/13547860220134798 File-URL: http://hdl.handle.net/10.1080/13547860220134798 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:7:y:2002:i:2:p:147-159 Template-Type: ReDIF-Article 1.0 Author-Name: Byeong Hae Sohn Author-X-Name-First: Byeong Hae Author-X-Name-Last: Sohn Title: Regionalization of Trade and Investment in East Asia and Prospects for Further Regional Integration Abstract: Intra-regional trade and investment in East Asia has increased during the last few decades. These flows have accelerated again since the beginning of the 1990s. The recent trade integration in the East Asian region can be explained mainly by the more active and connecting roles of newly industrializing economies (NIEs) rather than by Japan and concentrated FDI flows within the region. Regional financial market integration also helped facilitate this process of trade and investment integration within the region. The concentrated FDI flows have led to the internationalization of production networks, of which ethnic Chinese networks have been particularly significant. East Asian economies are able to seek further regional integration based on these production networks and on newly formed local and subregional integration schemes. Journal: Journal of the Asia Pacific Economy Pages: 160-181 Issue: 2 Volume: 7 Year: 2002 X-DOI: 10.1080/13547860220134806 File-URL: http://hdl.handle.net/10.1080/13547860220134806 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:7:y:2002:i:2:p:160-181 Template-Type: ReDIF-Article 1.0 Author-Name: Joon-Kyung Kim Author-X-Name-First: Joon-Kyung Author-X-Name-Last: Kim Author-Name: Chung H. Lee Author-X-Name-First: Chung H. Author-X-Name-Last: Lee Title: Insolvency in the Corporate Sector and Financial Crisis in Korea Abstract: The paper argues that by the time of the 1997-98 crisis, Korea's corporate and financial sectors became highly vulnerable to bankruptcy. Evidence is presented showing that between the late 1980s and 1997 the profitability of Korea's corporate sector was on a decreasing trend although it had some short-term ups and downs. It is argued that the declining profitability, which in combination with a rising debt leverage impaired the corporate sector's debt-service capacity, was due to rising labor costs in Korea and increasing competition from labor-abundant, developing countries such as China. Journal: Journal of the Asia Pacific Economy Pages: 267-281 Issue: 2 Volume: 7 Year: 2002 X-DOI: 10.1080/13547860220134842 File-URL: http://hdl.handle.net/10.1080/13547860220134842 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:7:y:2002:i:2:p:267-281 Template-Type: ReDIF-Article 1.0 Author-Name: Jonathan E. Leightner Author-X-Name-First: Jonathan E. Author-X-Name-Last: Leightner Title: The Domestic Effects of Tight Monetary Policy in the Wake of Thailand's Financial Crisis Abstract: One of the most contentious and important questions remaining about Asia's financial crisis is whether or not the policies advocated by the IMF were excessively severe, causing an unnecessary degree of damage to the domestic economies of Indonesia, South Korea, and Thailand. In Thailand, the country examined in this paper, the conditions for the IMF loan of August 1997 included the Thai government allowing weak financial firms to fail and implementing tight monetary policies. By May of 1998, only thirty-five of Thailand's ninety-one finance/securities companies still operated and four of Thailand's fifteen banks had been taken over by the government. Thailand's remaining banks and finance companies lived under the threat of having their capital written off and management replaced. This paper uses data envelopment analysis (DEA) to find empirical evidence that the resulting reduction of credit affected all sectors of Thailand's economy. The strong and healthy sectors of Thailand's economy were hurt, along with the weak sectors. Journal: Journal of the Asia Pacific Economy Pages: 242-266 Issue: 2 Volume: 7 Year: 2002 X-DOI: 10.1080/13547860220134833 File-URL: http://hdl.handle.net/10.1080/13547860220134833 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:7:y:2002:i:2:p:242-266 Template-Type: ReDIF-Article 1.0 Author-Name: Jane Harrigan Author-X-Name-First: Jane Author-X-Name-Last: Harrigan Author-Name: George Mavrotas Author-X-Name-First: George Author-X-Name-Last: Mavrotas Author-Name: Zulkornain Yusop Author-X-Name-First: Zulkornain Author-X-Name-Last: Yusop Title: On The Determinants Of Capital Flight: A New Approach Abstract: This paper seeks to contribute to the literature on capital flight determinants by employing a new approach to the estimation of capital flight equations over four different measures of capital flight for Malaysian time-series data during the period 1970-96. It improves upon earlier work in the area by employing, for the first time in the relevant empirical literature, relatively recent developments associated with modern time-series analysis, such as cointegration, within the context of a general-to-specific econometric methodology. Empirical findings obtained seem to suggest the importance of macro-economic fundamentals in the capital flight process. The results of econometric analysis reveal the existence of a long-run relationship between capital flight, as variously defined (Dooley's, World Bank's, Private Claim and Balance of Payments measures) on the one hand and exchange rate movements, changes in external debt, real GDP growth and foreign direct investment activities, on the other. Journal: Journal of the Asia Pacific Economy Pages: 203-241 Issue: 2 Volume: 7 Year: 2002 X-DOI: 10.1080/13547860220134824 File-URL: http://hdl.handle.net/10.1080/13547860220134824 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:7:y:2002:i:2:p:203-241 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Editorial board Journal: Pages: ebi-ebi Issue: 1 Volume: 2 Year: 1997 X-DOI: 10.1080/13547869708724602 File-URL: http://hdl.handle.net/10.1080/13547869708724602 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:2:y:1997:i:1:p:ebi-ebi Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Obituary Journal: Pages: 4-4 Issue: 1 Volume: 2 Year: 1997 X-DOI: 10.1080/13547869708724603 File-URL: http://hdl.handle.net/10.1080/13547869708724603 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:2:y:1997:i:1:p:4-4 Template-Type: ReDIF-Article 1.0 Author-Name: Kazuo Sato Author-X-Name-First: Kazuo Author-X-Name-Last: Sato Title: Economic development and financial deepening: The case of Japan Abstract: It is a common wisdom in the development literature that economic development brings about financial deepening. But how far does it go? This paper examines Japan's experience over the last four decades, which shows clearly that financial deepening becomes even more pronounced after the economy matures. The paper also indicates salient features of Japan's financial system, i.e. the dominance by a few giant financial institutions. The end result is the tremendous bubble of the late 1980s. Japan has been recuperating from its ill‐effects for the last few years. The financial system is subject to inherent instability. The paper explains that various structural features of the Japanese economy are responsible for it. Journal: Journal of the Asia Pacific Economy Pages: 1-27 Issue: 1 Volume: 2 Year: 1997 X-DOI: 10.1080/13547869708724604 File-URL: http://hdl.handle.net/10.1080/13547869708724604 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:2:y:1997:i:1:p:1-27 Template-Type: ReDIF-Article 1.0 Author-Name: Jonathan Batten Author-X-Name-First: Jonathan Author-X-Name-Last: Batten Title: Trends in the asset‐liability structure of Australian banks Abstract: This study describes various aspects of the on‐ and off‐balance sheet asset‐liability structure of the Australian banking sector, over the period 1975 to 1995, and provides an aggregate perspective of the influence several factors have on the sectors’ asset‐liability structures. The analysis reveals the dynamic nature of asset‐liability structures in Australian banking, and the extensive changes made to these structures over the period. These structures were influenced by changes in financial market volatility, the regulatory structure and the state of the economy, although the most significant changes may be linked more to general macroeconomic conditions (such as the degree of openness of the economy) than to the other factors. Journal: Journal of the Asia Pacific Economy Pages: 28-57 Issue: 1 Volume: 2 Year: 1997 X-DOI: 10.1080/13547869708724605 File-URL: http://hdl.handle.net/10.1080/13547869708724605 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:2:y:1997:i:1:p:28-57 Template-Type: ReDIF-Article 1.0 Author-Name: Rajen Mookerjee Author-X-Name-First: Rajen Author-X-Name-Last: Mookerjee Author-Name: Jose Tongzon Author-X-Name-First: Jose Author-X-Name-Last: Tongzon Title: Do the Asean countries have a common business cycle? Abstract: This paper explores the nature and characteristics of business cycles for a group of five small open economies that comprise the Association of Southeast Asian Nations (ASEAN). Business cycles are generated as transitory fluctuations around a stochastic trend. The results show that there is qualified evidence of common business cycles among the ASEAN countries. Sources of common variation in cycles are explored by correlating ASEAN country cycles to cycles in the USA and Japan. The results show that US and Japanese cycles are a major cause of cycles in the ASEAN countries. Cointegration tests reveal a long‐run equilibrium relationship between US business and investment cycles and similar cycles in the ASEAN group of countries. Journal: Journal of the Asia Pacific Economy Pages: 58-81 Issue: 1 Volume: 2 Year: 1997 X-DOI: 10.1080/13547869708724606 File-URL: http://hdl.handle.net/10.1080/13547869708724606 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:2:y:1997:i:1:p:58-81 Template-Type: ReDIF-Article 1.0 Author-Name: P. Francks Author-X-Name-First: P. Author-X-Name-Last: Francks Title: Agricultural adjustment in an industrializing rice economy: The case of pre‐war Japan Abstract: This paper argues, on the basis of studies of agriculture and agricultural policy in Japan in the inter‐war period, that the post‐war structure of protection and support for Japanese agriculture, which has imposed such high costs on consumers and taxpayers and generated so much trade friction, is not simply the result of the rapid industrial growth of the miracle period and Japan's particular political system. Although influenced by these, it can also be seen as the product of the longer‐term process of agricultural adjustment in the first rice‐cultivating economy to industrialize. As such, it has a wider significance as other such economies in East Asia and, in due course, beyond reach higher levels of development. Journal: Journal of the Asia Pacific Economy Pages: 82-100 Issue: 1 Volume: 2 Year: 1997 X-DOI: 10.1080/13547869708724607 File-URL: http://hdl.handle.net/10.1080/13547869708724607 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:2:y:1997:i:1:p:82-100 Template-Type: ReDIF-Article 1.0 Author-Name: Yiping Huang Author-X-Name-First: Yiping Author-X-Name-Last: Huang Author-Name: Xin Meng Author-X-Name-First: Xin Author-X-Name-Last: Meng Title: China's industrial growth and efficiency: A comparison between the state and the TVE sectors Abstract: This paper examines the productive efficiency and growth performance of China's state and TVE industrial sectors during the reform period. The meta‐production function approach is applied using enterprise survey data for the 1986–90 period. It is found that the rapid growth of the TVE sector was mainly driven by total factor productivity (TFP) growth and expansion of capital stock. In the state sector, however, the TFP was decreasing during that period. The TVE sector was still technically less efficient in the mid‐1980s but it was catching up with and about to reach the efficiency level of the state sector by the end of the 1980s. It is also found that industry‐wide allocative inefficiency between the two sectors was significant for skilled and unskilled labour but less so for capital. Journal: Journal of the Asia Pacific Economy Pages: 101-121 Issue: 1 Volume: 2 Year: 1997 X-DOI: 10.1080/13547869708724608 File-URL: http://hdl.handle.net/10.1080/13547869708724608 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:2:y:1997:i:1:p:101-121 Template-Type: ReDIF-Article 1.0 Author-Name: Jeremy Williams Author-X-Name-First: Jeremy Author-X-Name-Last: Williams Author-Name: W. R. Stent Author-X-Name-First: W. R. Author-X-Name-Last: Stent Author-Name: Guodong Mu Author-X-Name-First: Guodong Author-X-Name-Last: Mu Title: Book reviews Abstract: Gavin Peebles and Peter Wilson, The Singapore Economy, Edward Elgar, Cheltenham, 1996. ISBN 1 85898 286 3 (cased), £59.95.David C. Korten, When Corporations Rule the World, Earthscan, London, 1995. ISBN 1–85383–313–4, pp. x + 374, price £19.95, A$55.00.Gang Yi, Money, Banking and Financial Markets in China, Westview Press, 1994. ISBN 0–8133–8441–9. £37.00, $49.95. Journal: Pages: 122-124 Issue: 1 Volume: 2 Year: 1997 X-DOI: 10.1080/13547869708724609 File-URL: http://hdl.handle.net/10.1080/13547869708724609 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:2:y:1997:i:1:p:122-124 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Notes on contributors Journal: Pages: 125-126 Issue: 1 Volume: 2 Year: 1997 X-DOI: 10.1080/13547869708724610 File-URL: http://hdl.handle.net/10.1080/13547869708724610 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:2:y:1997:i:1:p:125-126 Template-Type: ReDIF-Article 1.0 Author-Name: Christopher Reynolds Author-X-Name-First: Christopher Author-X-Name-Last: Reynolds Title: A CONCEPTUAL MODEL OF GLOBAL BUSINESS GROWTH IN SOUTHEAST ASIA Abstract: The industrialization of Southeast Asia has been portrayed as a contagion spread of economic growth across the region as, like 'flying geese', these economies chose to follow the development patterns of their more successful East Asian neighbours. This seemingly sequential development has implied that there is an identifiable 'Asian' model of economic growth. However, in reviewing the 'flying geese' theory of contagion economic development, it is suggested that the theory does not adequately explain Southeast Asia's economic growth, or its decline during the financial crisis of 1997-8. This article suggests that Southeast Asia's growth was the direct result of transnational company (TNC) industrialization and foreign investment. Asia's growth has essentially depended upon global commercial forces as much as on regional and domestic opportunities. Accordingly, this study seeks to assess the impact of foreign business and foreign capital on Southeast Asia and proposes an alternative explanation of development by way of a conceptual model of global business growth. Journal: Journal of the Asia Pacific Economy Pages: 76-98 Issue: 1 Volume: 6 Year: 2001 X-DOI: 10.1080/13547860020024549 File-URL: http://hdl.handle.net/10.1080/13547860020024549 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:6:y:2001:i:1:p:76-98 Template-Type: ReDIF-Article 1.0 Author-Name: Thomas F Cargill Author-X-Name-First: Thomas F Author-X-Name-Last: Cargill Author-Name: Elliott Parker Author-X-Name-First: Elliott Author-X-Name-Last: Parker Title: FINANCIAL LIBERALIZATION IN CHINA - Limitations and lessons of the Japanese regime Abstract: China has reformed old socialist banking institutions, using the Japanese financial regime as a model. We explain why this regime can perform well in the short run but will ultimately lead to serious economic problems, as exemplified by the recent Asian financial crisis, and we explain the problems and consequences of financial liberalization. We conclude with a summary of lessons China's reformers should learn from the recent financial experiences of their Asian neighbors. Journal: Journal of the Asia Pacific Economy Pages: 1-21 Issue: 1 Volume: 6 Year: 2001 X-DOI: 10.1080/13547860020024503 File-URL: http://hdl.handle.net/10.1080/13547860020024503 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:6:y:2001:i:1:p:1-21 Template-Type: ReDIF-Article 1.0 Author-Name: Karel Jansen Author-X-Name-First: Karel Author-X-Name-Last: Jansen Title: THAILAND, FINANCIAL CRISIS AND MONETARY POLICY Abstract: This article interprets the financial crisis that started in July 1997 in Thailand as a failure of monetary policy. The traditional policy regime of fixed exchange rate and high interest rates that had served Thailand well in the past, was inconsistent with the international mobility of capital in the 1990s. A better combination of exchange rate and interest policies will have to be established in order to contribute to the recovery and renewed growth. The article questions whether the inflation targeting now being considered will serve that purpose. Journal: Journal of the Asia Pacific Economy Pages: 124-152 Issue: 1 Volume: 6 Year: 2001 X-DOI: 10.1080/13547860020024567 File-URL: http://hdl.handle.net/10.1080/13547860020024567 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:6:y:2001:i:1:p:124-152 Template-Type: ReDIF-Article 1.0 Author-Name: D. Giannias Author-X-Name-First: D. Author-X-Name-Last: Giannias Author-Name: P. Liargovas Author-X-Name-First: P. Author-X-Name-Last: Liargovas Author-Name: G. Manolas Author-X-Name-First: G. Author-X-Name-Last: Manolas Title: A METHOD FOR EVALUATING A REGION'S ECONOMIC AND ENVIRONMENTAL SITUATION - The case of East Asian countries Abstract: This paper classifies East Asian countries on an amenity-productivity map based on environmental quality and income differentials. This classification is useful because it provides information about the relative attractiveness to consumers and producers of the total bundle of environmental and other attributes indigenous to each region. It also assists policymakers to formulate the most suitable regional and environmental policies. Our findings suggest that the notion of sustainable development is best suited for low productivity countries such as Indonesia, the Philippines, Thailand, and Malaysia. Journal: Journal of the Asia Pacific Economy Pages: 61-75 Issue: 1 Volume: 6 Year: 2001 X-DOI: 10.1080/13547860122102 File-URL: http://hdl.handle.net/10.1080/13547860122102 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:6:y:2001:i:1:p:61-75 Template-Type: ReDIF-Article 1.0 Author-Name: Eddie Chi-Man Hui Author-X-Name-First: Eddie Chi-Man Author-X-Name-Last: Hui Title: HOME PURCHASE IN CHINA - A case study of Guangzhou from in-kind allocation to cash subsidy Abstract: In China, promotion of home purchase has since 1979 been one of the major housing policies. Guangzhou is in the vanguard of housing reform. In 1997 the Guangzhou government announced an innovative housing initiative - the Housing Allowance Scheme (HAS). To enhance home ownership, this scheme endeavours to eliminate completely the existing welfare 'in-kind' allocation system. Civil servants appointed after 30 September 1997 no longer receive state housing. Instead they are provided monthly housing allowances 'in cash'. This paper examines the feasibility of the HAS against its objective of 'home purchase'. It reviews welfare housing development in Guangzhou in the context of policy development, housing need, and housing investment and provision. It then gives a systematic account of the key features of the HAS in Guangzhou and discusses its possible shortcomings as well as offering recommendations. The concluding section gives further suggestions for policy change. Journal: Journal of the Asia Pacific Economy Pages: 47-60 Issue: 1 Volume: 6 Year: 2001 X-DOI: 10.1080/13547860020024521 File-URL: http://hdl.handle.net/10.1080/13547860020024521 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:6:y:2001:i:1:p:47-60 Template-Type: ReDIF-Article 1.0 Author-Name: S. Mansoob Murshed Author-X-Name-First: S. Mansoob Author-X-Name-Last: Murshed Title: PATTERNS OF EAST ASIAN TRADE AND INTRA-INDUSTRY TRADE IN MANUFACTURES Abstract: This article examines trade patterns for seven East Asian economies: Malaysia, Singapore, Thailand, Indonesia, the Philippines, South Korea and Hong Kong, with partners in other Asian countries and the West. East Asia as a dynamically growing region has gained manufacturing competitiveness as it converges towards income levels in the West. The article focuses mainly, but not exclusively, on intra-industrytrade (IIT). Measures of IIT provide clues as to the nature of trade-induced adjustments on the economy. East Asian economies do appear to have gained in manufacturing competitiveness, a trend which is not just confined to unskilled labourintensive goods. Journal: Journal of the Asia Pacific Economy Pages: 99-123 Issue: 1 Volume: 6 Year: 2001 X-DOI: 10.1080/13547860020024558 File-URL: http://hdl.handle.net/10.1080/13547860020024558 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:6:y:2001:i:1:p:99-123 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: NOTES ON CONTRIBUTORS Journal: Pages: 153-154 Issue: 1 Volume: 6 Year: 2001 X-DOI: 10.1080/13547860122098 File-URL: http://hdl.handle.net/10.1080/13547860122098 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:6:y:2001:i:1:p:153-154 Template-Type: ReDIF-Article 1.0 Author-Name: Hidetaka Yoshimatsu Author-X-Name-First: Hidetaka Author-X-Name-Last: Yoshimatsu Title: TRADE POLICY IN TRANSITION? political economy of antidumping in Japan Abstract: This article examines antidumping policy and politics in Japan. on detailed analysis of the institutional system regarding antidumping and the filed dumping cases, I explore how evolving trade policy preferences of the Ministry of International Trade and Industry (MITI) have antidumping policy and politics, and what has altered MITI policy In the 1980s, MITI bureaucrats sought to settle dumping issues by encouraging the industries concerned to hold inter-industry meetings and pursuing bilateral voluntary export restraints. As Japan has accumulated trade disputes with developed countries, MITI officials have over time a strict application of the antidumping legislation on the basis of the principles embodied in the international trading system. Journal: Journal of the Asia Pacific Economy Pages: 22-46 Issue: 1 Volume: 6 Year: 2001 X-DOI: 10.1080/13547860020024512 File-URL: http://hdl.handle.net/10.1080/13547860020024512 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:6:y:2001:i:1:p:22-46 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Editorial board Journal: Pages: ebi-ebi Issue: 2 Volume: 3 Year: 1998 X-DOI: 10.1080/13547869808724642 File-URL: http://hdl.handle.net/10.1080/13547869808724642 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:3:y:1998:i:2:p:ebi-ebi Template-Type: ReDIF-Article 1.0 Author-Name: Revadee Yampoin Author-X-Name-First: Revadee Author-X-Name-Last: Yampoin Author-Name: William Kerr Author-X-Name-First: William Author-X-Name-Last: Kerr Title: Can trade measures induce compliance with trips? Abstract: Protection of intellectual property on the Asia‐Pacific Rim is weak. Piracy, counterfeiting and other violations of intellectual property in Asian economies with rising technical capabilities were the primary motivation for developed countries’ insistence on protection for intellectual property being included in the Uruguay Round negotiations. One of the central elements of the new World Trade Organization (WTO) is the Agreement on Trade Related Aspects of Intellectual Property (TRIPs) whereby all WTO members have committed to strengthening intellectual property protection. Retaliation in the form of trade measures on goods for intellectual property rights violations is the fundamental enforcement mechanism included in the TRIPs agreement. The exact form retaliation will take was, however, left to further negotiations over a five‐year period. This paper examines the retaliation rules available to the WTO and their likely ability to induce compliance with TRIPs’ commitments. The conclusion is that the threat of retaliation on goods is unlikely to be a sufficient deterrent to prevent intellectual property violations. As a result, intellectual property is likely to remain a contentious issue in Asia‐Pacific economic relations. Journal: Journal of the Asia Pacific Economy Pages: 165-182 Issue: 2 Volume: 3 Year: 1998 X-DOI: 10.1080/13547869808724643 File-URL: http://hdl.handle.net/10.1080/13547869808724643 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:3:y:1998:i:2:p:165-182 Template-Type: ReDIF-Article 1.0 Author-Name: Linda Low Author-X-Name-First: Linda Author-X-Name-Last: Low Title: Science, technology and the state in Singapore: An overview, evaluation and comparison Abstract: This paper traces the development of science and technology in Singapore from an historical perspective. Such science and technology policies underpin the state's role in its industrial transformation from an entrepôt economy to one with manufacturing and services as the engines of growth. Journal: Journal of the Asia Pacific Economy Pages: 183-206 Issue: 2 Volume: 3 Year: 1998 X-DOI: 10.1080/13547869808724644 File-URL: http://hdl.handle.net/10.1080/13547869808724644 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:3:y:1998:i:2:p:183-206 Template-Type: ReDIF-Article 1.0 Author-Name: Ian Livingstone Author-X-Name-First: Ian Author-X-Name-Last: Livingstone Title: Development planning in a re‐emergent Cambodia: The first socioeconomic development plan, 1996–2000 Abstract: After a brief description of transitional planning exercises in Cambodia, the article describes the main features of Cambodia's new Socio‐economic Development Plan, 1996–2000, which includes an exceptionally strong emphasis on social development, with direct targeting of vulnerable groups. The economic problem to be addressed is how to finance ambitious social targets, given three constraining elements: a lack of exportables to secure foreign exchange, a lack of taxable capacity, and a deficit in trained labour. Particular elements in the plan are a new organizational structure for implementing bottom‐up, participatory rural development and an outward‐oriented labour‐intensive industrial development strategy, aimed at encouraging domestic and foreign investment in the sector. Some limitations of the plan are considered, together with factors which might govern its effective implementation. Journal: Journal of the Asia Pacific Economy Pages: 207-222 Issue: 2 Volume: 3 Year: 1998 X-DOI: 10.1080/13547869808724645 File-URL: http://hdl.handle.net/10.1080/13547869808724645 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:3:y:1998:i:2:p:207-222 Template-Type: ReDIF-Article 1.0 Author-Name: Yanrui Wu Author-X-Name-First: Yanrui Author-X-Name-Last: Wu Title: Changing patterns of alcohol consumption in rural China: Implications for the grain sector Abstract: This paper applies a demand model to examine alcohol consumption in rural China. Its objective is to investigate alcohol consumption patterns and their determinants in rural households. The empirical analysis is based on survey data of 1,000 rural households located in twenty counties within five provinces of China. The main issues considered include the effects of household income and demographic characteristics such as age, education, household size, location and occupation, on alcohol consumption.This study is the first of its kind and has important policy implications. In particular this study can shed light on the future demand for grain in China. Alcohol production is one of the major industrial users of grain. Changes in alcohol consumption patterns can directly affect the demand for grain in the future. It is an issue of great strategic significance for both China and the rest of the world. Journal: Journal of the Asia Pacific Economy Pages: 223-236 Issue: 2 Volume: 3 Year: 1998 X-DOI: 10.1080/13547869808724646 File-URL: http://hdl.handle.net/10.1080/13547869808724646 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:3:y:1998:i:2:p:223-236 Template-Type: ReDIF-Article 1.0 Author-Name: Peter Wilson Author-X-Name-First: Peter Author-X-Name-Last: Wilson Author-Name: Adrian Hsien Author-X-Name-First: Adrian Author-X-Name-Last: Hsien Title: The export competitiveness of dynamic Asian economies, 1986–93: A shift‐share analysis Abstract: This paper uses shift‐share analysis to compare changes in the competitive position of six dynamic Asian economies (DAEs) ‐ Singapore, Thailand, Malaysia, Korea, Taiwan and Hong Kong ‐ exporting to the USA, Japan and the Economic Union (EU) between 1986 and 1993. Two‐digit data are selected for the top five manufactured exports to the USA and the EU, and the top four in the case of Japan. Our findings support the view that the older DAEs have become less competitive over this period in manufactured goods relative to emerging countries such as Malaysia and Thailand. Journal: Journal of the Asia Pacific Economy Pages: 237-250 Issue: 2 Volume: 3 Year: 1998 X-DOI: 10.1080/13547869808724647 File-URL: http://hdl.handle.net/10.1080/13547869808724647 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:3:y:1998:i:2:p:237-250 Template-Type: ReDIF-Article 1.0 Author-Name: Geoff Harris Author-X-Name-First: Geoff Author-X-Name-Last: Harris Author-Name: Peter Robertson Author-X-Name-First: Peter Author-X-Name-Last: Robertson Author-Name: Kamal Ahmed Author-X-Name-First: Kamal Author-X-Name-Last: Ahmed Author-Name: Martin Tolar Author-X-Name-First: Martin Author-X-Name-Last: Tolar Title: Book reviews Abstract: N. Gleditsch, O. Bjerkholt, A. Cappelen, R. Smith and J. Dunne (eds), The Peace Dividend. Contributions to Economic Analysis No. 235. Amsterdam: Elsevier, 1996. ISBN 0444–82482–0. Price unknown.Jagdish Bhagwati, The Feuds over Free Trade. Singapore: Institute of South Asian Studies, 1997. ISBN 981–3055–59–6. A$15.00.Bernie Bishop and Deborah McNamara (eds), The Asia‐Australia Survey, 1997–98, Melbourne: Macmillan Education, 1997. Pp. xiv + 593. ISBN 07329–4558–5. A$99.50.Greg Sheridan, Tigers: Leaders of the New Asia‐Pacific, Sydney: Allen & Unwin, 1997. ISBN 1–86448–153–6 (pbk). Pp. xviii + 326. A$29.95. Journal: Pages: 251-256 Issue: 2 Volume: 3 Year: 1998 X-DOI: 10.1080/13547869808724648 File-URL: http://hdl.handle.net/10.1080/13547869808724648 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:3:y:1998:i:2:p:251-256 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Notes on contributors Journal: Pages: 257-257 Issue: 2 Volume: 3 Year: 1998 X-DOI: 10.1080/13547869808724649 File-URL: http://hdl.handle.net/10.1080/13547869808724649 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:3:y:1998:i:2:p:257-257 Template-Type: ReDIF-Article 1.0 Author-Name: Rajah Rasiah Author-X-Name-First: Rajah Author-X-Name-Last: Rasiah Author-Name: Bruce McFarlane Author-X-Name-First: Bruce Author-X-Name-Last: McFarlane Author-Name: Sarosh Kuruvilla Author-X-Name-First: Sarosh Author-X-Name-Last: Kuruvilla Title: Globalization, industrialization and labour markets Abstract: While mainstream accounts of globalization are telling us that liberalization is essential for engendering the conditions of prosperity across the world, we argue that selective interventions are necessary to ensure that these processes open the path to the high road to industrialization. While recognizing the importance of relative surplus appropriation through technological deepening as the engine of capitalist accumulation, the extant evidence suggests that a proactive state focusing on enhancing labour is pertinent to ensure sustainable long-term industrialization and structural change so that the material conditions of workers improve over time. Hence, this article provides the introduction to globalization, industrialization and labour market experiences in selected East and South Asian economies. Journal: Journal of the Asia Pacific Economy Pages: 2-13 Issue: 1 Volume: 20 Year: 2015 Month: 1 X-DOI: 10.1080/13547860.2014.974313 File-URL: http://hdl.handle.net/10.1080/13547860.2014.974313 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:20:y:2015:i:1:p:2-13 Template-Type: ReDIF-Article 1.0 Author-Name: Miao Zhang Author-X-Name-First: Miao Author-X-Name-Last: Zhang Author-Name: Rajah Rasiah Author-X-Name-First: Rajah Author-X-Name-Last: Rasiah Title: Globalization, industrialization and labour markets in China Abstract: China's experience with globalization is still contested. This paper seeks to examine the impact of global integration and industrialization on labour markets in China. The evidence shows that rising trade and flows of foreign direct investment has not only quickened industrialization and structural change but it has also stimulated a rapid rise in overall and manufacturing real wages. The government's framework of absorbing marketization while maintaining planning control through decentralization has been critical in the development of technological capabilities in manufacturing. Although the nature of economic development after reforms has also widened regional inequalities with the Eastern coastal provinces enjoying higher growth and structural change than the Western and other inland provinces, rising wages suggest that the material conditions of the majority of workers in China have improved. Journal: Journal of the Asia Pacific Economy Pages: 14-41 Issue: 1 Volume: 20 Year: 2015 Month: 1 X-DOI: 10.1080/13547860.2014.974314 File-URL: http://hdl.handle.net/10.1080/13547860.2014.974314 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:20:y:2015:i:1:p:14-41 Template-Type: ReDIF-Article 1.0 Author-Name: Jayati Ghosh Author-X-Name-First: Jayati Author-X-Name-Last: Ghosh Title: Growth, industrialisation and inequality in India Abstract: The Indian growth process has been marked by the relative absence of structural change and the inability of faster output expansion to shift people out of low-productivity activities into higher value ones. Recent rapid growth has also been based on and resulted in growing inequalities. Private accumulation has relied upon existing social inequalities that create segmented labour markets that keep wages of certain social categories low, and on types of exclusion that allow large-scale displacement and dispossession without adequate compensation. The associated boom has required debt-driven bubbles to provide domestic demand since incomes of the masses have not risen in tandem, but such a strategy is inherently unsustainable. This growth process is now reaching the limits of its viability and is facing constraints posed by economic, social, political and environmental challenges. Journal: Journal of the Asia Pacific Economy Pages: 42-56 Issue: 1 Volume: 20 Year: 2015 Month: 1 X-DOI: 10.1080/13547860.2014.974316 File-URL: http://hdl.handle.net/10.1080/13547860.2014.974316 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:20:y:2015:i:1:p:42-56 Template-Type: ReDIF-Article 1.0 Author-Name: Dionisius Narjoko Author-X-Name-First: Dionisius Author-X-Name-Last: Narjoko Author-Name: Chandra Tri Putra Author-X-Name-First: Chandra Tri Author-X-Name-Last: Putra Title: Industrialization, globalization, and labor market regime in Indonesia Abstract: This paper examines globalization, industrialization, and labor markets in Indonesia using a case study of manufacturing. It attempts to answer the question of how changes in the labor market after the 1997–1998 Asian Financial Crisis affected industrialization and labor market performance. The paper generates three main findings. First, the responsiveness of output to employment and wages to employment declined substantially over the period 1996–2006 but recovered in 2009. The decline could be a consequence of the implementation of rigid labor laws since 2003. The recovery in 2009 may reflect firms’ adjustment period to the new environment or simply that firms found different opportunities. Second, exporters generally show higher employment elasticity than non-exporters. However, since the implementation of the labor law, exporters tend to retain employment more than non-exporters when wages rise. Third, exporters began substituting labor with machinery as wages started rising. Journal: Journal of the Asia Pacific Economy Pages: 57-76 Issue: 1 Volume: 20 Year: 2015 Month: 1 X-DOI: 10.1080/13547860.2014.974321 File-URL: http://hdl.handle.net/10.1080/13547860.2014.974321 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:20:y:2015:i:1:p:57-76 Template-Type: ReDIF-Article 1.0 Author-Name: Rajah Rasiah Author-X-Name-First: Rajah Author-X-Name-Last: Rasiah Author-Name: Vicki Crinis Author-X-Name-First: Vicki Author-X-Name-Last: Crinis Author-Name: Hwok-Aun Lee Author-X-Name-First: Hwok-Aun Author-X-Name-Last: Lee Title: Industrialization and labour in Malaysia Abstract: Although increasing globalizations spurred rapid industrialization in Malaysia, this article shows that the lack of significant technological upgrading and structural change has caused the premature plateauing of manufacturing, stemming from failures to coordinate policies, enforce standards, sustain high productivity growth and stimulate transition to higher value-added activities. Manufacturing as a whole has registered slow wage growth since the late 1990s, with labour markets characterized by heavy presence of low-skilled foreign workers, increased contract labour and outsourcing and declining worker organization. The focus on perspiration-based low-skilled foreign labour rather than on expanding professional and skilled labour has driven Malaysia down the low industrialization road. The Malaysian experience reflects a case of manufacturing's importance and direct contribution to the economy contracting before recording high levels of value added and sustained productivity growth, and with labour market practices constraining instead of facilitating positive change. Journal: Journal of the Asia Pacific Economy Pages: 77-99 Issue: 1 Volume: 20 Year: 2015 Month: 1 X-DOI: 10.1080/13547860.2014.974327 File-URL: http://hdl.handle.net/10.1080/13547860.2014.974327 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:20:y:2015:i:1:p:77-99 Template-Type: ReDIF-Article 1.0 Author-Name: Myo Myo Myint Author-X-Name-First: Myo Myo Author-X-Name-Last: Myint Author-Name: Rajah Rasiah Author-X-Name-First: Rajah Author-X-Name-Last: Rasiah Author-Name: Kuppusamy Singaravelloo Author-X-Name-First: Kuppusamy Author-X-Name-Last: Singaravelloo Title: Globalization of industrialization and its impact on clothing workers in Myanmar Abstract: This article examines the impact of foreign capital inflows and export expansion on employment and wages in the clothing industry in Myanmar. Although economic sanctions since 2003 by the United States affected foreign capital inflows, the evidence shows that clothing exports have steadily recovered since 2005. While wages in the industry are still low, they have improved over the period 2006–2012. Foreign firms showed higher mean wages, export-intensity and technological capabilities than national firms. The statistical results show that foreign equity has a positive impact on export-intensity and technological capabilities. Also, wages and employment were positively linked to export-intensity and technological capabilities. Hence, despite the exploitative nature of capitalist integration, the clothing industry shows that not only has wages and employment grown, the statistical results suggest that they will grow further. Journal: Journal of the Asia Pacific Economy Pages: 100-110 Issue: 1 Volume: 20 Year: 2015 Month: 1 X-DOI: 10.1080/13547860.2014.974330 File-URL: http://hdl.handle.net/10.1080/13547860.2014.974330 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:20:y:2015:i:1:p:100-110 Template-Type: ReDIF-Article 1.0 Author-Name: Rene E. Ofreneo Author-X-Name-First: Rene E. Author-X-Name-Last: Ofreneo Title: Growth and employment in de-industrializing Philippines Abstract: The Philippines was rated in the early 1960s by the World Bank as second only to Japan in Asia's industrialization race. In the 1970s–1990s, the Philippines pursued export-oriented industrialization (EOI). However, the Philippines’ industrial drive failed to take off and we trace this failure to the narrow program of EOI that Philippines pursued with the support of international financial institutions, which was myopic because it simply focused on how to open up the economy without a focus on industrial upgrading. There were no value-adding linkages with the domestic economy, home-grown export champions, program for upgrading and infrastructure and support institutions for national producers. The failure is due to the absence of systemic governance and policy coherence. Nonetheless, the Philippines has posted positive growth rates in recent decades, due largely to remittances of Filipino migrant but has helped transform the country into a service-sector-led economy without passing through industrial transformation. Journal: Journal of the Asia Pacific Economy Pages: 111-129 Issue: 1 Volume: 20 Year: 2015 Month: 1 X-DOI: 10.1080/13547860.2014.974335 File-URL: http://hdl.handle.net/10.1080/13547860.2014.974335 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:20:y:2015:i:1:p:111-129 Template-Type: ReDIF-Article 1.0 Author-Name: Voravidh Charoenloet Author-X-Name-First: Voravidh Author-X-Name-Last: Charoenloet Title: Industrialization, globalization and labour force participation in Thailand Abstract: This article analyses the impact of globalization and industrialization on Thailand's labour market. While acknowledging the trend rise in wage employment in the labour force over the period 1971–2009, the article also shows that over half of the labour force has remained in non-wage employment, which has left a significant share of them vulnerable to the abuses of the capitalist system. The lack of technological upgrading has meant that employers have increasingly resorted to subcontracting work to informal homeworkers to compete in low value added activities. Outsourcing has also allowed employers to bypass the minimum wage legislation. Hence, we argue that it is important that workers from all forms of work are mobilized to strengthen the role of unions to ensure that there is a shift from the low to a high road to industrialization so that workers’ rights are protected. Journal: Journal of the Asia Pacific Economy Pages: 130-142 Issue: 1 Volume: 20 Year: 2015 Month: 1 X-DOI: 10.1080/13547860.2014.974336 File-URL: http://hdl.handle.net/10.1080/13547860.2014.974336 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:20:y:2015:i:1:p:130-142 Template-Type: ReDIF-Article 1.0 Author-Name: Angie Ngoc Tran Author-X-Name-First: Angie Ngoc Author-X-Name-Last: Tran Author-Name: Irene Nørlund Author-X-Name-First: Irene Author-X-Name-Last: Nørlund Title: Globalization, industrialization, and labor markets in Vietnam Abstract: This paper investigates the dilemmas of reaching the Vietnamese goal of ‘civilized and equitable’ society expressed from central planning towards a ‘socialist market economy under state guidance’ with deeper integration into the global capitalist system, and their impacts on the labor markets. Using long-run statistical data, historical contexts and industrial policies, and fieldwork interviews (from 1980s to 2014), we focus on two important labor-intensive, export-based industries: the long-established textile/garment industry and the emerging electronics industry, which surpassed textile exports in 2013. Evidence shows that the ‘high road’ to industrialization model – with domestic linkages and skills upgrading – does not accompany growth in exports, as low-skilled assembly, mostly young female workers join the labor force with non-liveable wages and substandard working conditions. These two case studies delve into different stages of industrial policy, which is more defined in the textile/garment case and underdeveloped in the electronics case. Journal: Journal of the Asia Pacific Economy Pages: 143-163 Issue: 1 Volume: 20 Year: 2015 Month: 1 X-DOI: 10.1080/13547860.2014.974343 File-URL: http://hdl.handle.net/10.1080/13547860.2014.974343 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:20:y:2015:i:1:p:143-163 Template-Type: ReDIF-Article 1.0 Author-Name: Bruce McFarlane Author-X-Name-First: Bruce Author-X-Name-Last: McFarlane Title: Tribute to Melanie Beresford Journal: Journal of the Asia Pacific Economy Pages: 1-1 Issue: 1 Volume: 20 Year: 2015 Month: 1 X-DOI: 10.1080/13547860.2014.974344 File-URL: http://hdl.handle.net/10.1080/13547860.2014.974344 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:20:y:2015:i:1:p:1-1 Template-Type: ReDIF-Article 1.0 Author-Name: John Thoburn Author-X-Name-First: John Author-X-Name-Last: Thoburn Title: Routledge handbook of the Chinese economy, edited by Gregory C. Chow and Dwight H. Perkins Journal: Journal of the Asia Pacific Economy Pages: 164-166 Issue: 1 Volume: 20 Year: 2015 Month: 1 X-DOI: 10.1080/13547860.2014.981937 File-URL: http://hdl.handle.net/10.1080/13547860.2014.981937 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:20:y:2015:i:1:p:164-166 Template-Type: ReDIF-Article 1.0 Author-Name: Jaweria Khalid Author-X-Name-First: Jaweria Author-X-Name-Last: Khalid Author-Name: Jaleel Ahmed Author-X-Name-First: Jaleel Author-X-Name-Last: Ahmed Title: Perceived organizational politics and employee silence: supervisor trust as a moderator Abstract: Employee silence refers to the intentional withholding of ideas, suggestions and problem issues, based on certain motives, from others who may influence the decision. Several contextual factors of an organization may result in employee silence. The current study tries to find out the relationship between perceived organizational politics, an important contextual factor, with employee silence behavior. This study focuses on the important motives behind employee silence in a context of organizational politics. Also, it investigates whether trust in supervisor could manipulate this relationship or not. The findings suggest a positive relationship between organizational politics and employee silence motives. Moreover, it suggests that employees do withhold information due to relational, diffident, defensive, disengaged, ineffectual and deviant motives in a political environment. Trust in supervisor did not hold for a moderation effect on this relationship. Further, the implications of this research and future directions have been discussed. Journal: Journal of the Asia Pacific Economy Pages: 174-195 Issue: 2 Volume: 21 Year: 2016 Month: 4 X-DOI: 10.1080/13547860.2015.1092279 File-URL: http://hdl.handle.net/10.1080/13547860.2015.1092279 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:21:y:2016:i:2:p:174-195 Template-Type: ReDIF-Article 1.0 Author-Name: Yan Li Author-X-Name-First: Yan Author-X-Name-Last: Li Author-Name: Maria Nêveda DaCosta Author-X-Name-First: Maria Nêveda Author-X-Name-Last: DaCosta Title: The enterprise reforms and entrepreneurial development in China Abstract: China has become a highly entrepreneurial country in the world since the 1990s. In this paper, we investigate the history and nature of Chinese enterprise reforms and focus on the recent development of its private sector. Then, we study the major characteristics of Chinese entrepreneurs and find most of the entrepreneurship in current China is still necessity-driven. With the aid of individual-level and aggregated data, we explore how different socioeconomic factors are associated with Chinese entrepreneurial activities. By doing so, we hope to provide timely and meaningful insights on Chinese entrepreneurship to researchers, the general public, and policymakers at all levels. Journal: Journal of the Asia Pacific Economy Pages: 151-173 Issue: 2 Volume: 21 Year: 2016 Month: 4 X-DOI: 10.1080/13547860.2015.1092280 File-URL: http://hdl.handle.net/10.1080/13547860.2015.1092280 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:21:y:2016:i:2:p:151-173 Template-Type: ReDIF-Article 1.0 Author-Name: Tarlok Singh Author-X-Name-First: Tarlok Author-X-Name-Last: Singh Title: On the sectoral linkages and pattern of economic growth in India Abstract: This study examines the linkages between agriculture, industry, and services sectors, and analyses the pattern of economic growth in India. The vector autoregression model is estimated on annual data for the period 1950–1951 to 2009–2010. The results provide strong support for the long-run and a weak support for the short-run linkages among sectors. The development of rural sector is generally synonymous with the growth of agriculture and that of urban sector with the growth of manufacturing and services sectors. The services sector bypassed the successful completion of the process of industrialization, and prematurely emerged as the dominant driver and key lever of economic growth. The development strategy needs to be rebalanced to revitalize agriculture to generate rural employment, support industry, and provide the wage goods and food security. The revitalization of agriculture needs to be complemented by the development of highly productive and internationally competitive manufacturing sector to boost the manufacturing goods exports, stimulate the positive productivity spillovers, provide productive job opportunities to surplus labour in agriculture, generate urban employment, reduce underemployment and disguised unemployment in the informal sector of the urban economy, and accomplish the process of industrialization. Journal: Journal of the Asia Pacific Economy Pages: 257-275 Issue: 2 Volume: 21 Year: 2016 Month: 4 X-DOI: 10.1080/13547860.2015.1094175 File-URL: http://hdl.handle.net/10.1080/13547860.2015.1094175 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:21:y:2016:i:2:p:257-275 Template-Type: ReDIF-Article 1.0 Author-Name: Xiaorong Zhou Author-X-Name-First: Xiaorong Author-X-Name-Last: Zhou Author-Name: Meng-Shiuh Chang Author-X-Name-First: Meng-Shiuh Author-X-Name-Last: Chang Author-Name: Karen Gibler Author-X-Name-First: Karen Author-X-Name-Last: Gibler Title: The asymmetric wealth effects of housing market and stock market on consumption in China Abstract: We analyze consumption movements as a function of income and wealth (stocks and housing) with data from China from 1999 to 2010 using a panel vector autoregression model. We find that housing wealth has a negative impact on consumption, but the link is minor, so fluctuation in the housing market should not create sharp movements in consumption. House price control policies implemented in China may encourage limited spending on other goods. Moreover, we find an asymmetric response of consumption to stock market changes. There is a positive response to upward stock wealth change, but no response to downward stock wealth change. Because the results indicate that stock wealth, housing wealth, and consumption Granger cause one another, the Chinese government could influence the stock market and consumption through control of housing prices; the government could also foster the development of the stock market so as to attract investment out of housing, which would help control housing prices. Our results using two different measures of housing wealth and two measures of consumption suggest caution is necessary to avoid inflated wealth effect estimations if inappropriate variables are selected. Journal: Journal of the Asia Pacific Economy Pages: 196-216 Issue: 2 Volume: 21 Year: 2016 Month: 4 X-DOI: 10.1080/13547860.2015.1094176 File-URL: http://hdl.handle.net/10.1080/13547860.2015.1094176 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:21:y:2016:i:2:p:196-216 Template-Type: ReDIF-Article 1.0 Author-Name: Syed Abul Hasan Author-X-Name-First: Syed Abul Author-X-Name-Last: Hasan Title: Engel curves and equivalence scales for Bangladesh Abstract: This paper examines the Engel curves for major expenditure categories in Bangladesh with a particular attention to their specifications. Our semi-parametric model indicates a quadratic Engel curve for most of the expenditure categories, including food, and thus provides additional evidence to the argument for a quadratic food Engel curve for developing countries. As household expenditure increases, expenditures on some food categories like protein and non-home-made food increase at a faster rate, resulting in a quadratic food Engel curve. Our analysis demonstrates that knowledge about the correct specification of the Engel curves has important implications for modeling household responses to the negative income shocks. Such knowledge can be particularly useful for the developing countries where governments aim to protect the low-income households from such shocks. Journal: Journal of the Asia Pacific Economy Pages: 301-315 Issue: 2 Volume: 21 Year: 2016 Month: 4 X-DOI: 10.1080/13547860.2015.1137471 File-URL: http://hdl.handle.net/10.1080/13547860.2015.1137471 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:21:y:2016:i:2:p:301-315 Template-Type: ReDIF-Article 1.0 Author-Name: Mien-Yun Kuo Author-X-Name-First: Mien-Yun Author-X-Name-Last: Kuo Author-Name: Ji-Liang Shiu Author-X-Name-First: Ji-Liang Author-X-Name-Last: Shiu Title: A dynamic quantitative evaluation of higher education return: evidence from Taiwan education expansion Abstract: This study analyzes the dynamics of the rate of the return to college share on wage rates, by controlling for the effects of individual schooling. Using an endogenous selection model enables controlling the labor idiosyncratic matching structure and unobserved characteristics of people and cities. A 1% increase in college share in the workforce raised the wages by approximately 0.7% for the less educated groups, and approximately 0.5% for the college-educated group. The dynamics of externalities from the share of college graduates rose from approximately 0.3% in 1998 to approximately 0.8% in 2002, and then decreased gradually to approximately 0.5%. The estimation results also show that the expanding higher education benefits female more than male. Journal: Journal of the Asia Pacific Economy Pages: 276-300 Issue: 2 Volume: 21 Year: 2016 Month: 4 X-DOI: 10.1080/13547860.2015.1137472 File-URL: http://hdl.handle.net/10.1080/13547860.2015.1137472 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:21:y:2016:i:2:p:276-300 Template-Type: ReDIF-Article 1.0 Author-Name: William Sheng Liu Author-X-Name-First: William Sheng Author-X-Name-Last: Liu Author-Name: Frank Wogbe Agbola Author-X-Name-First: Frank Wogbe Author-X-Name-Last: Agbola Author-Name: Janet Ama Dzator Author-X-Name-First: Janet Ama Author-X-Name-Last: Dzator Title: The impact of FDI spillover effects on total factor productivity in the Chinese electronic industry: a panel data analysis Abstract: This paper empirically investigates the impact of inward foreign direct investment (FDI) on total factor productivity (TFP) growth in a developing country, China. Utilising an endogenous growth theoretic framework, we estimate a model using 1328 firm-level data and spanning the period 2003–2008. We find that the productivity gap constrains the impact of FDI on TFP, while foreign equity participation enhances technological transfer from foreign partners thus resulting in increased TFP in the Chinese electronic industry (CEI). Our findings demonstrate the need for greater investment in the human capital skill base, adopting flexible labour regulatory policies and encouraging investment in R&D as it enhances TFP in the CEI. Journal: Journal of the Asia Pacific Economy Pages: 217-234 Issue: 2 Volume: 21 Year: 2016 Month: 4 X-DOI: 10.1080/13547860.2015.1137473 File-URL: http://hdl.handle.net/10.1080/13547860.2015.1137473 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:21:y:2016:i:2:p:217-234 Template-Type: ReDIF-Article 1.0 Author-Name: Osborne Sanida Author-X-Name-First: Osborne Author-X-Name-Last: Sanida Author-Name: John Asafu-Adjaye Author-X-Name-First: John Author-X-Name-Last: Asafu-Adjaye Author-Name: Renuka Mahadevan Author-X-Name-First: Renuka Author-X-Name-Last: Mahadevan Title: Challenges for agricultural development in a resource-rich developing country: a case study of Papua New Guinea Abstract: Many resource-rich developing countries are often faced with the challenge of generating sufficient employment for poverty alleviation due to factors such as the capital-intensive nature of resource extraction, the lack of (or weak) linkages between the resource sector and the wider economy, and potential Dutch disease effects. Using Papua New Guinea as a case study, this paper uses a dynamic computable general equilibrium model to analyse some options for a resource-dependent developing country to boost growth in the agricultural and manufacturing sectors. Four policy experiments were conducted to examine the impacts of increased primary factor productivity growth in the agricultural and manufacturing industries; increased investment in agriculture; increased investment in agriculture in conjunction with improved infrastructure; and improved value adding and productivity in agro-processing. Our results indicate that investing in agriculture and manufacturing without addressing supply side constraints such as poor road infrastructure would fail to maximise the desired impacts. We also show that by shifting the emphasis from production of primary commodities for export to value adding or secondary production activities, resource-dependent developing countries could enhance growth and employment. Journal: Journal of the Asia Pacific Economy Pages: 235-256 Issue: 2 Volume: 21 Year: 2016 Month: 4 X-DOI: 10.1080/13547860.2016.1145789 File-URL: http://hdl.handle.net/10.1080/13547860.2016.1145789 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:21:y:2016:i:2:p:235-256 Template-Type: ReDIF-Article 1.0 Author-Name: John Thoburn Author-X-Name-First: John Author-X-Name-Last: Thoburn Title: Routledge handbook of industry and development, edited by John Weiss and Michael Tribe Journal: Journal of the Asia Pacific Economy Pages: 316-319 Issue: 2 Volume: 21 Year: 2016 Month: 4 X-DOI: 10.1080/13547860.2016.1146491 File-URL: http://hdl.handle.net/10.1080/13547860.2016.1146491 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:21:y:2016:i:2:p:316-319 Template-Type: ReDIF-Article 1.0 Author-Name: Jun Zhang Author-X-Name-First: Jun Author-X-Name-Last: Zhang Author-Name: Guanghua Wan Author-X-Name-First: Guanghua Author-X-Name-Last: Wan Title: The political economy of China's robust performance Journal: Journal of the Asia Pacific Economy Pages: 255-259 Issue: 3 Volume: 13 Year: 2008 X-DOI: 10.1080/13547860802131268 File-URL: http://hdl.handle.net/10.1080/13547860802131268 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:13:y:2008:i:3:p:255-259 Template-Type: ReDIF-Article 1.0 Author-Name: John Weiss Author-X-Name-First: John Author-X-Name-Last: Weiss Title: Investment climate in China: province estimates Abstract: This paper uses a large firm-level survey to assess differences in performance across regions. A panel data analysis is conducted to explain both productivity and profitability across firms in terms of firm and industry characteristics. Regional dummies are included to pick up additional location-specific impacts and the size of these dummies is used to rank provinces. Province performance is then examined in terms of geography, infrastructure, the policy environment and aspects of the investment climate with the conclusion that the latter plays a major part in explaining provincial differences in performance. Journal: Journal of the Asia Pacific Economy Pages: 260-273 Issue: 3 Volume: 13 Year: 2008 X-DOI: 10.1080/13547860802131276 File-URL: http://hdl.handle.net/10.1080/13547860802131276 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:13:y:2008:i:3:p:260-273 Template-Type: ReDIF-Article 1.0 Author-Name: Jun Zhang Author-X-Name-First: Jun Author-X-Name-Last: Zhang Author-Name: Yuan Gao Author-X-Name-First: Yuan Author-X-Name-Last: Gao Title: Term limits and rotation of Chinese governors: do they matter to economic growth? Abstract: Since the 1980s, the economic system in China has evolved into one that combines fiscal decentralization with political centralization. Local officials are successfully motivated to foster economic growth. One of the motivation and control mechanisms established in China's political and bureaucratic hierarchy is an introduction of term limits and a rotation system for higher level government officials. Using a panel data covering detailed information for all the provincial governors between 1978 and 2004, this paper finds a positive impact of both term limits and rotation of governors across provinces on local economic growth. It also finds that term limits and economic growth exhibit a weakly inverted U relationship. Although the rotation of governors matters to local economic growth, regional variation is observed, and the positive impact of rotated governors on local growth turned out to be more obvious in the eastern provinces than in the other provinces. Journal: Journal of the Asia Pacific Economy Pages: 274-297 Issue: 3 Volume: 13 Year: 2008 X-DOI: 10.1080/13547860802131284 File-URL: http://hdl.handle.net/10.1080/13547860802131284 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:13:y:2008:i:3:p:274-297 Template-Type: ReDIF-Article 1.0 Author-Name: Zhao Chen Author-X-Name-First: Zhao Author-X-Name-Last: Chen Author-Name: Ming Lu Author-X-Name-First: Ming Author-X-Name-Last: Lu Author-Name: Junzhi He Author-X-Name-First: Junzhi Author-X-Name-Last: He Title: Power and political participation of entrepreneurs: evidence from Liuzhou, Guangxi, China Abstract: Using survey data of enterprises and entrepreneurs from Liuzhou, Guangxi, China, the determinants of political participation of private enterprises are studied. We find (1) entrepreneurs who are older or from larger older enterprises have a higher probability of becoming members of the People's Congress and the Chinese People's Political Consultative Conference, while gender, education and household registration status do not significantly affect their political participation. (2) Entrepreneurs with membership in the Communist Party of China or other parties have a higher probability of entering politics. Compared with Communist Party members, those of other parties have a much higher probability of political participation. (3) Parental leadership identity increases entrepreneur probability of entering politics. Its effect is between that of Communist Party membership and other party membership. This paper provides evidence that Chinese entrepreneurs in private enterprises are translating their economic power, political identity, and household background into formal political power. Journal: Journal of the Asia Pacific Economy Pages: 298-312 Issue: 3 Volume: 13 Year: 2008 X-DOI: 10.1080/13547860802131292 File-URL: http://hdl.handle.net/10.1080/13547860802131292 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:13:y:2008:i:3:p:298-312 Template-Type: ReDIF-Article 1.0 Author-Name: Mingxing Liu Author-X-Name-First: Mingxing Author-X-Name-Last: Liu Author-Name: Ran Tao Author-X-Name-First: Ran Author-X-Name-Last: Tao Author-Name: Fei Yuan Author-X-Name-First: Fei Author-X-Name-Last: Yuan Author-Name: Guangzhong Cao Author-X-Name-First: Guangzhong Author-X-Name-Last: Cao Title: Instrumental land use investment-driven growth in China Abstract: In the past decade or so, local governments in China have significantly increased their land development activities by acquiring land from farmers and leasing it on a large scale to industrial and commercial developers. This paper is an analysis of how land is used under China's existing institutional background as a competitive incentive for local investment. It is argued that local land development activities have contributed to an investment-driven growth in China that is not sustainable in the long run. On the basis of a panel data covering all provinces from 1998 to 2005, we empirically analyze the impacts of public land leasing on local fiscal revenue and gross domestic product (GDP). Policy implications are drawn with regard to further steps in land reforms. Journal: Journal of the Asia Pacific Economy Pages: 313-331 Issue: 3 Volume: 13 Year: 2008 X-DOI: 10.1080/13547860802131300 File-URL: http://hdl.handle.net/10.1080/13547860802131300 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:13:y:2008:i:3:p:313-331 Template-Type: ReDIF-Article 1.0 Author-Name: Jing Zhang Author-X-Name-First: Jing Author-X-Name-Last: Zhang Author-Name: Xiaolan Fu Author-X-Name-First: Xiaolan Author-X-Name-Last: Fu Title: FDI and environmental regulations in China Abstract: This paper uses provincial socioeconomic and environmental data and investigates whether there exists an intra-county pollution haven effect for China. We examine whether differences in the stringency of environmental regulations affect the choice of location for FDI in China. We use a five-year panel dataset for 30 provinces in China that includes three measures of environmental regulations, which vary across time and province, and a significant number of control variables including measures of agglomeration and factor abundance. We control for unobserved heterogeneity by using a feasible generalised least square estimator. Our results suggest that environmental stringency has a significant and negative effect on FDI, leading us to conclude that, ceteris paribus, FDI prefers to locate into regions with relatively weak environmental regulations. This provides some support for the existence of a pollution haven within China. Journal: Journal of the Asia Pacific Economy Pages: 332-353 Issue: 3 Volume: 13 Year: 2008 X-DOI: 10.1080/13547860802131326 File-URL: http://hdl.handle.net/10.1080/13547860802131326 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:13:y:2008:i:3:p:332-353 Template-Type: ReDIF-Article 1.0 Author-Name: Harshana Kasseeah Author-X-Name-First: Harshana Author-X-Name-Last: Kasseeah Title: What determines the leverage decisions of Chinese firms? Abstract: We study the leverage decisions of listed Chinese manufacturing firms over the period 1995–2004. We show that some firm characteristics, such as profitability and size, affect the leverage decisions of these firms, while other characteristics such as collateral and growth opportunities do not. Additionally, we find no important differences in the financing of listed firms across eastern (coastal), central and western regions. We also find evidence that contrary to other firms, the leverage of firms located in high FDI recipient provinces and firms who receive more subsidies from the state is not influenced by their profitability. Finally, we consider whether WTO accession affects the leverage of firms but find no strong evidence to support this claim. Journal: Journal of the Asia Pacific Economy Pages: 354-374 Issue: 3 Volume: 13 Year: 2008 X-DOI: 10.1080/13547860802131334 File-URL: http://hdl.handle.net/10.1080/13547860802131334 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:13:y:2008:i:3:p:354-374 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: A Review of “Regionalism, Trade and Economic Development in the Asia-Pacific Region” Journal: Pages: 375-382 Issue: 3 Volume: 13 Year: 2008 X-DOI: 10.1080/13547860802131359 File-URL: http://hdl.handle.net/10.1080/13547860802131359 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:13:y:2008:i:3:p:375-382 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Notes on Contributors Journal: Pages: 383-385 Issue: 3 Volume: 13 Year: 2008 X-DOI: 10.1080/13547860802131367 File-URL: http://hdl.handle.net/10.1080/13547860802131367 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:13:y:2008:i:3:p:383-385 Template-Type: ReDIF-Article 1.0 Author-Name: Asma Hyder Author-X-Name-First: Asma Author-X-Name-Last: Hyder Author-Name: Jere Behrman Author-X-Name-First: Jere Author-X-Name-Last: Behrman Title: International trade openness and gender gaps in Pakistani labor force participation rates over 57 years Abstract: The extent of openness to international trade may alter incentives differentially by gender for labor force participation, particularly in economies in which gender differentials in human capital investments such as schooling are large and in which norms about gender behaviors are strong. This paper uses historical census data since 1951 and two recent Labor Force Surveys to investigate the impact of international trade openness on gender differences in labor force participation rates in broad occupational categories in Pakistan. The method used controls for average gender differences in these occupational categories and the unobserved factors that affect male and female labor force participation rates equally. The estimates indicate that increased international trade significantly reduces the gap between male and female labor force participation on average across all occupations. However, if responses are allowed to vary across seven broad occupational categories, the estimates suggest that the significant relative increases in female labor force participation are concentrated in agriculture and other primary occupations. Journal: Journal of the Asia Pacific Economy Pages: 367-382 Issue: 3 Volume: 17 Year: 2012 X-DOI: 10.1080/13547860.2012.694684 File-URL: http://hdl.handle.net/10.1080/13547860.2012.694684 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:17:y:2012:i:3:p:367-382 Template-Type: ReDIF-Article 1.0 Author-Name: Alec Zuo Author-X-Name-First: Alec Author-X-Name-Last: Zuo Author-Name: David Round Author-X-Name-First: David Author-X-Name-Last: Round Title: The impact of foreign direct investment on domestic supplier industries within Chinese provinces Abstract: We investigate empirically whether the presence of foreign enterprises in downstream industries has increased intra-provincial backward linkages in China, and what characteristics of foreign direct investment (FDI) contribute to the generation of backward linkages. We conclude that FDI in downstream industries generally has failed to induce higher backward linkages except for the electronic and telecommunications equipment industry. Across industries, those characteristics of FDI, such as the labour productivity gap between indigenous and foreign companies, whether FDI is from Hong Kong/Macau/Taiwan or other countries and whether FDI is wholly owned or jointly owned, appear less influential on the backward linkages than the activities of foreign enterprises (e.g. value-added activities and import and export activities). Journal: Journal of the Asia Pacific Economy Pages: 383-398 Issue: 3 Volume: 17 Year: 2012 X-DOI: 10.1080/13547860.2012.694688 File-URL: http://hdl.handle.net/10.1080/13547860.2012.694688 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:17:y:2012:i:3:p:383-398 Template-Type: ReDIF-Article 1.0 Author-Name: Salah Nusair Author-X-Name-First: Salah Author-X-Name-Last: Nusair Title: Is East Asia an optimum currency area? A test of generalized purchasing power parity in the presence of structural breaks Abstract: This paper applies the generalized purchasing power parity (G-PPP) theory to assess the potential for an optimum currency area (OCA) for the ASEAN5 plus the big three (ASEAN5+Big3) during a period containing significant structural breaks, using the US, Japan and China as base countries. The relevance of considering breaks is demonstrated by utilizing the Johansen et al. (2000) procedure that allows for up to two predetermined breaks. The results provide support for long-run G-PPP and suggest that the larger group ASEAN5+Big3 could form an OCA in one step. Conversely, for smaller groups, such as the Big3, an OCA is not supported. However, adding one or more countries to the Big3 supports an OCA. The impact of the Asian crisis seems to be limited to when the US is the base country and the results suggest a change in the G-PPP relationship between the pre- and postcrisis periods. Moreover, stability tests suggest that G-PPP has been stable for the period analyzed. Journal: Journal of the Asia Pacific Economy Pages: 399-425 Issue: 3 Volume: 17 Year: 2012 X-DOI: 10.1080/13547860.2012.694696 File-URL: http://hdl.handle.net/10.1080/13547860.2012.694696 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:17:y:2012:i:3:p:399-425 Template-Type: ReDIF-Article 1.0 Author-Name: Philomena Murray Author-X-Name-First: Philomena Author-X-Name-Last: Murray Author-Name: Gabriele Orcalli Author-X-Name-First: Gabriele Author-X-Name-Last: Orcalli Title: Deepening regionalism in Europe and ASEAN – the role of an economic constitution Abstract: The article examines the creation of an internal market in Europe and Southeast Asia from the perspective of constitutional economics. It assesses whether the success or failure of a regional integration process depends on the quality of the economic constitution that is chosen by participating countries, that is, on the set of rules and institutions, which bind the actions and transactions of operators within a jurisdiction and towards the operators of other jurisdictions. The article commences with an overview of the analytical instruments of constitutional economics in order to evaluate the success of a regional agreement on the basis of the ‘quality’ of its economic constitution. It then examines internal market creation in the EU and the Association of Southeast Asian Nation (ASEAN). The article concludes that it is the commitment to the implementation of a social contract that determines the successful establishment of a single market. Journal: Journal of the Asia Pacific Economy Pages: 426-445 Issue: 3 Volume: 17 Year: 2012 X-DOI: 10.1080/13547860.2012.694698 File-URL: http://hdl.handle.net/10.1080/13547860.2012.694698 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:17:y:2012:i:3:p:426-445 Template-Type: ReDIF-Article 1.0 Author-Name: Prema-chandra Athukorala Author-X-Name-First: Prema-chandra Author-X-Name-Last: Athukorala Author-Name: Tran Tien Author-X-Name-First: Tran Author-X-Name-Last: Tien Title: Foreign direct investment in industrial transition: the experience of Vietnam Abstract: This paper examines the role of foreign direct investment (FDI) in the process of industrial transition in Vietnam under market-oriented reforms. The findings are consistent with the conventional wisdom that concomitant liberalisation of trade and investment regimes, accompanied by creating a congenial environment for market-based decision making by the private agents, is vital for reaping developmental gains from FDI. During the 1990s growth of employment in firms with foreign capital participation lagged behind output growth, reflecting the capital-intensity bias in domestic-market-oriented production in a partially liberalised economy. This pattern has changed notably in recent years as the product mix gradually became export oriented in response to further liberalisation of trade and investment policy regimes. Journal: Journal of the Asia Pacific Economy Pages: 446-463 Issue: 3 Volume: 17 Year: 2012 X-DOI: 10.1080/13547860.2012.694699 File-URL: http://hdl.handle.net/10.1080/13547860.2012.694699 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:17:y:2012:i:3:p:446-463 Template-Type: ReDIF-Article 1.0 Author-Name: Yahua Zhang Author-X-Name-First: Yahua Author-X-Name-Last: Zhang Title: A retrospective analysis of the effects of airline mergers on China Eastern's ‘lifeline’ routes: a difference-in-differences approach Abstract: We have seen a wave of mega airline mergers in the past few years including Air France/KLM, Delta/Northwest (NW) and United/Continental. However, literature examining the post-merger effects remains sparse. Using a difference-in-differences (DD) approach, this study examines the airfares on China Eastern's three ‘lifeline’ routes, Shanghai–Beijing, Shanghai–Guangzhou and Shanghai–Shenzhen, after the 2002 airline mergers that eliminated six state-owned airlines and resulted in three large airline groups. Passengers on these important routes seem to have not been adversely impacted, and even in 2007, the airfares were not significantly higher than that of the 2002 level despite the rise in fuel price, which may provide some evidence to support the 2009 merger between China Eastern and Shanghai Airlines and justify a lenient anti-trust treatment of mergers in China's airline industry. Retrospectively examining the actual effects of consummated mergers in China including this research has significant policy implications for the new Anti-Monopoly Law enforcement agencies that have little experience and knowledge in dealing with airline mergers and alliances at this stage. Journal: Journal of the Asia Pacific Economy Pages: 464-475 Issue: 3 Volume: 17 Year: 2012 X-DOI: 10.1080/13547860.2012.694701 File-URL: http://hdl.handle.net/10.1080/13547860.2012.694701 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:17:y:2012:i:3:p:464-475 Template-Type: ReDIF-Article 1.0 Author-Name: Mohammad Zulfan Tadjoeddin Author-X-Name-First: Mohammad Zulfan Author-X-Name-Last: Tadjoeddin Title: Electoral conflict and the maturity of local democracy in Indonesia: testing the modernisation hypothesis Abstract: This paper constructs an electoral hostility index for 282 local direct elections (PILKADA) of district heads during 2005–2007 and examines the socio-economic determinants of local democratic maturity in Indonesia. There are 67 PILKADAs (out of 282) categorised as having medium, high or very high levels of electoral hostility. The picture is dominated by hostilities directed towards the local elections commission after voting day. The large sample quantitative analysis employs ordered logistic regression. The results show some evidence in support of the modernisation hypothesis in the context of Indonesia's local democracies. Higher PILKADA hostility or less mature local democracy tends to be experienced by districts with lower income, higher poverty incidence and less urbanised. The results also imply that democracy cannot be deepened in the absence of economic development. Journal: Journal of the Asia Pacific Economy Pages: 476-497 Issue: 3 Volume: 17 Year: 2012 X-DOI: 10.1080/13547860.2012.694705 File-URL: http://hdl.handle.net/10.1080/13547860.2012.694705 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:17:y:2012:i:3:p:476-497 Template-Type: ReDIF-Article 1.0 Author-Name: Akhter Ali Author-X-Name-First: Akhter Author-X-Name-Last: Ali Author-Name: Muhammad Sharif Author-X-Name-First: Muhammad Author-X-Name-Last: Sharif Title: Impact of farmer field schools on adoption of integrated pest management practices among cotton farmers in Pakistan Abstract: In Pakistan, farmer field schools (FFS) are enhancing skills of cotton farmers to adopt integrated pest management (IPM) practices for effective control of pests. To evaluate the impact of FFS on IPM practices, the present study was carried out in the Punjab province of Pakistan. A cross sectional data set of 325 cotton farmers was collected to estimate the impact of farmer field schools on the adoption of IPM practices as well as cotton yield and pesticide demand. A propensity score-matching (PSM) approach was employed to correct for selectivity bias. The results indicate that FFS participants have a higher knowledge level about IPM practices, compared to non-participants. Moreover, the results indicate positive and significant impact of FFS on the adoption of IPM practices, cotton yields and efficient pest management. Journal: Journal of the Asia Pacific Economy Pages: 498-513 Issue: 3 Volume: 17 Year: 2012 X-DOI: 10.1080/13547860.2012.694706 File-URL: http://hdl.handle.net/10.1080/13547860.2012.694706 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:17:y:2012:i:3:p:498-513 Template-Type: ReDIF-Article 1.0 Author-Name: Tony Cavoli Author-X-Name-First: Tony Author-X-Name-Last: Cavoli Author-Name: Victor Pontines Author-X-Name-First: Victor Author-X-Name-Last: Pontines Author-Name: Ramkishen Rajan Author-X-Name-First: Ramkishen Author-X-Name-Last: Rajan Title: Managed floating by stealth: the case of Taiwan Abstract: Taiwan is among the world's largest holders of international reserves, having accumulated US $350 billion of foreign exchange as of end 2009. Despite its significance, since it is not a member of the IMF, Taiwan has been relatively under-studied compared to many of its other Asian counterparts. As such, the aim of this paper is to shed a little light on Taiwan's exchange rate policies and strategies. Our results reveal a regime that can be characterized as involving some degree of management of the New Taiwanese dollar (NTD). More significantly, we can confirm the existence of an asymmetry in central bank foreign exchange intervention responses to currency appreciations versus depreciations in Taiwan, particularly in the case of nominal effective exchange rates (NEERs). This in turn rationalizes the relative exchange rate stability as well as the sustained reserve accumulation in Taiwan. Journal: Journal of the Asia Pacific Economy Pages: 514-526 Issue: 3 Volume: 17 Year: 2012 X-DOI: 10.1080/13547860.2012.694711 File-URL: http://hdl.handle.net/10.1080/13547860.2012.694711 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:17:y:2012:i:3:p:514-526 Template-Type: ReDIF-Article 1.0 Author-Name: Shuzhang Sun Author-X-Name-First: Shuzhang Author-X-Name-Last: Sun Author-Name: Christopher Gan Author-X-Name-First: Christopher Author-X-Name-Last: Gan Author-Name: Baiding Hu Author-X-Name-First: Baiding Author-X-Name-Last: Hu Title: Evaluating McCallum rule as a policy guideline for China Abstract: Economists have reached a consensus that central bank can improve their policy efficiency by following a monetary policy rule. Given that money supply is the principal policy instrument of the People's Bank of China (PBC) and its monetary targeting regime, this paper utilizes the counterfactual simulation method to evaluate the feasibility of the McCallum rule as a policy guideline for China in two simple macroeconomic models. The simulation results show that following the McCallum rule could significantly reduce China's nominal GDP fluctuations. The analysis shows that a rule-specified path for monetary base changes could be used as a benchmark for PBC's policy decision. Therefore, we strongly advocate that the PBC adopt the McCallum rule as its policy guideline in future policymaking. Journal: Journal of the Asia Pacific Economy Pages: 527-545 Issue: 3 Volume: 17 Year: 2012 X-DOI: 10.1080/13547860.2012.694714 File-URL: http://hdl.handle.net/10.1080/13547860.2012.694714 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:17:y:2012:i:3:p:527-545 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Notes on contributors Journal: Journal of the Asia Pacific Economy Pages: 548-551 Issue: 3 Volume: 17 Year: 2012 X-DOI: 10.1080/13547860.2012.694718 File-URL: http://hdl.handle.net/10.1080/13547860.2012.694718 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:17:y:2012:i:3:p:548-551 Template-Type: ReDIF-Article 1.0 Author-Name: John Thoburn Author-X-Name-First: John Author-X-Name-Last: Thoburn Title: A Reviews of “Is China buying the world?” Journal: Journal of the Asia Pacific Economy Pages: 546-547 Issue: 3 Volume: 17 Year: 2012 X-DOI: 10.1080/13547860.2012.694720 File-URL: http://hdl.handle.net/10.1080/13547860.2012.694720 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:17:y:2012:i:3:p:546-547 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Editorial board Journal: Pages: ebi-ebi Issue: 3 Volume: 3 Year: 1998 X-DOI: 10.1080/13547869808724650 File-URL: http://hdl.handle.net/10.1080/13547869808724650 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:3:y:1998:i:3:p:ebi-ebi Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Erratum Journal: Pages: 4-4 Issue: 3 Volume: 3 Year: 1998 X-DOI: 10.1080/13547869808724651 File-URL: http://hdl.handle.net/10.1080/13547869808724651 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:3:y:1998:i:3:p:4-4 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Note from the editors Journal: Pages: 265-265 Issue: 3 Volume: 3 Year: 1998 X-DOI: 10.1080/13547869808724652 File-URL: http://hdl.handle.net/10.1080/13547869808724652 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:3:y:1998:i:3:p:265-265 Template-Type: ReDIF-Article 1.0 Author-Name: James Dean Author-X-Name-First: James Author-X-Name-Last: Dean Title: Asia's financial crisis in historical perspective Abstract: This article places the debate between prescribing illiquidity and prescribing insolvency in historical perspective, by comparing Asia's current debt crisis with Latin America's during the 1980s. It is then suggested that none of the Asian economies is in any meaningful sense ‘insolvent,’ and that those who oppose the IMF‐led ‘bailout’ fall into three equally misguided camps; ‐ fiscal conservatives, left wing moralists, and right wing academics. This is not to suggest that the IMF's response to the Asian crisis has been flawless: it has not. Finally, the article argues that South Korea's currency crisis spread irrationally from the others’, and was compounded by a ‘reverse free rider’ phenomenon among foreign lenders. A short appendix looks at South Korea's debt history between 1960 and 1989. Journal: Journal of the Asia Pacific Economy Pages: 267-283 Issue: 3 Volume: 3 Year: 1998 X-DOI: 10.1080/13547869808724653 File-URL: http://hdl.handle.net/10.1080/13547869808724653 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:3:y:1998:i:3:p:267-283 Template-Type: ReDIF-Article 1.0 Author-Name: C. H. Kwan Author-X-Name-First: C. H. Author-X-Name-Last: Kwan Title: A Japanese perspective of Asia's currency crisis Abstract: The latest currency crisis in Asia clearly shows that the traditional exchange rate policy of pegging to the dollar is no longer consistent with macroeconomic stability in Asia's developing countries, and that they should peg closer to the Japanese yen. The weakening yen since mid‐1995 was a major factor triggering the crisis in Asia which has led to a further depreciation of the yen. Severing the vicious circle between economic deceleration in Asia and a weakening yen is crucial for the Asian economies to recover. Japan can help Asia as well as itself by pursuing a policy mix of stimulating domestic demand and pushing the yen up against the dollar. Journal: Journal of the Asia Pacific Economy Pages: 284-300 Issue: 3 Volume: 3 Year: 1998 X-DOI: 10.1080/13547869808724654 File-URL: http://hdl.handle.net/10.1080/13547869808724654 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:3:y:1998:i:3:p:284-300 Template-Type: ReDIF-Article 1.0 Author-Name: Leong Liew Author-X-Name-First: Leong Author-X-Name-Last: Liew Title: A political‐economy analysis of the Asian financial crisis Abstract: This paper provides a political‐economy analysis of the Asian financial crisis, with a focus on the economies of Indonesia, Korea, Malaysia and Thailand. It explains why the crisis affected each of these countries differently and why the responses to the crisis differ between governments. The paper argues that banking crises need not necessarily lead to currency crises. In particular, it provides an argument that, despite its banking crisis, Korea should have avoided a currency crisis because its economic fundamentals were fundamentally sound. That it failed to do so was due to the inertia of the previous government and IMF policies, which have the support of the current government because they are consistent with its political imperative. This paper also examines the roles played by the United States, Japan and China, which are the key regional players in the region, in the crisis. It argues that the behaviour of the key regional players was very much dictated by their domestic and international agendas. Journal: Journal of the Asia Pacific Economy Pages: 301-330 Issue: 3 Volume: 3 Year: 1998 X-DOI: 10.1080/13547869808724655 File-URL: http://hdl.handle.net/10.1080/13547869808724655 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:3:y:1998:i:3:p:301-330 Template-Type: ReDIF-Article 1.0 Author-Name: O. Yul Kwon Author-X-Name-First: O. Yul Author-X-Name-Last: Kwon Title: The Korean financial crisis: Diagnosis, remedies and prospects Abstract: Pulling down the curtain on its economic miracle of the last three decades, South Korea suddenly fell into a financial crisis in 1997, and was rescued by the IMF. The causes of the crisis are identified in four different sectors of the Korean economy: the real sector, the banking sector, the securities market and the foreign exchange market. Underlying the numerous causes identified for the crisis is the failure of the very institutions and economic structure that propelled Korea to its economic success, in adapting to emerging changes in domestic and international environments. The IMF rescue package is therefore intended to remedy the institutional and structural flaws. The Korean economy is at a crossroads. If it complies well with the IMF conditionality, the economy will be revitalized based on a firmer institutional and structural foundation within a few years. If, however, Korea fails to do so, it will remain an IMF recidivist. Although it has made substantial progress, Korea still faces serious challenges for a successful completion of the IMF programme. Journal: Journal of the Asia Pacific Economy Pages: 331-357 Issue: 3 Volume: 3 Year: 1998 X-DOI: 10.1080/13547869808724656 File-URL: http://hdl.handle.net/10.1080/13547869808724656 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:3:y:1998:i:3:p:331-357 Template-Type: ReDIF-Article 1.0 Author-Name: Rajah Rasiah Author-X-Name-First: Rajah Author-X-Name-Last: Rasiah Title: The Malaysian financial crisis: Capital expansion, cronyism and contraction Abstract: The Malaysian economy crashed following a sharp drop in the ringgit and the stock market from late 1997, which came in the wake of a regional financial crisis triggered by the baht crisis that started in July 1997. Many have since begun to question the merits of Malaysia as a model of successful development. This paper traces systematically the causes of the late 1980s and early 1990s boom, and the slowdown subsequently. The boom is argued to have been shaped by increased flows of foreign direct investment through a combination of pressures forcing East Asian investment abroad and liberalisation of domestic policies and favourable depreciation in exchange rates and introduction of export‐oriented incentives, which even helped pad crony ventures. The slowdown was triggered by an appreciation of exchange rates, falling tariffs and scrapping of export‐oriented incentives, which encouraged imports and discouraged exports, slowdown in foreign investment inflows, slow technological progress in the face of rising costs, expansion in debt‐driven investment into property and real sectors and unsustainable growth in unproductive crony ventures. The bust consequendy took place following speculation, regional contagion effect, and massive capital flight influenced by herd behaviour and confidence wrecking policy statements. Journal: Journal of the Asia Pacific Economy Pages: 358-378 Issue: 3 Volume: 3 Year: 1998 X-DOI: 10.1080/13547869808724657 File-URL: http://hdl.handle.net/10.1080/13547869808724657 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:3:y:1998:i:3:p:358-378 Template-Type: ReDIF-Article 1.0 Author-Name: Kui‐yin Cheung Author-X-Name-First: Kui‐yin Author-X-Name-Last: Cheung Author-Name: Chengze Fan Author-X-Name-First: Chengze Author-X-Name-Last: Fan Title: Post‐reform productivity performance in Guangdong: 1978–94 Abstract: The rapid economic growth in China for the past two decades has recently attracted much attention among economists measuring the post‐reform productivity performance in China. What has been generally ignored in this literature, however, is the heterogeneity of growth performance in different regions in China. In particular, Guangdong province has had a growth rate that is far above the national average. In fact, the growth performance in Guangdong has been so spectacular that it is regarded as a new East Asian ‘Miracle’ and Guangdong is referred to as the ‘Fifth Tiger,’ after South Korea, Taiwan, Hong Kong, and Singapore, in some literature. This paper provides an empirical study on the post‐reform productivity performance of Guangdong. Overall, we find that the productivity growth in Guangdong for the past two decades has been high, and has been increasing over time. More interestingly, we find two significant jumps in productivity growth in 1984 and in 1991. We provide an explanation for our results based on the analysis of the changing political and economic ‘institutions’ due to economic reform in China. Journal: Journal of the Asia Pacific Economy Pages: 379-387 Issue: 3 Volume: 3 Year: 1998 X-DOI: 10.1080/13547869808724658 File-URL: http://hdl.handle.net/10.1080/13547869808724658 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:3:y:1998:i:3:p:379-387 Template-Type: ReDIF-Article 1.0 Author-Name: Clem Tisdell Author-X-Name-First: Clem Author-X-Name-Last: Tisdell Title: Brunei's quest for sustainable development: Diversification and other strategies Abstract: Like many Middle East economies, Brunei is an oil‐rich rentier economy with a high degree of dependence on guest workers, concentration of employment of Bruneians in the public sector and with a high degree of specialization in extractive production. Because its hydrocarbon reserves are diminishing, it faces the problem of how to sustain its income. The potential for it to do this by investing its rental income abroad and by diversifying its economy are discussed, and comparisons are made with oil‐rich Middle East countries and MIRAB economies. Doubts are raised about industrial diversification as a suitable sustainable development strategy for Brunei. Expansion of service industries may offer better prospects. Brunei's entry into APEC could limit its scope for adopting strategic policies to restructure its economy. Journal: Journal of the Asia Pacific Economy Pages: 388-409 Issue: 3 Volume: 3 Year: 1998 X-DOI: 10.1080/13547869808724659 File-URL: http://hdl.handle.net/10.1080/13547869808724659 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:3:y:1998:i:3:p:388-409 Template-Type: ReDIF-Article 1.0 Author-Name: Roselyne Joyeux Author-X-Name-First: Roselyne Author-X-Name-Last: Joyeux Author-Name: William Worner Author-X-Name-First: William Author-X-Name-Last: Worner Title: Price and exchange rate determination between the Mekong river economies of Cambodia and Thailand Abstract: The authors use cointegration techniques to test for: (i) purchasing power parity (PPP) on the bilateral exchange rate between Cambodia and Thailand; and (ii) the existence of a long‐run equilibrium relationship between the official and parallel market exchange rates. The period under study is the phase of economic transition in Cambodia from central planning to a market economy during which inflation accelerated and then decelerated. The findings for the first test support the relative version of the PPP hypothesis. The second test draws on portfolio balance theory in the context of a dual exchange rate system. The findings indicate that parallel and official exchange rates are cointegrated, implying that during the period of monetary adjustment official and parallel market exchange rates depreciated in the same proportion over the long run. Journal: Journal of the Asia Pacific Economy Pages: 424-445 Issue: 3 Volume: 3 Year: 1998 X-DOI: 10.1080/13547869808724661 File-URL: http://hdl.handle.net/10.1080/13547869808724661 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:3:y:1998:i:3:p:424-445 Template-Type: ReDIF-Article 1.0 Author-Name: B. Ramasamy Author-X-Name-First: B. Author-X-Name-Last: Ramasamy Author-Name: R. D. Cremer Author-X-Name-First: R. D. Author-X-Name-Last: Cremer Title: Cities, commerce and culture: The economic role of international sister‐city relationships between New Zealand and Asia Abstract: Culture has been considered to be an important factor affecting cross‐border trade and investment. The existing literature addresses this issue mainly by considering the effect of culture on economic relations and suggests behavioural patterns of individuals and institutions when confronted with this environment. This paper considers an effective way to reduce the distance in the cultural gap. It discusses the concept of international sister‐city relationships as an effective instrument to foster closer cultural and economic links between countries. The emphasis is on an integrating approach, based on the multifold relationships between culture and commerce. Exclusive approaches, which follow either a cultural or a commercial agenda, are questioned. The paper is based on a study conducted in 1995–96 among local governments in New Zealand with a sister‐city relationship with Asia. The responses to the surveys resulted in a set of guidelines for effective management and organization of economically motivated sister‐city relationships. Journal: Journal of the Asia Pacific Economy Pages: 446-461 Issue: 3 Volume: 3 Year: 1998 X-DOI: 10.1080/13547869808724662 File-URL: http://hdl.handle.net/10.1080/13547869808724662 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:3:y:1998:i:3:p:446-461 Template-Type: ReDIF-Article 1.0 Author-Name: Paul Ross Author-X-Name-First: Paul Author-X-Name-Last: Ross Author-Name: Anis Chowdhury Author-X-Name-First: Anis Author-X-Name-Last: Chowdhury Author-Name: Iyanatul Islam Author-X-Name-First: Iyanatul Author-X-Name-Last: Islam Title: Book reviews Abstract: E. Chen and C. H. Kwan (eds), Asia's Borderless Economy: The Emergence of Sub‐regional Zones, Sydney: Allen and Unwin, 1997. ISBN 18644 84497.Sylvia Ostry, The Post‐Cold War Trading System: Who's on First?, Chicago and London: University of Chicago Press, 1997. Pp. xix + 309. ISBN 0–226–63790–5 (paper), 0–226–63789–1 (cloth). Price unknown.Anek Laothamatas (ed.), Democratization in Southeast Asia and East Asia, Singapore: Institute of Southeast Asian Studies, 1997. Pp. 268. ISBN 9–613–05531–6. Journal: Pages: 462-468 Issue: 3 Volume: 3 Year: 1998 X-DOI: 10.1080/13547869808724663 File-URL: http://hdl.handle.net/10.1080/13547869808724663 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:3:y:1998:i:3:p:462-468 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Notes on contributors Journal: Pages: 469-470 Issue: 3 Volume: 3 Year: 1998 X-DOI: 10.1080/13547869808724664 File-URL: http://hdl.handle.net/10.1080/13547869808724664 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:3:y:1998:i:3:p:469-470 Template-Type: ReDIF-Article 1.0 Author-Name: Andrew DeWit Author-X-Name-First: Andrew Author-X-Name-Last: DeWit Title: Dry Rot: The Corruption of General Subsidies in Japan Abstract: Within a few short years, Japan's over ¥20 trillion system of general subsidies has gone from being a sacred cow to a salient item on a menu of reforms. This development reflects the rise of reformist forces, notably Prime Minister Koizumi Junichiro, and their critique of the Liberal Democratic Party old guard's extraordinary mismanagement of the Japanese economy. The delegitimation of general subsidies has, however, a longer trajectory as well. It derives from excessive fiscal centralization and the spread of wasteful subsidies throughout the intergovernmental fiscal system. Japan's extensive fiscal reforms in the mid-1980s anticipated a very different scenario. They saw the expansion of general subsidies and locally initiated public works as important means for overcoming the clearly debilitating politics of specific subsidies. What was generally overlooked was the great scope for moral hazard that the reforms entailed. And no one could have foreseen the 1990s, when the central government increasingly force-fed the locals public-works funding as part of its fiscal policy. This paper therefore retraces the political economy of Japan's general subsidy regime and its increasing delegitimation through pork-barrel incentives. It also sketches the current debate over how to reform the system. Journal: Journal of the Asia Pacific Economy Pages: 355-378 Issue: 3 Volume: 7 Year: 2002 X-DOI: 10.1080/1354786022000007889 File-URL: http://hdl.handle.net/10.1080/1354786022000007889 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:7:y:2002:i:3:p:355-378 Template-Type: ReDIF-Article 1.0 Author-Name: M. G. Quibria Author-X-Name-First: M. G. Author-X-Name-Last: Quibria Author-Name: Ted Tschang Author-X-Name-First: Ted Author-X-Name-Last: Tschang Author-Name: Mari-Len Reyes-Macasaquit Author-X-Name-First: Mari-Len Author-X-Name-Last: Reyes-Macasaquit Title: New Information and Communication Technologies and Poverty: Some evidence from developing Asia Abstract: The paper addresses the question of how the new information and communication technologies (ICTs) can potentially help reduce poverty in developing countries. Starting with the definition and types of ICTs, the paper discusses a number of instances where various ICTs have been fruitfully applied to improve the welfare of rural people in a number of developing economies. The paper also reviews how ICTs can be an indirect instrument of poverty reduction through their impact on growth. Finally the paper discusses the various factors that influence the adoption of new ICTs and the policies developing countries can adopt to take advantage of the new ICT revolution. Journal: Journal of the Asia Pacific Economy Pages: 285-309 Issue: 3 Volume: 7 Year: 2002 X-DOI: 10.1080/1354786022000007852 File-URL: http://hdl.handle.net/10.1080/1354786022000007852 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:7:y:2002:i:3:p:285-309 Template-Type: ReDIF-Article 1.0 Author-Name: Richard Grabowski Author-X-Name-First: Richard Author-X-Name-Last: Grabowski Title: Constructing National Economic Interests Abstract: Less developed nations are plagued by significant economic coordination problems. Solutions to these problems will be developmental (in an economic sense) if national economic interests dominate government policy-making. The construction of a national economic interest in economic growth occurs as the result of the development of cross-cutting ties among groups within society and this results from the evolution of social and cultural networks and links. However, the interaction involved in intensive market exchange can indirectly create these cross-cutting social and cultural ties, thus generating a national economic interest in growth. This is most likely to have occurred in societies that have undergone significant agricultural revolutions involving the bulk of the rural population. This is exactly what has happened in much of East Asia and in the People's Republic of China. The experiences of this region are used to illustrate the main ideas of the paper. Journal: Journal of the Asia Pacific Economy Pages: 310-334 Issue: 3 Volume: 7 Year: 2002 X-DOI: 10.1080/1354786022000007861 File-URL: http://hdl.handle.net/10.1080/1354786022000007861 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:7:y:2002:i:3:p:310-334 Template-Type: ReDIF-Article 1.0 Author-Name: Seppo Pynnönen Author-X-Name-First: Seppo Author-X-Name-Last: Pynnönen Author-Name: Warren Hogan Author-X-Name-First: Warren Author-X-Name-Last: Hogan Author-Name: Jonathan Batten Author-X-Name-First: Jonathan Author-X-Name-Last: Batten Title: Expectations and Liquidity in Yen Bond Markets Abstract: The relationship between daily yields on Japanese government bonds (JGBs), and high grade (AA and AAA) yen eurobonds is investigated. We find the cointegration vector differs slightly from the expected order predicted by the expectations hypothesis and attribute this to differing degrees of liquidity in the eurobond and JGB markets. We conclude that the concentration of new Japanese government issues in maturities of five to ten years, combined with the practice by the authorities of holding a significant amount of outstanding bonds, has distorted the transmission process between different risk classes of bonds. An example of the dynamics of the credit spread on the ten-year AA eurobond is provided. Journal: Journal of the Asia Pacific Economy Pages: 335-354 Issue: 3 Volume: 7 Year: 2002 X-DOI: 10.1080/1354786022000007870 File-URL: http://hdl.handle.net/10.1080/1354786022000007870 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:7:y:2002:i:3:p:335-354 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Notes on Contributors Abstract: Journal: Pages: 417-418 Issue: 3 Volume: 7 Year: 2002 X-DOI: 10.1080/135478602320538319 File-URL: http://hdl.handle.net/10.1080/135478602320538319 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:7:y:2002:i:3:p:417-418 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Book Reviews Journal: Pages: 408-415 Issue: 3 Volume: 7 Year: 2002 X-DOI: 10.1080/1354786022000007906 File-URL: http://hdl.handle.net/10.1080/1354786022000007906 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:7:y:2002:i:3:p:408-415 Template-Type: ReDIF-Article 1.0 Author-Name: Michael Meow-Chung Yap Author-X-Name-First: Michael Meow-Chung Author-X-Name-Last: Yap Title: P -Star, Exchange Rate Regime and Inflation Determination: The Malaysian case Abstract: Introduced in 1989, the P -star model draws on the quantity theory of money. Money plays a central role in determining the long-termprice level. The model has been applied to various industrialized countries. Its advantage is in providing a consistent framework for analysing short-term monetary policy setting against the prospects of achieving a longer-term price stability objective. Hence its adoption greatly assists policy-makers in overcoming the 'time-inconsistency' problem by taking a forward-looking approach to policy. This article analyses the relevance of the P -star model to the Malaysian experience. An extension to the original P -star model, following a generalized monetary approach to the balance of payments and which allows the evaluation of the exchange rate regime's influence on inflation, is also tested. It is found that the original P -star model fits the Malaysian case well although the extended model cannot be rejected. The results strongly support the view that inflation in Malaysia is largely determined by domestic disequilibria although the role of the exchange rate regime cannot be ignored. The analysis provides firm support for using the monetary aggregates in a central role in conducting monetary policy. It strongly advocates the P -star approach as a guidepost to monetary policy. Journal: Journal of the Asia Pacific Economy Pages: 379-407 Issue: 3 Volume: 7 Year: 2002 X-DOI: 10.1080/1354786022000007898 File-URL: http://hdl.handle.net/10.1080/1354786022000007898 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:7:y:2002:i:3:p:379-407 Template-Type: ReDIF-Article 1.0 Author-Name: Jie Li Author-X-Name-First: Jie Author-X-Name-Last: Li Author-Name: Ramkishen S. Rajan Author-X-Name-First: Ramkishen S. Author-X-Name-Last: Rajan Author-Name: Rabin Hattari Author-X-Name-First: Rabin Author-X-Name-Last: Hattari Title: Drivers of intraregional M&As within developing Asia Abstract: A large part of the upsurge in global Foreign Direct Investment (FDI) until the global financial crisis of 2008–2009 has been due to mergers and acquisitions (M&As) as opposed to Greenfield FDI. Also, noteworthy is the growing significance of developing Asia in these cross-border M&As, both as sources of finance as well as destinations of investments. These cross-border M&A flows have deepened the economic integration of developing Asia with the global economy. This paper examines the extent and determinants of M&As to and from developing Asia over the period 2000–2010 with particular emphasis on the financial drivers of intraregional M&As. Global liquidity and risk conditions, as proxied by London Inter Bank Offered Rate (LIBOR), consistently show up as being an important driver of intraregional flows. Journal: Journal of the Asia Pacific Economy Pages: 116-131 Issue: 1 Volume: 21 Year: 2016 Month: 1 X-DOI: 10.1080/13547860.2015.1053591 File-URL: http://hdl.handle.net/10.1080/13547860.2015.1053591 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:21:y:2016:i:1:p:116-131 Template-Type: ReDIF-Article 1.0 Author-Name: Navaratnam Ravinthirakumaran Author-X-Name-First: Navaratnam Author-X-Name-Last: Ravinthirakumaran Author-Name: Saroja Selvanathan Author-X-Name-First: Saroja Author-X-Name-Last: Selvanathan Author-Name: Eliyathamby A. Selvanathan Author-X-Name-First: Eliyathamby A. Author-X-Name-Last: Selvanathan Title: The twin deficits hypothesis in the SAARC countries: an empirical investigation Abstract: Twin deficits hypothesis postulates that there is a strong positive linear relationship between a country's budget deficit and its current account deficit. This paper empirically investigates the existence of this relationship in five South Asian Association for Regional Cooperation (SAARC) countries using time-series data for the period 1980–2012. The paper uses cointegration analysis, error correction modeling and Granger causality test under a vector autoregression framework. The results show that the direction of causality for the SAARC countries is mixed. The findings confirm that budget deficit causes current account deficit for Pakistan and Sri Lanka, whereas the reverse is true for India and Nepal. The direction of causality is found to be unidirectional from current account deficit to budget deficit in the short run for Bangladesh. Journal: Journal of the Asia Pacific Economy Pages: 77-90 Issue: 1 Volume: 21 Year: 2016 Month: 1 X-DOI: 10.1080/13547860.2015.1053592 File-URL: http://hdl.handle.net/10.1080/13547860.2015.1053592 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:21:y:2016:i:1:p:77-90 Template-Type: ReDIF-Article 1.0 Author-Name: Hwok-Aun Lee Author-X-Name-First: Hwok-Aun Author-X-Name-Last: Lee Author-Name: Muhammed Abdul Khalid Author-X-Name-First: Muhammed Abdul Author-X-Name-Last: Khalid Title: Discrimination of high degrees: race and graduate hiring in Malaysia Abstract: This paper investigates racial discrimination in hiring fresh degree graduates in Malaysia through a field experiment. We send fictitious Malay and Chinese résumés to job advertisements, then analyse differentials in callback for interview attributable to racial identity, while controlling for applicant characteristics, employer profile and job requirements. We find that race matters much more than résumé quality, with Malays – Malaysia's majority group – significantly less likely to be called for interview. Other factors, particularly language proficiency of employees, language requirements of jobs and profile of employers, influence employer biases. Applicants fluent in Chinese fare better, and Chinese-controlled and foreign-controlled companies are more likely to favour Chinese résumés, indicating that cultural compatibility explains part of the discrimination. Malay résumés tend to be perceived and prejudged adversely, and employers' attitudes towards public policy outcomes, particularly pertaining to education quality and employment opportunity in the public sector, also account for the observed racial disparities. Journal: Journal of the Asia Pacific Economy Pages: 53-76 Issue: 1 Volume: 21 Year: 2016 Month: 1 X-DOI: 10.1080/13547860.2015.1055948 File-URL: http://hdl.handle.net/10.1080/13547860.2015.1055948 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:21:y:2016:i:1:p:53-76 Template-Type: ReDIF-Article 1.0 Author-Name: Farhad Taghizadeh-Hesary Author-X-Name-First: Farhad Author-X-Name-Last: Taghizadeh-Hesary Author-Name: Naoyuki Yoshino Author-X-Name-First: Naoyuki Author-X-Name-Last: Yoshino Author-Name: Majid Mohammadi Hossein Abadi Author-X-Name-First: Majid Author-X-Name-Last: Mohammadi Hossein Abadi Author-Name: Rosa Farboudmanesh Author-X-Name-First: Rosa Author-X-Name-Last: Farboudmanesh Title: Response of macro variables of emerging and developed oil importers to oil price movements Abstract: This paper assesses the impact of crude oil price movements on two macro variables, the gross domestic product (GDP) growth rate and consumer price index inflation rate, in the developed economies of the United States and Japan, and an emerging economy, the People's Republic of China (PRC). These countries were chosen for this research because they are the world's three largest oil consumers. The main objective of this study is to see whether these economies are still reactive to oil price movements. The results obtained suggest that the impact of oil price fluctuations on developed oil importers’ GDP growth is much lower than on the GDP growth of an emerging economy. The main reasons for this lie in fuel substitution (higher use of nuclear energy, gas, and renewables), a declining population (for Japan), the shale gas revolution (for the United States), and strategic oil stocks and government-mandated energy efficiency targets in developed economies. All of these factors make developed economies more resistant to oil shocks. On the other hand, the impact of oil price movements on the PRC's inflation rate was found to be milder than in the two developed countries that were examined. The main cause for this is that the PRC experiences a larger forward shift in its aggregate supply due to higher growth, which allows it to avoid a massive increase in price levels following oil price shocks. Journal: Journal of the Asia Pacific Economy Pages: 91-102 Issue: 1 Volume: 21 Year: 2016 Month: 1 X-DOI: 10.1080/13547860.2015.1057955 File-URL: http://hdl.handle.net/10.1080/13547860.2015.1057955 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:21:y:2016:i:1:p:91-102 Template-Type: ReDIF-Article 1.0 Author-Name: Meng-Shiuh Chang Author-X-Name-First: Meng-Shiuh Author-X-Name-Last: Chang Author-Name: Teng-Yuan Hu Author-X-Name-First: Teng-Yuan Author-X-Name-Last: Hu Author-Name: Ching-Yuan Lin Author-X-Name-First: Ching-Yuan Author-X-Name-Last: Lin Title: Variation in Engel's law across quantiles in Taiwan: toward an alternative concept of near poverty line Abstract: In many countries, the definition of near poverty line is the given amount that is slightly above the poverty line, but the precise economic and statistical basis is unknown. In order to find a natural candidate of near poverty line, this paper employs robust quantile regression on a quadratic parametric model of Engel's law to investigate changes in curvature, signifying changes in taste or liquidity constraint, across food share quantiles. By analyzing thirty waves of the Survey of Family Income and Expenditure in Taiwan (1980–2009), it finds that the curvature systematically follows the ‘bifocal’ variation, indicating a perceptible break in consumption behavior. The threshold separating the two food consumption patterns provides a natural candidate of near poverty line of Taiwan. Journal: Journal of the Asia Pacific Economy Pages: 103-115 Issue: 1 Volume: 21 Year: 2016 Month: 1 X-DOI: 10.1080/13547860.2015.1068599 File-URL: http://hdl.handle.net/10.1080/13547860.2015.1068599 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:21:y:2016:i:1:p:103-115 Template-Type: ReDIF-Article 1.0 Author-Name: Trung X. Hoang Author-X-Name-First: Trung X. Author-X-Name-Last: Hoang Author-Name: Cong S. Pham Author-X-Name-First: Cong S. Author-X-Name-Last: Pham Author-Name: Mehmet A. Ulubaşoğlu Author-X-Name-First: Mehmet A. Author-X-Name-Last: Ulubaşoğlu Title: The role of rice in poverty dynamics in rural Vietnam: 2002–2008 Abstract: Using the Vietnamese Household Living Standards Surveys of 2002, 2004, 2006, and 2008, this paper investigates the role of rice in poverty dynamics in the recent context of Vietnam. We find that sizeable changes in rice prices in the 2000s, which were driven largely by the country's integration into the world markets, have not helped rural households escape poverty, even for households with large-scale rice production. Our results also document that changes in rice output and productivity did not help mitigate poverty either. The paper provides evidence to explain why a substantial exogenous increase in the rice prices between 2006 and 2008 did not help rural households to move out of poverty, while similar changes did help in the 1990s. Journal: Journal of the Asia Pacific Economy Pages: 132-150 Issue: 1 Volume: 21 Year: 2016 Month: 1 X-DOI: 10.1080/13547860.2015.1068600 File-URL: http://hdl.handle.net/10.1080/13547860.2015.1068600 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:21:y:2016:i:1:p:132-150 Template-Type: ReDIF-Article 1.0 Author-Name: Jia Li Author-X-Name-First: Jia Author-X-Name-Last: Li Author-Name: Fang Lee Cooke Author-X-Name-First: Fang Lee Author-X-Name-Last: Cooke Author-Name: Junlin Mu Author-X-Name-First: Junlin Author-X-Name-Last: Mu Author-Name: Jue Wang Author-X-Name-First: Jue Author-X-Name-Last: Wang Title: Underpayment of wages and wage distortion in China: an empirical assessment of the 2003–2008 period Abstract: Are workers in China underpaid? And if so, what may be the reasons and by how much? We address these questions empirically by deploying a heteroscedastic stochastic frontier model, using nationally representative household surveys of the period of 2003–2008. We estimate that labour underpayment is approximately 43.7% in this period of assessment, a significantly higher figure than the estimates for Western economies. Underpayment in this period takes a U-shape relationship. Determinants of underpayment were proposed by seven hypotheses and confirmed by bootstrap method, except age discrimination. Test results show that intergenerational effects are the most salient factor for underpayment. At the same time, we construct an index to measure the wage distortion in the labour market. Our findings indicate a general trend in which underpayment is increasing and differs between workers of different demographic characteristics and across regions. Our study contributes to the field by applying three models to capture the differing levels of influence of a range of factors on underpayment in the Chinese labour market. Journal: Journal of the Asia Pacific Economy Pages: 26-52 Issue: 1 Volume: 21 Year: 2016 Month: 1 X-DOI: 10.1080/13547860.2015.1068601 File-URL: http://hdl.handle.net/10.1080/13547860.2015.1068601 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:21:y:2016:i:1:p:26-52 Template-Type: ReDIF-Article 1.0 Author-Name: Nicolas Grinberg Author-X-Name-First: Nicolas Author-X-Name-Last: Grinberg Title: From the financial crisis to the next eleven: limits and contradictions in the Korean process of capital accumulation Abstract: This paper examines the South Korean economic crisis of 1997–1998 and the subsequent recovery. For this, it first analyses the specific characteristics and long-term development of the process capital accumulation there. The paper claims that, as in the rest of East Asia, capital accumulation in Korea has, since the mid-1960s, revolved around the production of specific industrial goods for world markets using the relatively cheap and disciplined local workforce for simplified labour-processes as appendage of the machine or in manual assembly operations. This modality of accumulation resulted from changes in the forms of production of relative surplus-value on a global scale through the development of computerisation and robotisation, and the concomitant transformation in the productive attributes of the collective worker of large-scale industry. The 1997–1998 financial-cum-economic crisis, as well as the foundations and characteristics of the subsequent recovery, are understood as manifestations of the contradictory dynamics of this specific form of capitalist development. Journal: Journal of the Asia Pacific Economy Pages: 1-25 Issue: 1 Volume: 21 Year: 2016 Month: 1 X-DOI: 10.1080/13547860.2015.1091545 File-URL: http://hdl.handle.net/10.1080/13547860.2015.1091545 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:21:y:2016:i:1:p:1-25 Template-Type: ReDIF-Article 1.0 Author-Name: Fabrizio Carmignani Author-X-Name-First: Fabrizio Author-X-Name-Last: Carmignani Title: Review of Asia and the Pacific: a story of transformation and resurgence Journal: Journal of the Asia Pacific Economy Pages: 330-335 Issue: 2 Volume: 20 Year: 2015 Month: 4 X-DOI: 10.1080/13547860.2015.1020609 File-URL: http://hdl.handle.net/10.1080/13547860.2015.1020609 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:20:y:2015:i:2:p:330-335 Template-Type: ReDIF-Article 1.0 Author-Name: John Quiggin Author-X-Name-First: John Author-X-Name-Last: Quiggin Author-Name: Renuka Mahadevan Author-X-Name-First: Renuka Author-X-Name-Last: Mahadevan Title: The poverty burden: a measure of the difficulty of ending extreme poverty Abstract: The commonly used poverty gap measure is extended to derive and analyse the properties of a poverty burden measure to address the question of whether the elimination of poverty is a feasible objective, given sufficient political commitment. The resources potentially available to address poverty may be measured by the total amount by which the incomes of the non-poor exceed the same poverty line. The ratio of the poverty gap to the resources potentially available is equal to the proportional tax rate on incomes in excess of the poverty line that would be required to fund a transfer sufficient to raise the incomes of all poor people to the poverty line. We refer to this ratio as the ‘poverty burden’ and provide some empirical evidence of what is required to eliminate poverty. Journal: Journal of the Asia Pacific Economy Pages: 167-177 Issue: 2 Volume: 20 Year: 2015 Month: 4 X-DOI: 10.1080/13547860.2015.1020612 File-URL: http://hdl.handle.net/10.1080/13547860.2015.1020612 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:20:y:2015:i:2:p:167-177 Template-Type: ReDIF-Article 1.0 Author-Name: Salim Rashid Author-X-Name-First: Salim Author-X-Name-Last: Rashid Title: The aggregate production function and the measurement of technical change: ‘not even wrong’, by Jesus Felipe and John S.L. McCombie Journal: Journal of the Asia Pacific Economy Pages: 335-341 Issue: 2 Volume: 20 Year: 2015 Month: 4 X-DOI: 10.1080/13547860.2015.1021157 File-URL: http://hdl.handle.net/10.1080/13547860.2015.1021157 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:20:y:2015:i:2:p:335-341 Template-Type: ReDIF-Article 1.0 Author-Name: Dongyeol Lee Author-X-Name-First: Dongyeol Author-X-Name-Last: Lee Author-Name: Hyunjoon Lim Author-X-Name-First: Hyunjoon Author-X-Name-Last: Lim Title: Is household debt sustainable in Korea? Abstract: This paper takes two different approaches to assess the sustainability of household debt in Korea. First, we identify marginal households whose debts are excessive and whose financial soundness is weak, and examine how much these household groups would grow should external shocks occur. This sensitivity analysis shows that the low-income brackets are highly exposed to rollover and default risks, and that a decline in housing prices is an important factor affecting the vulnerability of household debt. Furthermore, we employ a debt dynamics equation and a primary savings reaction function in order to derive the debt limit for each income quintile, and find that the sustainable debt ratio for each income quintile differs in line with the interest rate burden of the household sector, income fluctuations and savings capability. According to the results of this analysis, the first quintile at the bottom income level records debt ratios close to their debt limit, calling for urgent debt restructuring for this income class. Journal: Journal of the Asia Pacific Economy Pages: 224-242 Issue: 2 Volume: 20 Year: 2015 Month: 4 X-DOI: 10.1080/13547860.2014.940760 File-URL: http://hdl.handle.net/10.1080/13547860.2014.940760 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:20:y:2015:i:2:p:224-242 Template-Type: ReDIF-Article 1.0 Author-Name: Tsun Se Cheong Author-X-Name-First: Tsun Se Author-X-Name-Last: Cheong Author-Name: Yanrui Wu Author-X-Name-First: Yanrui Author-X-Name-Last: Wu Title: Crime rates and inequality: a study of crime in contemporary China Abstract: This paper examines the impact of intra-provincial regional inequality on crime rates in China. The results suggest that the western theories of crime can be applied equally to China. The crime rate is found to be positively correlated with intra-provincial regional inequality, but negatively correlated with the level of education. In addition, it is also observed that the crime rate is positively linked with the level of inflation, unemployment rate, as well as inequality in consumption and employment between the rural and urban sectors. The results lend strong support to Merton's theory and Marxian theory. However, the rational choice theory is not supported. Journal: Journal of the Asia Pacific Economy Pages: 202-223 Issue: 2 Volume: 20 Year: 2015 Month: 4 X-DOI: 10.1080/13547860.2014.964961 File-URL: http://hdl.handle.net/10.1080/13547860.2014.964961 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:20:y:2015:i:2:p:202-223 Template-Type: ReDIF-Article 1.0 Author-Name: James Andrew Giesecke Author-X-Name-First: James Andrew Author-X-Name-Last: Giesecke Author-Name: Nhi Hoang Tran Author-X-Name-First: Nhi Hoang Author-X-Name-Last: Tran Author-Name: Gerald Anthony Meagher Author-X-Name-First: Gerald Anthony Author-X-Name-Last: Meagher Author-Name: Felicity Pang Author-X-Name-First: Felicity Author-X-Name-Last: Pang Title: A decomposition approach to labour market forecasting Abstract: Recognising human capital's central role in economic development, many countries in the Asia Pacific region have allocated significant resources to the development of their education sectors. However, despite growing policy concern over acute mismatches between qualification supply and qualification demand, few of these countries have national systems for generating and disseminating employment forecasts. In this paper, we outline a forecasting method that is parsimonious in its data requirements, making it suitable for the often data-constrained research environments of the Asia Pacific's developing economies. We apply the method to Vietnam, a rapidly growing transition economy. The method generates detailed labour market projections, while also making transparent the underlying macroeconomic, structural and policy shocks that determine the forecasts. A decomposition of forecast outcomes in terms of the individual contributions of these shocks facilitates transparency in forecasting, by clearly distinguishing and ranking factors responsible for generating each forecast outcome. Journal: Journal of the Asia Pacific Economy Pages: 243-270 Issue: 2 Volume: 20 Year: 2015 Month: 4 X-DOI: 10.1080/13547860.2014.964964 File-URL: http://hdl.handle.net/10.1080/13547860.2014.964964 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:20:y:2015:i:2:p:243-270 Template-Type: ReDIF-Article 1.0 Author-Name: Martin Andersson Author-X-Name-First: Martin Author-X-Name-Last: Andersson Author-Name: Martin Klinthäll Author-X-Name-First: Martin Author-X-Name-Last: Klinthäll Title: ‘Growth with equity’ and regional development: distributional consequences of agglomeration in Taiwan Abstract: This study investigates long-term distributional effects of regional agglomeration. We analyse changes in relative incomes for different educational and occupational categories in Taiwan from 1976 to 2006, a period during which the country underwent fundamental structural change from labour-intensive to knowledge-intensive industry and increasing globalisation of the economy. Long-term patterns derived from repeated estimations of cross-sectional micro-level data from 31 consecutive annual household surveys show that less-educated groups are not systematic losers of the transformation as positive externalities of agglomeration are both significant and widespread in the leading region. The famous pattern of ‘growth with equity’ in Taiwan has, however, become a regional rather than a national feature. Journal: Journal of the Asia Pacific Economy Pages: 271-289 Issue: 2 Volume: 20 Year: 2015 Month: 4 X-DOI: 10.1080/13547860.2014.964965 File-URL: http://hdl.handle.net/10.1080/13547860.2014.964965 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:20:y:2015:i:2:p:271-289 Template-Type: ReDIF-Article 1.0 Author-Name: Binzhen Wu Author-X-Name-First: Binzhen Author-X-Name-Last: Wu Author-Name: Qiong Zhang Author-X-Name-First: Qiong Author-X-Name-Last: Zhang Author-Name: Xue Qiao Author-X-Name-First: Xue Author-X-Name-Last: Qiao Title: Effects of pharmaceutical price regulation: China's evidence between 1997 and 2008 Abstract: This study uses a macro-level data during the period between 1997 and 2008 to evaluate the effects of China's pharmaceutical price regulations. We find that the regulations exert short-run effects on pharmaceutical price indexes, reducing them by less than 0.5 percentage points. The effects can be slightly reinforced if the price regulations were to be applied to more medicines. The price regulations fail to reduce household health expenditures and the average profitability of the pharmaceutical industry. Moreover, firms on the break-even point are worse off after the implementation. Finally, although these regulations have no significant effects on the prices of medicinal substitutes or complements, they increase the importation of expensive medicines. These findings are also consistent with consumer perceptions of the pharmaceutical policies, based on the household survey data conducted in 2008. Journal: Journal of the Asia Pacific Economy Pages: 290-329 Issue: 2 Volume: 20 Year: 2015 Month: 4 X-DOI: 10.1080/13547860.2014.964968 File-URL: http://hdl.handle.net/10.1080/13547860.2014.964968 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:20:y:2015:i:2:p:290-329 Template-Type: ReDIF-Article 1.0 Author-Name: Wenshu Gao Author-X-Name-First: Wenshu Author-X-Name-Last: Gao Author-Name: Russell Smyth Author-X-Name-First: Russell Author-X-Name-Last: Smyth Title: Education expansion and returns to schooling in urban China, 2001–2010: evidence from three waves of the China Urban Labor Survey Abstract: This study examines the effect of the expansion in education that occurred in the first decade of the twenty-first century on the returns to schooling in urban China for migrants and non-migrants using three waves of the China Urban Labor Survey (CULS), corresponding to 2001, 2005 and 2010. Our main finding is that the premium to education increased by about 2%–3% over a period in which there was a rapid increase in education levels. This result is consistent with the demand for skilled labor increasing at a time when China tries to move up the value-added chain and an observed increase in urban wage inequality. We find that the education premium is higher for non-migrants than migrants and higher for males than females. Journal: Journal of the Asia Pacific Economy Pages: 178-201 Issue: 2 Volume: 20 Year: 2015 Month: 4 X-DOI: 10.1080/13547860.2014.970607 File-URL: http://hdl.handle.net/10.1080/13547860.2014.970607 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:20:y:2015:i:2:p:178-201 Template-Type: ReDIF-Article 1.0 Author-Name: Mobo C. F. Gao Author-X-Name-First: Mobo C. F. Author-X-Name-Last: Gao Title: Vital factors for Chinese rural development: the reach of the state and lineage identity in villages Abstract: This paper, by a case study of Gao Village, examines how two factors, i.e. lineage identity and the reach of the state, impact on local governance in rural China. The paper argues that the withdrawal of the state was detrimental to local governance in the first 20 or so years of post-Mao rural China. With the abolition of agricultural tax and various levies, and the introduction of rural subsidies, rural healthcare and medical care insurances and some investment in rural infrastructure since the beginning of the twenty-first century the return of the state has improved local governance. The paper also argues that the restoration, and in many ways the reinventing, of Chinese tradition of lineage identity makes village elections difficult to be accountable. Journal: Journal of the Asia Pacific Economy Pages: 547-559 Issue: 4 Volume: 22 Year: 2017 Month: 10 X-DOI: 10.1080/13547860.2017.1307022 File-URL: http://hdl.handle.net/10.1080/13547860.2017.1307022 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:22:y:2017:i:4:p:547-559 Template-Type: ReDIF-Article 1.0 Author-Name: Diego Quer Author-X-Name-First: Diego Author-X-Name-Last: Quer Author-Name: Enrique Claver Author-X-Name-First: Enrique Author-X-Name-Last: Claver Author-Name: Laura Rienda Author-X-Name-First: Laura Author-X-Name-Last: Rienda Title: Cultural distance, political risk and location decisions of emerging-market multinationals: a comparison between Chinese and Indian firms Abstract: The international expansion of emerging-market multinational enterprises (MNEs) is becoming a research topic of increasing interest among international business scholars. One of the specific research questions arising is whether conventional theoretical arguments originated in studies on developed-country MNEs are still valid for explaining the international behavior of emerging-market MNEs. Drawing on the institutional theory, this paper argues that the influence of host country institutional factors on location decisions differs between Chinese and Indian MNEs. We hypothesize that the negative impact of both cultural distance and political risk on location decisions is lower for Chinese MNEs as compared to Indian MNEs. From a sample of 832 outward foreign direct investments (OFDIs) we obtain empirical support for these hypotheses. Journal: Journal of the Asia Pacific Economy Pages: 587-603 Issue: 4 Volume: 22 Year: 2017 Month: 10 X-DOI: 10.1080/13547860.2017.1312065 File-URL: http://hdl.handle.net/10.1080/13547860.2017.1312065 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:22:y:2017:i:4:p:587-603 Template-Type: ReDIF-Article 1.0 Author-Name: Sangsoo Lim Author-X-Name-First: Sangsoo Author-X-Name-Last: Lim Author-Name: Sanghoon Lee Author-X-Name-First: Sanghoon Author-X-Name-Last: Lee Author-Name: Pilhyun Kim Author-X-Name-First: Pilhyun Author-X-Name-Last: Kim Title: Asymmetry in the fly-paper effect of the national subsidy in Korea Abstract: Nowadays, Korean central government has concentrated increasing attention on welfare policy. Welfare payment which is delivered by local government relies on the national subsidy. The national subsidy, however, is a kind of conditional grants which is needed to match some financial resource of local governments. For this reason, the fiscal conditions of local governments may become worse off, as the amount of national subsidy increases. This phenomenon is called the ‘fly-paper effect’, and may be caused inefficiency of the intergovernmental grants. In this paper, we test whether there is any fly-paper effect in the national subsidy and, then, the asymmetry in the fly-paper effect. Journal: Journal of the Asia Pacific Economy Pages: 560-574 Issue: 4 Volume: 22 Year: 2017 Month: 10 X-DOI: 10.1080/13547860.2017.1312068 File-URL: http://hdl.handle.net/10.1080/13547860.2017.1312068 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:22:y:2017:i:4:p:560-574 Template-Type: ReDIF-Article 1.0 Author-Name: Bo Xiong Author-X-Name-First: Bo Author-X-Name-Last: Xiong Title: The implications of US punitive tariffs on Chinese tires for rubber exports from South-East Asia Abstract: In July 2015, the United States finalized the countervailing and anti-dumping tariff rates against tire imports from China. The tariff increases are substantial and irrevocable until 2020. We show that the US tariff hikes adversely affect the world tire trade, resulting in a weaker demand for natural rubber from South-East Asia. Using an economic simulation model, we find that the collateral damage to natural rubber export is about $48 million a year in Indonesia, $42 million a year in Thailand, $18 million a year in Malaysia, and $4 million a year in Vietnam. Journal: Journal of the Asia Pacific Economy Pages: 575-586 Issue: 4 Volume: 22 Year: 2017 Month: 10 X-DOI: 10.1080/13547860.2017.1312073 File-URL: http://hdl.handle.net/10.1080/13547860.2017.1312073 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:22:y:2017:i:4:p:575-586 Template-Type: ReDIF-Article 1.0 Author-Name: Wai Ching Poon Author-X-Name-First: Wai Ching Author-X-Name-Last: Poon Author-Name: Gareth D. Leeves Author-X-Name-First: Gareth D. Author-X-Name-Last: Leeves Title: Research output: evidence from economics departments in the Asia-Pacific region Abstract: This study examines the research output of Asia-Pacific institutions in leading economics journals between 2000 and 2010. Growth has occurred and has been aided by links with institutions in the West. Top performing departments are more highly ranked by peers and located within institutions ranked higher in worldwide institutional rankings. Earlier research suggested that output distribution can be approximated by Zipf's law. We find that the top institutions produce more than predicted. This is suggested to be related to scale economies, as greater numbers of top performing staff generate significant externalities in output. This has implications for research funding in emerging countries in the region. Journal: Journal of the Asia Pacific Economy Pages: 604-620 Issue: 4 Volume: 22 Year: 2017 Month: 10 X-DOI: 10.1080/13547860.2017.1319998 File-URL: http://hdl.handle.net/10.1080/13547860.2017.1319998 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:22:y:2017:i:4:p:604-620 Template-Type: ReDIF-Article 1.0 Author-Name: S. Hayden Lesbirel Author-X-Name-First: S. Hayden Author-X-Name-Last: Lesbirel Author-Name: Sizhong Sun Author-X-Name-First: Sizhong Author-X-Name-Last: Sun Title: Oil import diversification in the Asia-Pacific (1976–2014) Abstract: We explore trends and patterns of oil import diversification by Asia-Pacific Economic Cooperation (APEC) countries from 1976 to 2014, and generalise four patterns in that diversification. First, oil import sources of APEC countries are diversified considerably. Second, APEC countries have diversified their import sources over time. Third, there is no σ-convergence in oil import diversification. Fourth, there exist substantial cross-time variations in both the mean and standard deviation of Herfindahl index among APEC countries. Journal: Journal of the Asia Pacific Economy Pages: 621-625 Issue: 4 Volume: 22 Year: 2017 Month: 10 X-DOI: 10.1080/13547860.2017.1341747 File-URL: http://hdl.handle.net/10.1080/13547860.2017.1341747 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:22:y:2017:i:4:p:621-625 Template-Type: ReDIF-Article 1.0 Author-Name: Ainulashikin Marzuki Author-X-Name-First: Ainulashikin Author-X-Name-Last: Marzuki Author-Name: Andrew C. Worthington Author-X-Name-First: Andrew C. Author-X-Name-Last: Worthington Title: A comparative analysis of the smart money effect in Malaysian Islamic and conventional equity funds Abstract: This paper undertakes a comparative analysis of the ‘smart money’ effect—whereby investors are able to identify funds that subsequently perform well—among Malaysian Islamic and conventional domestic equity funds. We find that Islamic equity fund investors are unable to identify funds that will outperform benchmarks in the future. However, these same investors have some ability in identifying poorly performing funds. The key implications are as follows. First, Islamic equity investors naively chasing recently highly performing funds only incidentally benefit from mutual fund momentum strategies. Second, fund managers may be able to benefit from a contrary ‘dumb money’ effect found among Islamic equity fund investors in that they appear most concerned with only very poor performance in determining the flow of funds. Finally, we find high search costs may be one reason why investors naively chase past better performing funds. Journal: Journal of the Asia Pacific Economy Pages: 657-679 Issue: 4 Volume: 22 Year: 2017 Month: 10 X-DOI: 10.1080/13547860.2017.1345073 File-URL: http://hdl.handle.net/10.1080/13547860.2017.1345073 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:22:y:2017:i:4:p:657-679 Template-Type: ReDIF-Article 1.0 Author-Name: Po-Lu Chen Author-X-Name-First: Po-Lu Author-X-Name-Last: Chen Author-Name: Hsun-Fang Hsu Author-X-Name-First: Hsun-Fang Author-X-Name-Last: Hsu Title: Intellectual property rights protection and R&D offshoring: evidence from Taiwan Abstract: This paper investigates the nexus between intellectual property rights (IPRs) protection and research and development (R&D) offshoring by employing data from Taiwanese multinational enterprises (MNEs) for the period 2003–2005. The empirical results suggest that if a country with IPR protection strength equal to that in Chile increases its IPR protection to the level similar to Taiwan, then the Taiwanese MNEs’ likelihood of R&D offshoring to that country will reduce by 2.1%. This result lends support to the prediction of Gersbach and Schmutzler (2011, Oxford Economic Papers 63(1)). Journal: Journal of the Asia Pacific Economy Pages: 647-656 Issue: 4 Volume: 22 Year: 2017 Month: 10 X-DOI: 10.1080/13547860.2017.1345110 File-URL: http://hdl.handle.net/10.1080/13547860.2017.1345110 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:22:y:2017:i:4:p:647-656 Template-Type: ReDIF-Article 1.0 Author-Name: Asif Reza Anik Author-X-Name-First: Asif Reza Author-X-Name-Last: Anik Author-Name: Md. Abdus Salam Author-X-Name-First: Md. Abdus Author-X-Name-Last: Salam Title: Assessing and explaining vegetable growers’ efficiency in the south-eastern hilly districts of Bangladesh Abstract: Through analysing survey data collected from 300 vegetable growers located in the south-eastern hilly districts of Bangladesh, this article identifies drivers of production and technical efficiency in okra and eggplant production. The estimated efficiency scores reveal that around 67% and 99% of the production in okra and eggplant, respectively, are lost due to inefficiency factors. Among different production inputs, land has the highest production elasticity. Land fragmentation and land slope are positively associated with inefficiency, whereas extension service, rented in land and credit have negative associations. Compared to the lager farmers, the smaller are relatively efficient. Efficiency level is also sensitive to ethnicity, annual income, education and farming practices. The important policy outcomes of the study are: land reform to ensure land entitlement; land consolidation and farmers’ organizations for better access to land; off-farm employment creation; and investment in extension service, especially for the indigenous people and for diffusion of the soil preservation technologies. Journal: Journal of the Asia Pacific Economy Pages: 680-695 Issue: 4 Volume: 22 Year: 2017 Month: 10 X-DOI: 10.1080/13547860.2017.1345113 File-URL: http://hdl.handle.net/10.1080/13547860.2017.1345113 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:22:y:2017:i:4:p:680-695 Template-Type: ReDIF-Article 1.0 Author-Name: Justin Robertson Author-X-Name-First: Justin Author-X-Name-Last: Robertson Title: Emergent new finance: hedge funds and private equity funds in East Asia Abstract: Hedge funds and private equity funds are two of the most discussed features of contemporary global finance. This article explores the extent to which these new financial forms have arisen outside of the US and a small number of other advanced financial markets. There has been greater experimentation with global finance in emerging markets than is often acknowledged and domestic resistance to Anglo-Saxon business processes has not derailed the spread of new finance across the Asian region. The rise of these new financial industries, with the notable exception of Japan, would have been impossible without the commitment of one key domestic actor. Asian institutional investors, especially pension funds, have served as crucial financiers to hedge funds and private equity groups. The article concludes with caution concerning whether these new financial actors are set to capture significant global market share. Journal: Journal of the Asia Pacific Economy Pages: 626-646 Issue: 4 Volume: 22 Year: 2017 Month: 10 X-DOI: 10.1080/13547860.2017.1349861 File-URL: http://hdl.handle.net/10.1080/13547860.2017.1349861 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:22:y:2017:i:4:p:626-646 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Editorial Board Journal: Journal of the Asia Pacific Economy Pages: ebi-ebi Issue: 4 Volume: 22 Year: 2017 Month: 10 X-DOI: 10.1080/13547860.2017.1374590 File-URL: http://hdl.handle.net/10.1080/13547860.2017.1374590 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:22:y:2017:i:4:p:ebi-ebi Template-Type: ReDIF-Article 1.0 Author-Name: Greg Clydesdale Author-X-Name-First: Greg Author-X-Name-Last: Clydesdale Title: What Happened to Indian Supremacy? The Systemic Loss of Prosperity Abstract: From the 15th to the 18th century, northern India was one of the most prosperous regions in the world, with highly advanced industrial and commercial techniques. A favourable natural endowment and the stability of the Mughal Empire allowed the creation of forward and backward linkages. These resulted in an economic system of inter-linked producers driven by market forces. The system itself was a key factor in the prosperity and competitiveness of the producers who comprised it. In the 18th century, the pillars on which the system stood began to fall. This history provides a systems-based explanation for the decline of an efficient, flexible economy. Journal: Journal of the Asia Pacific Economy Pages: 305-328 Issue: 3 Volume: 12 Year: 2007 X-DOI: 10.1080/13547860701405730 File-URL: http://hdl.handle.net/10.1080/13547860701405730 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:12:y:2007:i:3:p:305-328 Template-Type: ReDIF-Article 1.0 Author-Name: Rahim Quazi Author-X-Name-First: Rahim Author-X-Name-Last: Quazi Title: Economic Freedom and Foreign Direct Investment in East Asia Abstract: Since the early 1980s, developing countries have generally welcomed FDI, recognizing its manifold benefits, such as provision of capital, transfer of technology, etc. An extensive literature has evolved on FDI that identifies a number of variables, such as market size, trade openness, etc, as its key determinants. Domestic investment climate as a determinant of FDI has been excluded from the literature as reliable data on investment climate are generally unavailable. This study seeks to fill that void by using the economic freedom index, published since 1995 by The Heritage Foundation/Wall Street Journal, as a proxy for domestic investment climate for a sample of seven East Asian countries over the 1995–2000 period. Employing panel regression methodologies, this study finds that economic freedom is a significant and robust determinant of FDI. These results further our knowledge of the FDI dynamics in East Asia, which should be helpful in devising strategies to attract more FDI into that region. Journal: Journal of the Asia Pacific Economy Pages: 329-344 Issue: 3 Volume: 12 Year: 2007 X-DOI: 10.1080/13547860701405755 File-URL: http://hdl.handle.net/10.1080/13547860701405755 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:12:y:2007:i:3:p:329-344 Template-Type: ReDIF-Article 1.0 Author-Name: John Thoburn Author-X-Name-First: John Author-X-Name-Last: Thoburn Author-Name: Kirsten Sutherland Author-X-Name-First: Kirsten Author-X-Name-Last: Sutherland Author-Name: Nguyen Hoa Author-X-Name-First: Nguyen Author-X-Name-Last: Hoa Title: Globalization and Poverty: Impacts on Households of Employment and Restructuring in the Textiles Industry of Vietnam Abstract: This paper traces down to the level of individual workers' household livelihoods the effects of the industrial restructuring that developing countries undergo as they integrate into global value chains, taking the case of the textiles industry of Vietnam. Based on interviews with current and retrenched workers, it adds to the small but growing number of studies showing that working in export industries can have some positive aspects. The impacts of retrenchments from textile employment, as firms restructure, have been mitigated thanks to a combination of compensation payments, pensions, and other income earning opportunities for retrenched workers and their family members. Journal: Journal of the Asia Pacific Economy Pages: 345-366 Issue: 3 Volume: 12 Year: 2007 X-DOI: 10.1080/13547860701405904 File-URL: http://hdl.handle.net/10.1080/13547860701405904 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:12:y:2007:i:3:p:345-366 Template-Type: ReDIF-Article 1.0 Author-Name: Azmat Gani Author-X-Name-First: Azmat Author-X-Name-Last: Gani Author-Name: Ron Duncan Author-X-Name-First: Ron Author-X-Name-Last: Duncan Title: Measuring Good Governance Using Time Series Data: Fiji Islands Abstract: This paper reports on the construction of a governance index for Fiji Islands for the period 1985 to 2003. The governance index has three core dimensions, each a composite of several indicators. Time series for each of the three dimensions of governance, as well as for the overall governance index, are presented in a range from zero (poorest achievement) to 1.0 (best achievement). The indices indicate that Fiji's governance performance was very adversely affected by the coups of 1987 and 2000, with the Rule of Law dimension being the most adversely affected. The index constructed provides a basis from which to monitor future governance performance. Journal: Journal of the Asia Pacific Economy Pages: 367-385 Issue: 3 Volume: 12 Year: 2007 X-DOI: 10.1080/13547860701405979 File-URL: http://hdl.handle.net/10.1080/13547860701405979 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:12:y:2007:i:3:p:367-385 Template-Type: ReDIF-Article 1.0 Author-Name: Weiyong Yang Author-X-Name-First: Weiyong Author-X-Name-Last: Yang Title: Institutional Reforms, Agricultural Risks and Agro-Industrial Diversification in Rural China Abstract: Since 1978, there has been a remarkable diversification trend in rural China, characterized by an impressive development of rural enterprises. The main objective of this paper is to understand the forces driving this agro-industrial diversification with a particular attention paid to two categories of factors, agricultural income risks and institutional factors. Using a panel data of 28 Chinese provinces from 1986 to 2001, we show that the diversification decision is jointly determined by relative return between agriculture and rural industry, climatic risks, price volatility of agriculture products, ownership evolution of rural enterprises, and government's food security concern. Journal: Journal of the Asia Pacific Economy Pages: 386-402 Issue: 3 Volume: 12 Year: 2007 X-DOI: 10.1080/13547860701406001 File-URL: http://hdl.handle.net/10.1080/13547860701406001 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:12:y:2007:i:3:p:386-402 Template-Type: ReDIF-Article 1.0 Author-Name: Puree Sirasoontorn Author-X-Name-First: Puree Author-X-Name-Last: Sirasoontorn Author-Name: John Quiggin Author-X-Name-First: John Author-X-Name-Last: Quiggin Title: The Political Economy of Privatization in the Thai Electricity Industry Abstract: The object of this paper is to consider the evolution of policy regarding public ownership and privatization of the Thai electricity industry and the extent to which it can be explained by competing theories of political economy. Public interest, private interest and ideological theories are considered. Journal: Journal of the Asia Pacific Economy Pages: 403-419 Issue: 3 Volume: 12 Year: 2007 X-DOI: 10.1080/13547860701406050 File-URL: http://hdl.handle.net/10.1080/13547860701406050 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:12:y:2007:i:3:p:403-419 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Notes on Contributors Journal: Pages: 426-427 Issue: 3 Volume: 12 Year: 2007 X-DOI: 10.1080/13547860701408577 File-URL: http://hdl.handle.net/10.1080/13547860701408577 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:12:y:2007:i:3:p:426-427 Template-Type: ReDIF-Article 1.0 Author-Name: Benny Cheng Guan Author-X-Name-First: Benny Author-X-Name-Last: Cheng Guan Title: A Review of: “Regional Cooperation and Its Enemies in Northeast Asia: The Impact of Domestic Forces” Journal: Pages: 420-425 Issue: 3 Volume: 12 Year: 2007 X-DOI: 10.1080/13547860701492662 File-URL: http://hdl.handle.net/10.1080/13547860701492662 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:12:y:2007:i:3:p:420-425 Template-Type: ReDIF-Article 1.0 Author-Name: Jonathan Batten Author-X-Name-First: Jonathan Author-X-Name-Last: Batten Title: Financial sector reform and regulation in the Asia-Pacific region: a perspective Abstract: Asia-Pacific financial markets – and their economies – have proven more resilient to the consequences of the Global Financial Crisis than markets in many developed nations. Much is owed to financial market reform introduced following the Asian Financial Crisis of 1997–1998. Here, we provide an overview of some key empirical and theoretical issues that affect the process and impact of financial sector reform and regulation, such that one can draw implications for the design of future regional and country-specific reform initiatives. In addition, we also show the complex financial arrangements that now link emerging and developed financial markets in the Asia-Pacific region and elsewhere in the current post-crisis environment. Journal: Journal of the Asia Pacific Economy Pages: 285-293 Issue: 3 Volume: 16 Year: 2011 X-DOI: 10.1080/13547860.2011.589621 File-URL: http://hdl.handle.net/10.1080/13547860.2011.589621 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:16:y:2011:i:3:p:285-293 Template-Type: ReDIF-Article 1.0 Author-Name: Céline Gimet Author-X-Name-First: Céline Author-X-Name-Last: Gimet Author-Name: Thomas Lagoarde-Segot Author-X-Name-First: Thomas Author-X-Name-Last: Lagoarde-Segot Title: Global crisis and financial destabilization in ASEAN countries: a microstructural perspective Abstract: This article investigates whether the ongoing financial crisis has destabilized the microstructures of Association of Southeast Asian Nations (ASEAN) stock markets. Using daily stock market data from 2007 to 2010, we first develop a set of monthly country-level liquidity, efficiency, international integration and volatility indicators. We then analyze the impact of global market volatility shocks on those indicators, using a set of Bayesian structural vector autoregression (SVAR) models. Finally, forecast error variance decomposition analysis and impulse response function permit to identify the magnitude and the symmetry of ASEAN financial systems’ exposures to international shocks. Our results uncover significant and asymmetrical shock transmission channels. We draw implications for the design of future regional integration initiatives. Journal: Journal of the Asia Pacific Economy Pages: 294-312 Issue: 3 Volume: 16 Year: 2011 X-DOI: 10.1080/13547860.2011.589622 File-URL: http://hdl.handle.net/10.1080/13547860.2011.589622 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:16:y:2011:i:3:p:294-312 Template-Type: ReDIF-Article 1.0 Author-Name: Raj Aggarwal Author-X-Name-First: Raj Author-X-Name-Last: Aggarwal Author-Name: John Goodell Author-X-Name-First: John Author-X-Name-Last: Goodell Title: Variations in emerging-market equity premia: impact of financial architecture Abstract: This article examines a topic of much interest, the association of financial architecture and national equity premia for recent eight-year period from 15 emerging-market countries. Modeling simultaneously our estimate of the ex-ante equity premium as a dependent variable and our measure of financial architecture as an instrumental variable, we document that equity premia are larger in countries that have a more bank-oriented financial architecture, as well as greater control of corruption, more foreign access to capital, and higher spending on education. Smaller equity premia are associated with greater political stability, greater measures against self-dealing, higher market volatility and greater uncertainty avoidance. Given the importance of the ex-ante equity premium in long-term investment decisions, the anticipated demographic challenges and financial reform in most countries and recent increases in cross-border investment, there is much interest among bankers, managers and policy-makers in these results, documenting the determinants of cross-national variations in equity premia. Journal: Journal of the Asia Pacific Economy Pages: 313-330 Issue: 3 Volume: 16 Year: 2011 X-DOI: 10.1080/13547860.2011.589623 File-URL: http://hdl.handle.net/10.1080/13547860.2011.589623 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:16:y:2011:i:3:p:313-330 Template-Type: ReDIF-Article 1.0 Author-Name: Giancarlo Bertocco Author-X-Name-First: Giancarlo Author-X-Name-Last: Bertocco Title: Are banks special? Some notes on Tobin's theory of financial intermediaries Abstract: Since the 1960s, Tobin has set himself the objective of developing a macroeconomic model more general than that specified by Keynes in the General Theory. In his works, he explicitly deals with financial intermediaries and elaborates a ‘new view’ which, in contrast with the ‘old view’, maintains that there are no reasons to attribute a special role to the banks. This paper critically analyses Tobin's theory and shows that this theory overlooks an important function of banks highlighted by Keynes, and that the specification of this banks’ function is the necessary condition to highlight the most significant aspects of what Keynes calls a monetary economy. These points enable us to draw some observations about the question of the financial system regulation. Journal: Journal of the Asia Pacific Economy Pages: 331-353 Issue: 3 Volume: 16 Year: 2011 X-DOI: 10.1080/13547860.2011.589624 File-URL: http://hdl.handle.net/10.1080/13547860.2011.589624 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:16:y:2011:i:3:p:331-353 Template-Type: ReDIF-Article 1.0 Author-Name: Michael Papaioannou Author-X-Name-First: Michael Author-X-Name-Last: Papaioannou Title: Sovereign debt portfolios: risks and liability management operations Abstract: This paper addresses issues relating to (1) sovereign debt portfolio risks stemming from high sovereign debt levels and unbalanced debt portfolio structures, and (2) liability management operations intended to meet specified debt management objectives, including mitigation of these risks. Further, it outlines some common operations used by public debt managers such as debt swaps and debt buybacks, and explains the rationale and benefits from their undertakings. Journal: Journal of the Asia Pacific Economy Pages: 354-360 Issue: 3 Volume: 16 Year: 2011 X-DOI: 10.1080/13547860.2011.589626 File-URL: http://hdl.handle.net/10.1080/13547860.2011.589626 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:16:y:2011:i:3:p:354-360 Template-Type: ReDIF-Article 1.0 Author-Name: Alicia García-Herrero Author-X-Name-First: Alicia Author-X-Name-Last: García-Herrero Title: Hong Kong as an international banking center: present and future Abstract: The banking industry is key for Hong Kong's economy, but Hong Kong is not a big international banking center, at least not when compared with other centers belonging to large economic areas, such as New York and, to a lesser extent, Tokyo. Within Asia, Hong Kong has a larger banking sector as a whole, but the position is similar if we focus on the offshore side of it, where Singapore is growing faster than Hong Kong. Furthermore, Singapore is being more active as a banking platform for international corporates while Hong Kong remains larger in terms of banking relations. In fact, Hong Kong continues to have one of the highest concentrations of large banking institutions in the world. Such an international banking platform, together with the increasing local presence of Chinese banks, offers Hong Kong a unique opportunity to become a major banking center, probably the largest offshore center in Asia. Whether Hong Kong reaps this opportunity will very much depend on how it navigates among the opportunities that China offers in its current situation of capital controls without losing its international clout. In fact, the Hong Kong banking system should benefit from the business from China coming offshore due to capital controls (including not only renminbi [RMB] settlements but also issuance of RMB-denominated bonds). However, it should also look for non-Chinese-related banking business so as to ensure that it remains distinguishable from China's domestic banking system in the years to come. Journal: Journal of the Asia Pacific Economy Pages: 361-371 Issue: 3 Volume: 16 Year: 2011 X-DOI: 10.1080/13547860.2011.589627 File-URL: http://hdl.handle.net/10.1080/13547860.2011.589627 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:16:y:2011:i:3:p:361-371 Template-Type: ReDIF-Article 1.0 Author-Name: Jonathan Batten Author-X-Name-First: Jonathan Author-X-Name-Last: Batten Author-Name: Peter Szilagyi Author-X-Name-First: Peter Author-X-Name-Last: Szilagyi Title: Bank internationalisation during the Global Financial Crisis: an Asia Pacific perspective Abstract: Bank internationalisation traditionally takes the form of lending to non-residents, but increasingly non-resident securities are purchased. These assets are funded mostly by international loans and deposits, rather than the issuance of securities. Within the Asia Pacific region, the largest net beneficiaries of international bank funding to developing economies are China, India and South Korea. Importantly, apart from the financial centres of Hong Kong and Singapore, which show significant outward as well as inward banking flows, Chinese Taipei is an important international lender. Australia and New Zealand remain significant net international borrowers. The Global Financial Crisis reversed earlier developments with China and Japan now becoming net international borrowers, while both Hong Kong and Singapore have reduced their net asset positions. Journal: Journal of the Asia Pacific Economy Pages: 372-392 Issue: 3 Volume: 16 Year: 2011 X-DOI: 10.1080/13547860.2011.589628 File-URL: http://hdl.handle.net/10.1080/13547860.2011.589628 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:16:y:2011:i:3:p:372-392 Template-Type: ReDIF-Article 1.0 Author-Name: Min Ye Author-X-Name-First: Min Author-X-Name-Last: Ye Author-Name: Elaine Hutson Author-X-Name-First: Elaine Author-X-Name-Last: Hutson Title: Managed exchange rates, dual listing and foreign exchange exposure: the experience of Chinese banks around the financial crisis Abstract: Using daily equity price data, we find that most of the 14 Chinese listed banks are highly exposed to the RMB/USD exchange rate. By breaking our data period into two subperiods around the financial crisis, we find that Chinese banks were even more exposed in the post-crisis period, despite the fact that the renminbi reverted to a de facto peg against the dollar in September 2008. This cannot be explained by direct foreign exchange exposure, and we argue that China's banks are subject to substantial indirect exposure as a result of concerns about their loan books in the face of anticipated further appreciation of the RMB. We also find that the exchange rate sensitivities of the twin shares of dual-listed Chinese banks (those listed in China and Hong Kong) are very different – not only in magnitude but also in sign. We discuss two possible explanations for this: investor sentiment and ‘hot money’ inflows into China. Journal: Journal of the Asia Pacific Economy Pages: 393-421 Issue: 3 Volume: 16 Year: 2011 X-DOI: 10.1080/13547860.2011.589629 File-URL: http://hdl.handle.net/10.1080/13547860.2011.589629 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:16:y:2011:i:3:p:393-421 Template-Type: ReDIF-Article 1.0 Author-Name: H. Anderson Author-X-Name-First: H. Author-X-Name-Last: Anderson Author-Name: J. Chi Author-X-Name-First: J. Author-X-Name-Last: Chi Author-Name: C. Ing-aram Author-X-Name-First: C. Author-X-Name-Last: Ing-aram Author-Name: L. Liang Author-X-Name-First: L. Author-X-Name-Last: Liang Title: Stock dividend puzzles in China Abstract: We examine the stock dividend puzzle in China by analysing the market reaction, who pays more or solely stock dividends compared with cash dividends and why. In general, stock dividends send a positive market signal that is stronger for larger stock dividends and simultaneous cash dividend declarations. Companies take advantage of this positive announcement reaction when they are cash poor, or have low profitability. In addition, when the overall market underperforms, cash dividends decrease while stock dividends increase significantly. Non-tradable shares are owned by two distinct groups that have different incentives and trading ability and therefore are likely to prefer different dividend policies. Consistent with this, we find evidence that state-owned shareholders prefer cash dividends, while legal person shareholders prefer stock dividends. Journal: Journal of the Asia Pacific Economy Pages: 422-447 Issue: 3 Volume: 16 Year: 2011 X-DOI: 10.1080/13547860.2011.589630 File-URL: http://hdl.handle.net/10.1080/13547860.2011.589630 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:16:y:2011:i:3:p:422-447 Template-Type: ReDIF-Article 1.0 Author-Name: Hans Byström Author-X-Name-First: Hans Author-X-Name-Last: Byström Title: Does the Chinese stock market react to global news? Abstract: In this paper, the news aggregator Google News is used to assess the impact of worldwide news on the volatility of the Chinese stock market. Although we find a strong link between the global stock market volatility and the amount of stock market-related news available worldwide, the link between the Chinese stock market and the same set of worldwide news is found to be much weaker. Diverging patterns for (domestic) A shares and (international) B shares lead us to conclude that the direction of causality most likely is from news volumes to volatility and not vice versa. Journal: Journal of the Asia Pacific Economy Pages: 448-455 Issue: 3 Volume: 16 Year: 2011 X-DOI: 10.1080/13547860.2011.589631 File-URL: http://hdl.handle.net/10.1080/13547860.2011.589631 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:16:y:2011:i:3:p:448-455 Template-Type: ReDIF-Article 1.0 Author-Name: Fang Chen Author-X-Name-First: Fang Author-X-Name-Last: Chen Author-Name: Jeffrey Jarrett Author-X-Name-First: Jeffrey Author-X-Name-Last: Jarrett Title: Financial crisis and the market efficiency in the Chinese equity markets Abstract: We examine the behavior of the Chinese equity markets to determine whether the equity markets are efficient or not. A previously unexplored database provides the source for observing market behavior of the two principal equity markets in China. These markets have unique characteristics different from those in the more established markets in the United States, the United Kingdom and Japan, among others. In particular, we study the role of the financial crises. Our observations suggest that differences in statistical measures occurred before and after the financial crises. In addition, conclusions are drawn about the market efficiency of the Chinese equity markets that are based on well-known analytical methods. On the basis of the analysis, we observe that the equity markets of both exchanges were not efficient before the financial crisis and became efficient to some extent in terms of the weak-form efficiency markets hypothesis during the financial crisis. Finally, note that some changes in the Chinese financial markets occurred during and after the crises to alleviate the premium paid in Chinese markets relative to the same firms’ share in the Hong Kong Stock Exchange. Journal: Journal of the Asia Pacific Economy Pages: 456-463 Issue: 3 Volume: 16 Year: 2011 X-DOI: 10.1080/13547860.2011.589632 File-URL: http://hdl.handle.net/10.1080/13547860.2011.589632 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:16:y:2011:i:3:p:456-463 Template-Type: ReDIF-Article 1.0 Author-Name: Yuanquan Chen Author-X-Name-First: Yuanquan Author-X-Name-Last: Chen Author-Name: Richard Werner Author-X-Name-First: Richard Author-X-Name-Last: Werner Title: The role of monetary aggregates in Chinese monetary policy implementation Abstract: Monetary targeting has been abandoned in deregulated and liberalized financial systems. Theoretically, this could imply that emerging markets that have not yet deregulated financial markets could employ monetarist policies. We analyse the case of China, in order to explore whether monetary targeting was in theory a possible policy framework for the central bank, and to glean policy lessons for emerging markets. Employing Svensson's criteria for the selection of intermediate targets, we find that a measure such as M1 fulfils the criteria and can serve as an intermediate target. However, it is also found that the relatively small error between monetary target and actual variables may be due to alternative monetary policy procedures, in particular, the use of ‘window guidance’ credit controls. Next, we test the relevance of the McCallum rule in China, which appears more relevant than the Taylor rule. In particular, we find that the actual movement of M1 fits the McCallum rule reasonably well, even during the high inflation period from 1992 to 1994. This suggests that before the official adoption of M1 as the intermediate target in 1994, the People's Bank of China may have already been ‘practising’ its use by implicitly following the McCallum rule. It is also found that monetary policy was too loose during 1992–1994 and a little too tight during 1998–2002. We conclude that an analysis of the traditional monetary aggregates is insufficient, and research on the role of credit aggregates would appear to be more promising. Meanwhile, policy lessons from our study include that central banks, even in emerging markets that maintain relatively regulated and ‘repressed’ financial markets, cannot rely too much on quantitative monetary aggregates, if traditionally defined. Journal: Journal of the Asia Pacific Economy Pages: 464-488 Issue: 3 Volume: 16 Year: 2011 X-DOI: 10.1080/13547860.2011.589633 File-URL: http://hdl.handle.net/10.1080/13547860.2011.589633 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:16:y:2011:i:3:p:464-488 Template-Type: ReDIF-Article 1.0 Author-Name: Ali El-Agraa Author-X-Name-First: Ali Author-X-Name-Last: El-Agraa Title: On the Japanese retirement lump sum: loyalty no longer welcomed Abstract: In previous papers, I clearly showed that the annuity part of the Japanese employment pension is miserable and although the lump sum part is fairly good, most of it is spent on renovating housing. This paper shows that this vital element of the Japanese pension system is being eroded at a time when pensioners are in dire need. Also, the erosion is being done in such a way as to encourage earlier retirement and this at a time when the population is ageing fast, thus compounding the problem. It therefore behoves of all those nations that aspire to emulate Japan to think twice. Journal: Journal of the Asia Pacific Economy Pages: 489-498 Issue: 3 Volume: 16 Year: 2011 X-DOI: 10.1080/13547860.2011.589634 File-URL: http://hdl.handle.net/10.1080/13547860.2011.589634 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:16:y:2011:i:3:p:489-498 Template-Type: ReDIF-Article 1.0 Author-Name: John Thoburn Author-X-Name-First: John Author-X-Name-Last: Thoburn Title: A Review of “East Asian transformation: on the political economy of dynamism, governance and crisis” Journal: Journal of the Asia Pacific Economy Pages: 499-500 Issue: 3 Volume: 16 Year: 2011 X-DOI: 10.1080/13547860.2011.589635 File-URL: http://hdl.handle.net/10.1080/13547860.2011.589635 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:16:y:2011:i:3:p:499-500 Template-Type: ReDIF-Article 1.0 Author-Name: Xinyan Xie Author-X-Name-First: Xinyan Author-X-Name-Last: Xie Title: A Review of “As China goes, so goes the world: how Chinese consumers are transforming everything” Journal: Journal of the Asia Pacific Economy Pages: 500-502 Issue: 3 Volume: 16 Year: 2011 X-DOI: 10.1080/13547860.2011.589636 File-URL: http://hdl.handle.net/10.1080/13547860.2011.589636 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:16:y:2011:i:3:p:500-502 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Notes on contributors Journal: Journal of the Asia Pacific Economy Pages: 503-507 Issue: 3 Volume: 16 Year: 2011 X-DOI: 10.1080/13547860.2011.589637 File-URL: http://hdl.handle.net/10.1080/13547860.2011.589637 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:16:y:2011:i:3:p:503-507 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Editorial board Journal: Pages: ebi-ebi Issue: 3 Volume: 2 Year: 1997 X-DOI: 10.1080/13547869708724622 File-URL: http://hdl.handle.net/10.1080/13547869708724622 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:2:y:1997:i:3:p:ebi-ebi Template-Type: ReDIF-Article 1.0 Author-Name: Hal Hill Author-X-Name-First: Hal Author-X-Name-Last: Hill Title: Regional development in Southeast Asia: The challenges of subnational diversity Abstract: Regional, in the sense of subnational, development is all too frequently ignored in assessing the socio‐economic performance of countries. Yet in an era when nation‐states are under challenge as never before, it is important to include the regional dimension in any such assessment. This paper addresses the issue with reference to four Southeast Asian economies. These countries provide an excellent laboratory for an examination of regional development performance and policy issues, given their ecological and economic diversity, and the range of policy approaches employed. Journal: Journal of the Asia Pacific Economy Pages: 261-302 Issue: 3 Volume: 2 Year: 1997 X-DOI: 10.1080/13547869708724623 File-URL: http://hdl.handle.net/10.1080/13547869708724623 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:2:y:1997:i:3:p:261-302 Template-Type: ReDIF-Article 1.0 Author-Name: Kym Anderson Author-X-Name-First: Kym Author-X-Name-Last: Anderson Title: Agricultural policy reform under the Uruguay round: Impact on Asian‐Pacific developing countries Abstract: It has taken until the Uruguay Round for agriculture to be brought under the discipline of the GATT rules‐based trading system. This paper first examines the extent to which the Round's Agreement on Agriculture provides the necessary discipline on farm policies, what reform implementation progress has been made to date, and what problems remain for the next Round of negotiations. It notes that the new rules for agriculture are far from ideal, and the extent of reform commitment is quite minor for the rest of this decade, but at least a start has been made. An important conclusion for net food‐importing developing countries is that they need not fear a GATT‐induced increase in the price of their food imports; on the contrary, any food price rise that might occur because of the Round's implementation will be so small as to be indistinguishable amidst the many other economic forces at work in international commodity and foreign exchange markets. Journal: Journal of the Asia Pacific Economy Pages: 303-331 Issue: 3 Volume: 2 Year: 1997 X-DOI: 10.1080/13547869708724624 File-URL: http://hdl.handle.net/10.1080/13547869708724624 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:2:y:1997:i:3:p:303-331 Template-Type: ReDIF-Article 1.0 Author-Name: Henry Rempel Author-X-Name-First: Henry Author-X-Name-Last: Rempel Title: China's agriculture sector: Emerging trends and new challenges Abstract: The Ninth Five‐Year Plan defines China's approach and priorities to economic reform for the period 1996–2000. The Plan recognizes that the agriculture sector is the weak link in China's drive for rapid economic development. It is the thesis of this paper that the 9th Plan focuses too much on producing more of China's staple foods and fails to lay the foundation for an agriculture that can meet the rapidly changing taste patterns of that subset of the population that is becoming more urban and is experiencing a rapid growth in income. It is argued that China needs to develop a mature food and agriculture system which directs resources to creating an efficient agricultural inputs and services subsector as well as a modern post‐harvest subsector. This will involve institutional development with extensive investment in such activities as the timely and efficient delivery of farm inputs as well as the storage, transport, processing and marketing of farm output. External forces will have a major impact on shaping the continued development of China's agriculture sector as it struggles to compete internationally in the face of significant water and land constraints. Where these external pressures promote reforms that include a greater reliance on market forces, China still has some distance to travel before resources will be allocated on the basis of relative prices that are formed in open, competitive markets. Journal: Journal of the Asia Pacific Economy Pages: 332-356 Issue: 3 Volume: 2 Year: 1997 X-DOI: 10.1080/13547869708724625 File-URL: http://hdl.handle.net/10.1080/13547869708724625 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:2:y:1997:i:3:p:332-356 Template-Type: ReDIF-Article 1.0 Author-Name: Kanishka Jayasuriya Author-X-Name-First: Kanishka Author-X-Name-Last: Jayasuriya Title: Franz Neumann on the rule of law and capitalism: The East Asian case Abstract: The purpose of this paper is to explore, in the context of the emergence of East Asian capitalism, theoretical issues concerning the relationship between the rule of law and capitalism as expressed in the classic work of Max Weber and elaborated by Franz Neumann. More specifically, it will be argued that the optimistic Weberian vision of the growth of liberal capitalism and market rationality is clouded mainly because it is based on a distinctive model of liberal capitalism, especially one requiring an assertive bourgeoisie demanding legal restraint on the exercise of state power. State‐driven capitalism in East Asia, which has produced its own brand of legalism, is better explained in terms of Franz Neumann's analysis of the differing legal forms under various forms of capitalism, and may provide a more useful framework than the Weberian model in understanding the nature of the relationship between law and capitalism. While Weber's analysis of the emergence of rational law arises out of an historical methodology it is not able to go beyond a conception of modern law as the summit of a rational process of modernization. In contrast, Neumann provides a useful framework for the development of historical sociology of legal institutions that is able to relate forms of capitalism, political structures and legal institutions. Journal: Journal of the Asia Pacific Economy Pages: 357-377 Issue: 3 Volume: 2 Year: 1997 X-DOI: 10.1080/13547869708724626 File-URL: http://hdl.handle.net/10.1080/13547869708724626 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:2:y:1997:i:3:p:357-377 Template-Type: ReDIF-Article 1.0 Author-Name: Radha Bhattacharya Author-X-Name-First: Radha Author-X-Name-Last: Bhattacharya Title: Sources of fluctuations in output: Evidence from small, open economies of Asia Abstract: This paper considers a set of five Asian economies that differ in their degree of outward orientedness, and examines the role of oil price shocks, non‐oil world supply shocks, exports and domestic supply shocks in causing fluctuations in domestic output. Results from a vector autoregressive model indicate that exports and non‐oil world supply shocks are more important for the ‘outward‐oriented’ economies of Singapore, South Korea and Malaysia, when compared with the moderately ‘inward‐oriented’ economy of the Philippines and the strongly ‘inward‐oriented’ economy of India. However, exports and non‐oil world supply shocks each account for no more than a fifth of the variation in output in Singapore, South Korea and Malaysia. There is no long‐term equilibrium relationship (cointegration) between exports and output. This supports the view that exports were not the single driving force behind the economic growth of these high‐performing countries. A substantial portion of variation in domestic output is explained by domestic supply shocks. Adverse effects of oil price shocks are found in the case of the oil‐importing countries of South Korea and India. Journal: Journal of the Asia Pacific Economy Pages: 378-387 Issue: 3 Volume: 2 Year: 1997 X-DOI: 10.1080/13547869708724627 File-URL: http://hdl.handle.net/10.1080/13547869708724627 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:2:y:1997:i:3:p:378-387 Template-Type: ReDIF-Article 1.0 Author-Name: Ya‐Hwei Yang Author-X-Name-First: Ya‐Hwei Author-X-Name-Last: Yang Title: Economic crime and business cycles in Taiwan Abstract: This paper analyzes economic crimes both theoretically and empirically. Theoretically, an individual utility function is adopted in the beginning. The variables of real police expenditures and economic environment, such as the business cycle, are considered. The directions of influence of these variables on economic crime are dependent upon the risk attitudes of potential criminals. Empirically, time‐series data are adopted from 1966 to 1989 and average economic crime per capita is taken as a dependent variable. The conclusions are as follows: the unemployment rate has a significantly positive effect (a higher unemployment rate results in a higher crime rate), the business cycle has a significantly negative effect (a rising business cycle results in a lower crime rate), police expenditures have an insignificantly negative effect; and real income per capita has an insignificantly positive effect. In general, potential criminals have the tendency of risk‐neutrality or risk‐preference. Journal: Journal of the Asia Pacific Economy Pages: 388-405 Issue: 3 Volume: 2 Year: 1997 X-DOI: 10.1080/13547869708724628 File-URL: http://hdl.handle.net/10.1080/13547869708724628 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:2:y:1997:i:3:p:388-405 Template-Type: ReDIF-Article 1.0 Author-Name: Daniel Kameo Author-X-Name-First: Daniel Author-X-Name-Last: Kameo Author-Name: Anu Rammohan Author-X-Name-First: Anu Author-X-Name-Last: Rammohan Author-Name: Peter Robertson Author-X-Name-First: Peter Author-X-Name-Last: Robertson Title: Book reviews Abstract: Colin Barlow and Joan Hardjono (eds), Indonesia Assessment 1995: Development in Eastern Indonesia, Singapore: Institute of Southeast Asian Studies, 1996. Pp. xxvii + 287. ISBN 981–3055–18–9. Price S$29.90.Jane Khanna (ed.), Southern China, Hong Kong, and Taiwan: Evolution of a Subregional Economy, Washington, DC: The Center for Strategic and International Studies, 1995. ISBN 0–89206–321–1. Price unknown.Russell B. Sunshine, Managing Foreign Investment, Lessons from Laos, Honolulu: East‐West Center, 1995, ISBN 0–86638–177–5. Price unknown. Journal: Pages: 406-408 Issue: 3 Volume: 2 Year: 1997 X-DOI: 10.1080/13547869708724629 File-URL: http://hdl.handle.net/10.1080/13547869708724629 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:2:y:1997:i:3:p:406-408 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Notes on contributors Journal: Pages: 409-410 Issue: 3 Volume: 2 Year: 1997 X-DOI: 10.1080/13547869708724630 File-URL: http://hdl.handle.net/10.1080/13547869708724630 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:2:y:1997:i:3:p:409-410 Template-Type: ReDIF-Article 1.0 Author-Name: A. Haroon Akram-Lodhi Author-X-Name-First: A. Haroon Author-X-Name-Last: Akram-Lodhi Author-Name: Ardeshir Sepehri Author-X-Name-First: Ardeshir Author-X-Name-Last: Sepehri Title: Trouble in Paradise? Savings and Growth in Fiji, 1970-2001 Abstract: This article reviews Fiji's macroeconomic performance and assesses the relative significance of foreign exchange, domestic savings and public sector resources on Fiji's economic growth by formulating and estimating a three-gap model. The foreign exchange gap equation indicates a sharp tradeoff between investment and capacity utilization. The government savings constraint also appears to be binding. The model is then simulated for the period between 1997 and 2001 underfourgrowth path 'scenarios' that make differing assumptions concerning Fiji's output, exports and capital flows. The results suggest that the external financing required to achieve a 'socially desirable' growth path is modest, amounting to an average of 3.5 per cent of potential output. Journal: Journal of the Asia Pacific Economy Pages: 360-385 Issue: 3 Volume: 6 Year: 2001 X-DOI: 10.1080/13547860120097395 File-URL: http://hdl.handle.net/10.1080/13547860120097395 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:6:y:2001:i:3:p:360-385 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Notes on Contributors Journal: Pages: 405-406 Issue: 3 Volume: 6 Year: 2001 X-DOI: 10.1080/135478601753360317 File-URL: http://hdl.handle.net/10.1080/135478601753360317 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:6:y:2001:i:3:p:405-406 Template-Type: ReDIF-Article 1.0 Author-Name: Nick Freeman Author-X-Name-First: Nick Author-X-Name-Last: Freeman Title: A Regional Platform for Trading Southeast Asian Equities: Viable Option or 'Red Herring'? Abstract: With the exception of a relatively brief rally during late 1998 and early 1999, Southeast Asia's five main equity markets have not performed well since the onset of the financial crisis in mid-1997. This paper identifies some of the reasons attributable for this relatively poor performance, and discusses one proposed solution - creating a region-wide platform for the trading of Southeast Asian equities. In particular, the paper assesses what such a regional platform would look like, its feasibility and whether it could help overcome the problems that currently face the Southeast Asian equity markets. The conclusion is that while such a regional platform may be of some utility, it may not be sufficient in itself to revive the fortunes of the region's equity markets. A fundamental corporate restructuring and recovery process across Southeast Asia's business landscape remains the main prerequisite for sustained improvement in the performances of the region's lacklustre equity markets. Journal: Journal of the Asia Pacific Economy Pages: 335-359 Issue: 3 Volume: 6 Year: 2001 X-DOI: 10.1080/13547860120097386 File-URL: http://hdl.handle.net/10.1080/13547860120097386 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:6:y:2001:i:3:p:335-359 Template-Type: ReDIF-Article 1.0 Author-Name: Iyanatul Islam Author-X-Name-First: Iyanatul Author-X-Name-Last: Islam Title: Beyond Labour Market Flexibility: Issues and Options for Post-Crisis Indonesia Abstract: This paper argues that the notion of labour market flexibility represents an inadequate framework for understanding the challenges faced by a democratic Indonesia in the post-crisis period. Such challenges entail the need to nourish employment-intensive recovery, developing a credible and cordial industrial relations system and empowering workers to cope with the problems of vulnerability and risk that are inherent in any globally-oriented market economy. The uncritical embrace of labour market flexibility in the pre-crisis period overlooked some inherent problems, such as the failure to develop a coherent industrial relations system. Although labour market flexibility helped prevent a sharp rise in unemployment during the economic crisis, the plummeting of real wages strengthens the case for government interventions in dealing with adverse labour market outcomes. Journal: Journal of the Asia Pacific Economy Pages: 305-334 Issue: 3 Volume: 6 Year: 2001 X-DOI: 10.1080/13547860120097377 File-URL: http://hdl.handle.net/10.1080/13547860120097377 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:6:y:2001:i:3:p:305-334 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Editorial Note Journal: Pages: 5-5 Issue: 3 Volume: 6 Year: 2001 X-DOI: 10.1080/13547860120097359 File-URL: http://hdl.handle.net/10.1080/13547860120097359 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:6:y:2001:i:3:p:5-5 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Book Reviews Journal: Pages: 403-404 Issue: 3 Volume: 6 Year: 2001 X-DOI: 10.1080/13547860120097412 File-URL: http://hdl.handle.net/10.1080/13547860120097412 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:6:y:2001:i:3:p:403-404 Template-Type: ReDIF-Article 1.0 Author-Name: Mohammad Zulfan Tadjoeddin Author-X-Name-First: Mohammad Zulfan Author-X-Name-Last: Tadjoeddin Author-Name: Widjajanti I. Suharyo Author-X-Name-First: Widjajanti I. Author-X-Name-Last: Suharyo Author-Name: Satish Mishra Author-X-Name-First: Satish Author-X-Name-Last: Mishra Title: Regional Disparity and Vertical Conflict in Indonesia Abstract: This study examines data on regional inequality in Indonesia to help explain regional unrest. Analysis indicates that the New Order regime's equalization policies produced low levels of welfare inequality by transferring wealth from resource-rich provinces to poor communities on the one hand and to Jakarta on the other. Many in the subsidizing provinces resent this strategy which has held back their regions' development. They therefore exhibit an aspiration to inequality as they seek to stop such wealth transfer and to acquire greater control over their own resources. Yet policy emphasis on the economy over development of political institutions has left the political system with no effective means to address regional grievances, which are now manifest in vertical conflicts between the centre and the regions. We therefore propose a new philosophy for equalization policies. Rather than using a development fund to distribute wealth evenly across the regions, policy should aim to equalize people's opportunities and guarantee a minimum standard of basic services for all Indonesians, without impeding the growth potential of regions. Journal: Journal of the Asia Pacific Economy Pages: 283-304 Issue: 3 Volume: 6 Year: 2001 X-DOI: 10.1080/13547860120097368 File-URL: http://hdl.handle.net/10.1080/13547860120097368 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:6:y:2001:i:3:p:283-304 Template-Type: ReDIF-Article 1.0 Author-Name: Michael Lion Author-X-Name-First: Michael Author-X-Name-Last: Lion Author-Name: Ralf Zurbruegg Author-X-Name-First: Ralf Author-X-Name-Last: Zurbruegg Title: Debt Market Regulation and the Impact of Thailand'S 1997 Economic Crisis Abstract: This paper examines the behaviour of Thailand's bank debt market during the onset of the 1997 economic crisis. By obtaining an estimate of the currency and country risk premia in this market, a picture of investor expectations is formed which demonstrates that the market failed to react speedily to the float of the baht and the subsequent turmoil which was associated with the onset of the crisis. These tests also demonstrate the effects of the regulatory conditions in Thailand's financial sector through their distortion of the market mechanism which led to distorted bank debt rates. A number of policy considerations are then discussed in light of this. Journal: Journal of the Asia Pacific Economy Pages: 386-402 Issue: 3 Volume: 6 Year: 2001 X-DOI: 10.1080/13547860120097403 File-URL: http://hdl.handle.net/10.1080/13547860120097403 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:6:y:2001:i:3:p:386-402 Template-Type: ReDIF-Article 1.0 Author-Name: Sanika Sulochani Ramanayake Author-X-Name-First: Sanika Sulochani Author-X-Name-Last: Ramanayake Author-Name: Keun Lee Author-X-Name-First: Keun Author-X-Name-Last: Lee Title: Does openness lead to sustained economic growth? Export growth versus other variables as determinants of economic growth Abstract: This research revisits the issue of economic growth determinants in developing countries with a focus on international integration variables. Four alternative variables are tested, namely, export growth, trade openness, export diversification, and foreign direct investment (FDI), in a single framework. This study finds that export growth is the most robust, in addition to export specialization, and that traditional variables of trade openness and FDI are not robust. This result is based on the econometric estimations that use not only cross-section and fixed-effect panel estimations but also system generalized method of moments estimations. The findings warn against the traditional emphasis on simple trade openness and FDI as policy prescriptions for developing countries. In other words, simply opening an economy for international integration does not guarantee sustained economic growth unless these actions lead to export growth, which requires capability building in indigenous firms and investments in innovations. This observation is consistent with the experiences of successful economies in Asia, such as Korea, Taiwan, and China. Journal: Journal of the Asia Pacific Economy Pages: 345-368 Issue: 3 Volume: 20 Year: 2015 Month: 7 X-DOI: 10.1080/13547860.2015.1054164 File-URL: http://hdl.handle.net/10.1080/13547860.2015.1054164 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:20:y:2015:i:3:p:345-368 Template-Type: ReDIF-Article 1.0 Author-Name: Wan-wen Chu Author-X-Name-First: Wan-wen Author-X-Name-Last: Chu Title: Latecomer upgrading in Taiwan Abstract: Taiwan successfully upgraded its industries and entered into the high-tech industries in the last decades of the twentieth century. This essay examines how Taiwan achieved latecomer upgrading, by exploring the process by which its latecomer firms entered high-tech and modern services. It is found that the latecomer firms, called second movers here, entered high tech when the product just turned mature, and relied upon a different set of capabilities from those of the first movers in the advanced countries. The findings challenge prevalent orthodoxy, which includes open markets, increased foreign investment, small firms, and diminished state intervention. In reality, large domestically owned second movers rather than foreign enterprises or small networked firms have led Taiwan's entry into mature high tech. In the meantime, the government intervention has not been lessened, but has been adapting to the changing environment, in promoting high-tech industry and modern services. Journal: Journal of the Asia Pacific Economy Pages: 369-384 Issue: 3 Volume: 20 Year: 2015 Month: 7 X-DOI: 10.1080/13547860.2015.1054165 File-URL: http://hdl.handle.net/10.1080/13547860.2015.1054165 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:20:y:2015:i:3:p:369-384 Template-Type: ReDIF-Article 1.0 Author-Name: Naoki Murakami Author-X-Name-First: Naoki Author-X-Name-Last: Murakami Title: Changes in Japanese industrial structure and urbanization: evidence from prefectural data Abstract: We empirically analyzed the relationship between the change in industrial structure and urbanization using post-WWII data from Japanese prefectures. This study used three concepts of industrial structure, standard industrialization (enhancing of the non-agricultural sector), service industrialization, and the industrial upgrading (enhancing specialized service industries). We also focused on the different patterns of migration in the process of urbanization: intra-prefectural and inter-prefectural migration. The main results of the regression analysis are (1) during the period of rapid economic growth in Japan, industrialization induced population inflow from other prefectures, and this effect promoted urbanization in those prefectures. (2) During the same period, prefectures with relatively high shares of manufacturing attracted many migrants from other prefectures, and this effect promoted the urbanization. (3) Entering the period of economic stagnation, in the prefectures where industrial upgrading is advanced, intra-prefectural migration was active, and urbanization was also advanced by this effect. Journal: Journal of the Asia Pacific Economy Pages: 385-403 Issue: 3 Volume: 20 Year: 2015 Month: 7 X-DOI: 10.1080/13547860.2015.1054166 File-URL: http://hdl.handle.net/10.1080/13547860.2015.1054166 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:20:y:2015:i:3:p:385-403 Template-Type: ReDIF-Article 1.0 Author-Name: Deqiang Liu Author-X-Name-First: Deqiang Author-X-Name-Last: Liu Title: Has the Chinese economy passed the Lewis turning point? Abstract: There are a number of studies related to whether China's economy has passed through the Lewis turning point or not. However, definitive conclusions have yet to be obtained. Some studies argue that China's economy has not yet reached the Lewis turning point, while some studies claim that China's economy has crossed it already. In this study, we estimate the marginal productivity of labor in China's primary industry based on province level data and suggest a different proxy for the survival wage compared to previous studies. We discovered that China's economy has passed through the Lewis turning point around 2002–2004. A similar conclusion was also obtained by relating the substitutive relation of labor and capital inputs in China's agricultural production. Journal: Journal of the Asia Pacific Economy Pages: 404-422 Issue: 3 Volume: 20 Year: 2015 Month: 7 X-DOI: 10.1080/13547860.2015.1054167 File-URL: http://hdl.handle.net/10.1080/13547860.2015.1054167 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:20:y:2015:i:3:p:404-422 Template-Type: ReDIF-Article 1.0 Author-Name: Meng-Chun Liu Author-X-Name-First: Meng-Chun Author-X-Name-Last: Liu Title: Manufacturing servitization and revitalizing industrial clusters: a case study of Taiwan's LIIEP Abstract: In the recent years, the ‘manufacturing servitization’ has been put at the center of Taiwan's industrial policies in order to solve the low value-added problem. In pursuit of regional development rebalance, industrial and technology policies are also hired to revitalize weak industrial clusters by using R&D grants and leveraging the capabilities of various public research institutes. Few studies examine the existence of potential policy dilemma in the redistribution of R&D resources to achieve purposes of the industrial upgrading by ‘manufacturing servitization’ and achieving regional development rebalance by reallocating R&D resources toward low-development regions or sectors. Drawing on the project office dataset of the ‘Local Industrial Innovation Engine Program’, with 907 samples, this study intends to provide with empirical evidence to address that ‘manufacturing servitization’ has been influencing the formation of R&D alliances further to allocating R&D resource bias to highly developed regions and industrial sectors, rather than revitalizing industrial clusters. Accordingly, there may remain a potential controversial problem for the industry policy to achieve both purposes of improving value-added and balance development across regions or sectors. Journal: Journal of the Asia Pacific Economy Pages: 423-443 Issue: 3 Volume: 20 Year: 2015 Month: 7 X-DOI: 10.1080/13547860.2015.1054168 File-URL: http://hdl.handle.net/10.1080/13547860.2015.1054168 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:20:y:2015:i:3:p:423-443 Template-Type: ReDIF-Article 1.0 Author-Name: Wei Tian Author-X-Name-First: Wei Author-X-Name-Last: Tian Author-Name: Miaojie Yu Author-X-Name-First: Miaojie Author-X-Name-Last: Yu Title: Processing trade, export intensity, and input trade liberalization: evidence from Chinese firms Abstract: How do reductions in input trade costs affect firm's sales decision between domestic and foreign markets? By using Chinese firm-level production data and transaction-level trade data during 2000–2006 to construct firm-specific input trade costs, we find rich evidence that a reduction in input trade cost for large trading firms leads to an increase in export intensity (i.e., exports over total sales). The impact is more pronounced for ordinary firms than that for hybrid firms which engage in both processing and ordinary trade since ordinary import enjoys the free-duty treatment in China. The declining input trade costs not only increase the probability of firm's being new exporters (i.e., extensive margin) but also lead to higher export intensity (i.e., intensive margin). Such results are robust to different empirical specification and econometric methods. Journal: Journal of the Asia Pacific Economy Pages: 444-464 Issue: 3 Volume: 20 Year: 2015 Month: 7 X-DOI: 10.1080/13547860.2015.1054169 File-URL: http://hdl.handle.net/10.1080/13547860.2015.1054169 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:20:y:2015:i:3:p:444-464 Template-Type: ReDIF-Article 1.0 Author-Name: Ming-Tse Wu Author-X-Name-First: Ming-Tse Author-X-Name-Last: Wu Title: The impact of transformation on economic efficiency – a case study of financial holding companies in Taiwan Abstract: The present study examines the question of whether the transformation of Taiwan's banks into financial holding companies (FHCs) has led to an improvement in operating efficiency. The results indicate that while comparison of FHCs and banks shows that FHCs are significantly more efficient than non-FHC banks, if the comparison is made in terms of efficiency before and after conversion to FHC status, then no significant increase in total factor productivity (TFP) is seen after conversion to FHC status. The study's results indicate that while the transformation of some Taiwanese banks into FHCs has made these banks more competitive vis-à-vis other, non-FHC banks, the conversion to FHC status has not made any significant contribution towards these banks’ own efficiency growth. Government should keep encouraging the conversion of FHC banks, and, furthermore, stimulate the FHC banks on financial reform and overseas market expansion in order to elevate the efficiency of Taiwan financial industry. Journal: Journal of the Asia Pacific Economy Pages: 465-488 Issue: 3 Volume: 20 Year: 2015 Month: 7 X-DOI: 10.1080/13547860.2015.1054170 File-URL: http://hdl.handle.net/10.1080/13547860.2015.1054170 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:20:y:2015:i:3:p:465-488 Template-Type: ReDIF-Article 1.0 Author-Name: Deming Luo Author-X-Name-First: Deming Author-X-Name-Last: Luo Author-Name: Yanjun Liu Author-X-Name-First: Yanjun Author-X-Name-Last: Liu Author-Name: Yiyun Wu Author-X-Name-First: Yiyun Author-X-Name-Last: Wu Author-Name: Xiwei Zhu Author-X-Name-First: Xiwei Author-X-Name-Last: Zhu Author-Name: Xiangrong Jin Author-X-Name-First: Xiangrong Author-X-Name-Last: Jin Title: Does development zone have spillover effect in China? Abstract: We construct a new database of spatial relations between industrial firms and development zones using the Application Programming Interface addressing and document the development zones' spillover effect on firms' total factor productivity (TFP). Development zones significantly improve the TFP of surrounding firms, which attenuates with the distance from a development zone, and increases with the density of development zones in a given area. The spillover effect of national development zones decays more sharply than that of provincial ones. The rectification project improves firms' TFP and the spillover effect of development zones. The establishment of development zones affects surrounding firms' TFP, where TFP of newly entered firms decreases in the short term but soon rises rapidly. Journal: Journal of the Asia Pacific Economy Pages: 489-516 Issue: 3 Volume: 20 Year: 2015 Month: 7 X-DOI: 10.1080/13547860.2015.1054171 File-URL: http://hdl.handle.net/10.1080/13547860.2015.1054171 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:20:y:2015:i:3:p:489-516 Template-Type: ReDIF-Article 1.0 Author-Name: Xianxiang Xu Author-X-Name-First: Xianxiang Author-X-Name-Last: Xu Author-Name: Yuanhua Gao Author-X-Name-First: Yuanhua Author-X-Name-Last: Gao Title: Growth target management and regional economic growth Abstract: The share of the east in national economy has decreased for the first time during the past three decades. Based on the fact that the economic growth target set by government dominates this new trend, we put forward the hypothesis that governments employ the investment growth target to manage the economic growth target. We construct a novel provincial panel data, which matches actual economic data with target data from Report on the Work of the Local Governments (2001–2013), and find that effects of the investment growth target on the economic growth target are statistically and economically significant. We also find that only after the implementation of policies for promoting regional coordinated development, which is launched by the central government in the early of 2000s and ultimately transfers resources from the east to other regions, do these effects become significant. Journal: Journal of the Asia Pacific Economy Pages: 517-534 Issue: 3 Volume: 20 Year: 2015 Month: 7 X-DOI: 10.1080/13547860.2015.1054172 File-URL: http://hdl.handle.net/10.1080/13547860.2015.1054172 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:20:y:2015:i:3:p:517-534 Template-Type: ReDIF-Article 1.0 Author-Name: Jun Zhang Author-X-Name-First: Jun Author-X-Name-Last: Zhang Author-Name: Wan-wen Chu Author-X-Name-First: Wan-wen Author-X-Name-Last: Chu Author-Name: Keun Lee Author-X-Name-First: Keun Author-X-Name-Last: Lee Title: Special issue on economic development and industrial upgrading: East Asia and China Journal: Journal of the Asia Pacific Economy Pages: 343-344 Issue: 3 Volume: 20 Year: 2015 Month: 7 X-DOI: 10.1080/13547860.2015.1055672 File-URL: http://hdl.handle.net/10.1080/13547860.2015.1055672 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:20:y:2015:i:3:p:343-344 Template-Type: ReDIF-Article 1.0 Author-Name: Yingmei Zheng Author-X-Name-First: Yingmei Author-X-Name-Last: Zheng Author-Name: Kam Tang Author-X-Name-First: Kam Author-X-Name-Last: Tang Title: Rethinking the measurement of capital flight: an application to Asian economies Abstract: This paper improves on the widely used residual method in order to estimate the magnitude of capital flight in eight Asian economies over the period of 1980–2004. The paper argues that as capital flight is a drain on financial resources for development, it is more appropriate to measure it against the size of the financial market, which can be proxied by money aggregate, in contrast to the common practice of measuring it as a percentage of gross domestic product. Using this more appropriate new measure, we find that capital flight is more severe in some financially underdeveloped countries than has been suggested previously. It is also found that while capital flight could be a dormant sideshow in a benign economic environment, it could have considerable impact on the availability of financial resources when activated. Journal: Journal of the Asia Pacific Economy Pages: 313-330 Issue: 4 Volume: 14 Year: 2009 X-DOI: 10.1080/13547860903169308 File-URL: http://hdl.handle.net/10.1080/13547860903169308 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:14:y:2009:i:4:p:313-330 Template-Type: ReDIF-Article 1.0 Author-Name: Zatul Badarudin Author-X-Name-First: Zatul Author-X-Name-Last: Badarudin Author-Name: Ahmed Khalid Author-X-Name-First: Ahmed Author-X-Name-Last: Khalid Author-Name: Mohamed Ariff Author-X-Name-First: Mohamed Author-X-Name-Last: Ariff Title: Money supply behaviour in emerging economies: a comparative analysis Abstract: This paper reports new evidence consistent with the post-Keynesian hypothesis of money endogeneity for hitherto unexplored 10 emerging economies. These results were obtained using a vector error correction model to test for long-run and short-run causalities with data from 1996 to 2007. The evidence suggests that money supply is endogenous in five countries, namely China, the Czech Republic, India, Malaysia and Turkey; it is exogenous in Mexico, while there was no causality found in Indonesia, Russia and Taiwan. Thailand showed endogeneity in the long-run causality. Some suggestions are made to explain the mixed results, and we also discuss the limitations arising from our narrow specifications of the money supply and the models. Journal: Journal of the Asia Pacific Economy Pages: 331-350 Issue: 4 Volume: 14 Year: 2009 X-DOI: 10.1080/13547860903169324 File-URL: http://hdl.handle.net/10.1080/13547860903169324 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:14:y:2009:i:4:p:331-350 Template-Type: ReDIF-Article 1.0 Author-Name: Pravakar Sahoo Author-X-Name-First: Pravakar Author-X-Name-Last: Sahoo Author-Name: Ranjan Dash Author-X-Name-First: Ranjan Author-X-Name-Last: Dash Title: Infrastructure development and economic growth in India Abstract: In this study, we investigate the role of infrastructure in economic growth in India for the period 1970–2006 on the basis of the empirical framework developed by D.A. Aschauer (Is public expenditure productive? Journal of monetary economics, 23 (2), 1989, 177–200). In this context, we develop an index of infrastructure stocks and estimate growth-accounting equations to investigate the impact of infrastructure development on output. Overall, the results reveal that infrastructure stocks, labour force and total investment play an important role in economic growth in India. More importantly, we find that infrastructure development in India has a significant positive contribution toward growth than both private and public investments. Further, causality analysis shows that there is unidirectional causality from infrastructure development to output growth. From a policy perspective, there should be greater emphasis on infrastructure development to sustain the high economic growth which the Indian economy has been experiencing for the last few years. Journal: Journal of the Asia Pacific Economy Pages: 351-365 Issue: 4 Volume: 14 Year: 2009 X-DOI: 10.1080/13547860903169340 File-URL: http://hdl.handle.net/10.1080/13547860903169340 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:14:y:2009:i:4:p:351-365 Template-Type: ReDIF-Article 1.0 Author-Name: Melanie Beresford Author-X-Name-First: Melanie Author-X-Name-Last: Beresford Title: The Cambodian clothing industry in the post-MFA environment: a review of developments Abstract: The period 2005–2008 provides an opportunity to examine the impact of ending the Multi-Fibre Arrangement's system of quotas on the development of Cambodia's clothing industry and the wider Cambodian economy. The question is particularly interesting because (1) Cambodia has incorporated independently monitored labour standards and trade union rights into its labour law and (2) the clothing industry plays a centrally important role in growth of exports, GDP and employment. The paper shows that with the exception of the EU market, the increasingly competitive environment did not undermine expansion of the industry prior to the onset of global recession in 2008. The reason for continued success lay mainly in improved price competitiveness through exchange rate movements and the shift of China towards more upmarket production. Productivity gains seem an unlikely source of continued rapid growth. Finally, an examination of monitoring reports indicates that labour standards did not decline as a result of increased competitive pressures. Changes scheduled to take place in the monitoring system might, however, reduce its independence and permit the growth of a sector of the industry with lower standards. Journal: Journal of the Asia Pacific Economy Pages: 366-388 Issue: 4 Volume: 14 Year: 2009 X-DOI: 10.1080/13547860903169357 File-URL: http://hdl.handle.net/10.1080/13547860903169357 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:14:y:2009:i:4:p:366-388 Template-Type: ReDIF-Article 1.0 Author-Name: Nguyen Minh Author-X-Name-First: Nguyen Author-X-Name-Last: Minh Title: Dynamic demographics and economic growth in Vietnam Abstract: This paper is an empirical study of the effect of age-structure of population on economic growth in Vietnam. The statistics show that in recent years, Vietnam's demographics have been changing remarkably with an increase in the labor force as well as a decrease in the dependency ratio. This change offers a great opportunity for the economy to enhance its economic growth at least in the short and medium terms. Our estimated results from regression models also indicate that Vietnam has utilized this opportunity: The change in demographics has contributed up to 15% of economic growth during the last five years. Another finding is that while being categorized as dependent, the aged population seems to have no negative impact on Vietnam's economic growth, but the young population does. Vietnam's population will probably shift from a demographic dividend to demographic debt in about 10 years. Therefore, it is very important for Vietnamese government to take advantage of this dividend period in order to improve human capital and technology and prepare a coming period of demographic debt. In addition, building up sound pension and health care systems in the medium term is also a must. Journal: Journal of the Asia Pacific Economy Pages: 389-398 Issue: 4 Volume: 14 Year: 2009 X-DOI: 10.1080/13547860903169365 File-URL: http://hdl.handle.net/10.1080/13547860903169365 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:14:y:2009:i:4:p:389-398 Template-Type: ReDIF-Article 1.0 Author-Name: Duc Vo Author-X-Name-First: Duc Author-X-Name-Last: Vo Title: Fiscal decentralisation in Vietnam: lessons from selected Asian nations Abstract: In this paper, fiscal decentralisation in Vietnam is examined using a new fiscal decentralisation index, which accounts for both the fiscal autonomy and fiscal importance of subnational governments as developed in the work by D. Vo (Fiscal decentralisation indices: a comparison of two approaches. Rivista di diritto finanziario e scienza delle finanze LXVII, 3 (I), 2008, 295–323). The degree of fiscal decentralisation in Vietnam and China is then compared to that of three selected ASEAN nations, namely Indonesia, the Philippines and Thailand. This is intended that some policy implications from selected ASEAN nations and China's fiscal and economic experience are drawn for Vietnam. Journal: Journal of the Asia Pacific Economy Pages: 399-419 Issue: 4 Volume: 14 Year: 2009 X-DOI: 10.1080/13547860903169373 File-URL: http://hdl.handle.net/10.1080/13547860903169373 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:14:y:2009:i:4:p:399-419 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Notes on Contributors Journal: Pages: 425-426 Issue: 4 Volume: 14 Year: 2009 X-DOI: 10.1080/13547860903169381 File-URL: http://hdl.handle.net/10.1080/13547860903169381 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:14:y:2009:i:4:p:425-426 Template-Type: ReDIF-Article 1.0 Author-Name: Rajesh S N Author-X-Name-First: Rajesh Author-X-Name-Last: S N Title: A Review of “Trade policy, inequality and performance in Indian manufacturing” Journal: Pages: 420-424 Issue: 4 Volume: 14 Year: 2009 X-DOI: 10.1080/13547860903185189 File-URL: http://hdl.handle.net/10.1080/13547860903185189 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:14:y:2009:i:4:p:420-424 Template-Type: ReDIF-Article 1.0 Author-Name: Abdul Jalil Author-X-Name-First: Abdul Author-X-Name-Last: Jalil Author-Name: Mete Feridun Author-X-Name-First: Mete Author-X-Name-Last: Feridun Title: Long-run relationship between income inequality and financial development in China Abstract: This article aims at investigating the long-run relationship between financial development and income inequality in China using Autoregressive Distributed Lag (ARDL) model from 1978 to 2006. The results suggest that there exists a strong relationship between the Gini coefficient and financial development, and that financial development leads to a reduction in the income inequality. Journal: Journal of the Asia Pacific Economy Pages: 202-214 Issue: 2 Volume: 16 Year: 2011 X-DOI: 10.1080/13547860.2011.564745 File-URL: http://hdl.handle.net/10.1080/13547860.2011.564745 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:16:y:2011:i:2:p:202-214 Template-Type: ReDIF-Article 1.0 Author-Name: Hoi Le Author-X-Name-First: Hoi Author-X-Name-Last: Le Author-Name: Richard Pomfret Author-X-Name-First: Richard Author-X-Name-Last: Pomfret Title: Technology spillovers from foreign direct investment in Vietnam: horizontal or vertical spillovers? Abstract: This paper uses firm-level data to examine how technology spillovers through foreign direct investment (FDI) affect the productivity of domestic firms in Vietnam. We advance the understanding as to when, where and under what conditions FDI generates technology spillovers to domestic firms. We find that domestic firms gain technology spillovers through vertical linkages with foreign firms, but the effect of the horizontal presence of foreign firms on the productivity of domestic firms is negative. This suggests that potential technology transfer between foreign firms and their local competitors is more than offset by the competition induced by the entry of foreign firms. The existence and strength of horizontal and vertical spillovers depend on industry and firm characteristics and on the types of FDI. Journal: Journal of the Asia Pacific Economy Pages: 183-201 Issue: 2 Volume: 16 Year: 2011 X-DOI: 10.1080/13547860.2011.564746 File-URL: http://hdl.handle.net/10.1080/13547860.2011.564746 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:16:y:2011:i:2:p:183-201 Template-Type: ReDIF-Article 1.0 Author-Name: Sunil Kumar Author-X-Name-First: Sunil Author-X-Name-Last: Kumar Author-Name: Renuka Mahadevan Author-X-Name-First: Renuka Author-X-Name-Last: Mahadevan Title: Intra-household income inequality and poverty in a small developing economy Abstract: Ignoring consumption inequality between individuals within a household is shown to not only underestimate the Gini coefficient and poverty measures but these vary considerably over different income groups even in a small island state like Fiji. Interestingly, the Kuznets curve for intra-household inequality is absent and to our knowledge the paper provides the first attempt in determining the factors that influence intra-household inequality. It was found that variation in the age of family members only affected inequality in low-expenditure groups while total assets affected inequality in the mid-level-expenditure group. Age variations arise due to the existence of intergenerational family structure among the poorer households and strong affinity towards asset accumulation among the middle class could have harmful effects on the development of children and the welfare of the weaker members within such families. These intra-family distributional problems can be addressed through targeted redistributive policies to provide additional resources and enhance family cohesion. Journal: Journal of the Asia Pacific Economy Pages: 143-162 Issue: 2 Volume: 16 Year: 2011 X-DOI: 10.1080/13547860.2011.564747 File-URL: http://hdl.handle.net/10.1080/13547860.2011.564747 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:16:y:2011:i:2:p:143-162 Template-Type: ReDIF-Article 1.0 Author-Name: Richard Grabowski Author-X-Name-First: Richard Author-X-Name-Last: Grabowski Title: Indonesian economic development: political economy of an effective state Abstract: Over the last four decades, the Indonesian state has effectively combined rapid economic growth with significant reductions in poverty, i.e. pro-poor growth. This paper argues that the effective reduction of poverty resulted from rapid agricultural growth. This in turn was the result of a strategy of development involving significant agricultural investment. It will be argued that the ruling elite chose this path because it was dependent on agriculture for its political survival and a backlog of agricultural technology was readily available. Without the latter, Indonesia would likely have followed an extractive strategy with respect to agriculture (similar to Africa). Journal: Journal of the Asia Pacific Economy Pages: 241-253 Issue: 2 Volume: 16 Year: 2011 X-DOI: 10.1080/13547860.2011.564748 File-URL: http://hdl.handle.net/10.1080/13547860.2011.564748 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:16:y:2011:i:2:p:241-253 Template-Type: ReDIF-Article 1.0 Author-Name: Wenshu Gao Author-X-Name-First: Wenshu Author-X-Name-Last: Gao Author-Name: Russell Smyth Author-X-Name-First: Russell Author-X-Name-Last: Smyth Title: What keeps China's migrant workers going? Expectations and happiness among China's floating population Abstract: China's rural-urban migrants have been the engine room that has driven China's high rate of economic growth; however, their living and working conditions are poor. This paper addresses the question: What keeps China's migrant workers going? We seek to answer this question through examining the determinants of the happiness of China's rural-urban migrants, drawing on a large-scale survey administered across 12 cities in 2005. We find that expectations as to future income are important determinants of happiness. This suggests that many migrants expect their financial position and, by extension, their lives more generally to get better in the future and that this is having a positive effect on their current levels of happiness. The effect of optimistic expectations outstrips any realistic increase in their own income. We find that for those who expect a big increase in income over the next five years, this translates to an increase of 380% in average monthly income and for those who expect a small increase in income over the next five years, this translates to an increase of 200% in average monthly income to obtain an equivalent increase in happiness compared with those who expect no change in income. This finding has important implications for economic growth and socio-economic stability in China, given that maintaining socio-economic stability is important to maintain China's high rate of economic growth and positive expectations about future income are important for maintaining socio-economic stability during times of economic transition. Journal: Journal of the Asia Pacific Economy Pages: 163-182 Issue: 2 Volume: 16 Year: 2011 X-DOI: 10.1080/13547860.2011.564749 File-URL: http://hdl.handle.net/10.1080/13547860.2011.564749 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:16:y:2011:i:2:p:163-182 Template-Type: ReDIF-Article 1.0 Author-Name: Alberto Posso Author-X-Name-First: Alberto Author-X-Name-Last: Posso Title: Government expenditure on education and enrolment rates in Indonesia in the new millennium: an East Asian perspective Abstract: This note examines the likely impact of increased government expenditure on education in Indonesia resulting from new policy initiatives since the year 2000. These initiatives were consolidated in 2003 following the enactment of a new ‘Law on National Education System’. The effectiveness of this policy is questioned by comparing the expenditure and enrolment rates between Indonesia and other High Performing Asian Economies (HPAEs) – Singapore, Hong Kong, South Korea, Thailand and Malaysia from 2000 to 2007. Privatisation of educational institutions, not greater government involvement, has been the norm across most of the other HPAEs during the 2000s. Privatisation leads to improvements in the quality and cost of education. Enrolment rates indicate that the quality of education has not improved in Indonesia as compared to other HPAEs. Improvements in quality will become a particularly important issue for Indonesia as it continues to cope with the challenges brought about by China and India's unprecedented growth as labour-intensive manufacturing powerhouses. Journal: Journal of the Asia Pacific Economy Pages: 233-240 Issue: 2 Volume: 16 Year: 2011 X-DOI: 10.1080/13547860.2011.564751 File-URL: http://hdl.handle.net/10.1080/13547860.2011.564751 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:16:y:2011:i:2:p:233-240 Template-Type: ReDIF-Article 1.0 Author-Name: Yanrui Wu Author-X-Name-First: Yanrui Author-X-Name-Last: Wu Title: Innovation and economic growth in China: evidence at the provincial level Abstract: China has enjoyed high economic growth for three decades since the initiative of economic reform in 1978. This growth has, however, been driven mainly by labour-intensive, export-oriented manufacturing activities. Has innovation played a role in China's economic growth? What are the determinants of innovation in the Chinese economy? These are some of the questions that are to be explored in this study using China's provincial statistics. Answers to these questions have important policy implications for China's economic development in the future, as innovation is vital for the transformation of the country's growth model. Journal: Journal of the Asia Pacific Economy Pages: 129-142 Issue: 2 Volume: 16 Year: 2011 X-DOI: 10.1080/13547860.2011.564752 File-URL: http://hdl.handle.net/10.1080/13547860.2011.564752 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:16:y:2011:i:2:p:129-142 Template-Type: ReDIF-Article 1.0 Author-Name: Grace Lee Author-X-Name-First: Grace Author-X-Name-Last: Lee Title: Aggregate shocks decomposition for eight East Asian countries Abstract: All economies experience peaks and troughs in their business cycles. This paper examines eight East Asian economies, employing a Bayesian dynamic factor model that allows the decomposition of aggregate shocks into country-specific, regional and world common business cycles. It therefore allows the identification of causes for major events experienced by these countries. Empirical evidences show that country-specific factors are the most important in determining the major events for all the countries examined here, implying the need for each country to rely more heavily on its own independent counter-cyclical policies. Although the regional factor plays a less important role than the country-specific factor, it accounts for a sizeable share in the output fluctuation of the region. The regional factor is most prevalent for Singapore, Korea, Malaysia and Thailand, indicating that a regional coordinated policy is rather more effective for these economies to respond to disturbances. The world factor explains only around 7% of the output variation in East Asia, which might explain why the East Asian economies are relatively insulated from the recent global financial crisis. Journal: Journal of the Asia Pacific Economy Pages: 215-232 Issue: 2 Volume: 16 Year: 2011 X-DOI: 10.1080/13547860.2011.564754 File-URL: http://hdl.handle.net/10.1080/13547860.2011.564754 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:16:y:2011:i:2:p:215-232 Template-Type: ReDIF-Article 1.0 Author-Name: Qigui Liu Author-X-Name-First: Qigui Author-X-Name-Last: Liu Author-Name: Gary Tian Author-X-Name-First: Gary Author-X-Name-Last: Tian Author-Name: Xiaoming Wang Author-X-Name-First: Xiaoming Author-X-Name-Last: Wang Title: The effect of ownership structure on leverage decision: new evidence from Chinese listed firms Abstract: This paper examines the effect of state control and ownership structure on the leverage decision of firms listed in the Chinese stock market. Our results show that state-owned enterprises (SOEs) have higher leverage ratios than non-SOEs, and SOEs in regions with a poorer institutional environment have higher leverage ratios than SOEs in better regions. We also show that the largest shareholding (the percentage of shares held by the largest shareholder) in the SOEs has a negative relationship with the leverage ratio, while the largest shareholding in non-SOEs has a non-linear relationship with the short-term and long-term debt ratios. Finally, this study also shows that the share split reform and the improvement of institutional environment both weaken the negative relationship and strengthen the positive relationship between largest shareholding and leverage of SOEs and non-SOEs to some extent. This paper documents how the financing behaviour of SOEs is more influenced by government intervention, while the financing behaviour of non-SOEs is more market oriented. Journal: Journal of the Asia Pacific Economy Pages: 254-276 Issue: 2 Volume: 16 Year: 2011 X-DOI: 10.1080/13547860.2011.564755 File-URL: http://hdl.handle.net/10.1080/13547860.2011.564755 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:16:y:2011:i:2:p:254-276 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Notes on contributors Journal: Journal of the Asia Pacific Economy Pages: 281-283 Issue: 2 Volume: 16 Year: 2011 X-DOI: 10.1080/13547860.2011.564756 File-URL: http://hdl.handle.net/10.1080/13547860.2011.564756 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:16:y:2011:i:2:p:281-283 Template-Type: ReDIF-Article 1.0 Author-Name: Thiam Hee Ng Author-X-Name-First: Thiam Author-X-Name-Last: Hee Ng Title: A Review of “Prospects for monetary cooperation and integration in East Asia” Journal: Journal of the Asia Pacific Economy Pages: 277-278 Issue: 2 Volume: 16 Year: 2011 X-DOI: 10.1080/13547860.2011.566689 File-URL: http://hdl.handle.net/10.1080/13547860.2011.566689 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:16:y:2011:i:2:p:277-278 Template-Type: ReDIF-Article 1.0 Author-Name: Ning Fu Author-X-Name-First: Ning Author-X-Name-Last: Fu Title: A Review of “Awakening giants, feet of clay: assessing the economic rise of China and India” Journal: Journal of the Asia Pacific Economy Pages: 278-280 Issue: 2 Volume: 16 Year: 2011 X-DOI: 10.1080/13547860.2011.567070 File-URL: http://hdl.handle.net/10.1080/13547860.2011.567070 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:16:y:2011:i:2:p:278-280 Template-Type: ReDIF-Article 1.0 Author-Name: Xiaoming Huang Author-X-Name-First: Xiaoming Author-X-Name-Last: Huang Title: Institutional competitiveness and institutional aging: the dynamism of East Asian Growth Abstract: This study investigates the international dynamism of rapid economic growth in East Asia: Japan, Korea, Singapore, Taiwan and China. It finds that underlying East Asian Growth is the competitiveness of the institutional setting that makes up for the insufficiency in normal conditions for economic growth in these countries. More importantly, the institutional setting that generates such competitiveness has a logic of its own. This logic affects the formation and change of the setting and determines under what conditions and to what extent such an institutional setting is effective in each of these countries. The study highlights the systematic and dynamic nature of East Asian Growth. It takes the institutional setting as a central problem in explaining the historical patterns of rapid economic development in East Asia, and builds on rational choice and historical institutionalism for a more effective explanation. Journal: Journal of the Asia Pacific Economy Pages: 3-25 Issue: 1 Volume: 13 Year: 2008 X-DOI: 10.1080/13547860701731762 File-URL: http://hdl.handle.net/10.1080/13547860701731762 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:13:y:2008:i:1:p:3-25 Template-Type: ReDIF-Article 1.0 Author-Name: Elias Sanidas Author-X-Name-First: Elias Author-X-Name-Last: Sanidas Author-Name: Kankesu Jayanthakumaran Author-X-Name-First: Kankesu Author-X-Name-Last: Jayanthakumaran Title: Trade liberalization and lagged reactions of trade flows, productivity and internal demand: an application to the Australian PMV industry Abstract: A literature review regarding the consequences of trade liberalization on trade flows, productivity and internal demand has led us to consider a simple operational model of how to measure these consequences. This model is applied to the passenger motor vehicle (PMV) industry in Australia. There is clear evidence that this liberalization has increased the volume of trade and productivity, but reduced the locally produced cars for internal consumption. In addition, there are significant estimated lags concerning the reaction of these variables as a consequence of trade liberalization. Econometrically, this paper is an application of the bounds-testing procedure based on the Autoregressive Distributed Lag (ARDL) approach to cointegration. Journal: Journal of the Asia Pacific Economy Pages: 26-49 Issue: 1 Volume: 13 Year: 2008 X-DOI: 10.1080/13547860701731820 File-URL: http://hdl.handle.net/10.1080/13547860701731820 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:13:y:2008:i:1:p:26-49 Template-Type: ReDIF-Article 1.0 Author-Name: Mohammad Rahman Author-X-Name-First: Mohammad Author-X-Name-Last: Rahman Title: Macro-economic and trade link models of SAARC countries: an investigation for regional trade expansion Abstract: The paper examines the macroeconomic structure of SAARC countries, i.e. Bangladesh, India, Nepal, Pakistan and Sri Lanka. It also explores the possibility of trade expansion among these countries by examining the macro-economic and regional trade link models based on time series data of 28 years. The study finds that there are inter-country differences in production and consumption patterns, investment behaviour, tax and non-tax structures in the SAARC countries. Hence, there is considerable scope for trade expansion among the SAARC countries. The study also confirms that aggregate regional consumption and regional GNP increase significantly with the increase of aggregate regional trade, and the consumption and income elasticities are 1.70 and 1.61 respectively. The study also exhibits that the GNP of Bangladesh, Nepal, Pakistan and Sri Lanka, with limited exceptions, are significantly increased with the increase of their exports to the region. So these countries would definitely benefit from the regional trade expansion. The same may be true for India if the smuggled trade is prevented or reduced, and true economic factors, keeping aside political conflicts, dominate for regional trade policy. Journal: Journal of the Asia Pacific Economy Pages: 50-62 Issue: 1 Volume: 13 Year: 2008 X-DOI: 10.1080/13547860701731853 File-URL: http://hdl.handle.net/10.1080/13547860701731853 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:13:y:2008:i:1:p:50-62 Template-Type: ReDIF-Article 1.0 Author-Name: Choon-Yin Sam Author-X-Name-First: Choon-Yin Author-X-Name-Last: Sam Title: Partial privatization, corporate governance, and the role of state-owned holding companies Abstract: The success of privatized firms has been of interest to researchers in economics. In this study, we examine the role of a state-owned holding company (SOH), serving as a monitoring arm of the government to track the performance of the government-linked companies (GLCs). In the case where state assets are partially privatized, the holding company serves as a useful institution to mitigate the agency problem involving the government as the principal and the GLCs as agents. To play this role effectively, the holding company itself must be respected and well governed. In the first part of this paper, a simple framework is presented to put in context the specific role of the SOH and its relationship with the various stakeholders. Next, we turn to a case study, the Temasek Holdings Limited of Singapore, to gain a better understanding of the style of corporate governance of a holding company. Journal: Journal of the Asia Pacific Economy Pages: 63-88 Issue: 1 Volume: 13 Year: 2008 X-DOI: 10.1080/13547860701731895 File-URL: http://hdl.handle.net/10.1080/13547860701731895 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:13:y:2008:i:1:p:63-88 Template-Type: ReDIF-Article 1.0 Author-Name: Duan Xiufang Author-X-Name-First: Duan Author-X-Name-Last: Xiufang Author-Name: Wayne Dwyer Author-X-Name-First: Wayne Author-X-Name-Last: Dwyer Title: Rethinking China's domestic agriculture support measures under WTO protocols Abstract: China's entry into the World Trade Organisation (WTO) has necessitated a rethink of the country's agricultural domestic support policies. Under the terms of entry, Chinese authorities are no longer able to control agricultural inputs, outputs and prices, Chinese agricultural exports no longer enjoy government subsidies and Chinese agricultural import-competing products enjoy only single tariff protection. With entry into the WTO, China faces the problem of affording effective protection to its domestic import-competing sector, ensuring food security, and enhancing its export competitiveness while simultaneously fulfilling its strong commitment to the WTO. Fortunately, specific provisions in the WTO protocols do allow for the easing of the country's protection reduction commitments. Chinese authorities need to make use of these WTO provisions to ensure domestic agricultural self-sufficiency and export competitiveness. Journal: Journal of the Asia Pacific Economy Pages: 89-106 Issue: 1 Volume: 13 Year: 2008 X-DOI: 10.1080/13547860701733115 File-URL: http://hdl.handle.net/10.1080/13547860701733115 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:13:y:2008:i:1:p:89-106 Template-Type: ReDIF-Article 1.0 Author-Name: Christian Chua Author-X-Name-First: Christian Author-X-Name-Last: Chua Title: The conglomerates in crisis: Indonesia, 1997–1998 Abstract: The crisis in 1997/1998 unravelled Indonesia's successful business model of close state–business relations. Without the authoritarianism, centralism, and protectionism of the former regime, the conglomerates – predominantly owned by ethnic Chinese – had to deal with a new political environment that brought them to the brink of financial and political collapse. This paper analyses the impact of the Asian crisis and outlines the new challenges for the business groups in a more democratic, decentralized, and deregulated economy. Journal: Journal of the Asia Pacific Economy Pages: 107-127 Issue: 1 Volume: 13 Year: 2008 X-DOI: 10.1080/13547860701733123 File-URL: http://hdl.handle.net/10.1080/13547860701733123 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:13:y:2008:i:1:p:107-127 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Notes on Contributors Journal: Pages: 128-129 Issue: 1 Volume: 13 Year: 2008 X-DOI: 10.1080/13547860701733149 File-URL: http://hdl.handle.net/10.1080/13547860701733149 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:13:y:2008:i:1:p:128-129 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Journal of the Asia Pacific Economy Referees 2007 Journal: Pages: 1-2 Issue: 1 Volume: 13 Year: 2008 X-DOI: 10.1080/13547860701780173 File-URL: http://hdl.handle.net/10.1080/13547860701780173 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:13:y:2008:i:1:p:1-2 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: referees 2011 Journal: Journal of the Asia Pacific Economy Pages: 1-3 Issue: 1 Volume: 17 Year: 2012 X-DOI: 10.1080/13547860.2012.639997 File-URL: http://hdl.handle.net/10.1080/13547860.2012.639997 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:17:y:2012:i:1:p:1-3 Template-Type: ReDIF-Article 1.0 Author-Name: Keun Lee Author-X-Name-First: Keun Author-X-Name-Last: Lee Author-Name: Mihnsoo Kim Author-X-Name-First: Mihnsoo Author-X-Name-Last: Kim Author-Name: Jooyoung Kwak Author-X-Name-First: Jooyoung Author-X-Name-Last: Kwak Title: Places for Korean firms in China: looking for a viable international division of labor in 1990–2010 Abstract: In the past decade, increasing economic integration with China has offered vast business opportunities to Korean firms. Given the changing industry map in East Asia, Korean firms have been seeking a new international division of labor with Chinese firms via foreign direct investment. During the last two decades, Korean firms in China attempted to create business models that implemented either a full set of business activities (full model) or a partial set of business activities (partial model). We have found that the competitiveness of Korean firms in China experienced drastic changes, which changed the viability of specific models, namely the partial model, for Korean business in China. Our cases have indicated that both full and partial models evolved responding to environmental changes in the host market. The central reason for such changes is that as Chinese firms accomplished a technological catch-up, they began to replace the roles of Korean firms in China at a rapid rate, which obsolesced the bargaining power of Korean firms in China in their relations with their Chinese partners. Our study implies that Korean firms going to China, when seeking for a viable business model, should deliberately consider the possibility of Chinese firms’ catching-up with Korean firms within the industries. Journal: Journal of the Asia Pacific Economy Pages: 4-21 Issue: 1 Volume: 17 Year: 2012 X-DOI: 10.1080/13547860.2012.639998 File-URL: http://hdl.handle.net/10.1080/13547860.2012.639998 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:17:y:2012:i:1:p:4-21 Template-Type: ReDIF-Article 1.0 Author-Name: George Verikios Author-X-Name-First: George Author-X-Name-Last: Verikios Author-Name: James McCaw Author-X-Name-First: James Author-X-Name-Last: McCaw Author-Name: Jodie McVernon Author-X-Name-First: Jodie Author-X-Name-Last: McVernon Author-Name: Anthony Harris Author-X-Name-First: Anthony Author-X-Name-Last: Harris Title: H1N1 influenza and the Australian macroeconomy Abstract: Early 2009 saw the emergence of an H1N1 influenza epidemic in North America that eventually spread to become the first pandemic of the twenty-first century. Previous work has suggested that pandemics and near-pandemics can have large macroeconomic effects on highly affected regions; here, we estimate what those effects might be for Australia. Our analysis applies the MONASH-Health model: a computable general equilibrium model of the Australian economy. We deviate from previous work by incorporating two important short-run mechanisms in our analytical framework: quarterly periodicity and excess capacity. The analysis supports the assertion that an H1N1 epidemic could have significant short-run macroeconomic effects but the size of these effects is highly dependent on the degree of inertia in the markets for physical capital and labour. Journal: Journal of the Asia Pacific Economy Pages: 22-51 Issue: 1 Volume: 17 Year: 2012 X-DOI: 10.1080/13547860.2012.639999 File-URL: http://hdl.handle.net/10.1080/13547860.2012.639999 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:17:y:2012:i:1:p:22-51 Template-Type: ReDIF-Article 1.0 Author-Name: Khorshed Chowdhury Author-X-Name-First: Khorshed Author-X-Name-Last: Chowdhury Title: The real exchange rate and the Balassa–Samuelson hypothesis in SAARC countries: an appraisal Abstract: This paper empirically tests the Balassa–Samuelson (B-S) productivity bias hypothesis in seven South Asian countries. We use auto regressive distributed lag (ARDL) modelling to develop a dynamic structure of the B-S hypothesis. Using annual data from Penn World Table Version 7.0 and the ‘bounds test’, we found no evidence of the B-S hypothesis in six sampled countries (Bhutan, India, Maldives, Nepal, Pakistan and Sri Lanka) and the only exception was Bangladesh. We found that a 1% increase in labour productivity in Bangladesh relative to the US will lead to 2.5% appreciation in the real exchange rate of Bangladesh. The speed of adjustment towards equilibrium was found to be high, with short-run disequilibrium correcting by nearly 25% per annum in Bangladesh. The two endogenously determined structural breaks are found to be negative and statistically significant. These results add new insights to the time-series literature on the B-S hypothesis. Journal: Journal of the Asia Pacific Economy Pages: 52-73 Issue: 1 Volume: 17 Year: 2012 X-DOI: 10.1080/13547860.2012.640000 File-URL: http://hdl.handle.net/10.1080/13547860.2012.640000 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:17:y:2012:i:1:p:52-73 Template-Type: ReDIF-Article 1.0 Author-Name: Souksavanh Vixathep Author-X-Name-First: Souksavanh Author-X-Name-Last: Vixathep Author-Name: Nobuaki Matsunaga Author-X-Name-First: Nobuaki Author-X-Name-Last: Matsunaga Title: Firm performance in a transitional economy: a case study of Vietnam's garment industry Abstract: Amid the global financial crisis and economic downturn, efficiency improvement is one of the essential countermeasures for overcoming the hardship. Recognizing the role of the garment industry in Vietnam's economy, the paper addresses the relationship among technical efficiency and firm structure, business activity, export destination and location based on 2007 firm-level data. We find that high inefficiency exists in the Vietnam's garment industry and there is much room for improvement. Product specialization and export markets would contribute to efficiency enhancement in the short run. Also, garment firms located in Ho Chi Minh City, where competition is fiercer than other production areas, tend to achieve higher efficiency performance. To a lesser extent, private ownership and smaller firm size (small and medium-sized enterprise – SME) appear to be associated with higher efficiency. These findings would give rise to promotion of business competition, market-supporting institutions and nonstate ownership for the benefit of the garment industry as a whole. Journal: Journal of the Asia Pacific Economy Pages: 74-93 Issue: 1 Volume: 17 Year: 2012 X-DOI: 10.1080/13547860.2012.640002 File-URL: http://hdl.handle.net/10.1080/13547860.2012.640002 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:17:y:2012:i:1:p:74-93 Template-Type: ReDIF-Article 1.0 Author-Name: Chee-Heong Quah Author-X-Name-First: Chee-Heong Author-X-Name-Last: Quah Author-Name: Patrick Crowley Author-X-Name-First: Patrick Author-X-Name-Last: Crowley Title: Which country should be the monetary anchor for East Asia: the US, Japan or China? Abstract: In this paper, we apply the optimum currency area (OCA) criteria to assess the suitability of whether the US, Japan or China would best serve as the monetary anchor country for East Asian countries. The OCA criteria used are trade openness, business cycle synchronisation, real exchange rate volatility, inflation convergence and real interest rate cycle synchronisation. The ‘performance’ of these potential anchor countries is compared before and after the Asian financial crisis. The findings suggest an increase in the potential for China as a monetary anchor in the future but the US dollar likely still is the most obvious choice of anchor currency. From an endogenous OCA perspective, the findings also broadly support the existing currency boards in Hong Kong and Macau and the monetary union between Singapore and Brunei. Journal: Journal of the Asia Pacific Economy Pages: 94-112 Issue: 1 Volume: 17 Year: 2012 X-DOI: 10.1080/13547860.2012.640004 File-URL: http://hdl.handle.net/10.1080/13547860.2012.640004 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:17:y:2012:i:1:p:94-112 Template-Type: ReDIF-Article 1.0 Author-Name: Mohammad Alam Author-X-Name-First: Mohammad Author-X-Name-Last: Alam Author-Name: Jeroen Buysse Author-X-Name-First: Jeroen Author-X-Name-Last: Buysse Author-Name: Andrew McKenzie Author-X-Name-First: Andrew Author-X-Name-Last: McKenzie Author-Name: Ismat Begum Author-X-Name-First: Ismat Author-X-Name-Last: Begum Author-Name: Eric Wailes Author-X-Name-First: Eric Author-X-Name-Last: Wailes Author-Name: Guido Van Huylenbroeck Author-X-Name-First: Guido Author-X-Name-Last: Van Huylenbroeck Title: The dynamic relationships between world and domestic prices of rice under the regime of agricultural trade liberalization in Bangladesh Abstract: The article examines the dynamic relationship between the world and the domestic market price of rice for Bangladesh given agricultural trade liberalization. A Johansen multivariate cointegration test was used, followed by an error correction model. Results show that there exists a long-run unidirectional equilibrium relationship, meaning that the domestic prices adjust to the world prices but not vice versa. Our results highlight the dependence of the Bangladeshi rice market on the world rice market and underline the need for adequate policies which specifically address the issue of food security when world prices are very high. The goal of such policies should be to dampen or reduce domestic price volatility induced by the world market. Journal: Journal of the Asia Pacific Economy Pages: 113-126 Issue: 1 Volume: 17 Year: 2012 X-DOI: 10.1080/13547860.2012.640010 File-URL: http://hdl.handle.net/10.1080/13547860.2012.640010 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:17:y:2012:i:1:p:113-126 Template-Type: ReDIF-Article 1.0 Author-Name: Benno Ferrarini Author-X-Name-First: Benno Author-X-Name-Last: Ferrarini Title: International trade, domestic market potential and income in developing Asia Abstract: We derive a Frankel–Romer instrument from a global trade matrix of 157 countries over the period 1990–2007, and deploy it to assess the relationship between international trade, domestic market potential and income for the case of developing Asia, compared to the world average. The findings from panel instrumental variable regression confirm international trade to have caused income to rise on average across all the trading nations, but particularly so for countries of developing Asia, where this effect appears to be strongest. By contrast, domestic trade potential as explained by country size is found to be less relevant a factor explaining the rise in income of developing Asia. In light of a likely softening of external demand for Asian exports, as global rebalancing will take hold, Asia's underexploited domestic market potential represents considerable scope for the region to step up its efforts to gradually reinforce the domestic and regional dimensions as an additional engine of growth. Journal: Journal of the Asia Pacific Economy Pages: 127-137 Issue: 1 Volume: 17 Year: 2012 X-DOI: 10.1080/13547860.2012.640012 File-URL: http://hdl.handle.net/10.1080/13547860.2012.640012 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:17:y:2012:i:1:p:127-137 Template-Type: ReDIF-Article 1.0 Author-Name: Sanzidur Rahman Author-X-Name-First: Sanzidur Author-X-Name-Last: Rahman Author-Name: Md. Rahman Author-X-Name-First: Md. Author-X-Name-Last: Rahman Author-Name: Md. Rahman Author-X-Name-First: Md. Author-X-Name-Last: Rahman Title: Joint determination of the choice of growing season and economic efficiency of maize in Bangladesh Abstract: The paper jointly evaluates the determinants of the choice of maize growing season (winter vs. summer maize) and economic efficiency of individual producers in Bangladesh using a sample selection framework applied to stochastic frontier models. Model diagnostics reveal that sample selection bias is significant, thereby justifying the use of this approach. Probit results reveal that the probability to choose winter maize are influenced positively by gross return, subsistence pressure and soil suitability, whereas extension contact influences choice negatively. Stochastic cost frontier results reveal that a rise in input prices and output level increases production cost as expected. Among the variables representing the production environment, soil suitability and stability of mean temperature reduce cost, whereas precipitation increases cost. The mean level of economic efficiency is estimated at 0.91, implying that scope still exists to reduce cost further by jointly eliminating technical and allocative inefficiency. Policy implications include measures to improve soil suitability, development of temperature-resistant varieties and price policies to check input price rise while boosting maize price, which will synergistically increase adoption rate as well as profitability of winter maize cultivation in Bangladesh. Journal: Journal of the Asia Pacific Economy Pages: 138-150 Issue: 1 Volume: 17 Year: 2012 X-DOI: 10.1080/13547860.2012.640016 File-URL: http://hdl.handle.net/10.1080/13547860.2012.640016 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:17:y:2012:i:1:p:138-150 Template-Type: ReDIF-Article 1.0 Author-Name: Toriqul Bashar Author-X-Name-First: Toriqul Author-X-Name-Last: Bashar Author-Name: Salim Rashid Author-X-Name-First: Salim Author-X-Name-Last: Rashid Title: Urban microfinance and urban poverty in Bangladesh Abstract: Studies of microfinance have hitherto focused upon rural poverty, despite the better production and marketing facilities of urban areas and the higher consumption capacity of urban populations. Since the nature and extent of urban poverty is somewhat similar to rural poverty, and since the urban poor are growing more rapidly than the rural poor, more, if not equal, emphasis should be given to reducing urban poverty. This paper describes the nature of microfinance in urban low-income communities and discusses its importance. Journal: Journal of the Asia Pacific Economy Pages: 151-170 Issue: 1 Volume: 17 Year: 2012 X-DOI: 10.1080/13547860.2012.640019 File-URL: http://hdl.handle.net/10.1080/13547860.2012.640019 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:17:y:2012:i:1:p:151-170 Template-Type: ReDIF-Article 1.0 Author-Name: James Zhang Author-X-Name-First: James Author-X-Name-Last: Zhang Title: Will RMB appreciation reduce trade deficit in the US? Abstract: Although the Renminbi (RMB) appreciated by more than 25% against the US dollar in nominal terms between 2005 and 2011, China's exports continued to grow, leading to a surplus, representing approximately for 10% of its GDP. This paper assesses the major explanations for the surge of China's exports and trade surplus and tackles the issue of whether an appreciation of the RMB would help the US to reduce its trade deficits. After conducting simulation exercises on the multi-country macro-econometric Fair model, this paper offers some new explanations for the unexpected surge in China's trade surplus, namely a low overall price elasticity and a high domestic income elasticity for the tradable goods in both countries, and a consequential sluggish price pass-through process of the RMB appreciation on the US market. It thus questions the effectiveness of RMB appreciation as an instrument to restore the trade balance between China and the US. Journal: Journal of the Asia Pacific Economy Pages: 171-187 Issue: 1 Volume: 17 Year: 2012 X-DOI: 10.1080/13547860.2012.640021 File-URL: http://hdl.handle.net/10.1080/13547860.2012.640021 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:17:y:2012:i:1:p:171-187 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Notes on contributors Journal: Journal of the Asia Pacific Economy Pages: 188-192 Issue: 1 Volume: 17 Year: 2012 X-DOI: 10.1080/13547860.2012.640022 File-URL: http://hdl.handle.net/10.1080/13547860.2012.640022 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:17:y:2012:i:1:p:188-192 Template-Type: ReDIF-Article 1.0 Author-Name: Jose Cuesta Author-X-Name-First: Jose Author-X-Name-Last: Cuesta Title: Child Malnutrition and the Provision of Water and Sanitation in the Philippines Abstract: The prospects for achieving the Millennium Development Goal on nutrition are predicted to be bleak in the Philippines. These predictions, however, take no account of the interactions between nutritional and sanitary interventions. These interactions are reported to matter in the Philippines and elsewhere, but evidence is far from conclusive. Using a nationwide demographic survey, this paper employs two alternative estimation techniques (probits and propensity matching scores) to quantify such relations among Filipino households. The results confirm that water and sanitation provision have a positive effect on nutritional status, but these effects are not substantial. Community-based piped water provision and flush toilets have the greatest potential to reduce malnutrition. Household access to point source water and latrines are more likely to reduce the probability of birth malnutrition among poor households than other public infrastructure. Such interactions, however, cannot substitute for improving the coverage and quality of overall health and nutrition interventions. Journal: Journal of the Asia Pacific Economy Pages: 125-157 Issue: 2 Volume: 12 Year: 2007 X-DOI: 10.1080/13547860701252298 File-URL: http://hdl.handle.net/10.1080/13547860701252298 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:12:y:2007:i:2:p:125-157 Template-Type: ReDIF-Article 1.0 Author-Name: Kanhaiya Singh Author-X-Name-First: Kanhaiya Author-X-Name-Last: Singh Author-Name: Kaliappa Kalirajan Author-X-Name-First: Kaliappa Author-X-Name-Last: Kalirajan Title: Monetary Transmission in Post-Reform India: An Evaluation Abstract: In the post-reform period, the monetary policy of India has been undergoing various transformations. The emphasis is shifting from conventional instruments of price and quantity control to a more sophisticated route of monetary transmission. Using the recent econometric methodology of cointegrated vector autoregression with generalized restrictions, this study has attempted to examine whether monetary policy in India does work through interest rates in the post-reform period. The long-run relationship and the short-run dynamics suggest an important role for the interest rate. Journal: Journal of the Asia Pacific Economy Pages: 158-187 Issue: 2 Volume: 12 Year: 2007 X-DOI: 10.1080/13547860701252371 File-URL: http://hdl.handle.net/10.1080/13547860701252371 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:12:y:2007:i:2:p:158-187 Template-Type: ReDIF-Article 1.0 Author-Name: Gary Stradiotto Author-X-Name-First: Gary Author-X-Name-Last: Stradiotto Author-Name: Sujian Guo Author-X-Name-First: Sujian Author-X-Name-Last: Guo Title: Market Socialism in North Korea: A Comparative Perspective Abstract: Since the 2002–2003 implementation of economic reforms by the North Korean government, scholars have debated whether they are an attempt at Chinese style reforms and thus a move towards market socialism or merely an effort to strengthen, not replace, the traditional North Korean style chuch'e economic system. To date, with Pyongyang remaining largely silent on the intent of the reforms and continued difficulty in obtaining authoritative details about the state of the economy, no consensus has been reached about the nature and direction of reform. This article addresses the question by developing a multidimensional framework for market socialism against which the reforms can be assessed. Our analysis demonstrates empirical regularities consistent with a multidimensional framework of market socialism across cases and the evidence suggests North Korea has departed from the traditional command economy toward market socialism. Journal: Journal of the Asia Pacific Economy Pages: 188-214 Issue: 2 Volume: 12 Year: 2007 X-DOI: 10.1080/13547860701252421 File-URL: http://hdl.handle.net/10.1080/13547860701252421 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:12:y:2007:i:2:p:188-214 Template-Type: ReDIF-Article 1.0 Author-Name: Annitra Jongsthapongpanth Author-X-Name-First: Annitra Author-X-Name-Last: Jongsthapongpanth Author-Name: Sharmistha Bagchi-Sen Author-X-Name-First: Sharmistha Author-X-Name-Last: Bagchi-Sen Title: US-Asia Interdependencies: A Study of Business and Knowledge Links Abstract: In the past two decades, US–Asia linkages have improved tremendously with the gradual transformation of some Asian countries as sources of high skilled as well as low cost labor. Extensive research on US–Japan relationships have been undertaken in the 1980s and the 1990s with a progression of research toward the four tigers and now China. South and South East Asian economies are usually neglected in academic research on Asia. This paper provides a comprehensive examination of business links (trade, foreign direct investment, licensing, and patents) and knowledge links (labor flow, publications and citations) within the context of technology transfer and technology cooperation between the two regions. The data show that the United States is increasingly dependent on imports from Asia while Asian nations are dependent on US FDI and technology licenses. For knowledge links, the United States continues to attract Asian scientists and engineers and, over the past ten years, interregional collaborations have strengthened. Economic linkages in the past 30 years are now complemented by knowledge links, which is creating transnational knowledge networks and will eventually facilitate further development of the science and technology workforce and innovation in Asian nations. Journal: Journal of the Asia Pacific Economy Pages: 215-249 Issue: 2 Volume: 12 Year: 2007 X-DOI: 10.1080/13547860701252546 File-URL: http://hdl.handle.net/10.1080/13547860701252546 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:12:y:2007:i:2:p:215-249 Template-Type: ReDIF-Article 1.0 Author-Name: JeonG-Pyo Choi Author-X-Name-First: JeonG-Pyo Author-X-Name-Last: Choi Author-Name: Dennis Patterson Author-X-Name-First: Dennis Author-X-Name-Last: Patterson Title: Conglomerate Regulation and Aggregate Concentration in Korea: An Empirical Analysis Abstract: This paper has two purposes; first, to map aggregate concentration in the Korean economy, while being sensitive to the chaebol structure of this economy, and, second, to assess government efforts in recent years to reduce the scale and scope of this aggregate concentration. Concerning the former, to study aggregate concentration in Korea – as it has been studied elsewhere in the world – presents special problems because Korea's development strategy led to the growth of massive conglomerates known as chaebol. While chaebol are business groups composed of many independent firms, they operate in fact just like a single firm. Consequently, to measure aggregate concentration in Korea, it is necessary to develop a measure that operates at the level of the group rather than the individual firm. After employing such a measure, we turn to an assessment of the Korean government's efforts to reduce the economic power held by the chaebol by implementing regulations that would decrease aggregate concentration. We provide a discussion of the history of such regulations and then map levels of aggregate concentration and chaebol growth rates prior to and after the implementation of these regulations. Our findings show that government regulatory efforts had no impact on aggregate concentration because the regulations it introduced and then strengthened focused on certain financial activities of the chaebol. These activities, however, were not important explanatory factors that could explain the growth of chaebol and, thus, aggregate concentration. Journal: Journal of the Asia Pacific Economy Pages: 250-271 Issue: 2 Volume: 12 Year: 2007 X-DOI: 10.1080/13547860701253478 File-URL: http://hdl.handle.net/10.1080/13547860701253478 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:12:y:2007:i:2:p:250-271 Template-Type: ReDIF-Article 1.0 Author-Name: Hsueh-Liang Wu Author-X-Name-First: Hsueh-Liang Author-X-Name-Last: Wu Title: Behavior, Performance and Policy Effectiveness: Lessons from Taiwan's Steel Industry Abstract: In the evolution of the Taiwanese steel industry, the behavior of steel firms – both in the micro-perspective of firm-level behavior and in the macro-perspective of industry-level behavior – has played a complicated role in ensuring the effectiveness of the government's industrial policies. Using a hybrid method in the context of the Taiwanese steel industry during 1970 – 1996, this study aims to explore the ‘black box’ of how policy measures engender influences on the two levels of behavior and consequently on firm performance. The firm-level survey not only shows that steel firms dynamically adjusted both their strategic capabilities internally and their competitive conduct externally in response to industrial evolution but also confirms the linkages between firms’ attitudes toward policy measures and their behavior patterns, which lead to performance differentials within a specific period of time. The results of the industry-level analysis indicate that the collective production behavior in the sample period is influenced by policy measures through the productive resources exploited by the industry. Journal: Journal of the Asia Pacific Economy Pages: 272-300 Issue: 2 Volume: 12 Year: 2007 X-DOI: 10.1080/13547860701253502 File-URL: http://hdl.handle.net/10.1080/13547860701253502 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:12:y:2007:i:2:p:272-300 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Notes on Contributors Journal: Pages: 301-303 Issue: 2 Volume: 12 Year: 2007 X-DOI: 10.1080/13547860701253528 File-URL: http://hdl.handle.net/10.1080/13547860701253528 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:12:y:2007:i:2:p:301-303 Template-Type: ReDIF-Article 1.0 Author-Name: Phuntsho Choden Author-X-Name-First: Phuntsho Author-X-Name-Last: Choden Author-Name: Dipanwita Sarkar Author-X-Name-First: Dipanwita Author-X-Name-Last: Sarkar Title: Gender bias in schooling: the case for Bhutan Abstract: Differing parental considerations for girls and boys in households are a primary cause of the gender gap in school enrolment and educational attainment in developing countries, particularly in Sub-Saharan Africa and South Asia. While a number of studies have focused on the inequality of educational opportunities in South Asia, little is known about Bhutan. This study uses recent household expenditure data from the Bhutan Living Standard Survey to evaluate the gender gap in the allocation of resources for schooling. The findings, based on cross-sectional as well as household fixed-effect approaches, suggest that girls are less likely to enrol in school but are not allocated fewer resources once they are enrolled. Journal: Journal of the Asia Pacific Economy Pages: 513-528 Issue: 4 Volume: 18 Year: 2013 X-DOI: 10.1080/13547860.2012.742676 File-URL: http://hdl.handle.net/10.1080/13547860.2012.742676 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:18:y:2013:i:4:p:513-528 Template-Type: ReDIF-Article 1.0 Author-Name: Uzma Zia Author-X-Name-First: Uzma Author-X-Name-Last: Zia Author-Name: Zafar Mahmood Author-X-Name-First: Zafar Author-X-Name-Last: Mahmood Title: Exchange rate depreciation and export price competitiveness: the case of Pakistani manufacturing industries Abstract: Export price competitiveness assessment is a vital component in evaluating a country's macroeconomic performance and sustainability of its policies. It is generally argued that exchange rate depreciation stimulates exports and curtails imports, while exchange rate appreciation harms exports and stimulates imports. At times favourable factors (such as currency depreciation), however, may not result into increased exports because exchange rate movements affect exports not only by means of its depreciation but also through its variability (risk). In this paper, the above prediction has been assessed by considering the co-existence of import content in production of exportables and dynamic productivity gains. Results show that in the manufacturing sector of Pakistan, the exchange rate volatility partially offset the positive effect of depreciation on exports, that is, volatility in exchange rate has resulted into a decrease in export price competitiveness despite currency depreciation and, hence, the country experienced a slow growth in manufactured exports. Journal: Journal of the Asia Pacific Economy Pages: 529-542 Issue: 4 Volume: 18 Year: 2013 X-DOI: 10.1080/13547860.2012.742722 File-URL: http://hdl.handle.net/10.1080/13547860.2012.742722 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:18:y:2013:i:4:p:529-542 Template-Type: ReDIF-Article 1.0 Author-Name: Jirapun Chorruk Author-X-Name-First: Jirapun Author-X-Name-Last: Chorruk Author-Name: Andrew Worthington Author-X-Name-First: Andrew Author-X-Name-Last: Worthington Title: The pricing and performance of IPOs for small- and medium-sized enterprises: evidence from Thailand Abstract: This paper examines the pricing and performance of initial public offerings (IPOs) for small- and medium-sized enterprises (SMEs) on the Thai Market for Alternative Investments (MAI) from September 2001 to October 2008. Underpricing is calculated using headline underpricing, underpricing issuer loss, underpricing loss by market value and underpricing loss by issuer price. Aftermarket performance employs monthly cumulative abnormal returns, buy-and-hold returns and wealth relatives. The underpricing results show respective average underpricing of 12.69%, 5.01%, 4.74% and 11.40% for the measures used. This is significantly lower than the underpricing found for the large-firm IPOs listing on the Stock Exchange of Thailand (SET). However, there is much variability in pricing over the sample period, with substantial underpricing in 2003/04 and correctly priced issues on average in 2001/02 and 2005/06/07. While the performance analysis is suggestive that SMEs perform well after listing, returns adjusted for market performance indicates that this generally only holds up until the second year after listing. Journal: Journal of the Asia Pacific Economy Pages: 543-559 Issue: 4 Volume: 18 Year: 2013 X-DOI: 10.1080/13547860.2013.803840 File-URL: http://hdl.handle.net/10.1080/13547860.2013.803840 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:18:y:2013:i:4:p:543-559 Template-Type: ReDIF-Article 1.0 Author-Name: Wei-han Liu Author-X-Name-First: Wei-han Author-X-Name-Last: Liu Title: Lunar calendar effect: evidence of the Chinese Farmer's Calendar on the equity markets in East Asia Abstract: This paper examines the statistical relation between the Chinese Farmer's Calendar (CFC) and public market information in 10 East Asian equity markets during 1995–2004. CATREG and CART, two data mining techniques, are employed and the implications of the outcomes are discussed. The outcomes confirm that the CFC plays a supplementary role to market information in predicting the market rate of return. In addition to confirmation of lunar calendar effect by the CFC, CATREG outperforms in three markets: Taiwan, South Korea and Singapore. According to CART analyses, all the three markets value the funeral category of the CFC advice and this pattern coincides with the traditional wisdom of astrological knowledge. The latter two markets share the same set of CFC items while Taiwan has its own. This contrast indicates the market-dependent observance and different interpretation of the CFC items for determining an auspicious date for equity trading. The lunar calendar effect in the three equity markets is confirmed. Journal: Journal of the Asia Pacific Economy Pages: 560-593 Issue: 4 Volume: 18 Year: 2013 X-DOI: 10.1080/13547860.2013.803841 File-URL: http://hdl.handle.net/10.1080/13547860.2013.803841 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:18:y:2013:i:4:p:560-593 Template-Type: ReDIF-Article 1.0 Author-Name: Trong-Ha Nguyen Author-X-Name-First: Trong-Ha Author-X-Name-Last: Nguyen Author-Name: Suiwah Leung Author-X-Name-First: Suiwah Author-X-Name-Last: Leung Title: Dynamics of health insurance enrollment in Vietnam, 2004–2006 Abstract: Vietnam is undertaking health financing reform in an attempt to achieve universal health insurance coverage by 2014. Changes in health insurance policies doubled coverage between 2004 and 2006, yet about one-fifth of the insured in 2004 dropped out of the health insurance system by 2006. Using longitudinal data from VHLSS 2004 and 2006, this paper models static and dynamic health insurance choices and highlights the importance of income and education in determining the movement in or out of a particular scheme. The models show significant adverse selection where individuals with poor health are more likely to be insured. Journal: Journal of the Asia Pacific Economy Pages: 594-614 Issue: 4 Volume: 18 Year: 2013 X-DOI: 10.1080/13547860.2013.803842 File-URL: http://hdl.handle.net/10.1080/13547860.2013.803842 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:18:y:2013:i:4:p:594-614 Template-Type: ReDIF-Article 1.0 Author-Name: Ha Vu Author-X-Name-First: Ha Author-X-Name-Last: Vu Author-Name: Daehoon Nahm Author-X-Name-First: Daehoon Author-X-Name-Last: Nahm Title: The determinants of profit efficiency of banks in Vietnam Abstract: This paper examines the factors that affect profit efficiency of banks in Vietnam over the period from 2000 to 2006. The effects of four groups of variables, including bank-specific characteristics, ownership, transitional environment and macroeconomic conditions on the profitability of banks, are analysed using a Tobit model to account for the censored nature of the efficiency scores. The model is estimated using a two-step instrumental-variable method as a regressor is endogenous. The findings show that the profit efficiency of a bank is enhanced by a larger size and better management ability, while it is hampered by low quality of assets and a too high level of capitalisation. High growth in per-capita GDP and a low-inflation rate provide a favourable environment for banks to improve their profitability. The study also finds that among the foreign banks operating in Vietnam, those headquartered in Australia, Japan, the US and Europe perform better than those headquartered in Asia as well as the domestic banks. Finally, the study suggests that in order to optimise their performance while remaining secure, banks should maintain the ratio of equity over total assets between 4% and 14%. Journal: Journal of the Asia Pacific Economy Pages: 615-631 Issue: 4 Volume: 18 Year: 2013 X-DOI: 10.1080/13547860.2013.803847 File-URL: http://hdl.handle.net/10.1080/13547860.2013.803847 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:18:y:2013:i:4:p:615-631 Template-Type: ReDIF-Article 1.0 Author-Name: Bishwanath Goldar Author-X-Name-First: Bishwanath Author-X-Name-Last: Goldar Author-Name: Arup Mitra Author-X-Name-First: Arup Author-X-Name-Last: Mitra Title: Small versus large manufacturing units: how efficient are they? Abstract: Keeping in mind the much discussed huge employment potential of small manufacturing units, this study examines the performance of enterprises across organised or formal and unorganised or informal sector enterprises. The analysis tends to offer little evidence in favour of positive links between sectors in terms of performance index, i.e. technical efficiency. The formal sector units obviously are better performers than their informal sector counterparts. The informal sector units are not able to benefit in the process of rapid overall growth, suggesting that growth is not inclusive. The demand side factor or agglomeration-specific factor also does not seem to impact on the performance of the informal sector enterprises favourably. On the other hand, the organized manufacturing sector, covered by ASI (annual survey of industries) is responsive to increases in income, which possibly can be explained in terms of the quality differences in the products manufactured by the formal and the informal sectors. The infrastructure variables also do not show a positive effect on the informal sector, while the formal sector efficiency improves with a rise in the availability of infrastructure. On the whole, the informal sector enterprises exist only to provide means of survival; they seem to lack all dynamism. Journal: Journal of the Asia Pacific Economy Pages: 634-653 Issue: 4 Volume: 18 Year: 2013 X-DOI: 10.1080/13547860.2013.827416 File-URL: http://hdl.handle.net/10.1080/13547860.2013.827416 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:18:y:2013:i:4:p:634-653 Template-Type: ReDIF-Article 1.0 Author-Name: Vinish Kathuria Author-X-Name-First: Vinish Author-X-Name-Last: Kathuria Author-Name: Rajesh S.N. Author-X-Name-First: Rajesh Author-X-Name-Last: S.N. Author-Name: Kunal Sen Author-X-Name-First: Kunal Author-X-Name-Last: Sen Title: Do effective state–business relations matter for firm performance? A study of Indian manufacturing Abstract: This paper examines the role of the external institutional environment captured by effective state–business relations (SBRs) on firm performance. By effective SBRs, we mean a set of highly institutionalised, responsive and public interactions between the state and the business sector. We find that effective SBRs have had a discernible positive impact on firm productivity in Indian formal manufacturing over the period 1989–1990 to 2004–2005. We also find internal and external institutional factors are complementary to firm performance – smaller firms, firms in urban areas and firms in simpler organisational forms benefit more. Journal: Journal of the Asia Pacific Economy Pages: 654-672 Issue: 4 Volume: 18 Year: 2013 X-DOI: 10.1080/13547860.2013.827447 File-URL: http://hdl.handle.net/10.1080/13547860.2013.827447 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:18:y:2013:i:4:p:654-672 Template-Type: ReDIF-Article 1.0 Author-Name: Jayan Thomas Author-X-Name-First: Jayan Author-X-Name-Last: Thomas Title: Explaining the ‘jobless’ growth in Indian manufacturing Abstract: In Indian manufacturing, which accounts for only 12.2% of the country's workforce, a few technologically advanced sectors coexist with a vast informal sector. The growth of Indian manufacturing is characterized by ‘joblessness’, and during the post-1991 years, by large yearly and industry-wise variations. While a few capital- and skill-intensive industries recorded fast rates of growth of value added, employment generation occurred largely in the unorganized sector, mainly in export-oriented industries such as garments and textiles. The frequently cited argument that the major barrier to manufacturing-employment growth in India is the ‘rigidity’ in the country's labour regulations rests on very thin empirical evidence. With the rising share of contract workers even within the organized segments of manufacturing since the 1990s, the very argument that India's labour market is rigid is questionable. Power shortages, insufficient availability of credit and the volatility in exchange rates and raw material prices are some of the important factors that constrained the growth of Indian manufacturing, especially the small-scale sector. Journal: Journal of the Asia Pacific Economy Pages: 673-692 Issue: 4 Volume: 18 Year: 2013 X-DOI: 10.1080/13547860.2013.827462 File-URL: http://hdl.handle.net/10.1080/13547860.2013.827462 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:18:y:2013:i:4:p:673-692 Template-Type: ReDIF-Article 1.0 Author-Name: Guanie Lim Author-X-Name-First: Guanie Author-X-Name-Last: Lim Title: A Review of “Paths to development in Asia: South Korea, Vietnam, China, and Indonesia” Journal: Journal of the Asia Pacific Economy Pages: 693-694 Issue: 4 Volume: 18 Year: 2013 X-DOI: 10.1080/13547860.2013.827463 File-URL: http://hdl.handle.net/10.1080/13547860.2013.827463 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:18:y:2013:i:4:p:693-694 Template-Type: ReDIF-Article 1.0 Author-Name: Vinish Kathuria Author-X-Name-First: Vinish Author-X-Name-Last: Kathuria Author-Name: Rajesh S.N. Author-X-Name-First: Rajesh Author-X-Name-Last: S.N. Author-Name: Kunal Sen Author-X-Name-First: Kunal Author-X-Name-Last: Sen Title: Theme: Macro and micro dimensions of manufacturing performance in India Journal: Journal of the Asia Pacific Economy Pages: 632-633 Issue: 4 Volume: 18 Year: 2013 X-DOI: 10.1080/13547860.2013.827464 File-URL: http://hdl.handle.net/10.1080/13547860.2013.827464 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:18:y:2013:i:4:p:632-633 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Editorial Board Journal: Journal of the Asia Pacific Economy Pages: ebi-ebi Issue: 4 Volume: 18 Year: 2013 X-DOI: 10.1080/13547860.2013.845964 File-URL: http://hdl.handle.net/10.1080/13547860.2013.845964 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:18:y:2013:i:4:p:ebi-ebi Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Editorial board Journal: Pages: ebi-ebi Issue: 1 Volume: 3 Year: 1998 X-DOI: 10.1080/13547869808724631 File-URL: http://hdl.handle.net/10.1080/13547869808724631 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:3:y:1998:i:1:p:ebi-ebi Template-Type: ReDIF-Article 1.0 Author-Name: Tatjana Kehren Author-X-Name-First: Tatjana Author-X-Name-Last: Kehren Author-Name: Clem Tisdell Author-X-Name-First: Clem Author-X-Name-Last: Tisdell Title: The Thai dairy industry: Its economic evolution and problems raised by land rights and cattle diseases Abstract: Changes in the economic, demographic and political characteristics of Thailand have had a strong impact on the traditional nature of Thailand's agriculture and livestock industries over the past few decades. This paper outlines the development of the Thai dairy industry and discusses economic factors, including government policies, influencing its development. Land rights have affected its development, e.g. the availability of credit to dairy farmers. In addition, the small size of Thai farms and lack of a ready market in land have resulted in small herd sizes. Furthermore, the extensive use of common property resources has implications for resource management and sustainable agricultural development in Thailand. A number of environmental issues are considered, associated with raising dairy cattle and other livestock in Thailand. The growth of the Thai industry highlights the urgency of cattle disease control, especially the control or eradication of particular diseases. The policy implications of this are discussed. However, in view of the fact that Thailand lacks a competitive economic advantage in dairy production, doubts are raised about die desirability of protecting and developing this industry in Thailand. Journal: Journal of the Asia Pacific Economy Pages: 1-20 Issue: 1 Volume: 3 Year: 1998 X-DOI: 10.1080/13547869808724632 File-URL: http://hdl.handle.net/10.1080/13547869808724632 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:3:y:1998:i:1:p:1-20 Template-Type: ReDIF-Article 1.0 Author-Name: Mahendra Reddy Author-X-Name-First: Mahendra Author-X-Name-Last: Reddy Author-Name: John Yanagida Author-X-Name-First: John Author-X-Name-Last: Yanagida Title: Energy price shocks, input substitution and developmental implications: A translog model applied to Fiji Abstract: The extensive use of energy inputs in the production process will have serious implications on foreign exchange earnings if energy inputs are solely imported. This has been the case of the Fijian economy. Furthermore, the situation is expected to deteriorate further in periods of energy price fluctuation if the price elasticity of demand for these inputs is inelastic. Using standard neoclassical duality theory, own‐ and cross‐price elasticities of demand and elasticities of substitution among the basic factors of production for the Fijian economy are derived. The inelastic demand of energy inputs implies that in periods of increased energy prices, expenditure on this input will increase leading to a deterioration of the terms of trade. Furthermore, price of export products using large amounts of energy inputs will increase, reducing the competitive edge of Fijian exports in the export market. Elasticity of substitution results indicate a movement towards the use of more energy‐saving capital equipment as a means of reducing dependency on energy inputs. Journal: Journal of the Asia Pacific Economy Pages: 21-34 Issue: 1 Volume: 3 Year: 1998 X-DOI: 10.1080/13547869808724633 File-URL: http://hdl.handle.net/10.1080/13547869808724633 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:3:y:1998:i:1:p:21-34 Template-Type: ReDIF-Article 1.0 Author-Name: Leong Liew Author-X-Name-First: Leong Author-X-Name-Last: Liew Title: Introduction: Some issues of Chinese economic reform Journal: Pages: 35-37 Issue: 1 Volume: 3 Year: 1998 X-DOI: 10.1080/13547869808724634 File-URL: http://hdl.handle.net/10.1080/13547869808724634 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:3:y:1998:i:1:p:35-37 Template-Type: ReDIF-Article 1.0 Author-Name: Vincent Benziger Author-X-Name-First: Vincent Author-X-Name-Last: Benziger Title: Can China's gradualist reform strategy be applied in Eastern Europe? Abstract: This paper seeks to lay out the strategy of China's developmental approach to transition ‐ how the strategy was developed and why it has worked so well for China. It then goes on to answer the arguments of Sachs and Woo (1994, 1995, 1996) that China's approach to transition has no relevance to the nations of Eastern Europe and the former Soviet Union (EEFSU). The paper begins with a review of China's agricultural reforms. The initial policy changes, as laid out by the Third Plenum in December 1978, were very timid, maintaining the commune and production team structure. But through a process of local experimentation and feedback to the center, the Household Responsibility System eventually became the national standard and free markets in everything but land were established. Neoclassical economists have always insisted that the reform process in the formerly socialist economies must begin with simultaneous stabilization, price and trade liberalization and currency convertibility. But China has moved very slowly in these areas and has done spectacularly well. Sachs and Woo's answer is that China is a special case because of the very small size of its state sector; according to them, the dominance of subsidized state sector jobs in the EEFSU economies means that large shifts in relative prices are needed in order to induce an adequate flow of resources into the new private sector. But this argument ignores the role of demand, both demand for the products of state industry and the derived demand for industrial workers. The state sector in the inner‐core countries of Eastern Europe is much too inefficient to compete at world prices and much too big to simply be shut down. A ‘big bang’ jump to international prices will result in a flood of workers out of the state sector before new jobs are ready for them. Rather China's strategy of a gradual change over to international prices is called for, in order to allow the state sector time to melt away. Journal: Journal of the Asia Pacific Economy Pages: 38-60 Issue: 1 Volume: 3 Year: 1998 X-DOI: 10.1080/13547869808724635 File-URL: http://hdl.handle.net/10.1080/13547869808724635 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:3:y:1998:i:1:p:38-60 Template-Type: ReDIF-Article 1.0 Author-Name: Colin Mackerras Author-X-Name-First: Colin Author-X-Name-Last: Mackerras Title: The impact of economic reform on China's minority nationalities Abstract: This paper concerns the impact of economic reform since 1978 on China's fifty‐five state‐recognized minority nationalities. The main arguments of the paper are: (1) that the nationality areas have been affected greatly by the reform policies, with raised standards of living; (2) that inequalities have widened both as concerns the comparison between the nationality and Han areas, and within the nationality areas themselves; and (3) that the processes of incipient modernization have tended more to integrate the country politically than to divide it. Journal: Journal of the Asia Pacific Economy Pages: 61-79 Issue: 1 Volume: 3 Year: 1998 X-DOI: 10.1080/13547869808724636 File-URL: http://hdl.handle.net/10.1080/13547869808724636 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:3:y:1998:i:1:p:61-79 Template-Type: ReDIF-Article 1.0 Author-Name: Susan Young Author-X-Name-First: Susan Author-X-Name-Last: Young Title: The Chinese private sector in two decades of reform Abstract: China's private sector has grown dramatically since the late 1970s. Owing to political and institutional constraints, much of this growth occurred within public sector categories, in ways that were developed at the local level and enhanced the role of particularistic relationships. Since 1993 the central government has been responding to this problem by recognizing the role of the private sector and creating formal channels for combining private and public ownership. Journal: Journal of the Asia Pacific Economy Pages: 80-103 Issue: 1 Volume: 3 Year: 1998 X-DOI: 10.1080/13547869808724637 File-URL: http://hdl.handle.net/10.1080/13547869808724637 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:3:y:1998:i:1:p:80-103 Template-Type: ReDIF-Article 1.0 Author-Name: Yuk‐shing Cheng Author-X-Name-First: Yuk‐shing Author-X-Name-Last: Cheng Author-Name: Weiguo Lu Author-X-Name-First: Weiguo Author-X-Name-Last: Lu Author-Name: Christopher Findlay Author-X-Name-First: Christopher Author-X-Name-Last: Findlay Title: Hong Kong's economic relationship with China Abstract: The Hong Kong‐China relationship has been driven by the complementarity between the two economies, by Hong Kong's entrepôt role and by the relocation of Hong Kong firms into southern China. We argue here that the relationship is entering a new phase. Hong Kong will remain a highly competitive supplier of entrepôt services to China, despite the success of the open‐door policy. However, the regional focus of Hong Kong's investment in China is set to broaden. The sectoral focus of Hong Kong's trade with China is also set to widen. There is, however, some debate in both Hong Kong and China, Guangdong in particular, about the appropriate industry policy settings in this relationship. The argument of this paper is that Hong Kong continues to offer highly competitive intermediary services to China and that the changing competitiveness in Guangdong offers a new set of opportunities to Hong Kong which will actually lead it to a deeper economic relationship with China in terms of its regional focus and sectoral coverage. Journal: Journal of the Asia Pacific Economy Pages: 104-130 Issue: 1 Volume: 3 Year: 1998 X-DOI: 10.1080/13547869808724638 File-URL: http://hdl.handle.net/10.1080/13547869808724638 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:3:y:1998:i:1:p:104-130 Template-Type: ReDIF-Article 1.0 Author-Name: C.L. Chiou Author-X-Name-First: C.L. Author-X-Name-Last: Chiou Title: Democratization: Economic, cultural and institutional variables Abstract: Why and how democratization has taken place in the countries with different levels of economic development and different cultural heritages has attracted interest in comparative politics. From Almond and Lipset in the 1950s to Diamond, O'Donnell and Huntington in the 1990s, the field was filled with theoretical arguments and empirical findings. Applying the Schumpeterian ‘democratic method’ to look at these ideas and data, I try to answer the ‘why and how’ from the western as well as eastern perspectives and to find out the strengths and weaknesses of the economic, cultural and institutional paradigms. The impact of economic growth on democratization is my central focus. My conclusion is that economic growth does not lead to democratization but contributes to its consolidation. I also dispute the arguments of ‘Asian values’ and Asian democracy. Journal: Journal of the Asia Pacific Economy Pages: 131-149 Issue: 1 Volume: 3 Year: 1998 X-DOI: 10.1080/13547869808724639 File-URL: http://hdl.handle.net/10.1080/13547869808724639 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:3:y:1998:i:1:p:131-149 Template-Type: ReDIF-Article 1.0 Author-Name: J. Zerby Author-X-Name-First: J. Author-X-Name-Last: Zerby Author-Name: Geoff Harris Author-X-Name-First: Geoff Author-X-Name-Last: Harris Author-Name: A. Blair Author-X-Name-First: A. Author-X-Name-Last: Blair Title: Book reviews Abstract: Dilip K. Das The Asia‐Pacific Economy, London: Macmillan Press Ltd, 1996. ISBN 0–333–645–499. Price unknown.John Ralston Saul The Unconscious Civilisation. Ringwood, Australia: Penguin, 1997. ISBN 014–02464–7. A$16.95.K. S. Jomo et al. Southeast Asia's Misunderstood Miracle: Industrial Policy and Economic Development in Thailand, Malaysia and Indonesia, Boulder, CO: West‐view Press, 1997. ISBN 0–8133–9020–6. Price unknown. Journal: Pages: 150-157 Issue: 1 Volume: 3 Year: 1998 X-DOI: 10.1080/13547869808724640 File-URL: http://hdl.handle.net/10.1080/13547869808724640 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:3:y:1998:i:1:p:150-157 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Notes on contributors Journal: Pages: 158-159 Issue: 1 Volume: 3 Year: 1998 X-DOI: 10.1080/13547869808724641 File-URL: http://hdl.handle.net/10.1080/13547869808724641 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:3:y:1998:i:1:p:158-159 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Book Reviews Journal: Pages: 275-279 Issue: 2 Volume: 6 Year: 2001 X-DOI: 10.1080/13547860120059766 File-URL: http://hdl.handle.net/10.1080/13547860120059766 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:6:y:2001:i:2:p:275-279 Template-Type: ReDIF-Article 1.0 Author-Name: Sam Dzever Author-X-Name-First: Sam Author-X-Name-Last: Dzever Author-Name: Pascale G Quester Author-X-Name-First: Pascale G Author-X-Name-Last: Quester Author-Name: Sylvie Chetty Author-X-Name-First: Sylvie Author-X-Name-Last: Chetty Title: FACTORS AFFECTING INDUSTRIAL PROCUREMENT DECISIONS IN THE ASIA-PACIFIC REGION: A comparative study of Australia, New Zealand, Thailand and China Abstract: In a large-scale study of purchasing agents in Australia, New Zealand, Thailand and China, the authors investigated the factors deemed influential in respondents' industrial procurement decisions, the role played by a variety of functional departments, and the effects of major environmental factors on this process. The paper reports a number of expected and unexpected findings in relation to the internal process of influence and confirms the need for industrial marketers to bear in mind the multiple requirements of the decision-making unit (DMU). Journal: Journal of the Asia Pacific Economy Pages: 194-211 Issue: 2 Volume: 6 Year: 2001 X-DOI: 10.1080/13547860120059711 File-URL: http://hdl.handle.net/10.1080/13547860120059711 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:6:y:2001:i:2:p:194-211 Template-Type: ReDIF-Article 1.0 Author-Name: Bernadette Andreosso-O' Callaghan Author-X-Name-First: Bernadette Andreosso-O' Author-X-Name-Last: Callaghan Author-Name: Jean-Pascal Bassino Author-X-Name-First: Jean-Pascal Author-X-Name-Last: Bassino Title: EXPLAINING THE EU-ASEAN INTRA-INDUSTRY TRADE THROUGH JAPANESE FOREIGN DIRECT INVESTMENT: The case of high-tech industries Abstract: Although the reasons why firms choose to invest in the world's different geographical regions are by now well documented, what is less known is the nature and extent of the interdependency of trade between, on the one hand, subsidiaries of firms located in the same geographical region and, on the other, trade between these subsidiaries and those located in other geographical regions. This study analyses the role Japanese foreign direct investment (FDI) plays in enhancing intra-industry and interregional trade and finds support for the thesis that it is of significance. Journal: Journal of the Asia Pacific Economy Pages: 179-193 Issue: 2 Volume: 6 Year: 2001 X-DOI: 10.1080/13547860120059702 File-URL: http://hdl.handle.net/10.1080/13547860120059702 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:6:y:2001:i:2:p:179-193 Template-Type: ReDIF-Article 1.0 Author-Name: John H. M. Ellis Author-X-Name-First: John Author-X-Name-Last: H. M. Ellis Author-Name: David R. Williams Author-X-Name-First: David R. Author-X-Name-Last: Williams Author-Name: Fumiko B. Roscorla Author-X-Name-First: Fumiko B. Author-X-Name-Last: Roscorla Title: MANAGING JAPAN-EUROPE INDUSTRIALS BUYER-SUPPLIER RELATIONSHIP: A conceptual and empirical study of the Japanese market for high-technology marine equipment Abstract: This study explores how the need to sustain technological development in combination with penetration of Japanese industrial markets will not necessarily allow European firms to follow a predetermined and sequential pattern of internationalization. It also emphasizes the need to unravel the wider network of buyer-supplier relationships within Asian markets. The idea of contingent market entry and development strategies is proposed. It is framed by the general assumption that in most Japanese industrial markets specific and long-lasting links is the rule rather than the exception, and that careful assessment of these linkages can give new insights into European firms' growth opportunities in Japan. Journal: Journal of the Asia Pacific Economy Pages: 232-243 Issue: 2 Volume: 6 Year: 2001 X-DOI: 10.1080/13547860120059739 File-URL: http://hdl.handle.net/10.1080/13547860120059739 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:6:y:2001:i:2:p:232-243 Template-Type: ReDIF-Article 1.0 Author-Name: Guenter Heiduk Author-X-Name-First: Guenter Author-X-Name-Last: Heiduk Author-Name: Nicole Pohl Author-X-Name-First: Nicole Author-X-Name-Last: Pohl Title: EMPIRICAL EVIDENCE FROM WUHAN'S STATE-LEVEL ECONOMIC DEVELOPMENT ZONES Abstract: Economic development zones are a good example of how the interplay of economic and political decision-makers fosters regional development. Our analysis aims to shed light on dynamics and determinants of this process by studying two state-level economic development zones in central China. These are interesting examples since there is empirical evidence of the prosperity of these zones, although they do not benefit from proximity to the coast like earlier open zones in China. Empirical analysis shows that prosperity is created by the successful interaction of firms and political institutions on different levels. Possible theoretical starting-points for explaining the observed phenomena are discussed. Journal: Journal of the Asia Pacific Economy Pages: 244-260 Issue: 2 Volume: 6 Year: 2001 X-DOI: 10.1080/13547860120059748 File-URL: http://hdl.handle.net/10.1080/13547860120059748 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:6:y:2001:i:2:p:244-260 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Notes on Contributors Journal: Pages: 281-282 Issue: 2 Volume: 6 Year: 2001 X-DOI: 10.1080/13547860152490555 File-URL: http://hdl.handle.net/10.1080/13547860152490555 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:6:y:2001:i:2:p:281-282 Template-Type: ReDIF-Article 1.0 Author-Name: Wei Zhang Author-X-Name-First: Wei Author-X-Name-Last: Zhang Author-Name: Robert Taylor Author-X-Name-First: Robert Author-X-Name-Last: Taylor Title: EU TECHNOLOGY TRANSFER TO CHINA: The automotive industry as a case study Abstract: Since the inception of the open-door economic reform under Deng Xiaoping's initiative in 1978, the Chinese economy has in the past twenty years grown at an average annual rate of 9.4 per cent. China's path mirrors in many respects the experiences of Japan and South Korea in their rapid growth periods. A fundamental difference, however, is the fact that the rapid growth in China has been accompanied by increasing inflows of foreign direct investment (FDI). A striking feature of that FDI is the emphasis on technology transfer. This paper analyses the process of technology transfer in the context of learning by doing and summarizes its findings within a comparative developmental context. Journal: Journal of the Asia Pacific Economy Pages: 261-274 Issue: 2 Volume: 6 Year: 2001 X-DOI: 10.1080/13547860120059757 File-URL: http://hdl.handle.net/10.1080/13547860120059757 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:6:y:2001:i:2:p:261-274 Template-Type: ReDIF-Article 1.0 Author-Name: Stefan Hell Author-X-Name-First: Stefan Author-X-Name-Last: Hell Title: THE ROLE OF EUROPEAN TECHNOLOGY, EXPERTISE AND EARLY DEVELOPMENT AID IN THE MODERNIZATION OF THAILAND BEFORE THE SECOND WORLD WAR Abstract: The Kingdom of Thailand was the single independent state in Southeast Asia before the Second World War as a result of European colonial rivalries and Thailand's own skilful diplomacy. A crucial factor for preserving the country's independence was the active government policy of utilizing modern Western technology and expertise for the economic and social development of Thailand. This paper attempts to sketch areas in which technology imported from Europe can be traced in Thailand during the time between the close of the nineteenth century and the outbreak of the Second World War and suggests three overlapping areas of cooperation that became the basis for the country's rapid economic development. Journal: Journal of the Asia Pacific Economy Pages: 158-178 Issue: 2 Volume: 6 Year: 2001 X-DOI: 10.1080/13547860120059694 File-URL: http://hdl.handle.net/10.1080/13547860120059694 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:6:y:2001:i:2:p:158-178 Template-Type: ReDIF-Article 1.0 Author-Name: Jacques Jaussaud Author-X-Name-First: Jacques Author-X-Name-Last: Jaussaud Author-Name: Johannes Schaaper Author-X-Name-First: Johannes Author-X-Name-Last: Schaaper Author-Name: Zhong-Yu Zhang Author-X-Name-First: Zhong-Yu Author-X-Name-Last: Zhang Title: THE CONTROL OF INTERNATIONAL EQUITY JOINT VENTURE: Distribution of capital and expatriation policies Abstract: Our research focuses on two main instruments of control over international joint ventures: the distribution of capital between partners and the expatriation policies of managers. Various studies show that the distribution of capital differs according to the degree of development of the host country. Using systematic random pulling of 323 international examples in the 1999 directory of the subsidiary companies of Japanese firms world-wide, we subject this assumption to empirical checking. On the issue of expatriation policy, our research aims to validate the general model of Perlmutter (1969, 1974) enriched by Edström and Galbraith (1977). Journal: Journal of the Asia Pacific Economy Pages: 212-231 Issue: 2 Volume: 6 Year: 2001 X-DOI: 10.1080/13547860120059720 File-URL: http://hdl.handle.net/10.1080/13547860120059720 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:6:y:2001:i:2:p:212-231 Template-Type: ReDIF-Article 1.0 Author-Name: Sam Dzever Author-X-Name-First: Sam Author-X-Name-Last: Dzever Author-Name: Jacques Jaussaud Author-X-Name-First: Jacques Author-X-Name-Last: Jaussaud Title: ISSUES IN THE EUROPE–ASIA PACIFIC ECONOMY: INTRODUCTION Journal: Pages: 155-157 Issue: 2 Volume: 6 Year: 2001 X-DOI: 10.1080/13547860120059685 File-URL: http://hdl.handle.net/10.1080/13547860120059685 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:6:y:2001:i:2:p:155-157 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Editorial board Journal: Pages: ebi-ebi Issue: 2 Volume: 2 Year: 1997 X-DOI: 10.1080/13547869708724611 File-URL: http://hdl.handle.net/10.1080/13547869708724611 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:2:y:1997:i:2:p:ebi-ebi Template-Type: ReDIF-Article 1.0 Author-Name: Peter Warr Author-X-Name-First: Peter Author-X-Name-Last: Warr Author-Name: Frances Wollmer Author-X-Name-First: Frances Author-X-Name-Last: Wollmer Title: Testing the small‐country assumption: Thailand's rice exports Abstract: The familiar ‘small‐country’ assumption is tested empirically in this paper, focusing upon the long‐run international demand for Thailand's rice exports and drawing upon recent developments in the statistical analysis of economic time series. A relatively robust long‐run price elasticity of export demand is obtained, at just under 2. The literature on the export demand for manufactured goods has shown the central importance of the ‘normalization’ used during estimation. Our results suggest that this issue may not be as important in the case of primary commodity exports, at least not where the exporting country possesses a degree of monopoly power. Journal: Journal of the Asia Pacific Economy Pages: 133-143 Issue: 2 Volume: 2 Year: 1997 X-DOI: 10.1080/13547869708724612 File-URL: http://hdl.handle.net/10.1080/13547869708724612 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:2:y:1997:i:2:p:133-143 Template-Type: ReDIF-Article 1.0 Author-Name: Kwang Cheong Author-X-Name-First: Kwang Author-X-Name-Last: Cheong Author-Name: Chung Lee Author-X-Name-First: Chung Author-X-Name-Last: Lee Title: Toward Korean unification: A policy proposal for investment in North Korea Abstract: South Korea became a net‐provider of foreign direct investment in the late 1980s, and is now emerging as a major source of foreign direct investment in ASEAN and China. In general, the economic gains that the host country realizes from foreign direct investment are not a factor that the home country should take into account in deciding its policy on outward investment. The case of South Korea is, however, an exception to this general principle because of the possibility of the eventual unification of the two Koreas. Given that the unification cost borne by South Korea will decrease as the North Korean economy improves, the South Korean government should actively encourage South Korean investment in North Korea by offering appropriate incentives. The rationale for this policy is that the beneficial effect of investment on the North Korean economy is not a factor taken into account by private investors. Policy measures in this direction include the provision of a corrective subsidy for North Korea‐bound investment. Journal: Journal of the Asia Pacific Economy Pages: 144-157 Issue: 2 Volume: 2 Year: 1997 X-DOI: 10.1080/13547869708724613 File-URL: http://hdl.handle.net/10.1080/13547869708724613 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:2:y:1997:i:2:p:144-157 Template-Type: ReDIF-Article 1.0 Author-Name: Colin Kirkpatrick Author-X-Name-First: Colin Author-X-Name-Last: Kirkpatrick Title: Privatization and public enterprise reform in the Asia‐Pacific region Abstract: The papers in this Policy Symposium were originally presented at a Workshop on Privatization and Public Enterprise Reform in Developing Countries, organized by the Institute for Development Policy and Management (IDPM), University of Manchester, and the Development and Project Planning Centre (DPPC), University of Bradford, in June 1996. The Workshop was a component of an ongoing research project on privatization in the Asia region, directed by Colin Kirkpatrick and Paul Cook, and funded by the British Academy. Financial support from the British Academy, IDPM and DPPC for the Workshop, is gratefully acknowledged. Journal: Pages: 158-165 Issue: 2 Volume: 2 Year: 1997 X-DOI: 10.1080/13547869708724614 File-URL: http://hdl.handle.net/10.1080/13547869708724614 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:2:y:1997:i:2:p:158-165 Template-Type: ReDIF-Article 1.0 Author-Name: John Thoburn Author-X-Name-First: John Author-X-Name-Last: Thoburn Title: Privatization and public enterprise reform in the Asia‐Pacific region Abstract: This paper draws on the experience of China to show that improved enterprise performance can be achieved without privatization. Export expansion is used as an indicator of increased economic efficiency. China has reformed its traditional state‐owned enterprises by the use of management contract systems, expanding enterprise autonomy and increasing retained profits. Township and village enterprises, which are public enterprises under the ownership and control of local authorities, have been crucial to China's export expansion, and are particularly suited to the environment of a partially reformed transitional economy. Foreign investors have been important in the export drive too, but usually in joint ventures with domestic firms, whose reform they have had to undertake themselves. Journal: Journal of the Asia Pacific Economy Pages: 166-177 Issue: 2 Volume: 2 Year: 1997 X-DOI: 10.1080/13547869708724615 File-URL: http://hdl.handle.net/10.1080/13547869708724615 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:2:y:1997:i:2:p:166-177 Template-Type: ReDIF-Article 1.0 Author-Name: Edmund Gomez Author-X-Name-First: Edmund Author-X-Name-Last: Gomez Title: Privatization and public enterprise reform in the Asia‐Pacific region Abstract: Given the close links between politics and business in Malaysia, the political implications of privatization take on added significance, contributing, in particular, to considerable political patronage during privatization. This paper deals with the problems that emerged following state intervention in the economy which ultimately led to the government's justification for introducing privatization. The paper examines the meaning of privatization in Malaysia, its mode of implementation and its implications on society. The main emphasis here is the question of executive dominance over the state and the impact this can have on the implementation of privatization, in particular, facilitating the practice of political patronage and changing ownership patterns. Journal: Journal of the Asia Pacific Economy Pages: 178-200 Issue: 2 Volume: 2 Year: 1997 X-DOI: 10.1080/13547869708724616 File-URL: http://hdl.handle.net/10.1080/13547869708724616 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:2:y:1997:i:2:p:178-200 Template-Type: ReDIF-Article 1.0 Author-Name: T. G. Arun Author-X-Name-First: T. G. Author-X-Name-Last: Arun Author-Name: E. I. Nixson Author-X-Name-First: E. I. Author-X-Name-Last: Nixson Title: Privatization and public enterprise reform in the Asia‐Pacific region Abstract: Since 1991 successive Indian governments have been committed to policies of economic reform and liberalization, but India has been one of the least successful countries with respect to public sector enterprise reform and privatization. Direct foreign investment has not played the role in the disinvestment process that was expected, with foreign investors preferring joint ventures with private rather than public sector enterprises. The fact that the disinvestment strategy has had as its major objective revenue generation for the government, plus continued uncertainty over the political commitment to public sector reforms, have added to the problems of reform. Effective reform is constrained by conflicts of interest between different social groups and the absence of an autonomous ‘developmental’ state. Journal: Journal of the Asia Pacific Economy Pages: 201-224 Issue: 2 Volume: 2 Year: 1997 X-DOI: 10.1080/13547869708724617 File-URL: http://hdl.handle.net/10.1080/13547869708724617 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:2:y:1997:i:2:p:201-224 Template-Type: ReDIF-Article 1.0 Author-Name: Ian Livingstone Author-X-Name-First: Ian Author-X-Name-Last: Livingstone Title: Privatization and public enterprise reform in the Asia‐Pacific region Abstract: Privatization in both Lao PDR and Cambodia occurred as part of a process of overall economic liberalization. In both cases, privatization was effectively forced upon the governments concerned as a result of the sudden withdrawal of Soviet assistance and loss of previous trade links with Eastern Europe. Consequently, privatization in the industrial sector was executed with great rapidity in both cases, and carried out alongside the re‐establishment of a legal framework and other measures designed to encourage private, especially foreign, investment. Journal: Journal of the Asia Pacific Economy Pages: 225-238 Issue: 2 Volume: 2 Year: 1997 X-DOI: 10.1080/13547869708724618 File-URL: http://hdl.handle.net/10.1080/13547869708724618 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:2:y:1997:i:2:p:225-238 Template-Type: ReDIF-Article 1.0 Author-Name: John Cameron Author-X-Name-First: John Author-X-Name-Last: Cameron Title: Privatization and public enterprise reform in the Asia‐Pacific region Abstract: Pakistan faces critical economic development problems, with the quantity and quality of livelihoods being a central issue. Much policy emphasis was put on liberalization in the first half of the 1990s, and a central plank in liberalization was privatization. The paper outlines the implications of privatization for the quantity and quality of employment, real output, fiscal and social policy. There are reasons for concern about the likely impacts of privatization in all these dimensions. The conclusion points to the need for systematic monitoring and evaluation of the privatization process. Journal: Journal of the Asia Pacific Economy Pages: 239-249 Issue: 2 Volume: 2 Year: 1997 X-DOI: 10.1080/13547869708724619 File-URL: http://hdl.handle.net/10.1080/13547869708724619 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:2:y:1997:i:2:p:239-249 Template-Type: ReDIF-Article 1.0 Author-Name: Geoff Harris Author-X-Name-First: Geoff Author-X-Name-Last: Harris Author-Name: Muni Perumal Author-X-Name-First: Muni Author-X-Name-Last: Perumal Author-Name: Patrick Laplagne Author-X-Name-First: Patrick Author-X-Name-Last: Laplagne Title: Book reviews Abstract: Richard Morse, Anisur Rahman and Kersten Johnston, Grassroot Horizons: Connecting Participating Development Initiatives East and West, Intermediate Technology Publications, London, 1995, ISBN 1–85–339–290–1. Price unknown.K. S. Jomo (ed.), Privatising Malaysia: Rents, Rhetoric, Realities, Westview Press, Boulder, 1995, ISBN 0–8133–8861–9 (hbk). Price unknown.Te'o I. J. Fairbairn and DeLisle Worrell, South Pacific and Caribbean Island Countries: A Comparative Study, The Foundation for Development Cooperation, Brisbane, 1996, ISBN 0–9586728–0–6 (pbk). Price unknown. Journal: Pages: 250-253 Issue: 2 Volume: 2 Year: 1997 X-DOI: 10.1080/13547869708724620 File-URL: http://hdl.handle.net/10.1080/13547869708724620 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:2:y:1997:i:2:p:250-253 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Notes on contributors Journal: Pages: 254-255 Issue: 2 Volume: 2 Year: 1997 X-DOI: 10.1080/13547869708724621 File-URL: http://hdl.handle.net/10.1080/13547869708724621 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:2:y:1997:i:2:p:254-255 Template-Type: ReDIF-Article 1.0 Author-Name: Satish Mishra Author-X-Name-First: Satish Author-X-Name-Last: Mishra Title: HISTORY IN THE MAKING - A systemic transition in Indonesia Abstract: Indonesia is engaged in a systemic transition that entails the overhaul of political institutions as a means of embedding democratic consolidation and decentralized governance. This is certainly a case of 'history in the making', a process full of exciting possibilities, but also fraught with grave risks. In such a context, the paper argues that a narrow focus on economic reform as a means of rejuvenating the Indonesian economy from the terrible recession of 1998 is excessively optimistic. Institution-building in Indonesia is going to be a long and difficult process. External agencies assisting the Indonesian transition will need to engage in that process with considerable care, caution and foresight. Journal: Journal of the Asia Pacific Economy Pages: 1-19 Issue: 1 Volume: 7 Year: 2002 X-DOI: 10.1080/13547860120110443 File-URL: http://hdl.handle.net/10.1080/13547860120110443 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:7:y:2002:i:1:p:1-19 Template-Type: ReDIF-Article 1.0 Author-Name: Hermanto Siregar Author-X-Name-First: Hermanto Author-X-Name-Last: Siregar Author-Name: Bert D. Ward Author-X-Name-First: Bert D. Author-X-Name-Last: Ward Title: WERE AGGREGATE DEMAND SHOCKS IMPORTANT IN EXPLAINING INDONESIAN MACROECONOMIC FLUCTUATIONS? Abstract: This paper assesses the importance of aggregate demand shocks in the Indonesian macroeconomy using a variant of the Mundell-Fleming model analysed with the structural VAR methodology. Short-run relations are identified with contemporaneous restrictions, whereas long-run relations are embedded in a long-run money demand equation and a policy reaction function. Estimation results are generally plausible and consistent with small open economy theory. Results from the model provide empirical evidence on the relative importance of aggregate demand shocks over aggregate supply shocks in affecting macroeconomic fluctuations. The implication of this finding on monetary and fiscal policies is formulated. Journal: Journal of the Asia Pacific Economy Pages: 35-60 Issue: 1 Volume: 7 Year: 2002 X-DOI: 10.1080/13547860120110461 File-URL: http://hdl.handle.net/10.1080/13547860120110461 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:7:y:2002:i:1:p:35-60 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Book Reviews Journal: Pages: 137-143 Issue: 1 Volume: 7 Year: 2002 X-DOI: 10.1080/13547860120110506 File-URL: http://hdl.handle.net/10.1080/13547860120110506 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:7:y:2002:i:1:p:137-143 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: EDITORIAL NOTE Abstract: Journal: Pages: 5-5 Issue: 1 Volume: 7 Year: 2002 X-DOI: 10.1080/135478602317259908 File-URL: http://hdl.handle.net/10.1080/135478602317259908 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:7:y:2002:i:1:p:5-5 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Notes on Contributors Abstract: Journal: Pages: 145-146 Issue: 1 Volume: 7 Year: 2002 X-DOI: 10.1080/135478602317259980 File-URL: http://hdl.handle.net/10.1080/135478602317259980 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:7:y:2002:i:1:p:145-146 Template-Type: ReDIF-Article 1.0 Author-Name: Frederick Nixson Author-X-Name-First: Frederick Author-X-Name-Last: Nixson Author-Name: Bernard Walters Author-X-Name-First: Bernard Author-X-Name-Last: Walters Title: REGULATORY AND DEVELOPMENT DILEMMAS IN THE POST-CRISIS ASIAN ECONOMIES Abstract: This paper discusses the emerging evidence relating to the origins and aftermath of the 1997 Asian financial crisis and its implications for the regulation of the short-term capital account. First, it suggests that the evidence supports an interpretation of the crisis as arising from the inherent instability of short-term, highly liquid capital markets rather than one which focuses solely on common, fundamental weaknesses in the most affected economies. Second, the paper argues that the balance between the state and international and domestic capital is changing as a result of the crisis and that accelerated liberalization and deregulation further weaken the ability of the nation-state to pursue specific development objectives. Given that the nationstate remains the locus of development efforts, liberalization of capital account transactions poses serious problems for policy-makers, with no clear consensus as to the extent of the costs and benefits of alternative policy options. Journal: Journal of the Asia Pacific Economy Pages: 95-112 Issue: 1 Volume: 7 Year: 2002 X-DOI: 10.1080/13547860120110489 File-URL: http://hdl.handle.net/10.1080/13547860120110489 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:7:y:2002:i:1:p:95-112 Template-Type: ReDIF-Article 1.0 Author-Name: Anis Chowdhury Author-X-Name-First: Anis Author-X-Name-Last: Chowdhury Title: DOES INFLATION AFFECT ECONOMIC GROWTH? The relevance of the debate for Indonesia Abstract: This research was motivated by the current constraints on macroeconomic policy-making in Indonesia. On the fiscal side, the government is burdened with debt and the pressure to maintain social expenditure. On the monetary side, there is a preoccupation with a lower inflation rate and the need to maintain liquidity in a depressed economy. By examining the inflation-growth relationship, this study examines whether there is any room for inflating the economy. This would ease the pressure on government debt repayment while maintaining social expenditure, and the economic recovery would not be stalled by prematurely tightening monetary policy. The study finds that there is no statistically significant relationship between inflation and growth, and argues for a more expansionary macroeconomic policy mix. It also argues that the conditions for an independent central bank do not exist in Indonesia, and such an institutional arrangement is premature when mechanisms for democratic oversight are not yet in place. Journal: Journal of the Asia Pacific Economy Pages: 20-34 Issue: 1 Volume: 7 Year: 2002 X-DOI: 10.1080/13547860120110452 File-URL: http://hdl.handle.net/10.1080/13547860120110452 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:7:y:2002:i:1:p:20-34 Template-Type: ReDIF-Article 1.0 Author-Name: Shafiq Dhanani Author-X-Name-First: Shafiq Author-X-Name-Last: Dhanani Author-Name: Syed Asif Hasnain Author-X-Name-First: Syed Asif Author-X-Name-Last: Hasnain Title: THE IMPACT OF FOREIGN DIRECT INVESTMENT ON INDONESIA'S MANUFACTURING SECTOR Abstract: Though FDI accounted for a quarter of manufacturing production in Indonesia in the late 1990s, its contribution was rather moderate in total capital formation, generating net export revenues, creating manufacturing employment, developing supplier and support industries, transferring technology and generating tax revenues. FDI had a negative impact on the balance of payments, and contributed to the persistent deficit in manufacturing goods due to its larger propensity to import production inputs from abroad. This does not mean that FDI should be restricted. Implications for maximizing the positive contribution that FDI can make to development, while minimizing its negative effects, include the provision of world-class infrastructure, education and skills; focused investment promotion; public-private partnerships to build local manufacturing capabilities; technology-based collaboration between foreign and domestic firms; lowering bureaucratic hurdles; monitoring mergers and acquisitions; instituting effective competition policies; avoiding an incentive race between regions; adopting minimum environmental and labour standards; and restoring stability and security in the country. Journal: Journal of the Asia Pacific Economy Pages: 61-94 Issue: 1 Volume: 7 Year: 2002 X-DOI: 10.1080/13547860120110470 File-URL: http://hdl.handle.net/10.1080/13547860120110470 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:7:y:2002:i:1:p:61-94 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: JAPE REFEREES 2001 Abstract: Journal: Pages: 4-4 Issue: 1 Volume: 7 Year: 2002 X-DOI: 10.1080/135478602317259890 File-URL: http://hdl.handle.net/10.1080/135478602317259890 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:7:y:2002:i:1:p:4-4 Template-Type: ReDIF-Article 1.0 Author-Name: Peter Stubbs Author-X-Name-First: Peter Author-X-Name-Last: Stubbs Author-Name: Rafael E. A. MacAtangay Author-X-Name-First: Rafael E. A. Author-X-Name-Last: MacAtangay Title: THE BRITISH EXPERIENCE OF PRIVATIZATION AND REGULATION OF THE ELECTRICITY INDUSTRY, AND SOME LESSONS FOR THE PHILIPPINES Abstract: The electricity industry was the UK's biggest privatization. It was complex, since part of the industry was a natural monopoly, but some of it could be broken up into competing enterprises. Service imperatives and political considerations inhibited the optimum break-up of generation. Efficiency has improved and real prices have fallen since divestiture, but it is arguable how much scope for radical competitive improvement remains. Imminent reforms under NETA are controversial and, some economists claim, misconceived, risking a new system, like the old, implemented without enough forethought. The Philippines electricity system urgently needs reform, though privatization is problematic, given existing long-term highcost supply contracts. However, reform proceeds, having absorbed some lessons from UK experience: generation has more players, and spatial pricing and separate buyer bidding should avoid some pitfalls of the UK pool. Problems of capital scarcity, imperfections in market information and ineffectual competition policy are likely to empower existing players. Journal: Journal of the Asia Pacific Economy Pages: 113-136 Issue: 1 Volume: 7 Year: 2002 X-DOI: 10.1080/13547860120110498 File-URL: http://hdl.handle.net/10.1080/13547860120110498 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:7:y:2002:i:1:p:113-136 Template-Type: ReDIF-Article 1.0 Author-Name: Hyun Hak Kim Author-X-Name-First: Hyun Hak Author-X-Name-Last: Kim Title: Looking into the black box of the Korean economy: the sparse factor model approach1 Abstract: This paper investigates the usefulness of the factor model, which extracts latent information from a large set of data, in forecasting Korean macroeconomic variables such as inflation, GDP growth, exports, consumption and investment. In addition to the well-known principal component analysis (PCA), we apply sparse principal component analysis (SPCA) to build a forecasting model and combine the estimated factors with various shrinkage methods. We look into the component of Korean macroeconomy using SPCA and then identify the key variables of the component. Our major findings are that various hybrid models outperform benchmark models including an autoregressive model, and that this result becomes clearer as the forecast horizons lengthen. We also find that the main ingredients of Korean macroeconomic black box as indicated by SPCA include interest rates, construction orders received and employment variables. Among them, the interest rates have stronger impact on economy than others. Journal: Journal of the Asia Pacific Economy Pages: 1-16 Issue: 1 Volume: 23 Year: 2018 Month: 1 X-DOI: 10.1080/13547860.2017.1349995 File-URL: http://hdl.handle.net/10.1080/13547860.2017.1349995 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:23:y:2018:i:1:p:1-16 Template-Type: ReDIF-Article 1.0 Author-Name: Bulent Esiyok Author-X-Name-First: Bulent Author-X-Name-Last: Esiyok Author-Name: Mehmet Ugur Author-X-Name-First: Mehmet Author-X-Name-Last: Ugur Title: Spatial dependence in the growth process and implications for convergence rate: evidence on Vietnamese provinces Abstract: Existent studies on Vietnamese provinces tend to assume that province-specific growth is independent of that in its neighbours. However, many studies analysing regional economic growth in China, Brazil and Mexico report the existence of spatial spill-over effects. This paper investigates whether this is the case for 60 Vietnamese provinces for the time-period 1999–2010, using a system-GMM estimator and a Solow growth model augmented with human and physical capital and spatial-lag covariates. We report that spatial dependence is a significant determinant of growth and conditional convergence in Vietnamese provinces. We also demonstrate that the rate of convergence decreases as the distance between neighbouring provinces increases. Given these findings, we recommend testing for spatial dependence in growth models for Vietnam and beyond to avoid omitted variable bias and inform evidence-based regional policies that take account of spatial externalities. Journal: Journal of the Asia Pacific Economy Pages: 51-65 Issue: 1 Volume: 23 Year: 2018 Month: 1 X-DOI: 10.1080/13547860.2017.1351764 File-URL: http://hdl.handle.net/10.1080/13547860.2017.1351764 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:23:y:2018:i:1:p:51-65 Template-Type: ReDIF-Article 1.0 Author-Name: Imam M. Alam Author-X-Name-First: Imam M. Author-X-Name-Last: Alam Author-Name: Shahina Amin Author-X-Name-First: Shahina Author-X-Name-Last: Amin Author-Name: Ken McCormick Author-X-Name-First: Ken Author-X-Name-Last: McCormick Title: The effect of religion on women's labor force participation rates in Indonesia Abstract: Modest increases in women's labor force participation rates could boost world GDP by at least six trillion dollars; full equality for women could increase world GDP by $28 trillion. One factor limiting women's labor force participation may be religion. We test the effect of religion on women's labor force participation rates in Indonesia. Using data from Indonesia's 2010 Census, we run a logit model for married rural women, married urban women, single rural women, and single urban women. We find that holding other factors equal, married Hindu women in urban areas are as much as 31 percentage points more likely to work than married Muslim urban women, while married Confucian women in rural areas are as much as 31 percentage points less likely to work than married Muslim rural women. These and other results are robust across different specifications and are both economically and statistically significant. Journal: Journal of the Asia Pacific Economy Pages: 31-50 Issue: 1 Volume: 23 Year: 2018 Month: 1 X-DOI: 10.1080/13547860.2017.1351791 File-URL: http://hdl.handle.net/10.1080/13547860.2017.1351791 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:23:y:2018:i:1:p:31-50 Template-Type: ReDIF-Article 1.0 Author-Name: Zhiqiang Dong Author-X-Name-First: Zhiqiang Author-X-Name-Last: Dong Author-Name: Canqing Tang Author-X-Name-First: Canqing Author-X-Name-Last: Tang Author-Name: Xiahai Wei Author-X-Name-First: Xiahai Author-X-Name-Last: Wei Title: Does population aging intensify income inequality? Evidence from China Abstract: Change in the population age structure affects the income inequality of an economy because income inequality often differs in different age groups. This paper proposes a theoretical framework to investigate the condition under which income inequality increases with demographic change and then proves that this condition is satisfied in China based on theory and empirical evidence. Accordingly, a hypothesis was developed, postulating that aging intensifies income inequality. We adopted the Gini coefficient as the measure of income inequality in an empirical study to test the hypothesis by using provincial panel data of China from 1996 to 2011. We determined that aging (represented by an increase in the elderly dependency ratio and decrease in the children's dependency ratio) increases income inequality significantly in current China. This finding suggests that the effect of aging on inequality be considered because it may have different policy implications. Journal: Journal of the Asia Pacific Economy Pages: 66-77 Issue: 1 Volume: 23 Year: 2018 Month: 1 X-DOI: 10.1080/13547860.2017.1354270 File-URL: http://hdl.handle.net/10.1080/13547860.2017.1354270 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:23:y:2018:i:1:p:66-77 Template-Type: ReDIF-Article 1.0 Author-Name: Kashif Munir Author-X-Name-First: Kashif Author-X-Name-Last: Munir Title: Dynamic effects of monetary policy on output and prices in Pakistan: a disaggregate analysis Abstract: This paper examines the effects of monetary policy on output and prices in Pakistan at disaggregate level using a data rich environment. Factor Augmented Vector Autoregressive (FAVAR) methodology has been used, which contains 115 monthly macroeconomic variables for the period January 1992 to December 2010. An unanticipated increase in discount rate reduces output at aggregate level, i.e. industrial production index (IPI); however, individual commodities do not show the same behavior. The result reveals that monetary policy has heterogeneous effect on production and has real effects in the short run and it can help in increasing growth if used effectively. A tight monetary policy leads towards decline in consumer price index (CPI) and wholesale price index (WPI) at aggregate level. However, there is strong heterogeneity among prices in Pakistan following a shock in monetary policy flowing from change in discount rate. Some of the prices show flexibility, while others show a sluggish behavior. A shock in monetary policy transmits to wholesale prices earlier than to consumer prices. The main policy implications are that monetary policy has real effects in the short run and interest rate negatively influences prices with heterogeneous effects. Journal: Journal of the Asia Pacific Economy Pages: 99-118 Issue: 1 Volume: 23 Year: 2018 Month: 1 X-DOI: 10.1080/13547860.2017.1354517 File-URL: http://hdl.handle.net/10.1080/13547860.2017.1354517 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:23:y:2018:i:1:p:99-118 Template-Type: ReDIF-Article 1.0 Author-Name: Gyu-Hyen Moon Author-X-Name-First: Gyu-Hyen Author-X-Name-Last: Moon Author-Name: Ji-Yong Seo Author-X-Name-First: Ji-Yong Author-X-Name-Last: Seo Title: Dynamic mechanism between economic shocks and adjustments to loan portfolio weight: evidence from South Korean banks Abstract: This study empirically analyzes the mechanism between changes in loan portfolio weight and gross domestic product (GDP) shock, which is recognized as a systematic risk factor. Based on the research of Baele et al., which insists that well-diversified bank portfolios increase systematic risk, the study aims at determining whether South Korean banks reduce their loan portfolio risk by flexibly adjusting their loan portfolios to mitigate risk from the GDP shock. The generalized method of moments with panel data drawn from 17 South Korean banks is used in this empirical study. The main results show that South Korean banks exhibit lending behavior related to adjustment to portfolio weight in their loan assets and that this behavior is sensitive to the GDP shock. Moreover, this study examines whether the effect of the GDP shock on changes to loan portfolio weight can be differentially attributed to the differences in bank ownership and location. Journal: Journal of the Asia Pacific Economy Pages: 119-137 Issue: 1 Volume: 23 Year: 2018 Month: 1 X-DOI: 10.1080/13547860.2017.1355538 File-URL: http://hdl.handle.net/10.1080/13547860.2017.1355538 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:23:y:2018:i:1:p:119-137 Template-Type: ReDIF-Article 1.0 Author-Name: Phatta Kirdruang Author-X-Name-First: Phatta Author-X-Name-Last: Kirdruang Author-Name: Paul Glewwe Author-X-Name-First: Paul Author-X-Name-Last: Glewwe Title: The impact of universal health coverage on households’ consumption and savings in Thailand Abstract: This paper studies the impact of Thailand's Universal Health Coverage Scheme (UCS) on households' consumption and savings by using a synthetic panel data approach. Using difference-in-differences estimation, it finds that, in the short run, the UCS had little or no impact on either savings or consumption expenditures. In the long run, the UCS still had no effect on savings, but there is some evidence of an increase in consumption. These effects are generally consistent with economic theory. The provision of healthcare coverage at little or no cost to previously uninsured households has an income effect that will increase both savings and consumption and a risk reduction effect that will reduce precautionary savings and thus increase consumption. These two effects on savings are of opposite sign and appear to cancel each other out, while both effects on consumption are positive and so appear to increase consumption, at least in the long run. Journal: Journal of the Asia Pacific Economy Pages: 78-98 Issue: 1 Volume: 23 Year: 2018 Month: 1 X-DOI: 10.1080/13547860.2017.1359893 File-URL: http://hdl.handle.net/10.1080/13547860.2017.1359893 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:23:y:2018:i:1:p:78-98 Template-Type: ReDIF-Article 1.0 Author-Name: Michael T. Rock Author-X-Name-First: Michael T. Author-X-Name-Last: Rock Title: Indonesia's centripetal democracy and economic growth Abstract: What has been the impact of democracy on growth in Indonesia? An early view emphasized a growth and investment slowdown, but more recent data suggest otherwise. What accounts for the reversion to New Order growth and investment rates? My answer is the adoption of more centripetal and developmental democratic institutions in an otherwise messy democracy that has pushed political parties and presidents to compete for votes by promising to clean up government and restore growth. Journal: Journal of the Asia Pacific Economy Pages: 156-172 Issue: 1 Volume: 23 Year: 2018 Month: 1 X-DOI: 10.1080/13547860.2017.1387371 File-URL: http://hdl.handle.net/10.1080/13547860.2017.1387371 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:23:y:2018:i:1:p:156-172 Template-Type: ReDIF-Article 1.0 Author-Name: Itishree Pattnaik Author-X-Name-First: Itishree Author-X-Name-Last: Pattnaik Author-Name: Kuntala Lahiri-Dutt Author-X-Name-First: Kuntala Author-X-Name-Last: Lahiri-Dutt Author-Name: Stewart Lockie Author-X-Name-First: Stewart Author-X-Name-Last: Lockie Author-Name: Bill Pritchard Author-X-Name-First: Bill Author-X-Name-Last: Pritchard Title: The feminization of agriculture or the feminization of agrarian distress? Tracking the trajectory of women in agriculture in India Abstract: The rising share of farm work in India undertaken by women – a phenomenon commonly referred to as the feminization of agriculture – raises questions about the changing character of rural India, particularly with regards to women's social and economic roles. Based on an analysis of four sets of occupational data drawn from the Indian Census (1981, 1991, 2001 and 2011), this paper demonstrates that, as a process driven largely by the outmigration of men from rural areas, the feminization of agriculture has no necessary relationship with wider INDICATORS of women's social or economic empowerment. Instead, women's growing participation in agriculture appears to be strongly related to several indicators of poverty. This paper concludes that women's growing contribution of labour in agriculture adds to the already heavy work burdens of most rural women, thereby further undermining their well-being, and suggests that the feminization of agriculture may better be described as the feminization of agrarian distress. Journal: Journal of the Asia Pacific Economy Pages: 138-155 Issue: 1 Volume: 23 Year: 2018 Month: 1 X-DOI: 10.1080/13547860.2017.1394569 File-URL: http://hdl.handle.net/10.1080/13547860.2017.1394569 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:23:y:2018:i:1:p:138-155 Template-Type: ReDIF-Article 1.0 Author-Name: Ngan Tran Author-X-Name-First: Ngan Author-X-Name-Last: Tran Title: The long-run analysis of monetary policy transmission channels on inflation: a VECM approach Abstract: In case of small open economy, the conduct of monetary policy has faced obstacles to achieve primary goals of price stability, due to high vulnerability to external shocks and weak policy frameworks. Therefore, this paper aims to analyse the effectiveness of monetary policy transmission channels in restraining inflation in case of Vietnam for 2001-2015. The use of a Vector Error Correction Model yields evidence that credit growth is the key determinant of high inflation. Additionally, the results suggest the interest rate channel has a perverse effect on inflation in the long run, which means that the inflation rate increases with the policy rate. There is also significant short-run causal relationship from credit growth to inflation, and from the policy rate to inflation. However, empirical results fail to confirm the existence of relationship between the exchange rate channel and inflation in both short run and long run. Journal: Journal of the Asia Pacific Economy Pages: 17-30 Issue: 1 Volume: 23 Year: 2018 Month: 1 X-DOI: 10.1080/13547860.2018.1429199 File-URL: http://hdl.handle.net/10.1080/13547860.2018.1429199 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:23:y:2018:i:1:p:17-30 Template-Type: ReDIF-Article 1.0 Author-Name: Hyelim Son Author-X-Name-First: Hyelim Author-X-Name-Last: Son Title: An exchange motive in upstream intergenerational transfers: evidence from South Korea Abstract: This paper examines the exchange motive behind upstream intergenerational transfers from the adult children to their elderly parents in Korea. While the altruistic motive has been extensively studied, evidence on the exchange motive behind private transfers, i.e. that transfers are provided in exchange for the service provided by the recipient, has been relatively scarce. To test for the presence of exchange motive, childcare provided to grandchildren by elderly parents is used to measure service provision. Using a family fixed effect model, we find that elderly parents who provide care for their grandchildren are more likely to receive transfers, and more likely to receive a larger amount of transfer, providing evidence on the operation of an exchange motive in upstream transfers. We further show that this motive operates mainly through regular transfers and not through irregular transfers. Journal: Journal of the Asia Pacific Economy Pages: 173-185 Issue: 1 Volume: 23 Year: 2018 Month: 1 X-DOI: 10.1080/13547860.2018.1434752 File-URL: http://hdl.handle.net/10.1080/13547860.2018.1434752 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:23:y:2018:i:1:p:173-185 Template-Type: ReDIF-Article 1.0 Author-Name: Emmanuel Genesis T. Andal Author-X-Name-First: Emmanuel Genesis T. Author-X-Name-Last: Andal Title: ASEAN centrality amidst economic integration in the Asia Pacific region Abstract: This paper uses network analysis to evaluate the extent to which the Association of Southeast Asian Nations (ASEAN) is able to maintain its centrality in the context of the emerging economic integration in the Asia Pacific region. Employing methodology derived from network analysis, this paper maps Asia Pacific-related trade flows, and also determines the corresponding strength of these trade flows using appropriate centrality measures as defined and applied in network analysis. This paper finds that on average, ASEAN as a group is not upholding centrality within the Asia Pacific region, except when considering trade intensity, where ASEAN's average eigenvector centrality from 2007 to 2013 is higher than that of the network. Journal: Journal of the Asia Pacific Economy Pages: 273-290 Issue: 2 Volume: 22 Year: 2017 Month: 4 X-DOI: 10.1080/13547860.2016.1239394 File-URL: http://hdl.handle.net/10.1080/13547860.2016.1239394 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:22:y:2017:i:2:p:273-290 Template-Type: ReDIF-Article 1.0 Author-Name: Hong Zhuang Author-X-Name-First: Hong Author-X-Name-Last: Zhuang Title: The effect of foreign direct investment on human capital development in East Asia Abstract: East Asia has experienced fast economic growth along with large inflows of foreign direct investment (FDI) and accumulated human capital since the 1960s. Economic literature suggests a link between FDI and human capital development via technology transfer. This study employs a panel of sample data from 16 East Asian countries from 1985 to 2010 to examine the effect of inward FDI on human capital accumulation. The results show that an increase in foreign presence is associated with an increase in secondary schooling, yet has a negative impact on tertiary schooling. FDI from OECD countries presents positive effects on both secondary and tertiary schooling in East Asian countries. The findings are robust to different measures of educational attainment and different specifications. Journal: Journal of the Asia Pacific Economy Pages: 195-211 Issue: 2 Volume: 22 Year: 2017 Month: 4 X-DOI: 10.1080/13547860.2016.1240321 File-URL: http://hdl.handle.net/10.1080/13547860.2016.1240321 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:22:y:2017:i:2:p:195-211 Template-Type: ReDIF-Article 1.0 Author-Name: Joel Atkinson Author-X-Name-First: Joel Author-X-Name-Last: Atkinson Title: Comparing Taiwan's foreign aid to Japan, South Korea and DAC Abstract: Taiwan has been all but left out of comparative studies of foreign aid donors. This article places Taiwan's aid program in context, through a comparison with its East Asian neighbors – Japan and Korea – and the OECD Development Assistance Committee (DAC) donors as group. It finds that while Taiwan differs from Japan and Korea in key respects, there are also notable similarities between the three in relation to other DAC donors. Journal: Journal of the Asia Pacific Economy Pages: 253-272 Issue: 2 Volume: 22 Year: 2017 Month: 4 X-DOI: 10.1080/13547860.2016.1245926 File-URL: http://hdl.handle.net/10.1080/13547860.2016.1245926 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:22:y:2017:i:2:p:253-272 Template-Type: ReDIF-Article 1.0 Author-Name: Xinxin Wang Author-X-Name-First: Xinxin Author-X-Name-Last: Wang Author-Name: Kevin Z. Chen Author-X-Name-First: Kevin Z. Author-X-Name-Last: Chen Author-Name: Sherman Robinson Author-X-Name-First: Sherman Author-X-Name-Last: Robinson Author-Name: Zuhui Huang Author-X-Name-First: Zuhui Author-X-Name-Last: Huang Title: Will China's demographic transition exacerbate its income inequality?–CGE modeling with top-down microsimulation Abstract: Demographic transition due to population aging is an emerging trend throughout the developing world, and it is especially acute in China, which has undergone demographic transition more rapidly than have most industrial economies. This paper quantifies the distributional effects in the context of demographic transition using an integrated recursive dynamic computable general equilibrium model with top-down behavioral microsimulation. The results of the poverty and inequality index indicate that population aging has a negative impact on the reduction of poverty while its impact is positive with regard to equality. In addition, elderly rural households are experiencing the most serious poverty, and their inequality problems compared with other household groups and within-group inequality worsen with demographic transition. These findings not only advance the previous literature but also deserve particular attention from Chinese policy-makers. Journal: Journal of the Asia Pacific Economy Pages: 227-252 Issue: 2 Volume: 22 Year: 2017 Month: 4 X-DOI: 10.1080/13547860.2016.1263043 File-URL: http://hdl.handle.net/10.1080/13547860.2016.1263043 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:22:y:2017:i:2:p:227-252 Template-Type: ReDIF-Article 1.0 Author-Name: Cuong Viet Nguyen Author-X-Name-First: Cuong Viet Author-X-Name-Last: Nguyen Title: Do minimum wages affect firms’ labor and capital? Evidence from Vietnam Abstract: This study measures the effect of minimum wage increases on firm outcomes using fixed effects regression and panel data from Vietnam Enterprise Censuses during 2008–2010. It finds that minimum wages reduce firms’ labor size, albeit at a small magnitude. A one-percent increase in real minimum wages leads to a 0.1% reduction in the number of workers of firms. Firms are more likely to reduce male workers and those without social insurance. As a result, the proportion of female workers and workers with social insurance in firms increases due to minimum wages. Interestingly, under pressure of minimum wages, firms tend to increase assets, especially fixed assets, for labor substitution. Journal: Journal of the Asia Pacific Economy Pages: 291-308 Issue: 2 Volume: 22 Year: 2017 Month: 4 X-DOI: 10.1080/13547860.2016.1276697 File-URL: http://hdl.handle.net/10.1080/13547860.2016.1276697 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:22:y:2017:i:2:p:291-308 Template-Type: ReDIF-Article 1.0 Author-Name: Yu-Tung Hsu Author-X-Name-First: Yu-Tung Author-X-Name-Last: Hsu Author-Name: Chih-Hai Yang Author-X-Name-First: Chih-Hai Author-X-Name-Last: Yang Title: Universal Coverage Scheme and out-of-pocket healthcare expenditure: evidence from Thailand Abstract: In order to provide healthcare to low-income people, especially those living in rural areas, the Thai government introduced its Universal Coverage Scheme (UCS) in 2001–2002, becoming one of the first low- and middle-income countries to do so. We employ a difference-in-difference-in-difference (DDD) approach to examine whether UCS effectively reduces out-of-pocket healthcare expenditure across income levels and regions. The empirical results note a significant reduction in medical expenditure for the post-UCS period in outpatient as well as inpatient expenditures. The impact of UCS on the difference in medical expenditure between the treated and control groups varies across regions, while there is no significant difference across income level groups. Thus, by helping to pay an affordable copayment for ambulatory care, UCS has overall softened the high medical costs and provides accessible medical resources for poor regions and middle-income people. Journal: Journal of the Asia Pacific Economy Pages: 309-329 Issue: 2 Volume: 22 Year: 2017 Month: 4 X-DOI: 10.1080/13547860.2017.1291163 File-URL: http://hdl.handle.net/10.1080/13547860.2017.1291163 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:22:y:2017:i:2:p:309-329 Template-Type: ReDIF-Article 1.0 Author-Name: Satya Paul Author-X-Name-First: Satya Author-X-Name-Last: Paul Author-Name: Zhao Chen Author-X-Name-First: Zhao Author-X-Name-Last: Chen Author-Name: Ming Lu Author-X-Name-First: Ming Author-X-Name-Last: Lu Title: Contribution of household income components to the level and rise of inequality in urban China Abstract: This paper investigates how changes in the structure of household income have affected inequality in urban China during the reform period. We conducted an inequality decomposition analysis by income sources using the household-level data from the Chinese Household Income Project Surveys for 1988, 1995 and 2002. The analysis reveals that the contribution of wages and salaries to inequality has declined over the years. Business income, which served as the inequality enhancing component in 1988, has turned into an inequality reducing force in 1995 and 2002. The marginal analysis reveals that 1% increase in business income neutralises about two-thirds of the increase in inequality caused by an equivalent increase in wages and salaries. Some business issues and policy options are discussed. Journal: Journal of the Asia Pacific Economy Pages: 212-226 Issue: 2 Volume: 22 Year: 2017 Month: 4 X-DOI: 10.1080/13547860.2017.1292767 File-URL: http://hdl.handle.net/10.1080/13547860.2017.1292767 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:22:y:2017:i:2:p:212-226 Template-Type: ReDIF-Article 1.0 Author-Name: Md Samsul Alam Author-X-Name-First: Md Samsul Author-X-Name-Last: Alam Author-Name: E. A. Selvanathan Author-X-Name-First: E. A. Author-X-Name-Last: Selvanathan Author-Name: Saroja Selvanathan Author-X-Name-First: Saroja Author-X-Name-Last: Selvanathan Title: Determinants of the Bangladesh garment exports in the post-MFA environment Abstract: The garment industry is considered as one of the driving forces of socio-economic development of Bangladesh due to its significant contribution to the country's exports, employment generation, and poverty alleviation. This study investigates the determinants of the Bangladesh garment exports in the post Multi-Fibre Arrangement (MFA) environment. Using data from World Bank Enterprise Surveys and other information from secondary sources, this study finds that labour cost, labour productivity, firm size, availability of domestic input materials, and firm location in a port city are the major determinants of Bangladesh garment exports. In addition, the analysis finds that cheap labour, firm size, product and market diversification, preferential market access, and proactive policies by the Bangladesh government have also helped the Bangladesh garment industry to become successful during the post-MFA period. Journal: Journal of the Asia Pacific Economy Pages: 330-352 Issue: 2 Volume: 22 Year: 2017 Month: 4 X-DOI: 10.1080/13547860.2017.1292768 File-URL: http://hdl.handle.net/10.1080/13547860.2017.1292768 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:22:y:2017:i:2:p:330-352 Template-Type: ReDIF-Article 1.0 Author-Name: John Thoburn Author-X-Name-First: John Author-X-Name-Last: Thoburn Title: China's economy: what everyone needs to know, by Arthur R. Kroeber/Developing China: the remarkable impact of foreign direct investment, by Michael J. Enright Journal: Journal of the Asia Pacific Economy Pages: 353-356 Issue: 2 Volume: 22 Year: 2017 Month: 4 X-DOI: 10.1080/13547860.2017.1296242 File-URL: http://hdl.handle.net/10.1080/13547860.2017.1296242 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:22:y:2017:i:2:p:353-356 Template-Type: ReDIF-Article 1.0 Author-Name: Amir Arjomandi Author-X-Name-First: Amir Author-X-Name-Last: Arjomandi Author-Name: Mad Ithnin Salleh Author-X-Name-First: Mad Ithnin Author-X-Name-Last: Salleh Author-Name: Abbas Mohammadzadeh Author-X-Name-First: Abbas Author-X-Name-Last: Mohammadzadeh Title: Measuring productivity change in higher education: an application of Hicks–Moorsteen total factor productivity index to Malaysian public universities Abstract: This paper offers an in-depth analysis of efficiency and productivity changes using the Hicks–Moorsteen total factor productivity index, in the context of higher education institutions. Unlike the Malmquist method, this approach makes no assumptions about firms' returns to scale conditions. We assume that the production technology exhibits variable returns to scale, which is more plausible than the constant returns to scale assumption, because universities usually operate at suboptimal scales. Three major groupings of Malaysian public universities are used in our case study: research, comprehensive, and focused universities. The results show that technical efficiency has improved after the 2007 National Higher Education Strategic Plan within all the three university groupings. Journal: Journal of the Asia Pacific Economy Pages: 630-643 Issue: 4 Volume: 20 Year: 2015 Month: 10 X-DOI: 10.1080/13547860.2015.1045323 File-URL: http://hdl.handle.net/10.1080/13547860.2015.1045323 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:20:y:2015:i:4:p:630-643 Template-Type: ReDIF-Article 1.0 Author-Name: Nurasyikin Jamaludin Author-X-Name-First: Nurasyikin Author-X-Name-Last: Jamaludin Author-Name: Paul Gerrans Author-X-Name-First: Paul Author-X-Name-Last: Gerrans Title: Retirement savings investment decisions: evidence from Malaysia Abstract: This paper investigates individual retirement savings investment choices of members of Malaysia's Employees Provident Fund (EPF). The focus is on the option available to EPF members to invest part of their savings in approved unit trusts. A survey of EPF members allows a contrast with existing empirical evidence, largely drawn from developed countries. Three significant factors are identified: perceived importance of financial advisor; financial risk tolerance and perceived plan design. Gender and marital status were also significant predictors of investing in the unit trusts, though religion and religious commitment were not significant. Several implications emerge from these findings. First, results highlight the important role of unit trust consultants in individuals’ choices which in turn highlights the important role of the governing body of consultants in ensuring appropriate advice is delivered to clients. The study is relevant to the EPF as policy-maker, on the behaviour and attitudes of its members. Journal: Journal of the Asia Pacific Economy Pages: 644-657 Issue: 4 Volume: 20 Year: 2015 Month: 10 X-DOI: 10.1080/13547860.2015.1045324 File-URL: http://hdl.handle.net/10.1080/13547860.2015.1045324 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:20:y:2015:i:4:p:644-657 Template-Type: ReDIF-Article 1.0 Author-Name: Deahoon Nahm Author-X-Name-First: Deahoon Author-X-Name-Last: Nahm Author-Name: Massimiliano Tani Author-X-Name-First: Massimiliano Author-X-Name-Last: Tani Title: Skilled immigrants' contribution to productive efficiency Abstract: This paper studies whether skilled migrants contribute to the host country's ‘productive efficiency’ (Farrell 1957) using input–output and immigration sectoral data for 7 industries in 12 countries during the period 1999–2001. We find that skilled migrants contribute positively to a country's productive efficiency with the exception of the finance sector. The results broadly support the adoption of skill-biased migration policies. Journal: Journal of the Asia Pacific Economy Pages: 594-612 Issue: 4 Volume: 20 Year: 2015 Month: 10 X-DOI: 10.1080/13547860.2015.1045325 File-URL: http://hdl.handle.net/10.1080/13547860.2015.1045325 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:20:y:2015:i:4:p:594-612 Template-Type: ReDIF-Article 1.0 Author-Name: Audrey K.L. Siah Author-X-Name-First: Audrey K.L. Author-X-Name-Last: Siah Author-Name: Grace H.Y. Lee Author-X-Name-First: Grace H.Y. Author-X-Name-Last: Lee Title: Female labour force participation, infant mortality and fertility in Malaysia Abstract: In reviewing the population policy in 1984, the Malaysian government called for a major shift from family planning to family and human resource development to achieve an ultimate population of 70 million by 2100. However, regardless of the government's initiatives since 1984, Malaysia's fertility rate still declined. This study examines the short-run and long-run relationship and causality between female labour force participation rate, infant mortality rate and fertility in a developing country in Asia – Malaysia. We employ the unit root test which allows for two structural breaks, and the break dates are then used as dummy variables in the bounds testing procedure within an autoregressive distributed lag (ARDL) modelling approach and Granger-causality test. The results indicate that mortality changes have a significant and positive long-run impact on fertility rate and women's child bearing decisions are unaffected by their employment situation. In addition, we do not find evidence that presence of children hinders re-employment and continuous female employment. Journal: Journal of the Asia Pacific Economy Pages: 613-629 Issue: 4 Volume: 20 Year: 2015 Month: 10 X-DOI: 10.1080/13547860.2015.1045326 File-URL: http://hdl.handle.net/10.1080/13547860.2015.1045326 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:20:y:2015:i:4:p:613-629 Template-Type: ReDIF-Article 1.0 Author-Name: Willem Thorbecke Author-X-Name-First: Willem Author-X-Name-Last: Thorbecke Author-Name: Hao-Kai Pai Author-X-Name-First: Hao-Kai Author-X-Name-Last: Pai Title: The sophistication of East Asian exports Abstract: Hausmann et al. found that countries that export more sophisticated products tend to subsequently grow more rapidly. We examine the sophistication of Asia's exports using Hausmann et al.'s and Kwan's measures. Japan remains the technology leader in Asia, but not in the world. In 2012, Japan's exports competed with those of South Korea and Taiwan and were complementary with those of China and ASEAN. Korea and Taiwan competed intensely with each other and less so with China and ASEAN. ASEAN countries competed extensively with each other. Given the high levels of competition and cooperation among East Asian countries, greater exchange rate stability in the region would reduce export volatility among competitors and facilitate trade among comrades. Journal: Journal of the Asia Pacific Economy Pages: 658-678 Issue: 4 Volume: 20 Year: 2015 Month: 10 X-DOI: 10.1080/13547860.2015.1045328 File-URL: http://hdl.handle.net/10.1080/13547860.2015.1045328 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:20:y:2015:i:4:p:658-678 Template-Type: ReDIF-Article 1.0 Author-Name: Huayi Yu Author-X-Name-First: Huayi Author-X-Name-Last: Yu Title: The spillovers and heterogeneous responses of housing prices: a GVAR analysis of China's 35 major cities Abstract: Previous literature seldom discusses city-level housing price spillovers and city-level heterogeneous responses of housing prices to interest rate shocks. This paper adopts the recently developed globe vector autoregression (GVAR) model to empirically study not only the spillovers of housing prices and real income per capita among China's 35 major cities but also the impacts of interest rate shocks on housing prices among these cities. The empirical results show that China's first-tier cities, such as Beijing and Shanghai, have comparatively large spillovers of housing prices, while spillovers in central and western cities are not significant. The housing prices of first-tier and eastern cities are affected not only by the real income per capita of these cities themselves, but also by that of other cities to a large extent, while housing prices of central and western cities are mainly affected by the real income per capita of these cities themselves. Real interest rate shocks have a smaller influence on the housing prices of central and western cities, but a greater influence on those of first-tier cities and eastern cities. Empirical studies have definite policy implications. In order to stabilize housing prices, the Chinese government should promote the regional equalization of public goods, intensify housing purchase restrictions and implement sub-regional real estate policies. Adjusting interest rate policies is also an implementable option for stabilizing housing prices. Journal: Journal of the Asia Pacific Economy Pages: 535-558 Issue: 4 Volume: 20 Year: 2015 Month: 10 X-DOI: 10.1080/13547860.2015.1045527 File-URL: http://hdl.handle.net/10.1080/13547860.2015.1045527 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:20:y:2015:i:4:p:535-558 Template-Type: ReDIF-Article 1.0 Author-Name: Faizal bin Yahya Author-X-Name-First: Faizal bin Author-X-Name-Last: Yahya Title: Mirror images in different frames?, by Francis Hutchinson Journal: Journal of the Asia Pacific Economy Pages: 681-682 Issue: 4 Volume: 20 Year: 2015 Month: 10 X-DOI: 10.1080/13547860.2015.1056408 File-URL: http://hdl.handle.net/10.1080/13547860.2015.1056408 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:20:y:2015:i:4:p:681-682 Template-Type: ReDIF-Article 1.0 Author-Name: Salim Rashid Author-X-Name-First: Salim Author-X-Name-Last: Rashid Title: How does my country grow? Economic advice through storytelling, by Brian Pinto Journal: Journal of the Asia Pacific Economy Pages: 683-686 Issue: 4 Volume: 20 Year: 2015 Month: 10 X-DOI: 10.1080/13547860.2015.1060675 File-URL: http://hdl.handle.net/10.1080/13547860.2015.1060675 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:20:y:2015:i:4:p:683-686 Template-Type: ReDIF-Article 1.0 Author-Name: John Thoburn Author-X-Name-First: John Author-X-Name-Last: Thoburn Title: Routledge handbook of South-East Asian economics, edited by Ian Coxhead Journal: Journal of the Asia Pacific Economy Pages: 679-681 Issue: 4 Volume: 20 Year: 2015 Month: 10 X-DOI: 10.1080/13547860.2015.1090943 File-URL: http://hdl.handle.net/10.1080/13547860.2015.1090943 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:20:y:2015:i:4:p:679-681 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Editorial Board Journal: Journal of the Asia Pacific Economy Pages: ebi-ebi Issue: 4 Volume: 20 Year: 2015 Month: 10 X-DOI: 10.1080/13547860.2015.1101201 File-URL: http://hdl.handle.net/10.1080/13547860.2015.1101201 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:20:y:2015:i:4:p:ebi-ebi Template-Type: ReDIF-Article 1.0 Author-Name: Muhammad Azam Author-X-Name-First: Muhammad Author-X-Name-Last: Azam Author-Name: Salim Rashid Author-X-Name-First: Salim Author-X-Name-Last: Rashid Title: The monetarist hypothesis of inflation in Pakistan – a critique Abstract: The aim of the present study is to analyze empirically the significance of the monetarist explanation of inflation in Pakistan. After testing the data for stationarity, the method of least squares is used. Regression analysis shows slight effects of money supply on inflation while, by contrast, structural factors involving wheat, oil and import prices show more substantial effects. The effective control of inflation requires policy makers to smoothen the supply of food and to moderate import prices. Journal: Journal of the Asia Pacific Economy Pages: 559-576 Issue: 4 Volume: 20 Year: 2015 Month: 10 X-DOI: 10.1080/13547860.2014.970324 File-URL: http://hdl.handle.net/10.1080/13547860.2014.970324 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:20:y:2015:i:4:p:559-576 Template-Type: ReDIF-Article 1.0 Author-Name: Hsiao Chink Tang Author-X-Name-First: Hsiao Chink Author-X-Name-Last: Tang Title: Trade responses during crises: Evidence from selected Asian economies Abstract: This paper investigates why imports tend to fall more than exports in 11 Asian economies, especially during crises, via a standard import specification augmented with differential and time-varying impacts of each component of aggregate demand. The result shows the import intensity of exports is the highest among all variables. Alone, however, it does not contribute to a larger fall in imports. The larger decline in imports is evident if other components of aggregate demand also fall, particularly investment and consumption. A weakened credit condition will also exacerbate the fall in imports. In crisis periods more nuanced results are evident. Fiscal contractions seemed to have worsened the fall in imports during the 1997/1998 Asian financial crisis, exacerbated further by the fall in exports. Business and consumer sentiment seem to have a lagged positive impact during the global financial crisis. Journal: Journal of the Asia Pacific Economy Pages: 577-593 Issue: 4 Volume: 20 Year: 2015 Month: 10 X-DOI: 10.1080/13547860.2014.970603 File-URL: http://hdl.handle.net/10.1080/13547860.2014.970603 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:20:y:2015:i:4:p:577-593 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Editorial board Journal: Pages: ebi-ebi Issue: 3 Volume: 4 Year: 1999 X-DOI: 10.1080/13547869908724689 File-URL: http://hdl.handle.net/10.1080/13547869908724689 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:4:y:1999:i:3:p:ebi-ebi Template-Type: ReDIF-Article 1.0 Author-Name: Elaine Hutson Author-X-Name-First: Elaine Author-X-Name-Last: Hutson Author-Name: Colm Kearney Author-X-Name-First: Colm Author-X-Name-Last: Kearney Title: The Asian financial crisis and the role of the IMF: A survey Abstract: This paper begins with a commentary on the unfolding of the Asian crisis, and includes summary information on the effect of the crisis on the rate of economic growth and unemployment in the region. A review of current thinking on the causes of the crisis follows. This review evaluates whether the Asian crisis was caused primarily by weaknesses in the affected economies, such as inappropriate exchange rate policies and inadequate financial regulation, or by international market failures. The paper concludes with a critical analysis of the International Monetary Fund's role in the crisis. Journal: Journal of the Asia Pacific Economy Pages: 393-412 Issue: 3 Volume: 4 Year: 1999 X-DOI: 10.1080/13547869908724690 File-URL: http://hdl.handle.net/10.1080/13547869908724690 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:4:y:1999:i:3:p:393-412 Template-Type: ReDIF-Article 1.0 Author-Name: Dilip Das Author-X-Name-First: Dilip Author-X-Name-Last: Das Title: Private capital flows and speculative runs in emerging market economies Abstract: The level of capital market flows to emerging market economies constantly ascended during the 1990s. The favorite instruments during this era were portfolio investments, both bonds and equities. The downside of this financial globalization process was that it made emerging markets vulnerable to speculative runs. However, there is little evidence that speculators were the prime causal factors in precipitating these financial and currency crises. Sterilized intervention is the commonest defense measure that central banks adopt against speculative runs on currencies. Cautious, gradual and calculated financial market liberalization is another prudent defensive measure that monetary authorities need to take. The Latin American crisis of 1994–5 and the Asian financial crisis of 1997–8 have called into question the ability of the global financial system to manage transnational financial flows of such large dimensions. The paper casts light on various proposals to improve the present financial architecture. Journal: Journal of the Asia Pacific Economy Pages: 413-430 Issue: 3 Volume: 4 Year: 1999 X-DOI: 10.1080/13547869908724691 File-URL: http://hdl.handle.net/10.1080/13547869908724691 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:4:y:1999:i:3:p:413-430 Template-Type: ReDIF-Article 1.0 Author-Name: Abdur Chowdhury Author-X-Name-First: Abdur Author-X-Name-Last: Chowdhury Title: Mean‐reverting behavior of stock returns: Evidence from a panel of Asian and Pacific Basin countries Abstract: This study uses the seemingly‐unrelated regression method in panel data to test for the mean‐reversion behavior in stock returns in eight Asian and Pacific Basin markets: Hong Kong, Indonesia, Korea, Malaysia, Philippines, Singapore, Taiwan, and Thailand. The empirical evidence suggests that an investor cannot use the information contained in stock performances in precious periods to consistently earn abnormal profits. A fundamental implication of the efficient market theory is that successive security returns are serially independent. Hence the empirical evidence is consistent with the spirit of the efficiency market theory. This would suggest a hands‐off approach for the policy‐makers with regard to the equity market in these countries. Journal: Journal of the Asia Pacific Economy Pages: 431-445 Issue: 3 Volume: 4 Year: 1999 X-DOI: 10.1080/13547869908724692 File-URL: http://hdl.handle.net/10.1080/13547869908724692 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:4:y:1999:i:3:p:431-445 Template-Type: ReDIF-Article 1.0 Author-Name: Mark Hiley Author-X-Name-First: Mark Author-X-Name-Last: Hiley Title: The dynamics of changing comparative advantage in the Asia‐Pacific region Abstract: As a response to the changing economic environment and domestic comparative advantage, Asian countries have undergone significant structural change and readjustment. The manufacturing sector of the ASEAN economies is of interest not only because of the pace of industrialization that has occurred in the region, but also because in each country manufacturing has undergone a major transformation. One element of this process is the increase in manufactured exports. Another is the profound change in the structure of manufacturing, involving the transition from simple consumer goods and resource‐based processing activities towards more sophisticated industrial structures. To determine whether or not the case of ASEAN accords well with the predictions of trade theory, changes in a measure of revealed comparative advantage (RCA) ‐ the export specialization ratio (Balassa 1965) ‐ are identified. An attempt is then made to see how closely the dynamic changes in industrial structure have followed the flying‐geese pattern of development (Akamatsu 1961, 1962). Journal: Journal of the Asia Pacific Economy Pages: 446-467 Issue: 3 Volume: 4 Year: 1999 X-DOI: 10.1080/13547869908724693 File-URL: http://hdl.handle.net/10.1080/13547869908724693 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:4:y:1999:i:3:p:446-467 Template-Type: ReDIF-Article 1.0 Author-Name: Abdul Khandker Author-X-Name-First: Abdul Author-X-Name-Last: Khandker Author-Name: Akorlie Nyatepe‐Coo Author-X-Name-First: Akorlie Author-X-Name-Last: Nyatepe‐Coo Author-Name: Salim Rashid Author-X-Name-First: Salim Author-X-Name-Last: Rashid Author-Name: Kevin Daly Author-X-Name-First: Kevin Author-X-Name-Last: Daly Title: Book reviews Abstract: Joseph Tan (ed.), AFTA in the Changing International Economy, Singapore: Institute of Southeast Asian Studies, Stamford Press Pte Ltd, 1996. Pp. xv + 216. ISBN 981–3055–15–4.Daniel Cohen (trans. Jacqueline Lindenfield), The Wealth of the World and the Poverty of Nations, Cambridge, MA: MIT Press, 1998. Pp. 136.Manuel F. Montes, The Currency Crisis in Southeast Asia. Published by the Institute of Southeast Asian Studies, 1998. Pp. 62. US$17.90. ISBN 981–230–014–7 (soft cover). Journal: Pages: 468-473 Issue: 3 Volume: 4 Year: 1999 X-DOI: 10.1080/13547869908724694 File-URL: http://hdl.handle.net/10.1080/13547869908724694 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:4:y:1999:i:3:p:468-473 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Notes on Contributors Journal: Pages: 475-475 Issue: 3 Volume: 4 Year: 1999 X-DOI: 10.1080/13547869908724695 File-URL: http://hdl.handle.net/10.1080/13547869908724695 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:4:y:1999:i:3:p:475-475 Template-Type: ReDIF-Article 1.0 Author-Name: Fang Lee Cooke Author-X-Name-First: Fang Lee Author-X-Name-Last: Cooke Title: SEVEN REFORMS IN FIVE DECADES Abstract: Civil service reform has been a common issue facing many governments in the world, albeit the content and nature of the reform may vary considerably between nations. The civil service in China has witnessed seven restructures since 1949. However, little is written in the Western literature on China's civil service reform and its implications for human resource management. This paper provides an historical overview of the backgrounds and actions of each of the seven reforms spanning the history of the civil service since the establishment of Communist China in 1949. The paper identifies major barriers to the reforms and assesses the likely impact of these reforms in tackling the intractable problem of an oversized and under-performing civil service of China. It highlights the difficulties in implementing large-scale top-down organizational change which requires institutional as well as cultural reconfiguration. Journal: Journal of the Asia Pacific Economy Pages: 380-404 Issue: 3 Volume: 8 Year: 2003 X-DOI: 10.1080/13547860306285 File-URL: http://hdl.handle.net/10.1080/13547860306285 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:8:y:2003:i:3:p:380-404 Template-Type: ReDIF-Article 1.0 Author-Name: Salim Rashid Author-X-Name-First: Salim Author-X-Name-Last: Rashid Title: ECONOMICS AND CULTURE Journal: Journal of the Asia Pacific Economy Pages: 300-304 Issue: 3 Volume: 8 Year: 2003 X-DOI: 10.1080/13547860306286 File-URL: http://hdl.handle.net/10.1080/13547860306286 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:8:y:2003:i:3:p:300-304 Template-Type: ReDIF-Article 1.0 Author-Name: Deepak Lal Author-X-Name-First: Deepak Author-X-Name-Last: Lal Title: ASIA AND WESTERN DOMINANCE Abstract: This paper considers the conflicts between the West and Asia in the age of globalization and its concomitant ideology of liberal values. It concludes that while the material wealth of the West is welcome everywhere, Asia has resisted, and will continue to resist, the attempts to homogenize Asian culture. The paper argues that the West should accept differences in human rights, ecological policies and forms of governments, and limit itself to the equalization of opportunities for commerce and trade. Journal: Journal of the Asia Pacific Economy Pages: 283-299 Issue: 3 Volume: 8 Year: 2003 X-DOI: 10.1080/13547860306287 File-URL: http://hdl.handle.net/10.1080/13547860306287 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:8:y:2003:i:3:p:283-299 Template-Type: ReDIF-Article 1.0 Author-Name: Yongling Yao Author-X-Name-First: Yongling Author-X-Name-Last: Yao Title: THE IMPACT OF INVESTMENT POLICY ON REGIONAL ECONOMIC PATTERNS IN CHINA Abstract: Investment policy seeks to alter the structural conditions of a country's economy to create new regional patterns for national economic development. Since the 1979 Open Door policy in China, there have been four distinct periods of investment policy reform. These periods are the Initial Stage, Adjustment Stage, Framework Establishment Stage and Stage for Development of Central-Western China. During each period, the policy implemented created new structural con­ditions for economic resources and shaped regional economic patterns. This paper discusses the impact of investment policy on regional economic patterns by analyzing alterations in investor composition, industrial structure and investment spatial distribution during each period respectively. Journal: Journal of the Asia Pacific Economy Pages: 327-353 Issue: 3 Volume: 8 Year: 2003 X-DOI: 10.1080/13547860306288 File-URL: http://hdl.handle.net/10.1080/13547860306288 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:8:y:2003:i:3:p:327-353 Template-Type: ReDIF-Article 1.0 Author-Name: Michael Drew Author-X-Name-First: Michael Author-X-Name-Last: Drew Title: Beta, Firm Size, Book-to-Market Equity and Stock Returns Abstract: The capital asset pricing model (CAPM), which has dominated finance theory for over thirty years, is concerned with the relationship between risk and the expected return on risky assets. According to the CAPM the market beta alone is sufficient to explain security returns and that there is a positive expected premium for investing in beta risks. However, evidence shows that the single risk factor is not quite adequate for describing the cross-section of stock returns. The current consensus is that firm size and book-to-market equity factors are pervasive risk factors besides the overall market factor. In this paper we compare the explanatory power of a single index model with the multifactor asset-pricing model of Fama and French (1996) for Hong Kong, Korea, Malaysia and the Philippines. Our findings suggest that the CAPM beta alone is not sufficient to describe the cross-section of expected returns. We also find that the absolute pricing errors of the CAPM are quite large when compared with the multifactor model of Fama and French (1996). Our findings show that firm size and book-to-market equity help explain the variation in average stock returns in a meaningful manner. Journal: Journal of the Asia Pacific Economy Pages: 354-379 Issue: 3 Volume: 8 Year: 2003 X-DOI: 10.1080/13547860306289 File-URL: http://hdl.handle.net/10.1080/13547860306289 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:8:y:2003:i:3:p:354-379 Template-Type: ReDIF-Article 1.0 Author-Name: Mark Beeson Author-X-Name-First: Mark Author-X-Name-Last: Beeson Title: EAST ASIA, THE INTERNATIONAL FINANCIAL INSTITUTIONS AND REGIONAL REGULATORY REFORM Abstract: In the wake of the economic and political crises that gripped parts of East Asia from 1997 onwards, much attention was given to the possible reform of the region's distinctive political practices and economic structures. Especially prominent in this debate were key international financial institutions (IFIs) like the International Monetary Fund, the World Bank and - more subtly - the US Treasury Department. Yet many observers claimed that the IFIs themselves were in need of reform, as was the international financial architecture they helped create and manage. Significantly, however, no serious attempt has been made to reform the international financial system despite concern about its impact on the region generally and during the crisis in particular. This paper reviews the central issues in the debate over financial sector reforms, and argues that while further liberalization continues to be urged upon East Asia, substantial reform of the IFIs or the international financial sector is unlikely given existent patterns of political and economic interests, despite continuing doubts about their benefits. Journal: Journal of the Asia Pacific Economy Pages: 305-326 Issue: 3 Volume: 8 Year: 2003 X-DOI: 10.1080/13547860306290 File-URL: http://hdl.handle.net/10.1080/13547860306290 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:8:y:2003:i:3:p:305-326 Template-Type: ReDIF-Article 1.0 Author-Name: Chow-meng Chen Author-X-Name-First: Chow-meng Author-X-Name-Last: Chen Author-Name: Mohamed Ariff Author-X-Name-First: Mohamed Author-X-Name-Last: Ariff Author-Name: Tuafiq Hassan Author-X-Name-First: Tuafiq Author-X-Name-Last: Hassan Author-Name: Shamsher Mohamad Author-X-Name-First: Shamsher Author-X-Name-Last: Mohamad Title: Does a firm's political connection to government have economic value? Abstract: This paper reports new findings about differential impacts political events have on share prices of firms connected to government in power compared to firms with no political connections. Political connection has been alleged as valuable in popular press in this mid-income economy studied, so it is worth an investigation. Significant share price increases of 4% or more abnormal returns accrue to connected firms relative to unconnected firms when identical political events occur. The impact is very pronounced during a severe economic crisis, when the stakes were high about an incumbent government being re-elected. Our finding of higher value of politically connected firms is due to the expected value of preferential treatments, preference in project selections and access to state benefits. Thus, share prices of politically connected firms react with greater impacts than non-politically connected firms to announcements of identical political events. Journal: Journal of the Asia Pacific Economy Pages: 477-501 Issue: 3 Volume: 18 Year: 2013 X-DOI: 10.1080/13547860.2012.742674 File-URL: http://hdl.handle.net/10.1080/13547860.2012.742674 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:18:y:2013:i:3:p:477-501 Template-Type: ReDIF-Article 1.0 Author-Name: Kenta Goto Author-X-Name-First: Kenta Author-X-Name-Last: Goto Title: Social networks, informal trade credit and its effects on business growth: evidence from the local garment trade in Vietnam Abstract: This paper argues that while informal institutions in developing countries are effective in facilitating exchange, without complementing formal institutions it will constrain their prospects of business growth. Ample research studies made in this field suggest that social networks are one of the key determinants of informal credit supply. However, such network effects are limited simply because supplier-buyer relationships based on such networks are, in reality, quite rare. In an environment without effective formal sanction mechanisms, suppliers face significant risks in granting trade credit to buyers particularly in a competitive market with large numbers of suppliers and homogeneous products, as is the case in Ho Chi Minh City, Vietnam. Therefore, monitoring of buyers’ behaviour becomes important, but as such activities are costly to suppliers as it discourages and adversely affects suppliers to establish new trade relationships and expand businesses. As such, the development of formal institutions such as information sharing mechanisms and establishing formal sanctioning mechanisms, including effective courts, will prove effective to stimulate business opportunities and growth. Journal: Journal of the Asia Pacific Economy Pages: 382-395 Issue: 3 Volume: 18 Year: 2013 X-DOI: 10.1080/13547860.2012.742683 File-URL: http://hdl.handle.net/10.1080/13547860.2012.742683 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:18:y:2013:i:3:p:382-395 Template-Type: ReDIF-Article 1.0 Author-Name: Zulkefly Karim Author-X-Name-First: Zulkefly Author-X-Name-Last: Karim Author-Name: W. Azman-Saini Author-X-Name-First: W. Author-X-Name-Last: Azman-Saini Title: Firm-level investment and monetary policy in Malaysia: do the interest rate and broad credit channels matter? Abstract: This paper examines the effects of monetary policy on investment spending in Malaysia for 1990–2008 using firm-level data. The focal point of this paper is two main channels of monetary policy transmission mechanism, namely, the interest rate and broad credit channels. Using a dynamic neoclassical investment function, empirical results based on system generalised method of moments (GMM) estimations and a sample of 419 firms support the relevance of both interest rate and broad credit channels in influencing investment spending. The results also reveal that the effect of monetary policy channels on firm investment is heterogeneous, such that small firms (i.e. credit-constrained firms) are more responsive to monetary tightening when compared to large firms (i.e. less constrained firms). Journal: Journal of the Asia Pacific Economy Pages: 396-412 Issue: 3 Volume: 18 Year: 2013 X-DOI: 10.1080/13547860.2012.742686 File-URL: http://hdl.handle.net/10.1080/13547860.2012.742686 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:18:y:2013:i:3:p:396-412 Template-Type: ReDIF-Article 1.0 Author-Name: Renuka Mahadevan Author-X-Name-First: Renuka Author-X-Name-Last: Mahadevan Author-Name: Waisiki Gonemaituba Author-X-Name-First: Waisiki Author-X-Name-Last: Gonemaituba Title: A note on soil erosion and the loss in crop production: case study of Fiji's ginger farms Abstract: This study focuses on soil erosion and incorporates this in a stochastic production framework using Fijian ginger farmers as a case study. Empirical estimates using cross sectional data showed that these farmers on average were producing at 61% of the maximum potential output. They faced a 17% loss of output due to low soil erosion and about 27% output loss if soil erosion was moderate to high. In addition, profit, land ownership, ethnicity of farmer, and education affected technical efficiency while distance from an agricultural station, slope of land, and hot water treatment were insignificant in their effect on efficiency. Journal: Journal of the Asia Pacific Economy Pages: 502-511 Issue: 3 Volume: 18 Year: 2013 X-DOI: 10.1080/13547860.2012.742688 File-URL: http://hdl.handle.net/10.1080/13547860.2012.742688 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:18:y:2013:i:3:p:502-511 Template-Type: ReDIF-Article 1.0 Author-Name: Kaoru Natsuda Author-X-Name-First: Kaoru Author-X-Name-Last: Natsuda Author-Name: John Thoburn Author-X-Name-First: John Author-X-Name-Last: Thoburn Title: Industrial policy and the development of the automotive industry in Thailand Abstract: It has been argued that restrictions on industrial policy implemented under World Trade Organization rules in the 2000s have greatly reduced the ‘policy space’ in which developing countries can promote industrialisation. This paper examines the case of Thailand's policies in developing one of the most successful automotive industries in the Southeast Asian region. We show that Thailand's use of local content requirements, later abolished under WTO rules, helped promote local suppliers and did not deter foreign investors. Substantial tariff protection of vehicles and components production did not deter exports, and has continued to the present, even under liberalisation policies. Supplementing tariff protection by various fiscal means to promote product champions in the automotive industry, Thailand has succeeded in retaining substantial policy freedom. Journal: Journal of the Asia Pacific Economy Pages: 413-437 Issue: 3 Volume: 18 Year: 2013 X-DOI: 10.1080/13547860.2012.742690 File-URL: http://hdl.handle.net/10.1080/13547860.2012.742690 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:18:y:2013:i:3:p:413-437 Template-Type: ReDIF-Article 1.0 Author-Name: Falguni Pattanaik Author-X-Name-First: Falguni Author-X-Name-Last: Pattanaik Author-Name: Narayan Nayak Author-X-Name-First: Narayan Author-X-Name-Last: Nayak Title: Trends and forecasting of employment intensity of growth in India Abstract: In the labour surplus Indian economy, growth must ensure high employment. In order to examine how employment has evolved over time with output, this study analyses the trends of employment intensity of growth in India at the aggregate and across broad sectors for the period 1961–2004 and forecasts the same for the future applying the Box-Jenkins ARIMA model. The results indicate that India has been experiencing jobless growth since the 1990s primarily due to the failure of manufacturing and services. The forecasting results reveal possible improvement in employment elasticity of secondary sector, whereas tertiary sector would continue to remain a concern. The dependence on primary sector would continue to rise, leading to its negative labour productivity. Journal: Journal of the Asia Pacific Economy Pages: 438-459 Issue: 3 Volume: 18 Year: 2013 X-DOI: 10.1080/13547860.2012.742693 File-URL: http://hdl.handle.net/10.1080/13547860.2012.742693 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:18:y:2013:i:3:p:438-459 Template-Type: ReDIF-Article 1.0 Author-Name: Kin Tang Author-X-Name-First: Kin Author-X-Name-Last: Tang Author-Name: Hui Tan Author-X-Name-First: Hui Author-X-Name-Last: Tan Author-Name: Niaz Naseem Author-X-Name-First: Niaz Author-X-Name-Last: Naseem Title: The effect of foreign currency borrowing and financial development on exports: a dynamic panel analysis on Asia-Pacific countries Abstract: This paper examines the effect of foreign currency borrowing and financial development on exports. A balanced panel data is constructed for the selected 17 East Asian-Pacific countries, and the cointegration relationship among the variables of the export demand function is verified using Pedroni's heterogeneous panel cointegration tests. The empirical results indicate that the effect of foreign debt on exports is conditional on the magnitude of currency depreciation. The larger the depreciation of a currency, the more its exports are adversely affected by its foreign liability. This finding might be a possible explanation as to why large exchange rate depreciation during the 1997 financial crisis failed to generate the export boom. The results also show different effects of financial shocks on exports in these economies. Journal: Journal of the Asia Pacific Economy Pages: 460-476 Issue: 3 Volume: 18 Year: 2013 X-DOI: 10.1080/13547860.2012.742707 File-URL: http://hdl.handle.net/10.1080/13547860.2012.742707 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:18:y:2013:i:3:p:460-476 Template-Type: ReDIF-Article 1.0 Author-Name: Emmanuel Skoufias Author-X-Name-First: Emmanuel Author-X-Name-Last: Skoufias Author-Name: Sergio Olivieri Author-X-Name-First: Sergio Author-X-Name-Last: Olivieri Title: Geographic disparities in well being and fiscal expenditures in Thailand: 2000 vs. 2009 Abstract: This article investigates (1) the extent to which the differences in the standard of living between regions in Thailand are due to differences in the returns to characteristics or differences in the characteristics themselves; and (2) whether the current allocation of fiscal expenditures by the central authorities is related to the main determinants of spatial disparities in welfare among the provinces. The analysis reveals that the lower level of welfare in the rural areas within any given region is primarily because of differences in characteristics of the population in rural vs. urban areas. Differences in returns generally account for the most part of the welfare differences between urban areas of different regions and Bangkok or rural areas of other regions compared with the rural northeast. The analysis of fiscal expenditures and their relation to welfare disparities suggests that there are many opportunities to improve the role of fiscal expenditure allocation by the central government as an instrument of addressing the needs of the provinces in terms of low returns. Journal: Journal of the Asia Pacific Economy Pages: 359-381 Issue: 3 Volume: 18 Year: 2013 X-DOI: 10.1080/13547860.2013.803848 File-URL: http://hdl.handle.net/10.1080/13547860.2013.803848 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:18:y:2013:i:3:p:359-381 Template-Type: ReDIF-Article 1.0 Author-Name: Thomas Albrecht Author-X-Name-First: Thomas Author-X-Name-Last: Albrecht Title: Where is the ‘Economic Centre’ of the Asia Pacific Region? Abstract: The paper examines if the ‘economic centre’ of Asia is likely to shift over the next 20 years. In this context, it addresses the widely held notion that a deterioration of Southeast Asia's geographic centrality within the Asia Pacific region is likely to occur due to the rise of China. GNP-weighted centrality indices are calculated for major Asian cities, and it is shown that the changing economic map of Asia is unlikely to lead to geographic marginalization of Southeast Asia: even if the economic importance of China increases significantly, this will be more than offset by the corresponding decline of Japan. As a consequence, the total economic weight of Northeast Asia is likely to decrease slightly compared to Southeast Asia and Greater India over the next 20 years, with the economic centre of Asia moving further to the southwest. Journal: Journal of the Asia Pacific Economy Pages: 359-379 Issue: 3 Volume: 10 Year: 2005 X-DOI: 10.1080/13547860500163522 File-URL: http://hdl.handle.net/10.1080/13547860500163522 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:10:y:2005:i:3:p:359-379 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Notes on Contributors Journal: Pages: 403-404 Issue: 3 Volume: 10 Year: 2005 X-DOI: 10.1080/13547860500163720 File-URL: http://hdl.handle.net/10.1080/13547860500163720 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:10:y:2005:i:3:p:403-404 Template-Type: ReDIF-Article 1.0 Author-Name: Chung Lee Author-X-Name-First: Chung Author-X-Name-Last: Lee Title: The Political Economy of Institutional Reform in Korea Abstract: In the aftermath of the economic crisis of 1997–98 South Korea has undertaken a number of major institutional reforms. What are these reforms? Why were they undertaken? What is the outcome of the reforms? In answering these questions this paper examines the influence that the ideas of political leaders on political economy had in setting forth the reform agenda and the role that various interest groups have played in implementing the reform. It argues that there was a shift in the developmental paradigm in the early 1980s, that the new paradigm guided reforms in Korea during the 1980s and 1990s but with initial conditions and interest politics influencing the implementation and actual outcome of reform, and that the post-crisis reform was a culmination of the reform process that began in the early 1980s. Journal: Journal of the Asia Pacific Economy Pages: 257-277 Issue: 3 Volume: 10 Year: 2005 X-DOI: 10.1080/13547860500163639 File-URL: http://hdl.handle.net/10.1080/13547860500163639 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:10:y:2005:i:3:p:257-277 Template-Type: ReDIF-Article 1.0 Author-Name: Rolf Langhammer Author-X-Name-First: Rolf Author-X-Name-Last: Langhammer Title: China and the G-21: A New North–South Divide in the WTO after Cancún? Abstract: The paper analyses the interests of China as a member of the G-21, which contributed to the failure of the WTO Ministerial Conference in Cancún/Mexico in September 2003. It concludes that the median member of G-21 is more inward-looking and less reform-minded than China. A failure of the Doha Round due to a North–South divide between the US/EU on the one hand and the G-21 on the other hand would cause more harm to the latter than to the former group and would also impact negatively upon China, which has fewer alternatives to a multilateral round than most of the other G-21 members and also the two big players. Thus, China would be well-advised to remain unconstrained in its trade policies and to keep equidistant both from the US/EU and from those developing countries trying to use the Chinese perception as a developing country for their own purposes. Journal: Journal of the Asia Pacific Economy Pages: 339-358 Issue: 3 Volume: 10 Year: 2005 X-DOI: 10.1080/13547860500163555 File-URL: http://hdl.handle.net/10.1080/13547860500163555 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:10:y:2005:i:3:p:339-358 Template-Type: ReDIF-Article 1.0 Author-Name: Ruediger Frank Author-X-Name-First: Ruediger Author-X-Name-Last: Frank Title: Economic Reforms in North Korea (1998–2004): Systemic Restrictions, Quantitative Analysis, Ideological Background Abstract: North Korea started serious economic reforms in July 2002. The regime's credo is the coexistence of a state-directed economy and a market economy. The weight of the latter will be increased gradually, depending on success and political stability. The paper explores the costs and benefits of the reforms and suggests their support. In the short run, the price reforms resulted in purchasing power gains for everybody, although these gains are now offset by inflation. The reforms have been well prepared ideologically to secure a controlled process. The pragmatic replacement of socialism by nationalism as the core ideology as well as the transformation of the military into the new aristocracy at the expense of the party created new political options for the North Korean government. Journal: Journal of the Asia Pacific Economy Pages: 278-311 Issue: 3 Volume: 10 Year: 2005 X-DOI: 10.1080/13547860500163613 File-URL: http://hdl.handle.net/10.1080/13547860500163613 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:10:y:2005:i:3:p:278-311 Template-Type: ReDIF-Article 1.0 Author-Name: Chuk Kim Author-X-Name-First: Chuk Author-X-Name-Last: Kim Title: An Industrial Development Strategy for Indonesia: Lessons from the South Korean Experience Abstract: The most important feature of South Korea's industrial development policy during the past several decades is its integrated approach to industrial development. Trade policy, human-resource development policy, and technology policy were well coordinated and complementary to industrial policy. An integrated policy approach to industrial development appears still to be relevant today for developing countries, including Indonesia. Based on this policy concept, the paper suggests national policy directions for Indonesia's industrial development through investment, trade, technology, human-resource and SME development policies. Journal: Journal of the Asia Pacific Economy Pages: 312-338 Issue: 3 Volume: 10 Year: 2005 X-DOI: 10.1080/13547860500163589 File-URL: http://hdl.handle.net/10.1080/13547860500163589 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:10:y:2005:i:3:p:312-338 Template-Type: ReDIF-Article 1.0 Author-Name: Alexius Pereira Author-X-Name-First: Alexius Author-X-Name-Last: Pereira Title: Singapore's Regionalization Strategy Abstract: This paper evaluates the Singapore government's ‘regionalization strategy’ (1990–2004) as a national development policy. Unlike the Singapore government's earlier national development policy, which focused on encouraging industrial transnational corporations to locate production within Singapore, the new strategy encouraged them to locate production in Singapore-developed industrial parks in selected cities across the Asia Pacific region. As a development policy, this research finds that the regionalization strategy has had mixed results. It has succeeded in encouraging industrial transnational corporations to locate in these Singapore-developed industrial parks, but failed to generate enough profits to supplement Singapore's domestic economy. Based on this study, there are two conclusions that can be drawn: first economic globalization and global production networks are not only driven by the motivations of industrial transnational corporations (market driven) but also by national economic policies (state driven), such as by the Singapore government's regionalization strategy. Second, as a national development policy, a ‘regional’ strategy is highly risky as the state is not in full control of external factors, as opposed to implementing development policies locally. Journal: Journal of the Asia Pacific Economy Pages: 380-396 Issue: 3 Volume: 10 Year: 2005 X-DOI: 10.1080/13547860500163480 File-URL: http://hdl.handle.net/10.1080/13547860500163480 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:10:y:2005:i:3:p:380-396 Template-Type: ReDIF-Article 1.0 Author-Name: Guntur Sugiyarto* Author-X-Name-First: Guntur Author-X-Name-Last: Sugiyarto* Title: A Review of: “Ramkishen S. Rajan, Economic Globalization and Asia: Essays on Finance, Trade and Taxation Journal: Pages: 397-402 Issue: 3 Volume: 10 Year: 2005 X-DOI: 10.1080/13547860500163738 File-URL: http://hdl.handle.net/10.1080/13547860500163738 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:10:y:2005:i:3:p:397-402 Template-Type: ReDIF-Article 1.0 Author-Name: A. Kim Author-X-Name-First: A. Author-X-Name-Last: Kim Title: An empirical analysis of Korea's trade imbalances with the US and Japan Abstract: This paper investigates the macro-determinants of Korea's persistent bilateral trade deficit with Japan but her trade surplus with the US using Johansen's cointegration-error correction model, which includes bilateral trade balance and real exchange rate, domestic and foreign incomes and relative money supply. The empirical results show that all variables included affect bilateral trade balances and there exists a long-run equilibrium among them. Especially, Korean won depreciation improves Korea–US trade balance according to the Marshall–Lerner condition while the J-curve effect between Korea and Japan exists with a little improvement of deterioration of trade balance followed by Korean won depreciation. In addition, domestic economic growth is found to improve persistent trade deficits against Japan and mitigate trade surplus with the US. The short- and long-run effects of monetary policy on Korea–US trade balance are opposite to those on Korea–Japan. The exogenous US income contributes to increase Korea–US trade balance. Journal: Journal of the Asia Pacific Economy Pages: 211-226 Issue: 3 Volume: 14 Year: 2009 X-DOI: 10.1080/13547860902974971 File-URL: http://hdl.handle.net/10.1080/13547860902974971 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:14:y:2009:i:3:p:211-226 Template-Type: ReDIF-Article 1.0 Author-Name: Philippe Régnier Author-X-Name-First: Philippe Author-X-Name-Last: Régnier Title: New development of agro-food small business linkages between Southeast Asia and Western Africa Abstract: The paper deals with agro-food trade promotion of small- and medium-sized enterprises (SMEs) in Southeast Asia and Western Africa and between the two regions. The discussion covers (1) the capacity of Southeast Asian and Western African agro-food SMEs to access domestic, regional and possibly global markets and (2) the role of international cooperation (public and private) to promote agro-food SME trade within and outside Southeast Asia and Western Africa, respectively. Two types of South–South trade emerging innovations are identified in the field of SME agro-business matching: (1) the promotion of existing and new business linkages between Southeast Asian and Western African agro-food SMEs (trade, finance and appropriate technology transfer) and (2) the promotion of public–private partnerships to facilitate agro-food SME business linkages between far distant Southeast Asia and Western Africa. Journal: Journal of the Asia Pacific Economy Pages: 227-245 Issue: 3 Volume: 14 Year: 2009 X-DOI: 10.1080/13547860902974989 File-URL: http://hdl.handle.net/10.1080/13547860902974989 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:14:y:2009:i:3:p:227-245 Template-Type: ReDIF-Article 1.0 Author-Name: Krishna Vadlamannati Author-X-Name-First: Krishna Author-X-Name-Last: Vadlamannati Author-Name: Artur Tamazian Author-X-Name-First: Artur Author-X-Name-Last: Tamazian Author-Name: Lokanandha Irala Author-X-Name-First: Lokanandha Author-X-Name-Last: Irala Title: Determinants of foreign direct investment and volatility in South East Asian economies Abstract: The objective of this paper is to identify and examine the determinants of barriers to foreign direct investment (FDI) in South East Asian economies. Based on our theoretical groundings, we identify potential barriers under four categories, namely macroeconomic policy factors, political factors, institutional factors and socioeconomic factors. Using cross-sectional time-series data for 17 South East Asian economies from 1996 to 2005, we test these set of barriers against per capita FDI inflows and volatility in FDI inflows using fixed effects pooled regression analysis. In the process, we also check as to how fragile our results are to the small but important changes, which we bring in the conditioning information set using robustness check. Our empirical evidence suggests that all the possible set of barriers identified have significant negative effect on per capita FDI and positive impact on volatility in FDI inflows. We therefore suggest that there is an urgent need to find the solutions to break these barriers that are acting as stumbling blocks in attracting FDI of their actual potential. Journal: Journal of the Asia Pacific Economy Pages: 246-261 Issue: 3 Volume: 14 Year: 2009 X-DOI: 10.1080/13547860902975010 File-URL: http://hdl.handle.net/10.1080/13547860902975010 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:14:y:2009:i:3:p:246-261 Template-Type: ReDIF-Article 1.0 Author-Name: Tantatape Brahmasrene Author-X-Name-First: Tantatape Author-X-Name-Last: Brahmasrene Author-Name: Komain Jiranyakul Author-X-Name-First: Komain Author-X-Name-Last: Jiranyakul Title: Capital mobility in Asia: evidence from bounds testing of cointegration between savings and investment Abstract: This paper explores the international capital mobility in North Asia (South Korea and Taiwan), South Asia (Indonesia, Malaysia, the Philippines, Singapore and Thailand) and India. In particular, the Feldstein–Horioka puzzle, which states domestic investment and savings are highly and positively correlated, was examined for cointegration using an autoregressive distributed lag bounds testing procedure. The results did not show a positive correlation between savings and investment. There was essentially no relationship at level between savings and investment in all eight cases. Thirteen out of 16 structural break tests or 81.25% indicate no structural breaks. The analysis concluded with certain limitations that there is high capital mobility in the economies under study. Journal: Journal of the Asia Pacific Economy Pages: 262-269 Issue: 3 Volume: 14 Year: 2009 X-DOI: 10.1080/13547860902975077 File-URL: http://hdl.handle.net/10.1080/13547860902975077 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:14:y:2009:i:3:p:262-269 Template-Type: ReDIF-Article 1.0 Author-Name: Saibal Ghosh Author-X-Name-First: Saibal Author-X-Name-Last: Ghosh Title: Charter value and risk-taking: evidence from Indian banks Abstract: The article examines the determinants of banks' charter value and its disciplining effect on bank risk-taking since the mid-1990s. The analysis indicates that deposit and loan market concentration exert a significant effect on charter value, suggestive of a strong link between competition and charter value. Among the traditional banking activities, bank size and efficiency are found to be important determinants of charter value. The disciplining effect of charter value is robust across several measures on bank risk. Journal: Journal of the Asia Pacific Economy Pages: 270-286 Issue: 3 Volume: 14 Year: 2009 X-DOI: 10.1080/13547860902975606 File-URL: http://hdl.handle.net/10.1080/13547860902975606 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:14:y:2009:i:3:p:270-286 Template-Type: ReDIF-Article 1.0 Author-Name: Sayma Rahman Author-X-Name-First: Sayma Author-X-Name-Last: Rahman Author-Name: P. Junankar Author-X-Name-First: P. Author-X-Name-Last: Junankar Author-Name: Girijasankar Mallik Author-X-Name-First: Girijasankar Author-X-Name-Last: Mallik Title: Factors influencing women's empowerment on microcredit borrowers: a case study in Bangladesh Abstract: Women's empowerment in relation to microcredit programmes is a prominent issue in the literature of microcredit. Not only the founder of the Grameen Bank is awarded the 2006 Nobel Peace Prize on the microcredit programme of Bangladesh but it has also been a topic of great interest to researchers since its introduction in mid-1970s. This study views women's empowerment from an emancipation perspective. The study uses quasi-experimental approach to compare women's empowerment between microcredit borrowers and non-borrowers. Using control-group method (non-borrowers from non-programme villages), this study identifies factors that influence women's empowerment. It also examines the impact on women's empowerment of borrowers having different levels of income. Results show that non-borrowers are equally empowered as microcredit borrowers. It has also been found that age and education levels of women are significant factors in such an empowerment. Journal: Journal of the Asia Pacific Economy Pages: 287-303 Issue: 3 Volume: 14 Year: 2009 X-DOI: 10.1080/13547860902975648 File-URL: http://hdl.handle.net/10.1080/13547860902975648 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:14:y:2009:i:3:p:287-303 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Book Reviews Journal: Pages: 304-307 Issue: 3 Volume: 14 Year: 2009 X-DOI: 10.1080/13547860902975655 File-URL: http://hdl.handle.net/10.1080/13547860902975655 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:14:y:2009:i:3:p:304-307 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Notes on Contributors Journal: Pages: 308-310 Issue: 3 Volume: 14 Year: 2009 X-DOI: 10.1080/13547860902975663 File-URL: http://hdl.handle.net/10.1080/13547860902975663 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:14:y:2009:i:3:p:308-310 Template-Type: ReDIF-Article 1.0 Author-Name: Wee Chian Koh Author-X-Name-First: Wee Chian Author-X-Name-Last: Koh Title: The effects of macroeconomic shocks on the Brunei economy: a sign restriction approach Abstract: This paper examines the impact of oil price, foreign monetary policy, and domestic government spending shocks on the Brunei economy from 2003Q1 to 2014Q3 based on a structural vector autoregression model with shocks identified using the sign restriction methodology. The results show that an unanticipated oil price decline has a negative effect on government expenditure, and consequently non-oil GDP. Foreign monetary policy shocks also affect the economy through their impact on the interest rate, prices, and the real exchange rate. The procyclical fiscal stance, which exacerbates the business cycle, is an important source of macroeconomic fluctuations. Government expenditure smoothing should be accorded high importance in the conduct of fiscal policy. This could be achieved by using oil reserve funds to finance budget deficits to delink government spending from volatile oil revenue. Journal: Journal of the Asia Pacific Economy Pages: 414-428 Issue: 3 Volume: 22 Year: 2017 Month: 7 X-DOI: 10.1080/13547860.2016.1261497 File-URL: http://hdl.handle.net/10.1080/13547860.2016.1261497 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:22:y:2017:i:3:p:414-428 Template-Type: ReDIF-Article 1.0 Author-Name: Kean Fan Lim Author-X-Name-First: Kean Fan Author-X-Name-Last: Lim Author-Name: Niv Horesh Author-X-Name-First: Niv Author-X-Name-Last: Horesh Title: The Chongqing vs. Guangdong developmental ‘models’ in post-Mao China: regional and historical perspectives on the dynamics of socioeconomic change Abstract: The Chinese political economy is a dynamic entity constituted by multiple developmental trajectories. Recent debates on two seemingly divergent ‘models’ in the subnational regions of Chongqing and Guangdong have foregrounded the potential contradictions of this dynamism. While existing research has attempted to evaluate these trajectories as outcomes of elite politics or ideological incommensurability, an overlooked but no less important aspect is the connections between these trajectories, Mao-era regulatory policies and the post-1978 system of reciprocal accountability. Synthesizing empirical materials from policy documents, academic commentaries, statistical data and interviews with planners from China, this paper provides a critical evaluation of these connections. Journal: Journal of the Asia Pacific Economy Pages: 372-395 Issue: 3 Volume: 22 Year: 2017 Month: 7 X-DOI: 10.1080/13547860.2016.1263044 File-URL: http://hdl.handle.net/10.1080/13547860.2016.1263044 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:22:y:2017:i:3:p:372-395 Template-Type: ReDIF-Article 1.0 Author-Name: Koji Kubo Author-X-Name-First: Koji Author-X-Name-Last: Kubo Title: Evolving informal remittance methods among Myanmar migrant workers in Thailand Abstract: In the Thailand–Myanmar remittance corridor, while the bulk of Myanmar migrant workers rely on informal money transfer operators, the informal operators themselves utilise a bank branch network to deliver funds to families of the migrant workers. Paradoxically, the expanding bank branch network has fostered informal money transfers. Against this backdrop, we examine determinants in migrant workers’ choice of informal operators based on a questionnaire survey of Myanmar migrant workers in Thailand. The empirical results indicate that migrant workers who sent remittances to town were, while having alternative choices of remittance operators, more likely to choose the informal operators that utilised bank branches for delivery of funds to recipients. It implies that expanding the branch network of Myanmar banks is conducive to competition among informal money transfer operators. Journal: Journal of the Asia Pacific Economy Pages: 396-413 Issue: 3 Volume: 22 Year: 2017 Month: 7 X-DOI: 10.1080/13547860.2016.1268397 File-URL: http://hdl.handle.net/10.1080/13547860.2016.1268397 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:22:y:2017:i:3:p:396-413 Template-Type: ReDIF-Article 1.0 Author-Name: Duy Hung Bui Author-X-Name-First: Duy Hung Author-X-Name-Last: Bui Author-Name: Anthony J Makin Author-X-Name-First: Anthony J Author-X-Name-Last: Makin Author-Name: Shyama Ratnasiri Author-X-Name-First: Shyama Author-X-Name-Last: Ratnasiri Title: Is Vietnam's exchange rate overvalued? Abstract: This paper focuses on Vietnam's exchange rate whose official rate has been pegged by the State Bank against the US dollar since 1989 despite wider market liberalisation over this time. Whether Vietnam's official exchange rate is appropriately valued has important implications for the economy's international competitiveness, trade balance and gross domestic product (GDP). The main aim of the paper is to assess whether the official exchange rate has been valued appropriately with reference to macroeconomic fundamentals, as proposed by the purchasing power parity and the behavioural equilibrium exchange rate approaches to evaluating equilibrium exchange rates. Our main empirical finding based on co-integration analysis using quarterly data from 1995 to 2014 is that according to both these approaches the Vietnamese Dong was significantly overvalued for extended times, most notably due to Vietnam's relatively high inflation rate. Journal: Journal of the Asia Pacific Economy Pages: 357-371 Issue: 3 Volume: 22 Year: 2017 Month: 7 X-DOI: 10.1080/13547860.2016.1270041 File-URL: http://hdl.handle.net/10.1080/13547860.2016.1270041 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:22:y:2017:i:3:p:357-371 Template-Type: ReDIF-Article 1.0 Author-Name: Jesus Felipe Author-X-Name-First: Jesus Author-X-Name-Last: Felipe Author-Name: Utsav Kumar Author-X-Name-First: Utsav Author-X-Name-Last: Kumar Author-Name: Reynold Galope Author-X-Name-First: Reynold Author-X-Name-Last: Galope Title: Middle-income transitions: trap or myth? Abstract: The newly coined term ‘middle-income trap’ has been widely used in recent years by policymakers to refer to those middle-income economies that seem to be stuck in the middle-income range of the income distribution. This has been done despite that there is no accepted definition of the term in the literature. In this paper, we study historical transitions across income groups to see whether there is any evidence that supports the claim that some middle-income economies do not advance. Overall, the data refute this proposition and, as a consequence, we reject the existence of a middle-income trap as a generalized phenomenon. Instead, we argue that what distinguishes economies in their transition from middle to high income is the speed of these transitions, fast versus slow, a standard growth question. We find that, historically, those economies that graduated from lower-middle income ($2000 in 1990 purchasing power parity [PPP] $) to upper-middle income ($7250 in 1990 PPP $) did it in about 55 years. Likewise, we find that, historically, it took 15 years for an economy to graduate from upper-middle income to high income (above $11,750 in 1990 PPP $). Our analysis implies that, as of 2013, there were 10 (out of 39) lower-middle-income economies and 4 (out of 15) upper-middle-income economies that were experiencing ‘slow transitions’ (i.e., above 55 and 15 years, respectively). The historical evidence presented in this paper indicates that economies move up across income groups. The analysis of a large sample of economies over many decades also indicates that many economies that today are high income spent many decades traversing the middle-income segment. Journal: Journal of the Asia Pacific Economy Pages: 429-453 Issue: 3 Volume: 22 Year: 2017 Month: 7 X-DOI: 10.1080/13547860.2016.1270253 File-URL: http://hdl.handle.net/10.1080/13547860.2016.1270253 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:22:y:2017:i:3:p:429-453 Template-Type: ReDIF-Article 1.0 Author-Name: Fiona Sussan Author-X-Name-First: Fiona Author-X-Name-Last: Sussan Author-Name: Ki-Chan Kim Author-X-Name-First: Ki-Chan Author-X-Name-Last: Kim Author-Name: Ravi R. Chinta Author-X-Name-First: Ravi R. Author-X-Name-Last: Chinta Author-Name: John Laurence Enriquez Author-X-Name-First: John Laurence Author-X-Name-Last: Enriquez Title: Trade-off between creativity and productivity in technology-based SMEs performance: policy implications in South Korea Abstract: The digital revolution has impacted the study of innovation in organizations in such a way that research on organizational ambidexterity needs a more phenomenon-driven approach. In light of this identified need, this article examines the performance of small- and medium-sized enterprises (SMEs) in South Korea based on their balance in exploration and exploitation activities. A 2 (explorative: hi, low) × 2 (exploitative: hi, low) conceptual framework is introduced to depict four types of combined ambidexterity in firms and hypothesize that short- and long-term performances vary among these types of firms. Data from more than 2800 hi-tech manufacturing SMEs in South Korea were collected to empirically test the conceptual framework. The results confirmed the hypothesized difference in performance. Firms indeed vary in degrees of explorative and exploitative innovation and thus have positive but imbalanced impact on their performance. Firms that are high (low) in both explorative and exploitative innovation perform best (worst) in longer-term growth. Firms that tilt toward exploitative innovation perform best in short-term profit. The article concludes with important managerial and policy implications. Journal: Journal of the Asia Pacific Economy Pages: 510-524 Issue: 3 Volume: 22 Year: 2017 Month: 7 X-DOI: 10.1080/13547860.2016.1278326 File-URL: http://hdl.handle.net/10.1080/13547860.2016.1278326 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:22:y:2017:i:3:p:510-524 Template-Type: ReDIF-Article 1.0 Author-Name: Shi-Young Lee Author-X-Name-First: Shi-Young Author-X-Name-Last: Lee Author-Name: Hyejoon Im Author-X-Name-First: Hyejoon Author-X-Name-Last: Im Author-Name: Eun Jung Lim Author-X-Name-First: Eun Jung Author-X-Name-Last: Lim Title: Has the Chile–Korea FTA served as a bridgehead FTA? Abstract: This study demonstrates that the Chile–Korea FTA in 2004 serves as a bridgehead FTA for the accessibility of Korean goods in the Latin American market. A bridgehead FTA can be defined as an FTA with one particular partner country serving as a base to increase exports to its neighboring countries. This effect is more pronounced as Chile and LAFTA countries are more integrated. Our result suggests that a trade policy such as FTA can serve to complement business strategy of firms. Journal: Journal of the Asia Pacific Economy Pages: 477-485 Issue: 3 Volume: 22 Year: 2017 Month: 7 X-DOI: 10.1080/13547860.2017.1283891 File-URL: http://hdl.handle.net/10.1080/13547860.2017.1283891 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:22:y:2017:i:3:p:477-485 Template-Type: ReDIF-Article 1.0 Author-Name: Grace Kite Author-X-Name-First: Grace Author-X-Name-Last: Kite Author-Name: Matthew McCartney Author-X-Name-First: Matthew Author-X-Name-Last: McCartney Title: Pro-business and pro-market reforms in Pakistan: economic growth and stagnation 1950–51 to 2011–12 Abstract: This paper uses a new method to analyse the causes of growth and stagnation in Pakistan between 1950–51 and 2011–12. It provides support for the argument that pro-business reforms have been an important driver of Pakistan's economic growth. This result holds across two episodes of growth and one episode of stagnation. These findings lead to a clear policy implication: if Pakistan is to return to fast growth, policy needs to move away from pro-market reforms, learn these lessons of history, and promote the profitability of business to incentivise private investment and so boost economic growth. Journal: Journal of the Asia Pacific Economy Pages: 454-476 Issue: 3 Volume: 22 Year: 2017 Month: 7 X-DOI: 10.1080/13547860.2017.1287827 File-URL: http://hdl.handle.net/10.1080/13547860.2017.1287827 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:22:y:2017:i:3:p:454-476 Template-Type: ReDIF-Article 1.0 Author-Name: Björn Gustafsson Author-X-Name-First: Björn Author-X-Name-Last: Gustafsson Author-Name: Xiuna Yang Author-X-Name-First: Xiuna Author-X-Name-Last: Yang Title: Earnings among nine ethnic minorities and the Han majority in China's cities Abstract: This paper asks if economic growth and steps towards a market economy have affected earnings gaps between the Han and nine large urban ethnic minorities: Zhuang, Hui, Manchurian, Tujia, Uighur, Miao, Tibetan, Mongol and Korean. It also asks how earnings premiums and earnings penalties have changed for the nine ethnic minorities. For the analysis we use a subsample of the 2005 China's Inter-Census Survey. We find examples of three different changes over time in earnings premiums and earnings penalties: One ethnic minority for whom the development has been more favourable than for the Han majority; a second category in which development has been similar; and a third category for which development has been unfavourable. We conclude from the analysis that it can be misleading to infer the experience of one ethnic minority from that of another. Journal: Journal of the Asia Pacific Economy Pages: 525-546 Issue: 3 Volume: 22 Year: 2017 Month: 7 X-DOI: 10.1080/13547860.2017.1330438 File-URL: http://hdl.handle.net/10.1080/13547860.2017.1330438 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:22:y:2017:i:3:p:525-546 Template-Type: ReDIF-Article 1.0 Author-Name: Md. Bakhtiar Uddin Author-X-Name-First: Md. Bakhtiar Author-X-Name-Last: Uddin Author-Name: Syed Mansoob Murshed Author-X-Name-First: Syed Mansoob Author-X-Name-Last: Murshed Title: International transfers and Dutch Disease: evidence from South Asian countries Abstract: We investigate the Dutch Disease impact of migrant's remittances and foreign aid using a yearly panel data of eight South Asian countries for the period of 1975–2013. An increase in per capita remittances erodes international competitiveness by appreciating the real effective exchange rate, also leading to a fall in traded to non-traded goods production ratio in the economy; hardly any statistically significant impact of foreign aid on these variables is detected. These point to premature deindustrialization consequences of large remittance inflows that could slow down structural transformation towards manufacturing. Although remittances and foreign aid may have a significant impact on poverty alleviation in this region, policy planners should pay attention to more effective utilization of remittances and foreign aid. Journal: Journal of the Asia Pacific Economy Pages: 486-509 Issue: 3 Volume: 22 Year: 2017 Month: 7 X-DOI: 10.1080/13547860.2017.1330442 File-URL: http://hdl.handle.net/10.1080/13547860.2017.1330442 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:22:y:2017:i:3:p:486-509 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Editorial board Journal: Pages: ebi-ebi Issue: 1 Volume: 1 Year: 1996 X-DOI: 10.1080/13547869608724571 File-URL: http://hdl.handle.net/10.1080/13547869608724571 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:1:y:1996:i:1:p:ebi-ebi Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Editorial Journal: Pages: 5-5 Issue: 1 Volume: 1 Year: 1996 X-DOI: 10.1080/13547869608724572 File-URL: http://hdl.handle.net/10.1080/13547869608724572 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:1:y:1996:i:1:p:5-5 Template-Type: ReDIF-Article 1.0 Author-Name: C. H. Kwan Author-X-Name-First: C. H. Author-X-Name-Last: Kwan Title: A Yen bloc in Asia: An integrative approach Abstract: This paper studies the possibility of forming a yen bloc in Asia from four complementary approaches — (1) internationalization of the yen, (2) optimal peg for the Asian countries, (3) optimum currency areas, and (4) tripolar monetary system — which offer, respectively, Japanese, Asian, regional and global perspectives of the issue. The focus is on the implications of the formation of a yen bloc for macroeconomic stability in participating countries (including Japan itself) and the global economy. The Asian NIEs, which compete with Japan in international markets, are better candidates than the ASEAN countries and China to join a yen bloc. Journal: Journal of the Asia Pacific Economy Pages: 1-21 Issue: 1 Volume: 1 Year: 1996 X-DOI: 10.1080/13547869608724573 File-URL: http://hdl.handle.net/10.1080/13547869608724573 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:1:y:1996:i:1:p:1-21 Template-Type: ReDIF-Article 1.0 Author-Name: Richard Lipsey Author-X-Name-First: Richard Author-X-Name-Last: Lipsey Title: NAFTA and other regional FTAs: Threat or promise Abstract: Regional trade liberalizing agreements are placed within the context of multilateral trade liberalization. While the EU is a trading block, neither NAFTA nor the proposed Western Hemisphere Free Trade Area (WHFTA) is such a block because they establish neither a common external trade policy nor a bureaucracy to administer it. The self‐interest of the non‐US member countries should prevent NAFTA/WHFTA from evolving into such a block. Thus the outward‐looking effects of a NAFTA should dominate the inward‐looking effects, making NAFTA, rather than the EU, a model for trade liberalizing agreements in the Asia Pacific area. Journal: Journal of the Asia Pacific Economy Pages: 23-38 Issue: 1 Volume: 1 Year: 1996 X-DOI: 10.1080/13547869608724574 File-URL: http://hdl.handle.net/10.1080/13547869608724574 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:1:y:1996:i:1:p:23-38 Template-Type: ReDIF-Article 1.0 Author-Name: Noriatsu Matsui Author-X-Name-First: Noriatsu Author-X-Name-Last: Matsui Title: New economic patterns in East Asia: Direct investments and competition between the US and Japan Abstract: This paper examines newly emerging economic patterns in East Asia. Trade, investment and regional co‐operation all encouraged the rapid growth of the region. The role of US‐Japan economic relations and their interdependence are discussed. An upsurge of direct investment has changed the nature of international relations, particularly the interaction among people through corporate activities over and beyond national borders. The US‐Japan competition in Asia is considered not as rivalry but as a contributing factor to the economic growth of East Asia. The waves of growth are dynamically shifting its centre from Asian NIEs to ASEAN, from ASEAN to China and Vietnam, and to the rest of the region. Transfer of managerial resources is discussed. Some sub‐regional economic co‐operation and localized economic zones are presented in the context of this dynamic shift of growth centres. Journal: Journal of the Asia Pacific Economy Pages: 39-58 Issue: 1 Volume: 1 Year: 1996 X-DOI: 10.1080/13547869608724575 File-URL: http://hdl.handle.net/10.1080/13547869608724575 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:1:y:1996:i:1:p:39-58 Template-Type: ReDIF-Article 1.0 Author-Name: Chia Yue Author-X-Name-First: Chia Author-X-Name-Last: Yue Title: The deepening and widening of ASEAN Abstract: ASEAN's formation in 1967 was motivated by political and strategic considerations and the economic co‐operation schemes in the first quarter century produced little impact. Since then there have been efforts to deepen economic integration and widen membership in response to global and regional geopolitical and economic changes. The ASEAN Free Trade Area and Growth Triangles are aimed at improving the region's competitiveness as a production base and investment location. Membership has extended to include Vietnam, and eventually the rest of Southeast Asia. None the less, ASEAN remains small in economic size relative to EU and NAFTA, and this has pushed it to pursue open regionalism and external linkages. Journal: Journal of the Asia Pacific Economy Pages: 59-78 Issue: 1 Volume: 1 Year: 1996 X-DOI: 10.1080/13547869608724576 File-URL: http://hdl.handle.net/10.1080/13547869608724576 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:1:y:1996:i:1:p:59-78 Template-Type: ReDIF-Article 1.0 Author-Name: Samuel Morley Author-X-Name-First: Samuel Author-X-Name-Last: Morley Title: Keynes in the countryside: The case for increasing rural public works expenditures in Indonesia Abstract: Indonesia is faced with a severe balance of payments constraint and a large volume of underemployed resources, particularly in rural areas. The balance of payments constraint is what currently prevents policy makers from attempting to attack the underemployment problem by expansionary policy. We argue that spending differentials between rural and urban households, coupled with a high degree of rural non‐farm activity or capacity for activity, give the government a chance to expand its rural expenditure programme (Inpres) in a way that will substantially increase employment and output in both the countryside and the city. The fundamental argument in favour of rural public works is that rural households spend most of their income on goods and services produced in the countryside. Little leaks out into imports. Since balance of payments constraints are the limiting factor on overall output, these spending differentials permit a relatively large expansion in both GNP and rural income per rupiah of rural government spending at a low cost in foreign exchange, roughly one‐half the original injection. The bulk of rural activity is limited by the level of rural demand. Government rural spending sets in motion a virtuous circle of secondary spending which generates a large overall increase in income. Using a simple model of the process, we show that if the government can borrow enough to cover the additional demand for foreign exchange, rural injections increase GNP by 3.3–3.6 rupiahs per rupiah of government spending. If the economy cannot increase imports, taxes must be increased to choke off induced import demand. But even in this least favourable case, GNP rises by Rp 1.2 per rupiah of injection. This makes rural expenditures by the government doubly profitable. Not only do they increase export capacity, health and education, they also permit a multiple expansion of employment and output. Journal: Journal of the Asia Pacific Economy Pages: 79-104 Issue: 1 Volume: 1 Year: 1996 X-DOI: 10.1080/13547869608724577 File-URL: http://hdl.handle.net/10.1080/13547869608724577 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:1:y:1996:i:1:p:79-104 Template-Type: ReDIF-Article 1.0 Author-Name: Keun Lee Author-X-Name-First: Keun Author-X-Name-Last: Lee Title: An assessment of the state sector reform in China: Viability of ‘legal person socialism’ Abstract: The transformation of the old state enterprises into shareholding corporations is now being attempted as one form of corporatization in China. The Chinese authorities intend to encourage public‐oriented legal persons as shareholders for these shareholding corporations. This strategy, which can be termed ‘legal person socialism’, may be successful to the extent that corporatization brings in more funds and autonomy to the enterprises, but eventually more and more individual shareholders will have to be invited. Only currently ‘profitable’ state enterprises will be transformed into shareholding corporations and be able to sell stocks successfully. For loss‐making enterprises, transformation into shareholding corporations is now rarely permitted by the authorities and will not be a solution even if attempted. Thus, it can be said that the idea of legal person socialism is viable only for currently profitable enterprises if the state concentrates its financial and administrative resources on them, and that loss‐making enterprises are likely to be sold to or merged with domestic and foreign private investors. Thus, an emerging picture of the Chinese economy is that of a dual economic structure consisting of a majority of privately owned and a minority of state owned or controlled enterprises. Journal: Journal of the Asia Pacific Economy Pages: 105-121 Issue: 1 Volume: 1 Year: 1996 X-DOI: 10.1080/13547869608724578 File-URL: http://hdl.handle.net/10.1080/13547869608724578 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:1:y:1996:i:1:p:105-121 Template-Type: ReDIF-Article 1.0 Author-Name: Seiji Naya Author-X-Name-First: Seiji Author-X-Name-Last: Naya Author-Name: Karen Lee Author-X-Name-First: Karen Author-X-Name-Last: Lee Title: The characteristics of Asia‐Pacific growth triangles Abstract: A new form of economic cooperation has emerged in the Asia‐Pacific in the form of ‘growth triangles’ or GTs. GTs have as their basic aim the co‐operative economic development of bordering regions of three sovereign entities. Building on market forces to concentrate infrastructure and industrial development in one transnational triangle of growth, GTs draw upon worldwide trends of decentralization and globalization of production. Despite their common goal, GTs in the Asia‐Pacific region differ significantly in terms of the extent of utilization of market forces versus institutionalization, degree of openness of markets, and geographical and demographic spread. This article examines the various GTs in the Asia‐Pacific region for a new and promising style of economic cooperation. Journal: Journal of the Asia Pacific Economy Pages: 123-129 Issue: 1 Volume: 1 Year: 1996 X-DOI: 10.1080/13547869608724579 File-URL: http://hdl.handle.net/10.1080/13547869608724579 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:1:y:1996:i:1:p:123-129 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Notes on contributors Journal: Pages: 131-132 Issue: 1 Volume: 1 Year: 1996 X-DOI: 10.1080/13547869608724580 File-URL: http://hdl.handle.net/10.1080/13547869608724580 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:1:y:1996:i:1:p:131-132 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Editorial board Journal: Pages: ebi-ebi Issue: 2 Volume: 4 Year: 1999 X-DOI: 10.1080/13547869908724678 File-URL: http://hdl.handle.net/10.1080/13547869908724678 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:4:y:1999:i:2:p:ebi-ebi Template-Type: ReDIF-Article 1.0 Author-Name: Mark McGillivray Author-X-Name-First: Mark Author-X-Name-Last: McGillivray Title: Economic and financial liberalization in pacific Asia: Introduction Journal: Pages: 211-213 Issue: 2 Volume: 4 Year: 1999 X-DOI: 10.1080/13547869908724679 File-URL: http://hdl.handle.net/10.1080/13547869908724679 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:4:y:1999:i:2:p:211-213 Template-Type: ReDIF-Article 1.0 Author-Name: Oliver Morrissey Author-X-Name-First: Oliver Author-X-Name-Last: Morrissey Title: The emperor is fully clothed, if a little ragged: East Asian miracles and crises Abstract: This essay explores evidence from the experience of East Asian economies when they were successful, and lessons from the roots of the current crisis, to attempt to identify ‘good’ economic policies. The essay argues that one of the most important initial conditions in the successful East Asian economies was a predisposition towards a relatively equitable distribution of the gains from growth. Governments in those countries perceived a tradeoff between extracting rents and achieving growth, but most had the administrative and institutional capacity not to subjugate the interests of rent‐seekers to those of pro‐growth policies. In terms of economic policy, macro‐economic management, promotion of a dynamic agricultural sector, government intervention by regulation rather than tax distortions, and relatively export‐oriented trade policies, all appear to be conducive to growth. The current crisis identifies a number of caveats: the dangers of trying to maintain a relatively fixed exchange rate and the costs of not having safeguard regulations in financial markets. Avoiding these mistakes offers a lesson for all. Journal: Journal of the Asia Pacific Economy Pages: 214-232 Issue: 2 Volume: 4 Year: 1999 X-DOI: 10.1080/13547869908724680 File-URL: http://hdl.handle.net/10.1080/13547869908724680 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:4:y:1999:i:2:p:214-232 Template-Type: ReDIF-Article 1.0 Author-Name: Binh Tran‐Nam Author-X-Name-First: Binh Author-X-Name-Last: Tran‐Nam Title: Economic liberalization and Vietnam's long‐term growth prospects Abstract: As a result of decades of war and international isolation, Vietnam stands among the poorest nations on earth in terms of standard of living. Ten years of economic liberalization, a policy officially endorsed at Vietnam's Sixth Party Congress in 1986, have brought considerable benefits to the country and its population. There is now clear evidence that Vietnam's economic growth will slow down, not only due its own domestic problems, but also as a result of the current regional crisis affecting many of its top foreign investor nations. The principal aim of this paper is to review the last ten years of Vietnam's economic progress, and discuss potential overall policies and practical measures which Vietnam may consider adopting in order to sustain reasonable economic growth in the long run. The paper advocates a slower growth and faster human development approach based on a greater emphasis on human capital accumulation and a competent and relatively honest administration. Journal: Journal of the Asia Pacific Economy Pages: 233-257 Issue: 2 Volume: 4 Year: 1999 X-DOI: 10.1080/13547869908724681 File-URL: http://hdl.handle.net/10.1080/13547869908724681 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:4:y:1999:i:2:p:233-257 Template-Type: ReDIF-Article 1.0 Author-Name: Ross McLeod Author-X-Name-First: Ross Author-X-Name-Last: McLeod Title: Control and competition: Banking deregulation and re‐regulation in Indonesia Abstract: Policy changes in Indonesian banking from 1983 to 1992 saw the removal of controls on interest rates, lending and expansion of branch networks, and of barriers to entry. The dismantling of loan subsidy programmes financed by the central bank ran in parallel with these changes. Private banks were enabled to erode rapidly the market share of the previously dominant, but less efficient and less customer‐oriented, state banks. Opponents of deregulation tend to blame it for Indonesia's persistent inflation in the early 1990s and for contributing to the currency crisis in 1997–98, but their arguments are found wanting. Nevertheless, despite the impressive progress resulting from reform, interventionist policy had been making a comeback prior to the crisis, and the central bank still maintained its role as a significant supplier of subsidized loans. Journal: Journal of the Asia Pacific Economy Pages: 258-297 Issue: 2 Volume: 4 Year: 1999 X-DOI: 10.1080/13547869908724682 File-URL: http://hdl.handle.net/10.1080/13547869908724682 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:4:y:1999:i:2:p:258-297 Template-Type: ReDIF-Article 1.0 Author-Name: Byung Min Author-X-Name-First: Byung Author-X-Name-Last: Min Title: Competition effects of import discipline in Korea Abstract: Whether an increase in foreign competition, in an imperfectly competitive market structure, really provides an additional avenue of enforcement of more competitive market behaviour and increases the efficiency of resource allocation provides an important policy implication for competition policy. Journal: Journal of the Asia Pacific Economy Pages: 298-316 Issue: 2 Volume: 4 Year: 1999 X-DOI: 10.1080/13547869908724683 File-URL: http://hdl.handle.net/10.1080/13547869908724683 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:4:y:1999:i:2:p:298-316 Template-Type: ReDIF-Article 1.0 Author-Name: Haishun Sun Author-X-Name-First: Haishun Author-X-Name-Last: Sun Title: Impact of FDI on the foreign trade of China Abstract: This paper investigates the impact of foreign direct investment (FDI) on the foreign trade of China. It firstly presents a theoretical discussion of the impact of FDI on foreign trade from both macro‐ and microeconomic views, and then provides an empirical study of the role of foreign‐invested enterprises in the foreign trade of China. In particular, this paper explores transfer pricing by multinational corporations (MNCs), probing their motivations and latitude to practice transfer pricing in the Chinese particular circumstances and examining empirical evidence. Journal: Journal of the Asia Pacific Economy Pages: 317-339 Issue: 2 Volume: 4 Year: 1999 X-DOI: 10.1080/13547869908724684 File-URL: http://hdl.handle.net/10.1080/13547869908724684 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:4:y:1999:i:2:p:317-339 Template-Type: ReDIF-Article 1.0 Author-Name: Jayant Menon Author-X-Name-First: Jayant Author-X-Name-Last: Menon Title: Transitional economies in free trade areas: Lao PDR in the ASEAN free trade area Abstract: Lao People's Democratic Republic (PDR) is a transitional economy, and one of the few least developed economies in the Southeast Asian region. Lao became a member of ASEAN in July 1997, and will participate in the ASEAN Free Trade Area (AFTA) from 1 January 1998. In this paper, we examine the impact that membership of AFTA is likely to have on Lao's trade, government revenue and foreign investment flows. We find that: (i) trade diversion is likely to be low, and that AFTA will provide the vehicle to negotiate market access issues with Thailand; (ii) the reduction in government revenue from trade taxes is likely to be low, particularly in light of the high share of informal trade and only low levels of trade diversion; and (iii) foreign direct investment (FDI) flows are likely to grow sharply in the future, as the legal, administrative and institutional framework in Lao develops to meet the ASEAN standard. Journal: Journal of the Asia Pacific Economy Pages: 340-364 Issue: 2 Volume: 4 Year: 1999 X-DOI: 10.1080/13547869908724685 File-URL: http://hdl.handle.net/10.1080/13547869908724685 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:4:y:1999:i:2:p:340-364 Template-Type: ReDIF-Article 1.0 Author-Name: Ross Guest Author-X-Name-First: Ross Author-X-Name-Last: Guest Title: Has Thailand's current account balance been optimal?: Insights from pre‐ and post‐liberalization periods Abstract: In this paper a representative agent model of the optimal level of saving and the current account balance for a small open economy is applied to Thailand. The optimal values of these variables are compared with the actual values for the period 1976 to 1995. This comparison enables an evaluation of the level of saving and overseas borrowing by Thailand over the period. The results for most scenarios suggest that Thailand under‐saved and over‐incurred foreign liabilities in the 1980s but that the reverse occurred during 1990–95. There is also evidence that since economic liberalization Thailand has been able to use the world capital market to achieve saving and current account outcomes which are more closely correlated with their optimal levels. This suggests an improvement in economic welfare associated with the period of liberalization. Finally, simulations show that annual increases in optimal national saving need only be very small in order to ensure relatively low steady‐state levels of optimal foreign liabilities. Journal: Journal of the Asia Pacific Economy Pages: 365-380 Issue: 2 Volume: 4 Year: 1999 X-DOI: 10.1080/13547869908724686 File-URL: http://hdl.handle.net/10.1080/13547869908724686 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:4:y:1999:i:2:p:365-380 Template-Type: ReDIF-Article 1.0 Author-Name: Mark McGillivray Author-X-Name-First: Mark Author-X-Name-Last: McGillivray Author-Name: Akhter Ahmed Author-X-Name-First: Akhter Author-X-Name-Last: Ahmed Title: Aid, adjustment and public sector fiscal behaviour in the Philippines Abstract: A common aim of structural adjustment programmes is to expand the tax base of countries undergoing such reforms. Moreover, it is often the case that adjustment programmes are introduced soon after or in conjunction with attempts to stabilize the economies of these countries, which includes attempts to reduce public sector fiscal deficits. It is also the case, of course, that most programmes have been introduced under World Bank and IMF policy‐based lending regimes. While aid is obviously tied to domestic policy reforms, comparatively few constraints are imposed on how this money is spent. Bearing this in mind, the paper attempts to answer the following question: does the aid to which structural reforms are tied promote public sector fiscal behaviour which is inconsistent with the aims of these reforms? Does it, for example, reduce taxation effort or lead to larger fiscal deficits than would otherwise be the case? The paper looks specifically at the experience of the Philippines and builds on recent advances in econometric modelling of public sector fiscal behaviour in the presence of foreign aid inflows. It looks at the relationships between aid (both bilateral and multilateral), government expenditure, taxation revenue and domestic borrowing using 1960–92 time‐series data. Journal: Journal of the Asia Pacific Economy Pages: 381-391 Issue: 2 Volume: 4 Year: 1999 X-DOI: 10.1080/13547869908724687 File-URL: http://hdl.handle.net/10.1080/13547869908724687 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:4:y:1999:i:2:p:381-391 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Notes on contributors Journal: Pages: 392-392 Issue: 2 Volume: 4 Year: 1999 X-DOI: 10.1080/13547869908724688 File-URL: http://hdl.handle.net/10.1080/13547869908724688 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:4:y:1999:i:2:p:392-392 Template-Type: ReDIF-Article 1.0 Author-Name: V. V. Bhanoji Rao Author-X-Name-First: V. V. Bhanoji Author-X-Name-Last: Rao Author-Name: D. S. Banerjee Author-X-Name-First: D. S. Author-X-Name-Last: Banerjee Author-Name: Pundarik Mukhopadhaya Author-X-Name-First: Pundarik Author-X-Name-Last: Mukhopadhaya Title: EARNINGS INEQUALITY IN SINGAPORE Abstract: Based on the data on earnings distributions from the national labour force surveys of 1974-98, trends in income inequality are studied. Of particular note are the findings from the Paglin Gini and Theil decompositions. The former show that behind an invariant overall Gini ratio lies a declining inter-age disparity and growing P-Gini. From the latter, it is found that inter-age and inter-educational disparities have respectively contributed some 12 per cent and 34 per cent to overall inequality. It is found that inter-occupational inequality, as measured by the Theil index, almost doubled in the period. This is in sharp contrast to trends in inter-educational activity, thus illustrating that the education-occupation linkage is not clear-cut. Journal: Journal of the Asia Pacific Economy Pages: 210-228 Issue: 2 Volume: 8 Year: 2003 X-DOI: 10.1080/1354786032000074749a File-URL: http://hdl.handle.net/10.1080/1354786032000074749a File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:8:y:2003:i:2:p:210-228 Template-Type: ReDIF-Article 1.0 Author-Name: Jan Voon Author-X-Name-First: Jan Author-X-Name-Last: Voon Author-Name: Ren Yue Author-X-Name-First: Ren Author-X-Name-Last: Yue Title: CHINA-ASEAN EXPORT RIVALRY IN THE US MARKET Abstract: In this paper, the degree of export rivalry or competition among China and ASEAN-4 (Malaysia, Singapore, Thailand and Indonesia) is examined using the shift-share methodology. Our results show that overall China was more competitive than ASEAN-4 in its exports to the US. China was more competitive in manufacturing exports whereas ASEAN-4 fared better in agricultural or primary exports. China's advantages in export growth and industry structure vis-à-vis ASEAN-4 were less pronounced before, than after, the onset of the Asian financial crisis, implying that the crisis has indeed affected ASEAN-4 more than China. It has been contended that China's advantage in manufacturing exports could have been accentuated by Hong Kong' production in South China, which has been counted in US trade statistics as China's exports to the US. After disentangling Hong Kong's production in China, the degree of rivalry between China and ASEAN-4 is significantly reduced. Our analysis points to the role of sub-regional production synergy in boosting a country''s export competitiveness. Journal: Journal of the Asia Pacific Economy Pages: 157-179 Issue: 2 Volume: 8 Year: 2003 X-DOI: 10.1080/1354786032000074721 File-URL: http://hdl.handle.net/10.1080/1354786032000074721 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:8:y:2003:i:2:p:157-179 Template-Type: ReDIF-Article 1.0 Author-Name: Editors Title: NOTES ON CONTRIBUTORS Abstract: Journal: Pages: 280-282 Issue: 2 Volume: 8 Year: 2003 X-DOI: 10.1080/1354786032000074767 File-URL: http://hdl.handle.net/10.1080/1354786032000074767 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:8:y:2003:i:2:p:280-282 Template-Type: ReDIF-Article 1.0 Author-Name: Ozay Mehmet Author-X-Name-First: Ozay Author-X-Name-Last: Mehmet Author-Name: Akbar Tavakoli Author-X-Name-First: Akbar Author-X-Name-Last: Tavakoli Title: DOES FOREIGN DIRECT INVESTMENT CAUSE A RACE TO THE BOTTOM? Abstract: In the current debate on globalization, a central concern is that foreign direct investment (FDI) may relocate jobs from high-income countries to labor-abundant economies forcing a competitive downward decline in real wages all around, known as 'race to the bottom' (RTB). The core of the RTB hypothesis is that FDI inflows increase the elasticity of demand for labor. This is a necessary condition for pushing wages downward toward minimum or subsistence levels in the global labor market. This paper provides empirical evidence from four Asian economies (China, the Philippines, Singapore, and Thailand) that support the RTB argument. Journal: Journal of the Asia Pacific Economy Pages: 133-156 Issue: 2 Volume: 8 Year: 2003 X-DOI: 10.1080/1354786032000074712 File-URL: http://hdl.handle.net/10.1080/1354786032000074712 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:8:y:2003:i:2:p:133-156 Template-Type: ReDIF-Article 1.0 Author-Name: Byung Min Author-X-Name-First: Byung Author-X-Name-Last: Min Title: FDI AND TRADE Abstract: The analysis found that FDI has facilitated the shift in the pattern of production and exports from the primary to the exportable manufacturing sectors, with biases towards major FDI investing countries and major FDI receiving industries in Malaysia since the late 1980s when inward FDI began to surge. Electricals and electronics that took the lion's share for the FDI inflows have emerged as the major export sector over the analysis period of time (1988-95). The country's bilateral trade (exports) with Japan, which was the most important FDI source country over the period, seemed to have experienced a significant change. These are consistent with FDI's positive effects on export promotion in the host country. However, the impacts of the Asian crisis on FDI flows and subsequently on the development of the trade pattern in the host country have yet to be analysed. Journal: Journal of the Asia Pacific Economy Pages: 229-250 Issue: 2 Volume: 8 Year: 2003 X-DOI: 10.1080/1354786032000074749 File-URL: http://hdl.handle.net/10.1080/1354786032000074749 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:8:y:2003:i:2:p:229-250 Template-Type: ReDIF-Article 1.0 Author-Name: Donghyun Park Author-X-Name-First: Donghyun Author-X-Name-Last: Park Author-Name: Simon Tan Eng Kui Author-X-Name-First: Simon Tan Eng Author-X-Name-Last: Kui Author-Name: Tan Yee Keong Author-X-Name-First: Tan Yee Author-X-Name-Last: Keong Author-Name: Alexius Wong Chow Khin Author-X-Name-First: Alexius Wong Chow Author-X-Name-Last: Khin Author-Name: Yap Tee Peng Author-X-Name-First: Yap Tee Author-X-Name-Last: Peng Title: DOES FOREIGN DIRECT INVESTMENT CAUSE A RACE TO THE BOTTOM? Abstract: One of the main initiatives for regional economic integration and cooperation in Southeast Asia is the Greater Mekong Sub-Region (GMS), which involves Cambodia, Laos, Myanmar, Thailand, Vietnam and China's Yunnan Province. Our paper provides an overview of major recent developments in the GMS initiative. In particular, we explore the impact of the Asian financial crisis and the economic role of Thailand within the group. Being the largest and most market-oriented economy, Thailand is a natural leader of the GMS. We conclude with a discussion of the GMS initiative's prospects in the aftermath of the Asian crisis. Journal: Journal of the Asia Pacific Economy Pages: 251-279 Issue: 2 Volume: 8 Year: 2003 X-DOI: 10.1080/1354786032000074758 File-URL: http://hdl.handle.net/10.1080/1354786032000074758 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:8:y:2003:i:2:p:251-279 Template-Type: ReDIF-Article 1.0 Author-Name: Ahmad Zubaidi Baharumshah Author-X-Name-First: Ahmad Zubaidi Author-X-Name-Last: Baharumshah Author-Name: Tamat Sarmidi Author-X-Name-First: Tamat Author-X-Name-Last: Sarmidi Author-Name: Hui Boon Tan Author-X-Name-First: Hui Boon Author-X-Name-Last: Tan Title: DYNAMIC LINKAGES OF ASIAN STOCK MARKETS Abstract: This study examines the dynamic interrelationship among the major stock markets and in the four Asian markets (Malaysia, Thailand, Taiwan and South Korea), both in the short run and in the long run. To investigate the impact of financial reforms and the Asian financial crisis on these markets, we split the sample into three sub-periods: pre-liberalization (1988-91), post-liberalization (1992-96) and post-crisis (1997-99) periods. The empirical results suggest that all the Asian markets are closely linked with each other and with the world capital markets, namely those of the US and Japan, over the post-liberalization era. Overall, the evidence shows that the degree of integration between the Asian emerging markets and the US increased following the deregulation period, and that the relationship has intensified since the onset of the Asian crisis. There is no evidence to show that Japan has overtaken the US in dominating the Asian equity markets. In addition, our results show that the interrelationship among the Asian national markets has been affected by the crisis. Specifically, the crisis-affected countries of Malaysia and Thailand are increasingly interrelated with South Korea and Taiwan in the post-crash period. Journal: Journal of the Asia Pacific Economy Pages: 180-209 Issue: 2 Volume: 8 Year: 2003 X-DOI: 10.1080/1354786032000074730 File-URL: http://hdl.handle.net/10.1080/1354786032000074730 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:8:y:2003:i:2:p:180-209 Template-Type: ReDIF-Article 1.0 Author-Name: Sangmook Lee Author-X-Name-First: Sangmook Author-X-Name-Last: Lee Title: The politics of the Asian financial crisis in Malaysia and South Korea Abstract: This article seeks to answer the following research questions: Why did Malaysia and South Korea choose different economic policies to cope with the 1997 financial crisis? What caused or constrained them? Did they choose different policies, and under what contexts? For this, I examine structural determinants that led to the different policy choices including the nature of the economic crisis, regime types and political leadership. Meanwhile, many scholars have been less concerned with political factors in terms of the cause of the Asian financial crisis and its overcoming process. From the findings, this article argues that their different policy choices resulted from the interaction between economic and political factors. In particular, I argue that political leaders' leadership was the most crucial factor in the different policy choices of the two countries. Journal: Journal of the Asia Pacific Economy Pages: 10-31 Issue: 1 Volume: 9 Year: 2004 X-DOI: 10.1080/13547860310001628276 File-URL: http://hdl.handle.net/10.1080/13547860310001628276 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:9:y:2004:i:1:p:10-31 Template-Type: ReDIF-Article 1.0 Author-Name: Peter Gammeltoft Author-X-Name-First: Peter Author-X-Name-Last: Gammeltoft Title: Development of firm-level technological capabilities Abstract: This article reports from a broader study of development of technological capability in the Indonesian electronics industry with particular focus on local companies. The article discusses the concept of 'technological capability'. An operationalization of the concept is proposed and a model of capability development at the firm level devised. An empirical survey of the industry was carried out on these bases. The Indonesian electronics industry is conventionally depicted as being 'dual' but this study establishes that not just two but a larger number of qualitatively different industrial segments should be recognized. Capabilities and the ways capabilities are developed are analysed for companies belonging to these different segments. An important finding is that local companies in several respects come out as more technologically capable than usually assumed. Journal: Journal of the Asia Pacific Economy Pages: 49-69 Issue: 1 Volume: 9 Year: 2004 X-DOI: 10.1080/13547860310001628294 File-URL: http://hdl.handle.net/10.1080/13547860310001628294 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:9:y:2004:i:1:p:49-69 Template-Type: ReDIF-Article 1.0 Author-Name: Jawaid Abdul Ghani Author-X-Name-First: Jawaid Abdul Author-X-Name-Last: Ghani Author-Name: Jamshed Hassan Khan Author-X-Name-First: Jamshed Hassan Author-X-Name-Last: Khan Title: Network relationships and asset specificity in Pakistan's automotive industry Abstract: This study empirically examines linkages between suppliers and assemblers in the car and tractor segments of the Pakistan auto industry. It builds upon the literature on transaction cost theory and lean network systems to develop a framework for understanding the relationship between inter-firm linkages, asset specificity and transaction costs in the presence of uncertainty. Asset specificity was found to be significantly correlated with transaction costs and with inter-firm linkages. Suppliers who have invested in relationship-specific assets (site, equipment and human) tend to have stronger relationships with their main customer, but also incur higher trans­action costs. Results indicate that the auto supplier industry is characterized by low levels of assistance, trust, information sharing, poor performance in terms of inventory levels and other measures of network relationships, and yet by high levels of physical asset specificity. It is suggested that this high level of asset specificity is a result of historically stable growth, which when combined with recent market instability resulted in decreased trust, unused capacity and high transaction costs. The impact seems to have been particularly severe on tractor suppliers. Journal: Journal of the Asia Pacific Economy Pages: 84-100 Issue: 1 Volume: 9 Year: 2004 X-DOI: 10.1080/13547860310001628311 File-URL: http://hdl.handle.net/10.1080/13547860310001628311 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:9:y:2004:i:1:p:84-100 Template-Type: ReDIF-Article 1.0 Author-Name: V. T. Alaganar Author-X-Name-First: V. T. Author-X-Name-Last: Alaganar Author-Name: Ramaprasad Bhar Author-X-Name-First: Ramaprasad Author-X-Name-Last: Bhar Title: Impact of international listing on return distribution Abstract: This study examines the effect of international listing on the conditional return distribution of Australian stocks in the domestic market. We conduct an intervention analysis in an EGARCH framework to measure any shift in the para­meters describing the daily return generating process. All fifteen stocks that were listed on the major US exchanges (NYSE and NASDAQ ) as American Depositary Receipts (ADRs) during the years 1981 to 1996 are analysed. The involvement of two exchanges allows us to study whether the listing exchange itself has an impact on the return distribution. Although we find evidence of statistical shift in the characteristics of the return distribution from individual stocks, there is no systematic market-wide pattern in the impact. From a policy perspective, the results imply (1) the Australian equity market is globally integrated and priced efficiently, and (2) the benefits of dual listing, if any, tend to be firm-specific. Journal: Journal of the Asia Pacific Economy Pages: 101-117 Issue: 1 Volume: 9 Year: 2004 X-DOI: 10.1080/13547860310001628320 File-URL: http://hdl.handle.net/10.1080/13547860310001628320 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:9:y:2004:i:1:p:101-117 Template-Type: ReDIF-Article 1.0 Author-Name: Martin Feinberg Author-X-Name-First: Martin Author-X-Name-Last: Feinberg Author-Name: Damir Tokic Author-X-Name-First: Damir Author-X-Name-Last: Tokic Title: ITC investment, GDP and stock market values in Asia-Pacific NIC and developing countries Abstract: This study provides some evidence against the 'productivity paradox' in Asia-Pacific newly industrialized countries (NIC) and developing countries during the 1992-2001 period. The results show that information and communication technology (ITC) investments positively and significantly affect the GDP and stock market values in each of the analyzed Asia-Pacific NICs and developing countries: Hong Kong, Indonesia, South Korea, Malaysia, Philippines, Singapore, Taiwan and Thailand. ITC-boosted growth increased national productivity, which translated into increased expectations of future profitability at the firm level and positively affected the values of the respective stock markets. Journal: Journal of the Asia Pacific Economy Pages: 70-84 Issue: 1 Volume: 9 Year: 2004 X-DOI: 10.1080/13547860310001628302 File-URL: http://hdl.handle.net/10.1080/13547860310001628302 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:9:y:2004:i:1:p:70-84 Template-Type: ReDIF-Article 1.0 Author-Name: Kui-Wai Li Author-X-Name-First: Kui-Wai Author-X-Name-Last: Li Author-Name: Tung Liu Author-X-Name-First: Tung Author-X-Name-Last: Liu Title: Performance of financial resources in China's provinces Abstract: This paper examines the economic performance of financial resources in China's provinces for the period 1985-98. The empirical results indicate that different financial resources have different impacts on the economic growth. The growth of national bank loans and self-raised funds are important to the growth of provincial output. When a division is made between inner and coastal regions, diversion of financial resources has a significant impact on the economic growth of the coastal provinces, but not on the economic growth of interior provinces. Journal: Journal of the Asia Pacific Economy Pages: 32-48 Issue: 1 Volume: 9 Year: 2004 X-DOI: 10.1080/13547860310001628285 File-URL: http://hdl.handle.net/10.1080/13547860310001628285 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:9:y:2004:i:1:p:32-48 Template-Type: ReDIF-Article 1.0 Author-Name: Yu Hsing Author-X-Name-First: Yu Author-X-Name-Last: Hsing Title: Impacts of flexible exchange rates and government debt on output Abstract: Based on the IS-LM model and applying the GARCH(m, n) process, the author finds that the depreciation of the Thai baht, more government taxes, or higher domestic debt are expected to reduce real GDP and that an increase in government spending, real quantity of money, world output or foreign debt are expected to raise real output. Therefore, the positive benefits of baht depreciation are outweighed by negative impacts. The negative impact of domestic debt suggests that the government should pursue a responsible fiscal policy in the long run. The VAR model is applied to estimate impulse response functions to trace the shocks of these variables on real GDP. Journal: Journal of the Asia Pacific Economy Pages: 1-9 Issue: 1 Volume: 9 Year: 2004 X-DOI: 10.1080/13547860310001628267 File-URL: http://hdl.handle.net/10.1080/13547860310001628267 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:9:y:2004:i:1:p:1-9 Template-Type: ReDIF-Article 1.0 Author-Name: Noel Gaston Author-X-Name-First: Noel Author-X-Name-Last: Gaston Author-Name: Gulasekaran Rajaguru Author-X-Name-First: Gulasekaran Author-X-Name-Last: Rajaguru Title: International migration and the welfare state: Asian perspectives Abstract: Immigration is a controversial topic in Australia and some of its Asian neighbours. Given the potential impact on native welfare, such as effects on relative wages and unemployment, there has been political mobilisation on the immigration question. The presence of a redistributive welfare state in all major immigrant host countries creates yet another margin on which immigration affects native welfare. The focus of the paper is whether a large intake of immigrants leads to a reduction in welfare state effort. It is often argued that steady increases in immigration lead to public pressure for stricter immigration controls or for less generous publicly funded social expenditures. In terms of immigrants with similar employability and claims on the public purse to natives, it is hypothesised that the impact on welfare spending is neutral. These ideas are tested using detailed data for migration to developed countries. Journal: Journal of the Asia Pacific Economy Pages: 271-289 Issue: 2 Volume: 18 Year: 2013 X-DOI: 10.1080/13547860.2013.777534 File-URL: http://hdl.handle.net/10.1080/13547860.2013.777534 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:18:y:2013:i:2:p:271-289 Template-Type: ReDIF-Article 1.0 Author-Name: Norman Gemmell Author-X-Name-First: Norman Author-X-Name-Last: Gemmell Author-Name: Joey Au Author-X-Name-First: Joey Author-X-Name-Last: Au Title: Government size, fiscal policy and the level and growth of output: a review of recent evidence Abstract: Theoretical developments, improved methodologies and more extensive data have helped generate a dramatic increase in the literature testing for the impact of government size and fiscal policy on economic growth in recent years. We review a range of the more recent evidence and examine (1) the consistency or robustness of the results, (2) how these results differ from the earlier literature and (3) their usefulness as a guide to policy reform in practice. We find that the last decade has produced more robust evidence and more plausible orders of magnitude on the impact of fiscal policy on growth. However, the value of this evidence remains limited as a basis for quantifying macro-economic responses to fiscal policy reform in practice. Journal: Journal of the Asia Pacific Economy Pages: 203-229 Issue: 2 Volume: 18 Year: 2013 X-DOI: 10.1080/13547860.2013.777535 File-URL: http://hdl.handle.net/10.1080/13547860.2013.777535 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:18:y:2013:i:2:p:203-229 Template-Type: ReDIF-Article 1.0 Author-Name: Charles Horioka Author-X-Name-First: Charles Author-X-Name-Last: Horioka Title: Recent trends in consumption in Japan and the other G7 countries Abstract: In this paper, we present data on recent trends in private consumption and in possible determinants of private consumption (such as GDP, household incomes, household saving rates, household wealth, and employment conditions) in the group of seven (G7) countries and find that there has been significant variability among the G7 countries not only in their private consumption growth rates but also in the determinants of private consumption growth during the 2002–2007 period. With respect to Japan, we find that private consumption has been relatively stagnant during the 2002–2007 period and that the stagnation of private consumption has been due to the stagnation of household income and of household wealth and the relative stability of the household saving rate. Journal: Journal of the Asia Pacific Economy Pages: 195-202 Issue: 2 Volume: 18 Year: 2013 X-DOI: 10.1080/13547860.2013.777536 File-URL: http://hdl.handle.net/10.1080/13547860.2013.777536 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:18:y:2013:i:2:p:195-202 Template-Type: ReDIF-Article 1.0 Author-Name: Noel Gaston Author-X-Name-First: Noel Author-X-Name-Last: Gaston Title: Guest editor's introduction Journal: Journal of the Asia Pacific Economy Pages: 193-194 Issue: 2 Volume: 18 Year: 2013 X-DOI: 10.1080/13547860.2013.777554 File-URL: http://hdl.handle.net/10.1080/13547860.2013.777554 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:18:y:2013:i:2:p:193-194 Template-Type: ReDIF-Article 1.0 Author-Name: Neil Campbell Author-X-Name-First: Neil Author-X-Name-Last: Campbell Author-Name: Shrabani Saha Author-X-Name-First: Shrabani Author-X-Name-Last: Saha Title: Corruption, democracy and Asia-Pacific countries Abstract: This paper argues that the relationship between democracy and corruption is non-monotonic. When a country shifts from autocratic rule to highly imperfect democracy (an ‘electoral democracy’) it is frequently perceived that the level of corruption increases. Conversely, when the democracy level is already relatively high (approaching ‘mature democracy’) an increase in the level of democracy is typically expected to decrease the level of corruption. To assist with our discussion of these issues, before going on to the empirical part of the paper, we look specifically at the case of South Korea to illustrate how corruption responded to an increasing level of democracy. Using panel data, we find strong empirical support for the non-monotonic relationship. For Asia-Pacific countries, we find that the democracy-corruption relationship becomes negative, at a surprisingly high level of democracy. Moreover we also find that the South Asian region is the most corrupt. Journal: Journal of the Asia Pacific Economy Pages: 290-303 Issue: 2 Volume: 18 Year: 2013 X-DOI: 10.1080/13547860.2013.778156 File-URL: http://hdl.handle.net/10.1080/13547860.2013.778156 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:18:y:2013:i:2:p:290-303 Template-Type: ReDIF-Article 1.0 Author-Name: Rod Falvey Author-X-Name-First: Rod Author-X-Name-Last: Falvey Author-Name: Neil Foster-McGregor Author-X-Name-First: Neil Author-X-Name-Last: Foster-McGregor Author-Name: Ahmed Khalid Author-X-Name-First: Ahmed Author-X-Name-Last: Khalid Title: Trade liberalisation and growth: a threshold exploration Abstract: Openness and trade liberalisation variables are consistently estimated to have significant positive coefficients in panel growth regressions. Many arguments have been advanced as to why and how more open or liberalised economies might grow faster, but the specific channels this process uses have begun to be investigated only recently. We continue these efforts by including a variable identifying the date of trade liberalisation in a system of equations that captures the determinants of growth in per capita income. Four ‘channels’ are considered: capital formation, the share of government, the economy's openness to trade and its price distortions. We include the liberalisation variable in the equation explaining each channel, and allow for thresholds on its coefficient depending on the ‘years since liberalisation’. These estimated coefficients can also differ by region. In this way, we can identify the channels through which trade liberalisation affects growth and uncover the timing of the adjustments involved. Journal: Journal of the Asia Pacific Economy Pages: 230-252 Issue: 2 Volume: 18 Year: 2013 X-DOI: 10.1080/13547860.2013.778157 File-URL: http://hdl.handle.net/10.1080/13547860.2013.778157 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:18:y:2013:i:2:p:230-252 Template-Type: ReDIF-Article 1.0 Author-Name: Pundarik Mukhopadhaya Author-X-Name-First: Pundarik Author-X-Name-Last: Mukhopadhaya Title: Trends in income inequality in China: the effects of various sources of income Abstract: Using data from the China Statistical Yearbook, trends in income inequality for urban and rural China are studied. According to our estimates, the overall Gini for China increased from 1980/81 to 2008. The rural Gini increased at an exponential rate of 1.2% while the urban Gini rose at a rate of 2.7%. To overcome weaknesses in the existing Gini decomposition methodology, we use the method developed by Podder and Mukhopadhaya (2002. The Changing Pattern of Sources of Income and Its Impact on Inequality: The Method and Its Application to Australia, 1975–94. Economic Record 77 (238): 242–51). In rural China, the results show that household operations are the major component of rural disposable income, while the share of wage income is also high. Income from household operations is inequality reducing, as is the case with transfers. The dominant contributors to inequality are wages and property income. Arguably, the optimal way to reduce inequality is policy-induced increases in transfers and the household operations that help the poor. In the urban sector, wage and salary income have the maximum share in total disposable income. The results show that further increases in the wage share in urban sector will increase total inequality in China. Journal: Journal of the Asia Pacific Economy Pages: 304-317 Issue: 2 Volume: 18 Year: 2013 X-DOI: 10.1080/13547860.2013.778158 File-URL: http://hdl.handle.net/10.1080/13547860.2013.778158 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:18:y:2013:i:2:p:304-317 Template-Type: ReDIF-Article 1.0 Author-Name: Barry Williams Author-X-Name-First: Barry Author-X-Name-Last: Williams Title: Income volatility of Indonesian banks after the Asian Financial Crisis Abstract: This paper considers the factors that determine Indonesian bank risk both before and after the Asian Financial Crisis (AFC). In the pre-AFC period, bank capital holdings are positively associated with bank revenue risk, which is attributed to a combination of regulatory laxity as well as laxity of enforcement. In the post-AFC period, capital is found to reduce bank risk in a non-linear manner. Franchise value is associated with lower bank risk, but in a non-linear manner; low levels of franchise value are associated with increased bank risk, while higher levels of franchise value result in lower bank risk. It is also concluded the low-to-medium levels of bank loan growth are associated with lower bank risk; however, high levels of loan growth are risk increasing. These results point to the importance of enforcement of regulatory oversight in reducing bank risk. Journal: Journal of the Asia Pacific Economy Pages: 333-358 Issue: 2 Volume: 18 Year: 2013 X-DOI: 10.1080/13547860.2013.778159 File-URL: http://hdl.handle.net/10.1080/13547860.2013.778159 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:18:y:2013:i:2:p:333-358 Template-Type: ReDIF-Article 1.0 Author-Name: Shihan Xie Author-X-Name-First: Shihan Author-X-Name-Last: Xie Author-Name: Tianyin Cheng Author-X-Name-First: Tianyin Author-X-Name-Last: Cheng Author-Name: Wai-Mun Chia Author-X-Name-First: Wai-Mun Author-X-Name-Last: Chia Title: Trade, finance, specialization and synchronization in the Asia-Pacific Abstract: In this paper, we examine the relationship between trade, finance, specialization and output synchronization of 12 Asia-Pacific economies by studying the direct and indirect effects of increasing trade and financial integration on output synchronization. Using cross-sectional data for the periods of 1984–1996 and 1999–2007, we estimate a system of equations accounting for both endogeneity and simultaneity. Our main findings suggest that: (1) trade and financial integration has direct positive effects, while specialization has direct negative effects on output correlations. An increase in the coefficient of trade intensity and the significance of financial integration is observed in the post-Crisis period. (2) Most estimated coefficients have signs consistent with the existing literature and the results remain robust under different measures of output correlation, but a notable difference is that trade and finance have sizable positive effects on specialization; however, specialization is not a driving force of trade. (3) Countries with more variance in exchange rates have less synchronized cycles. Journal: Journal of the Asia Pacific Economy Pages: 253-270 Issue: 2 Volume: 18 Year: 2013 X-DOI: 10.1080/13547860.2013.778160 File-URL: http://hdl.handle.net/10.1080/13547860.2013.778160 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:18:y:2013:i:2:p:253-270 Template-Type: ReDIF-Article 1.0 Author-Name: Nobuaki Yamashita Author-X-Name-First: Nobuaki Author-X-Name-Last: Yamashita Author-Name: Sisira Jayasuriya Author-X-Name-First: Sisira Author-X-Name-Last: Jayasuriya Title: The export response to exchange rates and product fragmentation: the case of Chinese manufactured exports Abstract: This paper examines how changes in the Chinese real exchange rate affect China's exports in the context of global production networks. It highlights the misspecification inherent in conventional export models and the importance of distinguishing between the very different impacts of exchange rate changes relative to export destinations and those relative to sources of parts and components. Our empirical estimates cast further doubts on the effectiveness of Chinese exchange rate adjustments for reducing Chinese export volumes. Journal: Journal of the Asia Pacific Economy Pages: 318-332 Issue: 2 Volume: 18 Year: 2013 X-DOI: 10.1080/13547860.2013.778161 File-URL: http://hdl.handle.net/10.1080/13547860.2013.778161 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:18:y:2013:i:2:p:318-332 Template-Type: ReDIF-Article 1.0 Author-Name: John Lodewijks Author-X-Name-First: John Author-X-Name-Last: Lodewijks Title: A Conversation with Helen Hughes Abstract: Helen Hughes was a founding member of the International Advisory Board of the Journal of the Asia Pacific Economy. She has been a leading thinker in development economics, especially in Asia Pacific economies. Helen Hughes was one of the few development economists to have foreseen the rapid transformation of East Asian economies in the 1960s. This interview with Helen Hughes, Distinguished Fellow of the Economic Society of Australia, was conducted in September 2006. It is a characteristically frank and open account of her career, her achievements in the profession and work at the World Bank. Journal: Journal of the Asia Pacific Economy Pages: 429-451 Issue: 4 Volume: 12 Year: 2007 X-DOI: 10.1080/13547860701594087 File-URL: http://hdl.handle.net/10.1080/13547860701594087 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:12:y:2007:i:4:p:429-451 Template-Type: ReDIF-Article 1.0 Author-Name: Souphala Chomsisengphet Author-X-Name-First: Souphala Author-X-Name-Last: Chomsisengphet Author-Name: Magda Kandil Author-X-Name-First: Magda Author-X-Name-Last: Kandil Title: Towards Understanding the Asian Crisis and its Aftermath Abstract: During the 1997 economic crisis in Asia, we observed that several East Asian economies encountered significant external and internal shocks that led to a widespread economic recession. The severe exchange rate depreciation may have harmed the supply side of these economies such that production was contracted. Many argue that the initial tightened domestic policies aimed at countering these shocks and restoring economic growth may have further exacerbated the initial crisis by contracting the domestic sector. This paper analyzes the impact of anticipated and unanticipated changes in the real exchange rate, fiscal spending, the money supply, and energy prices on output and price in Korea, Indonesia, Malaysia, Philippines, and Thailand. The results indicate that anticipated real depreciation during the crisis may have adversely affected the supply side, shrinking output growth while accelerating price inflation. In contrast, the combined effects of supply and demand channels render the outcome of unanticipated currency depreciation inconclusive on output growth and price inflation. Indonesia and Malaysia have experienced a significant reduction in average real output growth beyond the crisis period with a significant increase in domestic price inflation in Indonesia only. In most cases, we credit accommodating policies for countering external shocks. Journal: Journal of the Asia Pacific Economy Pages: 452-484 Issue: 4 Volume: 12 Year: 2007 X-DOI: 10.1080/13547860701594095 File-URL: http://hdl.handle.net/10.1080/13547860701594095 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:12:y:2007:i:4:p:452-484 Template-Type: ReDIF-Article 1.0 Author-Name: Donghyun Park Author-X-Name-First: Donghyun Author-X-Name-Last: Park Title: The Prospects of the ASEAN–China Free Trade Area (ACFTA): A Qualitative Overview Abstract: ASEAN and China are economic partners as well as economic competitors. A widely proposed means of strengthening the economic partnership is to form a free trade area between the two. Our primary objective is to use insights from customs union theory to examine whether an ASEAN–China Free Trade Area (ACTFA) would be potentially beneficial for both sides. Our analysis of relevant static factors such as the level of pre-integration trade and initial tariff structures provides some grounds for optimism about the ACFTA's prospects. In addition, various dynamic factors and non-economic factors further reinforce such optimism. Journal: Journal of the Asia Pacific Economy Pages: 485-503 Issue: 4 Volume: 12 Year: 2007 X-DOI: 10.1080/13547860701594103 File-URL: http://hdl.handle.net/10.1080/13547860701594103 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:12:y:2007:i:4:p:485-503 Template-Type: ReDIF-Article 1.0 Author-Name: T. Jayaraman Author-X-Name-First: T. Author-X-Name-Last: Jayaraman Author-Name: B. Ward Author-X-Name-First: B. Author-X-Name-Last: Ward Author-Name: Z. Xu Author-X-Name-First: Z. Author-X-Name-Last: Xu Title: Are the Pacific Islands Ready for a Currency Union? An Empirical Study of Degree of Economic Convergence Abstract: During the 2003 Annual meeting of Pacific Forum leaders from the 16 member states (14 Pacific Islands and two advanced countries in the region, namely Australia and New Zealand) held in Auckland, an idea of a single currency for the region was mooted. The single currency was indicated to be the Australia dollar. The success of any efforts for achieving such a form of integration depends on the degree of economic convergence of national economies. There are two aspects of convergence: nominal and real. They cover exchange rates, growth rates and inflation rates. Unless there is a high degree of convergence in these spheres, the costs of any premature integration could be disastrous. The objective of this paper is to investigate whether there exists any case at present for a currency union. The paper undertakes an empirical investigation, reports the results and presents some conclusions. Journal: Journal of the Asia Pacific Economy Pages: 504-521 Issue: 4 Volume: 12 Year: 2007 X-DOI: 10.1080/13547860701594160 File-URL: http://hdl.handle.net/10.1080/13547860701594160 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:12:y:2007:i:4:p:504-521 Template-Type: ReDIF-Article 1.0 Author-Name: Richard Grabowski Author-X-Name-First: Richard Author-X-Name-Last: Grabowski Title: Political Development and Growth: Japan until World War II Abstract: It is hypothesized in this paper that the way by which a ruling elite extracts its resources significantly influences the evolution of state-related institutions. Specifically, if the ruling elite must construct a penetrating set of institutions to extract revenue and in order to encourage payment of taxes must also provide services in return (reciprocity), then states are likely to have institutions conducive to economic growth. Institutions restraining arbitrary decision making are likely to evolve and are likely to be effective. The process of economic and political development in Japan in the prewar period is used to illustrate this process. Specifically, the evolution of limited parliamentary democracy during this time period was the result of the process by which the ruling elite sought to extract revenue. Journal: Journal of the Asia Pacific Economy Pages: 522-547 Issue: 4 Volume: 12 Year: 2007 X-DOI: 10.1080/13547860701594186 File-URL: http://hdl.handle.net/10.1080/13547860701594186 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:12:y:2007:i:4:p:522-547 Template-Type: ReDIF-Article 1.0 Author-Name: Byron Gangnes Author-X-Name-First: Byron Author-X-Name-Last: Gangnes Author-Name: Craig Parsons Author-X-Name-First: Craig Author-X-Name-Last: Parsons Title: Have US–Japan Trade Agreements Made a Difference? Abstract: The few existing empirical studies of US–Japan trade agreements have relied primarily on descriptive statistics or univariate time series methods. We conduct a potentially more powerful test by evaluating agreements in the context of well-specified econometric models. Consistent with trade theory, import demand is modeled as a cointegrating relationship with income and relative price variables, where a trade agreement may cause a structural break in the cointegrating vector. Results are mixed, with evidence in several sectors of a possible change in import behavior following market-opening trade agreements, while in other cases no significant impact can be detected. Journal: Journal of the Asia Pacific Economy Pages: 548-566 Issue: 4 Volume: 12 Year: 2007 X-DOI: 10.1080/13547860701594277 File-URL: http://hdl.handle.net/10.1080/13547860701594277 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:12:y:2007:i:4:p:548-566 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Notes on Contributors Journal: Pages: 567-569 Issue: 4 Volume: 12 Year: 2007 X-DOI: 10.1080/13547860701594285 File-URL: http://hdl.handle.net/10.1080/13547860701594285 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:12:y:2007:i:4:p:567-569 Template-Type: ReDIF-Article 1.0 Author-Name: Matthew Clarke Author-X-Name-First: Matthew Author-X-Name-Last: Clarke Author-Name: Simon Feeny Author-X-Name-First: Simon Author-X-Name-Last: Feeny Title: Old challenges and new opportunities for the MDGs: now and beyond 2015 Abstract: As we approach the 2015 date by which the Millenium Development Goals (MDGs) are to be achieved, there is increasing scrutiny as to the progress towards their achievement. The MDGs were intended to be global targets and not necessarily to be assessed at the country level. In other words, countries were to contribute to the global targets but not be held to account against them, as they were originally conceived. In practice though, countries are assessed against the global MDG targets. It is appropriate that continuing interest be paid to the achievement of the MDGs, however it is also necessary that the global community now start to turn its attention to what framework for addressing the world's development needs beyond the MDG timeframe following 2015. The ‘poverty landscape’ has changed significantly in the last decade – partly as a result of the international community's focus on the MDGs – and so it is necessary that a new approach to poverty alleviation reflect this changed reality. This paper introduces a range of papers presented at an international conference on the MDGs that critically analyse the current MDGs and pose questions as to how should we follow the MDGs beyond 2015. Journal: Journal of the Asia Pacific Economy Pages: 509-519 Issue: 4 Volume: 16 Year: 2011 X-DOI: 10.1080/13547860.2011.610884 File-URL: http://hdl.handle.net/10.1080/13547860.2011.610884 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:16:y:2011:i:4:p:509-519 Template-Type: ReDIF-Article 1.0 Author-Name: Jan Vandemoortele Author-X-Name-First: Jan Author-X-Name-Last: Vandemoortele Title: A fresh look at the MDGs Abstract: With the deadline drawing closer, many question whether the Millennium Development Goals (MDGs) can be met. Some even question their relevance, especially given the financial crisis. The global scorecard shows that half of the road has been covered so far but it has taken three quarters of the time. Thus, are the MDGs a noble but unrealistic aspiration? Not quite. After some false dawns and missed opportunities, it is natural for some to dismiss the MDGs as targets that are ‘easily set but never met’. However, it would be too early and too pessimistic to consider the MDGs as ‘mission impossible’. After exposing the two most pervasive misconceptions about the MDGs, the paper shows that addressing the growing disparities within countries offers the best hope for achieving the MDGs. It shows that only one out of eight countries with recent data in Asia – Indonesia – managed to achieve pro-poor progress in reducing infant and child mortality. Six others witnessed an increase in disparity – especially the Philippines, Vietnam and Cambodia. A little equity and a touch of imagination can yield spectacular outcomes for human well-being. A revisit of the conventional wisdom regarding the MDGs is overdue. Diminishing its intellectual capture on development thinking will serve the MDGs well. Journal: Journal of the Asia Pacific Economy Pages: 520-528 Issue: 4 Volume: 16 Year: 2011 X-DOI: 10.1080/13547860.2011.610885 File-URL: http://hdl.handle.net/10.1080/13547860.2011.610885 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:16:y:2011:i:4:p:520-528 Template-Type: ReDIF-Article 1.0 Author-Name: Gerhard Hoffstaedter Author-X-Name-First: Gerhard Author-X-Name-Last: Hoffstaedter Author-Name: Chris Roche Author-X-Name-First: Chris Author-X-Name-Last: Roche Title: ‘All the world's a stage’: structure, agency and accountability in international aid Abstract: This paper explores recent critiques of aid and responses to them, with a particular focus on attempts to address accountability concerns. It describes, with particular reference to Africa and Melanesia, some of the assumptions that underpin these responses. Using the allegory of theatre, we suggest that much of the formal process of interaction between aid agencies and local actors can be seen as a ‘performance’, and what goes on behind the scenes is often, and sometimes deliberately, ignored. We review why this ‘theatre’ is constructed and how it is maintained, as well as why attempts to dismantle it, or at least change the way it functions, have not met with much success. As a result, we propose alternative ways of addressing issues of accountability, as it relates to International Aid and Cooperation, based on some rather different assumptions about states, civil society, citizens and change than those upon which many of the current attempts to address accountability are based. Journal: Journal of the Asia Pacific Economy Pages: 529-543 Issue: 4 Volume: 16 Year: 2011 X-DOI: 10.1080/13547860.2011.610886 File-URL: http://hdl.handle.net/10.1080/13547860.2011.610886 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:16:y:2011:i:4:p:529-543 Template-Type: ReDIF-Article 1.0 Author-Name: Tanya Jakimow Author-X-Name-First: Tanya Author-X-Name-Last: Jakimow Title: Cultivating model developing citizens: exposing the grassroots to the MDGs Abstract: Research about the Millennium Development Goals (MDGs) has tended to view them through the lens of policy-makers and development practitioners. Ignored is the question of how the people who are the ‘targets’ of development programmes – the poor and marginalized – experience the MDGs. Based on ethnographic research of a local non-government development organization (NGDO) in North India, I use the example of a village meeting to explore how policy formulated to achieve the MDGs at the central and state level is communicated to the local level. These interactions illustrate how local NGDOs attempt to cultivate ‘model developing citizens’, enrolling the poor into regimes of governmentality, in which their bodies become the means through which global and national goals are achieved. Although not necessarily negative, these processes reveal how state accountability and responsibility for achieving the MDGs implies obligations on the poor that they are not always able or willing to fulfil. Journal: Journal of the Asia Pacific Economy Pages: 544-561 Issue: 4 Volume: 16 Year: 2011 X-DOI: 10.1080/13547860.2011.610887 File-URL: http://hdl.handle.net/10.1080/13547860.2011.610887 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:16:y:2011:i:4:p:544-561 Template-Type: ReDIF-Article 1.0 Author-Name: Thomas Davis Author-X-Name-First: Thomas Author-X-Name-Last: Davis Title: The MDGs and the incomplete relationship between development and foreign aid Abstract: The literature on the Millennium Development Goals (MDGs) is roughly divided into interest in political and economic exogenous shocks, analyses of longer term, structural impediments to meeting the MDGs by 2015, the appropriateness of the specific goals themselves to international development, and questioning the very use of a goals–targets–indicators approach to development and attempts to redirect debate towards more systemic political change. This paper draws from the fourth of these streams. It investigates the degree to which bilateral donor needs and domestic institutional norms (especially those that have grown up around policy and public sector management, along with foreign policy) influenced the goals–targets–indicators form of the MDGs, and the manner in which donors incorporate the MDGs into their aid programming. Journal: Journal of the Asia Pacific Economy Pages: 562-578 Issue: 4 Volume: 16 Year: 2011 X-DOI: 10.1080/13547860.2011.610888 File-URL: http://hdl.handle.net/10.1080/13547860.2011.610888 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:16:y:2011:i:4:p:562-578 Template-Type: ReDIF-Article 1.0 Author-Name: Anthony Ware Author-X-Name-First: Anthony Author-X-Name-Last: Ware Title: The MDGs in Myanmar: relevant or redundant? Abstract: Myanmar is a developing country with significant humanitarian needs. It is therefore a country for which achieving the Millennium Development Goals (MDGs) should be a high priority. While exact data are difficult to obtain, Myanmar is performing poorly across most of the MDG targets. This is partly an unintended but direct consequence of the international sanctions and concomitant reduced aid flows into Myanmar. Myanmar receives the lowest level of aid per person of any of the 50 Least Developed Countries, raising the very direct question of whether the MDGs are relevant or achievable in Myanmar. Failure to achieve the MDGs could have serious implications in 2015 on future international funding and on reform programmes in the country. This paper considers how the political goals of the international community negatively impact upon the ability to achieve the MDGs and proposes a way forward by increasing aid and by tailoring the MDGs to the Myanmar context, as several regional neighbours have done. Journal: Journal of the Asia Pacific Economy Pages: 579-596 Issue: 4 Volume: 16 Year: 2011 X-DOI: 10.1080/13547860.2011.610889 File-URL: http://hdl.handle.net/10.1080/13547860.2011.610889 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:16:y:2011:i:4:p:579-596 Template-Type: ReDIF-Article 1.0 Author-Name: Anna Scopaz Author-X-Name-First: Anna Author-X-Name-Last: Scopaz Author-Name: Liz Eckermann Author-X-Name-First: Liz Author-X-Name-Last: Eckermann Author-Name: Matthew Clarke Author-X-Name-First: Matthew Author-X-Name-Last: Clarke Title: Maternal health in Lao PDR: repositioning the goal posts Abstract: This paper reviews attempts made in the Lao People's Democratic Republic (PDR) to achieve Millennium Development Goal (MDG) 5: Improve Maternal Health and its two targets: (1) to reduce by three quarters the maternal mortality ratio and (2) to achieve universal access to reproductive health. It will be shown that significant strides have been made in relation to both the targets, especially in the province of Xayaboury where the contraceptive prevalence rate is the highest and maternal mortality is the lowest in the country. That said, it is unlikely that either target will be realised by 2015 for the nation as a whole. Some of the reasons for this are canvassed such as problems with the existing health infrastructure and its personnel, the cost of health care, the demographic profile and cultural expectations of women of childbearing age, geographic barriers, the absence of communication and transport infrastructure and the influence of international donors on how monies are expended. As discussions now begin to set the framework for the post-MDG compact of the international community to address poverty and well-being, it would be valuable to consider the multiplicity of factors which directly impact maternal and infant mortality rates (such as family planning, age at first birth, access to antenatal care and government expenditure on maternal health care) and explain what causes change, over non-contextualised statistics that simply report changes. Journal: Journal of the Asia Pacific Economy Pages: 597-611 Issue: 4 Volume: 16 Year: 2011 X-DOI: 10.1080/13547860.2011.610919 File-URL: http://hdl.handle.net/10.1080/13547860.2011.610919 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:16:y:2011:i:4:p:597-611 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Notes on contributors Journal: Journal of the Asia Pacific Economy Pages: 658-660 Issue: 4 Volume: 16 Year: 2011 X-DOI: 10.1080/13547860.2011.610920 File-URL: http://hdl.handle.net/10.1080/13547860.2011.610920 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:16:y:2011:i:4:p:658-660 Template-Type: ReDIF-Article 1.0 Author-Name: Joonmo Cho Author-X-Name-First: Joonmo Author-X-Name-Last: Cho Author-Name: Donghun Cho Author-X-Name-First: Donghun Author-X-Name-Last: Cho Title: Gender difference of the informal sector wage gap: a longitudinal analysis for the Korean labor market Abstract: Unlike previous studies focusing on either market structure or gender earning gap separately, this study considers market structure as a more crucial factor in determining the gender earning gap. The estimated wage differentials between sectors from the fixed-effects (FE) model demonstrate a substantial drop in the size of wage gaps, reflecting systematic sorting between formal and informal sectors by unobserved workers’ abilities. While estimated wage differentials from cross-sectional analysis between formal and informal sector among male workers disappear in the FE estimations, the wage gap between the formal and the informal sector among female workers still exists in the FE estimations, thus suggesting a differing dual labor market severity between gender groups. Based on these empirical results, we discuss a policy direction involving simultaneous consideration of the dual structure of the labor market and gender discrimination. Journal: Journal of the Asia Pacific Economy Pages: 612-629 Issue: 4 Volume: 16 Year: 2011 X-DOI: 10.1080/13547860.2011.621363 File-URL: http://hdl.handle.net/10.1080/13547860.2011.621363 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:16:y:2011:i:4:p:612-629 Template-Type: ReDIF-Article 1.0 Author-Name: Sanzidur Rahman Author-X-Name-First: Sanzidur Author-X-Name-Last: Rahman Author-Name: M. Hasan Author-X-Name-First: M. Author-X-Name-Last: Hasan Title: Environmental constraints and profitability relationships in agriculture: a case study of wheat farming in Bangladesh Abstract: This article attempts to measure the influence of environmental constraints on profitability and resource use in agriculture by utilizing survey data of 293 wheat farmers from three regions of Bangladesh. Analysis is based on a profit function, where the selected variables representing environmental constraints were incorporated as additional fixed factors. Results revealed that environmental constraints have a significant influence on both profitability and farmers’ resource allocation decisions. Output supply and input demands were significantly affected by land suitability and other environmental constraints (i.e. a combination of poor soil fertility, pest and weed infestation and weather variation). The policy implications include development of wheat varieties that are suitable for low lying and/or marginal areas, are resistant to insect and pest attacks and can withstand weather variations. Also, soil fertility improvement through soil conservation and crop rotation, improvement in managerial practices through extension services and strengthening of research–extension link will improve profitability. Journal: Journal of the Asia Pacific Economy Pages: 630-643 Issue: 4 Volume: 16 Year: 2011 X-DOI: 10.1080/13547860.2011.621365 File-URL: http://hdl.handle.net/10.1080/13547860.2011.621365 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:16:y:2011:i:4:p:630-643 Template-Type: ReDIF-Article 1.0 Author-Name: Willem Thorbecke Author-X-Name-First: Willem Author-X-Name-Last: Thorbecke Title: An empirical analysis of East Asian computer and electronic goods exports Abstract: For the last 15 years, computers and electronic goods have been the leading export categories from East Asia to the rest of the world. They are produced within regional production and distribution networks. Japan, South Korea and Taipei, China, construct technology-intensive parts and components and ship them to China and ASEAN for processing by lower-skilled workers and reexport. This paper presents evidence that exchange rate appreciations in countries supplying parts and components to East Asian assembly economies would curtail these sophisticated exports, while exchange rate appreciations in assembly economies would not. The evidence also indicates that decreases in income in importing countries would significantly reduce computer and electronic goods exports. Journal: Journal of the Asia Pacific Economy Pages: 644-657 Issue: 4 Volume: 16 Year: 2011 X-DOI: 10.1080/13547860.2011.621366 File-URL: http://hdl.handle.net/10.1080/13547860.2011.621366 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:16:y:2011:i:4:p:644-657 Template-Type: ReDIF-Article 1.0 Author-Name: Y. Chen Author-X-Name-First: Y. Author-X-Name-Last: Chen Author-Name: W. H. Huang Author-X-Name-First: W. H. Author-X-Name-Last: Huang Author-Name: P. J. Regis Author-X-Name-First: P. J. Author-X-Name-Last: Regis Title: Do Asia and Pacific countries compete in corporate tax rates? Abstract: Do governments in the emerging Asia and Pacific region independently set corporate tax rates? This paper answers the question and contributes to the growing empirical tax competition literature by (1) generating a predictable tax reaction function considering the ‘lumpy’ nature of economic geography; (2) using GMM to estimate the tax reaction functions using panel data of 14 countries in the Asia and Pacific region between 1980 and 2007. We find evidence of strategic fiscal policy interaction. Globalization has positive effects on the interactive policy setting. Country size has also positive effect but the effects are offset when the openness deepens. Furthermore, a substitution relation between capital and labor is implied. Overtime, countries in the Asia and Pacific region seem to become more competitive in corporate tax rates. Journal: Journal of the Asia Pacific Economy Pages: 25-51 Issue: 1 Volume: 19 Year: 2014 Month: 1 X-DOI: 10.1080/13547860.2012.745239 File-URL: http://hdl.handle.net/10.1080/13547860.2012.745239 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:19:y:2014:i:1:p:25-51 Template-Type: ReDIF-Article 1.0 Author-Name: Yi Zhang Author-X-Name-First: Yi Author-X-Name-Last: Zhang Author-Name: Hein Roelfsema Author-X-Name-First: Hein Author-X-Name-Last: Roelfsema Title: Unravelling the complex motivations behind China's outward FDI Abstract: This study empirically investigates the dynamics of motivations behind China's outward foreign direct investment (FDI). Based on a dataset of 75 host countries of China's outward FDI, we test the relative importance of outward FDI motives in different time periods. We account for endogeneity issues due to unobserved host country-specific factors and reverse causality using a dynamic panel estimation approach. We find that over time increasing foreign market commitment, exploiting global network linkages, and the seeking of external resources (natural resources and strategic assets) have become more important in driving outward FDI from China. Journal: Journal of the Asia Pacific Economy Pages: 89-100 Issue: 1 Volume: 19 Year: 2014 Month: 1 X-DOI: 10.1080/13547860.2013.803843 File-URL: http://hdl.handle.net/10.1080/13547860.2013.803843 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:19:y:2014:i:1:p:89-100 Template-Type: ReDIF-Article 1.0 Author-Name: Namchul Shin Author-X-Name-First: Namchul Author-X-Name-Last: Shin Author-Name: Kenneth L. Kraemer Author-X-Name-First: Kenneth L. Author-X-Name-Last: Kraemer Author-Name: Jason Dedrick Author-X-Name-First: Jason Author-X-Name-Last: Dedrick Title: Value capture in global production networks: evidence from the Taiwanese electronics industry Abstract: In today's global electronics industry, lead firms and suppliers of key components capture greater value than contract manufacturers. Using data from the Taiwanese Stock Exchange from 2002 to 2009, this research aims to examine if the pattern of value capture in the global electronics industry holds for Taiwan. We also test the impacts of research and development (R&D) spending on firm profitability and returns. Our results show that lead firms and component suppliers capture higher gross profits from their R&D spending, compared to contract manufacturers. However, contract manufacturers have higher return on equity. Component suppliers’ return to R&D as measured by return on equity is lower than contract manufacturers. These findings suggest that component suppliers capture higher profits as lead firms do, but the cost of R&D for component suppliers is so high that their returns on investment are not as great as contract manufacturers. This also suggests that Taiwanese component suppliers are unable to create entry barriers or gain pricing power from their R&D investments. Journal: Journal of the Asia Pacific Economy Pages: 74-88 Issue: 1 Volume: 19 Year: 2014 Month: 1 X-DOI: 10.1080/13547860.2013.803844 File-URL: http://hdl.handle.net/10.1080/13547860.2013.803844 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:19:y:2014:i:1:p:74-88 Template-Type: ReDIF-Article 1.0 Author-Name: Kitae Sohn Author-X-Name-First: Kitae Author-X-Name-Last: Sohn Title: A note on the effects of education on youth smoking in a developing country Abstract: This paper investigates smoking behavior among youths and its relationship with education, cognitive skills, risk aversion and patience, using the Indonesian Family Life Survey. The results suggest that receiving an education above junior high school level is associated with a lower probability and intensity of smoking. Moreover, the effects of education remain robust even when variables that are considered to mediate the relationship between education and smoking – cognitive skills, risk aversion and patience – are controlled for. In spite of the difference between the smoking environment in Indonesia and that of developed countries, most results are consistent with those generally found in developed countries. Journal: Journal of the Asia Pacific Economy Pages: 66-73 Issue: 1 Volume: 19 Year: 2014 Month: 1 X-DOI: 10.1080/13547860.2013.803845 File-URL: http://hdl.handle.net/10.1080/13547860.2013.803845 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:19:y:2014:i:1:p:66-73 Template-Type: ReDIF-Article 1.0 Author-Name: Abbas Valadkhani Author-X-Name-First: Abbas Author-X-Name-Last: Valadkhani Author-Name: Sajid Anwar Author-X-Name-First: Sajid Author-X-Name-Last: Anwar Author-Name: Amir Arjomandi Author-X-Name-First: Amir Author-X-Name-Last: Arjomandi Title: Downward stickiness of interest rates in the Australian credit card market Abstract: This paper measures the full extent of downward stickiness in credit card interest rates by testing for the amount and adjustment asymmetries. We found that lenders behave asymmetrically in response to changes in the Reserve Bank of Australia's (RBA) cash rate. The RBA's rate rises are passed on to borrowers much faster than rate cuts and the aggregate credit card interest rate showed a very resilient degree of downward rigidity. Overall, based on the estimated short-run dynamic model, banks immediately pass on 112% of any RBA's rate rises, but only 53.7% of any rate cut. In other words, the short-run effects of rate cuts were not only less than half of the rate rises but also were delayed on average by two months. As far as changes in the credit card interest rate are concerned, an expansionary monetary policy is thus less effective than a contractionary policy. Journal: Journal of the Asia Pacific Economy Pages: 52-65 Issue: 1 Volume: 19 Year: 2014 Month: 1 X-DOI: 10.1080/13547860.2013.803846 File-URL: http://hdl.handle.net/10.1080/13547860.2013.803846 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:19:y:2014:i:1:p:52-65 Template-Type: ReDIF-Article 1.0 Author-Name: Shintaro Hamanaka Author-X-Name-First: Shintaro Author-X-Name-Last: Hamanaka Title: Services trade integration in Asia: comparison with Europe and North America Abstract: This paper will examine the level of services trade integration in Asia in comparison with Europe and North America. The main empirical findings of this paper are that: (i) the regional bias of services trade in Asia is as high as or higher than in Europe and North America; (ii) in Asia, the regional bias of services trade is higher than that of goods trade, which is in sharp contrast to Europe and North America, where the regional bias of goods trade is higher than that of services trade; and (iii) while Asia's regional bias of goods trade shows a declining trend, that of services trade remains high, although in the future its decline is expected. Asia's relatively high-level of regional bias of services trade can be explained by the following factors: (i) a relatively high prevalence of a shared language (Chinese), which is essential to services trade, but not to goods trade; and (ii) the archipelagic nature of the region, which inhibits goods trade more than services trade. In contrast, for example, major European countries share land borders with their neighbors and they speak different languages. In order to deepen Asia's services trade integration, two policies are necessary. First, effective regional services agreements are critical to enhancing the level of integration. Second, policies to increase the trade of crisis-resilient services, such as professional services and insurance, as opposed to crisis-vulnerable services, such as transport and travel, are necessary. Journal: Journal of the Asia Pacific Economy Pages: 137-150 Issue: 1 Volume: 19 Year: 2014 Month: 1 X-DOI: 10.1080/13547860.2013.818425 File-URL: http://hdl.handle.net/10.1080/13547860.2013.818425 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:19:y:2014:i:1:p:137-150 Template-Type: ReDIF-Article 1.0 Author-Name: Sulina Kaur Author-X-Name-First: Sulina Author-X-Name-Last: Kaur Author-Name: Manjit Singh Sandhu Author-X-Name-First: Manjit Singh Author-X-Name-Last: Sandhu Title: Internationalisation of born global firms: Evidence from Malaysia Abstract: The purpose of this study is to identify the key factors that lead to early internationalisation of young small- and medium-sized enterprises (SMEs) in a developing country context and to examine the internationalisation path of born global firms in terms of initial and subsequent mode-of-entry decisions. This study analyses 10 born global SMEs using a multiple-case-study method. Multiple sources of data are used, including semi-structured in-depth interviews, a questionnaire and secondary data. It is found that factors that influence born global internationalisation are made up of the interplay of three major factors, namely the individual founder/manager specific characteristics, firm-specific resources and the external environment. The most important factor that emerged was the entrepreneurial orientation of founders/managers. This study also found that born global firms do not follow a stepwise-entry strategy. Due to the largely qualitative nature of the study, the findings cannot be statistically generalised to other similar contexts. Nonetheless, theoretical generalisation is possible. An integrated framework of the factors that drive born global internationalisation is presented, together with an overview of born-global-entry strategies. Journal: Journal of the Asia Pacific Economy Pages: 101-136 Issue: 1 Volume: 19 Year: 2014 Month: 1 X-DOI: 10.1080/13547860.2013.818426 File-URL: http://hdl.handle.net/10.1080/13547860.2013.818426 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:19:y:2014:i:1:p:101-136 Template-Type: ReDIF-Article 1.0 Author-Name: Hae-Chun Rhee Author-X-Name-First: Hae-Chun Author-X-Name-Last: Rhee Author-Name: Kwangho Woo Author-X-Name-First: Kwangho Author-X-Name-Last: Woo Author-Name: Joonmo Cho Author-X-Name-First: Joonmo Author-X-Name-Last: Cho Title: Identifying the winners under the Age Discrimination Prohibition Legislation in Korea: policy remedy for redistribution Abstract: The Korean government announced the enforcement of the Age Discrimination Prohibition Legislation (ADPL) in March of 2008. In Korea, which follows a strict seniority-based employment structure, this legislation will bring forth social benefits to those that are eligible for extended retirement by increasing their income, but it may also create a loss in social benefit by increasing the burden of employers who have to pay their salaries. This study uses the contingent valuation method to estimate the socioeconomic benefits and losses due to the introduction of this legislation. According to the results, if the ADPL is implemented, the willingness to pay regarding the representative employer towards nonenforcement of the legislation is higher if the respondent has stronger opposition towards the legislation, a higher burden of labor costs, a higher number of workers eligible for extended retirement, and if the company has an age-limit system in place. As for the size of the socioeconomic benefit and the loss due to enforcement of the legislation, the benefit for workers eligible for extended retirement will be 5.77 trillion KW (Korean Won) annually, and the loss for employers will be approximately 4 trillion KW annually. The net benefit of the legislation will be 1.56 trillion KW annually. Therefore, since the legislation creates socioeconomic net benefit, a win–win situation can be created for both groups by restructuring the wage profile for senior workers. As a redistribution policy to warrant the win–win situation, extended retirements for senior workers can be exchanged with the lower increasing rate of wage or establishing a wage ceiling through a wage peak system, which is popularly adopted in Japan. Journal: Journal of the Asia Pacific Economy Pages: 186-201 Issue: 1 Volume: 19 Year: 2014 Month: 1 X-DOI: 10.1080/13547860.2013.818427 File-URL: http://hdl.handle.net/10.1080/13547860.2013.818427 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:19:y:2014:i:1:p:186-201 Template-Type: ReDIF-Article 1.0 Author-Name: Fadzlan Sufian Author-X-Name-First: Fadzlan Author-X-Name-Last: Sufian Author-Name: Muzafar Shah Habibullah Author-X-Name-First: Muzafar Shah Author-X-Name-Last: Habibullah Title: The impact of forced mergers and acquisitions on banks’ total factor productivity: empirical evidence from Malaysia Abstract: In the present paper, we employ alternative techniques to examine the impact of mergers and acquisitions on the total factor productivity of Malaysian banks. These alternative techniques extend from the use of non-parametric ‘frontier’-oriented Malmquist productivity index (MPI) and central tendency ordinary least square (OLS) and fixed effects (FE) panel regression methods. We find that Malaysian banks have exhibited a higher mean total factor productivity level during the post-merger period. The results from the multivariate regression analysis suggest that income diversification and operating expenses are positively and significantly related to Malaysian banks’ total factor productivity, while credit risk and inflation exhibit a negative relationship. The empirical findings indicate that the acquiring banks have been relatively more productive compared to the target banks and banks in the control group. Journal: Journal of the Asia Pacific Economy Pages: 151-185 Issue: 1 Volume: 19 Year: 2014 Month: 1 X-DOI: 10.1080/13547860.2013.818428 File-URL: http://hdl.handle.net/10.1080/13547860.2013.818428 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:19:y:2014:i:1:p:151-185 Template-Type: ReDIF-Article 1.0 Author-Name: Adiwan Aritenang Author-X-Name-First: Adiwan Author-X-Name-Last: Aritenang Title: Book Review Journal: Journal of the Asia Pacific Economy Pages: 202-203 Issue: 1 Volume: 19 Year: 2014 Month: 1 X-DOI: 10.1080/13547860.2013.827839 File-URL: http://hdl.handle.net/10.1080/13547860.2013.827839 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:19:y:2014:i:1:p:202-203 Template-Type: ReDIF-Article 1.0 Author-Name: C.M. Chen Author-X-Name-First: C.M. Author-X-Name-Last: Chen Author-Name: M. Ariff Author-X-Name-First: M. Author-X-Name-Last: Ariff Author-Name: T. Hassan Author-X-Name-First: T. Author-X-Name-Last: Hassan Author-Name: S. Mohamad Author-X-Name-First: S. Author-X-Name-Last: Mohamad Title: Does a firm's political connection to government have economic value? Abstract: This paper reports new findings about differential impacts political events have on share prices of firms connected to government in power compared to firms with no political connections. Political connection has been alleged as valuable in popular press in this mid-income economy studied, so it is worth an investigation. Significant share price increases of 4% or more abnormal returns accrue to connected firms relative to unconnected firms when identical political events occur. The impact is very pronounced during a severe economic crisis, when the stakes were high about an incumbent government being reelected. Our finding of higher value of politically connected firms is due to the expected value of preferential treatments, preference in project selections, and access to state benefits. Thus, share prices of politically connected firms react with greater impacts than nonpolitically connected firms to announcements of identical political events. Journal: Journal of the Asia Pacific Economy Pages: 1-24 Issue: 1 Volume: 19 Year: 2014 Month: 1 X-DOI: 10.1080/13547860.2013.860761 File-URL: http://hdl.handle.net/10.1080/13547860.2013.860761 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:19:y:2014:i:1:p:1-24 Template-Type: ReDIF-Article 1.0 Author-Name: Rajah Rasiah Author-X-Name-First: Rajah Author-X-Name-Last: Rasiah Author-Name: Hing Yun Author-X-Name-First: Hing Author-X-Name-Last: Yun Title: Industrializing Southeast Asia Abstract: This paper introduces the state of industrialization in Southeast Asia, rationale used to promote industrialization, the timing of policy emphasis on export orientation and the different outcomes enjoyed by the market and transition economies. Although a number of economies have experimented with import substitution policies, industrialization in the Southeast Asian economies is largely driven by export markets. The paper ends by providing the setting for a deeper scrutiny of manufacturing issues selectively by industry in Southeast Asia. Journal: Journal of the Asia Pacific Economy Pages: 107-115 Issue: 2 Volume: 14 Year: 2009 X-DOI: 10.1080/13547860902785948 File-URL: http://hdl.handle.net/10.1080/13547860902785948 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:14:y:2009:i:2:p:107-115 Template-Type: ReDIF-Article 1.0 Author-Name: Hing Yun Author-X-Name-First: Hing Author-X-Name-Last: Yun Author-Name: Lee Jin Author-X-Name-First: Lee Author-X-Name-Last: Jin Title: Evolution of the petrochemical industry in Singapore Abstract: This paper examines the historical development of the petrochemical industry in Singapore. While it had its origins in an earlier political economy, the petrochemical industry emerged only during the industrialization of Singapore. In addition, throughout the ensuing post-industrialization process, the enterprise was at the forefront of the endeavours of the state at maintaining a viable manufacturing sector. In its development, the Petrochemical Corporation of Singapore (PCS) was crucial at encouraging investments and integration throughout the oil, petrochemical and chemical industries on Jurong Island. Consequently, the leading companies were able to garner the benefits of infrastructural and production synergies from this cluster. Journal: Journal of the Asia Pacific Economy Pages: 116-122 Issue: 2 Volume: 14 Year: 2009 X-DOI: 10.1080/13547860902785955 File-URL: http://hdl.handle.net/10.1080/13547860902785955 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:14:y:2009:i:2:p:116-122 Template-Type: ReDIF-Article 1.0 Author-Name: Rajah Rasiah Author-X-Name-First: Rajah Author-X-Name-Last: Rasiah Title: Expansion and slowdown in Southeast Asian electronics manufacturing Abstract: This paper examines the growth and slowdown in the electronics industry in Southeast Asia. American, Japanese and European multinational corporations relocated operations in Singapore, Malaysia and Philippines in the late 1960s and early 1970s to begin electronics assembly, packaging and testing, which was followed in the late 1980s and 1990s by the relocation of electronics manufacturing from Japanese, European, American, Korean, Singaporean and Taiwanese multinationals to the above Southeast Asian countries as well as Thailand and Indonesia. Whereas Singapore has managed significant upgrading to designing and development activities through the provision of grants, incentives, labs and strong infrastructure coordination, electronics production in the remaining countries has largely remained entrenched in assembly, packaging and testing activities. The failure of Malaysia and Thailand to support technological upgrading has undermined the capacity of these economies to sustain rapid growth of the industry as China, Philippines, Indonesia and Vietnam have a big edge in low wages and the labour force. Hence, while Singapore has managed to upgrade, Indonesia, Philippines and Vietnam continue to enjoy rapid growth in low-end manufacturing activities, Malaysia and Thailand have faced a fall in the significance of the industry since 2000. Journal: Journal of the Asia Pacific Economy Pages: 123-137 Issue: 2 Volume: 14 Year: 2009 X-DOI: 10.1080/13547860902785963 File-URL: http://hdl.handle.net/10.1080/13547860902785963 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:14:y:2009:i:2:p:123-137 Template-Type: ReDIF-Article 1.0 Author-Name: Kian Thee Author-X-Name-First: Kian Author-X-Name-Last: Thee Title: The Indonesian wood products industry Abstract: This paper analyses the development of Indonesia's wood products industry, particularly the plywood industry, which from a small base emerged in the 1980s as one of Indonesia's major manufacturing industries. This account is of interest since it provides a good example of ‘export substitution’, that is, the enforced development of the wood products industry by limiting the exports of logs through prohibitive export taxes and subsequently by a partial and later by a total ban on log exports. However, because of the difficulties which the wood products industry, particularly the plywood industry, has experienced over the past decade, the question arises whether export substitution provides the proper incentives to develop an efficient manufacturing industry. Journal: Journal of the Asia Pacific Economy Pages: 138-149 Issue: 2 Volume: 14 Year: 2009 X-DOI: 10.1080/13547860902785971 File-URL: http://hdl.handle.net/10.1080/13547860902785971 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:14:y:2009:i:2:p:138-149 Template-Type: ReDIF-Article 1.0 Author-Name: Rajah Rasiah Author-X-Name-First: Rajah Author-X-Name-Last: Rasiah Title: Garment manufacturing in Cambodia and Laos Abstract: This paper uses the systemic quad to examine the strength of the embedding support and firm-level technological capabilities of garment firms in Cambodia and Laos. Although garment exports have surged in both countries, it is argued in the paper that its sustenance will require institutional capacity building. Laos is the more disadvantaged of the two countries as it is landlocked and endowed with too small a labour force. The paper argues that unless the institutional and firm-level technological capabilities are developed further, both countries will find it difficult to retain a significant presence of garment firms once the preferential trade privileges are withdrawn. Journal: Journal of the Asia Pacific Economy Pages: 150-161 Issue: 2 Volume: 14 Year: 2009 X-DOI: 10.1080/13547860902785989 File-URL: http://hdl.handle.net/10.1080/13547860902785989 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:14:y:2009:i:2:p:150-161 Template-Type: ReDIF-Article 1.0 Author-Name: Henrik Schaumburg-Müller Author-X-Name-First: Henrik Author-X-Name-Last: Schaumburg-Müller Title: Garment exports from Vietnam: changes in supplier strategies Abstract: This paper looks at Vietnam's changes in export performance and supplier strategies in the global garment value chains as a result of shift in international trade arrangements. Trade and competitive theories are used to analyse supplier reactions to the shifts. After the changes the Vietnamese garment industry has sustained its high level of export growth and gained import market share at its main US market although not as much as China. However, the growth export performance appears to be a mere volume expansion. There is little evidence that the suppliers are pursuing functional upgrading strategies besides the fact that they are flexible serving several customers at different markets. Journal: Journal of the Asia Pacific Economy Pages: 162-171 Issue: 2 Volume: 14 Year: 2009 X-DOI: 10.1080/13547860902785997 File-URL: http://hdl.handle.net/10.1080/13547860902785997 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:14:y:2009:i:2:p:162-171 Template-Type: ReDIF-Article 1.0 Author-Name: Peter Wad Author-X-Name-First: Peter Author-X-Name-Last: Wad Title: The automobile industry of Southeast Asia: Malaysia and Thailand Abstract: With the exception of countries with huge potential markets like China and India the dominant academic view on establishing and sustaining viable national automobile projects in Asian developing countries is pessimistic, but still pursued by some developing country governments in Asia. Where do these contradicting views leave the Association of Southeast Asian Nations (ASEAN) automobile industry a decade after the East Asian financial crisis of 1997–1998, and at a time of a new global financial crisis emanating in the US and a downturn of the global economy? And how has automobile manufacturing in Thailand and Malaysia – two countries with sizable automobile markets that pursued different automobile policies and strategies since the early 1980s – adjusted and developed in a context of economic globalisation and emerging regionalisation of the ASEAN auto market in the twenty-first century? What are the lessons to be learned by Thailand's automobile policy that is oriented towards foreign direct investment (FDI) and Malaysia's national-champion policy of motor vehicle manufacturing? The article argues that Thailand appears as a success story in the twenty-first century pertaining to the export success of the Thai-based automobile industry via the value chains of Japanese and American MNCs, while it is last call for Malaysia's national automobile project either to innovate exportable brands targeting less competitive markets in, for example, Islamic countries, or to re-link with MNCs, which again seems to be possible only by giving up local management control, and hence to move beyond Malaysian automobile nationalism. Journal: Journal of the Asia Pacific Economy Pages: 172-193 Issue: 2 Volume: 14 Year: 2009 X-DOI: 10.1080/13547860902786029 File-URL: http://hdl.handle.net/10.1080/13547860902786029 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:14:y:2009:i:2:p:172-193 Template-Type: ReDIF-Article 1.0 Author-Name: Rene Ofreneo Author-X-Name-First: Rene Author-X-Name-Last: Ofreneo Title: Failure to launch: industrialisation in metal-rich Philippines Abstract: This paper is an inquiry into the failure of the Philippines to utilise its rich endowment of metallic minerals in pursuing industrialisation tracing it to the absence of a clear and coherent industrial vision and programme, policy inconsistencies, weak political will and poor government–private sector cooperation using illustrations from a four-decade-old steel integration project that failed to take off. Moreover, the post-war growth of the mining industry developed not on the basis of the long-term industrial requirements of the country but around the raw material requirements of an emergent Japan. Even the sintering and smelting projects came about on the initiative of Japan based on the latter's narrow development agenda for the host country. The paper, however, argues that present-day globalisation realities dictate that the Philippines and other similarly situated developing countries should focus on activities with the highest potentials for value addition, job creation and sustained development in their industrialisation efforts. For this, strategic industrial visioning and an activist State capable of translating the vision into concrete doables and follow-ups are still in order, which require investment in innovation, and good labour and human resources management practices. Journal: Journal of the Asia Pacific Economy Pages: 194-209 Issue: 2 Volume: 14 Year: 2009 X-DOI: 10.1080/13547860902786037 File-URL: http://hdl.handle.net/10.1080/13547860902786037 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:14:y:2009:i:2:p:194-209 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Notes on Contributors Journal: Journal of the Asia Pacific Economy Pages: 210-210 Issue: 2 Volume: 14 Year: 2009 X-DOI: 10.1080/13547860902786060 File-URL: http://hdl.handle.net/10.1080/13547860902786060 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:14:y:2009:i:2:p:210-210 Template-Type: ReDIF-Article 1.0 Author-Name: Biman Prasad Author-X-Name-First: Biman Author-X-Name-Last: Prasad Author-Name: Paresh Narayan Author-X-Name-First: Paresh Author-X-Name-Last: Narayan Title: Productivity Differential and the Relationship between Exports and GDP in Fiji: An Empirical Assessment Using the Two Sector Model Abstract: This study uses a two-sector model to determine the productivity differential between the export and non-export sectors of Fiji, and the contribution of exports and investment to gross domestic product over the period 1962–2000. Amongst our key results, we find that the productivity differential between the export and non-export sectors is small and statistically insignificant; investment to GDP ratio and weighted exports positively contribute to economic growth in Fiji; and in the abnormal years (years of coups in Fiji) marginal productivity in capital in the non-export sector is lower than in normal years. Journal: Journal of the Asia Pacific Economy Pages: 106-122 Issue: 1 Volume: 11 Year: 2005 X-DOI: 10.1080/13547860500347679 File-URL: http://hdl.handle.net/10.1080/13547860500347679 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:11:y:2005:i:1:p:106-122 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Notes on Contributors Abstract: Journal: Journal of the Asia Pacific Economy Pages: 143-145 Issue: 1 Volume: 11 Year: 2005 X-DOI: 10.1080/13547860500347687 File-URL: http://hdl.handle.net/10.1080/13547860500347687 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:11:y:2005:i:1:p:143-145 Template-Type: ReDIF-Article 1.0 Author-Name: Shinichiro Okushima Author-X-Name-First: Shinichiro Author-X-Name-Last: Okushima Author-Name: Hiroko Uchimura Author-X-Name-First: Hiroko Author-X-Name-Last: Uchimura Title: How does the Economic Reform Exert Influence on Inequality in Urban China? Abstract: This paper reports the results of an analysis of changes in income inequality, and in its determinants, in urban China since the economic reforms that began in 1978. The intention is to identify new characteristics of economic inequality. It first shows that income differentials across and in provinces widened and that their economic rankings were becoming fixed during the period from 1988 to 1995. Second, age was the major factor in inequality in 1988, while education became the important factor in 1995. Third, education significantly contributed to increasing inequality during the period. Fourth, the higher education-level groups had less within-group inequality. These changes reflect the penetration of the market mechanism into China after the reforms. However, this will be problematic without equality of opportunity. Journal: Journal of the Asia Pacific Economy Pages: 35-58 Issue: 1 Volume: 11 Year: 2005 X-DOI: 10.1080/13547860500347711 File-URL: http://hdl.handle.net/10.1080/13547860500347711 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:11:y:2005:i:1:p:35-58 Template-Type: ReDIF-Article 1.0 Author-Name: Peter Wilson Author-X-Name-First: Peter Author-X-Name-Last: Wilson Title: Prospects for Asian Exchange Rate Cooperation: Why an ERM Solution Might be the Most Palatable Abstract: This paper re-assesses the prospects for greater exchange rate cooperation in East Asia in the wake of the Asian financial crisis of 1997–8. The crisis highlighted the inability of unilateral exchange rate mechanisms to deal adequately with the inflow of foreign capital and the absence of a common defensive mechanism to deal with speculative movements in exchange rates. Since 1997 there have been a number of initiatives to enhance monetary cooperation in the region including options for a common exchange rate system. We find that whilst a common monetary and exchange rate policy in East Asia is unlikely in the foreseeable future, until the net economic benefits of giving up unilateral exchange rate regimes are more apparent, a good case can be made for continuing to talk about such arrangements. In the early stages the prerequisites for exchange rate cooperation are not as demanding as for full monetary union, provided sufficient flexibility is built-in. Of the available options a solution along the lines of the former European Exchange Rate Mechanism might be politically the most appealing if the arrangements are flexible enough to leave countries initially with sufficient independence in macroeconomic policy, and it can build on European experience. Journal: Journal of the Asia Pacific Economy Pages: 1-34 Issue: 1 Volume: 11 Year: 2005 X-DOI: 10.1080/13547860500347737 File-URL: http://hdl.handle.net/10.1080/13547860500347737 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:11:y:2005:i:1:p:1-34 Template-Type: ReDIF-Article 1.0 Author-Name: Caroline Yeoh Author-X-Name-First: Caroline Author-X-Name-Last: Yeoh Author-Name: Siang Wong Author-X-Name-First: Siang Author-X-Name-Last: Wong Title: Extending Economic Boundaries and Exporting Expertise: New Evidence on Singapore's Gambit in Indonesia, Vietnam and India Abstract: Singapore's regionalization stratagem led to the establishment of industrial parks in China, India and several South-East Asian countries. The strategic intent behind these overseas projects was twofold: exporting Singapore's competencies such as management know-how, technological capabilities and corrupt-free administration to regions where such positive factors were lacking and secondly, exploiting comparative advantages that each region had to offer. This paper1 revisits Singapore's flagship projects in Indonesia, Vietnam and India. Evidence from on-site surveys and interviews are presented. This paper contends that progress in these privileged investment zones remains stymied by particular dependencies and challenges in the host environments. Journal: Journal of the Asia Pacific Economy Pages: 79-105 Issue: 1 Volume: 11 Year: 2005 X-DOI: 10.1080/13547860500347752 File-URL: http://hdl.handle.net/10.1080/13547860500347752 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:11:y:2005:i:1:p:79-105 Template-Type: ReDIF-Article 1.0 Author-Name: Jin Jung Author-X-Name-First: Jin Author-X-Name-Last: Jung Author-Name: Kang-Shik Choi Author-X-Name-First: Kang-Shik Author-X-Name-Last: Choi Title: The Labor Market Structure of Knowledge-Based Industries: A Korean Case Abstract: This paper analyses the labor market structure of knowledge-based industries vis-à-vis industries with low knowledge intensity, in terms of employment and wage structures. Empirical evidence suggests that knowledge-based industries have been largely responsible for employment growth and structural changes, not to mention output growth, in Korea, just as in most other OECD countries. In comparison with other industries, knowledge-based industries are characterized by a higher ratio of knowledge-intensive jobs, higher hourly wage rates (for workers with comparable qualifications), and a higher wage premium of education. The rent of knowledge-based industries, if any, is skewed toward more educated workers, implying a skill bias in knowledge-based industries. The foreseen structural shift from traditional industrial sectors to knowledge-based industrial sectors thus implies that labor demand will center more around highly-skilled and high-paying jobs. This in turn will result in a widening gap in employment opportunities and wages, between economic sectors with growing labor demand and those without. Journal: Journal of the Asia Pacific Economy Pages: 59-78 Issue: 1 Volume: 11 Year: 2005 X-DOI: 10.1080/13547860500347810 File-URL: http://hdl.handle.net/10.1080/13547860500347810 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:11:y:2005:i:1:p:59-78 Template-Type: ReDIF-Article 1.0 Author-Name: Mohd. Kamruzzaman Author-X-Name-First: Mohd. Author-X-Name-Last: Kamruzzaman Author-Name: Basil Manos Author-X-Name-First: Basil Author-X-Name-Last: Manos Author-Name: Moss. Begum Author-X-Name-First: Moss. Author-X-Name-Last: Begum Title: Evaluation of Economic Efficiency of Wheat Farms in a Region of Bangladesh under the Input Orientation Model Abstract: This study pertains to a region of Khulna Division, a southwestern part of Bangladesh. The economic efficiency of wheat farms in this rural area was estimated through Data Envelopment Analysis (DEA) of farm level data for the year 2002. The overall mean efficiency score of the sample farms was 0.86 meaning that the economic efficiency of the sample farms was 14 percent below what can be achieved. Computed efficiency scores were subsequently regressed on explanatory variables using a Tobit analysis, to help in identifying inefficiency related factors. Nine explanatory variables were identified as being related to efficiency. Finally, how an inefficient farm becomes an efficient one was estimated and it was found that 34.29 percent of the TSP fertilizer was being over used in the farm levels of Bangladesh, which is the highest misallocation in the study area. To this end, a constant return to scale and input orientation model has been applied to a sample of 150 wheat farms. Journal: Journal of the Asia Pacific Economy Pages: 123-142 Issue: 1 Volume: 11 Year: 2005 X-DOI: 10.1080/09503110500348008 File-URL: http://hdl.handle.net/10.1080/09503110500348008 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:11:y:2005:i:1:p:123-142 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: referees 2009 Journal: Journal of the Asia Pacific Economy Pages: 1-3 Issue: 1 Volume: 15 Year: 2010 X-DOI: 10.1080/13547860903488153 File-URL: http://hdl.handle.net/10.1080/13547860903488153 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:15:y:2010:i:1:p:1-3 Template-Type: ReDIF-Article 1.0 Author-Name: Amarjit Kaur Author-X-Name-First: Amarjit Author-X-Name-Last: Kaur Title: A new order? Asian labour migration, new geographies of migration and global governance Journal: Journal of the Asia Pacific Economy Pages: 4-5 Issue: 1 Volume: 15 Year: 2010 X-DOI: 10.1080/13547860903488179 File-URL: http://hdl.handle.net/10.1080/13547860903488179 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:15:y:2010:i:1:p:4-5 Template-Type: ReDIF-Article 1.0 Author-Name: Amarjit Kaur Author-X-Name-First: Amarjit Author-X-Name-Last: Kaur Title: Labour migration in Southeast Asia: migration policies, labour exploitation and regulation Abstract: Singapore, Malaysia and Thailand are Southeast Asia's economic development success stories and have been shifting towards an intra-regional bias on trade and migration matters. All three countries are heavily dependent on foreign workers and have government-mediated migration policies for their continued economic growth and prosperity. Managing migration is a major problem facing these countries, and the guest worker programme is increasingly seen as the optimal solution to fill labour market gaps. Migration policies often provide incentives for skilled workers, boost circular migration flows among low-skilled guest workers and include stringent border-control regimes to exclude unauthorised migration. The guest worker programme is also reliant on networks and intermediaries, and brokerage fees contribute to less-skilled migrant workers' marginalisation and exploitation. Changes in global migration governance, the inclusion of migrant labour exploitation under the banner of trafficking and the threat of economic sanctions are increasingly resulting in interstate cooperation and more humane border regimes. Journal: Journal of the Asia Pacific Economy Pages: 6-19 Issue: 1 Volume: 15 Year: 2010 X-DOI: 10.1080/13547860903488195 File-URL: http://hdl.handle.net/10.1080/13547860903488195 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:15:y:2010:i:1:p:6-19 Template-Type: ReDIF-Article 1.0 Author-Name: Faizal Yahya Author-X-Name-First: Faizal Author-X-Name-Last: Yahya Author-Name: Arunajeet Kaur Author-X-Name-First: Arunajeet Author-X-Name-Last: Kaur Title: Competition for foreign talent in Southeast Asia Abstract: With the global decline of fertility levels and the retirement of the ‘baby boomer’ generation of the 1960s and 1970s, multinational companies are competing the world over for talented human capital. With rapid globalization and the increasing importance of the knowledge-based economy (KBE), governments are competing with each other to attract the best and brightest talents. The competition for talented human capital is occurring not only in developed economies but also in the newly industrializing economies of Southeast Asia. Singapore is experiencing very low fertility levels and is unable to produce a critical mass of talented individuals to propel further growth of its KBE despite massive investments in its education sector. Malaysia has a higher level of fertility and larger pool of graduates, but because of inherent constraints, most of its graduates have not achieved the level of competence required to sustain growth in Malaysia's KBE. The aim of this paper would be to compare the state strategies of both Malaysia and Singapore in their quest to attract foreign talent that would enable both economies to develop into KBEs. The paper will compare and contrast the strategy of recruiting foreign talent in Malaysia and Singapore as well as its economic, political and social impact on local talent. Specifically, the paper will examine the recruitment of foreign talent from India, which is one of the largest global sources of talent outflow. Journal: Journal of the Asia Pacific Economy Pages: 20-32 Issue: 1 Volume: 15 Year: 2010 X-DOI: 10.1080/13547860903488203 File-URL: http://hdl.handle.net/10.1080/13547860903488203 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:15:y:2010:i:1:p:20-32 Template-Type: ReDIF-Article 1.0 Author-Name: Myat Mon Author-X-Name-First: Myat Author-X-Name-Last: Mon Title: Burmese labour migration into Thailand: governance of migration and labour rights Abstract: The vast majority of migrant workers in Thailand are Burmese who have emigrated on account of economic hardship, political instability and the repressive policies of the Burmese Government. Most of the Burmese migrants work illegally in Thailand. Although the Burmese regime has signed Memoranda of Understanding (MoUs) with the Thai Government, a lack of will on the part of the Burmese Government to implement the MoUs has left undocumented Burmese migrants worse off than their Laotian and Cambodian counterparts. In addition, the Thai Government's corrupt and discriminatory law enforcement record and its failure to protect labour rights have led to ongoing violence against migrant workers, as well as to their exploitation and trafficking by unscrupulous recruiters. The Thai Government, and Thai society at large, should acknowledge the positive contribution of migrant workers to the Thai economy and improve their working and living conditions. The Burmese Government, too, needs to reform its labour migration policies and institute special programmes to assist Burmese migrants. Journal: Journal of the Asia Pacific Economy Pages: 33-44 Issue: 1 Volume: 15 Year: 2010 X-DOI: 10.1080/13547860903488211 File-URL: http://hdl.handle.net/10.1080/13547860903488211 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:15:y:2010:i:1:p:33-44 Template-Type: ReDIF-Article 1.0 Author-Name: Theresa Devasahayam Author-X-Name-First: Theresa Author-X-Name-Last: Devasahayam Title: Placement and/or protection? Singapore's labour policies and practices for temporary women migrant workers Abstract: This paper examines current labour policies directed at unskilled women migrant workers in Singapore. Since the early 1980s, the rationale underlying Singapore's labour policies towards temporary migrant workers has been that of maximizing economic benefits while simultaneously minimizing social and economic costs. But adopting this position has been increasingly difficult because of the persistent abuses these migrants experience. Closer scrutiny of the immigration policies and practices for unskilled women migrants over the last two decades reveals a gradual shift by the Singapore State towards greater seriousness in addressing temporary women migrant worker issues. This paper argues, however, that the resulting policies tend to reinforce placement procedures more than they help to ensure the actual protection and empowerment of these migrant workers. Moreover, any shift in labour policies and practices towards unskilled migrant workers tends mainly to benefit first the State, then the employer and, only last, the worker. Journal: Journal of the Asia Pacific Economy Pages: 45-58 Issue: 1 Volume: 15 Year: 2010 X-DOI: 10.1080/13547860903488229 File-URL: http://hdl.handle.net/10.1080/13547860903488229 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:15:y:2010:i:1:p:45-58 Template-Type: ReDIF-Article 1.0 Author-Name: Judith Shaw Author-X-Name-First: Judith Author-X-Name-Last: Shaw Title: From Kuwait to Korea: the diversification of Sri Lankan labour migration Abstract: For decades, the stereotypical Sri Lankan migrant worker has been a low-wage female domestic servant in Saudi Arabia or Lebanon. But the stereotype no longer represents the reality: since the late 1990s nearly half of the migrant workforce has been male, and many migrants are opting for new destinations in Europe and Asia rather than the Middle East. The increasing heterogeneity of the migrant workforce underscores the need for a better understanding of the relationships between gender, occupation, destination and migration outcomes This paper reviews recent trends in Sri Lankan migration and uses data from a household survey to profile rural migrant-sending households and investigate differences in socio-economic characteristics, destinations and occupations, remitting behaviour and the role of remittances in the household economy. Journal: Journal of the Asia Pacific Economy Pages: 59-70 Issue: 1 Volume: 15 Year: 2010 X-DOI: 10.1080/13547860903488237 File-URL: http://hdl.handle.net/10.1080/13547860903488237 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:15:y:2010:i:1:p:59-70 Template-Type: ReDIF-Article 1.0 Author-Name: Vera Mackie Author-X-Name-First: Vera Author-X-Name-Last: Mackie Title: Managing borders and managing bodies in contemporary Japan Abstract: Matters of border control in twenty-first-century Japan interact with current social issues involving demography, the labour market and economic relationships with other countries in the region. Japan faces a rapidly ageing population, the highest life expectancy in the world, a birth rate well below replacement level and a shrinking population. Smaller families find it difficult to provide primary care for the sick, the elderly and those with disabilities, and the welfare system is stretched to the limit. At the same time, Japanese people are increasingly unwilling to undertake work regarded as ‘manual labour’ or ‘unskilled labour’. Thus, the management of border control is related to the labour market and the management of welfare. This is a range of policies which I would like to refer to as involving the management of bodies. This paper thus focuses on ‘the management of borders’ and the ‘management of bodies’ in contemporary Japan. Journal: Journal of the Asia Pacific Economy Pages: 71-85 Issue: 1 Volume: 15 Year: 2010 X-DOI: 10.1080/13547860903488245 File-URL: http://hdl.handle.net/10.1080/13547860903488245 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:15:y:2010:i:1:p:71-85 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Notes on Contributors Journal: Journal of the Asia Pacific Economy Pages: 86-87 Issue: 1 Volume: 15 Year: 2010 X-DOI: 10.1080/13547860903488252 File-URL: http://hdl.handle.net/10.1080/13547860903488252 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:15:y:2010:i:1:p:86-87 Template-Type: ReDIF-Article 1.0 Author-Name: John Thoburn Author-X-Name-First: John Author-X-Name-Last: Thoburn Title: Globalization and poverty in Vietnam: Introduction and overview Abstract: The papers in this special issue present results from three research projects on Vietnam looking, respectively, at poverty dynamics; globalization, production and poverty; and at foreign direct investment. Vietnam has seen a striking reduction in poverty since its opening to the outside world in the early 1990s under its doi moi economic reform programme, and evidence for this poverty reduction is not sensitive to where the poverty line is drawn. Inequality, however, has risen. An important part of Vietnam’s reform programme has been the rapid development of labour-intensive manufactured exports such as garments and footwear, partly driven by foreign investment, while the domestic market has remained quite protected. Employment growth has been disappointing, though, since Vietnamese industry has been shedding labour as it catches up with world standards of productivity. Journal: Journal of the Asia Pacific Economy Pages: 127-144 Issue: 2 Volume: 9 Year: 2004 X-DOI: 10.1080/1354786042000207290 File-URL: http://hdl.handle.net/10.1080/1354786042000207290 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:9:y:2004:i:2:p:127-144 Template-Type: ReDIF-Article 1.0 Author-Name: Julie Litchfield Author-X-Name-First: Julie Author-X-Name-Last: Litchfield Author-Name: Patricia Justino Author-X-Name-First: Patricia Author-X-Name-Last: Justino Title: Welfare in Vietnam during the 1990s: Poverty, inequality and poverty dynamics Abstract: Vietnam’s economy was transformed during the 1990s through a series of economic, social and political reforms, resulting in an average growth rate over the decade in excess of 6 per cent per annum, accompanied by a dramatic fall in the incidence of consumption per capita poverty. This paper examines changes in poverty and poverty dynamics over the 1990s using a nationally representative panel of households surveyed in 1992–93 and 1997–98. We analyse how robust the reduction in poverty is to the methods used to measure poverty. We find that regardless of where the poverty line is drawn, consumption per capita poverty fell between the surveys. We also examine changes in the distribution of living standards over time, finding that the fall in poverty was accompanied by a rise in inequality, with some sub-groups of the population failing to share equally in the growth of the country. Finally, we examine rural poverty dynamics, presenting transition matrices of movements in and out of poverty over time and estimating a model of consumption growth. We find that regional differences are important, as are access to key institutions and infrastructure, and education. We also find that shifts in employment and production patterns, especially of rice, which we argue to be induced by the economic reform process, are strongly related to changes in living standards. Journal: Journal of the Asia Pacific Economy Pages: 145-169 Issue: 2 Volume: 9 Year: 2004 X-DOI: 10.1080/1354786042000207317 File-URL: http://hdl.handle.net/10.1080/1354786042000207317 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:9:y:2004:i:2:p:145-169 Template-Type: ReDIF-Article 1.0 Author-Name: Yoko Niimi Author-X-Name-First: Yoko Author-X-Name-Last: Niimi Author-Name: Puja Vasudeva-Dutta Author-X-Name-First: Puja Author-X-Name-Last: Vasudeva-Dutta Author-Name: L. Alan Winters Author-X-Name-First: L. Alan Author-X-Name-Last: Winters Title: Storm in a rice bowl: Rice reform and poverty in Vietnam in the 1990s Abstract: This paper analyses the poverty impact of Vietnam’s reforms, especially with reference to the rice economy, during the 1990s. It reviews trade and institutional reforms that directly impinged on the rice sector, and the trends in rice production, consumption and prices throughout the 1990s. We then analyse the impact of rice production on poverty dynamics by estimating a multinomial logit model based on a panel of 4,302 households. Our results show that the increased rice production as a result of various reforms contributed to poverty reduction. We also explore whether households that are disproportionately heavy consumers of rice suffered from the price increase. We examine whether allowing the poverty line to reflect household-specific consumption bundles would change the identification of poverty dynamics. We conclude that unless the large changes in relative prices are accompanied by massive differences in consumption baskets across households accounting for differences in consumption preferences would make little difference in assessing the poverty implications of reform. Journal: Journal of the Asia Pacific Economy Pages: 170-190 Issue: 2 Volume: 9 Year: 2004 X-DOI: 10.1080/1354786042000207326 File-URL: http://hdl.handle.net/10.1080/1354786042000207326 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:9:y:2004:i:2:p:170-190 Template-Type: ReDIF-Article 1.0 Author-Name: Rhys Jenkins Author-X-Name-First: Rhys Author-X-Name-Last: Jenkins Title: Why has employment not grown more quickly in Vietnam? Abstract: A paradox of Vietnam’s economic performance in the 1990s has been that despite rapid economic growth, extensive economic reforms, increased openness and significant reductions in poverty, the rate of employment growth has been disappointing. Conventional explanations of the slow growth of employment emphasize the incomplete nature of the economic reform process emphasizing three key areas – trade policy, the role of state-owned enterprises and labour market policies – which have led to resources being misallocated to the detriment of labour-intensive export sectors and the private sector. The paper shows that the slow growth of industrial employment in Vietnam has not been a result of an excessive concentration of resources on capital-intensive industries or state-owned enterprises. It is primarily the changes which have occurred within industries, resulting in increases in labour productivity from the very low levels at the beginning of the 1990s, that have prevented industry from absorbing more workers. Journal: Journal of the Asia Pacific Economy Pages: 191-208 Issue: 2 Volume: 9 Year: 2004 X-DOI: 10.1080/1354786042000207335 File-URL: http://hdl.handle.net/10.1080/1354786042000207335 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:9:y:2004:i:2:p:191-208 Template-Type: ReDIF-Article 1.0 Author-Name: Nick Freeman Author-X-Name-First: Nick Author-X-Name-Last: Freeman Title: Harnessing foreign direct investment for economic development and poverty reduction: Lessons from Vietnam Abstract: Vietnam has been successful in attracting substantial foreign direct investment (FDI) inflows. The foreign-invested sector is an important engine of economic growth for Vietnam. The first part of the article profiles Vietnam’s experience in attracting FDI since the late 1980s, and identifies the factors that lay behind a subsequent contraction in FDI inflows during the latter half of the 1990s. The second part identifies areas where Vietnam might improve its attractiveness to foreign investors, and thereby better harness overseas capital for sustained economic development and poverty reduction. This necessitates moving away from incremental adjustments to the FDI regime itself, and adopting a more holistic approach to the design and implementation of a conducive host country business environment, which benefits both local and overseas investors alike. Many of the lessons learnt by Vietnam are pertinent to other developing and transitional economies seeking to harness FDI for economic development and poverty reduction. Journal: Journal of the Asia Pacific Economy Pages: 209-222 Issue: 2 Volume: 9 Year: 2004 X-DOI: 10.1080/1354786042000207344 File-URL: http://hdl.handle.net/10.1080/1354786042000207344 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:9:y:2004:i:2:p:209-222 Template-Type: ReDIF-Article 1.0 Author-Name: Hafiz Mirza Author-X-Name-First: Hafiz Author-X-Name-Last: Mirza Author-Name: Axèle Giroud Author-X-Name-First: Axèle Author-X-Name-Last: Giroud Title: Regionalization, foreign direct investment and poverty reduction: Lessons from Vietnam in ASEAN Abstract: This article examines whether, and to what degree, Vietnam has benefited from foreign direct investment (FDI) since its entry into ASEAN in 1995. The investigation consists of an assessment of ‘halo’ and market creation effects, linkages into the regional and global value chain and the lessons learned from the experience of other ASEAN countries. There is little evidence that the halo or market effects have affected TNC entry into Vietnam. However, foreign subsidiaries in Vietnam are closely integrated into regional and global value chains and ASEAN-based TNCs are a very promising source for further investment into Vietnam, however this value-chain involvement has to be managed very carefully. On the lessons side, the analysis shows that development in most ASEAN economies is largely a scale effect (with nuances) and the Holy Grail of spillover effects has scarcely been glimpsed. Vietnam can learn valuable lessons from ASEAN countries such as Malaysia and Thailand, where direct effects (e.g. employment) and consumption multipliers are high, but value-chain multipliers and spillovers remain low. Journal: Journal of the Asia Pacific Economy Pages: 223-248 Issue: 2 Volume: 9 Year: 2004 X-DOI: 10.1080/1354786042000207353 File-URL: http://hdl.handle.net/10.1080/1354786042000207353 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:9:y:2004:i:2:p:223-248 Template-Type: ReDIF-Article 1.0 Author-Name: Khalid Nadvi Author-X-Name-First: Khalid Author-X-Name-Last: Nadvi Author-Name: John Thoburn Author-X-Name-First: John Author-X-Name-Last: Thoburn Author-Name: Bui Tat Thang Author-X-Name-First: Bui Tat Author-X-Name-Last: Thang Author-Name: Nguyen Thi Thanh Ha Author-X-Name-First: Nguyen Thi Thanh Author-X-Name-Last: Ha Author-Name: Nguyen Thi Hoa Author-X-Name-First: Nguyen Thi Author-X-Name-Last: Hoa Author-Name: Dao Hong Le Author-X-Name-First: Dao Hong Author-X-Name-Last: Le Title: Challenges to Vietnamese firms in the world garment and textile value chain, and the implications for alleviating poverty Abstract: The global garment and textile industries face changing international trade regimes, concerns with labour standards, new competitors and forms of competition. These challenges have a differentiated impact on developing-country producers and workers. One potential ‘winner’ is Vietnam. This paper uses a global value-chain framework to analyse the Vietnamese experience. It maps Vietnam’s changing position in the global industry, and probes ties between Vietnamese firms and global buyers. It explores links within the Vietnamese garment and textiles sectors, and considers the impact of global challenges on Vietnamese firms and workers. This helps distinguish who are the potential ‘winners’ and ‘losers’. Journal: Journal of the Asia Pacific Economy Pages: 249-267 Issue: 2 Volume: 9 Year: 2004 X-DOI: 10.1080/1354786042000207362 File-URL: http://hdl.handle.net/10.1080/1354786042000207362 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:9:y:2004:i:2:p:249-267 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Book review Journal: Journal of the Asia Pacific Economy Pages: 268-269 Issue: 2 Volume: 9 Year: 2004 X-DOI: 10.1080/1354786042000207371 File-URL: http://hdl.handle.net/10.1080/1354786042000207371 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:9:y:2004:i:2:p:268-269 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Notes on contributors Journal: Journal of the Asia Pacific Economy Pages: 270-272 Issue: 2 Volume: 9 Year: 2004 X-DOI: 10.1080/1354786042000207380 File-URL: http://hdl.handle.net/10.1080/1354786042000207380 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:9:y:2004:i:2:p:270-272 Template-Type: ReDIF-Article 1.0 Author-Name: Shahina Amin Author-X-Name-First: Shahina Author-X-Name-Last: Amin Title: Life-cycle labor supply of married women and family income inequality in Malaysia Abstract: Using the first and second Malaysian Family Life Surveys, the paper analyzes the life-cycle variation in the labor supply of married women and the impact of this variation on family income inequality. Using the coefficient of variation as an indicator of income inequality and different counterfactuals, the empirical results show that women’s earnings equalize family income inequality. Among women who are in their child-bearing and child-rearing years, rural women increase the magnitude of the equalizing effect, while urban women increase the dispersion a little. In the post-child-bearing and child-rearing years, all women decrease family income inequality and the magnitude of the equalizing effect increases. To carry out this investigation, the paper traces the growth of labor force participation and earnings of married women from 1976 to 1988. Journal: Journal of the Asia Pacific Economy Pages: 1-18 Issue: 1 Volume: 8 Year: 2003 X-DOI: 10.1080/1354786032000045219 File-URL: http://hdl.handle.net/10.1080/1354786032000045219 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:8:y:2003:i:1:p:1-18 Template-Type: ReDIF-Article 1.0 Author-Name: Mansor Ibrahim Author-X-Name-First: Mansor Author-X-Name-Last: Ibrahim Title: Macroeconomic forces and capital market integration A VAR analysis for Malaysia Abstract: This paper applies cointegration and VAR modeling to evaluate the long-run relationship and dynamic interactions between the Malaysian equity market, various economic variables, and major equity markets of the US and Japan. From the analysis, we find evidence for cointegration among the variables. The variance decompositions and impulse-response functions generated from the VAR suggest the dominant influence of nominal variables, particularly the money supply on Malaysian equity prices. At the same time, variations in equity prices do contain some information on such nominal variables, as money supply and consumer prices, suggesting bidirectional causality between them. We also note from the results the significant role of international equity prices on Malaysian equity prices as well as on Malaysian economic variables. Interestingly, the nature of the long-run relationship and spillovers of disturbances in the two major markets to the Malaysian economy is different. From a policy point of view, to the extent that monetary authority can control money supply, it has to be very cautious in implementing monetary policy since it has repercussions on financial stability. Moreover, disturbances of two major financial markets need to be treated differently in the information set of policy-makers. Journal: Journal of the Asia Pacific Economy Pages: 19-40 Issue: 1 Volume: 8 Year: 2003 X-DOI: 10.1080/1354786032000045228 File-URL: http://hdl.handle.net/10.1080/1354786032000045228 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:8:y:2003:i:1:p:19-40 Template-Type: ReDIF-Article 1.0 Author-Name: Chinna Kannapiran Author-X-Name-First: Chinna Author-X-Name-Last: Kannapiran Title: A macroeconometric model of a developing economy Abstract: A simpler macroeconomic model of a developing economy is developed under the IS–LM and Mundell–Fleming model framework. The model is estimated and evaluated using the quarterly time-series data of Papua New Guinea, a small open developing economy. The macroeconometric version of the model, an over-identified simultaneous equation model with error correction specifications, is estimated by the 2SLS-CORC method. The specification of the model is appropriate and its predictive accuracy and structural stability are of acceptable standards. The model estimates are found useful to study the behaviour of the macroeconomic variables and to make forecasting in a developing economy. This model provides the basic structure to study macroeconomic behaviour and to make forecasts in developing economies. The model is capable of efficiently tracking the historical value of endogenous variables. The model must be appropriate for a small open developing economy with necessary modification for lag structure, structural break etc. It can be easily managed with minimum data input and resources. The model will be of interest to developing countries in the Asia-Pacific and other regions to conduct various policy analyses. Journal: Journal of the Asia Pacific Economy Pages: 41-56 Issue: 1 Volume: 8 Year: 2003 X-DOI: 10.1080/1354786032000045237 File-URL: http://hdl.handle.net/10.1080/1354786032000045237 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:8:y:2003:i:1:p:41-56 Template-Type: ReDIF-Article 1.0 Author-Name: Bohm Park Author-X-Name-First: Bohm Author-X-Name-Last: Park Author-Name: Keun Lee Author-X-Name-First: Keun Author-X-Name-Last: Lee Title: Comparative analysis of foreign direct investment in China Firms from South Korea, Hong Kong, and the United States in Shandong province Abstract: This article investigates in comparative perspective the behavior and strategies of FDI firms in China from South Korea, the United States, and Hong Kong. We compare the firms’ motivations for FDI, sectoral distribution of FDI and ownership advantages, corporate governance and ownership, and linkage with local Chinese firms. Our study has four major findings. First, on motivations for investment, the Korean FDI firms in China aimed to use China as an export-processing base, whereas the US FDI firms tend to target local Chinese markets. Hong Kong FDI firms tend to be somewhere between the Korean and the American firms, targeting both export and local markets. Second, on the sectoral distribution of FDI and related ownership advantages, the Korean FDI firms focus on labor-intensive sectors over which they have ownership advantages, exploiting cheap labor and raw materials, while ownership advantages of the US and Hong Kong firms tend to lie in capitalintensive sectors. Third, on the governance forms of the FDI firms, the Korean FDI firms show a strong preference for wholly foreign-owned FDI, whereas Hong Kong and American FDI firms show less preference for this type of arrangement. Hong Kong firms show some preference for the contractual joint ventures that enable more flexible arrangements between partner firms. Fourth, on linkage with local firms, Korean FDI firms rely very little on backward linkage with local firms, whereas US and Hong Kong firms show a strong tendency for backward linkage with local firms. Journal: Journal of the Asia Pacific Economy Pages: 57-84 Issue: 1 Volume: 8 Year: 2003 X-DOI: 10.1080/1354786032000045246 File-URL: http://hdl.handle.net/10.1080/1354786032000045246 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:8:y:2003:i:1:p:57-84 Template-Type: ReDIF-Article 1.0 Author-Name: Bala Ramasamy Author-X-Name-First: Bala Author-X-Name-Last: Ramasamy Title: FDI and uncertainty: the Malaysian case Abstract: Foreign direct investment (FDI)has fueled the engine of growth of the Malaysian economy since the early 1970s. Most literature in the area of FDI uses Dunning’s eclectic paradigm to explain the who, where, and how of FDI. However, these explanations are inadequate to explain the timing (or when) of FDI, especially during periods of uncertainty. Recent work on FDI introduces two further factors to explain the behavior of foreign investors during times of uncertainty, namely, reversibility and delayability. This paper utilizes these two additional factors to explain the behavior of potential foreign investors. Employing data obtained from the Malaysian Investment Development Authority (MIDA), the paper analyzes the changing nature of sectoral FDI and links this to the reversibility and delayability factors. Journal: Journal of the Asia Pacific Economy Pages: 85-101 Issue: 1 Volume: 8 Year: 2003 X-DOI: 10.1080/1354786032000045255 File-URL: http://hdl.handle.net/10.1080/1354786032000045255 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:8:y:2003:i:1:p:85-101 Template-Type: ReDIF-Article 1.0 Author-Name: Hidetaka Yoshimatsu Author-X-Name-First: Hidetaka Author-X-Name-Last: Yoshimatsu Title: Japanese policy in the Asian economic crises and the developmental state concept Abstract: This article examines Japan’s commitments to the developmental state concept after the Asian economic and currency crises. Some aspects of the concept have been regarded as the causes of the crises, and Japan was seen as failing to defend effectively its own developmental model. However, the Japanese government has strengthened policies and institutions for industrial cooperation toward East Asia after the crises, stressing the elements of the developmental state such as close business–government collaboration and effective uses of public corporations as measures to rehabilitate the growth model in East Asia. In its efforts to assist industrial restructuring in Thailand, the Japanese government made its Thai counterpart acknowledge the necessity of state intervention in fostering small and medium-sized enterprises, and sought to transfer experiences and know-how of institution building such as the advisory council system, the policy finance system and industrial development coordinated by trade associations. Thus, the Japanese government maintained and partially intensified the developmental state approach in its cooperation with industrial restructuring programmes in major East Asian countries after the Asian crises. Journal: Journal of the Asia Pacific Economy Pages: 102-125 Issue: 1 Volume: 8 Year: 2003 X-DOI: 10.1080/1354786032000045264 File-URL: http://hdl.handle.net/10.1080/1354786032000045264 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:8:y:2003:i:1:p:102-125 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Book review Journal: Journal of the Asia Pacific Economy Pages: 126-128 Issue: 1 Volume: 8 Year: 2003 X-DOI: 10.1080/1354786032000045273 File-URL: http://hdl.handle.net/10.1080/1354786032000045273 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:8:y:2003:i:1:p:126-128 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Editorial board Journal: Pages: ebi-ebi Issue: 1 Volume: 4 Year: 1999 X-DOI: 10.1080/13547869908724665 File-URL: http://hdl.handle.net/10.1080/13547869908724665 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:4:y:1999:i:1:p:ebi-ebi Template-Type: ReDIF-Article 1.0 Author-Name: Salim Rashid Author-X-Name-First: Salim Author-X-Name-Last: Rashid Title: Congratulatory note Journal: Pages: 5-6 Issue: 1 Volume: 4 Year: 1999 X-DOI: 10.1080/13547869908724666 File-URL: http://hdl.handle.net/10.1080/13547869908724666 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:4:y:1999:i:1:p:5-6 Template-Type: ReDIF-Article 1.0 Author-Name: Paul Cammack Author-X-Name-First: Paul Author-X-Name-Last: Cammack Author-Name: Gareth Richards Author-X-Name-First: Gareth Author-X-Name-Last: Richards Title: Introduction: ASEM and interregionalism Abstract: The second Asia‐Europe (ASEM) meeting took place in London in April 1998 in very different circumstances from the first, held in Bangkok in 1996. The Europeans had then been motivated to build stronger links with rising Asian interests, addressing the developmentalist states of the region as equal and perhaps superior partners. By the spring of 1998 the Asian financial crisis had transformed the situation, and ASEM II became a forum in which conformity to neoliberal principles was pressed upon them. It seemed at the time that the European Union was bidding to define and claim leadership of a new regime of global economic governance along systematically neoliberal lines. However, as the crisis spread and deepened, and the political, economic and social consequences spread through Southeast Asia in particular, it became clear that even if such a global regime could be defined, significant doubts surrounded the ability and the will of leaders in the region and beyond to implement it. If the ASEM meetings could be considered as a component part of a larger architecture of global economic regulation, then they remained as much an index of the extent of the problem, as an outline of the eventual shape of the solution. Journal: Pages: 1-12 Issue: 1 Volume: 4 Year: 1999 X-DOI: 10.1080/13547869908724667 File-URL: http://hdl.handle.net/10.1080/13547869908724667 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:4:y:1999:i:1:p:1-12 Template-Type: ReDIF-Article 1.0 Author-Name: Paul Cammack Author-X-Name-First: Paul Author-X-Name-Last: Cammack Title: Interpreting ASEM: Interregionalism and the new materialism Abstract: The new multilateralist framework for the analysis of interregionalism is assessed. The value of a culturally pluralist and ethically informed ‘bottom‐up’ alternative to the currently hegemonic ‘top‐down’ system shaped by globalization is affirmed. However, it is argued that a thorough critique of existing capitalist institutions must precede any attempt to devise an alternative approach, and a new materialist alternative to the new multilateralism is advanced. Attention is drawn both to the changing role of the ASEM process in interregional politics, and the extent to which it functions as an auxiliary means of imposing at domestic level the disciplines identified by national regional managers as crucial to continued capitalist accumulation. ASEM is then analysed, following Cox, as a ‘problem‐solving’ institution intended to resolve some of the tensions inherent in regional and global capitalism. This involves identifying aspects of the ASEM process aimed at smoothing contradictions between national and interregional capitalist interests, and suggests that ‘problem‐solving’ requires both innovation and critical analysis. It is further suggested that the ASEM process is exploited by state leaders to reinforce the power of capital over labour in each region. In conclusion, the implications are considered for the generation of a strategic counter‐hegemonic programme which combines a common resistance to capital with a potential for sustaining a plurality of emancipatory movements with different ends. Journal: Journal of the Asia Pacific Economy Pages: 13-32 Issue: 1 Volume: 4 Year: 1999 X-DOI: 10.1080/13547869908724668 File-URL: http://hdl.handle.net/10.1080/13547869908724668 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:4:y:1999:i:1:p:13-32 Template-Type: ReDIF-Article 1.0 Author-Name: Walden Bello Author-X-Name-First: Walden Author-X-Name-Last: Bello Title: The Asian financial crisis: Causes, dynamics, prospects Abstract: Since mid‐1997 East Asia, which had long been acclaimed as the driving force of the global economy, has been wracked by financial turmoil. The international policy response has been led primarily by the International Monetary Fund with the full support of both the United States government and the European Union. Those who predicted that IMF policy prescriptions would quickly bring the Asian economic crisis under control have seriously underestimated the depth of the recession that has hit the region. This paper offers an explanation of the causes of the crises and, in doing so, provides a critique of the international policy response. It begins with an examination of the way that the crisis exemplifies the terminal collapse of Southeast Asia's fast‐track development model through case studies of Thailand and the Philippines. The second part offers a critical analysis of the IMF policies which have not only institutionalized stagnation in the region but have been used overtly by the Clinton administration (and the EU by default) to promote the trade and investment objectives of the leading states in the global economy. The third part examines the implications of IMF‐directed structural adjustment and suggests that with the strategic withdrawal of capital, East Asia may be on the threshold of a prolonged era of recession. The conclusion argues that the very severity of the crisis demands the serious consideration of a range of alternative political and economic strategies that will be essential for the pursuit of a model of sustainable development in the future. Journal: Journal of the Asia Pacific Economy Pages: 33-55 Issue: 1 Volume: 4 Year: 1999 X-DOI: 10.1080/13547869908724669 File-URL: http://hdl.handle.net/10.1080/13547869908724669 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:4:y:1999:i:1:p:33-55 Template-Type: ReDIF-Article 1.0 Author-Name: Heiner Hänggi Author-X-Name-First: Heiner Author-X-Name-Last: Hänggi Title: ASEM and the construction of the New Triad Abstract: Since the mid‐1990s, the idea of a trilateral or tripolar world order based on the economically most advanced macro‐regions North America, Western Europe and East Asia ‐ the new Triad ‐ has gained much acceptance in Asian and European policy‐making circles. Though the triangle imagery is still quite far from what seems to be reality, it provided the major rationale for the creation of the Asia‐Europe Meeting (ASEM) process which was designed to strengthen the ‘weak leg’ in the triadic interregional relationship. The paper analyses the role of ASEM in the construction of the new Triad and identifies five functions of ASEM in this context. It concludes that the recent Asian economic crisis tends to undermine the rationale on which ASEM was built, at least temporarily, whereas ASEM itself may not lose its importance for the countries involved. Journal: Journal of the Asia Pacific Economy Pages: 56-80 Issue: 1 Volume: 4 Year: 1999 X-DOI: 10.1080/13547869908724670 File-URL: http://hdl.handle.net/10.1080/13547869908724670 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:4:y:1999:i:1:p:56-80 Template-Type: ReDIF-Article 1.0 Author-Name: Franco Algieri Author-X-Name-First: Franco Author-X-Name-Last: Algieri Title: The coherence dilemma of EU external relations: The European Asia policy Abstract: The European Union (EU) has established a highly differentiated set of external relations including trade policy, development cooperation, political dialogue and security questions. By linking the economic and political dimensions, the EU tries to be more than just an economic actor in international relations. Cooperation with third countries is based on values and criteria like human rights, democracy and the rule of law (conditionality) and a political dialogue. The problem, however, is whether the coherence of the EU's external relations is strong enough and whether the mixture of economic and political tools can be applied effectively. Looking at the empirical evidence doubts remain that they can. The imbalance between the economic and political dimension is closely linked to the divergence between the first (EC) and second (CFSP) pillar of the Treaty on European Union, between EU institutions, between the supranational and member state level, and between the member states. With regard to the EU's Asia policy the influence of these divergencies can be seen, most prominently, in the dialogue about human rights or sanctions. The paper argues that the different qualities of the economic and political dimension of EU external relations are the result of a structural coherence dilemma. It describes how the EU's relations towards Asian countries are affected. The conclusion explains why major changes towards a coherent and common Asia policy should not be expected. Journal: Journal of the Asia Pacific Economy Pages: 81-99 Issue: 1 Volume: 4 Year: 1999 X-DOI: 10.1080/13547869908724671 File-URL: http://hdl.handle.net/10.1080/13547869908724671 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:4:y:1999:i:1:p:81-99 Template-Type: ReDIF-Article 1.0 Author-Name: Michael Freeman Author-X-Name-First: Michael Author-X-Name-Last: Freeman Title: Asia, Europe and human rights: From confrontation to dialogue? Abstract: The new, so‐called ‘ethical’ foreign policy of the UK Government places the promotion of human rights at its heart, and emphasizes multilateral and especially European action as a key strategy for its implementation. The recent Asia‐Europe Meeting in London (ASEM‐2) was dominated by consideration of the East Asian financial crisis, and human rights issues appear to have been marginalized. This suggests that parallel Asia‐Europe NGO dialogue may play an important role in redressing the balance in favour of popular interests. The paper argues, however, that such an intercultural dialogue on human rights, though extremely welcome, should be informed by clear thinking about the relation between the idea of universal human rights and the claims of particular cultures. This requires an engagement with the ‘Asian values’ debate. In this connection, the paper argues that the first, crudely polemical phase of this debate has been superseded by much more refined ‘new Asian thinking’ about human rights and Asian culture. An important intellectual space has been created for productive dialogue between East Asian and Western human rights advocates. Just as the Asia‐Europe economic dialogue supplements that between East Asia and the USA, so Europe can supplement the political and intellectual role of the USA in the human rights dialogue with East Asia with distinctive contributions of its own. Journal: Journal of the Asia Pacific Economy Pages: 100-122 Issue: 1 Volume: 4 Year: 1999 X-DOI: 10.1080/13547869908724672 File-URL: http://hdl.handle.net/10.1080/13547869908724672 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:4:y:1999:i:1:p:100-122 Template-Type: ReDIF-Article 1.0 Author-Name: Patricia Ranald Author-X-Name-First: Patricia Author-X-Name-Last: Ranald Title: Solidarity versus neoliberalism: Union regional and interregional organization in Europe and Asia Abstract: The broadening of the economic integration and liberalization agenda through the post‐Maastricht European Union (EU) and Asia‐Pacific Economic Cooperation (APEC) processes has given impetus to regional organization of unions, and in some cases to a more critical analysis of the impacts of liberalization. However, the responses of unions in Europe and East Asia are shaped by their very different historical and economic contexts. Union responses take place at two levels: the lobbying of governments by union peak bodies; and the ability of their affiliates, through both industry‐based and national centres, to mobilize their members in collective action. Effective collective action also requires alliances with other social forces. The paper examines the potential for effective transnational labour solidarity networks and actions both within regional contexts and across regions. This is done through analysis of recent case studies of solidarity actions within and between both regions. In the EU context the case studies examine the response to cuts in public expenditure resulting from moves to European Monetary Union and the closure of the Renault plant in Vilvoorde, Belgium. In the APEC context the case studies deal with recent campaigns on labour law changes and privatization by independent unions in South Korea and the Philippines. These examples demonstrate the potential for further development of interregional solidarity, especially through regional union networks based on sectors or industries and campaigns around multinational corporations operating in both Europe and Asia. Journal: Journal of the Asia Pacific Economy Pages: 123-145 Issue: 1 Volume: 4 Year: 1999 X-DOI: 10.1080/13547869908724673 File-URL: http://hdl.handle.net/10.1080/13547869908724673 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:4:y:1999:i:1:p:123-145 Template-Type: ReDIF-Article 1.0 Author-Name: Gareth Richards Author-X-Name-First: Gareth Author-X-Name-Last: Richards Title: Challenging Asia‐Europe relations from below?: Civil society and the politics of inclusion and opposition Abstract: There has been a striking recent upsurge of oppositional political activity in East Asia, including labour and popular responses to the Asian economic crisis. This is mirrored in the policy recommendations and campaigns advanced by Asian and European NGOs that provide an alternative vision for sustainable economic and social development. The paper explores the significance of politics ‘from below’ for current efforts to institutionalize interregional cooperation through the Asia‐Europe Meeting (ASEM). It asks whether it is justifiable to identify this development as comprising emergent realities of ‘regional civil society’ and ‘transnational democracy’. The first part outlines the theoretical debate between neoliberal, liberal‐pluralist and critical‐structural approaches to civil society's attempts to respond to processes of ‘globalization’. The second part examines the role of both elite social movements and developmental NGOs as actors seeking to address the current ASEM agenda. It identifies key tensions in the responses of civil society actors: between elite inclusion, accommodation and outright opposition. This is followed, in the third part, by a critique of current NGO response to ASEM focusing on: (i) the practical dilemmas of their engagement with the emerging multilateralist agenda; (ii) the privileging of a liberal‐pluralist conception of civil society that dominates NGOs’ ‘rethinking’ of their strategic goals; and (iii) a misreading of the globalization discourse that serves to obscure the ways in which capitalism is actually being reconfigured in our era. The main conclusion is that movements of political opposition have acted to increase public participation in and criticism of interregional policy discussions. However, it argues that capitalist social relations remain a massive obstacle to the kinds of demands for social justice made by associations of civil society. Journal: Journal of the Asia Pacific Economy Pages: 146-170 Issue: 1 Volume: 4 Year: 1999 X-DOI: 10.1080/13547869908724674 File-URL: http://hdl.handle.net/10.1080/13547869908724674 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:4:y:1999:i:1:p:146-170 Template-Type: ReDIF-Article 1.0 Author-Name: Djisman Simandjuntak Author-X-Name-First: Djisman Author-X-Name-Last: Simandjuntak Title: An inquiry into the nature, causes and consequences of the Indonesian crisis Abstract: The Indonesian currency crisis has escalated into a full‐blown national crisis one year after its eruption. The economy is afflicted with serious damage through severe inflation, a large budget deficit, an estimated contraction of 15 per cent in output for 1998, and a steep increase in unemployment. Heavy currency devaluation has inflated the rupiah value of private sector debt. With plunging sales, the extent of non‐performing loans has risen sharply, pushing many banks to insolvency. Causes of the crisis are manifold. In retrospect one discovers that Indonesia's economic fundamentals were weak on the eve of the crisis. The nation was exposed to speculative frenzy in the years after 1993 when a sense of prosperity was spread by the privileged few who benefited from flagrantly violating non‐discrimination during the course of financial deregulation. Poor governance in politics and business are the root causes of the crisis that is now very likely to drag on pending solutions to the external debt, the banking crisis and the budget deficit. To prepare for reconstructing the economy, the concept and practice of governance must be reinvented, centered on notions of transparency, non‐discrimination, clean government and openness toward the rest of the world. Journal: Journal of the Asia Pacific Economy Pages: 171-192 Issue: 1 Volume: 4 Year: 1999 X-DOI: 10.1080/13547869908724675 File-URL: http://hdl.handle.net/10.1080/13547869908724675 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:4:y:1999:i:1:p:171-192 Template-Type: ReDIF-Article 1.0 Author-Name: Pasuk Phongpaichit Author-X-Name-First: Pasuk Author-X-Name-Last: Phongpaichit Author-Name: Chris Baker Author-X-Name-First: Chris Author-X-Name-Last: Baker Title: The political economy of the Thai crisis Abstract: This paper looks at the background to Thailand's crisis of 1997 from the viewpoint of the local political economy. The policy regime which had managed stable growth before 1985 was destroyed by a coalition of newly empowered technocrats, new business groups, and the neoliberal World Bank/IMF. This coalition promoted financial liberalization, but had neither the ideological coherence nor the political power to manage the consequences. The neoliberal enthusiasm for free markets, especially in finance, is based on a naive view of political realities and of the relationship between politics and business. Journal: Journal of the Asia Pacific Economy Pages: 193-208 Issue: 1 Volume: 4 Year: 1999 X-DOI: 10.1080/13547869908724676 File-URL: http://hdl.handle.net/10.1080/13547869908724676 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:4:y:1999:i:1:p:193-208 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Notes on contributors Journal: Pages: 209-210 Issue: 1 Volume: 4 Year: 1999 X-DOI: 10.1080/13547869908724677 File-URL: http://hdl.handle.net/10.1080/13547869908724677 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:4:y:1999:i:1:p:209-210 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Editorial board Journal: Pages: ebi-ebi Issue: 2 Volume: 1 Year: 1996 X-DOI: 10.1080/13547869608724581 File-URL: http://hdl.handle.net/10.1080/13547869608724581 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:1:y:1996:i:2:p:ebi-ebi Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Editorial Journal: Pages: 138-138 Issue: 2 Volume: 1 Year: 1996 X-DOI: 10.1080/13547869608724582 File-URL: http://hdl.handle.net/10.1080/13547869608724582 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:1:y:1996:i:2:p:138-138 Template-Type: ReDIF-Article 1.0 Author-Name: Tony Lempriere Author-X-Name-First: Tony Author-X-Name-Last: Lempriere Author-Name: W. T. Stanbury Author-X-Name-First: W. T. Author-X-Name-Last: Stanbury Author-Name: Ilan Vertinsky Author-X-Name-First: Ilan Author-X-Name-Last: Vertinsky Title: Environmental NGOs, new information technologies and the demand for environmental improvement in the developing and industrializing nations of the Asia Pacific region Abstract: Generally, the demand for environmental improvement increases with average per capita national income, although many other factors have an influence. In most Asia Pacific Region (APR) countries, pressures from population growth and poverty have lent an urgency to the idea that economic growth is currently more important than environmental protection. However, the relatively recent widespread acceptance of the concept of sustainable development has weakened this belief, even in the poorest countries. As well, environmental problems may stifle economic development in some areas. In this context, we suggest that environmental non‐governmental organizations (NGOs) in the APR may play an influential role in shaping and directing demand for environmental improvement. Since the early 1980s they have taken on new roles as agents of public education and government accountability, and have increasingly formed domestic, regional and international linkages. Their activities have been helped by the growing power of communication and information technologies (CITs) simultaneously to strengthen the new roles and linkages and to increase public environmental awareness. However, government restrictions on environmental NGO activism and limited access to CITs, among other things, currently represent important limitations to the influence of NGOs in most APR nations. Journal: Journal of the Asia Pacific Economy Pages: 139-169 Issue: 2 Volume: 1 Year: 1996 X-DOI: 10.1080/13547869608724583 File-URL: http://hdl.handle.net/10.1080/13547869608724583 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:1:y:1996:i:2:p:139-169 Template-Type: ReDIF-Article 1.0 Author-Name: John Gray Author-X-Name-First: John Author-X-Name-Last: Gray Title: Tropical forest pricing policies and rent collection in South East Asia Abstract: Throughout South East Asia, with few exceptions, forest fees are low, undervalue tropical timber and forests, are difficult to enforce and collect, and generate inadequate revenues for management of the forests. Low forest fees that under‐value the timber provide little incentive for efficient utilization of the timber or conservation of the forests. The paper examines forest pricing policies for tropical timber and forest concessions in South East Asia. It argues that proper pricing of tropical forests, including royalties on timber and fees on forest concessions can reflect the economic values of the timber and concessions, collect an appropriate share of the economic rent on both timber and concessions, provide economic incentives for more efficient utilization and sustainable management of tropical forests, and provide the revenues to finance forest management and conservation. The paper proposes alternatives and suggests improvements in forest pricing policies to strengthen forest revenue systems and support sustainable management of tropical forests. Journal: Journal of the Asia Pacific Economy Pages: 171-184 Issue: 2 Volume: 1 Year: 1996 X-DOI: 10.1080/13547869608724584 File-URL: http://hdl.handle.net/10.1080/13547869608724584 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:1:y:1996:i:2:p:171-184 Template-Type: ReDIF-Article 1.0 Author-Name: James Roumasset Author-X-Name-First: James Author-X-Name-Last: Roumasset Author-Name: Lee Endress Author-X-Name-First: Lee Author-X-Name-Last: Endress Title: The yin and yang of sustainable development: A case for win‐win environmentalism Abstract: The disadvantages of treating sustainability as a constraint on welfare maximization are noted. Our proposed alternative incorporates inter‐generational equity by setting the utility discount rate equal to zero. This leads to a condition of increasing consumption towards a Golden Rule steady state by accumulating produced capital to more than offset the decline in natural capital. This rule is integrated with the standard conditions for efficient management of pollution and depletion of natural resources. Journal: Journal of the Asia Pacific Economy Pages: 185-194 Issue: 2 Volume: 1 Year: 1996 X-DOI: 10.1080/13547869608724585 File-URL: http://hdl.handle.net/10.1080/13547869608724585 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:1:y:1996:i:2:p:185-194 Template-Type: ReDIF-Article 1.0 Author-Name: Harry Oshima Author-X-Name-First: Harry Author-X-Name-Last: Oshima Title: The role of social values in the growth of Asian economies: The proximate and the distal Abstract: The paper discusses some of the criticisms directed to the use of non‐economic factors in the explanation of East Asia's rapid growth, especially those of the World Bank's publication East Asia Miracle (Oxford, 1993) and then goes on to describe the various social values and other non‐economic forces found in different regions of Asia. It argues that a full understanding of the rapid growth of East Asia, the moderately rapid growth of ASEAN and the slow growth of South Asia must take into account both economic and non‐economic factors. It visualizes the economic factors as comprising the proximate forces in the growth of production, and social values and other non‐economic factors as the distal forces, standing behind the proximate economic factors such as saving, investment, labour input, skills and learning, and governing. These social values are work ethics, thriftiness, esteem and respect for learning and governance. These latter are in turn the product of many forces: geography, climate, history, demography, ethnicity, religion and so on. The paper focuses on the development of various religions and ethical systems of Asia as a major source of social values (Confucianism, Buddhism, Islam, Hinduism, etc.). Finally, policies designed to improve social values are described in various East Asian and South‐east Asian countries. The paper is to be regarded as an initial attempt to study the various non‐economic factors in relation to the economic ones in order to arrive at a comprehensive integrated explanation of differential growth in Asia. Journal: Journal of the Asia Pacific Economy Pages: 195-214 Issue: 2 Volume: 1 Year: 1996 X-DOI: 10.1080/13547869608724586 File-URL: http://hdl.handle.net/10.1080/13547869608724586 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:1:y:1996:i:2:p:195-214 Template-Type: ReDIF-Article 1.0 Author-Name: Hans Blomqvist Author-X-Name-First: Hans Author-X-Name-Last: Blomqvist Title: The ‘flying geese’ model of regional development: A constructive interpretation Abstract: In the mid‐1930s, Professor Kaname Akamatsu developed a theory on economic development in an international context using the experience of Japan during the preceding decades. The theory, although well known among Japanese economists, was virtually unknown to their Western counterparts until the 1960s, when the first articles by Akamatsu were published in English, followed by work by other Japanese economists.The ‘flying geese’ model originally depicted the development over time of a single industry, but can easily be reinterpreted as a model for structural change and/or the growth and development of a group of countries. The issue of foreign direct investment was not discussed much in the original formulations of the theory, but can easily be linked to it, as the work of Kiyoshi Kojima and others has demonstrated.The purpose of the present paper is to give an interpretation of the ‘flying geese’ model of development and to assess the usefulness of the model for understanding economic development and industrial policy in East Asia. Use of the model as a framework for analysing regional economic interdependence in general is also discussed Journal: Journal of the Asia Pacific Economy Pages: 215-231 Issue: 2 Volume: 1 Year: 1996 X-DOI: 10.1080/13547869608724587 File-URL: http://hdl.handle.net/10.1080/13547869608724587 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:1:y:1996:i:2:p:215-231 Template-Type: ReDIF-Article 1.0 Author-Name: Abdur Chowdhury Author-X-Name-First: Abdur Author-X-Name-Last: Chowdhury Title: An empirical test of the structure‐conduct‐performance paradigm in the Asian and Pacific basin countries Abstract: This paper tests the structure‐conduct‐performance paradigm in eighteen Asian and Pacific Basin countries. The results suggest that concentration in the banking markets in these countries lead to monopoly profits being earned and is a signal of collusive behaviour among the leading banks. Competitive imperfections allow banks to set prices that are less favourable to consumers thereby decreasing total consumer and producer surplus. This has important policy implications for merger activity. A further increase in concentration in the banking market in these countries will decrease the level of competition in the market. Regulatory actions, such as anti‐trust laws, are justified on efficiency grounds as well as for raising economic welfare. Journal: Journal of the Asia Pacific Economy Pages: 233-251 Issue: 2 Volume: 1 Year: 1996 X-DOI: 10.1080/13547869608724588 File-URL: http://hdl.handle.net/10.1080/13547869608724588 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:1:y:1996:i:2:p:233-251 Template-Type: ReDIF-Article 1.0 Author-Name: Kenneth Bridges Author-X-Name-First: Kenneth Author-X-Name-Last: Bridges Title: Back in the chips Abstract: The early 1990s witnessed the reversal of dominance in the world computer market. This article examines the process by which the US overtook Japan. It identifies five interrelated factors that contributed to the re‐emergence of the US as the leading supplier of semiconductors. These are: structural changes in the US computer industry, non‐intrusive, but pro‐industry, government interventions, superior performance of the US firms in strategic alliances and R & D, interplay of software and hardware, and favourable economic conditions in the US. In contrast to a regimented and memory based education system of Japan, the more open education system which encourages critical thinking have helped the US to stay ahead of the competition at the leading edge of technology. Likewise less centralized government intervention induced spontaneous inter‐firm cooperation that led to strategic alliances crucial for their success. The paper maintains that the US lead in the world computer market will remain into the twenty‐first century. Journal: Journal of the Asia Pacific Economy Pages: 253-273 Issue: 2 Volume: 1 Year: 1996 X-DOI: 10.1080/13547869608724589 File-URL: http://hdl.handle.net/10.1080/13547869608724589 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:1:y:1996:i:2:p:253-273 Template-Type: ReDIF-Article 1.0 Author-Name: Malcolm Treadgold Author-X-Name-First: Malcolm Author-X-Name-Last: Treadgold Author-Name: Rebecca Spence Author-X-Name-First: Rebecca Author-X-Name-Last: Spence Author-Name: Koji Taira Author-X-Name-First: Koji Author-X-Name-Last: Taira Title: Book reviews Abstract: Edward K. Y. Chen and Peter Drysdale (eds) Corporate Links and Foreign Direct Investment in Asia and the Pacific, Pymble, NSW: Harper Educational, 1995. Pp. xi + 300. ISBN 0 06 312178 6. Price unknown.Abeysinghe M. Navaratna‐Bandara The Management of Ethnic Secessionist Conflict: The Big Neighbour Syndrome, Aldershot: Dartmouth Publishing, 1995, ISBN 1–85521–698–1 (hdbk). Approx. price £39.50.The International Bank for Reconstruction and Development/The World Bank Workers in an Integrating World: World Development Report 1995, New York: Oxford University Press, 1995, ISBN 0–19–521102–2 (pbk). $20.00. Journal: Pages: 275-280 Issue: 2 Volume: 1 Year: 1996 X-DOI: 10.1080/13547869608724590 File-URL: http://hdl.handle.net/10.1080/13547869608724590 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:1:y:1996:i:2:p:275-280 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Notes on contributors Journal: Pages: 281-282 Issue: 2 Volume: 1 Year: 1996 X-DOI: 10.1080/13547869608724591 File-URL: http://hdl.handle.net/10.1080/13547869608724591 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:1:y:1996:i:2:p:281-282 Template-Type: ReDIF-Article 1.0 Author-Name: Wong Kiong Author-X-Name-First: Wong Author-X-Name-Last: Kiong Author-Name: K. Jomo Author-X-Name-First: K. Author-X-Name-Last: Jomo Title: Before the Storm: The Impact of Foreign Capital Inflows on the Malaysian Economy, 1966–1996 Abstract: Foreign capital inflows (FCI) are supposed to bring positive effects by augmenting investible funds, domestic savings and foreign exchange earnings, thus closing the savings and foreign exchange gaps. FCI may also have undesirable effects on the domestic savings rate as well as on the recipient's balance of payments position. This study examines both sets of influences on Malaysia between 1966 and 1996, i.e. before the 1997–98 crisis. Historically, Malaysia has relied heavily on foreign capital, especially foreign direct investment, rather than long-term borrowings. While FCI augmented domestic investment funds to accelerate the growth rate, they had negative influences on the savings rate as well as on the balance of payments. The findings also suggest that domestically raised funds, from savings and self-generated export earnings, are better than external funding. Hence, to sustain economic growth, greater efforts should be directed to better mobilising domestic savings, rather than relying heavily on foreign capital. Journal: Journal of the Asia Pacific Economy Pages: 56-69 Issue: 1 Volume: 10 Year: 2005 X-DOI: 10.1080/1354786042000309071 File-URL: http://hdl.handle.net/10.1080/1354786042000309071 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:10:y:2005:i:1:p:56-69 Template-Type: ReDIF-Article 1.0 Author-Name: Linda Low Author-X-Name-First: Linda Author-X-Name-Last: Low Title: Entrepreneurship Development in Ireland and Singapore Abstract: Ireland and Singapore have many striking similarities despite varying political ethos and culture. Both economies are striving toward a knowledge-based economy based on information communication technology in a highly globalized context. Both have been ranked as the top globalizer – Ireland in 2001 and Singapore in 2000 by AT Kearney in Foreign Policy Magazine. In terms of sustainability for economic growth and development, both economies recognize the critical role of their local enterprises and indigenous industry in general and entrepreneurship in innovative and creative activities, in particular. Both Ireland and Singapore, as developmental states, have favourable government intervention including the all-important aspect in human resources development and entrepreneurship education and training at the university level in pursuit of sustainable growth. Faced with a more competitive and highly volatile global economy, the two may learn lessons from each other and share experiences with other economies in their respective regions on enterpreneurship or enterprise development. In attempting some model comparison, this paper looks into the prospect of some generic entrepreneurship developmental model as a template in the first instance, subject to idiosyncratic socio-political features of individual countries. Journal: Journal of the Asia Pacific Economy Pages: 116-138 Issue: 1 Volume: 10 Year: 2005 X-DOI: 10.1080/1354786042000309107 File-URL: http://hdl.handle.net/10.1080/1354786042000309107 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:10:y:2005:i:1:p:116-138 Template-Type: ReDIF-Article 1.0 Author-Name: Paresh Narayan Author-X-Name-First: Paresh Author-X-Name-Last: Narayan Author-Name: Russell Smyth Author-X-Name-First: Russell Author-X-Name-Last: Smyth Title: Trade Liberalization and Economic Growth in Fiji. An Empirical Assessment Using the ARDL Approach Abstract: This study investigates the effect of trade liberalization on economic performance in Fiji using a Cobb–Douglas production function, which is expanded to take into account political instability and trade liberalization. The long run results conform to theoretical expectations, except for the contribution of labour force, which is negatively related to real Gross Domestic Product. We attribute this to the rapid and consistent emigration of skilled labour following the 1987 coups. While human capital was found to be the most influential variable, exports and investment were found to be weakly related to Gross Domestic Product. The key finding is that the dummy variable for signing the IMF agreement in 1984 had a statistically significant positive effect on real Gross Domestic Product in the long run, but the short run effects of signing the agreement as well as the short run and long run effects of implementing the agreement in 1986 were statistically insignificant. Journal: Pages: 96-115 Issue: 1 Volume: 10 Year: 2005 X-DOI: 10.1080/1354786042000309099 File-URL: http://hdl.handle.net/10.1080/1354786042000309099 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:10:y:2005:i:1:p:96-115 Template-Type: ReDIF-Article 1.0 Author-Name: Charles Kwong Author-X-Name-First: Charles Author-X-Name-Last: Kwong Author-Name: Pak Lee Author-X-Name-First: Pak Author-X-Name-Last: Lee Title: Bad Loans Versus Sluggish Rural Industrial Growth: A Policy Dilemma of China's Banking Reform Abstract: The gross output value of China's rural industry grew rapidly from 38.5 billion yuan in 1978 to 8245.6 billion yuan in 2000. An average annual growth rate of 21.8 percent, measured in real terms, was recorded for the rural industry for the period. One of the plausible reasons put forward by scholars to account for such spectacular growth is the supportive role of the local government in diverting bank loans to the enterprises under their jurisdiction. This practice had been conducive to initial start-up of the enterprises and their future expansion when China's financial market had been underdeveloped in the mid-1980s. Nevertheless, to curb an excessive credit expansion by local banks, China's banking reform of 1994 has insulated local governments from influencing on lending to local enterprises. It is argued and demonstrated that the efficiency-enhancing banking reform has been implemented at the expense of the flow of financial resources to rural enterprises. It unveils a policy dilemma as to whether to leave the bad debts of the banking sector unresolved or to undermine the robust growth of rural enterprises. Policy implications of the banking reform include the negative impact on labour employment in the countryside and local finance. Journal: Journal of the Asia Pacific Economy Pages: 1-25 Issue: 1 Volume: 10 Year: 2005 X-DOI: 10.1080/1354786042000309053 File-URL: http://hdl.handle.net/10.1080/1354786042000309053 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:10:y:2005:i:1:p:1-25 Template-Type: ReDIF-Article 1.0 Author-Name: Masanaga Kumakura Author-X-Name-First: Masanaga Author-X-Name-Last: Kumakura Title: Exchange Rate Regimes in Asia: Dispelling the Myth of Soft Dollar Pegs Abstract: The pre-crisis exchange rate regimes of Asian countries are often described as soft or de facto dollar pegs. There is also a widespread suspicion that many countries in the region still remain covert dollar-peggers. This paper provides evidence that even before 1997 few Asian currencies were tied to the dollar as rigidly as widely believed, and even less so in recent years. Our discussion has implications for debate about the root cause of the Asian crisis and also for the more general issue of developing countries' fear of floating. Journal: Journal of the Asia Pacific Economy Pages: 70-95 Issue: 1 Volume: 10 Year: 2005 X-DOI: 10.1080/1354786042000309080 File-URL: http://hdl.handle.net/10.1080/1354786042000309080 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:10:y:2005:i:1:p:70-95 Template-Type: ReDIF-Article 1.0 Author-Name: Fang Cooke Author-X-Name-First: Fang Author-X-Name-Last: Cooke Title: Vocational and Enterprise Training in China: Policy, Practice and Prospect Abstract: The training provision and skill level of the labour force of a nation has been widely regarded as essential to organizational and national performance in an era of accelerating global competition. China, with one of the largest labour forces in the world, has often been criticized for the low quality of its labour supply. This paper critically examines the vocational training system and enterprise training provision in China. It analyses the role of the state and employers, and the main characteristics and problems in the training provision. The paper identifies the likely groups of workers missing out in the training network. It also contemplates the prospect of training in China against the context of its recent WTO accession, an increasing level of foreign investment in the country and, more importantly, its recent radical restructuring of the state-owned sectors and its rapid expansion of private sectors including the informal sector. Journal: Journal of the Asia Pacific Economy Pages: 26-55 Issue: 1 Volume: 10 Year: 2005 X-DOI: 10.1080/1354786042000309062 File-URL: http://hdl.handle.net/10.1080/1354786042000309062 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:10:y:2005:i:1:p:26-55 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Notes on Contributors Journal: Pages: 139-140 Issue: 1 Volume: 10 Year: 2005 X-DOI: 10.1080/1354786052000344891 File-URL: http://hdl.handle.net/10.1080/1354786052000344891 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:10:y:2005:i:1:p:139-140 Template-Type: ReDIF-Article 1.0 Author-Name: Joko Mariyono Author-X-Name-First: Joko Author-X-Name-Last: Mariyono Author-Name: Tom Kompas Author-X-Name-First: Tom Author-X-Name-Last: Kompas Author-Name: R. Grafton Author-X-Name-First: R. Author-X-Name-Last: Grafton Title: Shifting from Green Revolution to environmentally sound policies: technological change in Indonesian rice agriculture Abstract: This study analyses technological change in Indonesian rice agriculture. An analysis of data compiled by the Indonesian Central Bureau of Statistics shows that rice agriculture has undergone technological progress with non-neutral technological change that has been capital and labour saving and chemical intensive. Recent agricultural policy reforms, which include the dissemination and implementation of environmentally friendly technology, however, appear to have been successful in reducing chemical use. Journal: Journal of the Asia Pacific Economy Pages: 128-147 Issue: 2 Volume: 15 Year: 2010 X-DOI: 10.1080/13547861003700109 File-URL: http://hdl.handle.net/10.1080/13547861003700109 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:15:y:2010:i:2:p:128-147 Template-Type: ReDIF-Article 1.0 Author-Name: Min-Hua Chiang Author-X-Name-First: Min-Hua Author-X-Name-Last: Chiang Author-Name: Bernard Gerbier Author-X-Name-First: Bernard Author-X-Name-Last: Gerbier Title: Foreign factors in Taiwan's economic transformation Abstract: This paper aims to explore the foreign influences on Taiwan's economic transformation over the past 40 years. While exports have always been important in sustaining Taiwan's economic growth, the driving force behind exports has changed from inward investment to outward investment. The analysis carried out is from an international political economy perspective and takes a historical overview. It argues that the US, Japan and China pursued economic policies based on their own economic interests. These foreign governments’ economic policies together with their entrepreneurs’ business interests are the more important variables for shaping Taiwan's economic structure. During the 1960s, without the US's financial guarantees for American MNCs and security guarantees for the island, the KMT's foreign investment promotion policy would not have been as successful as it was when Taiwan faced a military threat from China. The US and Japanese economic policies changed, and since the 1970s competition between their businesses in the world market has integrated Taiwan into a regional production network. Subsequent to the Sino-US rapprochement, the US gradually opened up its market towards China. With America's rising trade barriers against Taiwanese-made products, Taiwanese entrepreneurs found profits by investing in China. Even though the Taiwanese Government tried hard to pull back the mounting outward investment in China, it was unable to achieve it. In contrast to the traditional point of view, this paper offers insights into the economic interaction between first the US and Japan and later between the US and China that resulted in Taiwan's economic transformation. Journal: Journal of the Asia Pacific Economy Pages: 148-165 Issue: 2 Volume: 15 Year: 2010 X-DOI: 10.1080/13547861003700182 File-URL: http://hdl.handle.net/10.1080/13547861003700182 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:15:y:2010:i:2:p:148-165 Template-Type: ReDIF-Article 1.0 Author-Name: Dennis Botman Author-X-Name-First: Dennis Author-X-Name-Last: Botman Author-Name: Alexander Klemm Author-X-Name-First: Alexander Author-X-Name-Last: Klemm Author-Name: Reza Baqir Author-X-Name-First: Reza Author-X-Name-Last: Baqir Title: Investment incentives and effective tax rates in the Philippines: a comparison with neighboring countries Abstract: This paper compares the general tax provisions and investment incentives in the Philippines to six other East Asian economies – Malaysia, Indonesia, Lao, Vietnam, Cambodia and Thailand. It finds that general effective tax rates are relatively high in the Philippines, while investment incentives are comparable to those in neighboring countries. Tax holidays are most attractive for very profitable firms, creating redundancy, and for investment in short-lived assets. Two recently proposed tax reforms would replace tax holidays by a reduced corporate income tax rate or a low tax on gross receipts. The results suggest that this would result in stronger incentives to invest, while government revenue would increase. Alternatively, replacing tax holidays with a general reduction in the corporate tax rate and accelerated depreciation would either not provide the same incentives or be very costly. Journal: Journal of the Asia Pacific Economy Pages: 166-191 Issue: 2 Volume: 15 Year: 2010 X-DOI: 10.1080/13547861003700299 File-URL: http://hdl.handle.net/10.1080/13547861003700299 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:15:y:2010:i:2:p:166-191 Template-Type: ReDIF-Article 1.0 Author-Name: Hyoung-kyu Chey Author-X-Name-First: Hyoung-kyu Author-X-Name-Last: Chey Title: Can the European Monetary System be a model for East Asian monetary cooperation? Abstract: Since the 1997 Asian financial crisis and the launch of the European Economic and Monetary Union shortly afterward, a growing number of studies have considered the idea of a so-called Asian Monetary System, mostly adopting the European Monetary System as its model. The operational adjustment burdens in the European Monetary System were asymmetrically distributed, however, in particular between Germany and the other member countries. The emulation of such an asymmetric system in East Asia is not likely to be sustainable, due to the much lower support for regional integration there than was the case in Europe. For a future Asian Monetary System to be sustainable, it should be designed in such a way as to promote symmetry in the adjustment burdens arising from its operation. To this end, it may be desirable for the Asian Monetary System to employ an exchange rate and intervention mechanism that levies adjustment burdens largely on participant currencies deviating substantially from the average member currency movements. This mechanism should also be constructed in such a way that each currency's probability of identification as a deviant currency is similar. Journal: Journal of the Asia Pacific Economy Pages: 89-105 Issue: 2 Volume: 15 Year: 2010 X-DOI: 10.1080/13547861003700349 File-URL: http://hdl.handle.net/10.1080/13547861003700349 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:15:y:2010:i:2:p:89-105 Template-Type: ReDIF-Article 1.0 Author-Name: Parmendra Sharma Author-X-Name-First: Parmendra Author-X-Name-Last: Sharma Author-Name: Duc-Tho Nguyen Author-X-Name-First: Duc-Tho Author-X-Name-Last: Nguyen Title: Law and banking development in a South Pacific island economy: the case of Fiji, 1970–2006 Abstract: This paper examines the applicability of the prominent law–finance theory to banking development in Fiji, a representative island economy in the South Pacific region. Secondary and primary data are used to assess legal institutions and the level of development in the banking sector in Fiji (and, where possible, in other South Pacific island economies) in comparison with up to 53 other countries, both developed and developing. The paper also re-examines the question of a possible law–banking development connection internationally, in light of newly available data and a newly proposed composite index of banking development. While the results are broadly consistent with previous findings of a direct relationship between law enforcement quality and banking development, they also suggest that the legal rules codifying creditor rights may not be as influential as had been thought previously. The latter result accords with the experience of Fiji, where very weak legal rules combined with average law enforcement quality (and high accounting standards) yield a reasonable performance in terms of banking development over the 1970–2006 period. The paper also points out some possible policy implications of these results. Journal: Journal of the Asia Pacific Economy Pages: 192-216 Issue: 2 Volume: 15 Year: 2010 X-DOI: 10.1080/13547861003700422 File-URL: http://hdl.handle.net/10.1080/13547861003700422 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:15:y:2010:i:2:p:192-216 Template-Type: ReDIF-Article 1.0 Author-Name: Henry Rempel Author-X-Name-First: Henry Author-X-Name-Last: Rempel Title: The challenge of spending tsunami assistance well Abstract: The magnitude of the December 2004 tsunami disaster generated a massive outpouring of donations in support of the people affected. The media attention generated, combined with the magnitude of the funds involved, presented major challenges for organizations responding to this disaster. This paper draws primarily on a project in Tamil Nadu that utilized funds from a Canadian International Development Agency, as channeled through four churches in Canada to an Indian nongovernmental organization, to address the relief and rehabilitation challenges faced by 12 coastal villages. Specifically, the challenges of a transition from relief to development in these low-income fishing villages will be analyzed to assess whether this tsunami has had longer-term effects on how development assistance is transferred to deserving participants affected by low, unstable income as well as disaster. Journal: Journal of the Asia Pacific Economy Pages: 106-127 Issue: 2 Volume: 15 Year: 2010 X-DOI: 10.1080/13547861003700463 File-URL: http://hdl.handle.net/10.1080/13547861003700463 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:15:y:2010:i:2:p:106-127 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Notes on Contributors Journal: Pages: 217-219 Issue: 2 Volume: 15 Year: 2010 X-DOI: 10.1080/13547861003700497 File-URL: http://hdl.handle.net/10.1080/13547861003700497 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:15:y:2010:i:2:p:217-219 Template-Type: ReDIF-Article 1.0 Author-Name: Mark McGillivray Author-X-Name-First: Mark Author-X-Name-Last: McGillivray Title: Well-being Achievement in Pacific Asia Abstract: Journal: Journal of the Asia Pacific Economy Pages: 147-150 Issue: 2 Volume: 11 Year: 2006 X-DOI: 10.1080/13547860600590889 File-URL: http://hdl.handle.net/10.1080/13547860600590889 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:11:y:2006:i:2:p:147-150 Template-Type: ReDIF-Article 1.0 Author-Name: Matthew Clarke Author-X-Name-First: Matthew Author-X-Name-Last: Clarke Title: Measuring Human Well-being in Thailand: A Normative Social Choice Approach Abstract: Numerous methods exist within the literature to measure human well-being. A limitation of some approaches however is that they fail to explicitly consider society's views, choices and preferences on how human well-being should be defined. It is possible though to explicitly incorporate society's value judgements in defining and measuring human well-being through normative social choice theory. Normative social choice theory reflects the views, opinions and perspectives of societies of differing economic and social circumstances so that measures of human well-being retain their relevance for public policy makers in those countries. This paper reviews two indicators based on this theory for Thailand over the 25 year period, 1975–1999. The first indicator focuses on certain hierarchical needs and the second is a measure of adjusted national income. It is concluded that both measures provide important insights. Journal: Journal of the Asia Pacific Economy Pages: 151-167 Issue: 2 Volume: 11 Year: 2006 X-DOI: 10.1080/13547860600591028 File-URL: http://hdl.handle.net/10.1080/13547860600591028 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:11:y:2006:i:2:p:151-167 Template-Type: ReDIF-Article 1.0 Author-Name: Mina Baliamoune-Lutz Author-X-Name-First: Mina Author-X-Name-Last: Baliamoune-Lutz Author-Name: Mark McGillivray Author-X-Name-First: Mark Author-X-Name-Last: McGillivray Title: Fuzzy Well-being Achievement in Pacific Asia Abstract: This paper develops a framework that uses fuzzy-set theory to measure human well-being. Fuzzy sets allow for gradual transition from one state to another while also allowing one to incorporate rules and goals, and hence are more appropriate for measuring outcomes that are ambiguous. Such ambiguity is an inherent characteristic of cross-country achieved well-being assessments. This framework is used to provide a fuzzy representation of the well-known Human Development Index (HDI) and its three components. Fuzzy HDI estimates for 14 Pacific Asian countries are provided and compared with non-fuzzy estimates. Quite large differences in rankings emerge. The paper concludes by suggesting that fuzzy measures should be used more widely to measure achieved well-being outcomes. Journal: Journal of the Asia Pacific Economy Pages: 168-177 Issue: 2 Volume: 11 Year: 2006 X-DOI: 10.1080/13547860600591101 File-URL: http://hdl.handle.net/10.1080/13547860600591101 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:11:y:2006:i:2:p:168-177 Template-Type: ReDIF-Article 1.0 Author-Name: Mark McGillivray Author-X-Name-First: Mark Author-X-Name-Last: McGillivray Title: Non-economic Well-being Achievement in Pacific Asia Abstract: It is well known that income per capita and most widely reported non-economic well-being achievement measures are highly correlated among countries. Yet many countries exhibit higher achievement in the latter than predicted by the former. The reverse is true for many other countries. This paper commences by extracting the inter-country variation in a composite of three widely reported educational and health status indicators not accounted for by variations in income per capita. This extraction is interpreted inter alia as a measure of non-economic well-being. Using data for a sample of Pacific Asian countries, the paper then looks at correlations between this extraction and a number of new or less widely-used well-being measures, in an attempt to find the measure that best captures these achievements. Journal: Journal of the Asia Pacific Economy Pages: 178-195 Issue: 2 Volume: 11 Year: 2006 X-DOI: 10.1080/13547860600591184 File-URL: http://hdl.handle.net/10.1080/13547860600591184 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:11:y:2006:i:2:p:178-195 Template-Type: ReDIF-Article 1.0 Author-Name: Yuan Zhang Author-X-Name-First: Yuan Author-X-Name-Last: Zhang Author-Name: Guanghua Wan Author-X-Name-First: Guanghua Author-X-Name-Last: Wan Title: An Empirical Analysis of Household Vulnerability in Rural China Abstract: Based on a set of household survey data, this paper is among the first to analyze vulnerability in rural China. In particular, cohort analysis is introduced to explore the relationship between vulnerability and diversification and the education–vulnerability nexus. Empirical results indicate that, contrary to earlier findings, diversification into non-agriculture activities is found to exert little effects on vulnerability, and that education is an important determinant of vulnerability in rural China. Journal: Journal of the Asia Pacific Economy Pages: 196-212 Issue: 2 Volume: 11 Year: 2006 X-DOI: 10.1080/13547860600591192 File-URL: http://hdl.handle.net/10.1080/13547860600591192 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:11:y:2006:i:2:p:196-212 Template-Type: ReDIF-Article 1.0 Author-Name: George Fane Author-X-Name-First: George Author-X-Name-Last: Fane Title: Trade Liberalization, Economic Reform and Poverty Reduction in Lao PDR Abstract: Since 1986 Lao PDR has greatly reduced the barriers to international trade and the government's direct controls over the economy. Aggregate growth during this reform period has been quite rapid. Although the benefits of growth have gone disproportionately to the non-poor and inequality has increased, poverty incidence is nevertheless estimated to have fallen from about 45% in 1992–93 to 30% in 2002–03. After surveying these developments, this paper discusses the policies that the government is currently proposing as ways to ensure that the benefits of further opening of the economy are more equally shared. Journal: Journal of the Asia Pacific Economy Pages: 213-226 Issue: 2 Volume: 11 Year: 2006 X-DOI: 10.1080/13547860600591234 File-URL: http://hdl.handle.net/10.1080/13547860600591234 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:11:y:2006:i:2:p:213-226 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Notes on Contributors Abstract: Journal: Journal of the Asia Pacific Economy Pages: 227-228 Issue: 2 Volume: 11 Year: 2006 X-DOI: 10.1080/13547860600591309 File-URL: http://hdl.handle.net/10.1080/13547860600591309 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:11:y:2006:i:2:p:227-228 Template-Type: ReDIF-Article 1.0 Author-Name: David Lim Author-X-Name-First: David Author-X-Name-Last: Lim Title: Note from the New Managing Editor Journal: Journal of the Asia Pacific Economy Pages: 4-4 Issue: 1 Volume: 14 Year: 2009 X-DOI: 10.1080/13547860802661520 File-URL: http://hdl.handle.net/10.1080/13547860802661520 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:14:y:2009:i:1:p:4-4 Template-Type: ReDIF-Article 1.0 Author-Name: Sanzidur Rahman Author-X-Name-First: Sanzidur Author-X-Name-Last: Rahman Author-Name: Bhavani Shankar Author-X-Name-First: Bhavani Author-X-Name-Last: Shankar Title: Profits, supply and HYV adoption in Bangladesh Abstract: The adoption of HYVs (High Yielding Varieties), for increased farm profitability, and the accelerated supply of cereals are important objectives for Bangladesh agriculture. In this paper, we have investigated the manner in which price and non-price factor affect these three criteria, based upon a model of rational variety choice. The model is empirically implemented using translog profit functions and a switching regression framework, and applied to a cross-sectional farm-level dataset of Bangladeshi farms for the 1996 crop year. Results indicate that rice prices, land availability, irrigation, rural infrastructure, labour wages and prices of animal power services are important factors, while fertilizer price plays a marginal role. Given these results, the policy of liberalization of agricultural inputs (particularly fertilizers) and reforms to maintain high rice prices during harvest seasons appear sound since these allow producers to receive rice prices close to world levels without burdening the government with input subsidies. Result also shows that educated Bangladeshi farmers substitute their time inputs away from agriculture, resulting in lower HYV adoption, farm profitability and rice supply. Journal: Journal of the Asia Pacific Economy Pages: 73-89 Issue: 1 Volume: 14 Year: 2009 X-DOI: 10.1080/13547860802661538 File-URL: http://hdl.handle.net/10.1080/13547860802661538 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:14:y:2009:i:1:p:73-89 Template-Type: ReDIF-Article 1.0 Author-Name: Kian Thee Author-X-Name-First: Kian Author-X-Name-Last: Thee Title: Indonesia's two deep economic crises: the mid 1960s and late 1990s Abstract: This paper discusses the two deep economic crises experienced by Indonesia, namely the crisis of the mid 1960s and the crisis of the late 1990s. The two deep economic crises of the mid 1960s and late 1990s led to a serious economic contraction, −3.0% in 1963 and an even more serious −13.1% in 1998, and to a steep rise in poverty. The crisis of the mid 1960s was caused by internal factors, namely the utter neglect of sound economic policies. By contrast, the crisis of the late 1990s was triggered by external factors, namely a sudden shift in market sentiments among foreign creditors and investors, which led to panic Comparing these two deep economic crises is of interest since it indicates that an economy depending on only one (but unsustainable) institution, a strong president, is vulnerable to internal or external shocks. These crises in their different origins and manifestations show the importance of ‘good governance’ and strong, viable institutions. Journal: Journal of the Asia Pacific Economy Pages: 49-60 Issue: 1 Volume: 14 Year: 2009 X-DOI: 10.1080/13547860802661553 File-URL: http://hdl.handle.net/10.1080/13547860802661553 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:14:y:2009:i:1:p:49-60 Template-Type: ReDIF-Article 1.0 Author-Name: Amit Ghosh Author-X-Name-First: Amit Author-X-Name-Last: Ghosh Author-Name: Ramkishen Rajan Author-X-Name-First: Ramkishen Author-X-Name-Last: Rajan Title: What is the extent of exchange rate pass-through in Singapore? Has it changed over time? Abstract: This paper estimates the extent and evolution of exchange rate pass-through into import prices in Singapore for the period 1980 to 2005. Our results indicate that exchange rate pass-through into Singapore's import prices is 25% in the short-run and slightly higher at 29% for the long-run. There is evidence to suggest that the pass-through elasticity has trended downwards from 0.4 in 1983 to around 0.3 by 1987, after which it has remained fairly stable. The paper also examines the macroeconomic determinants of Singapore's exchange rate pass-through. Journal: Journal of the Asia Pacific Economy Pages: 61-72 Issue: 1 Volume: 14 Year: 2009 X-DOI: 10.1080/13547860802661561 File-URL: http://hdl.handle.net/10.1080/13547860802661561 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:14:y:2009:i:1:p:61-72 Template-Type: ReDIF-Article 1.0 Author-Name: Masahiro Inoguchi Author-X-Name-First: Masahiro Author-X-Name-Last: Inoguchi Title: Did capital controls decrease capital flows in Malaysia? Abstract: This article considers whether Malaysian capital controls were effective in reducing short-term capital flows, as the authorities intended. Although the controls began in September 1998, the effectiveness of Malaysian capital controls has not been demonstrated. This article analyzes the regressions using dummy variables and by constructing a profit rate differential index over the period of the changes in controls as an independent variable. These variables are composed of the profit rate differentials between Malaysia and the US and the levy on repatriation of profits after the introduction of the controls. This paper estimates the impact of the controls not only on gross capital flows but also on net capital flows in order to determine whether the controls were successful. The regression results suggest that gross and net capital flows were influenced by the introduction of the controls, and that they fluctuated because of changes in the controls. The net capital inflows continued to decrease after the controls were lifted. In addition, investors did not depend on the profit differential after the 12-month holding rule was replaced with the exit levy system. This indicates that the process of liberalizing and abolishing strict capital controls may encourage capital outflows. Journal: Journal of the Asia Pacific Economy Pages: 27-48 Issue: 1 Volume: 14 Year: 2009 X-DOI: 10.1080/13547860802661579 File-URL: http://hdl.handle.net/10.1080/13547860802661579 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:14:y:2009:i:1:p:27-48 Template-Type: ReDIF-Article 1.0 Author-Name: Luc Can Author-X-Name-First: Luc Author-X-Name-Last: Can Author-Name: Mohamed Ariff Author-X-Name-First: Mohamed Author-X-Name-Last: Ariff Title: Performance of East Asian banking sectors under IMF-supported programs Abstract: This paper reports the performance of the banking sectors of four crisis-hit East Asian economies, under IMF-restructuring programs, over the pre- and post-restructuring periods. Results from the widely used structural analysis model indicate that the four banking sectors have become moderately concentrated, resulting in a narrower reach of banking services to customers. Because of governments' re-privatization of banks and the relaxation for foreign bank entry, foreign ownership has increased. Our financial analysis shows significant improvements in financial intermediation, efficiency and soundness. More special efforts, however, need to be made to regain performance levels in credit provision to the private sector, and increase depositor confidence, operating efficiency, and profitability. Our results suggest that it is imperative for policy-makers to realize and balance the trade-off between achieving financial soundness and providing private credit access. In addition, although new policy (deposit insurance) has been adopted to assure depositors of their investments, long-term measures such as better risk management practices should be in place to ensure safety and the soundness of banks, and thus the confidence of the depositors. Journal: Journal of the Asia Pacific Economy Pages: 5-26 Issue: 1 Volume: 14 Year: 2009 X-DOI: 10.1080/13547860802661595 File-URL: http://hdl.handle.net/10.1080/13547860802661595 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:14:y:2009:i:1:p:5-26 Template-Type: ReDIF-Article 1.0 Author-Name: Mats Lundahl Author-X-Name-First: Mats Author-X-Name-Last: Lundahl Author-Name: Fredrik Sjöholm Author-X-Name-First: Fredrik Author-X-Name-Last: Sjöholm Title: Population growth and job creation in Timor-Leste Abstract: Timor-Leste began its independence as one of the poorest nations in the world. Substantial progress has been made thereafter but the challenges for future development are numerous. High population growth and modest growth of GDP means that per capita income is declining and that the extent of poverty is increasing. For this situation to change, income opportunities other than those provided by subsistence agriculture are needed. Considering the low level of education and the keen competition for skilled personnel this, however, is difficult. So far, it seems that most skilled workers are being absorbed by the public sector and that this is pushing up the already high skilled wage level. That, in turn, affects the competitiveness of the private sector negatively and acts as an obstacle to the creation of employment opportunities outside agriculture. Journal: Journal of the Asia Pacific Economy Pages: 90-104 Issue: 1 Volume: 14 Year: 2009 X-DOI: 10.1080/13547860802661603 File-URL: http://hdl.handle.net/10.1080/13547860802661603 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:14:y:2009:i:1:p:90-104 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Notes on Contributors Journal: Journal of the Asia Pacific Economy Pages: 105-106 Issue: 1 Volume: 14 Year: 2009 X-DOI: 10.1080/13547860802661611 File-URL: http://hdl.handle.net/10.1080/13547860802661611 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:14:y:2009:i:1:p:105-106 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: JAPE Referees 2008 Journal: Journal of the Asia Pacific Economy Pages: 1-3 Issue: 1 Volume: 14 Year: 2009 X-DOI: 10.1080/13547860802661629 File-URL: http://hdl.handle.net/10.1080/13547860802661629 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:14:y:2009:i:1:p:1-3 Template-Type: ReDIF-Article 1.0 Author-Name: Dipa Mukherjee Author-X-Name-First: Dipa Author-X-Name-Last: Mukherjee Author-Name: Rajarshi Majumder Author-X-Name-First: Rajarshi Author-X-Name-Last: Majumder Title: Tertiarisation of the Indian labour market: a new growth engine or sending distress signals? Abstract: Tertiarisation of the labour market has been associated globally with economic progress. In developing countries, labour market deformities may push people into the service economy out of distress. This paper examines the tertiarisation process in the Indian labour market to identify the reasons behind such trends and the likely impact of such movements. It is observed that the employment growth in the tertiary sector had been dynamic and growth-induced during the 1980s, but in recent times has become distress-driven. Sub-sectors within the tertiary sector are behaving differently, indicating the heterogeneity of this sector. Policymakers should note these issues and take appropriate steps not only to boost high-end jobs but also to improve productivity and returns in low-end jobs. Only then will a tertiary sector revolution in India be beneficial to the workers en masse and be sustainable. Journal: Journal of the Asia Pacific Economy Pages: 387-413 Issue: 4 Volume: 13 Year: 2008 X-DOI: 10.1080/13547860802364729 File-URL: http://hdl.handle.net/10.1080/13547860802364729 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:13:y:2008:i:4:p:387-413 Template-Type: ReDIF-Article 1.0 Author-Name: Elizabeth Monk-Turner Author-X-Name-First: Elizabeth Author-X-Name-Last: Monk-Turner Author-Name: Charlie Turner Author-X-Name-First: Charlie Author-X-Name-Last: Turner Title: South Korean women at work: gender wage differentials by age, 1988–1998 Abstract: Earning differences between South Korean women and men were compared to better understand how gender differences in wages have changed between 1988 and 1998 for five age groups. Utilizing labor market data from Korea's Occupational Wage Survey (OWS) for the years 1988 and 1998, we found that men enjoy a wage advantage over women in all age groups in both time periods. For all but the oldest group (55 and over), such bias was less in 1998 than in 1988. As hypothesized, the wage gap was narrower among younger age groups compared with older ones. Journal: Journal of the Asia Pacific Economy Pages: 414-425 Issue: 4 Volume: 13 Year: 2008 X-DOI: 10.1080/13547860802364737 File-URL: http://hdl.handle.net/10.1080/13547860802364737 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:13:y:2008:i:4:p:414-425 Template-Type: ReDIF-Article 1.0 Author-Name: Budy Resosudarmo Author-X-Name-First: Budy Author-X-Name-Last: Resosudarmo Author-Name: Milda Irhamni Author-X-Name-First: Milda Author-X-Name-Last: Irhamni Title: Indonesia's industrial policy reforms and their environmental impacts Abstract: The fast growth of the manufacturing sector in Indonesia during the 1970s and 1980s and its relatively steady growth during the 1990s and early 2000s were argued to be the result of the kind of industrial policy reforms that were implemented. However, another important development since the early 1970s has been the rapidly deteriorating quality of environmental conditions in the country. Thus, the purpose of this paper is to analyse how industrial policy reforms have impacted on the environmental performance of industry, as well as to describe whether the introduction of industrial environmental policies has reduced industries' environmental impact. Journal: Journal of the Asia Pacific Economy Pages: 426-450 Issue: 4 Volume: 13 Year: 2008 X-DOI: 10.1080/13547860802364752 File-URL: http://hdl.handle.net/10.1080/13547860802364752 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:13:y:2008:i:4:p:426-450 Template-Type: ReDIF-Article 1.0 Author-Name: Satoshi Urasawa Author-X-Name-First: Satoshi Author-X-Name-Last: Urasawa Title: Business cycle fluctuations in Japanese macroeconomic time series: 1980–2000 Abstract: This paper provides the robust stylized facts for recent Japanese business cycle fluctuations, by examining the cyclical component of macroeconomic time series based on the frequency domain analysis. The results confirm many of the conventional views on business cycles in Japan. Among the most interesting findings are that non-scheduled hours worked plays a key role as a buffer for labor inputs. Distinctively, because of the behavior of non-scheduled cash earnings and bonuses, wages in Japan are very sensitive to changes in the level of economic activity. Also significant, the relationship between money and output has changed dramatically after the collapse of the bubble economy in 1991. Journal: Journal of the Asia Pacific Economy Pages: 451-480 Issue: 4 Volume: 13 Year: 2008 X-DOI: 10.1080/13547860802364778 File-URL: http://hdl.handle.net/10.1080/13547860802364778 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:13:y:2008:i:4:p:451-480 Template-Type: ReDIF-Article 1.0 Author-Name: Guntur Sugiyarto Author-X-Name-First: Guntur Author-X-Name-Last: Sugiyarto Title: Measuring underemployment: does the cut-off point really matter? Abstract: Unemployment and underemployment are the most pressing problems in Asia today, as reflected in the widespread underutilization rate of about 29% of the total labor force. Most labor forces in developing countries cannot afford to be completely unemployed and the standard labor force framework currently in use worldwide is biased toward counting the labor force as employed rather than unemployed. This systematically undervalues the full extent of the unemployment problem. The underemployment indicator is then introduced to overcome the issue but the existing guidelines for measuring time related-underemployment using the cut-off point for working full-time, set the threshold too low, resulting in the considerable under-representation of underemployment. This paper suggests a better way of determining the threshold using the cluster method. The robustness of its results is assessed and the overall results suggest that the proposed cut-off point of 40 working hours per week is the best one. Journal: Journal of the Asia Pacific Economy Pages: 481-517 Issue: 4 Volume: 13 Year: 2008 X-DOI: 10.1080/13547860802364786 File-URL: http://hdl.handle.net/10.1080/13547860802364786 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:13:y:2008:i:4:p:481-517 Template-Type: ReDIF-Article 1.0 Author-Name: Chris Reid Author-X-Name-First: Chris Author-X-Name-Last: Reid Author-Name: Andy Thorpe Author-X-Name-First: Andy Author-X-Name-Last: Thorpe Author-Name: Simon Smith Author-X-Name-First: Simon Author-X-Name-Last: Smith Title: Mainstreaming fisheries in development and poverty reduction strategies in the Asia-Pacific region Abstract: This paper offers an assessment of the mainstreaming of fisheries in national development plans and Poverty Reduction Strategy Papers within the Asia-Pacific region. Fisheries and aquaculture in the region make a significant contribution to world fisheries production. Importantly, those directly involved in the sector are predominantly small-scale artisanal producers, a group traditionally regarded as extremely vulnerable in poverty terms. Therefore, mainstreaming – integrating a sector into every stage of the national policy process – may have important welfare implications for those drawing livelihoods from the industry. This paper examines the significance of fisheries and aquaculture to developing Asia-Pacific economies, and evaluates the extent to which the sector has been mainstreamed in national development and poverty reduction strategies using a content analysis framework. We conclude that the representation of fisheries issues, the recognition of sectoral poverty, policy responses, and stakeholder representation, is typically greater than in other fish producing regions, and there are many examples of best practice. Journal: Journal of the Asia Pacific Economy Pages: 518-541 Issue: 4 Volume: 13 Year: 2008 X-DOI: 10.1080/13547860802364794 File-URL: http://hdl.handle.net/10.1080/13547860802364794 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:13:y:2008:i:4:p:518-541 Template-Type: ReDIF-Article 1.0 Author-Name: Tam Vu Author-X-Name-First: Tam Author-X-Name-Last: Vu Author-Name: Byron Gangnes Author-X-Name-First: Byron Author-X-Name-Last: Gangnes Author-Name: Ilan Noy Author-X-Name-First: Ilan Author-X-Name-Last: Noy Title: Is foreign direct investment good for growth? Evidence from sectoral analysis of China and Vietnam Abstract: We estimate the impact of FDI on growth using sectoral data for FDI inflows to China and Vietnam. Previous empirical studies, using either cross-country growth regressions or firm-level micro-econometric analysis, fail to reach a consensus. Our paper is the first to use sectoral FDI inflow data to evaluate the sector-specific impact of FDI on growth. Our results show that, for the two developing-transition economies we examine, FDI has a statistically-significant positive effect on economic growth operating directly and through its interaction with labor. Intriguingly, we find the effects seem to be very different across economic sectors, with most of the beneficial impact concentrated in the secondary industries. Other sectors appear to see much less growth benefit from sector-specific FDI. Journal: Journal of the Asia Pacific Economy Pages: 542-562 Issue: 4 Volume: 13 Year: 2008 X-DOI: 10.1080/13547860802364976 File-URL: http://hdl.handle.net/10.1080/13547860802364976 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:13:y:2008:i:4:p:542-562 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: A Review of: “Accelerating Japan's economic growth: resolving Japan's growth controversy” Journal: Pages: 563-572 Issue: 4 Volume: 13 Year: 2008 X-DOI: 10.1080/13547860802386409 File-URL: http://hdl.handle.net/10.1080/13547860802386409 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:13:y:2008:i:4:p:563-572 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Erratum Journal: Pages: 577-577 Issue: 4 Volume: 13 Year: 2008 X-DOI: 10.1080/13547860802393157 File-URL: http://hdl.handle.net/10.1080/13547860802393157 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:13:y:2008:i:4:p:577-577 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Notes on Contributors Journal: Pages: 573-576 Issue: 4 Volume: 13 Year: 2008 X-DOI: 10.1080/13547860802393165 File-URL: http://hdl.handle.net/10.1080/13547860802393165 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:13:y:2008:i:4:p:573-576 Template-Type: ReDIF-Article 1.0 Author-Name: Sang-Wook (Stanley) Cho Author-X-Name-First: Sang-Wook (Stanley) Author-X-Name-Last: Cho Author-Name: Gordon Yoon Author-X-Name-First: Gordon Author-X-Name-Last: Yoon Title: Sectoral analysis of an Australia–India free trade agreement Abstract: This paper analyses potential sectoral effects of Australia and India signing a free trade agreement. We construct a static applied general equilibrium model, and using a social accounting matrix, we calibrate it to match the Australian data sector by sector. We then perform a numerical experiment of removing all import tariffs between Australia and India. Additionally, we compare this benchmark case with one scenario where the tariffs are partially eliminated, and another scenario with more realistic trade elasticities. We quantify how trade liberalisation leads to falling consumer prices in the import sectors, increased production in the export sectors and aggregate welfare gains. Our analysis indicates a social welfare gain of around 0.4% which is robust to different estimates of trade elasticities, or in the case in which perhaps more realistically reflecting the recent episodes of free trade agreement we partially remove bilateral trade barriers. Journal: Journal of the Asia Pacific Economy Pages: 205-229 Issue: 2 Volume: 19 Year: 2014 Month: 4 X-DOI: 10.1080/13547860.2013.820469 File-URL: http://hdl.handle.net/10.1080/13547860.2013.820469 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:19:y:2014:i:2:p:205-229 Template-Type: ReDIF-Article 1.0 Author-Name: Jayant Menon Author-X-Name-First: Jayant Author-X-Name-Last: Menon Title: Growth without private investment: what happened in Malaysia and can it be fixed? Abstract: Private investment in Malaysia has never fully recovered from the impact of the Asian Financial Crisis (AFC). Both domestic and foreign investment have remained lackluster post-AFC; while foreigners continue to shun Malaysia, it seems even domestic investors are fleeing as well, with Malaysia having become a net exporter of capital since 2005. Malaysia continues to grow but, without private investment, it is unlikely to break out of the middle-income trap. The crucial questions are: what happened and can it be fixed? We argue that the investment malaise can be attributed to two inter-related factors: (i) distortions introduced by the New Economic Policy (NEP) and its reincarnates, and (ii) the widespread presence and overbearing influence of government-linked corporations (GLCs) that deter new investment. While the impacts of both factors may have been masked during the heady days leading up to the AFC, this is no longer the case in the current competitive environment where residency options for both capital and skilled labor are much greater. Fixing the problem requires addressing the distortions of the NEP and curtailing the influence of the GLCs. Although there have been a few recent moves to dilute the NEP, some of these measures have already been reversed. Similarly, while there has been an active program of divestment from GLCs, there have also been GLC acquisitions in new sectors, making it more of a diversification than a divestment program. Malaysia's investment malaise can be fixed, but not in this way. Journal: Journal of the Asia Pacific Economy Pages: 247-271 Issue: 2 Volume: 19 Year: 2014 Month: 4 X-DOI: 10.1080/13547860.2013.820471 File-URL: http://hdl.handle.net/10.1080/13547860.2013.820471 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:19:y:2014:i:2:p:247-271 Template-Type: ReDIF-Article 1.0 Author-Name: Adil Khan Miankhel Author-X-Name-First: Adil Khan Author-X-Name-Last: Miankhel Author-Name: Kaliappa Kalirajan Author-X-Name-First: Kaliappa Author-X-Name-Last: Kalirajan Author-Name: Shandre M. Thangavelu Author-X-Name-First: Shandre M. Author-X-Name-Last: Thangavelu Title: Australia's export potential: an exploratory analysis Abstract: A country's inability to export to its potential is a reflection of institutional and infrastructural impediments and rigidities that exist at home as well as in its trading partners. Distinguishing these rigidities as ‘behind the border’ factors and ‘beyond the border’ factors, respectively, this paper examines the impact of ‘behind the border’ factors on Australia's export potential. The hypothesis tested in this paper is that the ‘behind the border’ factors are important in almost all exporting countries and exert negative effects on export potential of the countries. Australia, which is relatively open among the resource-based developed economies, is chosen for testing the hypothesis by estimating a stochastic frontier gravity model using bilateral data from 2006 to 2008 on trade with its key trading partners. The empirical analysis indicates that even in the case of Australia, which is a developed country, ‘behind the border’ factors are important in explaining the reasons for its failure to export to its full potential. Journal: Journal of the Asia Pacific Economy Pages: 230-246 Issue: 2 Volume: 19 Year: 2014 Month: 4 X-DOI: 10.1080/13547860.2013.820472 File-URL: http://hdl.handle.net/10.1080/13547860.2013.820472 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:19:y:2014:i:2:p:230-246 Template-Type: ReDIF-Article 1.0 Author-Name: Frank Wogbe Agbola Author-X-Name-First: Frank Author-X-Name-Last: Wogbe Agbola Title: Modelling the impact of foreign direct investment and human capital on economic growth: empirical evidence from the Philippines Abstract: This paper empirically investigates the impact of foreign direct investment (FDI) and human capital on economic growth in the Philippines. An economic growth model for the Philippines is specified and estimated by a canonical cointegrating technique and employing annual data spanning the period 1965–2010. Our empirical results indicate that FDI is an important vehicle for achieving economic growth in the Philippines, but only when there is sufficient absorptive capacity created by increased human capital and infrastructure development. The other key factors influencing Philippine economic growth are economic growth in its major trading partners, political climate and prevailing economic conditions within the economy. The relative size of government investment is found to crowd-out private investment, thus suggesting the need for government investment to be directed at human capital and infrastructure development as this has the potential to attract FDI and thus achieve sustained economic growth and development in the Philippines. Journal: Journal of the Asia Pacific Economy Pages: 272-289 Issue: 2 Volume: 19 Year: 2014 Month: 4 X-DOI: 10.1080/13547860.2014.880282 File-URL: http://hdl.handle.net/10.1080/13547860.2014.880282 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:19:y:2014:i:2:p:272-289 Template-Type: ReDIF-Article 1.0 Author-Name: Kenta Goto Author-X-Name-First: Kenta Author-X-Name-Last: Goto Author-Name: Tamaki Endo Author-X-Name-First: Tamaki Author-X-Name-Last: Endo Title: Labor-intensive industries in middle-income countries: traps, challenges, and the local garment market in Thailand Abstract: How can labor-intensive industries in middle-income countries avoid the ‘middle-income trap’ and evolve as dynamic industries? This article addresses this question by focusing on the local garment industry in Thailand. Thailand's garment industry became fully integrated into international production networks in the 1980s, and was once among the main drivers of its manufacturing-based export growth. However, with rising wages and labor shortages, there is strong need to upgrade and shift from labor-intensive assembly to higher value-added functions. In contrast to the export-oriented sector, the local garment markets are primarily served by small informal garment suppliers. Nevertheless, some of the suppliers undertake functions that are typically more knowledge intensive, including designing and marketing. In this context, this paper discusses what implications this local-based industry has in overcoming possible middle-income traps, and suggests that domestic oriented policies could play key roles. Journal: Journal of the Asia Pacific Economy Pages: 369-386 Issue: 2 Volume: 19 Year: 2014 Month: 4 X-DOI: 10.1080/13547860.2014.880283 File-URL: http://hdl.handle.net/10.1080/13547860.2014.880283 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:19:y:2014:i:2:p:369-386 Template-Type: ReDIF-Article 1.0 Author-Name: Xin Gu Author-X-Name-First: Xin Author-X-Name-Last: Gu Author-Name: Zhang-Yue Zhou Author-X-Name-First: Zhang-Yue Author-X-Name-Last: Zhou Author-Name: A.B.M. Rabiul Alam Beg Author-X-Name-First: A.B.M. Author-X-Name-Last: Rabiul Alam Beg Title: What determines China's trade balance dynamics: a disaggregate analysis of panel data Abstract: China's huge trade surplus has attracted much interest around the globe from people of different walks of life. What has contributed to China's trade surplus has been a puzzle. Many researchers have attempted to discover the determinants that are responsible for China's trade imbalance but their findings are inconclusive or debatable. This paper offers new insights into the determinants of China's trade balance. In this study, the re-export role of Hong Kong in the trade of China's mainland is examined and the actual level of bilateral trade flows between China and each of its major trading partners is then re-estimated. Both these treatments are the first time employed in the literature, representing a major innovation in studying China's trade balance. The analysis with re-estimated trade data reveals that labour costs, income, foreign direct investment (FDI) and the exchange rate are all important determinants of China's trade surplus. However, the low labour cost has a much greater impact on China's trade surplus, followed by FDI. The exchange rate is also important but not as critical as many others have claimed. Journal: Journal of the Asia Pacific Economy Pages: 353-368 Issue: 2 Volume: 19 Year: 2014 Month: 4 X-DOI: 10.1080/13547860.2014.880284 File-URL: http://hdl.handle.net/10.1080/13547860.2014.880284 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:19:y:2014:i:2:p:353-368 Template-Type: ReDIF-Article 1.0 Author-Name: Juthathip Jongwanich Author-X-Name-First: Juthathip Author-X-Name-Last: Jongwanich Author-Name: Archanun Kohpaiboon Author-X-Name-First: Archanun Author-X-Name-Last: Kohpaiboon Author-Name: Chih-Hai Yang Author-X-Name-First: Chih-Hai Author-X-Name-Last: Yang Title: Science park, triple helix, and regional innovative capacity: province-level evidence from China Abstract: By precipitating a clustering effect and encouraging the establishment of links among firms and academic and research institutions (the so-called triple helix), science parks are expected to have both direct and indirect effects on promoting regional technological capacity. Based on a provincial-level panel dataset over the 1997–2009 period together with adopting patents as an indicator of innovative capacity, this study's empirical results show that science parks, in terms of various measures, indeed have a significantly positive impact on regional patenting. More importantly, science parks play a key role in coordinating research and development (R&D) collaboration across various R&D performers within the region and indirectly contribute to upgrading the regional technological ladder. Moreover, we find a positive innovation-enhancing effect brought about by R&D cooperation between industries and universities, rather than research institutes, highlighting both the importance and inherent problems of China's regional innovation systems. Journal: Journal of the Asia Pacific Economy Pages: 333-352 Issue: 2 Volume: 19 Year: 2014 Month: 4 X-DOI: 10.1080/13547860.2014.880285 File-URL: http://hdl.handle.net/10.1080/13547860.2014.880285 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:19:y:2014:i:2:p:333-352 Template-Type: ReDIF-Article 1.0 Author-Name: Shanzi Ke Author-X-Name-First: Shanzi Author-X-Name-Last: Ke Author-Name: Yufeng Yu Author-X-Name-First: Yufeng Author-X-Name-Last: Yu Title: The pathways from industrial agglomeration to TFP growth – the experience of Chinese cities for 2001–2010 Abstract: This paper employs a stochastic frontier production function to decompose total factor productivity (TFP) and examines the determinants of frontier technological progress, technical efficiency, and TFP growth across 262 prefectural and higher level cities in China for 2001–2010. The econometric analysis shows that industrial agglomeration, as a share of the national output, contributes to TFP growth through frontier technology and technical efficiency; industrial agglomeration, as a share of the local economy, enhances technical efficiency but is not conducive to technological progress. Spatial density of urban employment negatively affects the growth of technical efficiency and TFP. Overall, the differences in agglomeration economies explain more than one-half of the differences in TFP growth across China's cities. The results are stable in three sub-periods. Important policy implications are derived from the empirical findings. Smaller cities should develop an industrial base that passes a critical mass. Larger cities should continue to direct new development and relocate existing firms to planned, less congested industrial districts. Provincial and sub-provincial level cities should specialize and diversify in advanced producer services and headquarters economies, rather than manufacturing. Journal: Journal of the Asia Pacific Economy Pages: 310-332 Issue: 2 Volume: 19 Year: 2014 Month: 4 X-DOI: 10.1080/13547860.2014.880286 File-URL: http://hdl.handle.net/10.1080/13547860.2014.880286 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:19:y:2014:i:2:p:310-332 Template-Type: ReDIF-Article 1.0 Author-Name: Pundarik Mukhopadhaya Author-X-Name-First: Pundarik Author-X-Name-Last: Mukhopadhaya Author-Name: Kuntala Lahiri-Dutt Author-X-Name-First: Kuntala Author-X-Name-Last: Lahiri-Dutt Title: Women as marginal workers in informal mining and quarrying, India: a preliminary analysis Abstract: This paper presents an analysis of 2001 Indian Census data at the state level on women workers in the mining and quarrying (M&Q) sector. In the absence of official data on informal M&Q, the paper uses the census category of ‘marginal workers’ as a rough indicator of informal employment within this industrial category. The paper has two stages of analysis: first, it presents a state-by-state description of employment of women as main and marginal workers in key minerals; it then correlates income and other social indicators to the proportion of women marginal workers in different mineral categories in order to explore the connections between income, poverty/economic ill-being, caste and other social factors and informal M&Q. It concludes that at the state level, correlations are difficult to draw, and that there is need for further elaborate data for analysis. Journal: Journal of the Asia Pacific Economy Pages: 290-309 Issue: 2 Volume: 19 Year: 2014 Month: 4 X-DOI: 10.1080/13547860.2014.880287 File-URL: http://hdl.handle.net/10.1080/13547860.2014.880287 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:19:y:2014:i:2:p:290-309 Template-Type: ReDIF-Article 1.0 Author-Name: Vivan Sharan Author-X-Name-First: Vivan Author-X-Name-Last: Sharan Title: Book review Journal: Journal of the Asia Pacific Economy Pages: 387-389 Issue: 2 Volume: 19 Year: 2014 Month: 4 X-DOI: 10.1080/13547860.2014.886818 File-URL: http://hdl.handle.net/10.1080/13547860.2014.886818 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:19:y:2014:i:2:p:387-389 Template-Type: ReDIF-Article 1.0 Author-Name: Shiro Armstrong Author-X-Name-First: Shiro Author-X-Name-Last: Armstrong Title: Taiwan's Asia Pacific economic strategies after the Economic Cooperation Framework Agreement Abstract: Taiwan has had discriminatory trade and investment policies towards China, severely limiting economic engagement across the Strait. Not having free and open trade with China, one of the largest and most important parts of the East Asian economy, has resulted in Taiwan's underperforming in attracting foreign direct investment, effectively cut Taiwan off from participating fully in East Asian production networks and prevented the deepening of its specialisation in the regional and international economy. The Economic Cooperation Framework Agreement is a watershed in cross-Strait relations and gives Taiwan the opportunity to integrate more fully into the East Asian economy. There is pressure now for Taiwan to pursue preferential trade deals with other countries. This is not the best way forward; rather, Taiwan should pursue a multilateral trade strategy and focus on domestic reforms that will bring larger economic gains, economic diversification and avoid the political risks to the cross-Strait relationship associated with preferential deals. Journal: Journal of the Asia Pacific Economy Pages: 98-114 Issue: 1 Volume: 18 Year: 2013 X-DOI: 10.1080/13547860.2012.742668 File-URL: http://hdl.handle.net/10.1080/13547860.2012.742668 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:18:y:2013:i:1:p:98-114 Template-Type: ReDIF-Article 1.0 Author-Name: Yoko Asuyama Author-X-Name-First: Yoko Author-X-Name-Last: Asuyama Author-Name: Dalin Chhun Author-X-Name-First: Dalin Author-X-Name-Last: Chhun Author-Name: Takahiro Fukunishi Author-X-Name-First: Takahiro Author-X-Name-Last: Fukunishi Author-Name: Seiha Neou Author-X-Name-First: Seiha Author-X-Name-Last: Neou Author-Name: Tatsufumi Yamagata Author-X-Name-First: Tatsufumi Author-X-Name-Last: Yamagata Title: Firm dynamics in the Cambodian garment industry: firm turnover, productivity growth and wage profile under trade liberalization Abstract: The international garment trade was liberalized in 2005 following the termination of the Multifibre Arrangement (MFA) and ever since then, price competition has intensified. Employing a unique firm dataset collected by the authors, this paper examines the changes in the performance of Cambodian garment firms between 2002/03 and 2008/09. During the period concerned, frequent firm turnover led to a growth of the industry's productivity, and the study found that the average total-factor productivity (TFP) of new entrants was substantially higher than that of exiting firms. Furthermore, we observed that, thanks to productivity growth, an improvement in workers’ welfare, including a rise in the relative wages of the low-skilled, was taking place. These industrial dynamics differ considerably from those indicated by the ‘race to the bottom’ argument as applied to labor-intensive industrialization in low-income countries. Journal: Journal of the Asia Pacific Economy Pages: 51-70 Issue: 1 Volume: 18 Year: 2013 X-DOI: 10.1080/13547860.2012.742671 File-URL: http://hdl.handle.net/10.1080/13547860.2012.742671 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:18:y:2013:i:1:p:51-70 Template-Type: ReDIF-Article 1.0 Author-Name: Sudip Basu Author-X-Name-First: Sudip Author-X-Name-Last: Basu Author-Name: Clovis Freire Author-X-Name-First: Clovis Author-X-Name-Last: Freire Author-Name: Pisit Puapan Author-X-Name-First: Pisit Author-X-Name-Last: Puapan Author-Name: Vatcharin Sirimaneetham Author-X-Name-First: Vatcharin Author-X-Name-Last: Sirimaneetham Author-Name: Yusuke Tateno Author-X-Name-First: Yusuke Author-X-Name-Last: Tateno Title: Euro zone debt crisis: scenario analysis and implications for developing Asia-Pacific Abstract: The ongoing euro zone debt crisis creates an undesirable scenario for the global economy as well as for the Asia-Pacific region given that the region has close economic linkages. The paper aims to provide quantitative estimates of the potential impact of the euro zone debt crisis on merchandise exports as well as on economic growth and poverty reduction efforts in the region. The results indicate that a one-percentage-point fall of output growth of the euro zone would result in a total export loss of $166 billion. In addition, the protectionist threats could further increase the loss in exports by $27 billion. On social development, the disorderly euro zone debt crisis scenario would prevent 8.19 million people to get out of poverty and another 1.15 million would be pushed back into poverty as per the $1.25-a-day poverty line. The paper illustrates that macroeconomic policy space appears adequate in most economies that tend to be more heavily affected by the euro zone debt crisis. But strong inflationary pressures and less favourable public debt conditions could prevent some economies from implementing swift and forceful macroeconomic policy responses. Journal: Journal of the Asia Pacific Economy Pages: 1-25 Issue: 1 Volume: 18 Year: 2013 X-DOI: 10.1080/13547860.2012.742672 File-URL: http://hdl.handle.net/10.1080/13547860.2012.742672 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:18:y:2013:i:1:p:1-25 Template-Type: ReDIF-Article 1.0 Author-Name: Simon Feeny Author-X-Name-First: Simon Author-X-Name-Last: Feeny Title: Service delivery and human development in Papua New Guinea: the performance of provincial governments Abstract: Most indicators of health and education are much lower in Papua New Guinea (PNG) than they are in other countries in the Pacific. Successive waves of decentralisation have devolved most responsibility for service delivery to the country's Provincial Governments (PGs) yet a widespread deterioration in services has continued. Recent reforms and a strongly performing economy are leading to a sharp rise in resources for service delivery for most PGs. However, there is evidence from existing studies that the link between government spending and human development outcomes is weak. Using data for the period 2005–2009, this paper examines the importance of PG spending for health and education outcomes. It also adopts a Stochastic Production Frontier (SPF) approach to examine as to which PGs are most efficient at achieving these outcomes given their levels of expenditure. Journal: Journal of the Asia Pacific Economy Pages: 71-85 Issue: 1 Volume: 18 Year: 2013 X-DOI: 10.1080/13547860.2012.742680 File-URL: http://hdl.handle.net/10.1080/13547860.2012.742680 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:18:y:2013:i:1:p:71-85 Template-Type: ReDIF-Article 1.0 Author-Name: Thi Pham Author-X-Name-First: Thi Author-X-Name-Last: Pham Author-Name: James Riedel Author-X-Name-First: James Author-X-Name-Last: Riedel Title: Expectations and the cost of disinflation in Vietnam Abstract: Vietnam has the highest inflation rate in Asia. After a year-long debate about which should get priority, stability or growth, the government in early 2011 made it official – it would pursue stability at the cost of growth. This paper considers the cost of disinflation in Vietnam and the central role of expectations. The paper uses the Phillips curve as a starting point, but argues that the Phillips curve framework is not applicable in an economy, like Vietnam's, in which there is massive unemployment and inefficiency in resource allocation. The paper argues that the trade-off between growth and stability in Vietnam is a false one – Vietnam needs sweeping structural reforms to achieve both stability and growth. Journal: Journal of the Asia Pacific Economy Pages: 86-97 Issue: 1 Volume: 18 Year: 2013 X-DOI: 10.1080/13547860.2012.742696 File-URL: http://hdl.handle.net/10.1080/13547860.2012.742696 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:18:y:2013:i:1:p:86-97 Template-Type: ReDIF-Article 1.0 Author-Name: Laura Rienda Author-X-Name-First: Laura Author-X-Name-Last: Rienda Author-Name: Enrique Claver Author-X-Name-First: Enrique Author-X-Name-Last: Claver Author-Name: Diego Quer Author-X-Name-First: Diego Author-X-Name-Last: Quer Title: The internationalisation of Indian multinationals: determinants of expansion through acquisitions Abstract: In recent years, there is an increasing number of papers focusing on the internationalisation process of Indian multinationals. However, there is still a gap in understanding the determinants of their outward foreign direct investment (FDI) decisions. Thus, this paper analyses the factors influencing the choice between FDI modes by Indian firms. Our findings show that industry technological intensity, host country risk, host market attractiveness, previous international experience and the volume of exports from India to the host country are determining factors of the choice between acquisitions and greenfields. Journal: Journal of the Asia Pacific Economy Pages: 115-132 Issue: 1 Volume: 18 Year: 2013 X-DOI: 10.1080/13547860.2012.742705 File-URL: http://hdl.handle.net/10.1080/13547860.2012.742705 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:18:y:2013:i:1:p:115-132 Template-Type: ReDIF-Article 1.0 Author-Name: Chandrasekhar Krishnamurti Author-X-Name-First: Chandrasekhar Author-X-Name-Last: Krishnamurti Author-Name: Gary Tian Author-X-Name-First: Gary Author-X-Name-Last: Tian Author-Name: Min Xu Author-X-Name-First: Min Author-X-Name-Last: Xu Author-Name: Guangchuan Li Author-X-Name-First: Guangchuan Author-X-Name-Last: Li Title: No news is not good news: evidence from the intra-day return volatility–volume relationship in Shanghai Stock Exchange Abstract: Through this research, we find that the asymmetric volatility phenomenon is reversed in the Shanghai Stock Exchange during bull markets. That is, volatility increases more with good news than with bad news. This evidence is inconsistent with the US markets. Further examination of this phenomenon reveals that the positive impact of good news on volatility is driven by the return-chasing behaviour of investors during bull markets. We also find that volatility increases after stock price declines in bear markets. After controlling for liquidity shifts, we observe similar patterns in volatility in both bull and bear markets. We posit that institutional and behavioural factors are the major driving forces of observed volatility patterns in the Chinese stock market. Journal: Journal of the Asia Pacific Economy Pages: 149-167 Issue: 1 Volume: 18 Year: 2013 X-DOI: 10.1080/13547860.2012.742709 File-URL: http://hdl.handle.net/10.1080/13547860.2012.742709 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:18:y:2013:i:1:p:149-167 Template-Type: ReDIF-Article 1.0 Author-Name: Go Yano Author-X-Name-First: Go Author-X-Name-Last: Yano Author-Name: Maho Shiraishi Author-X-Name-First: Maho Author-X-Name-Last: Shiraishi Author-Name: Haiqing Hu Author-X-Name-First: Haiqing Author-X-Name-Last: Hu Title: Property rights, trade credit and entrepreneurial activity in China Abstract: This work empirically reconsiders the significance of legal protection of property rights and financial development for entrepreneurial activity measured by private investment in China, taking into account trade credit as an intermediate position between the two institutional developments. For financial development, we find that development of trade credit has a direct positive influence on private entrepreneurial investment, while development of bank finance has less impact on promotion of private investment. Legal property rights protection likely encourages private entrepreneurial investment indirectly, via development of trade credit. Journal: Journal of the Asia Pacific Economy Pages: 168-192 Issue: 1 Volume: 18 Year: 2013 X-DOI: 10.1080/13547860.2012.742712 File-URL: http://hdl.handle.net/10.1080/13547860.2012.742712 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:18:y:2013:i:1:p:168-192 Template-Type: ReDIF-Article 1.0 Author-Name: Ergun Dogan Author-X-Name-First: Ergun Author-X-Name-Last: Dogan Author-Name: Koi Wong Author-X-Name-First: Koi Author-X-Name-Last: Wong Author-Name: Michael Yap Author-X-Name-First: Michael Author-X-Name-Last: Yap Title: Turnover, ownership and productivity in Malaysian manufacturing Abstract: Applying Foster, Haltiwanger, and Krizan's decomposition of productivity growth method to Malaysian manufacturing census data for 2000 and 2005, we analyze if firm turnover by ownership (domestic vs. foreign) has any impact on the sector's aggregate productivity growth. The findings show that turnover matters regardless of ownership, but more importantly, attracting foreign direct investment inflows could induce positive ‘net entry effect’. The analysis shows that large-sized foreign and domestic entrants are more productive than medium-sized and especially small-sized ones. The study provides important implications for government policies based on ownership and firm size. Journal: Journal of the Asia Pacific Economy Pages: 26-50 Issue: 1 Volume: 18 Year: 2013 X-DOI: 10.1080/13547860.2012.742714 File-URL: http://hdl.handle.net/10.1080/13547860.2012.742714 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:18:y:2013:i:1:p:26-50 Template-Type: ReDIF-Article 1.0 Author-Name: Chengsi Zhang Author-X-Name-First: Chengsi Author-X-Name-Last: Zhang Title: Has Chinese economy become more stable? Abstract: This article employs structural break tests of unknown point with nuisance parameter to test for possible break in China's business cycle volatility and identifies that the last quarter of 1995 is the significant structural break point. The paper then constructs a counterfactual analysis to examine the driving factors of the structural change in China's business cycle fluctuations. The results of several robustness analyses suggest that systematic improvements in macroeconomic policies account for 20%–40% of the change while the remaining portion is explained by the reduction in the volatility of random shocks. These findings provide important implications for the ongoing economic revolution and policy adjustment in China. Journal: Journal of the Asia Pacific Economy Pages: 133-148 Issue: 1 Volume: 18 Year: 2013 X-DOI: 10.1080/13547860.2012.742717 File-URL: http://hdl.handle.net/10.1080/13547860.2012.742717 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:18:y:2013:i:1:p:133-148 Template-Type: ReDIF-Article 1.0 Author-Name: Jean-Pierre Cling Author-X-Name-First: Jean-Pierre Author-X-Name-Last: Cling Author-Name: Mireille Razafindrakoto Author-X-Name-First: Mireille Author-X-Name-Last: Razafindrakoto Author-Name: François Roubaud Author-X-Name-First: François Author-X-Name-Last: Roubaud Title: The informal economy in Asia: introduction to the issue Journal: Journal of the Asia Pacific Economy Pages: 553-559 Issue: 4 Volume: 17 Year: 2012 X-DOI: 10.1080/13547860.2012.724543 File-URL: http://hdl.handle.net/10.1080/13547860.2012.724543 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:17:y:2012:i:4:p:553-559 Template-Type: ReDIF-Article 1.0 Author-Name: John Rand Author-X-Name-First: John Author-X-Name-Last: Rand Author-Name: Nina Torm Author-X-Name-First: Nina Author-X-Name-Last: Torm Title: The informal sector wage gap among Vietnamese micro-firms Abstract: Based on unique firm survey data from 2009, this paper examines the wage differential between formal and informal manufacturing household enterprises in Vietnam. Using the Blinder–Oaxaca decomposition method, we investigate whether the wage gap is attributed mostly to differences in observable characteristics (the endowments) between formal and informal firms, or to variations in the returns to these characteristics (the unexplained component). The results show that average wages are 10%–20% higher in formal firms and that the majority of this gap is due to observable characteristics, in particular differences in firm size, workforce characteristics and location. Thus, traditional wage determinants seem to play an important role in explaining the higher wage returns in formal firms. Journal: Journal of the Asia Pacific Economy Pages: 560-577 Issue: 4 Volume: 17 Year: 2012 X-DOI: 10.1080/13547860.2012.724544 File-URL: http://hdl.handle.net/10.1080/13547860.2012.724544 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:17:y:2012:i:4:p:560-577 Template-Type: ReDIF-Article 1.0 Author-Name: Mélika Salem Author-X-Name-First: Mélika Author-X-Name-Last: Salem Author-Name: Isabelle Bensidoun Author-X-Name-First: Isabelle Author-X-Name-Last: Bensidoun Title: The heterogeneity of informal employment and segmentation in the Turkish labour market Abstract: This paper aims at investigating the heterogeneity of informal employment on the Turkish labour market. To circumvent the constraints imposed by the traditional parametric methods, finite mixture models are estimated in order to identify the optimal number of segments within the informal employment and their respective returns to individual characteristics. In particular, it sheds light on the potential voluntary nature of informal employment by comparing the estimated probabilities of segment membership with the theoretical probabilities that would result from a competitive labour market under the hypothesis of income maximization by workers. Results show that the classical self-employed versus informal wage-workers divide is not the best split of informal employment. Furthermore, the two estimated informal employment segments are both less desirable than formal employment. Thus, the hypothesis of labour-market segmentation, even after taking informal-sector heterogeneity into account, seems to hold, supporting the traditional dualistic view of informal employment in the Turkish context. Journal: Journal of the Asia Pacific Economy Pages: 578-592 Issue: 4 Volume: 17 Year: 2012 X-DOI: 10.1080/13547860.2012.724546 File-URL: http://hdl.handle.net/10.1080/13547860.2012.724546 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:17:y:2012:i:4:p:578-592 Template-Type: ReDIF-Article 1.0 Author-Name: Indrajit Bairagya Author-X-Name-First: Indrajit Author-X-Name-Last: Bairagya Title: Employment in India's informal sector: size, patterns, growth and determinants Abstract: In a developing country like India, the formal sector is a coveted employment destination. However, in the present scenario, the formal sector is unable to absorb the entire workforce. In view of these labour demand constraints in the formal sector, this paper sets out to explore the opportunities for the promotion of informal sector employment. It measures employment trends and patterns in the informal sector in India and estimates the sector's employment determinants using a large and nationally representative sample of individual data. The estimation also tests the hypothesis that the determinants of informal sector employment vary with the states’ development levels. Our findings reveal that individuals without any general or technical education have a greater probability of entering the informal sector. As education increases, this probability decreases in all the states irrespective of their development level. In some cases, results for the underdeveloped states contrast with the developing and developed states. For instance, individuals in the Other Backward Classes (OBC) category who always stay in the same employment catchment area have a greater probability of finding a job in the informal sector in the developed and developing states, while they have no exposure to finding a job in the informal sector in the underdeveloped states. Education (both general and technical) and migration are the main policy variables for the promotion of employment. Journal: Journal of the Asia Pacific Economy Pages: 593-615 Issue: 4 Volume: 17 Year: 2012 X-DOI: 10.1080/13547860.2012.724548 File-URL: http://hdl.handle.net/10.1080/13547860.2012.724548 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:17:y:2012:i:4:p:593-615 Template-Type: ReDIF-Article 1.0 Author-Name: Paulette Castel Author-X-Name-First: Paulette Author-X-Name-Last: Castel Author-Name: Trung-Thanh To Author-X-Name-First: Trung-Thanh Author-X-Name-Last: To Title: Informal employment in the formal sector: wages and social security tax evasion in Vietnam Abstract: Using data from the 2006 Enterprise Census and Survey, the paper sheds light on why evasion and particularly under-reporting of wages is so common in Vietnam: only 46.4% of the enterprises are registered with social security, 21.7% of registered firms’ workers are not covered, and wages reported to social security represent only 32.5% of the wages actually paid. While there are institutional explanations for the situation, enterprises and workers’ motivations are not clear. Do employers withhold social security contributions for their own profit or do they pay them in higher wages to their workers? Using the variation in the share of social security contributions in wages across enterprises, the study first verifies that in Vietnam, as in many countries, enterprises can shift the burden of social security contributions on wages. In a second step, it searches for evidence that, within a same branch of industry, evading enterprises make higher profits or revenues per worker. While it is clear that enterprises that evade and under-report wages pay higher wages, there is no evidence of employers’ appropriation of the unpaid social security contributions. Taking five key policy implications, the conclusion explains that enforcement policies and information campaigns in Vietnam will marginally help expand social security and shrink informal employment and the business practice of under-reporting wages. Consensus-building activities conducive to regulatory changes and coordinated action among policymakers, enterprises and employees are required. Journal: Journal of the Asia Pacific Economy Pages: 616-631 Issue: 4 Volume: 17 Year: 2012 X-DOI: 10.1080/13547860.2012.724551 File-URL: http://hdl.handle.net/10.1080/13547860.2012.724551 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:17:y:2012:i:4:p:616-631 Template-Type: ReDIF-Article 1.0 Author-Name: Jean-Pierre Cling Author-X-Name-First: Jean-Pierre Author-X-Name-Last: Cling Author-Name: Mireille Razafindrakoto Author-X-Name-First: Mireille Author-X-Name-Last: Razafindrakoto Author-Name: François Roubaud Author-X-Name-First: François Author-X-Name-Last: Roubaud Title: To be or not to be registered? Explanatory factors behind formalizing non-farm household businesses in Vietnam Abstract: This article sets out to investigate the reasons why some household businesses decide to register and become formal (while others do not) in order to shed light on the origins of informality. We use qualitative as well as quantitative data on household businesses (HB) derived from first-hand representative surveys implemented in Hanoi and Ho Chi Minh City. The study reveals that although most of the informal businesses operate ‘illegally’, this is more due to unclear registration legislation than the mark of a deliberate intention to evade the economic regulations. Among the different factors that influence the registration decisions, the reason for setting up the business appears to be a determining one: the more it is a real choice (businesses set up to be independent or to follow a family tradition) and the less a constraint (set up for lack of a job alternative), the more the HB is inclined to be registered. Furthermore, the analysis highlights that incentives do prove decisive insofar as the probability of having a formal business is greater among HB heads who consider that registration provides at least partial protection from corruption. Besides, access to information, the market and large business orders also drive the informal entrepreneurs to register. These results stress the need for clarification of the legal framework as well as incentive policies in order to address the issue of informality. Journal: Journal of the Asia Pacific Economy Pages: 632-652 Issue: 4 Volume: 17 Year: 2012 X-DOI: 10.1080/13547860.2012.724553 File-URL: http://hdl.handle.net/10.1080/13547860.2012.724553 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:17:y:2012:i:4:p:632-652 Template-Type: ReDIF-Article 1.0 Author-Name: Thi Tran Author-X-Name-First: Thi Author-X-Name-Last: Tran Author-Name: Huu Nguyen Author-X-Name-First: Huu Author-X-Name-Last: Nguyen Author-Name: Thi Mai Nguyen Author-X-Name-First: Thi Author-X-Name-Last: Mai Nguyen Author-Name: Thi Thao Ngo Author-X-Name-First: Thi Author-X-Name-Last: Thao Ngo Title: A propensity score matching analysis on the impact of international migration on entrepreneurship in Vietnam Abstract: This paper investigates the impact of international migration on job creation in the informal sector in Vietnam. Using the national representative household data on international migration in 2008, the results find no self-employment differential between migrant and non-migrant households. International migration matters only if business scale is taken into account. Estimations using the propensity score matching method reveal that Vietnam's migrant households are either poor or rich families. This points to the effectiveness of government labour export programmes designed to reduce poverty and the tendency of rich families to send children to study abroad. The results also show that international migration has no impact on entrepreneurship, and thus employment generation in the informal sector, raising concerns about the lasting impact of migration. Journal: Journal of the Asia Pacific Economy Pages: 653-669 Issue: 4 Volume: 17 Year: 2012 X-DOI: 10.1080/13547860.2012.724555 File-URL: http://hdl.handle.net/10.1080/13547860.2012.724555 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:17:y:2012:i:4:p:653-669 Template-Type: ReDIF-Article 1.0 Author-Name: Shintaro Hamanaka Author-X-Name-First: Shintaro Author-X-Name-Last: Hamanaka Title: A Review of “Regionalism in East Asia: why has it flourished since 2000 and how far will it go?” Journal: Journal of the Asia Pacific Economy Pages: 670-671 Issue: 4 Volume: 17 Year: 2012 X-DOI: 10.1080/13547860.2012.724556 File-URL: http://hdl.handle.net/10.1080/13547860.2012.724556 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:17:y:2012:i:4:p:670-671 Template-Type: ReDIF-Article 1.0 Author-Name: John Thoburn Author-X-Name-First: John Author-X-Name-Last: Thoburn Title: A Review of “Demystifying the Chinese economy” Journal: Journal of the Asia Pacific Economy Pages: 672-674 Issue: 4 Volume: 17 Year: 2012 X-DOI: 10.1080/13547860.2012.724557 File-URL: http://hdl.handle.net/10.1080/13547860.2012.724557 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:17:y:2012:i:4:p:672-674 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Notes on contributors Journal: Journal of the Asia Pacific Economy Pages: 675-677 Issue: 4 Volume: 17 Year: 2012 X-DOI: 10.1080/13547860.2012.727643 File-URL: http://hdl.handle.net/10.1080/13547860.2012.727643 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:17:y:2012:i:4:p:675-677 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Editorial Board Journal: Journal of the Asia Pacific Economy Pages: ebi-ebi Issue: 4 Volume: 17 Year: 2012 X-DOI: 10.1080/13547860.2012.736686 File-URL: http://hdl.handle.net/10.1080/13547860.2012.736686 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:17:y:2012:i:4:p:ebi-ebi Template-Type: ReDIF-Article 1.0 Author-Name: Alberto Posso Author-X-Name-First: Alberto Author-X-Name-Last: Posso Author-Name: Simon Feeny Author-X-Name-First: Simon Author-X-Name-Last: Feeny Title: Beyond enrolments: the determinants of primary-school attendance in Melanesia Abstract: The second millennium development goal (MDG) is to achieve universal primary education and while developing countries have made good progress on primary-school enrolment rates, school attendance remains low. This paper addresses the determinants of school attendance using unique household survey data for two Melanesian economies rarely reported in the international literature: Solomon Islands and Vanuatu. There is a high degree of heterogeneity in the results across both gender and location. The main findings are that as children get older, they are less likely to attend school as are children that work either inside or outside the home. School fees act as a major deterrent for sending children to school, even though governments and international donors have taken significant steps to make primary education free. Finally, community programs that aim at increasing school attendance have been successful, particularly for girls and children in remote areas. A number of policy implications are provided. Journal: Journal of the Asia Pacific Economy Pages: 531-548 Issue: 4 Volume: 21 Year: 2016 Month: 10 X-DOI: 10.1080/13547860.2016.1153205 File-URL: http://hdl.handle.net/10.1080/13547860.2016.1153205 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:21:y:2016:i:4:p:531-548 Template-Type: ReDIF-Article 1.0 Author-Name: George Verikios Author-X-Name-First: George Author-X-Name-Last: Verikios Author-Name: Xiao-guang Zhang Author-X-Name-First: Xiao-guang Author-X-Name-Last: Zhang Title: Structural change and income distribution: the case of Australian telecommunications Abstract: The Australian telecommunications sector experienced substantial structural change during the 1990s, a change that increased productivity and reduced costs. At this time, telecommunications was already an important item of household expenditure and input to production. We estimate the effect of the structural change on households depending on their location in the distribution of income and expenditure. Our estimates are calculated by applying a computable general equilibrium model incorporating microsimulation behaviour with top-down and bottom-up links. We estimate significant increases in real income and small increases in inequality from the changes; the pattern of effects is largely uniform across regions. Sensitivity analysis indicates that our results are insensitive to variations in model parameters. Journal: Journal of the Asia Pacific Economy Pages: 549-570 Issue: 4 Volume: 21 Year: 2016 Month: 10 X-DOI: 10.1080/13547860.2016.1153221 File-URL: http://hdl.handle.net/10.1080/13547860.2016.1153221 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:21:y:2016:i:4:p:549-570 Template-Type: ReDIF-Article 1.0 Author-Name: Kushneel Avneet Prakash Author-X-Name-First: Kushneel Avneet Author-X-Name-Last: Prakash Author-Name: Anjani Mala Author-X-Name-First: Anjani Author-X-Name-Last: Mala Title: Is the Dutch disease effect valid in relation to remittances and the real exchange rate in Fiji? Abstract: In recent years, increased economic integration and enhanced labor mobility has led to an increasing flow of remittances across the globe. Many scholars over time have explored its positive contributions, while few have investigated its consequences on the recipient economies. A subsequent appreciation of the local currency due to remittances is known as the ‘Dutch disease’ effect. In this paper, we examine the validity of the ‘Dutch disease’ effect in the context of Fiji and find that remittances do not result in the Dutch disease effect in the long run. Journal: Journal of the Asia Pacific Economy Pages: 571-577 Issue: 4 Volume: 21 Year: 2016 Month: 10 X-DOI: 10.1080/13547860.2016.1153225 File-URL: http://hdl.handle.net/10.1080/13547860.2016.1153225 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:21:y:2016:i:4:p:571-577 Template-Type: ReDIF-Article 1.0 Author-Name: Mohammad Zulfan Tadjoeddin Author-X-Name-First: Mohammad Zulfan Author-X-Name-Last: Tadjoeddin Title: Productivity, wages and employment: evidence from the Indonesia's manufacturing sector Abstract: This paper examines the links between productivity, wages and employment in Indonesia's manufacturing sector utilizing the rich datasets of National Labour Force Survey (Sakernas), National Income Account and Manufacturing Statistics. A decoupling trend between real wages and productivity in the overall manufacturing sector is evident, but the dynamics within the sector is far from homogenous. Wages and productivity are further disaggregated into large–medium (LM) and cottage–small (CS) manufacturing firms and significant gaps between LM and CS firms are found. This paper challenges the conventional wisdom of negative wage elasticity with respect to employment. In contrast to the overall diverging trend between real wage and productivity in the overall manufacturing sector, a positive link between wages and productivity in the LM manufacturing industry has led to a positive correlation between wages and employment. This is analogous to the ideal situation where both productivity and wage increase, while the overall economy (employment and output) expands. Journal: Journal of the Asia Pacific Economy Pages: 489-512 Issue: 4 Volume: 21 Year: 2016 Month: 10 X-DOI: 10.1080/13547860.2016.1153227 File-URL: http://hdl.handle.net/10.1080/13547860.2016.1153227 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:21:y:2016:i:4:p:489-512 Template-Type: ReDIF-Article 1.0 Author-Name: Sharon G.M. Koh Author-X-Name-First: Sharon G.M. Author-X-Name-Last: Koh Author-Name: Grace H.Y. Lee Author-X-Name-First: Grace H.Y. Author-X-Name-Last: Lee Author-Name: Eduard J. Bomhoff Author-X-Name-First: Eduard J. Author-X-Name-Last: Bomhoff Title: The dynamics of public opinion towards inequality in Malaysia Abstract: Globally income inequality is on the rise. With growing income inequality, market outcomes are no longer Pareto efficient as it is benefiting only a small group of individuals. Working with the World Values Survey data, this paper aims to provide an additional perspective on income inequality in Malaysia. We find evidence that individuals' underlying beliefs, ideologies and education level are important determinants of their attitudes toward income distribution. In addition, the paper concludes that individuals' preference for income distribution is significantly shaped by the experiences and economic condition in their local communities. States that are poorer and more ethnically diverse prefer more equal income. Journal: Journal of the Asia Pacific Economy Pages: 578-598 Issue: 4 Volume: 21 Year: 2016 Month: 10 X-DOI: 10.1080/13547860.2016.1154201 File-URL: http://hdl.handle.net/10.1080/13547860.2016.1154201 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:21:y:2016:i:4:p:578-598 Template-Type: ReDIF-Article 1.0 Author-Name: Zhong Qin Author-X-Name-First: Zhong Author-X-Name-Last: Qin Author-Name: Vinod Mishra Author-X-Name-First: Vinod Author-X-Name-Last: Mishra Author-Name: Russell Smyth Author-X-Name-First: Russell Author-X-Name-Last: Smyth Title: An empirical examination of endogenous ownership in Chinese private enterprises Abstract: The relationship between ownership structure and firm performance in small and medium enterprises (SMEs) in developing and transition countries has been largely ignored. Drawing on endogenous ownership theory, this paper seeks to understand the relationship between ownership structure and firm performance in SMEs in China, which represents an embryonic market environment. Using survey data collected from 189 private firms in Shantou City, China, we find that ownership variables do not have a statistically significant relationship with firm performance. We examine the determinants of changing ownership shares and find that firm size and business instability are related to changes in ownership shares. Our findings provide empirical support for the central tenets of endogenous ownership theory. As such, the results can be interpreted as meaning that even in a developing market environment, such as China, market forces are strong enough to dominate ownership structure change or that the market mechanism is functioning well in some areas of emerging markets. Journal: Journal of the Asia Pacific Economy Pages: 513-530 Issue: 4 Volume: 21 Year: 2016 Month: 10 X-DOI: 10.1080/13547860.2016.1160811 File-URL: http://hdl.handle.net/10.1080/13547860.2016.1160811 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:21:y:2016:i:4:p:513-530 Template-Type: ReDIF-Article 1.0 Author-Name: Chune Young Chung Author-X-Name-First: Chune Young Author-X-Name-Last: Chung Author-Name: Kainan Wang Author-X-Name-First: Kainan Author-X-Name-Last: Wang Title: Short-term trading by individual investors in the Korean stock market Abstract: We directly examine the trading behaviors of individual investors in a short investment horizon based on unique daily trading data from the Korean stock market. Demand by individual investors increases this week when returns increased last week, implying that individual investors are momentum traders in the short term. Further, demand by individual investors last week is positively related to their demand this week, suggesting that individual investors tend to herd. In addition, demand by individual investors last week is negatively associated with returns this week, indicating unprofitable trading behaviors. Journal: Journal of the Asia Pacific Economy Pages: 599-611 Issue: 4 Volume: 21 Year: 2016 Month: 10 X-DOI: 10.1080/13547860.2016.1187798 File-URL: http://hdl.handle.net/10.1080/13547860.2016.1187798 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:21:y:2016:i:4:p:599-611 Template-Type: ReDIF-Article 1.0 Author-Name: Michael D. Clemes Author-X-Name-First: Michael D. Author-X-Name-Last: Clemes Author-Name: Baiding Hu Author-X-Name-First: Baiding Author-X-Name-Last: Hu Author-Name: Xuedong Li Author-X-Name-First: Xuedong Author-X-Name-Last: Li Title: Services and economic growth in China: an empirical analysis Abstract: This is the first study that empirically investigates the contribution that an expansion in China's emerging services sector may make to China's per capita economic growth. In addition, the study examines the spillover effects of growth in China's services sector on growth in the manufacturing sector and vice versa. The framework consists of a single structural growth equation and a simultaneous equation to measure the spillover effects. Multiple regression analysis is used to analyse data from 1994 to 2011. The empirical results indicate that an increase in exports and government spending will positively affect value-added in the services sector. The findings also indicate that the services sector has a positive influence on the growth of per capita GDP. Finally, as published studies on the contribution of the services sector to China's per capita growth are sparse, the study presents policy implications. Journal: Journal of the Asia Pacific Economy Pages: 612-627 Issue: 4 Volume: 21 Year: 2016 Month: 10 X-DOI: 10.1080/13547860.2016.1190492 File-URL: http://hdl.handle.net/10.1080/13547860.2016.1190492 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:21:y:2016:i:4:p:612-627 Template-Type: ReDIF-Article 1.0 Author-Name: Mi Kyung Pai Author-X-Name-First: Mi Kyung Author-X-Name-Last: Pai Title: Firms’ strategies, vertical integration, and productivity growth in Korea's core growth-leading industries Abstract: This study investigates the impact of firms’ strategies on the productivity growth of vertically integrated with capital share (VI) firms, non-VI (NVI) firms, and firms shifting schemes. A Cobb-Douglas stochastic frontier production model applies to a firm-level panel data set of Korea's automobile, electronics, and general machinery industries from 2006 to 2011. Distinct from VI automobile firms, VI electronics firms achieved the highest total factor productivity growth despite the agency dilemma. Therefore, policymakers need not ascribe undue attention to fair trade and competition policies for VI electronics firms. VI electronics firms achieved the largest impact from incentive schemes, and VI firms showed larger impact than did NVI firms from patents and intellectual property rights. Electronics firms and general machinery firms retaining a VI structure showed larger impacts from strategic technology partnerships than those retaining an NVI structure, and thus should share the growth experienced from technology upgrades with their NVI counterparts. Journal: Journal of the Asia Pacific Economy Pages: 628-650 Issue: 4 Volume: 21 Year: 2016 Month: 10 X-DOI: 10.1080/13547860.2016.1201956 File-URL: http://hdl.handle.net/10.1080/13547860.2016.1201956 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:21:y:2016:i:4:p:628-650 Template-Type: ReDIF-Article 1.0 Author-Name: Joseph J. Capuno Author-X-Name-First: Joseph J. Author-X-Name-Last: Capuno Title: An Oaxaca-decomposition analysis of popular support for democracy in Southeast Asian countries: are the middle classes different from the rest? Abstract: Recent decades witnessed economic and political developments in Asia, especially in the Southeast Asia region, that warrant a re-examination of popular support for democracy among socioeconomic classes in the region. Using the 2010--2012 round of the Asian Barometer Survey, we constructed seven indicators of support for democracy and three socioeconomic classes for Indonesia, Malaysia, Philippines, Singapore and Thailand. The tests of proportions indicate that for each country, a high percentage of each class generally expresses support for democracy. Where inter-class differences are significant, the Oaxaca decompositions reveal that in Singapore, Malaysia and Thailand these are largely due to dissimilarities in class characteristics (like average education). In Indonesia and the Philippines, the differences in average class characteristics matter less than the heterogeneous effects of the characteristics. Thus, democratic consensus among socioeconomic classes can be promoted through policies that promote class parity in, say, educational attainment or employment status, but more directly in Singapore, Malaysia and Thailand than in Indonesia and the Philippines. Journal: Journal of the Asia Pacific Economy Pages: 467-488 Issue: 4 Volume: 21 Year: 2016 Month: 10 X-DOI: 10.1080/13547860.2016.1201970 File-URL: http://hdl.handle.net/10.1080/13547860.2016.1201970 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:21:y:2016:i:4:p:467-488 Template-Type: ReDIF-Article 1.0 Author-Name: Jinho Choi Author-X-Name-First: Jinho Author-X-Name-Last: Choi Author-Name: Minkyu Son Author-X-Name-First: Minkyu Author-X-Name-Last: Son Title: A note on the effects of government spending on economic growth in Korea Abstract: This study seeks to investigate how expansionary government spending shocks in Korea have influenced GDP growth since the 1980s through the lenses of time varying parameter structural vector autoregression (TVP-SVAR) approach. Our estimation results suggest that an increase in discretionary government spending has affected Korea’s economic growth in a favorable way while its stimulating effect has noticeably declined over the sample period. Furthermore, our cointegrating regression analysis suggests that government spending multiplier estimates in Korea have positive relationships with the public investment spending on infrastructure as well as the aggregate level of household debts, whereas modestly exhibiting inverse associations with trade openness and public debts. Journal: Journal of the Asia Pacific Economy Pages: 651-663 Issue: 4 Volume: 21 Year: 2016 Month: 10 X-DOI: 10.1080/13547860.2016.1204746 File-URL: http://hdl.handle.net/10.1080/13547860.2016.1204746 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:21:y:2016:i:4:p:651-663 Template-Type: ReDIF-Article 1.0 Author-Name: John Thoburn Author-X-Name-First: John Author-X-Name-Last: Thoburn Title: The global automotive industry, edited by Paul Nieuwenhuis and Peter Wells Journal: Journal of the Asia Pacific Economy Pages: 664-666 Issue: 4 Volume: 21 Year: 2016 Month: 10 X-DOI: 10.1080/13547860.2016.1221497 File-URL: http://hdl.handle.net/10.1080/13547860.2016.1221497 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:21:y:2016:i:4:p:664-666 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Editorial Board Journal: Journal of the Asia Pacific Economy Pages: ebi-ebi Issue: 4 Volume: 21 Year: 2016 Month: 10 X-DOI: 10.1080/13547860.2016.1225432 File-URL: http://hdl.handle.net/10.1080/13547860.2016.1225432 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:21:y:2016:i:4:p:ebi-ebi Template-Type: ReDIF-Article 1.0 Author-Name: Oliver Turner Author-X-Name-First: Oliver Author-X-Name-Last: Turner Title: Globalization and transnational capitalism in Asia and Oceania, edited by Jeb Sprague Journal: Journal of the Asia Pacific Economy Pages: 191-193 Issue: 1 Volume: 22 Year: 2017 Month: 1 X-DOI: 10.1080/13547860.2017.1260888 File-URL: http://hdl.handle.net/10.1080/13547860.2017.1260888 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:22:y:2017:i:1:p:191-193 Template-Type: ReDIF-Article 1.0 Author-Name: Chong-En Bai Author-X-Name-First: Chong-En Author-X-Name-Last: Bai Author-Name: Qiong Zhang Author-X-Name-First: Qiong Author-X-Name-Last: Zhang Title: Is the People's Republic of China's current slowdown a cyclical downturn or a long-term trend? A productivity-based analysis Abstract: Whether the People's Republic of China's (PRC) economic slowdown since the 2008 financial crisis is a cyclical downturn or a long-run trend has important policy implications. As productivity is the determinant factor for long-term economic growth and the PRC watches soaring labor cost while no serious unemployment recently, this article tries to understand its slowdown from the supply side. Based on provincial panel data, it first identifies the determinants of productivity growth and then uses counterfactual analysis to simulate effects of the PRC's policy-induced investment boom on its economic growth. It finds that economic openness enhances productivity, whereas economies at higher stages of development on average have lower productivity growth. Second, productivity of economies accumulating more stock of inventory grows more slowly, while the opposite is observed for those with higher labor involvement rates. Third, government size and investment rate both have significantly negative effects on productivity growth. Finally, the diminishing late-mover advantage and the growth in investment rate are both major contributors to the current decline in the PRC's productivity growth. The current economic slowdown does not seem to be a cyclical downturn. Indeed, further reforms are needed to stabilize the PRC's growth. Journal: Journal of the Asia Pacific Economy Pages: 29-46 Issue: 1 Volume: 22 Year: 2017 Month: 1 X-DOI: 10.1080/13547860.2016.1261438 File-URL: http://hdl.handle.net/10.1080/13547860.2016.1261438 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:22:y:2017:i:1:p:29-46 Template-Type: ReDIF-Article 1.0 Author-Name: David Bulman Author-X-Name-First: David Author-X-Name-Last: Bulman Author-Name: Maya Eden Author-X-Name-First: Maya Author-X-Name-Last: Eden Author-Name: Ha Nguyen Author-X-Name-First: Ha Author-X-Name-Last: Nguyen Title: Transitioning from low-income growth to high-income growth: is there a middle-income trap? Abstract: Is there a ‘middle-income trap’? Theory suggests that the determinants of growth at low and high income levels may be different. If countries struggle to transition from growth strategies that are effective at low income levels to growth strategies that are effective at high income levels, they may stagnate at some middle-income level; this phenomenon can be thought of as a ‘middle-income trap.’ Defining income levels based on per capita gross domestic product relative to the United States, we do not find evidence for (unusual) stagnation at any particular middle-income level. However, we do find evidence that the determinants of growth at low and high income levels differ. These findings suggest a mixed conclusion: middle-income countries may need to change growth strategies in order to transition smoothly to high income growth strategies, but this can be done smoothly and does not imply the existence of a middle-income trap. Journal: Journal of the Asia Pacific Economy Pages: 5-28 Issue: 1 Volume: 22 Year: 2017 Month: 1 X-DOI: 10.1080/13547860.2016.1261448 File-URL: http://hdl.handle.net/10.1080/13547860.2016.1261448 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:22:y:2017:i:1:p:5-28 Template-Type: ReDIF-Article 1.0 Author-Name: Libin Han Author-X-Name-First: Libin Author-X-Name-Last: Han Author-Name: Ming Lu Author-X-Name-First: Ming Author-X-Name-Last: Lu Title: Housing prices and investment: an assessment of China's inland-favoring land supply policies Abstract: Since 2003, China's central government has allocated more construction land-use quotas to inland provinces than elsewhere in an attempt to balance the growth gap between its coastal and inland regions. Here, firm-level data from 2001 to 2007 were used to determine how this change in land policy has affected firms' investments and housing prices. Results have shown that cities in which land-use quotas decreased experienced faster housing price growth than the cities in which land-use quotas increased after 2003. This sharp change in policy also highlighted two major channels of the effects of housing prices on investment by firms. The results show that higher housing prices increased firms' investment by providing a source of more valuable collateral, while crowding out fixed capital investment. The net effect of housing prices on investment is negative and limiting economic growth. Journal: Journal of the Asia Pacific Economy Pages: 106-121 Issue: 1 Volume: 22 Year: 2017 Month: 1 X-DOI: 10.1080/13547860.2016.1261452 File-URL: http://hdl.handle.net/10.1080/13547860.2016.1261452 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:22:y:2017:i:1:p:106-121 Template-Type: ReDIF-Article 1.0 Author-Name: Peixin Li Author-X-Name-First: Peixin Author-X-Name-Last: Li Author-Name: Chen Wang Author-X-Name-First: Chen Author-X-Name-Last: Wang Author-Name: Xueliang Zhang Author-X-Name-First: Xueliang Author-X-Name-Last: Zhang Title: Did city cluster development help improve labor productivity in China? Abstract: In 2015, there were more than 20 city clusters in China, designated by the central government. Based on panel data from 283 Chinese cities over the period of 2003–2013, this paper evaluates whether cities within city clusters have higher productivity than those outside the clusters. The empirical results reveal that the city cluster strategy initiated in China's 11th Five-Year Plan has not produced any significant impact on labor productivity, possibly due to market segmentation. However, an exception is the Yangtze River Delta Urban Economic Coordination Committee – the most developed city cluster in China, which has experienced growing productivity improvement. Journal: Journal of the Asia Pacific Economy Pages: 122-135 Issue: 1 Volume: 22 Year: 2017 Month: 1 X-DOI: 10.1080/13547860.2016.1261471 File-URL: http://hdl.handle.net/10.1080/13547860.2016.1261471 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:22:y:2017:i:1:p:122-135 Template-Type: ReDIF-Article 1.0 Author-Name: Hua Shang Author-X-Name-First: Hua Author-X-Name-Last: Shang Author-Name: Quanyun Song Author-X-Name-First: Quanyun Author-X-Name-Last: Song Author-Name: Yu Wu Author-X-Name-First: Yu Author-X-Name-Last: Wu Title: Credit market development and firm innovation: evidence from the People's Republic of China Abstract: From the perspective of credit allocation, this paper analyzes the effects of credit market development on the innovative capacities of industrial firms in the People's Republic of China. Using a large dataset of industrial firms in 31 provinces in the People's Republic of China, we find that credit market development enhances the probability of firms' product innovation and innovation outcomes. We further show that firms' credit constraints and firms' performances are two channels through which credit market development affects innovative capacities of firms. Our results are neither driven by the increase in the quantity of credit, nor by the increase in the number of firms in a province. The results are robust to different samples, different estimation methods, and alternative measures of credit market development. Journal: Journal of the Asia Pacific Economy Pages: 71-89 Issue: 1 Volume: 22 Year: 2017 Month: 1 X-DOI: 10.1080/13547860.2016.1261476 File-URL: http://hdl.handle.net/10.1080/13547860.2016.1261476 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:22:y:2017:i:1:p:71-89 Template-Type: ReDIF-Article 1.0 Author-Name: Dan Su Author-X-Name-First: Dan Author-X-Name-Last: Su Author-Name: Yang Yao Author-X-Name-First: Yang Author-X-Name-Last: Yao Title: Manufacturing as the key engine of economic growth for middle-income economies Abstract: This paper revisits the role of the manufacturing sector during the middle-income stage of development. By exploiting a large dataset that covers different sectors, we find that in the middle-income stage, manufacturing pulls along all the other sectors, including the services sector. A decline in manufacturing growth negatively affects the growth of all the other sectors, in both the short-run and long-run. Additionally, we attempt to identify the underlying mechanisms of the essential role played by manufacturing during this development stage. We find that a larger share of manufacturing in the economy not only promotes gross private saving ratio but also accelerates the pace of technological accumulation. Our empirical findings in this paper indicate that the manufacturing sector is still the key engine of economic growth for middle-income economies. Journal: Journal of the Asia Pacific Economy Pages: 47-70 Issue: 1 Volume: 22 Year: 2017 Month: 1 X-DOI: 10.1080/13547860.2016.1261481 File-URL: http://hdl.handle.net/10.1080/13547860.2016.1261481 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:22:y:2017:i:1:p:47-70 Template-Type: ReDIF-Article 1.0 Author-Name: Guanghua Wan Author-X-Name-First: Guanghua Author-X-Name-Last: Wan Author-Name: Dan Yang Author-X-Name-First: Dan Author-X-Name-Last: Yang Author-Name: Yuan Zhang Author-X-Name-First: Yuan Author-X-Name-Last: Zhang Title: Why Asia and China have lower urban concentration and urban primacy Abstract: Asia is densely populated and home to most of the world's megacities. However, its urban primacy and urban concentration, especially those of developing Asia, are much lower than their counterparts in the rest of the world. This is an important puzzle that has not been addressed in the literature. Motivated by a theory of Krugman and Livas Elizondo, this paper attributes the lower urban concentration and urban primacy to higher levels of trade openness in Asia. Empirical evidences are provided using panel data from developing countries in Asia, from the rest of the developing world, and from China. Journal: Journal of the Asia Pacific Economy Pages: 90-105 Issue: 1 Volume: 22 Year: 2017 Month: 1 X-DOI: 10.1080/13547860.2016.1261483 File-URL: http://hdl.handle.net/10.1080/13547860.2016.1261483 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:22:y:2017:i:1:p:90-105 Template-Type: ReDIF-Article 1.0 Author-Name: Yiyun Wu Author-X-Name-First: Yiyun Author-X-Name-Last: Wu Author-Name: Xiwei Zhu Author-X-Name-First: Xiwei Author-X-Name-Last: Zhu Title: Industrial policy and economic geography: evidence from China Abstract: This paper investigates the trends and determinants of geographic concentration and industrial specialization in China, using provincial panel data for the period 1999–2010. It is shown that after 2005, both geographic concentration and industrial specialization began to decline, resulting in an increased similarity of industrial structure among provinces. This paper posits that the industrial policies of the provincial governments are the cause of this phenomenon. The result is robust when using instrumental variables to deal with possible reverse causality. The underlying mechanism is that the policy of the central government, which is set to steer the direction of industrial development for several years to come, is an important reference document for all provincial planners. It therefore causes the less developed regions to deviate from their comparative advantages and results in a combination of insufficient geographic concentration and inverse specialization in China. Journal: Journal of the Asia Pacific Economy Pages: 173-190 Issue: 1 Volume: 22 Year: 2017 Month: 1 X-DOI: 10.1080/13547860.2016.1261485 File-URL: http://hdl.handle.net/10.1080/13547860.2016.1261485 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:22:y:2017:i:1:p:173-190 Template-Type: ReDIF-Article 1.0 Author-Name: Chunbing Xing Author-X-Name-First: Chunbing Author-X-Name-Last: Xing Author-Name: Yinheng Wei Author-X-Name-First: Yinheng Author-X-Name-Last: Wei Title: Does migrating with children influence migrants' occupation choice and income? Abstract: This paper studies the impact of migrant children on their parents' occupation choice and wage income using a dataset from a household survey conducted in 2011. We find that the heads of migrant households with school-age children earn significantly less than those who left them at their place of hukou registration. This result holds when we control for personal characteristics, migration duration, origin location, and family structure. Households migrating with school-age children have a higher probability of doing so within the prefecture/province of their hukou registration and are less likely to target coastal regions. After controlling for migration scope and destination location, the presence of children does not influence wages of migrant household heads. We also find that presence of children below age 6 has no impact on the income of migrant household heads. Our results suggest that the hukou system still impedes labor mobility. Journal: Journal of the Asia Pacific Economy Pages: 156-172 Issue: 1 Volume: 22 Year: 2017 Month: 1 X-DOI: 10.1080/13547860.2016.1261486 File-URL: http://hdl.handle.net/10.1080/13547860.2016.1261486 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:22:y:2017:i:1:p:156-172 Template-Type: ReDIF-Article 1.0 Author-Name: Guanghua Wan Author-X-Name-First: Guanghua Author-X-Name-Last: Wan Author-Name: Peter J. Morgan Author-X-Name-First: Peter J. Author-X-Name-Last: Morgan Title: Overview on ‘escaping the middle-income trap’ Journal: Journal of the Asia Pacific Economy Pages: 1-4 Issue: 1 Volume: 22 Year: 2017 Month: 1 X-DOI: 10.1080/13547860.2017.1263458 File-URL: http://hdl.handle.net/10.1080/13547860.2017.1263458 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:22:y:2017:i:1:p:1-4 Template-Type: ReDIF-Article 1.0 Author-Name: Kam Wing Chan Author-X-Name-First: Kam Wing Author-X-Name-Last: Chan Author-Name: Guanghua Wan Author-X-Name-First: Guanghua Author-X-Name-Last: Wan Title: The size distribution and growth pattern of cities in China, 1982–2010: analysis and policy implications Abstract: China's urbanization in the late twentieth and early twenty-first centuries is a crucial process in transforming the country. Taking advantage of the de facto counts of city population in the last four censuses since 1982, this paper examines the city-size distribution and growth pattern of large cities in China in recent three decades. Combined with earlier data and work on the Mao era, the paper also presents some long-term trends and helps answer an important question: was China successful in controlling the growth of large cities? In addition, the paper analyzes the main features of China's urbanization policy in relation to the political economy and development strategy, and concludes with a discussion of the relevance of this study to the latest urbanization policy and the household registration system or hukou reforms in large cities. Journal: Journal of the Asia Pacific Economy Pages: 136-155 Issue: 1 Volume: 22 Year: 2017 Month: 1 X-DOI: 10.1080/13547860.2016.1266829 File-URL: http://hdl.handle.net/10.1080/13547860.2016.1266829 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:22:y:2017:i:1:p:136-155 Template-Type: ReDIF-Article 1.0 Author-Name: Rajah Rasiah Author-X-Name-First: Rajah Author-X-Name-Last: Rasiah Author-Name: Fatimah Kari Author-X-Name-First: Fatimah Author-X-Name-Last: Kari Author-Name: Yuri Sadoi Author-X-Name-First: Yuri Author-X-Name-Last: Sadoi Author-Name: Nazia Mintz-Habib Author-X-Name-First: Nazia Author-X-Name-Last: Mintz-Habib Title: Climate change and sustainable development issues: arguments and policy initiatives Abstract: Global warming has emerged as one of the most serious threats to the existence of humankind. There is also increasing acknowledgement that old arguments that focused on the exhaustion of economic resources and changing dynamics of utility are no longer necessary and useful in confronting climate change. This article reviews the main arguments that have shaped recent global initiatives on mitigating climate change and global warming. The increasing introduction of climate change mitigation initiatives comes from the recognition that such initiatives no longer require reducing economic growth. Fortunately, recent developments appear promising as the majority of the world's nations pledged at the Paris Accord of 2015 to check environmental degradation. Consequently, individual signatories have supplied intended national determined contribution proposals to the United Nations Framework Convention for Climate Change to cap temperature rise to 1.5 ˚C over the next century. Journal: Journal of the Asia Pacific Economy Pages: 187-194 Issue: 2 Volume: 23 Year: 2018 Month: 4 X-DOI: 10.1080/13547860.2018.1442140 File-URL: http://hdl.handle.net/10.1080/13547860.2018.1442140 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:23:y:2018:i:2:p:187-194 Template-Type: ReDIF-Article 1.0 Author-Name: Rajah Rasiah Author-X-Name-First: Rajah Author-X-Name-Last: Rasiah Author-Name: Abul Quasem Al-Amin Author-X-Name-First: Abul Quasem Author-X-Name-Last: Al-Amin Author-Name: Anwar Hossain Chowdhurry Author-X-Name-First: Anwar Hossain Author-X-Name-Last: Chowdhurry Author-Name: Ferdous Ahmed Author-X-Name-First: Ferdous Author-X-Name-Last: Ahmed Author-Name: Chen Zhang Author-X-Name-First: Chen Author-X-Name-Last: Zhang Title: Climate change mitigation projections for ASEAN Abstract: This article analyses climate mitigation impact once the Association of Southeast Asian Nations (ASEAN) introduce their respective Intended Nationally Determined Contribution (INDC) using dynamic non-linear computable general equilibrium modelling and 2010 input-output tables. The results indicate that atmospheric concentration of carbon and temperatures under the business as usual (BAU) scenario will fall from 390 PPM and 0.80°C respectively in 2010 to 351PPM and 0.79°C respectively, whereas under the optimal scenario it will fall to 329PPM and 0.71°C respectively in 2060. Cumulative climate damage under BAU and optimal scenarios will remain the same at MYR8.0 Billion, MYR14.3 Billion and MYR 24.8 Billion respectively in 2010, 2015 and 2020 but it will rise after that to MYR579 Billion under the former compared to MYR513 Billion under the latter in 2060. The reduction in carbon emissions shall also be achieved without a tangible fall in GDP per capita. Journal: Journal of the Asia Pacific Economy Pages: 195-212 Issue: 2 Volume: 23 Year: 2018 Month: 4 X-DOI: 10.1080/13547860.2018.1442145 File-URL: http://hdl.handle.net/10.1080/13547860.2018.1442145 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:23:y:2018:i:2:p:195-212 Template-Type: ReDIF-Article 1.0 Author-Name: Muhammad Mehedi Masud Author-X-Name-First: Muhammad Mehedi Author-X-Name-Last: Masud Author-Name: Fatimah Binti Kari Author-X-Name-First: Fatimah Binti Author-X-Name-Last: Kari Author-Name: Hasanul Banna Author-X-Name-First: Hasanul Author-X-Name-Last: Banna Author-Name: Md. Khaled Saifullah Author-X-Name-First: Md. Khaled Author-X-Name-Last: Saifullah Title: Does income inequality affect environmental sustainability? Evidence from the ASEAN-5 Abstract: Income gap among the Association of Southeast Asian Nations (ASEAN) has widened, while environment degradation has worsened since the 1990s. Using the Gini coefficient as a measure of income inequality, this paper attempts to examine whether the increasing income gap would have adverse effects on environmental sustainability and the causality relationship between income inequality and environmental sustainability. Using data from the World Bank and the Standardized World Income Inequality Database, this paper deployed the Granger causality and panel regression tests to examine these relationships on the ASEAN members of Indonesia, Malaysia, the Philippines, Thailand and Vietnam over the period of 1985–2015. The empirical results indicate that bi-directional causality relationship between income inequality and environmental sustainability exists among the bottom 40%, but the causality relationship results for the overall sample are mixed. The evidence shows that policy-makers in these countries should reduce income inequality to strengthen environmental sustainability. Journal: Journal of the Asia Pacific Economy Pages: 213-228 Issue: 2 Volume: 23 Year: 2018 Month: 4 X-DOI: 10.1080/13547860.2018.1442146 File-URL: http://hdl.handle.net/10.1080/13547860.2018.1442146 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:23:y:2018:i:2:p:213-228 Template-Type: ReDIF-Article 1.0 Author-Name: Md Aslam Mia Author-X-Name-First: Md Aslam Author-X-Name-Last: Mia Author-Name: Miao Zhang Author-X-Name-First: Miao Author-X-Name-Last: Zhang Author-Name: Cheng Zhang Author-X-Name-First: Cheng Author-X-Name-Last: Zhang Author-Name: Yoomi Kim Author-X-Name-First: Yoomi Author-X-Name-Last: Kim Title: Are microfinance institutions in South-East Asia pursuing objectives of greening the environment? Abstract: Microfinance institutions (MFIs) were initially established to alleviate extreme poverty by providing a wide array of customized financial products. However, today's MFIs’ roles have been diversified into providing not only basic financial products but also a great variety of non-financial products, such as incentives and assistance to promote environment-friendly practices in the developing countries. By using an unbalanced panel data of 274 MFIs in South-East Asia from 2000 to 2014, this study investigated MFIs’ contribution in greening the environment using the proxy of greenhouse gas (GHG) emissions from the agriculture sector. The regression results show that the main proxy variables: number of borrowers, number of loans outstanding and average loan over gross national income per capita have a negative effect on GHG emissions, and thus, creating a positive impact on greening our environment. Journal: Journal of the Asia Pacific Economy Pages: 229-245 Issue: 2 Volume: 23 Year: 2018 Month: 4 X-DOI: 10.1080/13547860.2018.1442147 File-URL: http://hdl.handle.net/10.1080/13547860.2018.1442147 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:23:y:2018:i:2:p:229-245 Template-Type: ReDIF-Article 1.0 Author-Name: Rulia Akhtar Author-X-Name-First: Rulia Author-X-Name-Last: Akhtar Author-Name: Rafia Afroz Author-X-Name-First: Rafia Author-X-Name-Last: Afroz Author-Name: Muhammad Mehedi Masud Author-X-Name-First: Muhammad Mehedi Author-X-Name-Last: Masud Author-Name: Mahfuzur Rahman Author-X-Name-First: Mahfuzur Author-X-Name-Last: Rahman Author-Name: Haniza Khalid Author-X-Name-First: Haniza Author-X-Name-Last: Khalid Author-Name: Jarita Binti Duasa Author-X-Name-First: Jarita Binti Author-X-Name-Last: Duasa Title: Farmers’ perceptions, awareness, attitudes and adaption behaviour towards climate change Abstract: Using responses from a questionnaire survey conducted on a sample of 400 rice farmers from Kedah in Malaysia, this article examines rice farmers’ perception, awareness, attitudes and adaptation behaviours towards mitigating climate change. The data collected was analysed using structural equation modelling. The findings of this study show that 84% of the respondents perceive a decrease in rainfall, while 75% perceive an increase in temperature over the last 10–15 years due to climate change. The study also finds a significant and positive association between farmers’ perception of climate change, awareness (AWN), attitudes (ATT) and adaptation behaviour (ADB). Furthermore, the results reveal that awareness and attitudes play a mediating role between perception and adaptation behaviour. The findings could be useful to public and private organizations in learning more about farmers’ perceptions and adaptation behaviour in developing a policy framework to reduce adverse effects of climate change. Journal: Journal of the Asia Pacific Economy Pages: 246-262 Issue: 2 Volume: 23 Year: 2018 Month: 4 X-DOI: 10.1080/13547860.2018.1442149 File-URL: http://hdl.handle.net/10.1080/13547860.2018.1442149 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:23:y:2018:i:2:p:246-262 Template-Type: ReDIF-Article 1.0 Author-Name: Angelina F. Ambrose Author-X-Name-First: Angelina F. Author-X-Name-Last: Ambrose Author-Name: Rajah Rasiah Author-X-Name-First: Rajah Author-X-Name-Last: Rasiah Author-Name: Abul Quasem Al-Amin Author-X-Name-First: Abul Quasem Author-X-Name-Last: Al-Amin Author-Name: Zhang Chen Author-X-Name-First: Zhang Author-X-Name-Last: Chen Title: Introducing hydrogen fuel cell vehicles in Malaysia Abstract: This paper attempts to evaluate potential reductions in climate damage following the introduction of hydrogen fuel cell vehicles in Malaysia over the period 2015–2030. The simulation produced interesting results. While gross climate damage under the BAU scenario increased to RM7.1 billion in 2030, the commensurate damage under the slow, moderate and high hydrogen adaptation fell to MYR2.0 billion, MYR1.7 billion and MYR1.2 billion, respectively. CO2 emissions will fall from 214MT under the BAU scenario to 203MT, 176MT and 122MT, respectively, under the slow, moderate and high scenarios, respectively. Although real GDP is expected to stagnate over the period 2015–2030 under all three adaptation scenarios, the welfare benefits are expected to expand from the greening environment. While the high adaptation scenarios offer the best quantitative results, the choice of the intensity of adaptation will depend on the regulatory framework and the extent to which consumers can adapt. Journal: Journal of the Asia Pacific Economy Pages: 263-278 Issue: 2 Volume: 23 Year: 2018 Month: 4 X-DOI: 10.1080/13547860.2018.1442151 File-URL: http://hdl.handle.net/10.1080/13547860.2018.1442151 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:23:y:2018:i:2:p:263-278 Template-Type: ReDIF-Article 1.0 Author-Name: Yuri Sadoi Author-X-Name-First: Yuri Author-X-Name-Last: Sadoi Title: The impact of Euro 4 automobile emission regulations on the development of technological capabilities in ASEAN Abstract: This paper aims to evaluate the policies targeted at regulating automobile emissions among ASEAN countries but with specific attention to the Philippines. Technology-based regulations on motor vehicles play an important role in reducing green-house gas emissions. However, regulations differ based on the level of economic development, policies and technological base of each country. This paper uses an example of the Euro 4 automobile emission regulations to examine its implementation process and strategies of each ASEAN countries. It subsequently focuses on the Philippines to analyse the role of government, multinational automobile manufacturers and local suppliers. The findings show that the strategies of automobile manufacturers have positively affected local suppliers’ technological capabilities. Journal: Journal of the Asia Pacific Economy Pages: 279-296 Issue: 2 Volume: 23 Year: 2018 Month: 4 X-DOI: 10.1080/13547860.2018.1442152 File-URL: http://hdl.handle.net/10.1080/13547860.2018.1442152 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:23:y:2018:i:2:p:279-296 Template-Type: ReDIF-Article 1.0 Author-Name: M. Rezaul Islam Author-X-Name-First: M. Rezaul Author-X-Name-Last: Islam Author-Name: Niaz Ahmed Khan Author-X-Name-First: Niaz Ahmed Author-X-Name-Last: Khan Title: Threats, vulnerability, resilience and displacement among the climate change and natural disaster-affected people in South-East Asia: an overview Abstract: This paper attempts to unfold the dynamics and nature of the socioeconomic threats and livelihood resilience among the climate change and natural disaster affected people in the South-East Asia. The study captures the nature of the socio-economic threats of the climate change and natural disasters, and unearths the process and underlying causes of livelihood resilience among the local communities in the South-East Asian region. Based on a qualitative interpretative meta-synthesis, it finds that a huge number of people in the South-East Asian countries are displaced and migrated from place of origin, and subjected to resettlement elsewhere with manifestly low level of livelihood resilience. This displacement is largely determined by the underlying vulnerability of people to shocks that compel them to leave their homes and livelihoods for mere survival. The article concludes by offering selected policy lessons, and with an exhortation for further research on this relatively less explored subject. Journal: Journal of the Asia Pacific Economy Pages: 297-323 Issue: 2 Volume: 23 Year: 2018 Month: 4 X-DOI: 10.1080/13547860.2018.1442153 File-URL: http://hdl.handle.net/10.1080/13547860.2018.1442153 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:23:y:2018:i:2:p:297-323 Template-Type: ReDIF-Article 1.0 Author-Name: John Thoburn Author-X-Name-First: John Author-X-Name-Last: Thoburn Title: Local clusters in global value chains: linking actors and territories through manufacturing and innovation, edited by Valentina De Marchi, Eleonora Di Maria, and Gary Gereffi Journal: Journal of the Asia Pacific Economy Pages: 324-326 Issue: 2 Volume: 23 Year: 2018 Month: 4 X-DOI: 10.1080/13547860.2018.1442154 File-URL: http://hdl.handle.net/10.1080/13547860.2018.1442154 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:23:y:2018:i:2:p:324-326 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: EDITORIAL NOTE Journal: Journal of the Asia Pacific Economy Pages: 1-1 Issue: 1-2 Volume: 5 Year: 2000 X-DOI: 10.1080/13547860008540777 File-URL: http://hdl.handle.net/10.1080/13547860008540777 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:5:y:2000:i:1-2:p:1-1 Template-Type: ReDIF-Article 1.0 Author-Name: Iyanatul Islam Author-X-Name-First: Iyanatul Author-X-Name-Last: Islam Title: EAST TIMOR: DEVELOPMENT OUTLOOK Journal: Journal of the Asia Pacific Economy Pages: 2-8 Issue: 1-2 Volume: 5 Year: 2000 X-DOI: 10.1080/13547860008540778 File-URL: http://hdl.handle.net/10.1080/13547860008540778 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:5:y:2000:i:1-2:p:2-8 Template-Type: ReDIF-Article 1.0 Author-Name: Nanak Kakwani Author-X-Name-First: Nanak Author-X-Name-Last: Kakwani Author-Name: Medhi Krongkaew Author-X-Name-First: Medhi Author-X-Name-Last: Krongkaew Title: Economic growth, poverty and income inequality in the Asia-Pacific region Journal: Journal of the Asia Pacific Economy Pages: 9-13 Issue: 1-2 Volume: 5 Year: 2000 X-DOI: 10.1080/13547860008540779 File-URL: http://hdl.handle.net/10.1080/13547860008540779 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:5:y:2000:i:1-2:p:9-13 Template-Type: ReDIF-Article 1.0 Author-Name: Nanak Kakwani Author-X-Name-First: Nanak Author-X-Name-Last: Kakwani Title: ECONOMIC GROWTH, POVERTY AND INCOME SUPPORT PROGRAMMES IN AUSTRALIA Abstract: This paper develops a methodology to measure the effectiveness of government's income support on poverty. This is accomplished by computing poverty elasticities with respect to individual income components. A poverty reform index is developed to bring marginal reforms in government transfer programmes in order to minimize aggregate poverty. Applying the methodology developed in this paper to Australian data offers many useful conclusions concerning the changes in poverty in Australia between 1984 to 1988–9 and 1988–9 to 1993–4. Journal: Journal of the Asia Pacific Economy Pages: 14-37 Issue: 1-2 Volume: 5 Year: 2000 X-DOI: 10.1080/13547860008540780 File-URL: http://hdl.handle.net/10.1080/13547860008540780 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:5:y:2000:i:1-2:p:14-37 Template-Type: ReDIF-Article 1.0 Author-Name: Helen Hughes Author-X-Name-First: Helen Author-X-Name-Last: Hughes Title: GROWTH, POVERTY AND INCOME DISTRIBUTION Abstract: These introductory remarks on poverty cover the weakness of poverty data, concepts of relative and absolute poverty, the relationship between poverty and income distribution and geographic aspects of income distribution. The remarks conclude with a discussion of changing concepts of poverty and equity. Journal: Journal of the Asia Pacific Economy Pages: 38-44 Issue: 1-2 Volume: 5 Year: 2000 X-DOI: 10.1080/13547860008540781 File-URL: http://hdl.handle.net/10.1080/13547860008540781 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:5:y:2000:i:1-2:p:38-44 Template-Type: ReDIF-Article 1.0 Author-Name: Toshiyuki Mizoguchi Author-X-Name-First: Toshiyuki Author-X-Name-Last: Mizoguchi Title: LONG-TERM CHANGES OF INCOME DISTRIBUTION IN JAPAN, 1890–1995 Abstract: This article considers changes in income distribution in Japan over the past century. Gini coefficients are calculated, based on reliable family income surveys for the post-1962 period. Family budget surveys are used for some occupational groups to obtain coefficients for the early post-war period 1946–62. Because of the scarcity of data before 1945, fragmented information such as surveys on wages and data on local taxes have been collected to infer trends in degrees of inequality. We find a regressive trend before 1960 if we neglect the sharp decline of coefficients in the 1940s owing to reform of the socio-economic system promoted by the Allied Occupation Forces. Progressive changes are found from 1960 to 1990, relating to the shift in the Japanese economy from labour surplus to labour scarcity. Journal: Journal of the Asia Pacific Economy Pages: 45-56 Issue: 1-2 Volume: 5 Year: 2000 X-DOI: 10.1080/13547860008540782 File-URL: http://hdl.handle.net/10.1080/13547860008540782 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:5:y:2000:i:1-2:p:45-56 Template-Type: ReDIF-Article 1.0 Author-Name: Suk Bum Yoon Author-X-Name-First: Suk Author-X-Name-Last: Bum Yoon Title: REGIONAL INCOME DISTRIBUTION IN SOUTH KOREA Abstract: This work repudiates the claim that economic benefits are not distributed equally among provinces and cities in Korea because political elites have favoured the region of Youngnam from which most of them have come. It measures income distribution by estimating the relationship between the percentiles of income of the poorest and the richest, and using the Gini coefficient finds that regional income distribution in Korea has been relatively very fair. The study also examines patterns of poverty in the context of patterns in industrialization, finding a negative relationship between poverty rankings and rankings of the manufacturing share, a positive relationship between poverty rankings and rankings of the finance/insurance share and no uniform pattern between poverty rankings and rankings of the agricultural share. It offers several reasons for these findings. Journal: Journal of the Asia Pacific Economy Pages: 57-72 Issue: 1-2 Volume: 5 Year: 2000 X-DOI: 10.1080/13547860008540783 File-URL: http://hdl.handle.net/10.1080/13547860008540783 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:5:y:2000:i:1-2:p:57-72 Template-Type: ReDIF-Article 1.0 Author-Name: Chih-Chien Jao Author-X-Name-First: Chih-Chien Author-X-Name-Last: Jao Title: THE IMPACT OF TAX REVENUE AND SOCIAL WELFARE EXPENDITURE ON INCOME DISTRIBUTION IN TAIWAN Abstract: In this article we consider data from national surveys of family income and expenditure in Taiwan. We explore why income distribution declined before 1980 and rose after 1980. We also analyse the extent of the impact of tax revenue and social welfare expenditure by the government on income distribution. Research results indicate that the effects of social welfare expenditure were increasingly significant in influencing income distribution and replaced the effects of tax revenue. Social welfare expenditure became the main factor restricting expansion of the income gap. Journal: Journal of the Asia Pacific Economy Pages: 73-90 Issue: 1-2 Volume: 5 Year: 2000 X-DOI: 10.1080/13547860008540784 File-URL: http://hdl.handle.net/10.1080/13547860008540784 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:5:y:2000:i:1-2:p:73-90 Template-Type: ReDIF-Article 1.0 Author-Name: Abuzar Asra Author-X-Name-First: Abuzar Author-X-Name-Last: Asra Title: POVERTY AND INEQUALITY IN INDONESIA Abstract: This article argues that the decline in the incidence of poverty in Indonesia during the past two decades, as shown by the official estimates, is statistically as well as practically significant. Decomposition results using the official estimates indicate that intra-sectoral effects, in particular the decline in rural poverty in the 1980s, were the largest contributor to the drop in aggregate poverty. The decomposition also shows an unexpected result that population shift did not have a positive impact on poverty reduction. Growth-equity decomposition proves that economic growth has been responsible for much of the poverty reduction. The official estimates of inequality in consumption distribution, measured by the Gini coefficient, do not show obvious changes in inequality, but an over-time pattern can still be detected. I discuss two key issues that concern the official poverty estimates: the poverty level and urban-rural poverty comparison. I also consider the usual expenditure inequality and provide estimates of income inequality, addressing issues concerning the group price-specific index and different ways of looking at changes in inequality. Journal: Journal of the Asia Pacific Economy Pages: 91-111 Issue: 1-2 Volume: 5 Year: 2000 X-DOI: 10.1080/13547860008540785 File-URL: http://hdl.handle.net/10.1080/13547860008540785 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:5:y:2000:i:1-2:p:91-111 Template-Type: ReDIF-Article 1.0 Author-Name: Ishak Shari Author-X-Name-First: Ishak Author-X-Name-Last: Shari Title: ECONOMIC GROWTH AND INCOME INEQUALITY IN MALAYSIA, 1971–95 Abstract: This article investigates trends in income inequality in Malaysia for the period 1970–95 based on published aggregated household income data, and places these trends within the broader economic policy framework of the period. An important issue addressed here is the extent to which the observed trends in income inequality can be linked directly to the different policies implemented by the government. This study shows that general development policies implemented under the New Economic Policy have had a major impact on reducing income inequality in Malaysia from the late 1970s. However, since 1990 there is a trend towards rising income inequality, both overall and with inter-ethnic as well as urban-rural income disparities. It is suggested that the government policy reversal towards liberalization, deregulation and privatization since the late 1980s has contributed to this trend of increasing inequality. Journal: Journal of the Asia Pacific Economy Pages: 112-124 Issue: 1-2 Volume: 5 Year: 2000 X-DOI: 10.1080/13547860008540786 File-URL: http://hdl.handle.net/10.1080/13547860008540786 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:5:y:2000:i:1-2:p:112-124 Template-Type: ReDIF-Article 1.0 Author-Name: Arsenio Balisacan Author-X-Name-First: Arsenio Author-X-Name-Last: Balisacan Title: GROWTH, REDISTRIBUTION AND POVERTY Abstract: The usual claim in policy discussions is that the Philippines is an exception to the standard story about economic growth and poverty reduction in East Asia. This article uses decomposition analysis to examine the evidence and explore the proximate sources of poverty change in the 1980s and 1990s. Results show that, among other things, growth in recent years has been beneficial to the poor, both absolutely and relatively. The main reason for the relatively high poverty in the Philippines is primarily the short duration of growth. The importance of growth in poverty alleviation varies greatly, however, across administrative regions and sectors of the economy. Journal: Journal of the Asia Pacific Economy Pages: 125-140 Issue: 1-2 Volume: 5 Year: 2000 X-DOI: 10.1080/13547860008540787 File-URL: http://hdl.handle.net/10.1080/13547860008540787 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:5:y:2000:i:1-2:p:125-140 Template-Type: ReDIF-Article 1.0 Author-Name: Nanak Kakwani Author-X-Name-First: Nanak Author-X-Name-Last: Kakwani Author-Name: Medhi Krongkaew Author-X-Name-First: Medhi Author-X-Name-Last: Krongkaew Title: ANALYSING POVERTY IN THAILAND Abstract: The main objective of this work is to provide a detailed measurement and analysis of poverty in Thailand. In this study we develop new poverty lines that take into account the differing needs of household members and regional price differences. We use the new poverty thresholds to construct poverty profiles for Thailand. The study makes use of the five latest socioeconomic surveys conducted in Thailand during the years 1988, 1990, 1992, 1994 and 1996. Journal: Journal of the Asia Pacific Economy Pages: 141-160 Issue: 1-2 Volume: 5 Year: 2000 X-DOI: 10.1080/13547860008540788 File-URL: http://hdl.handle.net/10.1080/13547860008540788 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:5:y:2000:i:1-2:p:141-160 Template-Type: ReDIF-Article 1.0 Author-Name: Minxian Yang Author-X-Name-First: Minxian Author-X-Name-Last: Yang Author-Name: Anthony Housego Author-X-Name-First: Anthony Author-X-Name-Last: Housego Author-Name: Harun er Rashid Author-X-Name-First: Harun er Author-X-Name-Last: Rashid Author-Name: Koji Taira Author-X-Name-First: Koji Author-X-Name-Last: Taira Title: BOOK REVIEWS Journal: Pages: 161-168 Issue: 1-2 Volume: 5 Year: 2000 X-DOI: 10.1080/13547860008540789 File-URL: http://hdl.handle.net/10.1080/13547860008540789 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:5:y:2000:i:1-2:p:161-168 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: NOTES ON CONTRIBUTORS Journal: Journal of the Asia Pacific Economy Pages: 169-171 Issue: 1-2 Volume: 5 Year: 2000 X-DOI: 10.1080/13547860008540790 File-URL: http://hdl.handle.net/10.1080/13547860008540790 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:5:y:2000:i:1-2:p:169-171 Template-Type: ReDIF-Article 1.0 Author-Name: Saangjoon Baak Author-X-Name-First: Saangjoon Author-X-Name-Last: Baak Title: JAPANESE YEN AND EAST ASIAN CURRENCIES Abstract: The purpose of this paper is to investigate whether the impact of the Japanese yen on the values of East Asian currencies has increased since the 1997 East Asian financial crisis. In particular, this paper focuses on four crisis-affected countries: Indonesia, the Republic of Korea, the Philippines and Thailand. To this end, this paper estimates the weights of the Japanese yen in the determination of the values of the East Asian currencies using daily exchange rate data sets covering the pre-crisis period from January 1990 to June 1997 and the post-crisis period from January 1999 to June 2003. Empirical test results indicate that the impact of the Japanese yen on East Asian currencies has increased since the crisis. The null hypothesis that the weight of the Japanese yen remains the same is rejected for all four countries examined, supporting the alternative that it has increased since the financial crisis. Journal: Journal of the Asia Pacific Economy Pages: 271-287 Issue: 3 Volume: 9 Year: 2004 X-DOI: 10.1080/1354786042000272955 File-URL: http://hdl.handle.net/10.1080/1354786042000272955 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:9:y:2004:i:3:p:271-287 Template-Type: ReDIF-Article 1.0 Author-Name: Rukmani Gounder Author-X-Name-First: Rukmani Author-X-Name-Last: Gounder Title: FIJI'S ECONOMIC GROWTH IMPEDIMENTS Abstract: Good governance requires necessary social, economic, political and institutional factors to contribute to higher growth prospects. Since the 1987 military coups some of the issues that have confronted the people of Fiji and others cointegrate with ethnicity, politics and institutions. This article links these issues and evaluates the characteristics and factors associated to economic growth and the implications of coups on development. Can institutions resolve ethnic conflict in Fiji and lessen the economic hardship of the people, particularly having implemented various economic reform programmes to respond to the imperatives of globalization?The lost decade of economic development will be further prolonged due to the crises of the May 2000 coup. Quality institutions are necessary to mitigate adverse economic consequences of growth. Journal: Journal of the Asia Pacific Economy Pages: 301-324 Issue: 3 Volume: 9 Year: 2004 X-DOI: 10.1080/1354786042000272973 File-URL: http://hdl.handle.net/10.1080/1354786042000272973 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:9:y:2004:i:3:p:301-324 Template-Type: ReDIF-Article 1.0 Author-Name: Rahim Quazi Author-X-Name-First: Rahim Author-X-Name-Last: Quazi Title: FOREIGN AID AND CAPITAL FLIGHT Abstract: Over the years Bangladesh has received a massive inflow of foreign capital, mostly in the form of foreign aid, which has coincided with a substantial outflow of domestic capital. This flight of domestic capital from a capital-scarce country like Bangladesh undoubtedly poses a formidable hurdle to achieving its long-term development objectives. A hypothesis can be put forth that the inflow of foreign capital directly contributes to the outflow of domestic capital. This paper applies the Engle–Granger cointegration procedure to estimate the short-run dynamic and the long-run equilibrium behavior of capital flight from Bangladesh. The estimated results support the hypothesis that the inflow of foreign aid has in fact significantly contributed to the flight of domestic capital. Furthermore, the estimated results suggest that lower real GDP growth, increases in corporate taxes, financial repression and political instability also significantly contribute to capital flight from Bangladesh. These results yield crucial insights into the mechanics of capital flight from China, the source country of most flight capital in the Asia-Pacific region, that suggest that, regardless of the domestic investment environment, availability of foreign exchange, provided by either foreign aid or FDI, can support the flight of domestic capital abroad. Journal: Journal of the Asia Pacific Economy Pages: 370-393 Issue: 3 Volume: 9 Year: 2004 X-DOI: 10.1080/1354786042000272008 File-URL: http://hdl.handle.net/10.1080/1354786042000272008 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:9:y:2004:i:3:p:370-393 Template-Type: ReDIF-Article 1.0 Author-Name: Michael Kuehlwein Author-X-Name-First: Michael Author-X-Name-Last: Kuehlwein Author-Name: Sansern Samalapa Author-X-Name-First: Sansern Author-X-Name-Last: Samalapa Title: BUDGET DEFICITS, PUBLIC SPENDING AND INTEREST RATES IN THAILAND Abstract: Beginning in 1987, Thailand experienced lower real interest rates, an investment boom, and rapid economic growth. We investigate whether these lower real rates were caused by conservative fiscal policy. Using data from the years 1980–94, we test between the Keynesian theory that smaller budget deficits reduce real interest rates and the Neoclassical theory that lower government spending reduces those rates. We find support for the Neoclassical model. Cuts in both consumption and construction expenditures appear to lower real interest rates. Surprisingly, lower public equipment spending appears to raise real interest rates. We attribute this to three factors. First, equipment spending could significantly boost aggregate supply. Second, public equipment spending is somewhat countercyclical, which could generate a spurious negative correlation with procyclical real interest rates. Third, public equipment spending appears highly correlated with government net foreign borrowing, which would relieve pressure on interest rates to rise. The results imply that controlling public spending is crucial for maintaining low real interest rates, but also that prudent public sector investment partially externally financed need not raise real interest rates and could effectively promote domestic capital formation. Journal: Journal of the Asia Pacific Economy Pages: 325-347 Issue: 3 Volume: 9 Year: 2004 X-DOI: 10.1080/1354786042000272982 File-URL: http://hdl.handle.net/10.1080/1354786042000272982 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:9:y:2004:i:3:p:325-347 Template-Type: ReDIF-Article 1.0 Author-Name: Jonathan Batten Author-X-Name-First: Jonathan Author-X-Name-Last: Batten Author-Name: Vincentiu Covrig Author-X-Name-First: Vincentiu Author-X-Name-Last: Covrig Title: THE JAPAN PREMIUM AND THE FLOATING-RATE YEN EUROMARKET Abstract: This study investigates the nature of the relationship between the daily offer rates for three-month Euroyen quoted in two markets: Tokyo (TIBOR) and London (LIBOR). We investigate the dynamics of the two series, and the spread between the two series, before and after February 1995. This later period coincides with the sudden deterioration in the credit quality of Japanese rate-setting banks and the introduction of the‘Japan premium’on international borrowings by Japanese issuers following the failure of Hyogo Bank. We conclude that during this period Asia-Pacific borrowers were advised to set floating-rate borrowing agreements to the LIBOR benchmark, even though this added to difficulties in risk management since pricing occurred outside the normal Asian business day. This issue is still relevant with the re-emergence of the‘Japan premium’in international markets. Journal: Journal of the Asia Pacific Economy Pages: 288-300 Issue: 3 Volume: 9 Year: 2004 X-DOI: 10.1080/1354786042000272964 File-URL: http://hdl.handle.net/10.1080/1354786042000272964 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:9:y:2004:i:3:p:288-300 Template-Type: ReDIF-Article 1.0 Author-Name: Dirk Te Velde Author-X-Name-First: Dirk Author-X-Name-Last: Te Velde Author-Name: Oliver Morrissey Author-X-Name-First: Oliver Author-X-Name-Last: Morrissey Title: FOREIGN DIRECT INVESTMENT, SKILLS AND WAGE INEQUALITY IN EAST ASIA Abstract: Foreign direct investment (FDI) can affect the levelanddispersion of wages, but there is a lack of empirical work in this area. This paper tests for the effects of FDI on wages and wage inequality in five East Asian countries. Wage inequality has been low and decreasing in some, but not all, East Asian countries. Using ILO data for wages and employment by occupation, we do not find strong evidence that FDI reduced wage inequality in five East Asian countries over the period 1985–98. Indeed, controlling for domestic influences (wage setting, supply of skills) we find that FDI has raised wage inequality in Thailand. Because we also find that FDI raises the wages for both skilled and low-skilled workers, our findings should help to move the debate from impact (does FDI contribute to growth and development?) to appropriate policies to utilize FDI (how can we make FDI work for all?). We suggest that the education system in Thailand has not been sufficiently oriented to maximize the benefits from FDI. Countries wanting to develop on the basis of FDI should invest sufficient resources in good quality and appropriate human resources, or otherwise face the possibility that growth coincides with rising wage inequality. Journal: Journal of the Asia Pacific Economy Pages: 348-369 Issue: 3 Volume: 9 Year: 2004 X-DOI: 10.1080/1354786042000272991 File-URL: http://hdl.handle.net/10.1080/1354786042000272991 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:9:y:2004:i:3:p:348-369 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Editorial board Journal: Pages: ebi-ebi Issue: 3 Volume: 1 Year: 1996 X-DOI: 10.1080/13547869608724592 File-URL: http://hdl.handle.net/10.1080/13547869608724592 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:1:y:1996:i:3:p:ebi-ebi Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Editorial Journal: Pages: 5-8 Issue: 3 Volume: 1 Year: 1996 X-DOI: 10.1080/13547869608724593 File-URL: http://hdl.handle.net/10.1080/13547869608724593 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:1:y:1996:i:3:p:5-8 Template-Type: ReDIF-Article 1.0 Author-Name: James Dean Author-X-Name-First: James Author-X-Name-Last: Dean Title: Recent capital flows to Asia Pacific countries: Trade‐offs and dilemmas Abstract: The 1990s has seen a resumption of voluntary private capital flows to developing countries, notably to Latin America and to the Asia Pacific. Their sustainability was called into question by the Mexican crisis and exchange rate collapse of 1994–5. This paper suggests that sustainability may, somewhat paradoxically, be related to restrainability, in the sense that, with a fixed or managed exchange rate, short‐term surges in both inflows and outflows must be regulated, taxed or at least sterilized, if they are not to create destabilizing surges in domestic liquidity. After reviewing the composition of recent capital inflows to various Asia Pacific countries, the paper reviews their sterilization dilemmas. It concludes that, whereas the short‐term need to restrain inflows has diminished, long‐term prospects for sustained inflows are good. Relatedly, Asia Pacific countries might be well advised to allow more short‐term volatility of their exchange rates, within the long‐term context of their present managed regimes, in order to discourage surges of capital flows that would otherwise have to be sterilized and possibly regulated. Journal: Journal of the Asia Pacific Economy Pages: 287-317 Issue: 3 Volume: 1 Year: 1996 X-DOI: 10.1080/13547869608724594 File-URL: http://hdl.handle.net/10.1080/13547869608724594 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:1:y:1996:i:3:p:287-317 Template-Type: ReDIF-Article 1.0 Author-Name: Dilip Das Author-X-Name-First: Dilip Author-X-Name-Last: Das Title: Emerging markets and macroeconomic stabilization: With special reference to Asia Pacific economies Abstract: Market forces, structural factors, financial liberalization and concerted policy measures coalesced to globalize the financial markets. Initially Asia Pacific economies did not receive much attention from the international capital market but by 1990s the scenario underwent a considerable transformation. Rapid growth, macroeconomic stability and strong fundamentals made the region exceedingly attractive to international investors. Consequently, the region was highly successful in attracting foreign direct investment and securitized capital, which includes both equity and international bond investment.Volatility of securitized capital has always been a cause of worry. It is influenced by both the global factors and country‐economy‐related factors. Capital inflows have a great deal of impact on the demand for credit and money supply in the recipient economy. The Asia Pacific economies were highly successful in sterilizing the capital inflows.Volatility in external financial inflows can be notoriously destabilizing. Most large importers of securitized capital resort to moderate currency appreciation. Sterilized intervention was found to be the most preferred strategy in the Asia Pacific region. But this strategy cannot be followed too aggressively without tightening the fiscal policy. The paper also focuses on macroeconomic stabilization measures as well as individually on seven regional economies. Journal: Journal of the Asia Pacific Economy Pages: 319-346 Issue: 3 Volume: 1 Year: 1996 X-DOI: 10.1080/13547869608724595 File-URL: http://hdl.handle.net/10.1080/13547869608724595 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:1:y:1996:i:3:p:319-346 Template-Type: ReDIF-Article 1.0 Author-Name: Colm Kearney Author-X-Name-First: Colm Author-X-Name-Last: Kearney Title: International financial integration: Measurement and policy implications Abstract: This paper overviews work on the definition, measurement and implications of international financial integration. It first reviews the international parity relationships and three measures of the degree of international financial integration: namely, the savings‐investment correlation measure, the equalization of rates of return measure and the international capital market completeness measure. It points to the benefits of free international mobility of financial assets, including the facilitation of obtaining the gains from commodity and services trade, reducing risk, enabling the financing of high return investments and smoothing international consumption. It also points out the side effects including the relative effectiveness of alternative stabilization policies and their effects on savings and income distribution through their effects on the tax system. It concludes that free capital mobility is not a primal source of economic instability and policies aimed at restricting the free international mobility of financial capital may be difficult to implement and carry the risk of inducing firms to manage their international risks by reducing their exposures caused by international trade. Journal: Journal of the Asia Pacific Economy Pages: 347-364 Issue: 3 Volume: 1 Year: 1996 X-DOI: 10.1080/13547869608724596 File-URL: http://hdl.handle.net/10.1080/13547869608724596 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:1:y:1996:i:3:p:347-364 Template-Type: ReDIF-Article 1.0 Author-Name: Richard Pomfret Author-X-Name-First: Richard Author-X-Name-Last: Pomfret Title: Asean: Always at the crossroads? Abstract: The Association of Southeast Asian Nations (ASEAN) has lasted for three decades, yet it remains an enigma in that very little regional economic integration has occurred. Discriminatory policies aimed at fostering such integration would be costly for these similar economies, and it has been a source of ASEAN's strength that such policies have not been pursued vigorously. Recent integration between Singapore, Johor and Riau has been primarily market‐driven and facilitated by nondiscriminatory trade liberalization. The potential gains from the ASEAN Free Trade Area (AFTA) currently being introduced are small. With ongoing unilateral trade liberalization (possibly reinforced by commitments in APEC) AFTA could become irrelevant; otherwise it is unlikely to be fully implemented, just as at a similar crossroads in the early 1980s ASEAN members drew back from preferential trade policies. Despite the lack of formal integration ASEAN has played a positive role in providing a forum for discussing regional matters and in enabling members to adopt common negotiating positions in other forums. The enlargement of ASEAN in the 1990s reflects geo‐strategic aspects as relations with Vietnam have improved and the original members and Vietnam now share common external concerns. In terms of debates in international economics, this picture fits with the ‘new regionalism’ approach to trading arrangements, insofar as ASEAN has emphasized non‐trade aspects of regional integration. Nevertheless, the old regionalism associated with the Vinerian concepts of trade creation and trade diversion remains vital in explaining why ASEAN has been unsuccessful in creating a regional trading bloc. Journal: Journal of the Asia Pacific Economy Pages: 365-390 Issue: 3 Volume: 1 Year: 1996 X-DOI: 10.1080/13547869608724597 File-URL: http://hdl.handle.net/10.1080/13547869608724597 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:1:y:1996:i:3:p:365-390 Template-Type: ReDIF-Article 1.0 Author-Name: Erik Paul Author-X-Name-First: Erik Author-X-Name-Last: Paul Title: Japan in Southeast Asia: A geopolitical perspective Abstract: Japan's dominant economic power in Southeast Asia has played a vital role in the economic integration of the region. The paper analyses some of the more important aspects of Japanese economic power in Southeast Asia and its geopolitical implications. There is a close relationship between Japan's new economic power and its increasing involvement in the domestic and regional politics of Southeast Asia. Journal: Journal of the Asia Pacific Economy Pages: 391-410 Issue: 3 Volume: 1 Year: 1996 X-DOI: 10.1080/13547869608724598 File-URL: http://hdl.handle.net/10.1080/13547869608724598 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:1:y:1996:i:3:p:391-410 Template-Type: ReDIF-Article 1.0 Author-Name: Miyohei Shinohara Author-X-Name-First: Miyohei Author-X-Name-Last: Shinohara Title: The flying geese model revisited: Foreign direct investment, trade in machinery and the ‘boomerang effect’ Abstract: The ‘flying geese’ model of regional development is conceived in terms of trade and investment links between the leading and following countries. The paper revisits the model in the light of reverse flow of trade, especially of machinery, to the leading country. This process, which may lead to ‘industrial hollowing’ in the home country, is referred to as the ‘boomerang effect’. The paper casts doubts on Krugman's thesis and concludes that the growth in the Asian economies will act as a prime mover of growth for the US and Japan. Journal: Journal of the Asia Pacific Economy Pages: 411-419 Issue: 3 Volume: 1 Year: 1996 X-DOI: 10.1080/13547869608724599 File-URL: http://hdl.handle.net/10.1080/13547869608724599 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:1:y:1996:i:3:p:411-419 Template-Type: ReDIF-Article 1.0 Author-Name: Ajit Dasgupta Author-X-Name-First: Ajit Author-X-Name-Last: Dasgupta Author-Name: Natalie Barnes Author-X-Name-First: Natalie Author-X-Name-Last: Barnes Author-Name: Geoff Harris Author-X-Name-First: Geoff Author-X-Name-Last: Harris Title: Book reviews Abstract: B. Kapur, Euston Quah and Hoon Hian Teck (eds), Development, Trade and the Asia‐Pacific: Essays in Honour of Professor Lim Chong Yah, Singapore: Prentice Hall, 1996, 591 pp.Susan George and Fabrizio Sabelli, Faith and Credit: The World Bank's Secular Empire, Harmondsworth: Penguin, 1994, ISBN 0–14–024101–9 (pbk), £6.99.Geoff Tansey, Kath Tansey and Paul Rogers (eds), A World Divided: Militarism and Development after the Cold War, London: Earthscan, 1994, ISBN 1–85383–196–4 (pbk), £10.95. Journal: Pages: 421-425 Issue: 3 Volume: 1 Year: 1996 X-DOI: 10.1080/13547869608724600 File-URL: http://hdl.handle.net/10.1080/13547869608724600 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:1:y:1996:i:3:p:421-425 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Notes on contributors Journal: Pages: 427-428 Issue: 3 Volume: 1 Year: 1996 X-DOI: 10.1080/13547869608724601 File-URL: http://hdl.handle.net/10.1080/13547869608724601 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:1:y:1996:i:3:p:427-428 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Book Reviews Journal: Pages: 336-341 Issue: 3 Volume: 5 Year: 2000 X-DOI: 10.1080/13547860050175071 File-URL: http://hdl.handle.net/10.1080/13547860050175071 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:5:y:2000:i:3:p:336-341 Template-Type: ReDIF-Article 1.0 Author-Name: Saman Kelegama Author-X-Name-First: Saman Author-X-Name-Last: Kelegama Title: Open Regionalism in the Indian Ocean: How relevant is the APEC model for IOR-ARC? Abstract: The Indian Ocean Rim Association of Regional Cooperation (IORARC) came into being in 1997. It is experimenting with open regionalism for strengthening economic integration in the region. The paper examines the concept of open regionalism as practiced in APEC and its validity for IORARC given the initial conditions in the region and the level of development of the member nations. The paper argues that the APEC model has little relevance for IOR-ARC, and open regionalism could be put into practice only partially in the region. It argues that IOR-ARC should stick to the WTO timetable of trade liberalization and focus more on non-controversial areas of open regionalism, viz., trade and investment facilitation, economic and technical cooperation, and maintaining a trade and investment dialogue. A stronger institutional framework to overlook the implementation of the agreed proposals in these areas of open regionalism will be necessary if IORARC is to strengthen economic integration and achieve some results. In the modern-day world, in contrast to the era of sailing vessels, sharing of Indian Ocean waters may have less relevance for effective economic integration. Journal: Journal of the Asia Pacific Economy Pages: 255-274 Issue: 3 Volume: 5 Year: 2000 X-DOI: 10.1080/13547860050175044 File-URL: http://hdl.handle.net/10.1080/13547860050175044 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:5:y:2000:i:3:p:255-274 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Notes on Contributors Journal: Pages: 343-344 Issue: 3 Volume: 5 Year: 2000 X-DOI: 10.1080/13547860050175080 File-URL: http://hdl.handle.net/10.1080/13547860050175080 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:5:y:2000:i:3:p:343-344 Template-Type: ReDIF-Article 1.0 Author-Name: Christopher M. Dent Author-X-Name-First: Christopher M. Author-X-Name-Last: Dent Title: What Difference a Crisis? Continuity and Change in South Korea's Foreign Economic Policy Abstract: This paper examines pre-crisis and post-crisis developments in Korea's foreign economic policy (FEP). In undertaking this exercise, it constructs a framework of FEP analysis within which these developments are studied. Korea's own 1997-8 financial crisis heightened pressures upon the country to introduce far-reaching policy reforms and structural economic adjustment. This pressure was partly formalized by the terms and conditions imposed by the International Monetary Fund's (IMF) 'bailout' programme. These and other crisis-related pressures were expected to make a profound impact on the structure, conduct and process of Korean FEP, which up to the crisis had been primarily orientated by neo-mercantilist principles. However, this paper argues that various sources of resistance pertaining to certain structural economic and socio-cultural factors will make these principles more resilient than commonly thought. Furthermore, the relative significance of continuity overchange in Korea's FEP is contended generally. It isalso argued that wider lessons can be drawn here, particularly relating to the resilience of the developmental state. Journal: Journal of the Asia Pacific Economy Pages: 275-302 Issue: 3 Volume: 5 Year: 2000 X-DOI: 10.1080/13547860050175053 File-URL: http://hdl.handle.net/10.1080/13547860050175053 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:5:y:2000:i:3:p:275-302 Template-Type: ReDIF-Article 1.0 Author-Name: Mahinda Siriwardana Author-X-Name-First: Mahinda Author-X-Name-Last: Siriwardana Title: A General Equilibrium Explanation of the Growth in Singapore's Exports: A Paradoxical Outcome? Abstract: Singapore's recent trade record has some paradoxical results. Exports have increased when the Singapore dollar has appreciated by a significant margin, arguably due to real exchange rate (RER) misalignment. This article offers explanations for this unusual outcome by simulating a computable general equilibrium (CGE) model of the Singapore economy to identify factors that may have influenced RER misalignment. Among the factors examined we find that overseas demand plays a pivotal role in the growth of Singapore's exports. This finding has important implications for Singapore in the light of growing economic uncertainty in the Southeast Asian economies. Research for this study was completed before the full impact of the 1997 financial crisis; follow-on research may illuminate the effects of the crisis on the results presented here. Journal: Journal of the Asia Pacific Economy Pages: 303-335 Issue: 3 Volume: 5 Year: 2000 X-DOI: 10.1080/13547860050175062 File-URL: http://hdl.handle.net/10.1080/13547860050175062 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:5:y:2000:i:3:p:303-335 Template-Type: ReDIF-Article 1.0 Author-Name: Donghyun Park Author-X-Name-First: Donghyun Author-X-Name-Last: Park Title: The Dichotomy Between Northeast Asian Capitalism and Southeast Asian Capitalism Abstract: The common success as well as the post-1997 crisis of East Asian countries has led to a widespread tendency to view their economic systems as a homogeneous monolith. In reality, there are significant structural differences among the region's economies, although they do share many strengths and weaknesses. In particular, Northeast Asia and Southeast Asia appear to have followed significantly divergent paths toward development and growth. The main goal of this paper is to elaborate upon those differences to contribute toward a more complete and balanced understanding of East Asian economies. Journal: Journal of the Asia Pacific Economy Pages: 234-254 Issue: 3 Volume: 5 Year: 2000 X-DOI: 10.1080/13547860050175035 File-URL: http://hdl.handle.net/10.1080/13547860050175035 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:5:y:2000:i:3:p:234-254 Template-Type: ReDIF-Article 1.0 Author-Name: Ian Livingstone Author-X-Name-First: Ian Author-X-Name-Last: Livingstone Title: Agriculture, Small Enterprise Development and Poverty Eradication in Vietnam Abstract: The article identifies two problem areas in relation to the otherwise impressive agricultural growth achieved by Vietnam: a marked trend towards rural differentiation and to marginalization of certain groups, and the emergence of substantial unemployment. It assesses the potential contributions of household-based rural industry and of independent small-scale enterprises, concluding that while the former makes a useful contribution to household viability it cannot provide a solution. However, important possibilities do exist for processing agricultural and livestock production in independent enterprises, based on a foundation of a more diversified and commercialized agriculture. Where the agricultural resource base is more circumscribed, as in the North, a strategy of labour-intensive manufacturing for export is called for. Journal: Journal of the Asia Pacific Economy Pages: 173-189 Issue: 3 Volume: 5 Year: 2000 X-DOI: 10.1080/13547860050175008 File-URL: http://hdl.handle.net/10.1080/13547860050175008 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:5:y:2000:i:3:p:173-189 Template-Type: ReDIF-Article 1.0 Author-Name: Xiaohe Zhang Author-X-Name-First: Xiaohe Author-X-Name-Last: Zhang Title: Objectives, Locations Partner Selections of Foreign Invested Enterprises in China Abstract: This paper attempts to identify the motivations, objectives, selection criteria for locations and partners of foreign invested enterprises (FIEs) in China and to compare the differences among investors from different source countries, by using a survey of 106 FIEs in China. It is found that the main motivations are China's huge potential market size, low labor cost and preferential government fiscal treatments. The main determinants of geographical destination are the location of the Chinese partner, better preferential policy and familiarity with the Chinese partner. The main determinants for partner selection are mutual trust between the two parties, good credit of the Chinese partner and capability to deal with local authorities. It is also found that there are no significant differences in the long-term objectives between the two distinguished groups of foreign investors (Hong Kong, Macao and Taiwan versus other multinationals from the rest of the world), though the differences exist in their short-run objectives and selection criteria for partners. Journal: Journal of the Asia Pacific Economy Pages: 190-203 Issue: 3 Volume: 5 Year: 2000 X-DOI: 10.1080/13547860050175017 File-URL: http://hdl.handle.net/10.1080/13547860050175017 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:5:y:2000:i:3:p:190-203 Template-Type: ReDIF-Article 1.0 Author-Name: Veerasak Mongkolporn Author-X-Name-First: Veerasak Author-X-Name-Last: Mongkolporn Author-Name: Xiangkang Yin Author-X-Name-First: Xiangkang Author-X-Name-Last: Yin Title: Does the Introduction of Competition Improve Cost Efficiency? The Case of a State-Owned Telecommunications Company Abstract: This paper examines the cost structure of the Telephone Organization of Thailand (TOT) with particular interest in the 1993 concessions that allow private companies to enter the market. Our empirical evidence demonstrates that the concessions generated an upward shift for both long run and short-run cost curves and this shift is likely to be caused by the reduction in scale economies in the post-concession period. The estimations of partial elasticities of substitutions show that labour is a substitute for capital and materials but capital and material are complements. In addition, the price elasticity of labour is greater than those of capital and material (in absolute terms), which reflects the firm's greater sensitivity in labour employment. Journal: Journal of the Asia Pacific Economy Pages: 355-369 Issue: 3 Volume: 11 Year: 2006 X-DOI: 10.1080/13547860600764013 File-URL: http://hdl.handle.net/10.1080/13547860600764013 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:11:y:2006:i:3:p:355-369 Template-Type: ReDIF-Article 1.0 Author-Name: Ahmad Baharumshah Author-X-Name-First: Ahmad Author-X-Name-Last: Baharumshah Author-Name: Evan Lau Author-X-Name-First: Evan Author-X-Name-Last: Lau Author-Name: Ahmed Khalid Author-X-Name-First: Ahmed Author-X-Name-Last: Khalid Title: Testing Twin Deficits Hypothesis using VARs and Variance Decomposition Abstract: This paper examines the twin deficits hypothesis in the ASEAN countries. The major findings of this paper are the following. (1) Long run relationships are detected between budget and current account deficits. (2) The Keynesian view fits well for Thailand since the causality runs from budget deficit to current account deficit. For Indonesia, the causality runs in an opposite direction while the empirical results indicate that a bidirectional pattern of causality exists for Malaysia and the Philippines. (3) We also found support for an indirect causal relationship that runs from budget deficit to higher interest rates, and higher interest rates leading to the appreciation of the exchange rate, which in turn leads with the widening of the current account deficit. The results of the variance decompositions and impulse response functions suggest that the consequences of large budget and current account deficits become noticeable only over the long run. Journal: Journal of the Asia Pacific Economy Pages: 331-354 Issue: 3 Volume: 11 Year: 2006 X-DOI: 10.1080/13547860600764245 File-URL: http://hdl.handle.net/10.1080/13547860600764245 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:11:y:2006:i:3:p:331-354 Template-Type: ReDIF-Article 1.0 Author-Name: Prosenjit Chaudhury Author-X-Name-First: Prosenjit Author-X-Name-Last: Chaudhury Title: Competition between Intercity Rail and Road Transport in India: External and Social Costs Abstract: The paper makes some estimates of the external and social costs of intercity transport for both passenger and freight traffic in India. Eight representative sections have been chosen where the two modes are in competition and the cost implications studied of intermodal shifts of equivalent volumes of traffic. The derived accident cost per unit of traffic movement shows large regional variation for rail, but generally it is lower in comparison with road. The same result holds in the case of some preliminary estimates of health damage costs of transport emissions. In the final analysis, when external costs are integrated with financial costs to arrive at the social costs of transport, it is found that these are always lower for the rail mode. Given therefore a case for modal substitution, some policy measures are discussed for enhancing the share of the rail mode in intercity transport. Journal: Journal of the Asia Pacific Economy Pages: 308-330 Issue: 3 Volume: 11 Year: 2006 X-DOI: 10.1080/13547860600764294 File-URL: http://hdl.handle.net/10.1080/13547860600764294 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:11:y:2006:i:3:p:308-330 Template-Type: ReDIF-Article 1.0 Author-Name: Ross Guest Author-X-Name-First: Ross Author-X-Name-Last: Guest Title: Demographic Change in the Asia-Pacific: The Effect on Average Living Standards Abstract: This paper applies a simulation model to identify the impact of prospective demographic change on average living standards over the next 50 years in each of 12 Asia-Pacific countries. The impact on living standards depends on the country's stage of demographic transition. For countries that are already experiencing population ageing, such as Japan, Singapore, Australia and New Zealand, impending demographic change has an immediate negative impact on living standards. But young countries such as Indonesia, Malaysia and Philippines, derive a dividend from impending demographic change that could, with an appropriate saving response, impact positively on living standards for at least the next 50 years. Journal: Journal of the Asia Pacific Economy Pages: 229-248 Issue: 3 Volume: 11 Year: 2006 X-DOI: 10.1080/13547860600764310 File-URL: http://hdl.handle.net/10.1080/13547860600764310 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:11:y:2006:i:3:p:229-248 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Notes on Contributors Journal: Pages: 370-373 Issue: 3 Volume: 11 Year: 2006 X-DOI: 10.1080/13547860600764336 File-URL: http://hdl.handle.net/10.1080/13547860600764336 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:11:y:2006:i:3:p:370-373 Template-Type: ReDIF-Article 1.0 Author-Name: Jagjit Plahe Author-X-Name-First: Jagjit Author-X-Name-Last: Plahe Author-Name: Brett Inder Author-X-Name-First: Brett Author-X-Name-Last: Inder Author-Name: Chris Nyland Author-X-Name-First: Chris Author-X-Name-Last: Nyland Title: An Evaluation of Australia's Proposal for Improved Market Access for Products from Least Developed Countries Abstract: Australia's policy to provide duty free and quota free access to all goods from Least Developed Countries (LDCs) came into effect on 1 July 2003. The policy decision is partly based on an Australian Government report (Productivity Commission, 2002). It contends that not only will the removal of tariffs on goods originating from LDCs have little impact on Australian consumers or producers, but also that there will be little overall economic benefit flowing to LDCs. In this paper we examine the evidence more thoroughly, and argue that the benefits to LDCs are understated in the Productivity Commission report. Journal: Journal of the Asia Pacific Economy Pages: 292-307 Issue: 3 Volume: 11 Year: 2006 X-DOI: 10.1080/13547860600764369 File-URL: http://hdl.handle.net/10.1080/13547860600764369 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:11:y:2006:i:3:p:292-307 Template-Type: ReDIF-Article 1.0 Author-Name: David Robalino Author-X-Name-First: David Author-X-Name-Last: Robalino Author-Name: Peter Warr Author-X-Name-First: Peter Author-X-Name-Last: Warr Title: Poverty Reduction through Fiscal Restructuring: An Application to Thailand Abstract: A method is developed to simulate the impact that changes in the composition of taxes and public expenditures may have on poverty incidence and inequality. The paper then applies this framework to Thailand. We find that significant effects on poverty can be achieved though moderate, once-only redistributions of the total tax burden towards taxes that fall predominantly on the rich, including personal and corporate income taxes, and comparable reallocations of public expenditures towards those that most benefit the poor, including health and agricultural expenditures. Moreover, combining pro-poor reallocations of taxes and expenditures can increase the poverty-reducing capacity of economic growth. Journal: Journal of the Asia Pacific Economy Pages: 249-267 Issue: 3 Volume: 11 Year: 2006 X-DOI: 10.1080/13547860600764377 File-URL: http://hdl.handle.net/10.1080/13547860600764377 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:11:y:2006:i:3:p:249-267 Template-Type: ReDIF-Article 1.0 Author-Name: Jonathan Leightner Author-X-Name-First: Jonathan Author-X-Name-Last: Leightner Title: Returns to Market Power in Financial Institutions Abstract: The strong positive relationship between firm profits and size for Thai financial institutions cannot be explained by returns to scale or scope. Evidence for this statement is found by applying both production frontier and function techniques and different model specifications on data covering 1991 to 1995 for Thai banks and finance & securities companies. Increasing returns to market power is the only way to explain the Thai data. A firm enjoys returns to market power if the bigger the firm, the higher the price it can charge and/or the lower the price it has to pay for inputs. Journal: Journal of the Asia Pacific Economy Pages: 268-291 Issue: 3 Volume: 11 Year: 2006 X-DOI: 10.1080/13547860600789341 File-URL: http://hdl.handle.net/10.1080/13547860600789341 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:11:y:2006:i:3:p:268-291 Template-Type: ReDIF-Article 1.0 Author-Name: Rajah Rasiah Author-X-Name-First: Rajah Author-X-Name-Last: Rasiah Author-Name: Yeo Lin Author-X-Name-First: Yeo Author-X-Name-Last: Lin Author-Name: Yuri Sadoi Author-X-Name-First: Yuri Author-X-Name-Last: Sadoi Title: Explaining technological catch-up in Asia Abstract: This paper provides the theoretical guide and introduction to a selected list of papers evaluating the drivers of technological catch-up experiences from Asia. It departs from neoclassical preoccupation with markets as the sole or dominant institution of economic allocation by arguing that the evidence supports the evolutionary logic of macro, meso and micro interactions between several institutions, depending on the actors involved, structural location and taxonomic and trajectory elements of technical change. Journal: Journal of the Asia Pacific Economy Pages: 221-224 Issue: 3 Volume: 15 Year: 2010 X-DOI: 10.1080/13547860.2010.494897 File-URL: http://hdl.handle.net/10.1080/13547860.2010.494897 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:15:y:2010:i:3:p:221-224 Template-Type: ReDIF-Article 1.0 Author-Name: Rajah Rasiah Author-X-Name-First: Rajah Author-X-Name-Last: Rasiah Author-Name: Xinxin Kong Author-X-Name-First: Xinxin Author-X-Name-Last: Kong Author-Name: Yeo Lin Author-X-Name-First: Yeo Author-X-Name-Last: Lin Title: Innovation and learning in the integrated circuits industry in Taiwan and China Abstract: Using the evolutionary framework of inductive screening, this paper seeks to examine the drivers of technological catch-up in the integrated circuits (ICs) industry in Taiwan and China. The paper shows that IC manufacturing began with multinationals relocating export-oriented assembly operations in the 1960s in Taiwan and in the 1980s in China, but serious technological catch-up took place when, with the assistance of the government, local firms began to participate in wafer fabrication and designing activities. While foreign ownership and export markets were critical in initiating connections in the global IC value chain, the paper argues that the role of the government through funding, research and development laboratories and development of human capital were critical in local firms’ technological catch-up process in both the countries. Journal: Journal of the Asia Pacific Economy Pages: 225-246 Issue: 3 Volume: 15 Year: 2010 X-DOI: 10.1080/13547860.2010.494900 File-URL: http://hdl.handle.net/10.1080/13547860.2010.494900 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:15:y:2010:i:3:p:225-246 Template-Type: ReDIF-Article 1.0 Author-Name: Balaji Parthasarathy Author-X-Name-First: Balaji Author-X-Name-Last: Parthasarathy Title: The computer software industry as a vehicle of late industrialization: lessons from the Indian case Abstract: Scholars have emphasized the role of the state, acting in partnership with private industry, for late industrialization in the twentieth century (late-late industrialization). While the state provides subsidies to build comparative advantage, industry must learn to deploy borrowed technology efficiently in production and compete internationally. The state must also curtail consumption to build physical and educational infrastructure. However, current theories of late-late industrialization, which mostly draw from the East Asian manufacturing experience, demand reexamination thanks to the characteristics of information and communication technologies, especially software. These characteristics include rapid technological change, which can preclude learning from borrowed technology, and the need to encourage consumption, since information and communication technologies are general purpose technologies that can potentially enhance aggregate productivity. Further, as the marginal cost of production of software is negligible, efficient manufacturing is not an issue. This paper shows how our understanding of late-late industrialization may be broadened by drawing on the experience of the Indian software industry. Journal: Journal of the Asia Pacific Economy Pages: 247-270 Issue: 3 Volume: 15 Year: 2010 X-DOI: 10.1080/13547860.2010.494902 File-URL: http://hdl.handle.net/10.1080/13547860.2010.494902 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:15:y:2010:i:3:p:247-270 Template-Type: ReDIF-Article 1.0 Author-Name: Si Joo Author-X-Name-First: Si Author-X-Name-Last: Joo Author-Name: Keun Lee Author-X-Name-First: Keun Author-X-Name-Last: Lee Title: Samsung's catch-up with Sony: an analysis using US patent data Abstract: This paper examines Samsung Electronics’ catch-up with Sony in terms of technological capabilities and investigates the various aspects of the change in the two firms’ technological characteristics in the course of the catch-up. Using the US patents of the two firms as a basis, this paper finds that in terms of the quantity of patents, Samsung Electronics’ catch-up with Sony happened around the mid-1990s, and in terms of the quality of patents, Samsung Electronics’ catch-up occurred earlier, at the beginning of the 1990s. In addition, Samsung Electronics has come to be more independent from Sony, proving that Samsung Electronics has gone beyond simply imitating and applying Sony's technology. This paper also analyzes the other aspects of catch-up, namely the generality and the originality of the knowledge base, technology cycle and appropriability. Samsung Electronics caught up with Sony in terms of sales, corporate value and brand value only after the 2000s. Our study shows that technological catch-up precedes the catch-up in other dimensions. This implies that technological catch-up sets the stage for value- and brand-value-based catch-up. Journal: Journal of the Asia Pacific Economy Pages: 271-287 Issue: 3 Volume: 15 Year: 2010 X-DOI: 10.1080/13547860.2010.494907 File-URL: http://hdl.handle.net/10.1080/13547860.2010.494907 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:15:y:2010:i:3:p:271-287 Template-Type: ReDIF-Article 1.0 Author-Name: Rajah Rasiah Author-X-Name-First: Rajah Author-X-Name-Last: Rasiah Author-Name: Abdusy Amin Author-X-Name-First: Abdusy Author-X-Name-Last: Amin Title: Ownership and technological capabilities in Indonesia's automotive parts firms Abstract: This paper seeks to examine how local automotive parts firms’ technological capabilities have evolved vis-à-vis foreign firms, following increased liberalization from the late 1990s. The evidence amassed shows that there were no obvious statistical differences in human resource and process technology capabilities between foreign and local firms in 2006. Although foreign firms enjoyed superior product technologies with access to their subsidiaries, local firms have invested more in research and development technology to compete with them. The results confirm that the liberalization experience has driven rather than discouraged stronger initiatives in local firms to raise technological capabilities, though foreign firms still enjoy higher export intensities. Journal: Journal of the Asia Pacific Economy Pages: 288-300 Issue: 3 Volume: 15 Year: 2010 X-DOI: 10.1080/13547860.2010.494909 File-URL: http://hdl.handle.net/10.1080/13547860.2010.494909 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:15:y:2010:i:3:p:288-300 Template-Type: ReDIF-Article 1.0 Author-Name: Rajah Rasiah Author-X-Name-First: Rajah Author-X-Name-Last: Rasiah Title: Are electronics firms in Malaysia catching up in the technology ladder? Abstract: Using the technological capability methodology, this paper examines the development of technological capabilities and economic performance in a sample of electronics firms in Malaysia. The technological capabilities improved significantly in both the broader category of electronics and in the specialized category of semiconductors as firms upgraded to participate in the higher levels of knowledge intensities. However, the incidence of participation of firms in the highest levels of five and six knowledge-intensity activities was very low, which has slowed down labour productivity growth in the industry. The statistical results show that technological deepening through increments in skills and research and development personnel will raise labour productivity in the industry significantly. Hence, the paper argues that government policy should stimulate firms’ participation in frontier innovation activities to quicken technological catch-up and productivity growth. Journal: Journal of the Asia Pacific Economy Pages: 301-319 Issue: 3 Volume: 15 Year: 2010 X-DOI: 10.1080/13547860.2010.494910 File-URL: http://hdl.handle.net/10.1080/13547860.2010.494910 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:15:y:2010:i:3:p:301-319 Template-Type: ReDIF-Article 1.0 Author-Name: Yuri Sadoi Author-X-Name-First: Yuri Author-X-Name-Last: Sadoi Title: Technological capability of automobile parts suppliers in Thailand Abstract: This paper analyses the development of the technological capabilities of the engineers in automobile parts suppliers in Thailand. The evidence shows that Thailand's latecomer firms accumulated their technology primarily from foreign direct investment, mostly from Japanese car makers. There has been a significant rise in the demand for engineering and technological capabilities that has driven some amount of technological catch-up in the industry. However, the lack of engineers and technological capabilities among Thai supplier firms has restricted the catch-up process. To upgrade further the Thai automobile firms should build a strong industrial cluster by stimulating the development of technological human capital to provide the horizontal integration necessary for the suppliers to remain competitive. Upstream technological capability is important for this to take place, but it can only be achieved through the development of human capital. Journal: Journal of the Asia Pacific Economy Pages: 320-334 Issue: 3 Volume: 15 Year: 2010 X-DOI: 10.1080/13547860.2010.494912 File-URL: http://hdl.handle.net/10.1080/13547860.2010.494912 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:15:y:2010:i:3:p:320-334 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Notes on Contributors Journal: Journal of the Asia Pacific Economy Pages: 335-336 Issue: 3 Volume: 15 Year: 2010 X-DOI: 10.1080/13547860.2010.494915 File-URL: http://hdl.handle.net/10.1080/13547860.2010.494915 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:15:y:2010:i:3:p:335-336 Template-Type: ReDIF-Article 1.0 Author-Name: Mansor H. Ibrahim Author-X-Name-First: Mansor H. Author-X-Name-Last: Ibrahim Author-Name: Kanokwan Chancharoenchai Author-X-Name-First: Kanokwan Author-X-Name-Last: Chancharoenchai Title: How inflationary are oil price hikes? A disaggregated look at Thailand using symmetric and asymmetric cointegration models Abstract: The present paper analyzes the inflationary effects of oil prices at the aggregate and disaggregated levels for Thailand using symmetric and asymmetric cointegration and error-correction modeling approaches. The cointegration test results suggest the presence of long-run relations between oil prices and the following price indices: aggregate consumer price index, non-food and beverage price index, housing and furnishing price index, energy price index, non-raw food and energy price index and transportation and communication price index. Meanwhile, food and beverage price index and raw food price index are not cointegrated with the oil prices. From the dynamic analyses, we uncover evidence for asymmetric adjustments of the aggregate consumer prices, the non-food and beverage prices and the housing and furnishing prices towards their long-run values. Further, the effects of oil prices on inflation are observed to be significant in all goods sectors in the short run. The largest impacts of oil price changes are on the energy price inflation followed by the transportation and communication price inflation and the non-raw food and energy price inflation. Journal: Journal of the Asia Pacific Economy Pages: 409-422 Issue: 3 Volume: 19 Year: 2014 Month: 7 X-DOI: 10.1080/13547860.2013.820470 File-URL: http://hdl.handle.net/10.1080/13547860.2013.820470 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:19:y:2014:i:3:p:409-422 Template-Type: ReDIF-Article 1.0 Author-Name: Pravakar Sahoo Author-X-Name-First: Pravakar Author-X-Name-Last: Sahoo Title: Book Reviews Journal: Journal of the Asia Pacific Economy Pages: 522-524 Issue: 3 Volume: 19 Year: 2014 Month: 7 X-DOI: 10.1080/13547860.2014.899074 File-URL: http://hdl.handle.net/10.1080/13547860.2014.899074 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:19:y:2014:i:3:p:522-524 Template-Type: ReDIF-Article 1.0 Author-Name: Mohammad Jahangir Alam Author-X-Name-First: Mohammad Jahangir Author-X-Name-Last: Alam Author-Name: Ismat Ara Begum Author-X-Name-First: Ismat Ara Author-X-Name-Last: Begum Author-Name: Sanzidur Rahman Author-X-Name-First: Sanzidur Author-X-Name-Last: Rahman Author-Name: Jeroen Buysse Author-X-Name-First: Jeroen Author-X-Name-Last: Buysse Author-Name: Guido Van Huylenbroeck Author-X-Name-First: Guido Author-X-Name-Last: Van Huylenbroeck Title: Tracing the impact of market reform on productivity growth of rice at the farm level in Bangladesh Abstract: The paper measures the total factor productivity (TFP), technical change (TC) and technical efficiency change (TEC) in rice production, and traces the impact of market reform policies of the 1990s on these indices at the farm level in Bangladesh using a unique cohort of three-period panel data (1987, 2000 and 2004) of 73 farms by applying stochastic production frontier approach. Results reveal that the TFP index has increased by 27% largely due to an upward shift of the technology frontier. Although TC has increased by an impressive 57%, TEC declined by 30.1% during the post-reform period, thereby depressing overall TFP growth. The market liberalization policies exerted significantly positive impacts on TC and TFP growth but negatively on TEC. Farm size and household size also significantly improved these indices while education, tenancy and off-farm income exerted negative effects. Policy implications include continued liberalization of markets and land reform measures to increase farm size. Journal: Journal of the Asia Pacific Economy Pages: 391-408 Issue: 3 Volume: 19 Year: 2014 Month: 7 X-DOI: 10.1080/13547860.2014.908533 File-URL: http://hdl.handle.net/10.1080/13547860.2014.908533 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:19:y:2014:i:3:p:391-408 Template-Type: ReDIF-Article 1.0 Author-Name: Sang Hyeon Lee Author-X-Name-First: Sang Hyeon Author-X-Name-Last: Lee Author-Name: Doo Bong Han Author-X-Name-First: Doo Bong Author-X-Name-Last: Han Author-Name: Rodolfo M. Nayga Author-X-Name-First: Rodolfo M. Author-X-Name-Last: Nayga Title: Cultural inflow effects on Japanese import demand for consumer products: importance of halo effects Abstract: This study investigated the effects of cultural inflow on import demand. More specifically, this research explored whether foreign cultural products can cause halo effects on Japanese import of consumer products. Our findings suggest the presence of positive cultural halo effects on the Japanese import market for consumer products. Specifically, import of cultural products has significant positive effects on certain types of consumer products of the same country of origin and negative effects on products of different origin. Additionally, the effects of cultural inflow on import demand differ depending on the type of consumer products. These findings have important implications for countries that export consumer and cultural products. Journal: Journal of the Asia Pacific Economy Pages: 506-521 Issue: 3 Volume: 19 Year: 2014 Month: 7 X-DOI: 10.1080/13547860.2014.908534 File-URL: http://hdl.handle.net/10.1080/13547860.2014.908534 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:19:y:2014:i:3:p:506-521 Template-Type: ReDIF-Article 1.0 Author-Name: Ki-Dong Lee Author-X-Name-First: Ki-Dong Author-X-Name-Last: Lee Author-Name: Seok-Joon Hwang Author-X-Name-First: Seok-Joon Author-X-Name-Last: Hwang Title: Regional heterogeneity and location choice of FDI in Korea via agglomeration and linkage relationships Abstract: Using the extensive micro data for 1998–2005, we analyze the role of agglomeration effects in terms of both horizontal and vertical aspects in the location decision of inward foreign direct investment (FDI) in Korea. The nested logit estimates support the follow-the-leader hypothesis. The network among FDI firms, backward linkage relationship with local upstream firms, and business service agglomeration are the main determinants of FDI location. Our estimation results suggest the possibility of a circular causality between the attractive force of backward agglomeration and the knowledge spillover of FDI, which brings in the geographical concentration of economic activities within a region. In addition, we find quite different location patterns between high- and low-tech industry groups. Reflecting the characteristics of the industry, whereas the centripetal force of foreign agglomeration increases gradually in the high-tech industry, it decreases gradually with the size of agglomeration in the low-tech industry. Furthermore, while regional gap of the labor cost matters in the location decision of low-tech firms, the regional quality of labor matters for the high-tech firms. Journal: Journal of the Asia Pacific Economy Pages: 464-487 Issue: 3 Volume: 19 Year: 2014 Month: 7 X-DOI: 10.1080/13547860.2014.908535 File-URL: http://hdl.handle.net/10.1080/13547860.2014.908535 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:19:y:2014:i:3:p:464-487 Template-Type: ReDIF-Article 1.0 Author-Name: Farha Ghapar Author-X-Name-First: Farha Author-X-Name-Last: Ghapar Author-Name: Robert Brooks Author-X-Name-First: Robert Author-X-Name-Last: Brooks Author-Name: Russell Smyth Author-X-Name-First: Russell Author-X-Name-Last: Smyth Title: The impact of patenting activity on the financial performance of Malaysian firms Abstract: This study analyses the relationship between patenting activity and financial performance at the Malaysian firm level for firms that have been granted patents in Malaysia and the United States of America. We adopt the patent renewal and profit maximization model as our theoretical underpinning for this study. The patenting activity variables are measured based on the patent renewal system and the financial performance variables are measured based on the profit margin. The sample is manufacturing firms. We utilize a panel data-set spanning from 1994 to 2008 and the model is estimated using panel least squares, fixed effects, random effects and generalized method of moments with various types of effects specifications and transformations. The key finding from the empirical study is that there is a significant relationship between patenting activity and financial performance at the Malaysian firm level, but that the impact is rather small and that the signs on the coefficients are mixed. This result may reflect the level of competition that the firms faced over the period of the study, even though patenting is well known for giving firms some monopoly power. Journal: Journal of the Asia Pacific Economy Pages: 445-463 Issue: 3 Volume: 19 Year: 2014 Month: 7 X-DOI: 10.1080/13547860.2014.908536 File-URL: http://hdl.handle.net/10.1080/13547860.2014.908536 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:19:y:2014:i:3:p:445-463 Template-Type: ReDIF-Article 1.0 Author-Name: Mona Sur Author-X-Name-First: Mona Author-X-Name-Last: Sur Author-Name: Jian Zhang Author-X-Name-First: Jian Author-X-Name-Last: Zhang Author-Name: Kevin Chen Author-X-Name-First: Kevin Author-X-Name-Last: Chen Title: The investment climate and enterprise performance in rural Pakistan: implications for rural non-farm employment generation Abstract: This paper provides a descriptive analysis of the profile of village and small-town enterprises in Pakistan drawing on a large-scale survey of enterprises. Although the enterprise sector does not appear to be particularly dynamic, the data indicate that there has been employment growth in this sector. The average annual compound employment growth has been about 1% in village enterprises and 3% in small-town enterprises. Access to formal finance, the cost of finance and cumbersome loan procedures pose major challenges for rural entrepreneurs in Pakistan, particularly in terms of availing of long-term financing for investment purposes. Access to and quality of electricity supply, marketing difficulties and transportation-related problems also pose major obstacles. These obstacles have a negative impact on enterprise productivity and the level of investments made by existing firms and discourage the start-up of new enterprises. Addressing the constraints faced by non-farm business in villages and small towns is needed to promote private investments, generate employment and reduce poverty. Journal: Journal of the Asia Pacific Economy Pages: 488-505 Issue: 3 Volume: 19 Year: 2014 Month: 7 X-DOI: 10.1080/13547860.2014.908537 File-URL: http://hdl.handle.net/10.1080/13547860.2014.908537 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:19:y:2014:i:3:p:488-505 Template-Type: ReDIF-Article 1.0 Author-Name: John Thoburn Author-X-Name-First: John Author-X-Name-Last: Thoburn Title: Book Reviews Journal: Journal of the Asia Pacific Economy Pages: 524-526 Issue: 3 Volume: 19 Year: 2014 Month: 7 X-DOI: 10.1080/13547860.2014.908538 File-URL: http://hdl.handle.net/10.1080/13547860.2014.908538 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:19:y:2014:i:3:p:524-526 Template-Type: ReDIF-Article 1.0 Author-Name: Tran Quang Tuyen Author-X-Name-First: Tran Quang Author-X-Name-Last: Tuyen Author-Name: Steven Lim Author-X-Name-First: Steven Author-X-Name-Last: Lim Author-Name: Michael P. Cameron Author-X-Name-First: Michael P. Author-X-Name-Last: Cameron Author-Name: Vu Van Huong Author-X-Name-First: Vu Van Author-X-Name-Last: Huong Title: Farmland loss and livelihood outcomes: a microeconometric analysis of household surveys in Vietnam Abstract: Although there has been much discussion in the literature about the impacts of farmland loss (due to urbanization) on household livelihoods, no econometric evidence of these effects has been provided thus far. This paper, hence, is the first to quantify the effects of farmland loss on household livelihood outcomes in peri-urban areas of Hanoi, Vietnam. Our study found no econometric evidence for negative effects of farmland loss on either income or expenditure per adult equivalent. In addition, the results show that farmland loss has an indirect positive impact on household welfare, via its positive impact on the choice of nonfarm-based livelihoods. Journal: Journal of the Asia Pacific Economy Pages: 423-444 Issue: 3 Volume: 19 Year: 2014 Month: 7 X-DOI: 10.1080/13547860.2014.908539 File-URL: http://hdl.handle.net/10.1080/13547860.2014.908539 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:19:y:2014:i:3:p:423-444 Template-Type: ReDIF-Article 1.0 Author-Name: Dilem Yildirim Author-X-Name-First: Dilem Author-X-Name-Last: Yildirim Author-Name: Ethem Erdem Orman Author-X-Name-First: Ethem Erdem Author-X-Name-Last: Orman Title: The Feldstein–Horioka puzzle in the presence of structural breaks: evidence from China Abstract: This study explores the empirical validity of the Feldstein-Horioka puzzle for China in the presence of structural breaks. As such, we employ a recently proposed multiple-break cointegration test. Once the existence of the cointegration between domestic savings and investment is ensured by allowing for endogenous structural breaks, Fully Modified Ordinary Least Squares (FMOLS) and Dynamic Ordinary Least Squares (DOLS) estimation procedures are implemented to obtain reliable inferences. Empirical results reveal that the relationship between Chinese domestic savings and investment has undergone some major changes. More specifically, with the introduction of managed floating exchange rate regime, a substantial reduction is observed in the almost unitary saving retention coefficient of the fixed exchange rate period. Furthermore, the correlation has experienced a slight increase since 2009, which coincides with the worldwide protectionist policies adopted in the depth of the global financial crisis. Journal: Journal of the Asia Pacific Economy Pages: 374-392 Issue: 3 Volume: 23 Year: 2018 Month: 7 X-DOI: 10.1080/13547860.2017.1396640 File-URL: http://hdl.handle.net/10.1080/13547860.2017.1396640 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:23:y:2018:i:3:p:374-392 Template-Type: ReDIF-Article 1.0 Author-Name: Pei-Tha Gan Author-X-Name-First: Pei-Tha Author-X-Name-Last: Gan Title: Interest rate autonomy in the presence of exchange rate stability: evidence from 13 selected Asia Pacific countries Abstract: A notable feature of the empirical research on the interest rate autonomy is that very few studies seek to determine whether the use of interest rate policy to fine-tune the exchange rate misalignments has been undermined by sterilised foreign exchange intervention. To overcome this deficiency, this study uses the open-economy Taylor rule as a policy reaction function in a standard macroeconomic model to specify the measures of independent interest rate policy reacts to the exchange rate and examines the empirical validity based on a sample of 13 selected Asia Pacific countries. Using the generalised method of moments, the findings provide some policy implications; the interest rate instrument can serve as a coordinating function to fine-tune the exchange rate misalignments for improving the macroeconomic stability and serve as an external shock absorber to avoid or mitigate impact of instability in the foreign capital market. Journal: Journal of the Asia Pacific Economy Pages: 393-410 Issue: 3 Volume: 23 Year: 2018 Month: 7 X-DOI: 10.1080/13547860.2017.1408570 File-URL: http://hdl.handle.net/10.1080/13547860.2017.1408570 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:23:y:2018:i:3:p:393-410 Template-Type: ReDIF-Article 1.0 Author-Name: Yoshihiko Kadoya Author-X-Name-First: Yoshihiko Author-X-Name-Last: Kadoya Author-Name: Mostafa Saidur Rahim Khan Author-X-Name-First: Mostafa Saidur Rahim Author-X-Name-Last: Khan Author-Name: Yoshio Sano Author-X-Name-First: Yoshio Author-X-Name-Last: Sano Title: Effects of China's one-child policy on group cooperation: survey evidence Abstract: This study examines whether Chinese workers born after the one-child policy (OCP) regime are really less cooperative in the workplace as postulated by the ‘little emperors syndrome.’ The increasing share of OCP generation workers in the Chinese workforce has created diversity in the group that requires examining whether intergenerational gap exists in the personality that can affect the level of cooperation in the group. We provide evidence that workers from the OCP generation are no less cooperative than the workers from the pre-OCP generation. We argue that strong Chinese culture influenced by the Confucius roots makes OCP generation workers cooperative although this generation is self-centric in the daily life. Journal: Journal of the Asia Pacific Economy Pages: 327-339 Issue: 3 Volume: 23 Year: 2018 Month: 7 X-DOI: 10.1080/13547860.2017.1409861 File-URL: http://hdl.handle.net/10.1080/13547860.2017.1409861 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:23:y:2018:i:3:p:327-339 Template-Type: ReDIF-Article 1.0 Author-Name: Jiyoun Park Author-X-Name-First: Jiyoun Author-X-Name-Last: Park Title: The clean development mechanism (CDM) as a financial platform for North Korea's development Abstract: This research examines the clean development mechanism (CDM) in order to overcome the limits that exist in the conventional financing methods for North Korea's development. In examining North Korea's CDM projects implemented thus far, it is found that the use of the CDM as a financing platform for North Korea's development is taking place at a very low level. However, if North Korea applies this framework effectively, it can expect additional financial inflows and technology transfer. Especially with regard to financial inflows, the diverse finances used in the implementation of CDM projects can also be adopted into North Korean CDM projects. Moreover, the adoption methods are expected to be more innovative than the conventional finance for development (FfD) methods. Journal: Journal of the Asia Pacific Economy Pages: 496-510 Issue: 3 Volume: 23 Year: 2018 Month: 7 X-DOI: 10.1080/13547860.2018.1431080 File-URL: http://hdl.handle.net/10.1080/13547860.2018.1431080 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:23:y:2018:i:3:p:496-510 Template-Type: ReDIF-Article 1.0 Author-Name: Pym Manopimoke Author-X-Name-First: Pym Author-X-Name-Last: Manopimoke Title: Thai inflation dynamics in a globalized economy Abstract: This paper investigates whether changes in Thai inflation dynamics during recent decades can be attributed to the process of globalization. The empirical analysis is based on a dynamic factor model and an unobserved components model that is consistent with an Open Economy New Keynesian Phillips curve. The findings suggest that in the short-run, Thai inflation has become increasingly sensitive to global factors since 2001, while becoming less reliant on domestic ones. During 2001–2007, the importance of this global factor can be attributed to a global output gap, while in the period thereafter, it only corresponds to world oil price movements. While global factors are important, Thai inflation is still heavily influenced by domestic monetary policy in the long-run. The implementation of an inflation targeting framework in May 2000 by the Bank of Thailand has led to improved inflation behavior through better anchored long-term inflation expectations. Journal: Journal of the Asia Pacific Economy Pages: 465-495 Issue: 3 Volume: 23 Year: 2018 Month: 7 X-DOI: 10.1080/13547860.2018.1446673 File-URL: http://hdl.handle.net/10.1080/13547860.2018.1446673 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:23:y:2018:i:3:p:465-495 Template-Type: ReDIF-Article 1.0 Author-Name: Paolo Saona Author-X-Name-First: Paolo Author-X-Name-Last: Saona Author-Name: Md. Abul Kalam Azad Author-X-Name-First: Md. Abul Kalam Author-X-Name-Last: Azad Title: Bank- and country-based determinants of banks’ performance in Asia Abstract: This paper examines the joint impact of bank- and country-based drivers of performance of banks in 11 Asian countries. The panel data technique is used to deal with possible endogeneity issues and the heterogeneity of individual banks. We find evidence that the ownership structure and the capital ratio are critical determinants of the banks’ profitability. The revenue diversification impacts negatively on the net interest margin. Examining the institutional factors of banks’ performance, we find that enhanced financial and regulatory structures reduce the capacity to generate non-competitive, abnormal profits. Those most affected are the consumers, who bear the burden of higher prices resulting from weak competition. Journal: Journal of the Asia Pacific Economy Pages: 428-446 Issue: 3 Volume: 23 Year: 2018 Month: 7 X-DOI: 10.1080/13547860.2018.1469585 File-URL: http://hdl.handle.net/10.1080/13547860.2018.1469585 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:23:y:2018:i:3:p:428-446 Template-Type: ReDIF-Article 1.0 Author-Name: James Xiaohe Zhang Author-X-Name-First: James Xiaohe Author-X-Name-Last: Zhang Title: A general equilibrium analysis of China's urbanization Abstract: One of the issues of rapid urbanization in China is how the liberalization of factor markets will impact its economy. Based on a general equilibrium theoretical framework, this paper develops some hypotheses including that while the removal of the household registration system would generate unambiguous welfare gains, the land reform may have some modest impact on income redistribution. These theoretical hypotheses are examined with some empirical statistical data and simulation experiments based on a computable general equilibrium model (the GTAP model) in which several different policy scenarios including reforms in both labour and land markets are considered. Journal: Journal of the Asia Pacific Economy Pages: 340-356 Issue: 3 Volume: 23 Year: 2018 Month: 7 X-DOI: 10.1080/13547860.2018.1469586 File-URL: http://hdl.handle.net/10.1080/13547860.2018.1469586 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:23:y:2018:i:3:p:340-356 Template-Type: ReDIF-Article 1.0 Author-Name: Richard Grabowski Author-X-Name-First: Richard Author-X-Name-Last: Grabowski Title: Food staple production and alternative development paths: India and China Abstract: In this paper, it is argued that structural change has been quite different in India as compared with China, with the former seeming to skip labor-intensive manufacturing while the latter fully exploiting this sector's potential for employment and growth. It is hypothesized that productivity growth in agriculture, particularly food staples, is a critical factor in explaining the differences in structural change. In China, rapid agricultural growth kept food cheap and thus labor inexpensive, fostering rapid growth in labor-intensive manufacturing. In India, sluggish agricultural growth and rising food costs meant that labor in India has become increasingly expensive and this has inhibited the development of labor-intensive manufacturing. Journal: Journal of the Asia Pacific Economy Pages: 357-373 Issue: 3 Volume: 23 Year: 2018 Month: 7 X-DOI: 10.1080/13547860.2018.1469588 File-URL: http://hdl.handle.net/10.1080/13547860.2018.1469588 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:23:y:2018:i:3:p:357-373 Template-Type: ReDIF-Article 1.0 Author-Name: Valerien O. Pede Author-X-Name-First: Valerien O. Author-X-Name-Last: Pede Author-Name: Gustavo Barboza Author-X-Name-First: Gustavo Author-X-Name-Last: Barboza Author-Name: Adam H. Sparks Author-X-Name-First: Adam H. Author-X-Name-Last: Sparks Author-Name: Justin McKinley Author-X-Name-First: Justin Author-X-Name-Last: McKinley Title: The inequality-growth link revisited with spatial considerations: the case of provinces in the Philippines Abstract: This study revisits the relationship between income inequality and economic growth using provincial-level data from the Philippines over a ten-year period (1991–2000). This study demonstrates that the magnitude and significance of the inequality-growth relationship is not stable across space and the magnitude can be overestimated when spatial considerations are excluded from analysis. Generally, existing literature on the relationship between income inequality and economic growth has largely overlooked spatial elements. To avoid this exclusion, geographically weighted regression (GWR) estimates were used in this study. Results using GWR showed the magnitude of the inequality-growth relationship varied over a range of 0.70–0.85. The results of this study reinforce the idea that previous studies that have excluded spatial variation have likely overestimated the inequality-growth relationship, particularly in differences between urban and rural provinces. Journal: Journal of the Asia Pacific Economy Pages: 411-427 Issue: 3 Volume: 23 Year: 2018 Month: 7 X-DOI: 10.1080/13547860.2018.1503765 File-URL: http://hdl.handle.net/10.1080/13547860.2018.1503765 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:23:y:2018:i:3:p:411-427 Template-Type: ReDIF-Article 1.0 Author-Name: John Thoburn Author-X-Name-First: John Author-X-Name-Last: Thoburn Author-Name: Kaoru Natsuda Author-X-Name-First: Kaoru Author-X-Name-Last: Natsuda Title: How to conduct effective industrial policy: a comparison of automotive development in the Philippines and Indonesia Abstract: Compared to the recent successes of Indonesia, Philippines vehicle production has faced severe problems of lack of economies of scale and a weak domestic supply base, as well as strong import competition, including from illegally imported used cars. Unlike Indonesia in recent years – whose automotive development up to the late 1990s was considered a failure – the Philippines has not succeeded in developing significant exports of vehicles. Although at first sight there have been early similarities in industrial policies towards the automotive industry in the two countries, we identify various key policy differences, including tax policy to promote particular types of vehicle. Although now the Philippines is starting to see the sort of growth in vehicle ownership that is currently well underway in Indonesia, it will have to struggle under its new CARS policy to stop the growth in the market simply being met by more imports. Journal: Journal of the Asia Pacific Economy Pages: 657-682 Issue: 4 Volume: 23 Year: 2018 Month: 10 X-DOI: 10.1080/13547860.2018.1503768 File-URL: http://hdl.handle.net/10.1080/13547860.2018.1503768 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:23:y:2018:i:4:p:657-682 Template-Type: ReDIF-Article 1.0 Author-Name: Charles Yuji Horioka Author-X-Name-First: Charles Yuji Author-X-Name-Last: Horioka Author-Name: Peter J. Morgan Author-X-Name-First: Peter J. Author-X-Name-Last: Morgan Author-Name: Yoko Niimi Author-X-Name-First: Yoko Author-X-Name-Last: Niimi Title: Public and private investment in human capital and intergenerational transfers in Asia: an overview Journal: Journal of the Asia Pacific Economy Pages: 511-514 Issue: 4 Volume: 23 Year: 2018 Month: 10 X-DOI: 10.1080/13547860.2018.1514995 File-URL: http://hdl.handle.net/10.1080/13547860.2018.1514995 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:23:y:2018:i:4:p:511-514 Template-Type: ReDIF-Article 1.0 Author-Name: Adam Cook Author-X-Name-First: Adam Author-X-Name-Last: Cook Author-Name: Isaac Ehrlich Author-X-Name-First: Isaac Author-X-Name-Last: Ehrlich Title: Was higher education a major channel through which the US became an economic superpower in the 20th century? Abstract: This paper offers a thesis for why the US overtook the UK and other European countries in the 20th century in both aggregate and per capita GDP as a case study of recent models of endogenous growth, where ‘human capital’ is the engine of growth. By human capital we mean an intangible asset, best thought of as a stock of embodied and disembodied knowledge comprising education, information, entrepreneurship, and productive and innovative skills, which is formed through investments in schooling, job training, and health as well as through research and development projects and informal knowledge transfers (cf. Ehrlich and Murphy 2007). The conjecture is that the ascendancy of the US as an economic superpower in the 20th century owes considerably to its faster human capital formation relative to that of the UK and ‘old Europe.’ This paper assesses whether the thesis has legs to stand on through both stylized facts and a supplementary quasi-experimental empirical analysis. The stylized facts indicate that the US led other major developed countries in schooling attainments per adult population member, beginning in the latter part of the 19th century and lasting throughout the 20th century, especially at the secondary and tertiary levels. The quasi-experimental analysis constitutes the first attempt to test the hypothesis that the US’s ascendancy to a major economic power stems largely from the impact of the first Morrill Act of 1862, which launched the public higher education movement in the US through the establishment of land grant colleges and universities across the nation during the latter part of the 19th century. The higher education movement appears to have spearheaded a higher long-term rate of growth in per capita income in the US relative to the UK and other major European countries. Journal: Journal of the Asia Pacific Economy Pages: 515-553 Issue: 4 Volume: 23 Year: 2018 Month: 10 X-DOI: 10.1080/13547860.2018.1514996 File-URL: http://hdl.handle.net/10.1080/13547860.2018.1514996 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:23:y:2018:i:4:p:515-553 Template-Type: ReDIF-Article 1.0 Author-Name: Jong-Wha Lee Author-X-Name-First: Jong-Wha Author-X-Name-Last: Lee Author-Name: Hanol Lee Author-X-Name-First: Hanol Author-X-Name-Last: Lee Title: Human capital and income inequality* Abstract: This study investigates empirically how human capital, measured by educational attainment, is related to income distribution. The regressions, using a cross-country data between 1980 and 2015, show that a more equal distribution of education contributes significantly to reducing income inequality. Educational expansion is a major factor in reducing educational inequality and thus income inequality. Social benefits spending and price stability contribute to reducing income inequality, while public education spending helps to reduce educational inequality. In contrast, higher per capita income, greater trade openness and faster technological progress tend to make both income and education distribution more unequal. The calibration of empirical results shows that we can attribute the rising income inequality within East Asian economies in recent decades to the unequalizing effects of fast income growth and rapid progress in globalization and technological change, which have surpassed the income-equalizing effects from improved equality in the distribution of educational attainment. Journal: Journal of the Asia Pacific Economy Pages: 554-583 Issue: 4 Volume: 23 Year: 2018 Month: 10 X-DOI: 10.1080/13547860.2018.1515002 File-URL: http://hdl.handle.net/10.1080/13547860.2018.1515002 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:23:y:2018:i:4:p:554-583 Template-Type: ReDIF-Article 1.0 Author-Name: Kathleen McGarry Author-X-Name-First: Kathleen Author-X-Name-Last: McGarry Author-Name: Xiaoting Sun Author-X-Name-First: Xiaoting Author-X-Name-Last: Sun Title: Three generations of changing gender patterns of schooling in China Abstract: The rapid economic growth and rise in living standards in China and throughout much of Asia, is well documented. The changing economic conditions, including increases in the returns to schooling and employment opportunities for women, and increases in one-child families, have likely changed the incentives for parental investments in the education of children, and potentially differentially so for sons and daughters, and for families in rural and urban areas. In this paper, we use data spanning three generations of Chinese families to examine the evolution of educational attainment for boys and girls and the relative levels of schooling by gender. We also examine differences in trends across rural and urban areas. We find a substantial narrowing of the gender gap in schooling, so much so that girls now have more education on average than boys. In addition, policy initiatives had a larger effect in rural than urban areas. Journal: Journal of the Asia Pacific Economy Pages: 584-605 Issue: 4 Volume: 23 Year: 2018 Month: 10 X-DOI: 10.1080/13547860.2018.1515003 File-URL: http://hdl.handle.net/10.1080/13547860.2018.1515003 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:23:y:2018:i:4:p:584-605 Template-Type: ReDIF-Article 1.0 Author-Name: Tobias Haepp Author-X-Name-First: Tobias Author-X-Name-Last: Haepp Author-Name: Lidan Lyu Author-X-Name-First: Lidan Author-X-Name-Last: Lyu Title: The impact of primary school investment reallocation on educational attainment in rural China Abstract: In this paper, we analyze how removing village-level primary schools and effectively merging these into larger township-level schools has affected educational attainment in rural China. We employ individual and village-level information from the China Household Ethnic Survey (CHES) which covers regions intensively affected by the removal campaign. We find a negative effect of school removals on primary school and junior high school completion rates. However, we also find positive effects on educational attainment beyond junior high school for those students who began their education in the new merged primary schools. This effect can be attributed to resource pooling and higher teacher quality in the new schools. The adverse effects are more severe for girls, especially if new schools did not provide boarding and are located far away from student residences, and also for children whose parents have low educational attainment, thus exacerbating gender inequality and intergenerational transmission of education inequality. Journal: Journal of the Asia Pacific Economy Pages: 606-627 Issue: 4 Volume: 23 Year: 2018 Month: 10 X-DOI: 10.1080/13547860.2018.1515004 File-URL: http://hdl.handle.net/10.1080/13547860.2018.1515004 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:23:y:2018:i:4:p:606-627 Template-Type: ReDIF-Article 1.0 Author-Name: Yoko Niimi Author-X-Name-First: Yoko Author-X-Name-Last: Niimi Title: Do borrowing constraints matter for intergenerational educational mobility? Evidence from Japan* Abstract: This paper examines the intergenerational transmission of educational attainment using microdata for Japan. By exploiting unique information on whether children have ever given up schooling for financial reasons and, if they have, which level of schooling they have forgone, it assesses the role of borrowing constraints in determining intergenerational educational mobility in a more direct manner than previous attempts. Despite a steady increase in the level of educational attainment, the regression results indicate the absence of an increase in intergenerational educational mobility in postwar Japan. Moreover, while borrowing constraints used to play a significant role in lowering intergenerational educational mobility, they no longer seem to matter for the youngest cohort examined in this paper. Instead, our analysis shows that the relative importance of adolescent academic ability for children’s educational attainment has increased in recent years, thereby underlining the increasing importance of earlier investments in children’s human capital for their subsequent academic advancement. Journal: Journal of the Asia Pacific Economy Pages: 628-656 Issue: 4 Volume: 23 Year: 2018 Month: 10 X-DOI: 10.1080/13547860.2018.1515005 File-URL: http://hdl.handle.net/10.1080/13547860.2018.1515005 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:23:y:2018:i:4:p:628-656 Template-Type: ReDIF-Article 1.0 Author-Name: Mohsen Bahmani-Oskooee Author-X-Name-First: Mohsen Author-X-Name-Last: Bahmani-Oskooee Author-Name: Jungho Baek Author-X-Name-First: Jungho Author-X-Name-Last: Baek Title: Asymmetry cointegration and the J-curve: new evidence from Korean bilateral trade balance models with her 14 partners Abstract: Introduction of new econometric methods raises interest in assessing the old theories and the J-curve phenomenon is no exception. Like previous research, we first use the linear autoregressive distributed lag (ARDL) approach to investigate the phenomenon between Korea and each of her 14 trading partners. We then employ the recent nonlinear ARDL approach to show that in most cases, exchange-rate changes have short-run and long-run asymmetric effects on bilateral trade balances. Separating depreciations from appreciations, which is the main feature of the nonlinear model, relies upon nonlinear adjustment of the exchange rate and provides relatively more support for the J-curve effect. Journal: Journal of the Asia Pacific Economy Pages: 66-81 Issue: 1 Volume: 24 Year: 2019 Month: 1 X-DOI: 10.1080/13547860.2018.1469589 File-URL: http://hdl.handle.net/10.1080/13547860.2018.1469589 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:24:y:2019:i:1:p:66-81 Template-Type: ReDIF-Article 1.0 Author-Name: Qian Guo Author-X-Name-First: Qian Author-X-Name-Last: Guo Author-Name: Wenkai Sun Author-X-Name-First: Wenkai Author-X-Name-Last: Sun Title: Re-examining economic returns to Communist Party membership in Mainland China Abstract: This article examines economic returns to Communist Party membership and its possible effects on other human capital, for college graduates in Mainland China. Different analytical methods return highly comparable results that suggest party membership has no direct effect on starting salaries of college graduates. However, party membership improves college graduates’ possibility of being admitted to Chinese universities for advanced studies and that of obtaining permanent urban residence (hukou). The latter possibly results from party members’ enhanced chances of entering state-owned enterprises. Party membership does not crowd out other human capital investments; on the contrary, it seems to have positive effects on technical certificate earning, student leadership experience, and GPA rankings and thus may impact salaries indirectly. This study is a meaningful addition to existing literature: it shows that party membership, though exerting no direct effect on salaries, may bring indirect and hidden returns. This conclusion is consistent with what may be observed in reality. Journal: Journal of the Asia Pacific Economy Pages: 24-41 Issue: 1 Volume: 24 Year: 2019 Month: 1 X-DOI: 10.1080/13547860.2018.1490069 File-URL: http://hdl.handle.net/10.1080/13547860.2018.1490069 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:24:y:2019:i:1:p:24-41 Template-Type: ReDIF-Article 1.0 Author-Name: Lucía Morales Author-X-Name-First: Lucía Author-X-Name-Last: Morales Author-Name: Bernadette Andreosso-O’Callaghan Author-X-Name-First: Bernadette Author-X-Name-Last: Andreosso-O’Callaghan Title: Hong Kong unrest and implications for the Hang Seng Index Abstract: With the September 2014 ‘Umbrella Revolution’ in Hong Kong, China faced one of the biggest political challenges since the Tiananmen Square events. Beijing’s proposed electoral reform was perceived as a direct attack to democracy, and the ensuing protest triggered concerns amid local and international investors; the financial sector took the hardest hit, with stocks of companies exposed to the Hong Kong market facing significant losses. Volatility continued to increase to a seven-month high over worries that the student blockade in Hong Kong’s streets could drag on for longer than expected. The econometric-based analysis in this paper looks at the implications of the protest and its spillover effect on the Hang Seng Index with a focus on sectoral performance. The ultimate objective is to gain a better understanding of the impact of the protests on different stocks and sectors with the goal of identifying market vulnerability and potential volatility patterns. Journal: Journal of the Asia Pacific Economy Pages: 82-96 Issue: 1 Volume: 24 Year: 2019 Month: 1 X-DOI: 10.1080/13547860.2018.1503766 File-URL: http://hdl.handle.net/10.1080/13547860.2018.1503766 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:24:y:2019:i:1:p:82-96 Template-Type: ReDIF-Article 1.0 Author-Name: Tomasz Legiedź Author-X-Name-First: Tomasz Author-X-Name-Last: Legiedź Title: From limited access to open access order in Taiwan Abstract: This essay attempts to explain the process of the institutional transition of Taiwan, applying the limited and open access orders framework proposed by D.C. North, J. J Wallis and B. R. Weingast. The article analyses economic and political reforms in order to extract the factors positively affecting the process of economic development in Taiwan. The findings indicate that the key factor was the security threat of Communist China. However, other conditions were also important. It should be noted that Chiang Kai-shek’s government could learn from its past mistakes, and it was an outsider regime. Moreover, the USA aid helped to consolidate the dominant coalition. Finally, ethnic tensions between the newcomers from the Mainland and the Taiwanese resulted in the separation of the political sphere from the economic sphere, which was conducive to economic development. Journal: Journal of the Asia Pacific Economy Pages: 97-116 Issue: 1 Volume: 24 Year: 2019 Month: 1 X-DOI: 10.1080/13547860.2018.1503767 File-URL: http://hdl.handle.net/10.1080/13547860.2018.1503767 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:24:y:2019:i:1:p:97-116 Template-Type: ReDIF-Article 1.0 Author-Name: Dinesh Jaisinghani Author-X-Name-First: Dinesh Author-X-Name-Last: Jaisinghani Author-Name: Kakali Kanjilal Author-X-Name-First: Kakali Author-X-Name-Last: Kanjilal Title: Marketing investments and firm performance in manufacturing sector: a panel threshold model for China Abstract: Many firms find it difficult to accurately identify the level of investments in marketing activities that can maximize their profitability. The current work is aimed at helping firms in identifying the optimal level of marketing expenditure. The study has been conducted for 1363 publicly listed firms in China for the period 2008–2017. The current study utilizes threshold panel regression analysis. The study contends that the optimal level of investments in marketing is contingent upon firm’s size. The results confirm the existence of a single threshold value that helps in determining the optimal level of marketing investments. It is found that, for firms that are smaller that the cut-off value of size, high level of investments in marketing is associated with improved firm performance. However, for the firms that are larger than the cut-off value of size, high level of investment in marketing is associated with reduced firm performance. Journal: Journal of the Asia Pacific Economy Pages: 117-126 Issue: 1 Volume: 24 Year: 2019 Month: 1 X-DOI: 10.1080/13547860.2018.1554617 File-URL: http://hdl.handle.net/10.1080/13547860.2018.1554617 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:24:y:2019:i:1:p:117-126 Template-Type: ReDIF-Article 1.0 Author-Name: Joseph J. Capuno Author-X-Name-First: Joseph J. Author-X-Name-Last: Capuno Title: What drive the local incidence of crime, shadow economy and resource-related conflicts in Mindanao, Philippines? Evidence of spillover effects Abstract: Together with Indonesia, Sri Lanka and Thailand, Philippines is among the Asian countries with long history of violent subnational or local conflicts. These conflicts have also exacted heavy tolls in terms of loss in human lives, economic welfare and public resources. Towards a better understanding of local conflicts in the Philippines, we estimate negative binomial regression models using a panel of cities and municipalities in the Autonomous Region of Muslim Mindanao for the period 2011–2016 to examine the pattern of spillover effects. We find strong evidence that for an average locality the incidence of conflicts related to crime, shadow economy or resource (and other unclassified) are influenced positively by the aggregate level of hostilities in its contiguous neighbors. The types of hostilities in the neighbors or the number of neighbors have no significant effects. The policy implication is to contain conflicts at once and where they happen to prevent spillover. Journal: Journal of the Asia Pacific Economy Pages: 42-65 Issue: 1 Volume: 24 Year: 2019 Month: 1 X-DOI: 10.1080/13547860.2019.1572057 File-URL: http://hdl.handle.net/10.1080/13547860.2019.1572057 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:24:y:2019:i:1:p:42-65 Template-Type: ReDIF-Article 1.0 Author-Name: Xiaoping Zhuang Author-X-Name-First: Xiaoping Author-X-Name-Last: Zhuang Author-Name: Li Lin Author-X-Name-First: Li Author-X-Name-Last: Lin Author-Name: Jun (Justin) Li Author-X-Name-First: Jun (Justin) Author-X-Name-Last: Li Title: Puri vs. Varanasi destinations: local residents’ perceptions, overall community satisfaction and support for tourism development Abstract: Tourism development is a concept widely embraced by marketers and planners of tourist destinations. However, it has received little attention in the context of religious pilgrimage sites. This paper reports an exploratory case study and contributes to the body of knowledge on tourism development in two cities (Puri and Varanasi) that have been famous for pilgrimage tourism in India since ancient times. More specifically, the aims of the study are to investigate and compare the tourism impact that local residents perceive in these two historic pilgrimage sites and to ascertain how the tourism impact affects overall community satisfaction and tourism support. The results from the structural equation modeling (SEM) analysis indicate that the perceived economic impacts on tourism development support of Varanasi residents is higher than that of Puri, and the same conclusion applies to the connections between the impacts of sociocultural and overall community satisfaction. However, the differences between the economic and environmental impacts of these studies and the overall community satisfaction as well as the impacts on tourism support are not significant. The implications for research and practice are discussed. Journal: Journal of the Asia Pacific Economy Pages: 127-142 Issue: 1 Volume: 24 Year: 2019 Month: 1 X-DOI: 10.1080/13547860.2019.1572689 File-URL: http://hdl.handle.net/10.1080/13547860.2019.1572689 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:24:y:2019:i:1:p:127-142 Template-Type: ReDIF-Article 1.0 Author-Name: Hafsa Hina Author-X-Name-First: Hafsa Author-X-Name-Last: Hina Author-Name: Abdul Qayyum Author-X-Name-First: Abdul Author-X-Name-Last: Qayyum Title: Effect of financial crisis on sustainable growth: Empirical evidence from Pakistan Abstract: This study identifies the real and financial sector transmission channels of financial crisis in Pakistan and sees how global financial turmoil affects the growth rate of Pakistan. Cooray augmented Mankiw–Romer–Weil growth model is extended by incorporating the financial distortions in financial sector. The empirical validity is tested by applying ARDL approach to cointegration in case of Pakistan over the period 1972–2012. The long-run cointegrating relationship between the financial crisis and economic growth indicates that financial crisis put downward pressure on per capita output and reduces the speed of convergence toward the steady state level of output. Financial development promotes the economic growth. However, to realize the benefits from the financial development, the financial inefficiency resulting from currency crisis, banking crisis, and stock market crisis needs to be reduced and would limits the adverse effect of financial turmoil on the economic growth of the country. Journal: Journal of the Asia Pacific Economy Pages: 143-164 Issue: 1 Volume: 24 Year: 2019 Month: 1 X-DOI: 10.1080/13547860.2019.1573453 File-URL: http://hdl.handle.net/10.1080/13547860.2019.1573453 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:24:y:2019:i:1:p:143-164 Template-Type: ReDIF-Article 1.0 Author-Name: Liu Hong Author-X-Name-First: Liu Author-X-Name-Last: Hong Author-Name: Clem Tisdell Author-X-Name-First: Clem Author-X-Name-Last: Tisdell Author-Name: Wang Fei Author-X-Name-First: Wang Author-X-Name-Last: Fei Title: Poverty and its reduction in a Chinese border region: is social capital important? Abstract: China is trying to reduce the high levels of poverty in its border regions, dominated by ethnic minorities. To do so, it is giving particular attention to increasing physical and human capital but not social capital. This article investigates the extent to which social capital (and other variables) are associated with the absence of poverty in such regions. To this end, data were collected from a sample of households in the Kirghiz Prefecture of Xinjiang and analyzed using logistic regression analysis and other methods. Some components of social capital and some other variables show a significant association with the absence of poverty. However, care is needed in applying the results because association must not be confused with causality. Limited opportunities exist for productive investment in the border regions considered. Several issues raised are also relevant to remote (ethnic) communities outside of China. The government’s scope for altering social capital is assessed. Journal: Journal of the Asia Pacific Economy Pages: 1-23 Issue: 1 Volume: 24 Year: 2019 Month: 1 X-DOI: 10.1080/13547860.2019.1591743 File-URL: http://hdl.handle.net/10.1080/13547860.2019.1591743 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:24:y:2019:i:1:p:1-23 Template-Type: ReDIF-Article 1.0 Author-Name: Maneka Jayasinghe Author-X-Name-First: Maneka Author-X-Name-Last: Jayasinghe Title: Dynamic trends in household poverty and inequality in Sri Lanka: do gender and ethnicity matter? Abstract: The heterogeneity in female-headed households (FHHs) and the differences in household size and composition make the comparison of poverty across male- and FHHs’ complex. The differences in ethno-religion and patriarchal social norms embedded in the various cultures to which these female heads belong also create extra challenges when analysing female headship and poverty. This study, which investigates the poverty and expenditure inequality by gender of the head of the household in Sri Lanka, has a special focus on Sinhala and Tamil ethnic groups. This article makes a significant contribution to the literature on horizontal inequalities in FHHs across communities. Our results indicate that, while FHHs show a higher prevalence of poverty than their male counterparts in both Sinhala and Tamil households, the Tamil FHHs are more vulnerable to poverty. Journal: Journal of the Asia Pacific Economy Pages: 208-223 Issue: 2 Volume: 24 Year: 2019 Month: 4 X-DOI: 10.1080/13547860.2019.1573716 File-URL: http://hdl.handle.net/10.1080/13547860.2019.1573716 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:24:y:2019:i:2:p:208-223 Template-Type: ReDIF-Article 1.0 Author-Name: Juthathip Jongwanich Author-X-Name-First: Juthathip Author-X-Name-Last: Jongwanich Author-Name: Donghyun Park Author-X-Name-First: Donghyun Author-X-Name-Last: Park Author-Name: Petchtharin Wongcharoen Author-X-Name-First: Petchtharin Author-X-Name-Last: Wongcharoen Title: Determinants of Producer Price versus Consumer price inflation in emerging Asia Abstract: This paper examines and compares the determinants of producer and consumer price inflation in ten Asian countries during 2000–2015. In this connection, we also investigate the pass-through of global oil prices, global food prices and exchange rates to domestic producer and consumer prices. The model applied here is based on the dynamic interrelationship between the price variables in the distribution chain. Our results show that external cost-push factors such as oil and food prices are more important in explaining producer price inflation than consumer one. For consumer prices, demand-pull factors still explain much of the variation in inflation. The pass-through of oil (food) prices tends to be higher in oil (food) exporting countries than in oil (food) importing countries. Government policy measures played a role in reducing or delaying the pass-through of oil and food prices to domestic prices. Lastly, exchange rate pass-through tends to be higher in countries with more flexible exchange rates. Journal: Journal of the Asia Pacific Economy Pages: 224-251 Issue: 2 Volume: 24 Year: 2019 Month: 4 X-DOI: 10.1080/13547860.2019.1574251 File-URL: http://hdl.handle.net/10.1080/13547860.2019.1574251 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:24:y:2019:i:2:p:224-251 Template-Type: ReDIF-Article 1.0 Author-Name: Aswini Kumar Mishra Author-X-Name-First: Aswini Author-X-Name-Last: Kumar Mishra Author-Name: Sadhana Satapathy Author-X-Name-First: Sadhana Author-X-Name-Last: Satapathy Author-Name: Biswabas Patra Author-X-Name-First: Biswabas Author-X-Name-Last: Patra Author-Name: Rajendra Prasad Patro Author-X-Name-First: Rajendra Prasad Author-X-Name-Last: Patro Title: Distributional change, income mobility and pro-poor growth: evidence from India Abstract: The study of income inequality and income mobility has been central to understanding India’s recent economic development. This paper, based on the first two waves of the India Human Development survey data, addresses three questions namely; (a) examining recent trends and sources of income inequality and their sources in rural and urban India, (b) whether households belonging to different socio-occupational groups have grown together and thereby factors relating to dynamic income distribution and finally (c) provides an analytical framework within which changes in income inequality over time are related to the extent to which income growth is pro-poor and to the extent of income reranking or mobility. Our results show the equalizing effect of progressive income growth was more than offset by the disequalising effect of reranking in India during the study period resulting in income inequality both in the rural and urban area. Journal: Journal of the Asia Pacific Economy Pages: 252-269 Issue: 2 Volume: 24 Year: 2019 Month: 4 X-DOI: 10.1080/13547860.2019.1576492 File-URL: http://hdl.handle.net/10.1080/13547860.2019.1576492 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:24:y:2019:i:2:p:252-269 Template-Type: ReDIF-Article 1.0 Author-Name: Suyoung Yoon Author-X-Name-First: Suyoung Author-X-Name-Last: Yoon Author-Name: Shik Heo Author-X-Name-First: Shik Author-X-Name-Last: Heo Title: Artists’ labor supply behavior for multiple job holding: evidence from Korea Abstract: This article tests whether the labor supply behavior for Korean artists holding multiple jobs is consistent with the prediction of the work-preference model suggested by Throsby. Specifically, we break artists down into performing artists and creative artists and compare the difference in the labor supply behavior, adding control variables for economic incentives and artistic reputation. Our result shows that the work-preference model is not completely supported by Korean artists engaged in multiple job holding, and is more likely to be consistent with creative artists than with performers. Furthermore, for economic incentives, artists faced with the increasing income of household members decrease both art and non-art work hours, while most artists who receive subsidies increase their art work hours, with the exception of creative artists. As for artistic reputation, experience in international artistic activities and holding copyright leads to more time allocation for art work. Journal: Journal of the Asia Pacific Economy Pages: 165-181 Issue: 2 Volume: 24 Year: 2019 Month: 4 X-DOI: 10.1080/13547860.2019.1581320 File-URL: http://hdl.handle.net/10.1080/13547860.2019.1581320 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:24:y:2019:i:2:p:165-181 Template-Type: ReDIF-Article 1.0 Author-Name: G. Naline Author-X-Name-First: G. Author-X-Name-Last: Naline Author-Name: Brinda Viswanathan Author-X-Name-First: Brinda Author-X-Name-Last: Viswanathan Title: Predictors of age-specific child mortality for India Abstract: India’s progress in reducing under-five mortality rates is impressive in the past decade but not as much for neonatal or infant mortality. Very few studies have attempted to examine the role of differential impact of predictors like intergenerational transmission, gender, birth order, social, economic and religious characteristics, on the odds of each age-specific mortality (viz., preterm deaths, neonatal, infant and under-five mortality) vis-à-vis survival. The results from the multinomial logit model show that compared to other age-specific mortality, preterm deaths and neonatal mortality have the largest number of statistically significant predictors. Maternal characteristics and birth order compared to environmental and socio-economic conditions have higher odds of avoiding early age mortality, while for avoiding later age mortality all these variables have similar but lower odds ratio. An analysis of this nature hopes to provide better insights for public policy to reduce child mortality and to attain SDG targets at a quicker pace. Journal: Journal of the Asia Pacific Economy Pages: 270-291 Issue: 2 Volume: 24 Year: 2019 Month: 4 X-DOI: 10.1080/13547860.2019.1583304 File-URL: http://hdl.handle.net/10.1080/13547860.2019.1583304 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:24:y:2019:i:2:p:270-291 Template-Type: ReDIF-Article 1.0 Author-Name: Tsoyu Calvin Lin Author-X-Name-First: Tsoyu Calvin Author-X-Name-Last: Lin Author-Name: Shih-Hsun Hsu Author-X-Name-First: Shih-Hsun Author-X-Name-Last: Hsu Author-Name: Yu-Lun Lin Author-X-Name-First: Yu-Lun Author-X-Name-Last: Lin Title: The effect of housing prices on consumption and economic growth – the case of Taiwan Abstract: In many countries around the world since the subprime-mortgage crisis in 2008, soaring housing prices under central governments’ quantitative easing (QE) monetary policies have deteriorated home affordability. For example, in Taipei’s environment of long-term low property taxes, the price-to-income (PTI) ratio reached 16 in 2014, which is higher than the corresponding ratios in most cities around the world. The fiscal pressure that mortgage payments impose on households seems to crowd out their consumption capability and thus to counter economic growth. However, current literature has revealed diverse effects of housing prices on consumption in far-flung countries. To discover the influence of housing prices on consumption and economic growth, we collected data in Taiwan for empirical analysis. Results show that the stock price index has had a significant positive effect on consumption, whereas interest rates have played a minimal role in consumption. Results also show that rising house prices have had a negative effect on consumption, indicating that high housing prices trigger the crowding-out effect on consumption and in turn contribute to sluggish economic growth. The findings of this study provide the government in Taiwan with policy implications for directing housing prices in ways that facilitate both long-term housing affordability and economic sustainability. Further, this paper explains that, across countries, differences among homeowners’ home-equity ‘cash-out’ behaviors may help explain the differences among the behaviors’ diverse effects on consumption. Results of this study not only empirically strengthen academia’s knowledge of housing prices’ effects on consumption but also suggest that the policy-driven development or promotion of home-equity financing may enhance consumption and revive flagging economies. Journal: Journal of the Asia Pacific Economy Pages: 292-312 Issue: 2 Volume: 24 Year: 2019 Month: 4 X-DOI: 10.1080/13547860.2019.1584958 File-URL: http://hdl.handle.net/10.1080/13547860.2019.1584958 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:24:y:2019:i:2:p:292-312 Template-Type: ReDIF-Article 1.0 Author-Name: Azmat Gani Author-X-Name-First: Azmat Author-X-Name-Last: Gani Author-Name: Frank Scrimgeour Author-X-Name-First: Frank Author-X-Name-Last: Scrimgeour Title: Can trading partner cultural diversity explain trade? Abstract: The importance of culture on economic outcomes has been an element of ongoing research mainly in the disciplines outside of mainstream economics such as sociology and anthropology. From an economic perspective, there is a strong feeling among the corporate community that culture can be influential in business dealings. International trade is one area of business where cultural diversity can matter. This paper investigates the effect of trading partner cultural diversity on trade within the gravity model framework. The gravity model incorporates four measures to capture cultural diversity: religion, ethnicity, language and legal origin. Using data on New Zealand’s trade with Asia and employing the panel corrected standard errors estimation procedure, the empirical findings reveal that Asian diversity in religion and languages is positively correlated with New Zealand–Asia trade. The results reveal that the expected effects of standard gravity variables, and we conclude that the cultural diversity of trading partners positively influences international trade. Journal: Journal of the Asia Pacific Economy Pages: 313-327 Issue: 2 Volume: 24 Year: 2019 Month: 4 X-DOI: 10.1080/13547860.2019.1602905 File-URL: http://hdl.handle.net/10.1080/13547860.2019.1602905 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:24:y:2019:i:2:p:313-327 Template-Type: ReDIF-Article 1.0 Author-Name: Jafar Suryomenggolo Author-X-Name-First: Jafar Author-X-Name-Last: Suryomenggolo Title: The development of Malaysian capitalism: from British rule to the present day Journal: Journal of the Asia Pacific Economy Pages: 328-329 Issue: 2 Volume: 24 Year: 2019 Month: 4 X-DOI: 10.1080/13547860.2019.1602907 File-URL: http://hdl.handle.net/10.1080/13547860.2019.1602907 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:24:y:2019:i:2:p:328-329 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Correction Journal: Journal of the Asia Pacific Economy Pages: X-X Issue: 3 Volume: 24 Year: 2019 Month: 7 X-DOI: 10.1080/13547860.2019.1607514 File-URL: http://hdl.handle.net/10.1080/13547860.2019.1607514 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:24:y:2019:i:3:p:X-X Template-Type: ReDIF-Article 1.0 Author-Name: Salman Ata Author-X-Name-First: Salman Author-X-Name-Last: Ata Author-Name: Babar Shahbaz Author-X-Name-First: Babar Author-X-Name-Last: Shahbaz Author-Name: Muhammad Arif Watto Author-X-Name-First: Muhammad Author-X-Name-Last: Arif Watto Author-Name: Muhammad Tahir Siddiqui Author-X-Name-First: Muhammad Tahir Author-X-Name-Last: Siddiqui Title: Access and exclusion: case of transnational ‘land grabbing’ in Pakistan Abstract: In recent years, hundreds of thousands of hectares of land in developing countries is being granted to the governments and private investors of developed countries through leases, land purchase and contract farming. Based on the notion of ‘power of exclusion’ this paper explores the process and identifies which social class has more access to new income generating opportunities and who is excluded in the context of transnational land acquisition in Sindh province of Pakistan. Quantitative and qualitative data shows that poor segments of society such as previous land user, women, agricultural labor and landless farmers were the most excluded groups regarding TLA process and associated benefits while elite social groups such as land leaser/politicians and some irrigation department officials have increased access to positive outcomes of transnational land acquisition. Decreasing in the acreages under food crops also have a detrimental impact on local food security. Journal: Journal of the Asia Pacific Economy Pages: 331-346 Issue: 3 Volume: 24 Year: 2019 Month: 7 X-DOI: 10.1080/13547860.2019.1608637 File-URL: http://hdl.handle.net/10.1080/13547860.2019.1608637 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:24:y:2019:i:3:p:331-346 Template-Type: ReDIF-Article 1.0 Author-Name: Abubakr Saeed Author-X-Name-First: Abubakr Author-X-Name-Last: Saeed Author-Name: Sidra Maqsood Author-X-Name-First: Sidra Author-X-Name-Last: Maqsood Author-Name: Amir Rafique Author-X-Name-First: Amir Author-X-Name-Last: Rafique Title: Color matters: field experiment to explore the impact of facial complexion in Pakistani labor market Abstract: This study aims to investigate the role of facial complexion on applicant’s employability in Pakistani labor market. We carried out a resume audit study. In doing so, we sent 1216 fictitious curricula vitae (CVs) against 304 real job advertisements. Four CVs were sent against each advertisement which contained the pictures of fair and dark males and females. The results show that odds of receiving callbacks are 31.5% higher for a fair-skinned applicant compared to the applicant with dark complexion. Moreover, fair females have 28.5% higher probability in receiving (more) callbacks than fair male applicants. This discriminatory pattern in labor market exists across both front and back office jobs, however, the odds of receiving callbacks by fair applicants, particularly females, are higher in front office jobs. Further, we divide our sample into jobs advertised by companies themselves and jobs through recruitment agencies. Our results show that the impact of facial complexion is present in both recruitment sources, nevertheless, it is more pronounced when recruitment is carried out through employment agencies. Lastly, we find the evidence of beauty premium across various occupational categories, except finance and accounting. Journal: Journal of the Asia Pacific Economy Pages: 347-363 Issue: 3 Volume: 24 Year: 2019 Month: 7 X-DOI: 10.1080/13547860.2019.1612974 File-URL: http://hdl.handle.net/10.1080/13547860.2019.1612974 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:24:y:2019:i:3:p:347-363 Template-Type: ReDIF-Article 1.0 Author-Name: Tingting Tong Author-X-Name-First: Tingting Author-X-Name-Last: Tong Title: Family, teacher, and student ability development in China Abstract: We investigate the impact of family and teacher human capital on the development of cognitive and noncognitive abilities of Chinese middle school students. Our cognitive ability is measured by a standard cognitive ability test, and our noncognitive ability indicators include confidence, college intentions, perseverance, and behavior problems. We specifically solve the endogeneity issue caused by nonrandom sorting by employing Hausman–Taylor estimation method. Our results indicate that family characteristics such as family size, income, and parental relationship are highly predictive of both cognitive and noncognitive abilities. We also find that teachers’ educational background and experience significantly affect the development of cognitive and noncognitive abilities. Journal: Journal of the Asia Pacific Economy Pages: 364-380 Issue: 3 Volume: 24 Year: 2019 Month: 7 X-DOI: 10.1080/13547860.2019.1612984 File-URL: http://hdl.handle.net/10.1080/13547860.2019.1612984 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:24:y:2019:i:3:p:364-380 Template-Type: ReDIF-Article 1.0 Author-Name: Kent Matthews Author-X-Name-First: Kent Author-X-Name-Last: Matthews Author-Name: Wei Yin Author-X-Name-First: Wei Author-X-Name-Last: Yin Title: Limited loan rate differentiation, guanxi, loan size and loan maturity in the Chinese bank credit market Abstract: Since 2004, China has partially liberalized loan rate setting by the banks, but loan rates remain stubbornly within narrow bounds. We argue that competition in the loan market is signalled through the variation of loan deal terms and loan maturity rather than loan rates. We examine the determinants of loan deal conditions in terms of size and maturity. This paper focuses on the role of single firm-bank relationships in determining loan deal conditions as evidence of guanxi in Chinese banking market. Commercial loan deal terms of listed companies are matched to provider banks over the period 1999–2012 and sub-sample estimation for the pre-2004 and post-2004 periods confirm a change in the bank-firm-loan relationship. We find that single firm-bank relationships are associated with larger loan size and longer loan maturity in the pre-liberalization period but that this relationship has weakened in the liberalization period. Journal: Journal of the Asia Pacific Economy Pages: 381-401 Issue: 3 Volume: 24 Year: 2019 Month: 7 X-DOI: 10.1080/13547860.2019.1613745 File-URL: http://hdl.handle.net/10.1080/13547860.2019.1613745 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:24:y:2019:i:3:p:381-401 Template-Type: ReDIF-Article 1.0 Author-Name: Anne Ross Author-X-Name-First: Anne Author-X-Name-Last: Ross Author-Name: Kim P. Bryceson Author-X-Name-First: Kim P. Author-X-Name-Last: Bryceson Title: Traditional thinking: the impact of international aid on social structures and cultural traditions in agrifood chains in Tonga and Solomon Islands Abstract: Aid agencies provide significant funding for the development of modern market systems in subsistence societies. Despite the advantages generated by aid partnerships, aid agencies are often unsuccessful in producing the market changes they aim to realise. This project investigates barriers to the development of demand-driven agrifood market systems at the local level in Solomon Islands and Tonga. We demonstrate that performances that imply a readiness to expand into a capitalist market economy elide the everyday social relations and cultural traditions of local village actors. These villagers would need to move away from their own traditional thinking about food production, and deny their customary subsistence and market narratives, to meet the requirements of externally imposed, modern market systems that drive the modern market development thinking of aid donors. The reality is that village-based socio-cultural, economic and religious obligations obstruct the basic demand-driven market practices required for a successful formal market environment. We conclude that a critical anthropological understanding of local market systems is essential to the generation of modern market opportunities at village levels. Journal: Journal of the Asia Pacific Economy Pages: 402-429 Issue: 3 Volume: 24 Year: 2019 Month: 7 X-DOI: 10.1080/13547860.2019.1614254 File-URL: http://hdl.handle.net/10.1080/13547860.2019.1614254 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:24:y:2019:i:3:p:402-429 Template-Type: ReDIF-Article 1.0 Author-Name: Thang Ngoc Bach Author-X-Name-First: Thang Ngoc Author-X-Name-Last: Bach Title: State owned enterprises and capital misallocation in Vietnam Abstract: This study uses the first comprehensive data on Vietnamese manufacturing firms and quantifies the allocative efficiency improvement due to massive entry of private firms amid a simultaneous contraction of state-owned enterprises (SOEs) in the period 2000–2008. It finds that allocative efficiency improvement contributes considerably to the sector’s annual Total Factor Productivity growth, and firm’s entry and exit exerts an increasingly important role in the second half of this period. The productivity dispersion within narrowly-defined industries remains, however, large and persistent. Such effect is attributed to the fact that SOEs disproportionately absorb credit in a period marked with unprecedented growth in domestic credit supply. This paper finds that commercial and subsidized credit per se exhibits a capital distortion reducing effect, but awarding more commercial and subsidized credit to the SOEs, in reference to the private counterparts, yields the anti-capital distortion reducing effect that intensifies with the distribution of higher quantiles. Journal: Journal of the Asia Pacific Economy Pages: 430-451 Issue: 3 Volume: 24 Year: 2019 Month: 7 X-DOI: 10.1080/13547860.2019.1616443 File-URL: http://hdl.handle.net/10.1080/13547860.2019.1616443 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:24:y:2019:i:3:p:430-451 Template-Type: ReDIF-Article 1.0 Author-Name: Delin Zhuang Author-X-Name-First: Delin Author-X-Name-Last: Zhuang Author-Name: Wai Choi Lee Author-X-Name-First: Wai Choi Author-X-Name-Last: Lee Author-Name: Tsun Se Cheong Author-X-Name-First: Tsun Se Author-X-Name-Last: Cheong Author-Name: Huaqing Wu Author-X-Name-First: Huaqing Author-X-Name-Last: Wu Author-Name: Baoyu Peng Author-X-Name-First: Baoyu Author-X-Name-Last: Peng Title: Revisiting income inequality in rural China: a decomposition by regression approach Abstract: This study aims to investigate the sources of income inequality in rural China. The regression-based decomposition approach is employed to measure the relative contribution of each determinant to net income of rural residents in China. The analysis is based on a unique database of financial development compiled at the county level. This study contributes to the literature on income inequality in China by filling a gap in existing literature which is based mainly on provincial and survey data. The results clearly reveal that financial development, industrialization, the development of the tertiary sector and employment are important income determinants and contributors of intercounty inequality in rural China. The findings may provide valuable information for combating inequality in the years ahead. Journal: Journal of the Asia Pacific Economy Pages: 452-467 Issue: 3 Volume: 24 Year: 2019 Month: 7 X-DOI: 10.1080/13547860.2019.1622294 File-URL: http://hdl.handle.net/10.1080/13547860.2019.1622294 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:24:y:2019:i:3:p:452-467 Template-Type: ReDIF-Article 1.0 Author-Name: Shuhong Peng Author-X-Name-First: Shuhong Author-X-Name-Last: Peng Title: Urban scale and wage premium: evidence from China Abstract: Using the data of the China General Social Survey (CGSS) in 2010, the sixth national census in 2010 and the fifth national census in 2000, this paper examines the urban scale’s impact on workers’ wages by employing instrumental variables method. The study shows that China's large cities with 1–5 million population and megalopolis over 5 million population have significant urban scale wage premium. The living cost difference and agglomeration economy are the main causes of the megalopolis and large cities’ wage premium respectively. The high and low skilled workers both benefit from the expansion of urban scale. Policy implications of research findings are that moderate scale cities should be the main direction of Chinese urbanization; big cities should not only absorb high skilled labor, but also be inclusive for low skilled labor; migrant workers' urbanization is conducive to the prosperity of the city. Journal: Journal of the Asia Pacific Economy Pages: 468-480 Issue: 3 Volume: 24 Year: 2019 Month: 7 X-DOI: 10.1080/13547860.2019.1624335 File-URL: http://hdl.handle.net/10.1080/13547860.2019.1624335 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:24:y:2019:i:3:p:468-480 Template-Type: ReDIF-Article 1.0 Author-Name: Tam NguyenHuu Author-X-Name-First: Tam Author-X-Name-Last: NguyenHuu Author-Name: Jörg Schwiebert Author-X-Name-First: Jörg Author-X-Name-Last: Schwiebert Title: China’s role in mitigating poverty and inequality in Africa: an empirical query Abstract: Using data from 1995 to 2017, this article shows that China plays a positive role in mitigating poverty and inequality in Africa. Namely, imports from China, especially imports of machinery and equipment but not manufactured goods, alleviate substantially poverty in the region. In addition, China’s foreign direct investment (FDI) and China’s engagement in infrastructure projects in the continent help not only eradicate poverty, but also narrow income inequality. However, total exports or exports of raw materials and fuels to China are irrelevant to income distribution. We also compare these impacts with the impacts of economic links with the United States (US) and find insignificant effects of the US’s imports and FDI on income distribution but some positive effects of exports to the US on poverty in Africa. Our findings are robust when both the fractional nature of poverty and inequality indices and their correlation are taken into account. Journal: Journal of the Asia Pacific Economy Pages: 645-669 Issue: 4 Volume: 24 Year: 2019 Month: 10 X-DOI: 10.1080/13547860.2019.1632645 File-URL: http://hdl.handle.net/10.1080/13547860.2019.1632645 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:24:y:2019:i:4:p:645-669 Template-Type: ReDIF-Article 1.0 Author-Name: Xun Zhang Author-X-Name-First: Xun Author-X-Name-Last: Zhang Author-Name: Hua Niu Author-X-Name-First: Hua Author-X-Name-Last: Niu Author-Name: Guanghua Wan Author-X-Name-First: Guanghua Author-X-Name-Last: Wan Author-Name: Chen Wang Author-X-Name-First: Chen Author-X-Name-Last: Wang Title: Investing for urban-rural migration: the role of education Abstract: Neither clear theoretical interpretation nor empirical validation of public educational investment to urban-rural migration or urbanization exists comprehensively. This paper comprehensively analyzes the relationship between public educational investment and urban-rural migration to fill in this niche. We first discuss the theoretical effect of public educational investment and urban-rural migration. Although public educational investment results in distortion and may hinder economic development in the short term, it will still benefit the economy due to its positive long-term impact on human capital. These benefits include a higher level of urban-rural migration and a deepening level of capital accumulation. The empirical evidence using China’s data, where we control for confounding factors, take into account endogeneity of public educational investment and investigate the mechanisms behind the relation, confirms our theoretical discussion. This paper is of great significance in understanding China’s past process of urban-rural migration. Journal: Journal of the Asia Pacific Economy Pages: 578-594 Issue: 4 Volume: 24 Year: 2019 Month: 10 X-DOI: 10.1080/13547860.2019.1635675 File-URL: http://hdl.handle.net/10.1080/13547860.2019.1635675 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:24:y:2019:i:4:p:578-594 Template-Type: ReDIF-Article 1.0 Author-Name: Linda Glawe Author-X-Name-First: Linda Author-X-Name-Last: Glawe Author-Name: Helmut Wagner Author-X-Name-First: Helmut Author-X-Name-Last: Wagner Title: The deep determinants of economic development in China—a provincial perspective Abstract: There is a significant body of literature arguing that institutional quality is the key for long run economic growth and development. While the majority of these studies are based on cross-country growth regressions, we focus on the institution-economic growth nexus within a particular country, namely China. China is often regarded as an exception by having achieved miraculous growth for more than three decades despite relatively low institutional quality. Nonetheless, our findings suggest that at the provincial level, institutional quality played in fact an important role for the economic success of a province in China, even more important than geography and integration. However, when simultaneously examining the relationship between institutions, human capital, and economic development, we find that human capital ‘trumps’ everything else; however institutional quality has a highly significant indirect effect on provincial per capita income by improving human capital. We employ, among others, instrumental variable estimation techniques to address endogeneity problems. Journal: Journal of the Asia Pacific Economy Pages: 484-514 Issue: 4 Volume: 24 Year: 2019 Month: 10 X-DOI: 10.1080/13547860.2019.1636610 File-URL: http://hdl.handle.net/10.1080/13547860.2019.1636610 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:24:y:2019:i:4:p:484-514 Template-Type: ReDIF-Article 1.0 Author-Name: Haitao Zhao Author-X-Name-First: Haitao Author-X-Name-Last: Zhao Author-Name: Naiquan Liu Author-X-Name-First: Naiquan Author-X-Name-Last: Liu Author-Name: Jinxian Wang Author-X-Name-First: Jinxian Author-X-Name-Last: Wang Title: Effects of human capital difference on migration destination preference of rural floating population in China Abstract: This paper first constructs a theoretical framework to investigate rural migrants’ preference for large cities or small and medium-sized cities as migration destinations. Then, we employ a nested logit model to empirically examine the effects of migration cost and benefit on the probability of migration to different types of cities. Our results suggest that since large cities provide more job opportunities and higher net migration benefit compared with small- and medium-sized cities, rural migrants with relatively high skills are more likely to move to large cities. Although the effects of migration cost and benefit on migration destination decisions are both significant, the effect of migration benefit outweighs that of migration cost. Hence, gaining net migration benefit is the main reason that rural migrants prefer to move to cities, especially to large cities. Journal: Journal of the Asia Pacific Economy Pages: 595-617 Issue: 4 Volume: 24 Year: 2019 Month: 10 X-DOI: 10.1080/13547860.2019.1641356 File-URL: http://hdl.handle.net/10.1080/13547860.2019.1641356 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:24:y:2019:i:4:p:595-617 Template-Type: ReDIF-Article 1.0 Author-Name: Syed Hasanat Shah Author-X-Name-First: Syed Hasanat Author-X-Name-Last: Shah Author-Name: Muhammad Abdul Kamal Author-X-Name-First: Muhammad Abdul Author-X-Name-Last: Kamal Author-Name: Hafsa Hasnat Author-X-Name-First: Hafsa Author-X-Name-Last: Hasnat Author-Name: Li Jun Jiang Author-X-Name-First: Li Jun Author-X-Name-Last: Jiang Title: Does institutional difference affect Chinese outward foreign direct investment? Evidence from fuel and non-fuel natural resources Abstract: This article investigates the impact of institutional difference and natural resource endowment in developing host countries on the location choice of Chinese OFDI. We found that institutional difference between China and host countries insignificantly affect the flow of Chinese OFDI, however, when observed on sectoral levels; Chinese investment is responsive to the institutional difference in non-fuel natural resource rich countries while institutional difference asserts insignificant influence on Chinese OFDI in fuel resource rich countries. This shows that institutions play a role in the location choice of Chinese OFDI but, it depends on the sector and institutional proximity. Journal: Journal of the Asia Pacific Economy Pages: 670-689 Issue: 4 Volume: 24 Year: 2019 Month: 10 X-DOI: 10.1080/13547860.2019.1660033 File-URL: http://hdl.handle.net/10.1080/13547860.2019.1660033 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:24:y:2019:i:4:p:670-689 Template-Type: ReDIF-Article 1.0 Author-Name: Changyan Peng Author-X-Name-First: Changyan Author-X-Name-Last: Peng Author-Name: Weisong Qiu Author-X-Name-First: Weisong Author-X-Name-Last: Qiu Author-Name: Quanyun Song Author-X-Name-First: Quanyun Author-X-Name-Last: Song Author-Name: Bihong Huang Author-X-Name-First: Bihong Author-X-Name-Last: Huang Title: Housing wealth appreciation and consumption: evidence from China Abstract: This article examines the effect of housing wealth appreciation on household consumption by using two rounds of China Household Finance Survey data from 2013 and 2015. The empirical results show that housing wealth appreciation leads to an increase in household consumption, especially for consumption goods with higher expenditure elasticities, suggesting that increase in housing wealth not only promotes household consumption but also improves the composition of the consumption. Estimations on different subsamples suggest that precautionary saving acts as the primary mechanism through which housing wealth appreciation affects consumption in China. The analysis further reveals that household consumption lags behind housing wealth appreciation. We conclude that drastic changes in house prices are likely to exhibit augmented effects on the real economy via the consumption channel. Policymakers in China should prevent large swings in housing prices while taking regulatory steps to control the housing market. Journal: Journal of the Asia Pacific Economy Pages: 556-577 Issue: 4 Volume: 24 Year: 2019 Month: 10 X-DOI: 10.1080/13547860.2019.1661570 File-URL: http://hdl.handle.net/10.1080/13547860.2019.1661570 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:24:y:2019:i:4:p:556-577 Template-Type: ReDIF-Article 1.0 Author-Name: Jing Wang Author-X-Name-First: Jing Author-X-Name-Last: Wang Author-Name: Lifen Zhu Author-X-Name-First: Lifen Author-X-Name-Last: Zhu Author-Name: Jing Li Author-X-Name-First: Jing Author-X-Name-Last: Li Title: Wages, house prices and industry composition: an empirical analysis of cities in China Abstract: Wages and house prices are two of the hottest public issues in China today. Whether and how the change in industry composition affects them? These issues have received widespread public attention. This study is dedicated to analysing the effects of industrial composition, which is measured by an index calculated using 19 2-digit industries, on wages and house prices using a modified hedonic price model and prefecture-level city data from China between 2005 and 2013. The main findings indicate that (1) an increase in industry composition index will drive up wages and house prices. The increment of wages surpasses that of house prices, showing that the house-purchasing burden decreases as the index increases; and (2) the effects of industry composition on wages and house prices differ between high-, middle- and low-income cities. The change in industry composition may increase the wage and house price gaps between cities of different income levels. Journal: Journal of the Asia Pacific Economy Pages: 618-644 Issue: 4 Volume: 24 Year: 2019 Month: 10 X-DOI: 10.1080/13547860.2019.1664534 File-URL: http://hdl.handle.net/10.1080/13547860.2019.1664534 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:24:y:2019:i:4:p:618-644 Template-Type: ReDIF-Article 1.0 Author-Name: Lingli Xiao Author-X-Name-First: Lingli Author-X-Name-Last: Xiao Author-Name: Jing Li Author-X-Name-First: Jing Author-X-Name-Last: Li Author-Name: Jing Wang Author-X-Name-First: Jing Author-X-Name-Last: Wang Title: Does the type of investor matter? An analysis of fixed-asset investments in rural China Abstract: There are two major types of investors of rural fixed-asset investments (FAIs) in China: collective FAIs and private FAIs. To analyze the effect of investors of different types on the efficiency of rural FAIs, we apply a two-regime spatial Durbin model (SDM) based on panel data from 1993 to 2012 in China. Our major findings include: (1) rural FAIs promote the rural economy, which shows positive spatial interdependence and the spatial effects differ across regions; (2) the investment efficiency of collective FAIs is weaker than that of private FAIs and decreases over time; and (3) rural private FAIs present significantly positive spatial spillover effects on rural economies, whereas rural collective FAIs show negative spatial spillover effects in the first-decade (1993–2002) sub-sample and no significant spatial spillover effect in the second-decade (2003–2012) sub-sample. Policy implications are proposed accordingly. Journal: Journal of the Asia Pacific Economy Pages: 530-555 Issue: 4 Volume: 24 Year: 2019 Month: 10 X-DOI: 10.1080/13547860.2019.1664535 File-URL: http://hdl.handle.net/10.1080/13547860.2019.1664535 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:24:y:2019:i:4:p:530-555 Template-Type: ReDIF-Article 1.0 Author-Name: Yu Wu Author-X-Name-First: Yu Author-X-Name-Last: Wu Author-Name: Xiao Li Author-X-Name-First: Xiao Author-X-Name-Last: Li Author-Name: Yan Zhang Author-X-Name-First: Yan Author-X-Name-Last: Zhang Author-Name: Kai Li Author-X-Name-First: Kai Author-X-Name-Last: Li Title: FDI inflow and financial costs of local firms Abstract: This study investigates the impact of foreign direct investment (FDI) inflow on the financial costs of local firms. We develop a simple theoretical model for the banking market to illustrate the decrease in financial costs after FDI inflow. The model’s predictions are then verified by analyzing bank lending data of six cities in an Eastern Chinese province for the period 2010–2015. Our results show that (1) the financial costs of FDI recipients and local firms decline with FDI inflow; (2) among local firms, private-owned firms and micro-, small- and medium-sized enterprises experience a greater drop in financial costs than state-owned firms and (3) Cost of liquid loans (short- and mid-term loans) decreases more than that of long-term loans. Journal: Journal of the Asia Pacific Economy Pages: 515-529 Issue: 4 Volume: 24 Year: 2019 Month: 10 X-DOI: 10.1080/13547860.2019.1665329 File-URL: http://hdl.handle.net/10.1080/13547860.2019.1665329 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:24:y:2019:i:4:p:515-529 Template-Type: ReDIF-Article 1.0 Author-Name: Jing Li Author-X-Name-First: Jing Author-X-Name-Last: Li Author-Name: Guanghua Wan Author-X-Name-First: Guanghua Author-X-Name-Last: Wan Author-Name: Jing Wang Author-X-Name-First: Jing Author-X-Name-Last: Wang Title: The Chinese economy: past, present and future outlook Journal: Journal of the Asia Pacific Economy Pages: 481-483 Issue: 4 Volume: 24 Year: 2019 Month: 10 X-DOI: 10.1080/13547860.2019.1670424 File-URL: http://hdl.handle.net/10.1080/13547860.2019.1670424 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:24:y:2019:i:4:p:481-483 Template-Type: ReDIF-Article 1.0 Author-Name: Parmendra Sharma Author-X-Name-First: Parmendra Author-X-Name-Last: Sharma Author-Name: Savaira Manoa Author-X-Name-First: Savaira Author-X-Name-Last: Manoa Author-Name: Seci Taleniwesi Author-X-Name-First: Seci Author-X-Name-Last: Taleniwesi Author-Name: Son Nghiem Author-X-Name-First: Son Author-X-Name-Last: Nghiem Title: Technical efficiency of banking institutions in a Pacific Island Country: a distance function stochastic frontier analysis* Abstract: This is the first study, to our knowledge, that estimates the technical efficiencies, and total factor productivity growth and its components, using a distance function stochastic frontier approach and three single-output models in Fiji, a Pacific Island Country—a region where banking efficiency literature remains scarce despite phenomenal advances in the field. This study’s ability to discuss the implications of the results for individual institutions separately is a key contribution of efficiency studies relating to the region as well as to the extant literature. The study found that there is substantial scope for improvement of productivity and efficiency, especially in producing more deposits with the same level of inputs. Journal: Journal of the Asia Pacific Economy Pages: 1-15 Issue: 1 Volume: 25 Year: 2020 Month: 1 X-DOI: 10.1080/13547860.2018.1528661 File-URL: http://hdl.handle.net/10.1080/13547860.2018.1528661 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:25:y:2020:i:1:p:1-15 Template-Type: ReDIF-Article 1.0 Author-Name: Manuel F. Montes Author-X-Name-First: Manuel F. Author-X-Name-Last: Montes Author-Name: Jerik Cruz Author-X-Name-First: Jerik Author-X-Name-Last: Cruz Title: The political economy of foreign investment and industrial development: the Philippines, Malaysia and Thailand in comparative perspective Abstract: This article examines the contribution of foreign investment to industrial development by comparing the Philippine experience with two ASEAN neighbors: Malaysia and Thailand. Instead of viewing a failure to attract foreign investment as a binding development constraint, we focus on the appropriateness of such flows for industrial upgrading. Likewise, we underscore political economy factors—particularly the presence of effective state interventions and conducive state-business ties—as prime features of countries that have leveraged FDI for more successful industrial development. Without discounting flaws in these interventions in the cases of Thailand and Malaysia, we find that such forms of government involvement have been vital in driving both countries’ strong investment and industrial growth records relative to that of the Philippines. Revived industrial policy initiatives in developing Asia would be well-advised to heed these lessons on investment-related intervention, so as to reorient their investment policies for maximum impact on industrial development in the years ahead. Journal: Journal of the Asia Pacific Economy Pages: 16-39 Issue: 1 Volume: 25 Year: 2020 Month: 1 X-DOI: 10.1080/13547860.2019.1577207 File-URL: http://hdl.handle.net/10.1080/13547860.2019.1577207 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:25:y:2020:i:1:p:16-39 Template-Type: ReDIF-Article 1.0 Author-Name: Li Xian Liu Author-X-Name-First: Li Xian Author-X-Name-Last: Liu Author-Name: Jun Li Author-X-Name-First: Jun Author-X-Name-Last: Li Title: Corporate governance and listing location of Chinese firms: the bonding theory revisited Abstract: This study develops and tests several bonding theory-derived hypotheses using a panel dataset covering the Chinese firms cross-listed in the US, Hong Kong, Singapore and London over the period 2001–2012. Our empirical results challenge the general postulate of bonding theory that cross-listing in international stock markets helps to improve the corporate and financial performance of firms whose home countries have weaker institutions and lower-level legal enforcement to protect minor investors. We show that the bonding theory only holds partially for Chinese firms cross-listed in the United States markets, whereas it is not evidenced for the rest of share markets in the sample. It is argued that the general bonding theory needs to contextualise endogenous characteristics such as firms’ listing locations. Journal: Journal of the Asia Pacific Economy Pages: 40-61 Issue: 1 Volume: 25 Year: 2020 Month: 1 X-DOI: 10.1080/13547860.2019.1612541 File-URL: http://hdl.handle.net/10.1080/13547860.2019.1612541 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:25:y:2020:i:1:p:40-61 Template-Type: ReDIF-Article 1.0 Author-Name: Tifani Husna Siregar Author-X-Name-First: Tifani Husna Author-X-Name-Last: Siregar Title: Impacts of minimum wages on employment and unemployment in Indonesia Abstract: This study explores the impact of minimum wages on employment in the formal and informal sectors, as well as on unemployment in Indonesia. With the ongoing debate on the employment impact of minimum wages, by using aggregate provincial panel data from 2001 to 2015, we found that in general, a minimum wage increase lowers formal sector employment and informal sector employment. An increase in minimum wages is also estimated to lower unemployment, as labor participation declined. When divided by gender, this study shows that female workers in the 15–24 age groups bear the largest loss due to a minimum wage increase. Journal: Journal of the Asia Pacific Economy Pages: 62-78 Issue: 1 Volume: 25 Year: 2020 Month: 1 X-DOI: 10.1080/13547860.2019.1625585 File-URL: http://hdl.handle.net/10.1080/13547860.2019.1625585 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:25:y:2020:i:1:p:62-78 Template-Type: ReDIF-Article 1.0 Author-Name: Hanna Jung Author-X-Name-First: Hanna Author-X-Name-Last: Jung Author-Name: Joonmo Cho Author-X-Name-First: Joonmo Author-X-Name-Last: Cho Title: Gender inequality of job security: veiling glass ceiling in Korea Abstract: This study analyzes the potential existence of a glass ceiling effect in Korea. Previous studies considered the wage gap between genders and could not identify a glass ceiling effect in Korea; by contrast, this study considers gaps in job security as well as wage between genders and empirically identifies the existence of a glass ceiling. Taking job security into account shows that women workers suffer from the glass ceiling effect more seriously in the upper middle quantile, even if they are in regular jobs. Based on the empirical results presented here, social policy supports are suggested to ensure job retention of women workers as well as reduce the wage gap in countries intending to break the glass ceiling in the labor market. The empirical results in this paper provide some policy insights for developing countries facing the dual structure of the labor market as well as gender discrimination. Journal: Journal of the Asia Pacific Economy Pages: 79-98 Issue: 1 Volume: 25 Year: 2020 Month: 1 X-DOI: 10.1080/13547860.2019.1631528 File-URL: http://hdl.handle.net/10.1080/13547860.2019.1631528 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:25:y:2020:i:1:p:79-98 Template-Type: ReDIF-Article 1.0 Author-Name: Teng-Yuan Hu Author-X-Name-First: Teng-Yuan Author-X-Name-Last: Hu Author-Name: Dong-Long Lin Author-X-Name-First: Dong-Long Author-X-Name-Last: Lin Author-Name: Meng-Shiuh Chang Author-X-Name-First: Meng-Shiuh Author-X-Name-Last: Chang Author-Name: Ya-Tang Hsu Author-X-Name-First: Ya-Tang Author-X-Name-Last: Hsu Title: The labor market impact of relative body weight in Taiwan–a semiparametric analysis Abstract: This study investigates the impact of relative body weight on the wage of full-time workers using a semiparametric partially linear model, by age cohort and gender. It defines relative body weight as relative BMI. The data mainly come from the 2004, 2006 and 2008 Panel Study of Family Dynamics of Taiwan. The results of the 2006 wave show that the wage penalty for heavy persons is more significant among women than among men, in both the main and child samples. A penalty for thin persons also appears among young women. These patterns are robust to specifications correcting for endogeneity. Substantial differences in the relative BMI-wage profile between men and women indicate that the findings are consistent with the implication of cultivation theory—society holds different body standards for men versus women. By tracking the same cohort, it finds that the differences are reduced when the males and females both get older. Journal: Journal of the Asia Pacific Economy Pages: 99-123 Issue: 1 Volume: 25 Year: 2020 Month: 1 X-DOI: 10.1080/13547860.2019.1631529 File-URL: http://hdl.handle.net/10.1080/13547860.2019.1631529 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:25:y:2020:i:1:p:99-123 Template-Type: ReDIF-Article 1.0 Author-Name: Yen Dan Tong Author-X-Name-First: Yen Dan Author-X-Name-Last: Tong Author-Name: Harry Clarke Author-X-Name-First: Harry Author-X-Name-Last: Clarke Title: Economic analysis of development policies with reference to large-scale water control infrastructures and rural intensification in the Mekong River Delta: a case study from Vietnam Abstract: This study conducts a Cost-benefit analysis of dyke heightening in the Vietnam floodplain to explore some of economic issues associated with three interrelated aspects of the Mekong Development Programme (MDDP) in Vietnam, namely: (i) the implications of switching to more intensified agriculture and aquaculture; (ii) the effects of a more intensive use of agro-chemicals, and (iii) the construction of large-scale water control infrastructure. The study incorporates environmental and ecological economic perspectives in its analysis. The finding of strongly negative social and private net benefits as a consequence of dyke heightening led the study to the questioning of the economic effectiveness of the MDDP. It is intended that the work will hold interest for both decision-makers and local people concerned with water control infrastructures and intensified farming practises. It could also serve to provide an important lesson for other areas of the Mekong Basin that are planning similar development schemes. Journal: Journal of the Asia Pacific Economy Pages: 124-155 Issue: 1 Volume: 25 Year: 2020 Month: 1 X-DOI: 10.1080/13547860.2019.1636605 File-URL: http://hdl.handle.net/10.1080/13547860.2019.1636605 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:25:y:2020:i:1:p:124-155 Template-Type: ReDIF-Article 1.0 Author-Name: Chih-Hai Yang Author-X-Name-First: Chih-Hai Author-X-Name-Last: Yang Title: Determinants of China’s arms exports: a political economy perspective Abstract: This paper investigates the determinants of China’s arms transfers by focusing on the roles of political factors and energy resource acquisition. Using Stockholm International Peace Research Institute data on China’s arms exports during the period from 2001 to 2014, we find that China is likely to sell and transfer more arms to countries with less political freedom and more corrupt or more autocratic countries, implying that political considerations are hidden in arms transfers. The motivation for seeking energy resources is overall supported, suggesting that China’s arms transfers are also motived by securing their need for energy and natural resources. That arms trade is a joint decision of both sides implies that political considerations also exist for autocratic regimes or resource-abundant low-income countries to acquire weapons from China. Journal: Journal of the Asia Pacific Economy Pages: 156-174 Issue: 1 Volume: 25 Year: 2020 Month: 1 X-DOI: 10.1080/13547860.2019.1637706 File-URL: http://hdl.handle.net/10.1080/13547860.2019.1637706 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:25:y:2020:i:1:p:156-174 Template-Type: ReDIF-Article 1.0 Author-Name: Cong Minh Huynh Author-X-Name-First: Cong Minh Author-X-Name-Last: Huynh Author-Name: Tan Loi Nguyen Author-X-Name-First: Tan Loi Author-X-Name-Last: Nguyen Title: Shadow economy and income inequality: new empirical evidence from Asian developing countries Abstract: This paper examines the impact of shadow economy on income inequality by using a panel data set of 19 Asian countries in the period 1990–2015. In contrast to previous studies, the results from estimations of fixed effect, random effect, and SGMM surprisingly show that the shadow economy reduces income inequality in the research region. Specifically, the shadow economy significantly increases the income share held by lowest quintile and decreases the income share held by highest quintile. The result can be explained by combining the three schools of thought on informal economy including Dualism, Legalism, and Volutarism. The finding contributes to the idea that the shadow economy is not always bad, especially to the poor, out of its negative effects. Therefore, policies to deal with the shadow economy should take the poor into close consideration with other simultaneous solutions for poverty eradication and income inequality reduction in developing countries. Journal: Journal of the Asia Pacific Economy Pages: 175-192 Issue: 1 Volume: 25 Year: 2020 Month: 1 X-DOI: 10.1080/13547860.2019.1643196 File-URL: http://hdl.handle.net/10.1080/13547860.2019.1643196 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:25:y:2020:i:1:p:175-192 Template-Type: ReDIF-Article 1.0 Author-Name: Paul Vandenberg Author-X-Name-First: Paul Author-X-Name-Last: Vandenberg Title: Industrial policy in developing countries: failing markets, weak states Journal: Journal of the Asia Pacific Economy Pages: 193-194 Issue: 1 Volume: 25 Year: 2020 Month: 1 X-DOI: 10.1080/13547860.2019.1670501 File-URL: http://hdl.handle.net/10.1080/13547860.2019.1670501 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:25:y:2020:i:1:p:193-194 Template-Type: ReDIF-Article 1.0 Author-Name: Paul Vandenberg Author-X-Name-First: Paul Author-X-Name-Last: Vandenberg Title: The fourth industrial revolution Journal: Journal of the Asia Pacific Economy Pages: 194-196 Issue: 1 Volume: 25 Year: 2020 Month: 1 X-DOI: 10.1080/13547860.2019.1686320 File-URL: http://hdl.handle.net/10.1080/13547860.2019.1686320 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:25:y:2020:i:1:p:194-196 Template-Type: ReDIF-Article 1.0 Author-Name: Madhav Regmi Author-X-Name-First: Madhav Author-X-Name-Last: Regmi Author-Name: Krishna P. Paudel Author-X-Name-First: Krishna P. Author-X-Name-Last: Paudel Author-Name: Keshav Bhattarai Author-X-Name-First: Keshav Author-X-Name-Last: Bhattarai Title: Migration decisions and destination choices Abstract: We used data collected from a face-to-face interview survey of 395 randomly selected farm households in Central Nepal’s Chitwan district to understand the migration decision-making processes and migration destination choices. This district was chosen because it represents the microcosm of whole Nepal due to the presence of migratory population from all over the country within the tropical and sub-tropical climatic districts. We used probit and multinomial logit regression models to discern the individual and family migration decision-making behaviors and to understand what determines the choice of migration destinations. Results suggested that migration decision-making is based on (a) the presence of a large number of young males in the family; (b) having fewer males with secondary education; (c) having more females with secondary education; and (d) higher household wealth. These ‘a–d’factors positively affect migration decision-making. Destination choice is generally dictated by individual characteristics and the economic potential of a destination site. Young, unmarried, male heads of families with a relatively large number of adult males but relatively low land holdings and wealth status choose Malaysia; older people from families with a fewer number of educated females and low land holdings choose India, and relatively less-educated females from families with less-educated heads of households but higher land holdings choose the Gulf Cooperation Council countries as their migration destination. Journal: Journal of the Asia Pacific Economy Pages: 197-226 Issue: 2 Volume: 25 Year: 2020 Month: 4 X-DOI: 10.1080/13547860.2019.1643195 File-URL: http://hdl.handle.net/10.1080/13547860.2019.1643195 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:25:y:2020:i:2:p:197-226 Template-Type: ReDIF-Article 1.0 Author-Name: Li Xiong Author-X-Name-First: Li Author-X-Name-Last: Xiong Author-Name: Tingting Wu Author-X-Name-First: Tingting Author-X-Name-Last: Wu Author-Name: Yulan Li Author-X-Name-First: Yulan Author-X-Name-Last: Li Author-Name: Hao Chen Author-X-Name-First: Hao Author-X-Name-Last: Chen Title: Can the government enhance the happiness of entrepreneurs?: evidence from China Abstract: As China’s economy enters a new normal, economic growth shifts from factor investment to innovation. The quality of government needs to be improved to create a good environment for the development of innovation and entrepreneurship. This paper uses the CGSS data to empirically study the impact of government quality on the happiness of entrepreneurs. Research shows that the improvement of government quality can significantly improve the self-rated happiness of entrepreneurs, but these three dimensions have different effects, and only the public goods supply index has a significant impact. According to the analysis by region and city level, the government quality has a significant impact on the happiness of entrepreneurs in the less-developed non-eastern and non-provincial cities, but insignificant in the eastern and provincial cities. Journal: Journal of the Asia Pacific Economy Pages: 227-249 Issue: 2 Volume: 25 Year: 2020 Month: 4 X-DOI: 10.1080/13547860.2019.1643694 File-URL: http://hdl.handle.net/10.1080/13547860.2019.1643694 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:25:y:2020:i:2:p:227-249 Template-Type: ReDIF-Article 1.0 Author-Name: Hyunjoo Kim Karlsson Author-X-Name-First: Hyunjoo Kim Author-X-Name-Last: Karlsson Title: Investigation of the time-dependent dynamics between government revenue and expenditure in China: a wavelet approach Abstract: Unlike previous studies on causal relationships between government revenue and expenditures in China, this study takes into consideration structural breaks in the data by performing wavelet decomposition prior to testing for Granger causality between the fiscal components. The use of wavelet decomposition is motivated by economic theories, which suggest allowing for different budgetary considerations at different time horizons, as well as by the existence of special properties in the data in the form of unit roots and structural breaks. The results from the Granger causality test when using the wavelet-decomposed quarterly data over the period 1980–2015 indicate that government revenue Granger-causes government expenditure (tax-and-spend hypothesis) in the wavelet scales of two to four quarters. The results also show that bidirectional causality (fiscal synchronisation) exists in the wavelet scale of eight to sixteen quarters. Understanding the causal relationships between revenue and expenditure at different time scales is important for formulating relevant policy measures in order to maintain fiscal sustainability in China. Journal: Journal of the Asia Pacific Economy Pages: 250-269 Issue: 2 Volume: 25 Year: 2020 Month: 4 X-DOI: 10.1080/13547860.2019.1646573 File-URL: http://hdl.handle.net/10.1080/13547860.2019.1646573 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:25:y:2020:i:2:p:250-269 Template-Type: ReDIF-Article 1.0 Author-Name: Ji-Yong Seo Author-X-Name-First: Ji-Yong Author-X-Name-Last: Seo Title: Various financial regulation effects on the lending market: evidence from Korea Abstract: This study examined whether changes in loan portfolio composition exist and how such portfolios are constructed when newly introduced macro-prudential instruments, namely risk-weight adjustments and countercyclical capital buffers (CCBs), are incorporated into South Korean housing loans. Burdened by fast-growing household debts, the South Korean Financial Authority (SKFA) implemented a macro-prudential policy. The findings are as follows: First, raising the risk weight for housing loans via the SKFA's policy does not show the evidence that banks make small and medium enterprise (SME) loans increase by cutting their housing loan. Second, incorporating CCBs into housing loans is effective to a limited extent. Third, CCB incorporation is considerably more effective under strong inflationary pressure than it is otherwise. Finally, the policy effects of the new macro-prudential instruments, particularly increasing the risk weight for housing loans, are limited in South Korea. Journal: Journal of the Asia Pacific Economy Pages: 270-288 Issue: 2 Volume: 25 Year: 2020 Month: 4 X-DOI: 10.1080/13547860.2019.1648967 File-URL: http://hdl.handle.net/10.1080/13547860.2019.1648967 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:25:y:2020:i:2:p:270-288 Template-Type: ReDIF-Article 1.0 Author-Name: Huifang Cheng Author-X-Name-First: Huifang Author-X-Name-Last: Cheng Author-Name: Lijun Cen Author-X-Name-First: Lijun Author-X-Name-Last: Cen Author-Name: Yu Wang Author-X-Name-First: Yu Author-X-Name-Last: Wang Author-Name: Hongyi Li Author-X-Name-First: Hongyi Author-X-Name-Last: Li Title: Business cycle co-movements and transmission channels: evidence from China Abstract: This article examines the impacts of international trade, foreign direct investment (FDI) and industrial structure on international business cycle co-movements between China and its major trading partners. We investigate the principal transmission factors of business cycle co-movements and their contributions to China’s economic growth in the context of economic globalization. Through studying the 27 major trading partners during 1990–2015, we find that, from China’s perspective, the synchronization tendency was continuously growing before the 2008 financial crisis but slowed down or even reversed after the crisis. Bilateral trade intensity and FDI intensity contributed more to cyclical co-movement behaviors between China and its emerging market partners, but less to economic synchronization between China and its advanced economic partners. Industrial structure similarity, on the contrary, could explain the co-movement behaviors between China and its advanced economic partners, but not emerging market partners. China’s past economic growth was also significantly correlated with the economic performance of its non-Asian trading partners, but not Asian neighbors. Journal: Journal of the Asia Pacific Economy Pages: 289-306 Issue: 2 Volume: 25 Year: 2020 Month: 4 X-DOI: 10.1080/13547860.2019.1651185 File-URL: http://hdl.handle.net/10.1080/13547860.2019.1651185 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:25:y:2020:i:2:p:289-306 Template-Type: ReDIF-Article 1.0 Author-Name: Jiafeng Zong Author-X-Name-First: Jiafeng Author-X-Name-Last: Zong Author-Name: Zongjian Lin Author-X-Name-First: Zongjian Author-X-Name-Last: Lin Author-Name: Man Guo Author-X-Name-First: Man Author-X-Name-Last: Guo Author-Name: Liang Zhou Author-X-Name-First: Liang Author-X-Name-Last: Zhou Title: Urban agglomeration and job search behavior: evidence from China Abstract: Relying on data from 2007 to 2008 CHIP, we use the duration model to analyze the relationship between urban agglomeration and job search behavior. We find that urban agglomeration can improve the quality of the labor market; the duration of unemployment is shorter in big cities. Furthermore, we find that job search intensity of migrants is stronger but urban dwellers can find jobs more easily. Our study enriches the existing research on urban agglomeration and job search behavior in the labor market. Journal: Journal of the Asia Pacific Economy Pages: 307-325 Issue: 2 Volume: 25 Year: 2020 Month: 4 X-DOI: 10.1080/13547860.2019.1651594 File-URL: http://hdl.handle.net/10.1080/13547860.2019.1651594 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:25:y:2020:i:2:p:307-325 Template-Type: ReDIF-Article 1.0 Author-Name: Ana Salvador Author-X-Name-First: Ana Author-X-Name-Last: Salvador Author-Name: Eduardo Fernández-Huerga Author-X-Name-First: Eduardo Author-X-Name-Last: Fernández-Huerga Author-Name: Ana Pardo Author-X-Name-First: Ana Author-X-Name-Last: Pardo Title: Evolution of the specialization of China’s exports according to their technological content Abstract: The objective of this study is to analyze how China’s export specialization (and its global trade position in general) has evolved according to technological content for the 1987–2015 period. To that end, first, exports are classified by technological content to analyze the evolution of their composition. Second, the export specialization is studied using the Revealed Comparative Advantage Index. Then, the evolution of China’s competitive position in the world trade in goods is analyzed according to their technological content using three indices that combine export and import data: the Relative Trade Balance index, the Contribution to the Trade Balance index and the Market Position index. The results obtained confirm that the technological content of Chinese exports has shown a remarkable improvement, mainly in some high-technology (electrical and electronic products) and in medium-technology (mechanical engineering products) products. Nevertheless, China’s greatest trade strength continues to be products with low technological content. Journal: Journal of the Asia Pacific Economy Pages: 326-347 Issue: 2 Volume: 25 Year: 2020 Month: 4 X-DOI: 10.1080/13547860.2019.1653248 File-URL: http://hdl.handle.net/10.1080/13547860.2019.1653248 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:25:y:2020:i:2:p:326-347 Template-Type: ReDIF-Article 1.0 Author-Name: Vanda Jesus Santos Narciso Author-X-Name-First: Vanda Jesus Santos Author-X-Name-Last: Narciso Author-Name: Pedro Damião Sousa Henriques Author-X-Name-First: Pedro Damião Sousa Author-X-Name-Last: Henriques Title: Does the matrilineality make a difference? Land, kinship and women's empowerment in Bobonaro district, Timor-Leste Abstract: This article investigates the roles that land rights and kinship norms have on rural women’s empowerment in the Bobonaro district of Timor-Leste. To this aim, a case study was carried out, using a questionnaire survey to compare three kinship groups (harmonic matrilineal, matrilineal and patrilineal). The land rights considered are ownership and control. The measurement of empowerment is based on three questions relating to household decision-making. Women’s autonomy and participation in decisions are also analyzed. The data presented show the importance of not only the ownership of land, but also effective and independent women’s land rights and the kinship system to women’s empowerment. Therefore, in order to contribute to gender equality, land policies should take gender and kinship into close consideration. Journal: Journal of the Asia Pacific Economy Pages: 348-370 Issue: 2 Volume: 25 Year: 2020 Month: 4 X-DOI: 10.1080/13547860.2019.1665295 File-URL: http://hdl.handle.net/10.1080/13547860.2019.1665295 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:25:y:2020:i:2:p:348-370 Template-Type: ReDIF-Article 1.0 Author-Name: Yung-hsiang Ying Author-X-Name-First: Yung-hsiang Author-X-Name-Last: Ying Author-Name: Koyin Chang Author-X-Name-First: Koyin Author-X-Name-Last: Chang Title: The effect of National Health Insurance on private health expenditure in Taiwan: crowd in or crowd out? Abstract: Taiwan’s National Health Insurance (NHI) program was implemented in 1995. The provision of publicly financed insurance has been hypothesized to 'crowd-out' private healthcare expenditure. However, the nature of the third party payment structure of insurance can cause national health expenditure to increase at a faster rate than before. Increased access to health care increases people's standards for what illnesses merit medical intervention; this increase then leads to further increases in demand for healthcare. As a result, it is hard to predict the extent to which private healthcare consumption is actually crowded out, without careful analysis. It is therefore of interest to investigate the relationship between private and public health expenditure, controlling for economic factors. Panel vector autoregression (VAR) and generalized method of moment (GMM) models are used to look at the dynamic interactions between public and private healthcare expenditure, controlling for district-specific fixed effects as well as year-specific effects. Panel unit root tests and panel cointegration are also examined in line with the general procedures for panel studies. Health expenditures in Taiwan's 23 districts from 1983 to 2016 serve as our unit of analysis; this span of years includes the implementation of single-payer National Health Insurance in Taiwan. Our empirical results reveal that (i) national health insurance spending crowded out private health spending, suggesting that an alleviation of individuals’ financial burden took place; and (ii) individuals’ out-of-pocket spending on healthcare had a positive impact on public expenditure pre-NHI, and in poor districts, a positive impact post-NHI as well. These results have two implications: (i) poor districts were under-served in terms of healthcare; (ii) wealthy districts experienced a shift in financial burden from providers to patients, perhaps fueled by supplier-induced demand in response to the stringent NHI-reimbursement scheme. Journal: Journal of the Asia Pacific Economy Pages: 371-385 Issue: 2 Volume: 25 Year: 2020 Month: 4 X-DOI: 10.1080/13547860.2019.1665327 File-URL: http://hdl.handle.net/10.1080/13547860.2019.1665327 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:25:y:2020:i:2:p:371-385 Template-Type: ReDIF-Article 1.0 Author-Name: Paul Vandenberg Author-X-Name-First: Paul Author-X-Name-Last: Vandenberg Title: Shoe dog Journal: Journal of the Asia Pacific Economy Pages: 386-387 Issue: 2 Volume: 25 Year: 2020 Month: 4 X-DOI: 10.1080/13547860.2019.1686321 File-URL: http://hdl.handle.net/10.1080/13547860.2019.1686321 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:25:y:2020:i:2:p:386-387 Template-Type: ReDIF-Article 1.0 Author-Name: Yi Wang Author-X-Name-First: Yi Author-X-Name-Last: Wang Author-Name: Sui Yang Author-X-Name-First: Sui Author-X-Name-Last: Yang Author-Name: Qin Gao Author-X-Name-First: Qin Author-X-Name-Last: Gao Title: Social assistance and household consumption in urban China: from 2002 to 2013 Abstract: Using the China Household Income Project (CHIP) 2013 urban data and a propensity score matching method, this study examines the association between participation in China’s primary social assistance program, Dibao, and household consumption patterns. Results reveal that urban Dibao recipients prioritized spending on education and health compared to their non-recipient counterparts. In addition, Dibao receipt was found to be associated with decreased consumption in making ends meet and social participation. Comparing these findings with those focusing on the same topic but using CHIP 2002 and 2007 data, we find that the positive association between urban Dibao receipt and household total consumption was statistically significant in 2002 and 2007, but became nonsignficant in 2013. Across all 3 years, urban Dibao remained its significant association with increased expenditures on education and health, two forms of important human capital investments. HighlightsWe use the China Household Income Project 2013 data to examine the association between urban Dibao participation and household consumption.Urban Dibao recipients increased spending on education and health but decreased consumption in making ends meet and social participation in 2013.From 2002 to 2007 and then to 2013, urban Dibao was consistently associated with increased expenditures on education and health.The relative effect sizes of Dibao’s positive effects on education and health both increased from 2002 to 2007 but decreased from 2007 to 2013.Urban Dibao was found to be associated with decreased spending on making ends meet in 2013 but not in 2002 or 2007. Journal: Journal of the Asia Pacific Economy Pages: 182-207 Issue: 2 Volume: 24 Year: 2019 Month: 4 X-DOI: 10.1080/13547860.2019.1606965 File-URL: http://hdl.handle.net/10.1080/13547860.2019.1606965 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:24:y:2019:i:2:p:182-207 Template-Type: ReDIF-Article 1.0 Author-Name: Satya Paul Author-X-Name-First: Satya Author-X-Name-Last: Paul Title: A measure of income mobility based on transition matrices and application to China and the United States Abstract: This article develops an aggregate income mobility measure based on income transition matrices. The proposed measure satisfies certain desirable properties and captures different facets of mobility. It is additively decomposable into upward and downward mobility components which help us in understanding the nature of mobility. The proposed measure is also additively decomposable into income subgroup mobility components that enable us to see whether mobility among lower income groups is different from that among higher income groups. An empirical illustration with data for China and the United States is presented. Journal: Journal of the Asia Pacific Economy Pages: 389-401 Issue: 3 Volume: 25 Year: 2020 Month: 7 X-DOI: 10.1080/13547860.2019.1678371 File-URL: http://hdl.handle.net/10.1080/13547860.2019.1678371 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:25:y:2020:i:3:p:389-401 Template-Type: ReDIF-Article 1.0 Author-Name: Heon Joo Jung Author-X-Name-First: Heon Joo Author-X-Name-Last: Jung Author-Name: Eun Mi Kim Author-X-Name-First: Eun Mi Author-X-Name-Last: Kim Title: International treaties and foreign direct investment: an empirical analysis of effects of bilateral investment treaties on South Korea's FDI Abstract: South Korea has been proactive in concluding bilateral investment treaties to promote both inward and outward investment. While South Korea had concluded 95 BITs as of 2017, there have been very few empirical works on whether BITs have positive effects on South Korea’s FDI flows. This paper aims to empirically examine the effects of BITs between South Korea and treaty partners on South Korea’s outward FDI into them. The results show that BITs—either signed or entered in force—between South Korea and host countries have positive and statistically significant effects on Korea’s direct investment into these countries. Moreover, it turns out that South Korea FDI flows into developing countries are positively affected by BITs which is statistically significant while those into developed countries are not. This paper positively contributes to existing literature by deepening understanding of the effects of international investment treaties. Journal: Journal of the Asia Pacific Economy Pages: 402-417 Issue: 3 Volume: 25 Year: 2020 Month: 7 X-DOI: 10.1080/13547860.2019.1686915 File-URL: http://hdl.handle.net/10.1080/13547860.2019.1686915 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:25:y:2020:i:3:p:402-417 Template-Type: ReDIF-Article 1.0 Author-Name: Toshitaka Gokan Author-X-Name-First: Toshitaka Author-X-Name-Last: Gokan Author-Name: Ikuo Kuroiwa Author-X-Name-First: Ikuo Author-X-Name-Last: Kuroiwa Author-Name: Nuttawut Laksanapanyakul Author-X-Name-First: Nuttawut Author-X-Name-Last: Laksanapanyakul Author-Name: Yasushi Ueki Author-X-Name-First: Yasushi Author-X-Name-Last: Ueki Title: Spatial structures of manufacturing clusters in Thailand, Cambodia and Lao People’s Democratic Republic Abstract: Applying the method proposed by Mori and Smith (2014), we identify the spatial structure of manufacturing clusters in Thailand, Cambodia and Lao People’s Democratic Republic (PDR). We find that the industries in which clusters are spread across the country (i.e. the industries that exhibit a globally dispersed and locally dense or locally sparse pattern) are similar among the three countries. In contrast, the industries in which clusters are spread across a narrower geographical area, such as a manufacturing belt (i.e. the industries that exhibit a globally confined and locally dense or locally sparse pattern) differ among them. In Thailand, they are mainly machinery and material industries, while in Cambodia and Lao PDR, they are light industries. This difference reflects the fact that the spatial structure of manufacturing clusters are determined not only by the characteristics of industries but also by the country’s stage of industrial development. Journal: Journal of the Asia Pacific Economy Pages: 418-446 Issue: 3 Volume: 25 Year: 2020 Month: 7 X-DOI: 10.1080/13547860.2019.1665307 File-URL: http://hdl.handle.net/10.1080/13547860.2019.1665307 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:25:y:2020:i:3:p:418-446 Template-Type: ReDIF-Article 1.0 Author-Name: Muhammad Azam Author-X-Name-First: Muhammad Author-X-Name-Last: Azam Title: Energy and economic growth in developing Asian economies Abstract: The pivotal role of energy in the progression of economic growth cannot be overlooked. Given its importance to policymakers, the influence of energy use on economic growth is undeniably crucial and thus should be explored meticulously. This study empirically examines the impact of energy on economic growth within the production function framework of a panel of 10 developing Asian economies from 1990Q1 to 2014Q4. The pooled mean group, fully modified ordinary least squares, and dynamic ordinary least squares methods are implemented. Empirical results reveal that energy has a significant positive impact on economic growth, thereby suggesting that energy is an important factor of production in addition to human and physical capital. The implication of the finding suggests that all 10 Asian economies are energy dependent and thus can propel economic growth by sustaining energy supply, which can largely improve social welfare. Journal: Journal of the Asia Pacific Economy Pages: 447-471 Issue: 3 Volume: 25 Year: 2020 Month: 7 X-DOI: 10.1080/13547860.2019.1665328 File-URL: http://hdl.handle.net/10.1080/13547860.2019.1665328 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:25:y:2020:i:3:p:447-471 Template-Type: ReDIF-Article 1.0 Author-Name: Chia-Yu Hung Author-X-Name-First: Chia-Yu Author-X-Name-Last: Hung Author-Name: Hung-Lin Tao Author-X-Name-First: Hung-Lin Author-X-Name-Last: Tao Title: Revisiting the Lewisian turning point in Taiwan Abstract: The Lewisian concept of dualism was empirically relevant to Taiwan given its heavy population pressure on scarce land. Most of the literature, albeit based on little solid evidence, concluded that Taiwan reached the Lewisian turning point around the end of the 1960s. Others argued that the LTP was after 1979. This paper first follows three criteria proposed by Minami (1973). We observe the active reallocation of employment after the mid-1960s and the dramatic increases in real wages of the agricultural and unskilled workers at the end of the 1960s. Furthermore, we introduce a new empirical methodology on the agricultural production function by adding a year dummy variable to identify a potential LTP, which leads to the agricultural marginal product of labor being zero before the LTP and becoming positive thereafter. Our findings support the notion that the LTP in Taiwan occurred around the period 1969–1973, rather than after 1979. Journal: Journal of the Asia Pacific Economy Pages: 472-500 Issue: 3 Volume: 25 Year: 2020 Month: 7 X-DOI: 10.1080/13547860.2019.1667624 File-URL: http://hdl.handle.net/10.1080/13547860.2019.1667624 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:25:y:2020:i:3:p:472-500 Template-Type: ReDIF-Article 1.0 Author-Name: P. S. Renjith Author-X-Name-First: P. S. Author-X-Name-Last: Renjith Author-Name: K. R. Shanmugam Author-X-Name-First: K. R. Author-X-Name-Last: Shanmugam Title: Dynamics of public debt sustainability in major Indian states Abstract: This study empirically tests whether the public debt is sustainable or not at 22 major Indian states during 2006–07 to 2015–16. It employs the Bohn model for panel data, five alternative specifications and p-spline technique to analyze the issue at aggregate and disaggregate levels. While the results indicate that the debt is sustainable at the aggregate level, it is sustainable only in about 11 states. The results suggest that the fiscal reaction function is linear and the central grant-in aid is an important and a significant undermining factor of sustainability. If the grant-in-aid is excluded from the primary balance, there remain significant positive responses at the aggregate level. However, at the disaggregate level it is significant in only 11 states. Further, the most sustainable states fail to meet the no-Ponzi condition and so the policy intervention is required to improve the debt situation of the states where debt is unsustainable. Journal: Journal of the Asia Pacific Economy Pages: 501-518 Issue: 3 Volume: 25 Year: 2020 Month: 7 X-DOI: 10.1080/13547860.2019.1668138 File-URL: http://hdl.handle.net/10.1080/13547860.2019.1668138 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:25:y:2020:i:3:p:501-518 Template-Type: ReDIF-Article 1.0 Author-Name: Go Yano Author-X-Name-First: Go Author-X-Name-Last: Yano Author-Name: Maho Shiraishi Author-X-Name-First: Maho Author-X-Name-Last: Shiraishi Title: Efficiency of trade credit and bank finance: an ethnic minority area in China Abstract: Using 1998–2008 firm-level microdata for industrial firms, we investigate the efficiency of financial intermediation through trade credit and bank loans in an ethnic minority area in China, the Xinjiang Uygur Autonomous Region. We find: (1) after receiving trade credit, ethnic minority firms tend not to repay it when they are financially distressed; (2) bank finance allocates more funds to more efficient ethnic minority firms while also allowing state-holding Han firms with worse performance levels to access bank loans; (3) efficient financial intermediation to ethnic minority firms is achieved through bank loans to relatively large firms. Journal: Journal of the Asia Pacific Economy Pages: 519-544 Issue: 3 Volume: 25 Year: 2020 Month: 7 X-DOI: 10.1080/13547860.2019.1670929 File-URL: http://hdl.handle.net/10.1080/13547860.2019.1670929 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:25:y:2020:i:3:p:519-544 Template-Type: ReDIF-Article 1.0 Author-Name: Kim P. Bryceson Author-X-Name-First: Kim P. Author-X-Name-Last: Bryceson Author-Name: Anne Ross Author-X-Name-First: Anne Author-X-Name-Last: Ross Title: Habitus of informality in small scale society agrifood chains – filling the knowledge gap using a socio-culturally focused value chain analysis tool Abstract: Western business management literature tells us that agrifood market systems are based on formalised (e.g. contract-based), economic and demand-driven supply and value chain approaches and that in developing economies, growth and development need to be similarly underpinned. Social sciences literature, on the other hand, recognises the existence of small-scale, informal, socio-culturally driven societies in which local livelihoods dominate. In these communities, economic growth and development are based on informality. In an era where agrifood market development in developing countries is a focus of international aid agencies, an understanding of the dichotomy of formality and informality in doing business in a socio-cultural context is critical for agencies to ensure their aid is effectively targeted.In this study, horticultural product chains in two South Pacific nations (Tonga and Solomon Islands) were studied to address the informal/formal dichotomy associated with ‘doing business’ in small-scale societies. A multi-methods approach was used, featuring a Hybrid Value Chain Framework (HVCF) to ‘capture’ socio-cultural norms that exist in these small-scale societies when dealing with food production and marketing. It was found that a strong and well developed ‘habitus of informality’ underpins sustainable economic systems in these communities. We conclude that being aware of, and understanding, the habitus of informality that exits in small-scale societies is essential in aid design to ensure the sustainability of aid projects past their completion. Journal: Journal of the Asia Pacific Economy Pages: 545-570 Issue: 3 Volume: 25 Year: 2020 Month: 7 X-DOI: 10.1080/13547860.2019.1670930 File-URL: http://hdl.handle.net/10.1080/13547860.2019.1670930 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:25:y:2020:i:3:p:545-570 Template-Type: ReDIF-Article 1.0 Author-Name: Adiwan F. Aritenang Author-X-Name-First: Adiwan F. Author-X-Name-Last: Aritenang Title: The effect of intergovernmental transfers on infrastructure spending in Indonesia Abstract: This paper examines the impact of own-source revenues and intergovernmental grants on districts’ infrastructure spending in Indonesia. As capacities to generate local revenue are lacking, intergovernmental transfer (IGT) became the main source of local capital spending. This paper uses econometric models to examine the determinants of infrastructure spending. By looking at institutions and economic structure, the study argues for the increasing importance of IGT for local capital spending and shows that specific allocation grants are crucial to ensure local infrastructure spending. This paper calls for a specifically district-tailored IGT fund to accelerate infrastructure development and reduce further regional disparities across Indonesia. This paper contributes to the literature by looking at the effect of IGT on infrastructure spending in different types of regions, including districts in Java, districts with municipality status and metropolitan districts. Journal: Journal of the Asia Pacific Economy Pages: 571-590 Issue: 3 Volume: 25 Year: 2020 Month: 7 X-DOI: 10.1080/13547860.2019.1675352 File-URL: http://hdl.handle.net/10.1080/13547860.2019.1675352 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:25:y:2020:i:3:p:571-590 Template-Type: ReDIF-Article 1.0 Author-Name: Ze-Bin Wang Author-X-Name-First: Ze-Bin Author-X-Name-Last: Wang Author-Name: Yung-ho Chiu Author-X-Name-First: Yung-ho Author-X-Name-Last: Chiu Author-Name: Jin-chi Hsieh Author-X-Name-First: Jin-chi Author-X-Name-Last: Hsieh Author-Name: Ying Li Author-X-Name-First: Ying Author-X-Name-Last: Li Author-Name: Lee-hui Hsiao Author-X-Name-First: Lee-hui Author-X-Name-Last: Hsiao Title: Performance appraisal for the operation and management of listed and OTC Taiwanese companies with DEA benchmarking models Abstract: Taking listed and Over-The-Counter (OTC) Taiwanese companies in 2008–2010 as samples, this study divides them two groups – crisis companies and normal companies – and employs Data Envelopment Analysis (DEA) benchmarking models to calculate their operation efficiency values respectively. We then examine the relationship between corporate governance and operation performance. We propose a systematic framework of four input variables and two output variables to test and substantiate the performance of these two groups of companies. Our empirical results show the following: Most traditional industries are low-risk and non-crisis, compared with higher risk for high-tech industries; a company whose efficiency value is below 1 should actively improve its operational efficiency.Lower-risk traditional industries imply a higher stockholding ratio of directors along with a lower efficiency value.A negative correlation exists in traditional industries between the stockholding ratio of directors and the possibility of a financial crisis. Journal: Journal of the Asia Pacific Economy Pages: 447-464 Issue: 3 Volume: 23 Year: 2018 Month: 7 X-DOI: 10.1080/13547860.2018.1441701 File-URL: http://hdl.handle.net/10.1080/13547860.2018.1441701 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:23:y:2018:i:3:p:447-464 Template-Type: ReDIF-Article 1.0 Author-Name: Yiwen Yang Author-X-Name-First: Yiwen Author-X-Name-Last: Yang Author-Name: PingSun Leung Author-X-Name-First: PingSun Author-X-Name-Last: Leung Title: Price premium or price discount for locally produced food products? A temporal analysis for Hawaii Abstract: The local food movement in Hawaii has been gaining traction in recent years. However, it is unclear whether consumers’ preference for locally produced food items translates to a higher price, compared to imported alternatives, over time. According to short-term (eg single-year) scanner data, the results of hedonic pricing studies on the existence and level of local food price premiums or discounts across products are mixed. It appears that premiums or discounts for locally produced food products can vary considerably. To detect the temporal changes, if any, in these local price premiums or discounts, this study uses yearly time-series scanner data pertaining to four food products—lettuce, tomatoes, milk and eggs—to estimate the hedonic price model. We conclude that there are temporal changes in local price premiums for locally produced products in Hawaii. However, the temporal changes vary across food types. Journal: Journal of the Asia Pacific Economy Pages: 591-610 Issue: 4 Volume: 25 Year: 2020 Month: 10 X-DOI: 10.1080/13547860.2019.1687250 File-URL: http://hdl.handle.net/10.1080/13547860.2019.1687250 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:25:y:2020:i:4:p:591-610 Template-Type: ReDIF-Article 1.0 Author-Name: Yuping Yang Author-X-Name-First: Yuping Author-X-Name-Last: Yang Author-Name: Xiaodong Guo Author-X-Name-First: Xiaodong Author-X-Name-Last: Guo Title: Universal basic education and the vulnerability to poverty: evidence from compulsory education in rural China Abstract: This article studies the effects of universal basic education on the vulnerability to poverty in rural China while exploring this mechanism from a capability perspective. A regression-discontinuity design based on the implementation of compulsory education is used to identify the effects with household data. We find that compulsory education has significantly reduced the vulnerability to poverty by popularizing basic education in rural China. Regarding the mechanism itself, vulnerability to structural poverty is the primary source of vulnerability in rural China. Universal basic education’s effect on reducing vulnerability to structural poverty is larger than that on reducing vulnerability to transitory poverty. Further analysis reveals that compulsory education primarily enhances various capabilities to obtain permanent income—such as cognitive abilities, health and the engagement in non-agricultural jobs—which are important pathways to reducing vulnerability to structural poverty. Our findings suggest that universal basic education has a fundamental effect on reducing vulnerability. Journal: Journal of the Asia Pacific Economy Pages: 611-633 Issue: 4 Volume: 25 Year: 2020 Month: 10 X-DOI: 10.1080/13547860.2019.1699495 File-URL: http://hdl.handle.net/10.1080/13547860.2019.1699495 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:25:y:2020:i:4:p:611-633 Template-Type: ReDIF-Article 1.0 Author-Name: Serhan Cevik Author-X-Name-First: Serhan Author-X-Name-Last: Cevik Author-Name: Carolina Correa-Caro Author-X-Name-First: Carolina Author-X-Name-Last: Correa-Caro Title: Growing (un)equal: fiscal policy and income inequality in China and BRIC+ Abstract: This article investigates the empirical characteristics of income inequality in China and other large emerging market economies over the period 1980–2013, with a focus on the redistributive contribution of fiscal policy. Using instrumental variable techniques to deal with potential endogeneity, we find evidence supporting the hypothesis of the existence of a Kuznets curve – an inverted U-shaped relationship between income inequality and economic development – in China and the panel of BRIC + countries. In the case of China, the empirical results indicate that government spending and taxation have opposing effects on income inequality. While government spending appears to have a worsening impact, taxation improves income distribution. Even though the redistributive effect of fiscal policy in China appears to be stronger than what we identify in the BRIC + panel, it is not large enough to compensate for the adverse impact of other influential factors. Journal: Journal of the Asia Pacific Economy Pages: 634-653 Issue: 4 Volume: 25 Year: 2020 Month: 10 X-DOI: 10.1080/13547860.2019.1699985 File-URL: http://hdl.handle.net/10.1080/13547860.2019.1699985 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:25:y:2020:i:4:p:634-653 Template-Type: ReDIF-Article 1.0 Author-Name: Vy Thao Nguyen Author-X-Name-First: Vy Thao Author-X-Name-Last: Nguyen Author-Name: Maria Sagrario Floro Author-X-Name-First: Maria Sagrario Author-X-Name-Last: Floro Title: Understanding asset holdings of Vietnamese households Abstract: This paper examines household management in terms of saving and spending of financial and real (primarily gold and jewelry) asset holdings among Vietnamese households and the extent to which these are used when a major health shock or a family event-expenditure shock occurs. Using 2002–06 Vietnam Household Living Standard Surveys (VHLSS) pooled data, this study demonstrates that the range of assets households rely upon for precautionary saving is broader than those described in standard household saving portfolio literature. We find the enduring presence of non-conventional assets such as gold and other precious metals in many households, although this significantly declined during the reference period. We also found significant negative correlation between education level and household’s decision to own gold. On the other hand, the positive and significant correlation between the sale of gold and the incidence of having a hospitalized family member or a funeral suggests that Vietnamese households tend to rely on these assets as precautionary saving. This illustrates their valuable function beyond the more commonly known cultural purpose i.e. inheritance bequests, dowries and offerings. The study provides important insights for savings mobilization such as financial literacy education and reducing expenditure shocks by improving health insurance system. Journal: Journal of the Asia Pacific Economy Pages: 654-674 Issue: 4 Volume: 25 Year: 2020 Month: 10 X-DOI: 10.1080/13547860.2019.1699986 File-URL: http://hdl.handle.net/10.1080/13547860.2019.1699986 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:25:y:2020:i:4:p:654-674 Template-Type: ReDIF-Article 1.0 Author-Name: Mohsen Bahmani-Oskooee Author-X-Name-First: Mohsen Author-X-Name-Last: Bahmani-Oskooee Author-Name: Sujata Saha Author-X-Name-First: Sujata Author-X-Name-Last: Saha Title: Exchange rate risk and commodity trade between U.S. and India: an asymmetry analysis Abstract: Research on the impact of exchange rate volatility on the trade flows has now entered into a new direction of asymmetry analysis. It has been argued by previous researchers, that the rate at which trade flows respond to an increase in volatility could be different than the rate at which they respond to a decrease in volatility, hence asymmetric effects. We consider trade flows of 65 industries that trade between India and the U.S. to show that indeed short-run effects of exchange rate volatility are asymmetric in 58 U.S. exporting industries to India and 55 U.S. importing industries from India. However, short-run effects last into the long run in 45 exporting and 33 importing industries. Journal: Journal of the Asia Pacific Economy Pages: 675-695 Issue: 4 Volume: 25 Year: 2020 Month: 10 X-DOI: 10.1080/13547860.2019.1701307 File-URL: http://hdl.handle.net/10.1080/13547860.2019.1701307 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:25:y:2020:i:4:p:675-695 Template-Type: ReDIF-Article 1.0 Author-Name: Meenchee Hong Author-X-Name-First: Meenchee Author-X-Name-Last: Hong Author-Name: Sizhong Sun Author-X-Name-First: Sizhong Author-X-Name-Last: Sun Author-Name: Rabiul Beg Author-X-Name-First: Rabiul Author-X-Name-Last: Beg Author-Name: Zhang-Yue Zhou Author-X-Name-First: Zhang-Yue Author-X-Name-Last: Zhou Title: Chinese Muslim’s choice of halal products: evidence from stated preference data Abstract: Despite China’s sizeable Muslim population, the demand for halal personal care products by its Muslim population has not been examined and empirical research on Muslim needs in general is rather limited. Filling this gap, this study investigates Chinese Muslims’ choices of halal personal care products using the choice modelling method. Experimental data from 435 interviews in five cities in western China were collected. Interviewees were selected randomly, and therefore independent of each other, at mosques, urban squares and gardens, Quran classes, and Muslim shopping areas. We find that the availability of halal products in China is quite limited and consumers who are more faithful to their beliefs and who have experience in purchasing halal personal care products are willing to pay more for halal personal care products. Overall, Chinese Muslims prefer low price to high price products, and favour imported products rather than locally made produce. This study adds to the understanding of Chinese Muslim’s halal consumption, an area that has attracted increasing attention due to the rapid expansion of its size. The findings of this study provide valuable implications for both Chinese and overseas producers who intend to benefit from China’s fast-growing Muslim market and for governments to improve the availability of halal products for the well-being of the ethnic minorities. Journal: Journal of the Asia Pacific Economy Pages: 696-717 Issue: 4 Volume: 25 Year: 2020 Month: 10 X-DOI: 10.1080/13547860.2019.1701827 File-URL: http://hdl.handle.net/10.1080/13547860.2019.1701827 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:25:y:2020:i:4:p:696-717 Template-Type: ReDIF-Article 1.0 Author-Name: Jun Ho Seok Author-X-Name-First: Jun Ho Author-X-Name-Last: Seok Author-Name: GwanSeon Kim Author-X-Name-First: GwanSeon Author-X-Name-Last: Kim Title: Impact of the positive list system (PLS) on the banana market in Korea Abstract: This paper investigates the impact of new food safety regulations, a positive list system (PLS), on the vertical supply chain for bananas in Korea using monthly price data from January 2012 to February 2018. To analyze the impact of the PLS on imported, wholesale, and retail banana prices in Korea, this paper utilizes directed acyclic graphs, granger causality tests, and historical decomposition methods. We find that imported banana prices are caused by retail or wholesale banana prices in terms of predicted or contemporaneous causation. These findings suggest that banana wholesalers and retailers have market power over banana importers in terms of price leadership. The results of the historical decomposition show that the PLS shock has a positive effect (a non-tariff effect) on wholesale and retail banana prices. The size of the price shock is larger at the wholesale level compared to retail level, which implies the relatively a larger market power of wholesalers on retailer. Therefore, policymakers in Korea can use the PLS as a tool to protect domestic food market as well as a means of control on possible overuse of market power. Journal: Journal of the Asia Pacific Economy Pages: 718-732 Issue: 4 Volume: 25 Year: 2020 Month: 10 X-DOI: 10.1080/13547860.2019.1704497 File-URL: http://hdl.handle.net/10.1080/13547860.2019.1704497 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:25:y:2020:i:4:p:718-732 Template-Type: ReDIF-Article 1.0 Author-Name: Yu-Wen Su Author-X-Name-First: Yu-Wen Author-X-Name-Last: Su Title: Residential electricity demand in Taiwan: the effects of urbanization and energy poverty Abstract: The residential electricity demand were studied using the panel dataset of 21 cities and counties in Taiwan from 1998 to 2018. Observations were grouped and estimated separately for the urban and rural regions. Using the equality tests in the corresponding effects between the urban and rural models, the urban-rural gap of the electricity consumption was examined. The estimated results indicate that the effect of urbanization annually increased 0.52% of residential electricity demand in the urban regions, and decreased 0.02% of that in the rural regions. Considering the high replacement costs of appliances, low-income households tend to use the old and energy-inefficient ones that consume more electricity given the same electrical services. From 2011 to 2018, the decrease of the percentage of low-income households had reduced the electricity consumption by 0.68% in the rural regions. Journal: Journal of the Asia Pacific Economy Pages: 733-756 Issue: 4 Volume: 25 Year: 2020 Month: 10 X-DOI: 10.1080/13547860.2019.1706870 File-URL: http://hdl.handle.net/10.1080/13547860.2019.1706870 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:25:y:2020:i:4:p:733-756 Template-Type: ReDIF-Article 1.0 Author-Name: Xun Wang Author-X-Name-First: Xun Author-X-Name-Last: Wang Title: Financial sector policies and current account imbalances: cross country evidence Abstract: Both financial market deregulation and global external imbalance feature prominently among the potential causes of the 2008 global financial crisis, but they have been largely examined separately. In this paper, we take a different angle and investigate the relationship between financial market regulation and current account imbalances, an area for which limited empirical evidence exists. Using a large data set that includes 66 developed and emerging and other developing countries and a fixed effects identification strategy. We find robust and consistent evidence that countries employing significant repressive financial policies are more likely to run current account surpluses. Specifically, interest rate controls, state ownership in the banking sector and capital account controls are the main policies contributing to external imbalances. Analysis of possible mechanisms confirm that financial repression mainly affects external imbalances through its effect on industrial structure. Furthermore, financial repression has a larger effect on the current account in East Asia than the rest of the world. Journal: Journal of the Asia Pacific Economy Pages: 757-782 Issue: 4 Volume: 25 Year: 2020 Month: 10 X-DOI: 10.1080/13547860.2019.1710426 File-URL: http://hdl.handle.net/10.1080/13547860.2019.1710426 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:25:y:2020:i:4:p:757-782 Template-Type: ReDIF-Article 1.0 Author-Name: Serdar Ongan Author-X-Name-First: Serdar Author-X-Name-Last: Ongan Author-Name: Ismet Gocer Author-X-Name-First: Ismet Author-X-Name-Last: Gocer Title: Monetary policy uncertainties and demand for money for Japan: Nonlinear ARDL approach Abstract: According to the Uncertainty Avoidance Index (UAI), the Japanese are one of the highest uncertainty avoidance people. This study examines the potential asymmetric impacts of increases and decreases in monetary policy uncertainties on the demand for money for Japan. To this aim, the newly created Monetary Policy Uncertainty (MPU) index is used (for the first time) and both linear and nonlinear autoregressive distributed lag (ARDL) models are applied for this country between 2000M11-2018M8. The empirical findings indicate that while the linear model does not detect any impact of uncertainties in monetary policy on the demand for money, the nonlinear model detects significant impacts on it. The Japanese demand more money when the uncertainties in monetary policy (MPU) fall and they demand less money when the MPU rises. Therefore, rising uncertainties in monetary policy keep the Japanese away from demanding their domestic currency, YEN. Journal: Journal of the Asia Pacific Economy Pages: 1-12 Issue: 1 Volume: 26 Year: 2021 Month: 1 X-DOI: 10.1080/13547860.2019.1703880 File-URL: http://hdl.handle.net/10.1080/13547860.2019.1703880 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:26:y:2021:i:1:p:1-12 Template-Type: ReDIF-Article 1.0 Author-Name: James J. Kung Author-X-Name-First: James J. Author-X-Name-Last: Kung Author-Name: Wen-Ying Lin Author-X-Name-First: Wen-Ying Author-X-Name-Last: Lin Author-Name: Hsiu-Li Chen Author-X-Name-First: Hsiu-Li Author-X-Name-Last: Chen Title: How effective are technical rules in predicting the 2008 global financial crisis? The case of the four Asian tigers Abstract: Many market technicians claim that technical rules are effective more in bear markets than in bull markets. Using the 2008 financial crisis as the backdrop for testing, this study investigates how effective they are in the stock markets of Hong Kong, Korea, Singapore and Taiwan. Accordingly, this study performs three tasks. First, it examines the transmission mechanism of stock market movements between the U.S. market and the four Asian markets using vector autoregression. Second, it employs three technical rules - simple moving average, dual moving average, and trading range break - and evaluates their effectiveness in the four markets. Third, it uses the bootstrap method for statistical inferences about the returns from using these technical rules. This study concludes with some important policy implications for the four Asian markets. Journal: Journal of the Asia Pacific Economy Pages: 13-33 Issue: 1 Volume: 26 Year: 2021 Month: 1 X-DOI: 10.1080/13547860.2020.1712099 File-URL: http://hdl.handle.net/10.1080/13547860.2020.1712099 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:26:y:2021:i:1:p:13-33 Template-Type: ReDIF-Article 1.0 Author-Name: Elumalai Kannan Author-X-Name-First: Elumalai Author-X-Name-Last: Kannan Author-Name: Guru Balamurugan Author-X-Name-First: Guru Author-X-Name-Last: Balamurugan Author-Name: Sudha Narayanan Author-X-Name-First: Sudha Author-X-Name-Last: Narayanan Title: Spatial economic analysis of agricultural land use changes: a case of peri-urban Bangalore, India Abstract: The present study analyses the drivers of agricultural land use in the peri-urban areas of Bangalore, India. The study uses a unique data set on land use, extracted from satellite images, for 1046 villages in the north-west transect of Bangalore City, covering the years 2001, 2005, 2011 and 2015. This dataset was combined with socio-economic variables compiled from various published sources. Linear fixed effects model and non-linear fractional probit model were estimated to analyse the factors influencing the agricultural land and fallow land use in the study area. Our analysis reveals a decline in the proportion of agricultural land and a rise in that of the fallow land. While the built up area has increased, area under water bodies that marked the city’s landscape has shrunken over time. Results of the econometric model show that an increase in population in suburban areas by 1% is associated with a decline in agricultural land by 0.028 ha. The effect of industrialisation on agricultural land diversion was estimated at 0.01 ha. Corollary to these findings, we find that a 1% rise in the level of suburbanisation leads to an increase in the size of fallow land by 0.025 ha and the effect of industrialisation is 0.011 ha. These results imply that there is a need for devising appropriate policy measures for conservation of agricultural land and water bodies and strengthen social safety nets for vulnerable people in the peri-urban areas. Journal: Journal of the Asia Pacific Economy Pages: 34-50 Issue: 1 Volume: 26 Year: 2021 Month: 1 X-DOI: 10.1080/13547860.2020.1717285 File-URL: http://hdl.handle.net/10.1080/13547860.2020.1717285 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:26:y:2021:i:1:p:34-50 Template-Type: ReDIF-Article 1.0 Author-Name: Anubhab Pattanayak Author-X-Name-First: Anubhab Author-X-Name-Last: Pattanayak Author-Name: K. S. Kavi Kumar Author-X-Name-First: K. S. Kavi Author-X-Name-Last: Kumar Title: Does weather sensitivity of rice yield vary across sub-regions of a country? Evidence from Eastern and Southern India Abstract: Assessment of regional (sub-national) impacts of climate change has gained increasing attention in the literature. This study uses four decades of district-level information and variations in regional rice growing season window to estimate region-specific crop yield–weather response functions for Southern and Eastern India. The study finds that estimated sensitivity of rice yield to intra-seasonal changes in weather parameters vary across regions. Comparison of simulated impacts suggests that using an all-India response function, which ignores key region-specific characteristics influencing regional weather-sensitivity, tends to significantly overestimate regional impacts and undermines the spatial distribution of impacts within each region. Simulated impacts using region-specific response functions suggest that average yield losses due to past changes in climate for the Southern and the Eastern regions could be about ∼8% and ∼5%, respectively. This study highlights the need for incorporating region-specific characteristics in regional vulnerability assessments for effective local adaptation planning. Journal: Journal of the Asia Pacific Economy Pages: 51-72 Issue: 1 Volume: 26 Year: 2021 Month: 1 X-DOI: 10.1080/13547860.2020.1717300 File-URL: http://hdl.handle.net/10.1080/13547860.2020.1717300 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:26:y:2021:i:1:p:51-72 Template-Type: ReDIF-Article 1.0 Author-Name: Samuel M. Jung Author-X-Name-First: Samuel M. Author-X-Name-Last: Jung Author-Name: Hyungju Edmond Cha Author-X-Name-First: Hyungju Edmond Author-X-Name-Last: Cha Title: Financial development and income inequality: evidence from China Abstract: This article explored the long-run relationship between financial development and income inequality at the provincial level. In contrast with the intuitive hypothesis that financial deepening helps reduce the inequality, the provincial data reveal that financial deepening cannot improve the inequality. Instead, it makes the inequality worse. Since this result implies that financial development can increase GDP per capita and also increase income inequality, China is not passing the turning point of the inverted U-shaped curve yet. This is consistent to the fact that China is a developing country. Journal: Journal of the Asia Pacific Economy Pages: 73-95 Issue: 1 Volume: 26 Year: 2021 Month: 1 X-DOI: 10.1080/13547860.2020.1717301 File-URL: http://hdl.handle.net/10.1080/13547860.2020.1717301 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:26:y:2021:i:1:p:73-95 Template-Type: ReDIF-Article 1.0 Author-Name: Jing Gao Author-X-Name-First: Jing Author-X-Name-Last: Gao Author-Name: Lei Zhang Author-X-Name-First: Lei Author-X-Name-Last: Zhang Title: Does biomass energy consumption mitigate CO2 emissions? The role of economic growth and urbanization: evidence from developing Asia Abstract: This study investigates the relationship among CO2 emissions, biomass energy consumption, economic growth and urbanization for a panel of 13 Asian developing countries. The panel cointegration tests suggest that there is a long-run equilibrium relationship among CO2 emissions, biomass energy consumption, economic growth and urbanization. The findings from the FMOLS estimation indicate that overall biomass energy consumption cannot reduce CO2 emissions. The results of panel causality tests show that there is a short-run unidirectional causality running from GDP to biomass energy consumption and a short-run one-way causality running from GDP and urbanization to CO2 emissions, respectively. As for the long-run relationship, the findings indicate that there is unidirectional causality running from CO2 emissions, biomass energy consumption and urbanization to GDP, respectively, implying that real GDP could play a key role in the adjustment process as the system departs from long-run equilibrium. Journal: Journal of the Asia Pacific Economy Pages: 96-115 Issue: 1 Volume: 26 Year: 2021 Month: 1 X-DOI: 10.1080/13547860.2020.1717902 File-URL: http://hdl.handle.net/10.1080/13547860.2020.1717902 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:26:y:2021:i:1:p:96-115 Template-Type: ReDIF-Article 1.0 Author-Name: Mohammad Jahangir Alam Author-X-Name-First: Mohammad Jahangir Author-X-Name-Last: Alam Author-Name: Shaheen Akter Author-X-Name-First: Shaheen Author-X-Name-Last: Akter Author-Name: Ismat Ara Begum Author-X-Name-First: Ismat Ara Author-X-Name-Last: Begum Author-Name: Md. Mojammel Haque Author-X-Name-First: Md. Mojammel Author-X-Name-Last: Haque Title: Determinants of the farm-level stocks of rice and effectiveness of rice procurement program in Bangladesh Abstract: The domestic rice procurement program in Bangladesh aims to build stocks for the public foodgrain distribution system and provides income support to farmers. The support price is higher than the cost of production. We analyzed the factors influencing farm-level rice stocks and examined the effectiveness of this program. Understanding farm-level stocks is a pre-requisite in designing an effective procurement program in Bangladesh. In doing so, we used Household Income and Expenditure Survey 2010, historical and survey data. We found that the farm-level stocks vary positively with production. Also, the stocks varied positively with respect to prices in Boro and Aus seasons, but negatively in the Aman season. Results also showed that government stock was negatively correlated with domestic procurement, but the planned distribution was positively correlated with it. Apart from that, annual household income including farm income increased due to participation in the procurement program. The implications are discussed. Journal: Journal of the Asia Pacific Economy Pages: 116-139 Issue: 1 Volume: 26 Year: 2021 Month: 1 X-DOI: 10.1080/13547860.2020.1722559 File-URL: http://hdl.handle.net/10.1080/13547860.2020.1722559 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:26:y:2021:i:1:p:116-139 Template-Type: ReDIF-Article 1.0 Author-Name: Trinh Quang Long Author-X-Name-First: Trinh Quang Author-X-Name-Last: Long Title: Is innovation activity persistent among small firms in developing countries? Evidence from Vietnam Abstract: Using firm-level panel data collected in Vietnam biannually from 2005 to 2013, this paper examines whether innovation is persistent among small firms in Vietnam. The empirical results obtained from dynamic random effect probit show some evidence of innovation persistence among these small firms. In accordance with literature, not all types of innovation show a persistent pattern. While the upgrading the existing products is state dependent, introducing new products and updating the existing production procedure did not persist. Our estimation results also show slightly different roles of human capital of firm’s owner and employees in innovation activities. While the owner’s human capital is associated with creating a new product, employees’ human capital is positively correlated with upgrading the existing products or production procedure. However, we do not find evidence on the roles of unobserved heterogeneity in explaining this persistence. Our results are consistent with results found in the literature for firms in developed economies. Journal: Journal of the Asia Pacific Economy Pages: 140-157 Issue: 1 Volume: 26 Year: 2021 Month: 1 X-DOI: 10.1080/13547860.2020.1724755 File-URL: http://hdl.handle.net/10.1080/13547860.2020.1724755 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:26:y:2021:i:1:p:140-157 Template-Type: ReDIF-Article 1.0 Author-Name: Rui Wang Author-X-Name-First: Rui Author-X-Name-Last: Wang Author-Name: Hang (Robin) Luo Author-X-Name-First: Hang (Robin) Author-X-Name-Last: Luo Title: Real estate prices and bank risk-taking in Japan Abstract: This study examines the impact of real estate prices on bank risk-taking using a sample of 133 commercial banks in Japan from 2007 to 2016. Having controlled for other bank-risk determinants, we find that house price growth, house price deviation, and its cyclicality have significant positive (negative) impacts on bank risk-taking (stability). This finding is robust to using different bank risk measures and various econometric methods. Moreover, rising property prices decrease bank stability mainly by weakening bank capitalization and increasing banks’ volatility of returns. In addition, we find that the adverse effect of rising house prices on the stability of a bank becomes more pronounced when house prices rise abnormally and when the market structure reflects a monopoly. Our results also indicate that increasing house prices exacerbate the destructive effects of abnormal credit growth on bank stability. Journal: Journal of the Asia Pacific Economy Pages: 158-181 Issue: 1 Volume: 26 Year: 2021 Month: 1 X-DOI: 10.1080/13547860.2020.1729930 File-URL: http://hdl.handle.net/10.1080/13547860.2020.1729930 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:26:y:2021:i:1:p:158-181 Template-Type: ReDIF-Article 1.0 Author-Name: Yedong Feng Author-X-Name-First: Yedong Author-X-Name-Last: Feng Author-Name: Ciheng Song Author-X-Name-First: Ciheng Author-X-Name-Last: Song Author-Name: Baili Yang Author-X-Name-First: Baili Author-X-Name-Last: Yang Title: The role of political capital on private equity placement acquisition for Chinese publicly listed private sector enterprises Abstract: This paper explores the relationship between various forms of political capital and the private equity placement of publicly listed PSEs. The results show that the political capital of PSEs can significantly affect PEP in the processing time, approval results and scale of financing. Specifically, implicit political capital can significantly shorten the processing time, but cannot significantly affect the approval results; however, both partial state ownership and political participation can significantly increase the approval rating. Moreover, partial state ownership has the most powerful effect on the scale of financing. In addition, the analysis of the impact of different levels of entrepreneurs’ political identity on PEP applications reveal that as the level of political identity increases, the PEP approval rate is higher. Journal: Journal of the Asia Pacific Economy Pages: 182-201 Issue: 1 Volume: 26 Year: 2021 Month: 1 X-DOI: 10.1080/13547860.2020.1739895 File-URL: http://hdl.handle.net/10.1080/13547860.2020.1739895 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:26:y:2021:i:1:p:182-201 Template-Type: ReDIF-Article 1.0 Author-Name: Richard Pomfret Author-X-Name-First: Richard Author-X-Name-Last: Pomfret Title: The Creation of the East Timorese Economy Journal: Journal of the Asia Pacific Economy Pages: 202-203 Issue: 1 Volume: 26 Year: 2021 Month: 1 X-DOI: 10.1080/13547860.2020.1742465 File-URL: http://hdl.handle.net/10.1080/13547860.2020.1742465 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:26:y:2021:i:1:p:202-203 Template-Type: ReDIF-Article 1.0 Author-Name: Jaya Krishnakumar Author-X-Name-First: Jaya Author-X-Name-Last: Krishnakumar Author-Name: Brinda Viswanathan Author-X-Name-First: Brinda Author-X-Name-Last: Viswanathan Title: Role of social and institutional factors in Indian women’s labour force participation and hours worked Abstract: This article analyses the determinants of hours worked by Indian women, by means of a sample-selection model, with a special emphasis on the role played by social and institutional factors. We empirically confirm that social and institutional factors considerably affect women’s labour supply. A woman, who is empowered within the household, has trust in government institutions and is socially connected, is more likely to participate and given participation, a woman who in addition has an adequate support system in terms of better amenities and sharing of household duties by other members, tends to work longer hours. From an economic point of view, the need to earn income seems to be the major reason for work, leading to a reduced participation even as own education rises except at the post-secondary level. Demand-side considerations show that women in family farms and businesses or in the service sector tend to work longer hours. Journal: Journal of the Asia Pacific Economy Pages: 230-251 Issue: 2 Volume: 26 Year: 2021 Month: 4 X-DOI: 10.1080/13547860.2021.1917095 File-URL: http://hdl.handle.net/10.1080/13547860.2021.1917095 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:26:y:2021:i:2:p:230-251 Template-Type: ReDIF-Article 1.0 Author-Name: Raghuvir Kelkar Author-X-Name-First: Raghuvir Author-X-Name-Last: Kelkar Author-Name: Kaliappa Kalirajan Author-X-Name-First: Kaliappa Author-X-Name-Last: Kalirajan Title: Has India achieved its potential in merchandise exports? Abstract: Recently Varghese (2018), in his report to the Department of Foreign Affairs and Trade of the Commonwealth of Australia, remarked that till 2035 India will be in the list of top three economies and will be in Asia’s top three trading partners for Australia. In this context, the research questions addressed in this paper are: What is the current efficiency level of India in exporting its merchandises; What constraints does India have to overcome to improve its export efficiency; and Has the governance structure of the ‘majority government’ played an effective role in rigorous opening up to improve its export efficiency. The empirical analysis covering the period 2001 to 2019 indicates that on average India’s export efficiency with its trading partners worked out to be about 80%. The empirical analysis has identified human capital, physical capital, and ‘majority government’ as important factors contributing to improvement in India’s export efficiency. Journal: Journal of the Asia Pacific Economy Pages: 271-292 Issue: 2 Volume: 26 Year: 2021 Month: 4 X-DOI: 10.1080/13547860.2021.1915546 File-URL: http://hdl.handle.net/10.1080/13547860.2021.1915546 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:26:y:2021:i:2:p:271-292 Template-Type: ReDIF-Article 1.0 Author-Name: Ranjan Ray Author-X-Name-First: Ranjan Author-X-Name-Last: Ray Author-Name: Parvin Singh Author-X-Name-First: Parvin Author-X-Name-Last: Singh Title: Regionally disaggregated estimates of global income inequality with evidence on sensitivity to purchasing power parity Abstract: The period spanned by the last decade of the 20th century and the first decade of the 21st century has been characterised by political and economic developments on a scale rarely witnessed before. This study on inequality within and between countries is based on a data set constructed from household unit records in over 80 countries collected from a variety of data sources and covering over 80% of the world’s population. The departures include its regional focus leading to evidence on difference in inequality magnitudes and their movement between continents and countries. Comparison between the inequality magnitudes and trends in three of the largest economies, China, India, and the USA is a feature of this study. A key message is that a ‘global view’ of inequality gives a misleading picture of the reality affecting individual countries located in different continents with sharp differences in their institutional and colonial history. Journal: Journal of the Asia Pacific Economy Pages: 252-270 Issue: 2 Volume: 26 Year: 2021 Month: 4 X-DOI: 10.1080/13547860.2021.1926120 File-URL: http://hdl.handle.net/10.1080/13547860.2021.1926120 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:26:y:2021:i:2:p:252-270 Template-Type: ReDIF-Article 1.0 Author-Name: Maneka Jayasinghe Author-X-Name-First: Maneka Author-X-Name-Last: Jayasinghe Author-Name: Eliyathamby A. Selvanathan Author-X-Name-First: Eliyathamby A. Author-X-Name-Last: Selvanathan Title: Energy consumption, tourism, economic growth and CO2 emissions nexus in India Abstract: India is one of the fastest growing nations in the world with ample scope for renewable energy. Nevertheless, challenges in expansion of renewable energy consumption have resulted in pollutant emissions continuing to be a noteworthy environmental concern in India. This paper investigates the relationship between energy consumption, CO2 emissions, Gross Domestic Product (GDP), and international tourist arrivals in India during 1991-2018, using the Autoregressive Distributed Lag and Vector Error Correction Model frameworks. This study extends the Indian literature on economic growth, energy consumption, and pollutant emissions nexus by including tourism, an energy-intensive industry in the model specification. Results reveal that energy consumption and tourism positively contribute to CO2 emissions. A long-run unidirectional causality running from energy consumption, GDP, GDP2, and tourist arrivals towards CO2 emissions is observed. Our results suggest that sustainable tourism, energy consumption, and economic growth should be at the forefront of the economic development agenda of India. Journal: Journal of the Asia Pacific Economy Pages: 361-380 Issue: 2 Volume: 26 Year: 2021 Month: 4 X-DOI: 10.1080/13547860.2021.1923240 File-URL: http://hdl.handle.net/10.1080/13547860.2021.1923240 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:26:y:2021:i:2:p:361-380 Template-Type: ReDIF-Article 1.0 Author-Name: Purnamita Dasgupta Author-X-Name-First: Purnamita Author-X-Name-Last: Dasgupta Author-Name: Manoj Panda Author-X-Name-First: Manoj Author-X-Name-Last: Panda Author-Name: Rohan Bansal Author-X-Name-First: Rohan Author-X-Name-Last: Bansal Author-Name: Samraj Sahay Author-X-Name-First: Samraj Author-X-Name-Last: Sahay Title: Impact of COVID-19 on India: alternative scenarios for economic and social development Abstract: The COVID-19 pandemic has led to major learning about the social and economic losses that an external shock to the system can cause. In this paper, we examine some sustainability issues focusing on three key focal points of sustainable development – economic growth, poverty and inequality in the context of climate change. We focus on the inter-relationship between economic growth, investment, labour force participation, energy consumption, poverty and inequality under alternative scenarios using the global framing of Shared Socio-Economic Pathways (SSPs). An econometric model is used for estimating the relationship between GDP and its determinants along with fitting a General Quadratic and/or Beta Lorenz curve using the World Bank’s Povcal software for determining the relationship between income, poverty and inequality. Alternative GDP growth paths, redistribution assumptions and poverty lines are used for simulations which reveal the extent of sensitivity of the developmental targets to scenarios up to 2030. Journal: Journal of the Asia Pacific Economy Pages: 319-343 Issue: 2 Volume: 26 Year: 2021 Month: 4 X-DOI: 10.1080/13547860.2021.1917096 File-URL: http://hdl.handle.net/10.1080/13547860.2021.1917096 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:26:y:2021:i:2:p:319-343 Template-Type: ReDIF-Article 1.0 Author-Name: Badri Narayanan Author-X-Name-First: Badri Author-X-Name-Last: Narayanan Author-Name: Somya Mathur Author-X-Name-First: Somya Author-X-Name-Last: Mathur Title: The potential impact of GHG reductions on air pollution in India Abstract: As per the Paris Accord, India committed to reduce carbon emissions' intensity by 33–35 percent of its economy by 2030 compared to 2005 levels. A variety of sectors emit different intensities of Greenhouse Gases and air pollutants and it is not clear whether Greenhouse Gas reductions may automatically lead to reduced air pollution or the other way round. There are huge health hazards associated with air pollution. In India with its vast population base, it is more important to curb air pollution than to focus more on Greenhouse Gas emissions policies. In our study, we model the impact of the reduction of Greenhouse Gases based on Paris Accord commitments as well as air pollutants in India. From this analysis, we infer the economic mechanisms that determine the potential complementarities and conflicts involved in reducing Greenhouse Gases and air pollutants, and thereby arrive at nuanced policy implications for the environment in India. Journal: Journal of the Asia Pacific Economy Pages: 344-360 Issue: 2 Volume: 26 Year: 2021 Month: 4 X-DOI: 10.1080/13547860.2021.1917486 File-URL: http://hdl.handle.net/10.1080/13547860.2021.1917486 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:26:y:2021:i:2:p:344-360 Template-Type: ReDIF-Article 1.0 Author-Name: Clement A. Tisdell Author-X-Name-First: Clement A. Author-X-Name-Last: Tisdell Title: How has India’s economic growth and development affected its gender inequality? Abstract: The basic characteristics are outlined of the UN’s Gender Inequality Index (GII) and its Gender Development Index (GDI). Their trends in relation to India’s real Gross National Income (GNI) per capita indicate a decline in its gender inequality with its economic growth. However, these trends give a distorted and incomplete picture of changes in Indian gender inequality. Several assumptions underlying GII and GDI are questioned in the Indian context, for example, within India more education of females is not associated with a reduced wage gap between males and females, and greater access of females to the labour market can raise gender inequality. The effects of economic growth (absent in the above indices) are assessed on Indian male–female ratios and on violence against women. Variations in gender inequality in India within households are also considered. New data results in the questioning of several existing hypotheses. Journal: Journal of the Asia Pacific Economy Pages: 209-229 Issue: 2 Volume: 26 Year: 2021 Month: 4 X-DOI: 10.1080/13547860.2021.1917093 File-URL: http://hdl.handle.net/10.1080/13547860.2021.1917093 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:26:y:2021:i:2:p:209-229 Template-Type: ReDIF-Article 1.0 Author-Name: Anubhab Pattanayak Author-X-Name-First: Anubhab Author-X-Name-Last: Pattanayak Author-Name: K. S. Kavi Kumar Author-X-Name-First: K. S. Kavi Author-X-Name-Last: Kumar Author-Name: Lavanya R. Anneboina Author-X-Name-First: Lavanya R. Author-X-Name-Last: Anneboina Title: Distributional impacts of climate change on agricultural total factor productivity in India Abstract: This paper assesses the distribution of climate change impacts on agricultural Total Factor Productivity (TFP) across districts in India. Combining the district-level TFP, estimated using multiple rounds of nationally representative agricultural surveys, with climate and other controls, the relationship between production efficiency and climate is estimated for two time points: 2002–2003 and 2012–2013. The estimated climate response function suggests that for every 1 °C rise in temperature, agricultural productivity reduces by ∼4.5%. Using estimated climate sensitivity and regionally downscaled climate projections, the study further assesses the impacts on agricultural TFP across districts over the mid-century. By 2050, TFP in agriculture is projected to decline for all the states considered in the study. The latter-period (2012–2013) climate response function projects more adverse impacts compared to the early-period (2002–2003) response function. The results also show increase in the magnitude of impacts over time, indicating that Indian agriculture has become more climate sensitive. Journal: Journal of the Asia Pacific Economy Pages: 381-401 Issue: 2 Volume: 26 Year: 2021 Month: 4 X-DOI: 10.1080/13547860.2021.1917094 File-URL: http://hdl.handle.net/10.1080/13547860.2021.1917094 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:26:y:2021:i:2:p:381-401 Template-Type: ReDIF-Article 1.0 Author-Name: Ranjan Kumar Mohanty Author-X-Name-First: Ranjan Kumar Author-X-Name-Last: Mohanty Author-Name: N. R. Bhanumurthy Author-X-Name-First: N. R. Author-X-Name-Last: Bhanumurthy Title: Revisiting the role of fiscal policy in determining interest rate in India Abstract: The issue of fiscal policy affecting interest rates is ever-evolving that depends on the structure of the economy and the strength of the financial markets. Hence, it is necessary to continuously validate this relationship between fiscal policy and interest rates. Towards this, the present paper tries to empirically examine and understand the transmission channels through which fiscal policy could affect short, medium, and long-term interest rates in India using Structural Vector Autoregression (SVAR) and Toda-Yamamoto causality approaches. Our results suggest that fiscal policy has a marginal impact on interest rates in the short run, while it has a larger positive impact on interest rates in the long run through the inflation route. In terms of the policy, in the long run, there is a need for containing the structural part of the fiscal deficit within the fiscal consolidation (Fiscal Responsibility and Budget Management Act) framework in India. Journal: Journal of the Asia Pacific Economy Pages: 293-318 Issue: 2 Volume: 26 Year: 2021 Month: 4 X-DOI: 10.1080/13547860.2021.1913811 File-URL: http://hdl.handle.net/10.1080/13547860.2021.1913811 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:26:y:2021:i:2:p:293-318 Template-Type: ReDIF-Article 1.0 Author-Name: K. S. Kavi Kumar Author-X-Name-First: K. S. Author-X-Name-Last: Kavi Kumar Author-Name: E. A. Selvanathan Author-X-Name-First: E. A. Author-X-Name-Last: Selvanathan Title: Introduction Journal: Journal of the Asia Pacific Economy Pages: 205-208 Issue: 2 Volume: 26 Year: 2021 Month: 4 X-DOI: 10.1080/13547860.2021.1923241 File-URL: http://hdl.handle.net/10.1080/13547860.2021.1923241 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:26:y:2021:i:2:p:205-208 Template-Type: ReDIF-Article 1.0 Author-Name: Anwar Khan Author-X-Name-First: Anwar Author-X-Name-Last: Khan Author-Name: Yang Chenggang Author-X-Name-First: Yang Author-X-Name-Last: Chenggang Author-Name: Wang Xue Yi Author-X-Name-First: Wang Author-X-Name-Last: Xue Yi Author-Name: Jamal Hussain Author-X-Name-First: Jamal Author-X-Name-Last: Hussain Author-Name: Liu Sicen Author-X-Name-First: Liu Author-X-Name-Last: Sicen Author-Name: Sadia Bano Author-X-Name-First: Sadia Author-X-Name-Last: Bano Title: Examining the pollution haven, and environmental kuznets hypothesis for ecological footprints: an econometric analysis of China, India, and Pakistan Abstract: This paper estimates the short and long-run impact of foreign direct investment, electricity consumption, and real GDP on ecological footprints in the context of environmental Kuznets and Pollution haven hypothesis for China, India, and Pakistan over 1970–2016. Panel and time series models have been adopted in this research. Results of the cointegration test revealed the long-run association among the considered variables. Furthermore, Fully-Modified and Dynamic Ordinary Least Square validated the pollution haven and environmental Kuznets hypothesis for the study area. On the other hand, the linkages between income and ecological footprints have identified U-shaped EKC in the case of China and India. The empirical results of the Dumitrescu and Hurlin panel causality test indicated a unidirectional causality from income to ecological footprints. In contrast, bidirectional causality found between ecological footprints and foreign direct investment and between ecological footprints and electricity consumption. Journal: Journal of the Asia Pacific Economy Pages: 462-482 Issue: 3 Volume: 26 Year: 2021 Month: 7 X-DOI: 10.1080/13547860.2020.1761739 File-URL: http://hdl.handle.net/10.1080/13547860.2020.1761739 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:26:y:2021:i:3:p:462-482 Template-Type: ReDIF-Article 1.0 Author-Name: Wei Cui Author-X-Name-First: Wei Author-X-Name-Last: Cui Author-Name: Yongli Zhang Author-X-Name-First: Yongli Author-X-Name-Last: Zhang Title: Effect of trust on financial market participation: evidence from China Abstract: This article explores the effect of trust on financial market participation in China using the China Family Panel Studies, a comprehensive national survey dataset. We find that trust is a crucial factor of financial market participation. Using regional average trust scores as an instrument, we find that investors with higher level of trust are more likely to invest in financial markets, and to allocate a higher percentage of wealth to financial products such as stocks and bonds. Moreover, the impact of trust on financial market participation is cross-sectionally different. While trust significantly promotes financial market participation for wealthier households, its effect is not significant for less wealthy households. And trust has a larger effect on participation for those with less financial knowledge in general. For the above-median-wealth households in particular, trust encourages financial market participation only for those with financial knowledge below the average. Journal: Journal of the Asia Pacific Economy Pages: 442-461 Issue: 3 Volume: 26 Year: 2021 Month: 7 X-DOI: 10.1080/13547860.2020.1744924 File-URL: http://hdl.handle.net/10.1080/13547860.2020.1744924 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:26:y:2021:i:3:p:442-461 Template-Type: ReDIF-Article 1.0 Author-Name: My Duong Author-X-Name-First: My Author-X-Name-Last: Duong Author-Name: Mark J. Holmes Author-X-Name-First: Mark J. Author-X-Name-Last: Holmes Author-Name: Anna Strutt Author-X-Name-First: Anna Author-X-Name-Last: Strutt Title: The impact of free trade agreements on FDI inflows: the case of Vietnam Abstract: We examine the relationship between FTAs and inward FDI in Vietnam using panel data for Vietnam’s 17 main foreign investors over the period 1997–2016, and 23 partners for the sub-period 2005–2016. In contrast to past studies that focus on either multiple FTAs for a group of countries or case studies for a well-known FTA, we evaluate whether the overall involvement in FTAs of a developing country such as Vietnam increases FDI inflows. Results from gravity models strongly indicate that FTAs, overall, are associated with increased FDI inflows, with a much greater impact in the sub-period. We also find evidence of the prevalence of vertical FDI in Vietnam. Further examination of the later sub-period shows that FTAs also have a significant effect on inward FDI through interactions with the real exchange rate, human capital, and factor endowments. Interestingly, all of the three FDI determinants have more important roles following the FTAs. Journal: Journal of the Asia Pacific Economy Pages: 483-505 Issue: 3 Volume: 26 Year: 2021 Month: 7 X-DOI: 10.1080/13547860.2020.1765717 File-URL: http://hdl.handle.net/10.1080/13547860.2020.1765717 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:26:y:2021:i:3:p:483-505 Template-Type: ReDIF-Article 1.0 Author-Name: Joao Tovar Jalles Author-X-Name-First: Joao Tovar Author-X-Name-Last: Jalles Title: Tax capacity and growth in the Asia-Pacific region Abstract: In this paper, we estimate short- and long-term tax buoyancy for 30 Asian-Pacific countries during 1980–2017 using recent panel techniques. Using Mean Group estimators, we found that the short-run buoyancy is statistically not different from one, while the long-run buoyancy is statistically larger than one. In 11 out of 30 countries, growth has improved fiscal sustainability over time, while in only 4 out of 30 countries the tax system has acted as a good automatic stabilizer. Results are robust to the estimation with alternative estimators, the inclusion of inflation and tax rates. We uncovered that buoyancies increased in magnitude and significance over time. Lastly, resorting to nonlinear estimations of short-run buoyancies contingent on the phase of the business cycle, we find that buoyancy is generally larger during recessions. Journal: Journal of the Asia Pacific Economy Pages: 527-551 Issue: 3 Volume: 26 Year: 2021 Month: 7 X-DOI: 10.1080/13547860.2020.1773598 File-URL: http://hdl.handle.net/10.1080/13547860.2020.1773598 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:26:y:2021:i:3:p:527-551 Template-Type: ReDIF-Article 1.0 Author-Name: Mohammad Zulfan Tadjoeddin Author-X-Name-First: Mohammad Zulfan Author-X-Name-Last: Tadjoeddin Author-Name: Athia Yumna Author-X-Name-First: Athia Author-X-Name-Last: Yumna Author-Name: Sarah E. Gultom Author-X-Name-First: Sarah E. Author-X-Name-Last: Gultom Author-Name: M. Fajar Rakhmadi Author-X-Name-First: M. Fajar Author-X-Name-Last: Rakhmadi Author-Name: Asep Suryahadi Author-X-Name-First: Asep Author-X-Name-Last: Suryahadi Title: Inequality and violent conflict: new evidence from selected provinces in Post-Soeharto Indonesia Abstract: Economic inequality in Indonesia has been on the rise and, during 2011–2014, reached a historic high of 0.41 measured in terms of Gini index of household consumption expenditure. Not only economically, the issue of rising inequality is also socially and politically important as it may harm societal stability, especially in a large, diverse and young democracy plagued by widespread poverty and vulnerability amid rising expectations. This study finds empirical supports for the violence increasing effects of higher inequality across districts in provinces usually considered as ‘high conflict’ regions. The econometric results are robust after controlling for province and time effects, ethnic and religious fractionalisations and series of usual determinants of violence, as well as across different measures of violence. This new evidence implies that it is important to include tackling inequality as an explicit focus in the development agenda at the national as well as sub-national levels. Journal: Journal of the Asia Pacific Economy Pages: 552-573 Issue: 3 Volume: 26 Year: 2021 Month: 7 X-DOI: 10.1080/13547860.2020.1773607 File-URL: http://hdl.handle.net/10.1080/13547860.2020.1773607 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:26:y:2021:i:3:p:552-573 Template-Type: ReDIF-Article 1.0 Author-Name: Kean Yew John Lee Author-X-Name-First: Kean Yew Author-X-Name-Last: John Lee Title: Still a family firm after knowledge transformation? Generational change and enterprise development of plastic manufacturing firms in Malaysia Abstract: This article focuses the changes in the family firms following the development of knowledge transformation with innovation across generational changes, with specific attention given top plastic manufacturing. The case study method is used to examine the impact of generational tracing by tracing the changes in objective, 3Ms and innovation when the new generation attempts to transform the tacit knowledge of the founder by developing the quality products. The results provide an insight into key changes of 3Ms, concept developed by Alfred Chandler, which refers to a firm’s capacity to develop its manufacturing, management and marketing by codifying tacit knowledge and adopting professional management. The changes in the knowledge transformation indicate the cooperative ties with government and MNCs could serve to facilitate enterprise development of plastic manufacturing in Malaysia. Journal: Journal of the Asia Pacific Economy Pages: 403-428 Issue: 3 Volume: 26 Year: 2021 Month: 7 X-DOI: 10.1080/13547860.2020.1771831 File-URL: http://hdl.handle.net/10.1080/13547860.2020.1771831 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:26:y:2021:i:3:p:403-428 Template-Type: ReDIF-Article 1.0 Author-Name: Mohammad Jahangir Alam Author-X-Name-First: Mohammad Jahangir Author-X-Name-Last: Alam Author-Name: Raghbendra Jha Author-X-Name-First: Raghbendra Author-X-Name-Last: Jha Title: Vertical price transmission in wheat and flour markets in Bangladesh: an application of asymmetric threshold model Abstract: The analysis of price transmission in vertical markets is challenged by fuzzy policy environments in the case of developing countries. This paper employs threshold cointegration that takes into account the asymmetric adjustment towards a long-run equilibrium and short-run price transmission in vertical markets of wheat and flour in Bangladesh. We find evidence of threshold effects. The speed of adjustment towards the long-run equilibrium is different when the price deviations exceed the threshold value from when price deviations are below the threshold. We find evidence of short-run price asymmetries implying that downstream price responds faster when upstream price increases than when the latter falls. Journal: Journal of the Asia Pacific Economy Pages: 574-596 Issue: 3 Volume: 26 Year: 2021 Month: 7 X-DOI: 10.1080/13547860.2020.1790146 File-URL: http://hdl.handle.net/10.1080/13547860.2020.1790146 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:26:y:2021:i:3:p:574-596 Template-Type: ReDIF-Article 1.0 Author-Name: Bryane Michael Author-X-Name-First: Bryane Author-X-Name-Last: Michael Title: Competition law in the Asia-Pacific region makes small and medium enterprises poorer without innovation law Abstract: Based on international advice, most countries in the APEC region have now adopted competition laws. The more competition, the better – especially for the small and medium enterprises (SMEs) that most need to compete. Yet, ‘better’ competition laws (as measured by a range of characteristics commonly associated with competition law and policy rankings) may actually hurt trade and growth. In this article, we provide a model of SME competition in the APEC region – and show how innovativeness determines the effectiveness of competition law from international data. We show how countries like Singapore and Hong Kong benefit from competition policy reform – because they already have vigorous innovation policies. For countries with such policies – like Brunei – freer trade and competition could actually hurt GDP growth. Journal: Journal of the Asia Pacific Economy Pages: 506-526 Issue: 3 Volume: 26 Year: 2021 Month: 7 X-DOI: 10.1080/13547860.2020.1771821 File-URL: http://hdl.handle.net/10.1080/13547860.2020.1771821 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:26:y:2021:i:3:p:506-526 Template-Type: ReDIF-Article 1.0 Author-Name: John Thoburn Author-X-Name-First: John Author-X-Name-Last: Thoburn Title: Rent seeking and development: the political economy of industrialization in Vietnam Journal: Journal of the Asia Pacific Economy Pages: 597-600 Issue: 3 Volume: 26 Year: 2021 Month: 7 X-DOI: 10.1080/13547860.2020.1786966 File-URL: http://hdl.handle.net/10.1080/13547860.2020.1786966 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:26:y:2021:i:3:p:597-600 Template-Type: ReDIF-Article 1.0 Author-Name: Susan de Groot Heupner Author-X-Name-First: Susan Author-X-Name-Last: de Groot Heupner Title: Continuity of hegemonic power? The case of modern plantation labour in North Sumatra, Indonesia Abstract: Although it has been more than 150 years since the emergence of the plantation, labour in the democratic context of post-1998 Indonesia remains subject to similar forms of suppression. Following the distinct social and political trajectory of North Sumatra, this paper provides an explanatory analysis of the interrelation between historical hegemonic social relations and the mobility of labour in modern palm oil plantations. Following well-documented accounts of colonial plantation practices, this paper empirically examines whether it is plausible to argue that historical forms of subordination remain relevant to the political mobility of plantation labour. To guide the evaluation, I will look at the existence of historical practices of labour control on the one hand and conditions of democratic reform and structural change on the other. I argue that the modern plantation is constitutive of historically inscribed social relations that function to keep intact colonial and authoritarian structures. Journal: Journal of the Asia Pacific Economy Pages: 429-441 Issue: 3 Volume: 26 Year: 2021 Month: 7 X-DOI: 10.1080/13547860.2020.1773620 File-URL: http://hdl.handle.net/10.1080/13547860.2020.1773620 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:26:y:2021:i:3:p:429-441 Template-Type: ReDIF-Article 1.0 Author-Name: Alex Kae Lun Lee Author-X-Name-First: Alex Kae Lun Author-X-Name-Last: Lee Author-Name: Jothee Sinnakkannu Author-X-Name-First: Jothee Author-X-Name-Last: Sinnakkannu Author-Name: Sockalingam R. Ramasamy Author-X-Name-First: Sockalingam R. Author-X-Name-Last: Ramasamy Title: Housing bubble, affordability and credit risk to banks: a Malaysian perspective Abstract: The continued rise in house prices has sparked increasing interest in housing affordability in Malaysia. Middle-income-earning buyers, who fear that house prices may increase to a level beyond their future financial capacity, took on excessive leverage and overextended their current financial capacity. This increases their probability of default, which is unfavourable to the banking industry providing these mortgages. This study examined the impact of rising house prices on housing affordability in three urban regions in Malaysia and found that house prices in these cities, especially landed houses, were unaffordable for middle-income-earners. This study also examined the impact of a collateral valuation loss to the banking system from the potential decline in house prices, by employing a solvency stress test. The study found that the banking system remained fairly capitalised to survive a mild single-risk factor financial shock of the equivalent of house price declines in the 1997 Asian Financial Crisis. Journal: Journal of the Asia Pacific Economy Pages: 619-652 Issue: 4 Volume: 26 Year: 2021 Month: 10 X-DOI: 10.1080/13547860.2020.1786960 File-URL: http://hdl.handle.net/10.1080/13547860.2020.1786960 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:26:y:2021:i:4:p:619-652 Template-Type: ReDIF-Article 1.0 Author-Name: Vanessa Mae Pepino Author-X-Name-First: Vanessa Mae Author-X-Name-Last: Pepino Author-Name: Majah-Leah V. Ravago Author-X-Name-First: Majah-Leah V. Author-X-Name-Last: Ravago Author-Name: Karl Jandoc Author-X-Name-First: Karl Author-X-Name-Last: Jandoc Title: Does quality of electricity matter? Household-level evidence from the Philippines Abstract: The Philippines is a country that faces many development challenges, including providing reliable and good quality electricity. Access to good quality electricity connection matters because it affects many aspects that increase productivity (e.g. education, health and business) and can make lives easier and more comfortable. While access has improved over time, many households still suffer from poor quality of their connection brought about by incidents of power outages, fluctuations and low voltage. This article attempts to examine whether better electricity quality improves household welfare. We apply a two-stage probit-ordered probit model to overcome endogeneity caused by reverse causation between electricity quality and household income. We find that households experiencing better electricity quality decrease the probability of remaining in the lowest income category by 23%. Journal: Journal of the Asia Pacific Economy Pages: 720-747 Issue: 4 Volume: 26 Year: 2021 Month: 10 X-DOI: 10.1080/13547860.2020.1840492 File-URL: http://hdl.handle.net/10.1080/13547860.2020.1840492 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:26:y:2021:i:4:p:720-747 Template-Type: ReDIF-Article 1.0 Author-Name: Jongwook Park Author-X-Name-First: Jongwook Author-X-Name-Last: Park Title: Monetary policy and income inequality in Korea Abstract: This paper analyzes the relationships between monetary policy and income inequality in Korea. We calculate Gini coefficient for various income range using data from the Household Income and Expenditure Survey and then estimate a block-exogeneity VAR representing Korean and US economies to examine the effects of monetary policies on income inequality. The results show that following a one-standard deviation contractionary (expansionary) monetary policy shock, market income Gini coefficient increases (decreases) significantly after one year, reaching its peak to 0.0014 (0.14%p) while GDP and CPI decrease (increase) significantly by 0.48% and 0.15%, respectively. The contributions of monetary policy shocks to income inequality are found to be small as shown by forecast error variance and historical decompositions. In addition, earnings heterogeneity channel is most important among various channels through which monetary policy affects income inequality. Finally, a counterfactual analysis implies that if Bank of Korea held the call rate constant at 5.13% from 2008:Q3 and thereafter, the average of market income Gini coefficient would be higher by 0.009 (0.9%p) during 2008:Q4–2015:Q1 under the assumption of static expectations. Journal: Journal of the Asia Pacific Economy Pages: 766-793 Issue: 4 Volume: 26 Year: 2021 Month: 10 X-DOI: 10.1080/13547860.2020.1870794 File-URL: http://hdl.handle.net/10.1080/13547860.2020.1870794 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:26:y:2021:i:4:p:766-793 Template-Type: ReDIF-Article 1.0 Author-Name: Lila J. Truett Author-X-Name-First: Lila J. Author-X-Name-Last: Truett Author-Name: Dale B. Truett Author-X-Name-First: Dale B. Author-X-Name-Last: Truett Title: Challenges and opportunities in the Australian textile industry: cost function insights Abstract: Traditionally one of Australia’s most protected industries, the textile industry has recently experienced a substantial decrease in trade barriers with notable results. This article describes those effects and uses a cost function to explore scale economies and input relationships and their implications. The results include strong evidence of constant returns at current outputs. Output increases with substantial employment declines suggest technology changes, consistent with a negative time trend variable coefficient. The inputs are substitutes except for capital and domestic intermediate goods. The cross price elasticity of the quantity demanded of capital with respect to the price of imported intermediate goods was significant and indicated that a decrease in the price of outsourced intermediate goods would decrease the demand for domestic capital. Journal: Journal of the Asia Pacific Economy Pages: 668-693 Issue: 4 Volume: 26 Year: 2021 Month: 10 X-DOI: 10.1080/13547860.2020.1823553 File-URL: http://hdl.handle.net/10.1080/13547860.2020.1823553 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:26:y:2021:i:4:p:668-693 Template-Type: ReDIF-Article 1.0 Author-Name: Masroor Ahmad Author-X-Name-First: Masroor Author-X-Name-Last: Ahmad Title: Intergovernmental transfers as tactical instrument: empirical evidence from fourteen major Indian states Abstract: In any federation where intergovernmental transfers form a major chunk of revenues for sub-national governments; determinants of allocation shares have always been a salient issue. This paper makes an empirical attempt to investigate whether there are any political motives behind the distribution of central funds among sub-national governments in case of India. We find that in aggregate terms relatively higher per capita transfers are channelled towards states inhabited by large swing voters to gain/maintain control over such states. The significance of the coefficients of interaction terms between swing; alignment and election year dummies reveals that in case of discretionary transfers; during election years; swing states are receiving disproportionately larger shares while during non-election years core states are favoured disproportionately. It gives an empirical insight into the manner whereby central political party targets both core and swing states for political returns in terms of higher votes. Normative considerations were also found relevant as states with higher rural population were found to receive higher per capita transfers. Representation and alignment were found to be insignificant determinants of allocation shares. Journal: Journal of the Asia Pacific Economy Pages: 748-765 Issue: 4 Volume: 26 Year: 2021 Month: 10 X-DOI: 10.1080/13547860.2020.1840960 File-URL: http://hdl.handle.net/10.1080/13547860.2020.1840960 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:26:y:2021:i:4:p:748-765 Template-Type: ReDIF-Article 1.0 Author-Name: John Thoburn Author-X-Name-First: John Author-X-Name-Last: Thoburn Title: The oxford handbook of industrial policy Journal: Journal of the Asia Pacific Economy Pages: 794-798 Issue: 4 Volume: 26 Year: 2021 Month: 10 X-DOI: 10.1080/13547860.2021.1955530 File-URL: http://hdl.handle.net/10.1080/13547860.2021.1955530 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:26:y:2021:i:4:p:794-798 Template-Type: ReDIF-Article 1.0 Author-Name: Dina Chhorn Author-X-Name-First: Dina Author-X-Name-Last: Chhorn Title: Microfinance illusion, poverty and welfare in Cambodia Abstract: Recent studies at national level have emphasized the failure of microfinance services as a means for development in Cambodia due to high interest rates, non-productive use of loans, over-indebtedness, often landless customers and intergenerational migration. This paper examines the effect of access to microfinance on household poverty and welfare using cross-sectional data from a 2015 survey of 411 households in 48 districts located in nine of Cambodia’s provinces. These households were beneficiaries of the Agriculture Cooperative (AC) community development project supported by World Vision and the Australian Government. Applying the Wald test of exogeneity and Newey’s minimum chi-squared estimators with the two-step option, probit models of household poverty status were estimated, as well as tobit models of household welfare level with endogenous treatment effects. The findings suggest that access to microfinance is associated with poverty reduction and increased per capita income of the household, but access to microfinance services has an insignificant impact on household welfare proxied by per capita economic assets and expenditure on child well-being. However, the results must be interpreted with caution due to sample selection effects. Journal: Journal of the Asia Pacific Economy Pages: 694-719 Issue: 4 Volume: 26 Year: 2021 Month: 10 X-DOI: 10.1080/13547860.2020.1826074 File-URL: http://hdl.handle.net/10.1080/13547860.2020.1826074 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:26:y:2021:i:4:p:694-719 Template-Type: ReDIF-Article 1.0 Author-Name: Samuel Meng Author-X-Name-First: Samuel Author-X-Name-Last: Meng Author-Name: Mahinda Siriwardana Author-X-Name-First: Mahinda Author-X-Name-Last: Siriwardana Author-Name: Ying Shen Author-X-Name-First: Ying Author-X-Name-Last: Shen Title: The impact of a national carbon price on China Abstract: As the world No.1 emitter of carbon dioxide (CO2), China has made up its mind to act on climate change. After trials in six pilot regions- Shenzhen, Shanghai, Beijing, Guangdong, Tianjin, Hubei, and Chongqing- a nationwide ETS has been established and implemented in line with the Thirteenth Five-Year Plan period (2016–2020). This paper simulates the effect of a national ETS in China using GTAP 9.1 database and a revised GTAP-E model. The simulation results show that the ETS is very effective in emissions reduction but will cause a mild economic contraction. At the sectoral level, the energy and resource sectors and energy intensive sectors are to be hit hard while most other sectors are affected negatively but insignificantly. Journal: Journal of the Asia Pacific Economy Pages: 601-618 Issue: 4 Volume: 26 Year: 2021 Month: 10 X-DOI: 10.1080/13547860.2020.1777757 File-URL: http://hdl.handle.net/10.1080/13547860.2020.1777757 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:26:y:2021:i:4:p:601-618 Template-Type: ReDIF-Article 1.0 Author-Name: Sangho Kim Author-X-Name-First: Sangho Author-X-Name-Last: Kim Author-Name: Jong-Ho Park Author-X-Name-First: Jong-Ho Author-X-Name-Last: Park Title: Dynamic factor adjustment and corporate tax reduction in the Japanese manufacturing industry Abstract: This study investigates dynamic factor adjustment and corporate tax reduction in Japanese manufacturing industry using a dynamic dual approach. The own-price elasticity of the output supply is negative in the long run, whereas that of demand for labor is positive both in the short- and long-run. This is consistent with facts that output grows slowly despite deflation and employment level is irresponsive to wage changes. Labor and capital reach the new equilibrium 7–11 years after policy shocks. Providing a tax reduction as an incentive to firms for raising wage turns out to boost not only capital investment but also employment. Journal: Journal of the Asia Pacific Economy Pages: 653-667 Issue: 4 Volume: 26 Year: 2021 Month: 10 X-DOI: 10.1080/13547860.2020.1811190 File-URL: http://hdl.handle.net/10.1080/13547860.2020.1811190 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:26:y:2021:i:4:p:653-667 Template-Type: ReDIF-Article 1.0 Author-Name: Yi Zhong Author-X-Name-First: Yi Author-X-Name-Last: Zhong Author-Name: Jiajun Lu Author-X-Name-First: Jiajun Author-X-Name-Last: Lu Author-Name: Yueteng Zhu Author-X-Name-First: Yueteng Author-X-Name-Last: Zhu Title: Does China’s monetary policy framework incorporate financial stability? Abstract: This article investigates the response of monetary policy to financial instability in China. We estimate a forward-looking Taylor rule model with a constructed comprehensive financial stress index using the time-varying coefficient method. Empirical results suggest that financial stability has always been a main concern for China’s monetary authorities even in periods with low financial pressure. Moreover, China’s central bank tends to lower the policy interest rate in response to financial instability, but the size of policy responses varies substantially over time. Although the proportion of policy interest rate change due to financial stability concern is less relative to developed countries, financial stability is increasing in importance for monetary policymaking in China. We also find that banking stress and stock-market stress are two main concerns for China’s central bank, while little evidence supports that exchange-market stress can drive the reaction of China’s central bank. Journal: Journal of the Asia Pacific Economy Pages: 64-83 Issue: 1 Volume: 27 Year: 2022 Month: 1 X-DOI: 10.1080/13547860.2020.1790156 File-URL: http://hdl.handle.net/10.1080/13547860.2020.1790156 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:27:y:2022:i:1:p:64-83 Template-Type: ReDIF-Article 1.0 Author-Name: Naiwei Chen Author-X-Name-First: Naiwei Author-X-Name-Last: Chen Author-Name: Ho-Chyuan Chen Author-X-Name-First: Ho-Chyuan Author-X-Name-Last: Chen Author-Name: Rong-Siou Lin Author-X-Name-First: Rong-Siou Author-X-Name-Last: Lin Title: FDI, exports and export spillover in Taiwan’s electronics industry Abstract: This study primarily examines whether and how a firm’s exports are influenced by its own and other firms’ foreign direct investment (FDI) in an industry characterized by high proportions of exporters and FDI. A review of 619 firms in Taiwan’s electronics industry from 2006 to 2011 indicates the presence of optimal FDI in terms of exports. In addition, results suggest a negative (positive) export spillover from FDI for firms with low (high) FDI, signifying that FDI’s congestion/crowding-out effect is greater (less) than the demonstration/imitation effect for such firms. Moreover, a firm’s exports generally decrease with other firms’ exports particularly when its FDI is low, thus suggesting the predominance of competition’s negative effect over its positive effect under such circumstances. Furthermore, export spillover from FDI occurs through the competition effect and technology information effect, where the former (latter) drives a negative (positive) export spillover. Journal: Journal of the Asia Pacific Economy Pages: 26-63 Issue: 1 Volume: 27 Year: 2022 Month: 1 X-DOI: 10.1080/13547860.2020.1827941 File-URL: http://hdl.handle.net/10.1080/13547860.2020.1827941 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:27:y:2022:i:1:p:26-63 Template-Type: ReDIF-Article 1.0 Author-Name: Indrajit Bairagya Author-X-Name-First: Indrajit Author-X-Name-Last: Bairagya Author-Name: Bino Joy Author-X-Name-First: Bino Author-X-Name-Last: Joy Title: What determines the quality of higher education? A study of commerce graduates in Kerala (India) Abstract: The paper examines the quality of higher education in the Indian context in terms of subject knowledge (curriculum) coupled with analytical thinking and communication skills. The study identifies the factors that determine the quality of higher education and further explores whether there exists any difference in the quality of higher education based on the above three parameters between women and men and if so, in what way is this difference more revealing. In order to accomplish the aforementioned objectives, 416 students belonging to Commerce stream from 21 colleges affiliated under four universities in Kerala were selected as the respondents for an achievement test. The results indicate a low mean with a high variance in the learning outcomes. Although Kerala is one of the states in the country which has been remarkably successful in providing quality school education, when it comes to higher education, the State has not held its mark in providing quality education. Besides, an analysis based on the Blinder–Oaxaca decomposition technique shows that a significant difference existing in the learning outcomes of male and female students related to analytical thinking is because of the coefficient differences. This implies that even with similar individual characteristics of students a significant difference exists, which can be attributed to the presence of gender discrimination in higher education. Journal: Journal of the Asia Pacific Economy Pages: 1-25 Issue: 1 Volume: 27 Year: 2022 Month: 1 X-DOI: 10.1080/13547860.2020.1870067 File-URL: http://hdl.handle.net/10.1080/13547860.2020.1870067 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:27:y:2022:i:1:p:1-25 Template-Type: ReDIF-Article 1.0 Author-Name: Xinpeng Xu Author-X-Name-First: Xinpeng Author-X-Name-Last: Xu Author-Name: Jan P Voon Author-X-Name-First: Jan P Author-X-Name-Last: Voon Author-Name: Yan Shang Author-X-Name-First: Yan Author-X-Name-Last: Shang Title: Contract institution and differentiated exports Abstract: Institution is an important determinant of economic growth and development. Contract institution represents a major institution governing economic transactions between private agents. This paper examines how quality of contract institution in source and destination countries influences exports of homogeneous and heterogeneous goods. Using a large sample of cross-country bilateral disaggregate export data, we show that competitive advantages of firms in exports of both homogeneous goods (such as agricultural commodities and minerals) and heterogeneous goods (such as manufactured goods) are eroded by weak contract institution in their source countries. We also find that weak contract institution in the destination countries exerts significant negative impacts on heterogeneous but not homogeneous exports. To explain for the differential source and destination countries’ contract institutional constraints on differentiated exports, we extend the conventional institutional cost theory by taking the differences in relationship specificity of heterogeneous and homogeneous goods into account. Our analysis has policy implications on institutional reform and provides practical location and production strategies for exporting firms. Journal: Journal of the Asia Pacific Economy Pages: 101-123 Issue: 1 Volume: 27 Year: 2022 Month: 1 X-DOI: 10.1080/13547860.2020.1807673 File-URL: http://hdl.handle.net/10.1080/13547860.2020.1807673 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:27:y:2022:i:1:p:101-123 Template-Type: ReDIF-Article 1.0 Author-Name: Dan Fan Author-X-Name-First: Dan Author-X-Name-Last: Fan Author-Name: Chang'an Wang Author-X-Name-First: Chang'an Author-X-Name-Last: Wang Author-Name: Junqian Wu Author-X-Name-First: Junqian Author-X-Name-Last: Wu Author-Name: Qingbin Wang Author-X-Name-First: Qingbin Author-X-Name-Last: Wang Author-Name: Xiaoqian Liu Author-X-Name-First: Xiaoqian Author-X-Name-Last: Liu Title: Nonfarm employment, large-scale farm enterprises and farmland transfer in China: a spatial econometric analysis Abstract: While farmland transfer in rural China has emerged as a critical issue in China’s land use policy, there are many unanswered questions about the factors behind ongoing farmland transfer. This study uses survey data from 243 villages in Southwest China to examine how nonfarm employment and large-scale farm enterprises might affect farmland transfer. Specifically, this paper employs a spatial autoregressive (SAR) model with a geographic distance weighting matrix at the village level to explore this effect. Empirical results suggest that the proportion of migrant workers and large-scale farm enterprises positively affects the scale of farmland transfer, while the proportion of local nonfarm workers negatively affects it. By comparing estimation results from the SAR with those from the OLS model, it is found that the OLS model may overestimate the positive impact of migrant workers and underestimate the negative impact of local nonfarm workers on farmland transfer. Journal: Journal of the Asia Pacific Economy Pages: 84-100 Issue: 1 Volume: 27 Year: 2022 Month: 1 X-DOI: 10.1080/13547860.2021.1927476 File-URL: http://hdl.handle.net/10.1080/13547860.2021.1927476 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:27:y:2022:i:1:p:84-100 Template-Type: ReDIF-Article 1.0 Author-Name: Bala Ramasamy Author-X-Name-First: Bala Author-X-Name-Last: Ramasamy Author-Name: Matthew Yeung Author-X-Name-First: Matthew Author-X-Name-Last: Yeung Title: China’s outward foreign direct investment (OFDI) to developing countries: the case of Central and Eastern Europe (CEE) Abstract: China’s outward FDI reached a peak in 2016, making it as important a foreign investor as Germany, France and the United Kingdom. In this paper, we investigate the main motivations behind Chinese investments in developing countries, Central and Eastern Europe (CEE) in particular. Although the size of Chinese investment in CEE is small, the region is strategic for China as it is a gateway into Western Europe under the Belt Road Initiative. As new or future members of the EU, the CEE countries also provide access to the single market. We find that the motivations to invest in developing countries differ according to regions. Based on outward FDI data provided by the Chinese authorities, the number of Chinese FDI greenfield and M&A projects from Financial Times and Zephyr respectively, as well as face-to-face interviews with companies with investments in CEE, we find that for the case of CEE, domestic markets, access to the larger EU market, strategic assets like technology and prior relationship with the CEE are main reasons for investing. Journal: Journal of the Asia Pacific Economy Pages: 124-146 Issue: 1 Volume: 27 Year: 2022 Month: 1 X-DOI: 10.1080/13547860.2020.1790182 File-URL: http://hdl.handle.net/10.1080/13547860.2020.1790182 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:27:y:2022:i:1:p:124-146 Template-Type: ReDIF-Article 1.0 Author-Name: Yang Song Author-X-Name-First: Yang Author-X-Name-Last: Song Author-Name: Dayu Liu Author-X-Name-First: Dayu Author-X-Name-Last: Liu Author-Name: Ziyu Liu Author-X-Name-First: Ziyu Author-X-Name-Last: Liu Title: What drives China’s business cycle fluctuations? Abstract: In order to identify the causes of China’s new business cycle patterns, such as an obvious downward shift and reduced fluctuations under the ‘New Normal’, this paper develops a large-scale dynamic stochastic general equilibrium model as a unified framework for incorporating technology, investment, trade, economic policy and financial volatility. The main conclusions are as follows. First, as to the causes of the downward shift, the current contraction phase of business cycles is mainly due to narrowing economic policy space, decelerating export growth and higher financial volatility. Secondly, as to the contributors to business cycle fluctuations, export growth deceleration is the main contributor to the current contraction phase of business cycles, while financial volatility is very likely to be a key driver of future business cycle fluctuations. Finally, as to China’s future business cycle patterns, it tends to fluctuate less considering the effects of numerous temporary shocks have emerged so far. Journal: Journal of the Asia Pacific Economy Pages: 147-172 Issue: 1 Volume: 27 Year: 2022 Month: 1 X-DOI: 10.1080/13547860.2020.1863559 File-URL: http://hdl.handle.net/10.1080/13547860.2020.1863559 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:27:y:2022:i:1:p:147-172 Template-Type: ReDIF-Article 1.0 Author-Name: Junwei Shi Author-X-Name-First: Junwei Author-X-Name-Last: Shi Author-Name: Hongyan Liu Author-X-Name-First: Hongyan Author-X-Name-Last: Liu Title: Wage increase and innovation in manufacturing industries: Evidence from China Abstract: This paper explores the relationship between wage increase and innovation and investigates the underlying mechanisms through which wage increase affects innovation. Empirical results, based on the data from 37 two-digit manufacturing industries in China from 2002 to 2019, show that the increases in wages do contribute to innovation in general but their contributions vary across industries and over time. Specifically, the effects of the increasing wages on innovation were insignificant before 2008 but became positively significant after 2008. Moreover, labor productivity acts as a mediating channel between wage increase and innovation while the labor substitution mechanism does not work. The findings in this study offer a new understanding of the effects of the increasing wages on innovation in developing countries. Journal: Journal of the Asia Pacific Economy Pages: 173-198 Issue: 1 Volume: 27 Year: 2022 Month: 1 X-DOI: 10.1080/13547860.2021.1961415 File-URL: http://hdl.handle.net/10.1080/13547860.2021.1961415 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:27:y:2022:i:1:p:173-198 Template-Type: ReDIF-Article 1.0 Author-Name: Tilak Abeysinghe Author-X-Name-First: Tilak Author-X-Name-Last: Abeysinghe Author-Name: Ke Mao Author-X-Name-First: Ke Author-X-Name-Last: Mao Author-Name: Xuyao Zhang Author-X-Name-First: Xuyao Author-X-Name-Last: Zhang Title: Welfare spending and fiscal sustainability: segmented-trend panel-regression analysis of Chinese provinces Abstract: As a developing country, China has not yet moved in the direction of Western-style welfare states. Nevertheless, China’s debt burden is on the rise. Three provincial governments, 99 city governments, and thousands of county governments were at the edge of insolvency in 2013, reporting debt ratios exceeding 100 percent. To address regional inequalities, the central government introduced various social welfare schemes. Although there is some consensus that China’s public debt is sustainable, the link between unsustainable debt accumulation and welfare spending remains unexplored. Using a segmented-trend panel-regression analysis on 31 Mainland China Provinces, we find that unsustainable provincial debt trends are closely linked to provincial social expenditures. Since essential social expenditures are captured by some fundamental predictors of the provincial debt, the remaining unsustainable debt trends are mainly driven by rising welfare spending. This suggests that policymakers need to exercise care when designing welfare policies to avoid painful corrections. Journal: Journal of the Asia Pacific Economy Pages: 358-378 Issue: 2 Volume: 27 Year: 2022 Month: 4 X-DOI: 10.1080/13547860.2020.1834905 File-URL: http://hdl.handle.net/10.1080/13547860.2020.1834905 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:27:y:2022:i:2:p:358-378 Template-Type: ReDIF-Article 1.0 Author-Name: Hanh Song Thi Pham Author-X-Name-First: Hanh Song Thi Author-X-Name-Last: Pham Author-Name: Anh Ngoc Nguyen Author-X-Name-First: Anh Ngoc Author-X-Name-Last: Nguyen Author-Name: Andrew Johnston Author-X-Name-First: Andrew Author-X-Name-Last: Johnston Title: Economic policies and technological development of Vietnam’s electronics industry Abstract: This paper examines the impact of economic policies on the development of Vietnam's electronics industry. We identified, reviewed, evaluated and interviewed various stakeholders in the industry about the policies implemented by the Vietnamese government during the period 1986–2017. We argue that while the policy aiming at learning through technological spillover from foreign direct investment led to the specific level of the technological development, problems during its implementation, coupled with institutional failures brought about unintended consequences. We conclude that trade liberalisation alone did not deliver the desired technological upgrading for domestic firms in Vietnam. Our paper provides policy implications for technological development in developing countries. Journal: Journal of the Asia Pacific Economy Pages: 248-269 Issue: 2 Volume: 27 Year: 2022 Month: 4 X-DOI: 10.1080/13547860.2020.1809055 File-URL: http://hdl.handle.net/10.1080/13547860.2020.1809055 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:27:y:2022:i:2:p:248-269 Template-Type: ReDIF-Article 1.0 Author-Name: Pankhuri Gaur Author-X-Name-First: Pankhuri Author-X-Name-Last: Gaur Title: India’s withdrawal from RCEP: neutralising national trade concerns Abstract: The new wave of nationalism has led to an increase in trade barriers, trade wars and break away from Mega-regionals of various economic powers in the world. In-line with the United States in TPP and the United Kingdom in the European Union, India has also withdrawn from RCEP, inter alia, to protect its domestic market from flooding of imports with no gains in services. With the on-going global recession, this protectionist behaviour of countries has intensified the global slow growth. The paper dwells into the reasons for India’s backout and concludes that it would lose its export potential and an opportunity to be part of value chains in the region. Concomitantly, other members of the grouping would also lose their export potential in the Indian market. Therefore, RCEP members should re-evaluate the grouping without India and India should consider a middle way approach to be a part of this Mega-regional. Journal: Journal of the Asia Pacific Economy Pages: 270-288 Issue: 2 Volume: 27 Year: 2022 Month: 4 X-DOI: 10.1080/13547860.2020.1809772 File-URL: http://hdl.handle.net/10.1080/13547860.2020.1809772 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:27:y:2022:i:2:p:270-288 Template-Type: ReDIF-Article 1.0 Author-Name: Shaobo Long Author-X-Name-First: Shaobo Author-X-Name-Last: Long Author-Name: Lu Ding Author-X-Name-First: Lu Author-X-Name-Last: Ding Author-Name: Rong Ran Author-X-Name-First: Rong Author-X-Name-Last: Ran Title: Asymmetric adjustment of inventory investment: aggregate data evidence from China Abstract: Based on China's monthly data from January 2006 to June 2018, this paper uses the symmetric regressive distributed lag model (ARDL) and nonlinear asymmetric regressive distributed lag model (NARDL) to examine the impact of the real interest rate, products’ shortage costs and products’ selling prices on China's overall inventory investment, and focuses on the asymmetric impact of the three factors on inventory investment. The empirical results show that the real interest rate has a negative impact on inventory investment, and its inhibition effect is stronger than the pulling effect. The products’ shortage costs have the positive effect on inventory investment, and the effect of increasing shortage costs are greater than that of decreasing the shortage costs. The products’ selling prices are also positively correlated with inventory investment, but the decline of the products' selling prices has the greater impact than the increase of the products’ selling prices. Journal: Journal of the Asia Pacific Economy Pages: 310-329 Issue: 2 Volume: 27 Year: 2022 Month: 4 X-DOI: 10.1080/13547860.2020.1826390 File-URL: http://hdl.handle.net/10.1080/13547860.2020.1826390 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:27:y:2022:i:2:p:310-329 Template-Type: ReDIF-Article 1.0 Author-Name: Upalat Korwatanasakul Author-X-Name-First: Upalat Author-X-Name-Last: Korwatanasakul Title: Revisiting Asian economic integration: challenges and prospects Abstract: Covering major Asian economic blocs and dialogues, this study comprehensively reviews the progress of “Asian” economic integration. The empirical results show that comprehensive, continent-wide economic integration in Asia is unlikely to happen soon since integration has been mainly confined to East and Southeast Asia, while other regions are much less integrated and globalised. However, the achievement of gradual integration would mutually benefit all members through capacity building, technological development, labour supply enlargement, and market expansion. With the forthcoming success of the Association of Southeast Asian Nations’ single market and Regional Comprehensive Economic Partnership, this study also argues that the attributes proposed in the previous literature, e.g. historical reconciliation, common institution, and economic, politic, and social heterogeneity are irrelevant in the context of Asian economic integration. Instead, the scope, depth, and sequencing of the integration process, coupled with supporting geopolitical factors, largely explain the success of the Asia model. Journal: Journal of the Asia Pacific Economy Pages: 199-222 Issue: 2 Volume: 27 Year: 2022 Month: 4 X-DOI: 10.1080/13547860.2020.1840493 File-URL: http://hdl.handle.net/10.1080/13547860.2020.1840493 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:27:y:2022:i:2:p:199-222 Template-Type: ReDIF-Article 1.0 Author-Name: Sasiwooth Wongmonta Author-X-Name-First: Sasiwooth Author-X-Name-Last: Wongmonta Title: An assessment of household food consumption patterns in Thailand Abstract: This study examines household food consumption patterns in Thailand using the 2015 Socioeconomic Survey. A demand system consisting of six main food groups is estimated applying the Quadratic Almost Ideal Demand System model. The results indicate that the expenditure elasticity for rice and other grains is the lowest among all food groups. Meat and fishes, eggs and dairy products, and food-away-from-home (FAFH) appear to be luxuries. FAFH consumption is highly associated with household income and level of urbanization. All food groups are price-inelastic demand with supportive evidence of food purchase substitution. The responsiveness of food demand with respect to price and income show remarkable differences across socioeconomic status and geographic locations. Specifically, low-income and elderly-headed households tend to be more responsive to food price and income changes. This suggests that they are likely afflicted with inadequate food intake caused by soaring food prices or economic downturn. Journal: Journal of the Asia Pacific Economy Pages: 289-309 Issue: 2 Volume: 27 Year: 2022 Month: 4 X-DOI: 10.1080/13547860.2020.1811191 File-URL: http://hdl.handle.net/10.1080/13547860.2020.1811191 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:27:y:2022:i:2:p:289-309 Template-Type: ReDIF-Article 1.0 Author-Name: Changyang Liu Author-X-Name-First: Changyang Author-X-Name-Last: Liu Author-Name: Shuxin Zheng Author-X-Name-First: Shuxin Author-X-Name-Last: Zheng Author-Name: Yugang Yin Author-X-Name-First: Yugang Author-X-Name-Last: Yin Author-Name: Yong Wang Author-X-Name-First: Yong Author-X-Name-Last: Wang Title: Political uncertainty and stock return: evidence from turnovers of Chinese local government leaders Abstract: This paper provides evidence about the asset pricing implication of political uncertainty in China. Under the assumption that there is a U-shape relationship between political uncertainty and the duration of Chinese local government leader in office, we propose a novel political uncertainty measure and investigate the impact of such uncertainty on the cross-section of expected stock returns. Using the A-share market data from 1998 to 2017, we find that the firms in the cities with higher political uncertainty tend to earn higher future stock returns, and this positive effect is more pronounced in regions with higher policy-sensitivity. These findings are robust to a battery of tests including using alternative calculation of political uncertainty, changing test horizons, testing in different subperiods and different market states. Further analysis shows that the positive relationship between political uncertainty and expected stock returns is mainly driven by the change in discount rather than change in the firm’s fundamentals. Journal: Journal of the Asia Pacific Economy Pages: 330-357 Issue: 2 Volume: 27 Year: 2022 Month: 4 X-DOI: 10.1080/13547860.2020.1833422 File-URL: http://hdl.handle.net/10.1080/13547860.2020.1833422 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:27:y:2022:i:2:p:330-357 Template-Type: ReDIF-Article 1.0 Author-Name: Han Yu Author-X-Name-First: Han Author-X-Name-Last: Yu Author-Name: Abraham Y. Nahm Author-X-Name-First: Abraham Y. Author-X-Name-Last: Nahm Author-Name: Zengji Song Author-X-Name-First: Zengji Author-X-Name-Last: Song Title: The power source of Chinese state-owned enterprise leaders, investigation of local core officials, and corporate investment behavior Abstract: This study analyzes the power source of Chinese state-owned enterprise (SOE) leaders by sorting out the unique selection and appointment mechanism of SOE cadres in China and the organizational structure behind this mechanism. Empirical research finds when local core officials are investigated for corruption, it has a major impact on the top leaders of local SOEs due to ‘top to bottom’ personnel changes, which would in turn have a strong impact on corporate investment behavior. However, the magnitude of such impact would differ between local versus central SOEs, as well as among commercial competition versus public welfare SOEs. This study provides an analytical framework for Western scholars to study corporate governance of SOEs in China. Journal: Journal of the Asia Pacific Economy Pages: 223-247 Issue: 2 Volume: 27 Year: 2022 Month: 4 X-DOI: 10.1080/13547860.2020.1782039 File-URL: http://hdl.handle.net/10.1080/13547860.2020.1782039 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:27:y:2022:i:2:p:223-247 Template-Type: ReDIF-Article 1.0 Author-Name: Tigran Poghosyan Author-X-Name-First: Tigran Author-X-Name-Last: Poghosyan Title: Exchange rate pass-through in the Caucasus and Central Asia Abstract: This article estimates the extent and speed of exchange rate pass-through (ERPT) in seven Caucasus and Central Asia (CCA) countries using monthly data over the January 1995–May 2020 period. The estimations are performed using the local projections method. We find that the average pass-through in the CCA is about 10% on impact and about 25% after 12 months. There is no evidence of asymmetric ERPT with respect to the size and the sign of exchange rate changes. The pass-through is broadly unchanged in fixed versus floating exchange rate regimes. There has been a downward shift in the speed of ERPT in the aftermath of the global financial crisis as CCA countries have entered a relatively low inflation environment. The pass-through estimates could be used by the CCA monetary authorities for inflation projections. The absence of nonlinearities in the pass-through with respect to the exchange rate regime suggests that transition from fixed to floating exchange rate regimes in the region is not likely to impose additional inflationary costs. Journal: Journal of the Asia Pacific Economy Pages: 379-396 Issue: 2 Volume: 27 Year: 2022 Month: 4 X-DOI: 10.1080/13547860.2020.1856759 File-URL: http://hdl.handle.net/10.1080/13547860.2020.1856759 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:27:y:2022:i:2:p:379-396 Template-Type: ReDIF-Article 1.0 # input file: catalog-resolver2614754121749095683.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220713T202513 git hash: 99d3863004 Author-Name: John Thoburn Author-X-Name-First: John Author-X-Name-Last: Thoburn Title: The political economy of automotive industrialization in east asia; Political economy of Malaysia’s industrial policy: institutional capacity and the automotive industry Journal: Journal of the Asia Pacific Economy Pages: 585-589 Issue: 3 Volume: 27 Year: 2022 Month: 7 X-DOI: 10.1080/13547860.2022.2041293 File-URL: http://hdl.handle.net/10.1080/13547860.2022.2041293 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:27:y:2022:i:3:p:585-589 Template-Type: ReDIF-Article 1.0 # input file: catalog-resolver5527608676173675067.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220713T202513 git hash: 99d3863004 Author-Name: Jagannath Mallick Author-X-Name-First: Jagannath Author-X-Name-Last: Mallick Author-Name: Anqi Zhang Author-X-Name-First: Anqi Author-X-Name-Last: Zhang Title: Global Value Chains (GVCs) participation patterns and impacts on productivity growth in the Asian economies Abstract: The paper examines the dynamic impact of GVCs on productivity growth in 14 Asian economies, from 1995 to 2016. OECD and Asia Productivity Organisation data show that in the last few decades there has been a rapid expansion of GVCs in the majority of the Asian economies. We employ the panel Auto-regressive Distributed Lag method to empirically evaluate the impact of GVCs participation on ‘total factor productivity growth’ and ‘labor productivity growth’. The empirical results point to the significant effect of GVCs on domestic productivity growth in the long run in the selected Asian economies, while the effect on labor productivity growth is larger than that on total factor productivity growth. However, GVCs does not affect it in the short-run. If excluded the six high-income economies and only focused on the middle-income countries, we find forward GVCs promotes domestic productivity in long run, while the backward GVCs does not. Journal: Journal of the Asia Pacific Economy Pages: 495-514 Issue: 3 Volume: 27 Year: 2022 Month: 7 X-DOI: 10.1080/13547860.2022.2080428 File-URL: http://hdl.handle.net/10.1080/13547860.2022.2080428 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:27:y:2022:i:3:p:495-514 Template-Type: ReDIF-Article 1.0 # input file: catalog-resolver7644164782123429649.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220713T202513 git hash: 99d3863004 Author-Name: Peter Wad Author-X-Name-First: Peter Author-X-Name-Last: Wad Title: Automotive Industrialisation. Industrial Policy and Development in Southeast Asia Journal: Journal of the Asia Pacific Economy Pages: 590-593 Issue: 3 Volume: 27 Year: 2022 Month: 7 X-DOI: 10.1080/13547860.2022.2077543 File-URL: http://hdl.handle.net/10.1080/13547860.2022.2077543 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:27:y:2022:i:3:p:590-593 Template-Type: ReDIF-Article 1.0 # input file: catalog-resolver8686328784727261319.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220713T202513 git hash: 99d3863004 Author-Name: Kailei Wei Author-X-Name-First: Kailei Author-X-Name-Last: Wei Author-Name: Suhan Li Author-X-Name-First: Suhan Author-X-Name-Last: Li Author-Name: Chunxia Jiang Author-X-Name-First: Chunxia Author-X-Name-Last: Jiang Title: The spatial heterogeneity and time-varying nature of FDI determinants: evidence from China Abstract: This article explores the spatial heterogeneity and time-varying nature of FDI determinants. It also examines the impact of the Belt and Road Initiative (BRI) on regional FDI inflows. Applying both the long-term static model and the short-term dynamic model to a provincial-level dataset in China over the 1979–2018 period, we find that FDI is positively affected by market size, labour costs, openness, transport infrastructure, human capital, and the exchange rate, but negatively affected by population, and more importantly, these effects are heterogeneous across regions and over different time periods. We also find that provinces directly involved in the BRI became less attractive to foreign investors after the launch of the BRI in 2013. Journal: Journal of the Asia Pacific Economy Pages: 445-469 Issue: 3 Volume: 27 Year: 2022 Month: 7 X-DOI: 10.1080/13547860.2022.2066271 File-URL: http://hdl.handle.net/10.1080/13547860.2022.2066271 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:27:y:2022:i:3:p:445-469 Template-Type: ReDIF-Article 1.0 # input file: catalog-resolver-2784072296476342521.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220713T202513 git hash: 99d3863004 Author-Name: Jing Wang Author-X-Name-First: Jing Author-X-Name-Last: Wang Author-Name: Xi Tian Author-X-Name-First: Xi Author-X-Name-Last: Tian Title: Impacts of the belt and road initiative on China’s bilateral trade Abstract: This study contributes to the existing literature by empirically analyzing the impacts of the Belt and Road Initiative (BRI) on China’s bilateral trade. Applying an augmented gravity model to trade flows between China and its 190 trading partners, of which 140 countries have signed the BRI agreements sequentially, during the period 2012–2020, we find that: (1) The BRI can significantly increase the extensive and intensive margins of China’s exports and imports, while reducing China’s trade surplus. (2) The BRI stimulates trade quantities, while lowering unit values of traded products. (3) These effects vary by income level and product category. In short, the BRI has been quite effective in strengthening China’s global trade position and it is also beneficial to both trading parities. Policy implications are proposed accordingly. Journal: Journal of the Asia Pacific Economy Pages: 400-424 Issue: 3 Volume: 27 Year: 2022 Month: 7 X-DOI: 10.1080/13547860.2022.2042110 File-URL: http://hdl.handle.net/10.1080/13547860.2022.2042110 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:27:y:2022:i:3:p:400-424 Template-Type: ReDIF-Article 1.0 # input file: catalog-resolver-2666367890353023421.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220713T202513 git hash: 99d3863004 Author-Name: Yanming Sun Author-X-Name-First: Yanming Author-X-Name-Last: Sun Author-Name: Shuhan Duan Author-X-Name-First: Shuhan Author-X-Name-Last: Duan Author-Name: Lili Wang Author-X-Name-First: Lili Author-X-Name-Last: Wang Author-Name: Caili Yang Author-X-Name-First: Caili Author-X-Name-Last: Yang Title: Uncertainty and China’s cross-border mergers and acquisitions Abstract: This study examines the relationship between uncertainty and China’s cross-border mergers and acquisitions (M&As). Based on 1847 cross-border M&A deals made by Chinese firms in 130 countries and regions over the period of 2002 − 2018, we find that Chinese acquirers are less likely to conduct cross-border M&A deals when uncertainty is high in the target country. The results are robust to alternative samples and measures of uncertainty. Furthermore, we find that uncertainty has a dynamic impact on China’s cross-border M&As. Variations in the economic environment close to the time of an announcement have a greater influence on affecting the final occurrence of M&A transactions than those in a more distant period. Lastly, market conditions are important in shaping the effects of uncertainty on M&As. The negative effects of uncertainty are larger in countries with weaker financial markets and government regulation and lower levels of openness. Journal: Journal of the Asia Pacific Economy Pages: 515-533 Issue: 3 Volume: 27 Year: 2022 Month: 7 X-DOI: 10.1080/13547860.2022.2088511 File-URL: http://hdl.handle.net/10.1080/13547860.2022.2088511 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:27:y:2022:i:3:p:515-533 Template-Type: ReDIF-Article 1.0 # input file: catalog-resolver-2719490790594678666.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220713T202513 git hash: 99d3863004 Author-Name: Yahui Chen Author-X-Name-First: Yahui Author-X-Name-Last: Chen Author-Name: Charles van Marrewijk Author-X-Name-First: Charles van Author-X-Name-Last: Marrewijk Author-Name: Changsheng Xu Author-X-Name-First: Changsheng Author-X-Name-Last: Xu Author-Name: Congmin Zuo Author-X-Name-First: Congmin Author-X-Name-Last: Zuo Title: Does the Belt and Road Initiative affect the business environment of participating countries? Abstract: This article analyzes the impact of the Belt and Road Initiative (BRI) on the economic and business environment of its participants using the Global Doing Business Report from the World Bank. We use a difference-in-difference approach to identify the impact by considering BRI as an exogenous policy shock. We find that BRI positively impacts the business environment of the participating countries; in particular, there is a great improvement in the scores of business starting and contract enforcing. The positive effect is larger in low-income countries and the countries with a growing investment from China. Journal: Journal of the Asia Pacific Economy Pages: 425-444 Issue: 3 Volume: 27 Year: 2022 Month: 7 X-DOI: 10.1080/13547860.2022.2082748 File-URL: http://hdl.handle.net/10.1080/13547860.2022.2082748 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:27:y:2022:i:3:p:425-444 Template-Type: ReDIF-Article 1.0 # input file: catalog-resolver133612469693128663.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220713T202513 git hash: 99d3863004 Author-Name: Jing Li Author-X-Name-First: Jing Author-X-Name-Last: Li Author-Name: Guanghua Wan Author-X-Name-First: Guanghua Author-X-Name-Last: Wan Author-Name: Jing Wang Author-X-Name-First: Jing Author-X-Name-Last: Wang Title: Introduction to open economy and globalization Journal: Journal of the Asia Pacific Economy Pages: 397-399 Issue: 3 Volume: 27 Year: 2022 Month: 7 X-DOI: 10.1080/13547860.2022.2092951 File-URL: http://hdl.handle.net/10.1080/13547860.2022.2092951 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:27:y:2022:i:3:p:397-399 Template-Type: ReDIF-Article 1.0 # input file: catalog-resolver-5672813662092129729.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220713T202513 git hash: 99d3863004 Author-Name: Xiaoshan Hu Author-X-Name-First: Xiaoshan Author-X-Name-Last: Hu Author-Name: Guanghua Wan Author-X-Name-First: Guanghua Author-X-Name-Last: Wan Author-Name: Tongjin Zhang Author-X-Name-First: Tongjin Author-X-Name-Last: Zhang Title: Does health aid reduce infant mortality? Cross-country evidence Abstract: Does health aid help reduce infant mortality? Despite a growing literature, existing findings have no consensus. To investigate the relationship between health aid and infant mortality, this paper applies polynomial inverse lag (PIL) framework to panel data from 131 countries over the period 2002–2019, and focuses on the instant and long-term impacts of health aid on infant mortality. The results indicate that health aid can effectively reduce infant mortality and it has a greatest effect in the current year. More specifically, a 1% rise in health aid causes a 1.53% drop in infant mortality instantly, though the impact tails off over time. The results maintain robustness across specifications. Heterogeneity test shows that health aid’s benign impact is more pronounced in deep poverty countries. Finally, it is found that aid raises public health expenditure of recipient countries, leading to a better health care system and a lower infant mortality. Journal: Journal of the Asia Pacific Economy Pages: 534-550 Issue: 3 Volume: 27 Year: 2022 Month: 7 X-DOI: 10.1080/13547860.2022.2072608 File-URL: http://hdl.handle.net/10.1080/13547860.2022.2072608 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:27:y:2022:i:3:p:534-550 Template-Type: ReDIF-Article 1.0 # input file: catalog-resolver-4236439235446776877.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220713T202513 git hash: 99d3863004 Author-Name: Fanjie Fu Author-X-Name-First: Fanjie Author-X-Name-Last: Fu Author-Name: Alan Collins Author-X-Name-First: Alan Author-X-Name-Last: Collins Author-Name: Shujie Yao Author-X-Name-First: Shujie Author-X-Name-Last: Yao Title: Building an open and stable capital market: a supervision intensity perspective Abstract: This article investigates the impact of supervision intensity on stock price crash risk (SPCR) in China. A firm’s decision to hide bad news lies in the trade-off between the benefits of violation and the costs of being punished by government regulations. Our research findings reveal an inverted U-shaped relationship between SPCR and supervision intensity. Institutional shareholding strengthens the inverted U-shaped relationship between supervision intensity and SPCR through the mediating effect. This inverted U-shaped relationship is even more sensitive in low transparency firms. Better local market conditions and external auditing seemingly enhance supervision effectiveness, and hence mitigate SPCR. This article also discusses the supervision of other developed countries, such as the USA, Japan, and the UK, as well as other historical evidence to further inform the design of open and stable capital markets, particularly in the Chinese context. Journal: Journal of the Asia Pacific Economy Pages: 551-584 Issue: 3 Volume: 27 Year: 2022 Month: 7 X-DOI: 10.1080/13547860.2022.2089477 File-URL: http://hdl.handle.net/10.1080/13547860.2022.2089477 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:27:y:2022:i:3:p:551-584 Template-Type: ReDIF-Article 1.0 # input file: catalog-resolver-8403518931443396168.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220713T202513 git hash: 99d3863004 Author-Name: Yang Liu Author-X-Name-First: Yang Author-X-Name-Last: Liu Author-Name: Jing Li Author-X-Name-First: Jing Author-X-Name-Last: Li Author-Name: Li Lei Author-X-Name-First: Li Author-X-Name-Last: Lei Author-Name: Lingli Xiao Author-X-Name-First: Lingli Author-X-Name-Last: Xiao Title: FDI inflows and the economic growth of city clusters: evidence from China's Yangtze River Economic Belt Abstract: This study investigates the impact and transmission mechanism of foreign direct investment (FDI) inflows on the economic growth of city clusters. Via theoretical analysis, a spatial Durbin model (SDM) and mediating effect model are applied based on panel data of the three major city clusters in the Yangtze River Economic Belt (YREB) from 1997 to 2018. The results reveal the following: (1) FDI inflows promote the economic growth of city clusters in the YREB, but the degrees of impacts on the three city clusters are different; (2) the spatial effects of FDI inflows differ across city clusters; the effects are negative in city clusters of the Yangtze River Delta and the Yangtze River Middle Reaches, and positive in the Chengdu-Chongqing city cluster; (3) urbanization and industrial structure upgrading are two important mechanisms by which FDI inflows promote the economic growth of city clusters. However, there are differences among the three major city clusters; the intermediary effect of urbanization is more significant in city clusters of Chengdu-Chongqing and the Yangtze River Middle Reaches, while the intermediary effect of industrial structure upgrading is more significant in the Yangtze River Delta and Chengdu-Chongqing city clusters. Policy implications are proposed accordingly. Journal: Journal of the Asia Pacific Economy Pages: 470-494 Issue: 3 Volume: 27 Year: 2022 Month: 7 X-DOI: 10.1080/13547860.2022.2068825 File-URL: http://hdl.handle.net/10.1080/13547860.2022.2068825 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:27:y:2022:i:3:p:470-494 Template-Type: ReDIF-Article 1.0 # input file: RJAP_A_1865248_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949 Author-Name: Bo Sun Author-X-Name-First: Bo Author-X-Name-Last: Sun Author-Name: Ao Ruan Author-X-Name-First: Ao Author-X-Name-Last: Ruan Author-Name: Biyu Peng Author-X-Name-First: Biyu Author-X-Name-Last: Peng Author-Name: Shanshi Liu Author-X-Name-First: Shanshi Author-X-Name-Last: Liu Title: Pay disparities within top management teams, marketization and firms’ innovation: evidence from China Abstract: Using executive resume data of China’s listed companies between 2006 and 2016, we investigated the relationship between pay disparities within top management teams (TMT) and firms’ innovation performance. Specifically, we assessed two dimensions of pay disparities: vertical pay disparity between CEOs and non-CEO managers, and horizontal pay disparity among non-CEO managers. Considering the difference in regional marketization progress, we also explored the moderating effect of marketization degree on this relation. It is found that: with vertical pay disparity increasing by 1%, firms’ innovation performance is improved by 2.3%; with horizontal pay disparity increasing, firms’ innovation performance is promoted first and then restrained; higher marketization degree strengthens the incentive effects of both vertical and horizontal pay disparity. But the grouped regression results show that, in state-owned enterprises, horizontal pay disparity is only negatively associated with innovation. The theoretical and practical significance of the research is discussed at the end of the paper. Journal: Journal of the Asia Pacific Economy Pages: 715-735 Issue: 4 Volume: 27 Year: 2022 Month: 10 X-DOI: 10.1080/13547860.2020.1865248 File-URL: http://hdl.handle.net/10.1080/13547860.2020.1865248 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:27:y:2022:i:4:p:715-735 Template-Type: ReDIF-Article 1.0 # input file: RJAP_A_1843591_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949 Author-Name: Chang-Sheng Liao Author-X-Name-First: Chang-Sheng Author-X-Name-Last: Liao Title: Deregulation, contestability and market structure for banks in Taiwan Abstract: This is the first study to integrate structural and non-structural approaches into the evaluation of competitive conditions for banks in Taiwan. It is found that the results of structural and non-structural approaches are compatible. This study finds that market share may not have a significant impact on banks’ efficiency but may significantly impact profitability. This implies that banks are willing to sacrifice something to expand their market share, such as not enforcing minimum cost targets and wasting resources to raise an already unrealistic market share target. Furthermore, it is essential to pay attention to the observation that the degrees of competition deteriorated after the Global Financial Crisis (GFC). This argues that the transmission mechanism from market structure to performance occurring through product differentiation is able to exercise market power in banks products and earn supernormal profit, which is normally associated with dominant banks and not with collusive behaviour. Journal: Journal of the Asia Pacific Economy Pages: 620-639 Issue: 4 Volume: 27 Year: 2022 Month: 10 X-DOI: 10.1080/13547860.2020.1843591 File-URL: http://hdl.handle.net/10.1080/13547860.2020.1843591 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:27:y:2022:i:4:p:620-639 Template-Type: ReDIF-Article 1.0 # input file: RJAP_A_1854643_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949 Author-Name: Yan He Author-X-Name-First: Yan Author-X-Name-Last: He Author-Name: Yung-ho Chiu Author-X-Name-First: Yung-ho Author-X-Name-Last: Chiu Author-Name: Bin Zhang Author-X-Name-First: Bin Author-X-Name-Last: Zhang Title: Corporate governance and firms’ efficiency in China’s manufacturing listed companies from dynamic perspectives Abstract: This research applies the dynamic slack-based measure (DSBM) model to evaluate the dynamic efficiency of manufacturing companies in the long run and uses the Censored Least Absolute Deviations (CLAD) model to analyze the effect of corporate governance on their overall efficiency and the efficiency of each input factor. We find the following main results. First, overall efficiency of the manufacturing industry listed companies is low. 2) Debt efficiency is lower than the efficiency of shareholders’ equity and exhibits a downward trend. 3) Labor efficiency is the lowest among all inputs. 4) The efficiency of the medicine and bio-products industry is the highest, while the efficiency of the paper and printing industry (which causes serious pollution) is the lowest. 5) Companies with low export intensity and high capital intensity are the most efficient, while companies with high export intensity and low capital intensity are the least efficient. 6) Ownership concentration and efficiency have a significantly positive U-shape relationship. 7) Board size and efficiency have a significantly inverted U-shape relationship. 8) An actual controller with a state-owned nature has a significantly negative impact on efficiency. 9) Executive compensation, equity incentive, and institutional ownership have a significantly positive impact on efficiency. Journal: Journal of the Asia Pacific Economy Pages: 682-714 Issue: 4 Volume: 27 Year: 2022 Month: 10 X-DOI: 10.1080/13547860.2020.1854643 File-URL: http://hdl.handle.net/10.1080/13547860.2020.1854643 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:27:y:2022:i:4:p:682-714 Template-Type: ReDIF-Article 1.0 # input file: RJAP_A_1837448_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949 Author-Name: Qian Guo Author-X-Name-First: Qian Author-X-Name-Last: Guo Author-Name: Hong Li Author-X-Name-First: Hong Author-X-Name-Last: Li Author-Name: Wenkai Sun Author-X-Name-First: Wenkai Author-X-Name-Last: Sun Title: Globalization or institution? Abstract: Thanks to globalization, some countries achieve economic growth despite underdeveloped institutions, raising the issue of whether institutions or other factors might contribute more to economic growth. With settler mortality during colonization as an IV for current institutions of former colonies, Acemoglu, Johnson, and Robinson found a tremendous, positive effect of institutions on economic performance. We argue that their study ignored an important factor, i.e. globalization, which may both relate to colonial history and affect current economic development, thus potentially biasing the estimate of the impact of institutions. This is because colonial history by English-speaking countries may affect a country’s English proficiency, which in turn may affect its economic globalization and social globalization and thus its economic development, with the United Kingdom and the United States as the world leader in succession. Correspondingly, we add globalization and examine the concomitant effects of globalization and institution on economic performance. With settler mortality and length of colonization by English-speaking countries as instrument variables, we find that globalization contributes greatly to economic performance and the effect of institutions becomes not statistically significant once globalization is taken into account. Of the sub-indices of globalization, the index of social globalization has the strongest and most stable impact on economic performance. Specifically, a one-point increase in overall globalization of a country or region corresponds to about 9.8% increase in its GDP per capita; and a one-point increase in social globalization corresponds to about 7.3% increase in GDP per capita. Journal: Journal of the Asia Pacific Economy Pages: 595-619 Issue: 4 Volume: 27 Year: 2022 Month: 10 X-DOI: 10.1080/13547860.2020.1837448 File-URL: http://hdl.handle.net/10.1080/13547860.2020.1837448 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:27:y:2022:i:4:p:595-619 Template-Type: ReDIF-Article 1.0 # input file: RJAP_A_1915544_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949 Author-Name: Sasiwimon Warunsiri Paweenawat Author-X-Name-First: Sasiwimon Warunsiri Author-X-Name-Last: Paweenawat Title: The impact of global value chain integration on wages: evidence from matched worker-industry data in Thailand Abstract: Using a two-stage estimation of matched worker-industry data from 2000 to 2011, this study investigates the impact of global value chain (GVC) integration on wages and the skill premium in the 32 industries in Thailand, a country with recent heavy involvement in GVCs. This study employs foreign value added in both final and intermediate goods exports as a proxy for the degree of industry integration in GVCs and applies a panel fixed effects estimation on constructed panel data to investigate its relationship with wages. The main finding indicates that a higher level of industry integration with GVCs leads to higher wages and a higher skill premium, confirming the positive effect of GVC involvement on wages and the complementary effect of high demand for skilled workers in GVC-oriented industries in Thailand. Workers in industries with downstream position will earn a higher wage than those working in the upstream position. Journal: Journal of the Asia Pacific Economy Pages: 757-780 Issue: 4 Volume: 27 Year: 2022 Month: 10 X-DOI: 10.1080/13547860.2021.1915544 File-URL: http://hdl.handle.net/10.1080/13547860.2021.1915544 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:27:y:2022:i:4:p:757-780 Template-Type: ReDIF-Article 1.0 # input file: RJAP_A_1902599_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949 Author-Name: Anthony J. Makin Author-X-Name-First: Anthony J. Author-X-Name-Last: Makin Author-Name: George Verikios Author-X-Name-First: George Author-X-Name-Last: Verikios Title: Macroeconomic gains from liberalising foreign investment in APEC Abstract: This paper analyses the macroeconomic gains to Asia-Pacific economies from liberalising foreign investment flows. It first presents an intertemporal theoretical framework to convey, in principle, how higher national income stems from the narrowing of the gap between domestic and foreign rates of return on capital. Using a computable general equilibrium model it then empirically quantifies the impact on investment, the capital stocks, the external accounts and national income of a one percentage point reduction of the rate of return on capital due to further liberalisation of impediments to foreign investment. The results show national income gains for Asia-Pacific economies are on average around 0.3 percent per annum, which compounded through time implies significant long-term improvement in living standards in the region. This suggests APEC should afford greater priority to foreign investment liberalisation. Journal: Journal of the Asia Pacific Economy Pages: 736-756 Issue: 4 Volume: 27 Year: 2022 Month: 10 X-DOI: 10.1080/13547860.2021.1902599 File-URL: http://hdl.handle.net/10.1080/13547860.2021.1902599 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:27:y:2022:i:4:p:736-756 Template-Type: ReDIF-Article 1.0 # input file: RJAP_A_1844610_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949 Author-Name: Hong Chen Author-X-Name-First: Hong Author-X-Name-Last: Chen Author-Name: Baljeet Singh Author-X-Name-First: Baljeet Author-X-Name-Last: Singh Author-Name: Wesley Steve Aru Author-X-Name-First: Wesley Steve Author-X-Name-Last: Aru Title: Relationship between government expenditure and economic growth: evidence from Vanuatu Abstract: This study examines the impact of government expenditure on economic growth in Vanuatu for the period 1981 to 2016. We first examined the effects of government expenditure on economic growth when government expenditure is financed by tax revenues, non-tax revenues, and budget deficit/surplus. Secondly, we examined the effects of government expenditure compositions on economic growth. Thirdly, we tested for weak exogeneity of fiscal factors on investment. We observed that fiscal factors and investment have causal effects on economic growth in Vanuatu. More specifically, government expenditure negatively influences long-run economic growth when financed by tax revenues, but positively influences long-run economic growth when financed by other sources such as non-tax revenues and budget surplus/deficit. We further noted that amongst expenditure compositions, expenditure on education, health, wages & salaries, agriculture, and interest payments individually has larger effects on the long-run economic growth than the remaining expenditure composition as a whole. Journal: Journal of the Asia Pacific Economy Pages: 640-659 Issue: 4 Volume: 27 Year: 2022 Month: 10 X-DOI: 10.1080/13547860.2020.1844610 File-URL: http://hdl.handle.net/10.1080/13547860.2020.1844610 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:27:y:2022:i:4:p:640-659 Template-Type: ReDIF-Article 1.0 # input file: RJAP_A_1849938_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949 Author-Name: Ying-Qi Yu Author-X-Name-First: Ying-Qi Author-X-Name-Last: Yu Title: Financial literacy and asset allocation among retired residents: evidence from China Abstract: Using microdata from China Family Panel Studies (CFPS), this article studies the financial literacy of retired Chinese residents and their asset allocation. This study found that despite numerous related economic decisions made over their lifetimes, the financial literacy of retired Chinese residents is still at a very low level. No matter whether in urban or rural, a large proportion of retired residents are financially illiterate. At the same time, the financial literacy level has a significant impact on the asset allocation of retired residents, and retired residents with low financial literacy levels have a low degree of diversification in asset allocation. Considering that China’s average life expectancy has reached 77 years, retired residents will face various financial decisions for a long time to come, relevant policies should be devoted to improving the financial literacy of retired residents, which will help improve their economic and financial safety and enhance their financial welfare. Journal: Journal of the Asia Pacific Economy Pages: 660-681 Issue: 4 Volume: 27 Year: 2022 Month: 10 X-DOI: 10.1080/13547860.2020.1849938 File-URL: http://hdl.handle.net/10.1080/13547860.2020.1849938 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:27:y:2022:i:4:p:660-681 Template-Type: ReDIF-Article 1.0 # input file: RJAP_A_1865249_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Huichun Huang Author-X-Name-First: Huichun Author-X-Name-Last: Huang Author-Name: Junli Yuan Author-X-Name-First: Junli Author-X-Name-Last: Yuan Author-Name: Guanghua Lin Author-X-Name-First: Guanghua Author-X-Name-Last: Lin Author-Name: Jing Chi Author-X-Name-First: Jing Author-X-Name-Last: Chi Title: Underestimation of financial literacy and financial market participation Abstract: The paper examines the impact of underestimation in financial literacy on financial market participation in the largest emerging market, China. Using 3496 China Family Panel Studies (CFPS) 2014 nationally representative data, we find that underestimation in financial literacy negatively influences respondents’ financial market participation, while overestimation has no significant effect on it. The result is robust when alternative measures of underestimation or CFPS 2016 data are used. Moreover, we also find that the impact of underestimation is heterogeneous. It has a greater impact on high-income, risk-taking residents and those living in more economically developed areas, while social interaction can alleviate the negative effect of underestimation. Furthermore, underestimation greatly affects the risky financial market participation, particularly the stock market. Our findings suggest that residents do not only need to have great financial literacy, but also need to have the right perception of it to participate in financial markets. Journal: Journal of the Asia Pacific Economy Pages: 75-100 Issue: 1 Volume: 28 Year: 2023 Month: 1 X-DOI: 10.1080/13547860.2020.1865249 File-URL: http://hdl.handle.net/10.1080/13547860.2020.1865249 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:28:y:2023:i:1:p:75-100 Template-Type: ReDIF-Article 1.0 # input file: RJAP_A_1868107_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Harry Aginta Author-X-Name-First: Harry Author-X-Name-Last: Aginta Author-Name: Anang Budi Gunawan Author-X-Name-First: Anang Budi Author-X-Name-Last: Gunawan Author-Name: Carlos Mendez Author-X-Name-First: Carlos Author-X-Name-Last: Mendez Title: Regional income disparities and convergence clubs in Indonesia: new district-level evidence Abstract: This article aims to re-examine the regional convergence hypothesis on income in Indonesia over the 2000–2017 period. By applying a non-linear dynamic factor model, this article tests the club convergence hypothesis using a novel dataset of income at the district level. The results show significant five convergence clubs in Indonesian districts’ income dynamics, implying the persistence of income disparity problems across districts even after implementing the decentralization policy. The subsequent analysis reveals two appealing features regarding the convergence clubs. First, districts belonging to the same province tend to be in the same club, and second, districts with specific characteristics (i.e. big cities or natural resources-rich regions) dominate the highest income club. Overall, our findings suggest some insightful policy implications, including the importance of differentiated development policies across convergence clubs and inter-provincial development strategies. Journal: Journal of the Asia Pacific Economy Pages: 101-132 Issue: 1 Volume: 28 Year: 2023 Month: 1 X-DOI: 10.1080/13547860.2020.1868107 File-URL: http://hdl.handle.net/10.1080/13547860.2020.1868107 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:28:y:2023:i:1:p:101-132 Template-Type: ReDIF-Article 1.0 # input file: RJAP_A_1879351_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Koji Kubo Author-X-Name-First: Koji Author-X-Name-Last: Kubo Author-Name: Vichet Sam Author-X-Name-First: Vichet Author-X-Name-Last: Sam Author-Name: Yuthan Chea Author-X-Name-First: Yuthan Author-X-Name-Last: Chea Title: Currency exchange under payments dollarization: converting a source of efficiency loss into a catalyst for financial development in Cambodia Abstract: Payments dollarization necessitates firms to take on a burden of currency exchange even for domestic transactions, which is regarded as an economy-wide efficiency loss. However, currency exchange, if seized by banks, can serve as a catalyst for financial development. Using a firm-level dataset from an original survey that reveals the prevalence of currency exchange due to payments dollarization, our study adopts the logit model approach to investigate firms’ decisions on currency exchange methods. The empirical results confirm that firms’ dependence on cash payment and their perception of price differences influence their decisions. Specifically, a high ratio of cash expenditure to total expenditure and their perception of money changers being competitive in price are associated with firms’ preference of money changers to banks. Our findings suggest effective policy interventions for the promotion of currency exchange at banks, including disclosure of currency exchange rates by the central bank for firms’ informed decisions as well as the concurrent promotion of non-cash payment methods. Journal: Journal of the Asia Pacific Economy Pages: 216-241 Issue: 1 Volume: 28 Year: 2023 Month: 1 X-DOI: 10.1080/13547860.2021.1879351 File-URL: http://hdl.handle.net/10.1080/13547860.2021.1879351 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:28:y:2023:i:1:p:216-241 Template-Type: ReDIF-Article 1.0 # input file: RJAP_A_1879352_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Hoon Choi Author-X-Name-First: Hoon Author-X-Name-Last: Choi Author-Name: Raul Ramos Author-X-Name-First: Raul Author-X-Name-Last: Ramos Title: The union wage premium in a segmented labor market: new evidence from Korea Abstract: Korea’s labor market is highly dualized. Non-regular workers are subject to adverse labor conditions, and unions, controlled by regular workers, usually restrict their entry as allowed by Korean regulations. Our objective is to analyze the union wage gap in Korea considering this institutional setting. In particular, we examine union wage effects using a more recent and richer dataset than previous studies, the Economically Active Population Survey (EAPS) data, that enables us to distinguish union members from voluntary non-members, involuntary non-members, and workers in firms without unions. Our empirical analysis compares the wages of union members to those of different categories of non-unionized workers not only in the mean but also along the wage distribution using quantile regressions. Our results show that voluntary non-members experience a marginal wage penalty while for involuntary non-members it is much higher, a difference that could be reduced by removing regulations limiting non-regular workers from joining unions. Journal: Journal of the Asia Pacific Economy Pages: 242-260 Issue: 1 Volume: 28 Year: 2023 Month: 1 X-DOI: 10.1080/13547860.2021.1879352 File-URL: http://hdl.handle.net/10.1080/13547860.2021.1879352 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:28:y:2023:i:1:p:242-260 Template-Type: ReDIF-Article 1.0 # input file: RJAP_A_1864102_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Pengpeng Yue Author-X-Name-First: Pengpeng Author-X-Name-Last: Yue Author-Name: Aslihan Gizem Korkmaz Author-X-Name-First: Aslihan Gizem Author-X-Name-Last: Korkmaz Author-Name: Zhichao Yin Author-X-Name-First: Zhichao Author-X-Name-Last: Yin Author-Name: Haigang Zhou Author-X-Name-First: Haigang Author-X-Name-Last: Zhou Title: Liquidity constraints and family labor participation Abstract: This paper sheds light on the relationship between liquidity constraints experienced by the head of the household (HOH) and their family members’ labor supply. The study, focusing on the spillover effects between financial and labor markets, finds that when the HOH is liquidity constrained, unemployed family members join the labor market. While the overall tendency of family members is to choose self-employment versus salaried employment, the results show a heterogeneous impact on different family members. We find the impact of liquidity constraints to be the strongest on the labor market decisions of the spouses and children. Using the China Household Finance Survey (CHFS), the study contributes to the literature by presenting evidence on intra-household risk-sharing from a big emerging market economy where the family ties are tightly knit. Journal: Journal of the Asia Pacific Economy Pages: 53-74 Issue: 1 Volume: 28 Year: 2023 Month: 1 X-DOI: 10.1080/13547860.2020.1864102 File-URL: http://hdl.handle.net/10.1080/13547860.2020.1864102 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:28:y:2023:i:1:p:53-74 Template-Type: ReDIF-Article 1.0 # input file: RJAP_A_1873896_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Karuppiah Sankarganesh Author-X-Name-First: Karuppiah Author-X-Name-Last: Sankarganesh Author-Name: K. Rangasamy Shanmugam Author-X-Name-First: K. Rangasamy Author-X-Name-Last: Shanmugam Title: Effect of corporate income tax on investment decisions of Indian manufacturing firms Abstract: This study is an attempt to empirically analyse the effect of corporate income tax on investment of manufacturing firms in India during 2005–2019, using the standard static panel model estimation techniques. It is found that the effective corporate tax rate has a negative and significant impact on the corporate investment. Moreover, the estimated effective tax elasticity is relatively low as compared to the magnitude found in other countries. The adverse impact of tax on investment is higher in private firms than in public firms and higher in pre-economic crisis period than in post-crisis period. The effective rate increases with age and size of firms. It is our hope that these results will be useful to policymakers and other stakeholders to take appropriate strategies to design the corporate tax policy such that it will not hinder business investment in India. Journal: Journal of the Asia Pacific Economy Pages: 156-175 Issue: 1 Volume: 28 Year: 2023 Month: 1 X-DOI: 10.1080/13547860.2021.1873896 File-URL: http://hdl.handle.net/10.1080/13547860.2021.1873896 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:28:y:2023:i:1:p:156-175 Template-Type: ReDIF-Article 1.0 # input file: RJAP_A_1877240_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Weilin Liu Author-X-Name-First: Weilin Author-X-Name-Last: Liu Author-Name: Jingdong Li Author-X-Name-First: Jingdong Author-X-Name-Last: Li Author-Name: Rong Zhao Author-X-Name-First: Rong Author-X-Name-Last: Zhao Title: The effects of rural education on poverty in China: a spatial econometric perspective Abstract: Poverty alleviation has attracted extensive attention worldwide. This paper investigated the spatial agglomeration effect and dynamics driving rural education levels (namely, primary education, junior secondary education, and senior secondary education) and rural poverty in 27 provinces of China in 2010-2017. The results of a spatial autoregressive (SAR) model revealed that different education levels have distinct effects on rural poverty, and the impact of compulsory education on rural poverty is greater than that of senior secondary education. We further found that rural poverty in a region is clearly not only internally driven but also impacted by the poverty rate in the surrounding provinces, suggesting that regional poverty alleviation policies should combine regional education differences and learn from poverty alleviation through education experience in surrounding areas. Thus, the findings established in this paper have significant implications for targeted poverty alleviation measures in China by improving education. Journal: Journal of the Asia Pacific Economy Pages: 176-198 Issue: 1 Volume: 28 Year: 2023 Month: 1 X-DOI: 10.1080/13547860.2021.1877240 File-URL: http://hdl.handle.net/10.1080/13547860.2021.1877240 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:28:y:2023:i:1:p:176-198 Template-Type: ReDIF-Article 1.0 # input file: RJAP_A_1884173_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Tanjila Afrin Author-X-Name-First: Tanjila Author-X-Name-Last: Afrin Author-Name: Mohammad Saeed Islam Author-X-Name-First: Mohammad Saeed Author-X-Name-Last: Islam Title: Exploring the livelihood pattern of the floating population using the SL framework: a case study of metropolitan Dhaka, Bangladesh Abstract: This study explores the livelihood pattern of the ‘floating population’ in metropolitan Dhaka, Bangladesh by using the Sustainable Livelihood (SL) framework. Data were collected by applying a mixed-method approach consisting of a semi-structured questionnaire survey, focus group discussions, key informant interviews, and qualitative observations. Descriptive statistics and thematic analysis were used for presenting the findings of this study. The findings reveal that the survival of the floating population depends on a complex fusion of coping and adaptation measures based on their social relations, communal living, and mental strength. While their livelihood pattern is sustainable to some extent in the social context, it is economically, politically, and environmentally unsustainable. The study identifies the absence of appropriate institutional arrangements as a major constraint in ensuring the sustainability of their livelihood pattern. This study finally offers policy suggestions and advocates further scrutiny of this limitedly investigated subject in the research and policy domain. Journal: Journal of the Asia Pacific Economy Pages: 284-313 Issue: 1 Volume: 28 Year: 2023 Month: 1 X-DOI: 10.1080/13547860.2021.1884173 File-URL: http://hdl.handle.net/10.1080/13547860.2021.1884173 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:28:y:2023:i:1:p:284-313 Template-Type: ReDIF-Article 1.0 # input file: RJAP_A_1858555_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Miao Zhang Author-X-Name-First: Miao Author-X-Name-Last: Zhang Author-Name: Md Aslam Mia Author-X-Name-First: Md Aslam Author-X-Name-Last: Mia Title: Drivers of export competitiveness: new evidences from the manufacturing industry in Malaysia Abstract: With cognizance to firms’ heterogeneity in an industry, this paper employs the most recent, unpublished and large-scale firm-level data of 14,687 manufacturing firms in Malaysia in 2015 to revisit the drivers of manufacturing exports. Applying the OLS and logistic regressions, we observed a strong positive relationship between a firm’s labor productivity and export intensity. Firms’ foreign ownership, size and age are positively connected to their export competitiveness. The incorporation of location variables into the regression reveals that firms in the Southern peninsula of Malaysia (e.g., Johor) have a positive effect and demonstrate the highest probability to engage in export activities. Our study is informative to trade policymakers on the key drivers of manufacturing exports, providing references to not only Malaysia, but other economies in Eastern Asia and developing nations. Journal: Journal of the Asia Pacific Economy Pages: 2-32 Issue: 1 Volume: 28 Year: 2023 Month: 1 X-DOI: 10.1080/13547860.2020.1858555 File-URL: http://hdl.handle.net/10.1080/13547860.2020.1858555 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:28:y:2023:i:1:p:2-32 Template-Type: ReDIF-Article 1.0 # input file: RJAP_A_1870068_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Shota Moriwaki Author-X-Name-First: Shota Author-X-Name-Last: Moriwaki Author-Name: Masayuki Shimizu Author-X-Name-First: Masayuki Author-X-Name-Last: Shimizu Title: A simultaneous investigation of the environmental Kuznets curve for the agricultural and industrial sectors in China Abstract: We investigate the relationship between China’s high growth and environmental pollution from the agricultural and industrial sectors by estimating the environmental Kuznets curve (EKC). We used panel data of Chinese cities at the prefecture level and above for the period between 2011 and 2015 and estimated the EKC models using the system generalized method of moments (GMM). We found that agricultural chemical oxygen demand (COD) and industrial wastewater depict N-shaped and reverse N-shaped curves. Further, an EKC for agricultural nitrogen balance has been established. We find that industrial sulfur dioxide (SO2) emissions and their emission intensity support the EKC hypothesis. Our research is then used to provide policymakers with guidance on mitigating environmental pollution by comparing and scrutinizing the characteristics of agricultural and industrial pollution in China. Journal: Journal of the Asia Pacific Economy Pages: 133-155 Issue: 1 Volume: 28 Year: 2023 Month: 1 X-DOI: 10.1080/13547860.2020.1870068 File-URL: http://hdl.handle.net/10.1080/13547860.2020.1870068 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:28:y:2023:i:1:p:133-155 Template-Type: ReDIF-Article 1.0 # input file: RJAP_A_1879350_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Khurrum S. Mughal Author-X-Name-First: Khurrum S. Author-X-Name-Last: Mughal Author-Name: Muhammad Farooq Arby Author-X-Name-First: Muhammad Farooq Author-X-Name-Last: Arby Author-Name: Sakkhi Babar Author-X-Name-First: Sakkhi Author-X-Name-Last: Babar Author-Name: Saddam Ilyas Author-X-Name-First: Saddam Author-X-Name-Last: Ilyas Author-Name: Friedrich Schneider Author-X-Name-First: Friedrich Author-X-Name-Last: Schneider Title: Estimates and economic analysis of informal remittances for Pakistan Abstract: While inflow of remittances through informal channels are widely discussed in terms of their opportunity cost for the recipient country and likely instrument of illegal activities, the size of such inflows is indeterminate. Pakistan is on the forefront of global efforts to curb hawala transactions yet no consistent estimates are available. This study attempts to use an indirect macroeconomic approach to estimate hawala transactions from United State of America (USA), United Kingdom (UK), and Saudi Arabia (KSA) for the period 2010Q3 to 2019Q2. These three countries host around 50 percent of Pakistani emigrants and account for almost 55 percent of total remittances received in Q1FY20. Our estimates show that hawala transactions have significantly declined in Pakistan as percentage of official remittances from all three countries. This demonstrates that the enhanced monitoring, regulations and various policy measures by the Government of Pakistan have proved instrumental in reducing hawala transactions over time. Journal: Journal of the Asia Pacific Economy Pages: 199-215 Issue: 1 Volume: 28 Year: 2023 Month: 1 X-DOI: 10.1080/13547860.2021.1879350 File-URL: http://hdl.handle.net/10.1080/13547860.2021.1879350 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:28:y:2023:i:1:p:199-215 Template-Type: ReDIF-Article 1.0 # input file: RJAP_A_1880040_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Abdul Hannan Author-X-Name-First: Abdul Author-X-Name-Last: Hannan Author-Name: Tahira Ishaq Author-X-Name-First: Tahira Author-X-Name-Last: Ishaq Title: The impact of symmetric and asymmetric exchange rate fluctuations on demand for money in Pakistan Abstract: A growing body of recent literature identifies the exchange rate as an important determinant of demand for money along with income and interest rate, but these studies assume the symmetric effect of exchange rate on demand for money. In contrast, this study argues that the exchange rate can have an asymmetric effect on money demand. Therefore, we estimate the symmetric and asymmetric impact of real effective exchange rate on demand for money from 1974 to 2019 for Pakistan using the symmetric and asymmetric autoregressive distributed lag model (ARDL). The estimated symmetric ARDL model shows insignificant impact of the real effective exchange rate on demand for money while the asymmetric ARDL results show that the impact of currency depreciation on money demand is positive and significant, suggesting substitution effect. Moreover, the stability of the money demand function highlights the role of monetary aggregates in the conduct of monetary policy. Journal: Journal of the Asia Pacific Economy Pages: 261-283 Issue: 1 Volume: 28 Year: 2023 Month: 1 X-DOI: 10.1080/13547860.2021.1880040 File-URL: http://hdl.handle.net/10.1080/13547860.2021.1880040 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:28:y:2023:i:1:p:261-283 Template-Type: ReDIF-Article 1.0 # input file: RJAP_A_1969840_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Junhui Hu Author-X-Name-First: Junhui Author-X-Name-Last: Hu Author-Name: Hongfang Han Author-X-Name-First: Hongfang Author-X-Name-Last: Han Author-Name: Zhaonan Zhang Author-X-Name-First: Zhaonan Author-X-Name-Last: Zhang Author-Name: Xin Wu Author-X-Name-First: Xin Author-X-Name-Last: Wu Title: Impact of homestead housing on the allocation of financial assets of Chinese rural households Abstract: Using CHFS data and quantile regression method, this study empirically analyzes the impact of current homestead housing on rural household financial asset allocation in China. The main findings are as followings: The homestead housing system effectively protects the residential rights and interests of rural residents, but it is constrained by the system and fails to give full play to the investment value; Only on the premise of meeting the needs of family mobility, homestead housing can effectively play the wealth effect; In the family risk portfolio, homestead housing and risk financial asset allocation are mutually exclusive; In private lending, the impact of homestead housing on the provision of loans is more complex, but not always statistically significant; The impact of homestead housing on family financial asset allocation shows obvious heterogeneity and differentiation. Further releasing the liquidity of homestead housing, enriching the level of rural financial products and services, and encouraging rural families to appropriately participate in venture financial asset investment are the reform direction to improve the welfare level of rural families and optimize the allocation of family assets. Journal: Journal of the Asia Pacific Economy Pages: 330-349 Issue: 1 Volume: 28 Year: 2023 Month: 1 X-DOI: 10.1080/13547860.2021.1969840 File-URL: http://hdl.handle.net/10.1080/13547860.2021.1969840 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:28:y:2023:i:1:p:330-349 Template-Type: ReDIF-Article 1.0 # input file: RJAP_A_2168372_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: The Editors Title: In Memoriam Journal: Journal of the Asia Pacific Economy Pages: 1-1 Issue: 1 Volume: 28 Year: 2023 Month: 1 X-DOI: 10.1080/13547860.2023.2168372 File-URL: http://hdl.handle.net/10.1080/13547860.2023.2168372 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:28:y:2023:i:1:p:1-1 Template-Type: ReDIF-Article 1.0 # input file: RJAP_A_1884174_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Sanghoon Lee Author-X-Name-First: Sanghoon Author-X-Name-Last: Lee Title: Does corporate ownership matter for innovation? Abstract: Corporate governance theories suggest that concentrated ownership can be a mechanism for addressing the agency problem in a firm, and large shareholders matter for managerial decisions. Theoretically, the effect of large shareholders on innovation proxied by R&D is not determined yet, since their risk averseness and long-term time horizon affect R&D investment in opposite direction. It is quite unclear which effect is dominant. Thus, this issue should be explored by empirical evidence. The effect of ownership concentration on R&D investment is empirically examined by using firm-level panel data of Korea between 1980 and 2018. The empirical findings are: i) the effect of ownership on R&D is negative; ii) a bell-shaped relationship between ownership and R&D is observed; iii) the negative effect of ownership on R&D is found in old firms only; iv) the effect of ownership on R&D is positive for large firms and negative for small firms; and v) the effect of ownership on R&D is positive before the financial crisis. Journal: Journal of the Asia Pacific Economy Pages: 314-329 Issue: 1 Volume: 28 Year: 2023 Month: 1 X-DOI: 10.1080/13547860.2021.1884174 File-URL: http://hdl.handle.net/10.1080/13547860.2021.1884174 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:28:y:2023:i:1:p:314-329 Template-Type: ReDIF-Article 1.0 # input file: RJAP_A_1862391_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Yuhuang Shang Author-X-Name-First: Yuhuang Author-X-Name-Last: Shang Author-Name: Xuyang Zhang Author-X-Name-First: Xuyang Author-X-Name-Last: Zhang Author-Name: Qing Wang Author-X-Name-First: Qing Author-X-Name-Last: Wang Title: Interest rate term structure and the Chinese fiscal policy: a mixed frequency term structure approach Abstract: We specify a mixed-frequency Nelson–Siegel term structure (MF-NS) model with fiscal policy information to investigate the influence of fiscal policy on interest rate term structure. This paper finds the following results: First, fiscal policy information can significantly improve both the in-sample fitting and out-of-sample predictions of the Chinese yield curve. More importantly, compared with short-term bonds, the fiscal variable has a greater contribution to long-term bonds. Second, the response of the level factor of the yield curve to monetary impulse is positive, while the response to fiscal surprise is negative. Furthermore, we suggest that monetary policy shows an inflation expectation effect for the level factor. However, fiscal policy shocks on the level factor via the wealth effect. Finally, fiscal policy account for the larger forecast variance of yield curve than monetary policy does in the short forecast horizon. Meanwhile, this paper further shows that fiscal policy has a greater contribution to forecast variance of long-term yield than short-term yield. Journal: Journal of the Asia Pacific Economy Pages: 33-52 Issue: 1 Volume: 28 Year: 2023 Month: 1 X-DOI: 10.1080/13547860.2020.1862391 File-URL: http://hdl.handle.net/10.1080/13547860.2020.1862391 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:28:y:2023:i:1:p:33-52 Template-Type: ReDIF-Article 1.0 # input file: RJAP_A_1892567_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Bin Chen Author-X-Name-First: Bin Author-X-Name-Last: Chen Title: Industrial agglomeration and the pollution haven hypothesis: evidence from Chinese prefectures Abstract: This paper uses the spatial Durbin model to capture horizontal strategic environmental policymaking and their effects on air polluting industrial agglomeration in Chinese prefectures. Using a set of panel data on 276 prefectures from 2003 to 2009 in China, we found strong evidence in favor of the pollution haven hypothesis in China. Moreover, we observed evident spillover effects in environmental regulations at the provincial level but not at the prefectural level. Air polluting industries transferred to their neighbored provinces to avoid harsh environmental regulations when the environmental regulatory stringency of the own province was enhanced. Exploring the heterogeneous impacts of EPAs on air polluting industrial activities, we found that senior EPA staff and those working in higher EPA ranks and Environmental Monitoring Stations played a superior role in implementing environmental regulations. The results are robust to alternative spatial weights, different agglomeration indexes, and the SLX model using the ventilation coefficient as an instrumental variable. Journal: Journal of the Asia Pacific Economy Pages: 664-691 Issue: 2 Volume: 28 Year: 2023 Month: 4 X-DOI: 10.1080/13547860.2021.1892567 File-URL: http://hdl.handle.net/10.1080/13547860.2021.1892567 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:28:y:2023:i:2:p:664-691 Template-Type: ReDIF-Article 1.0 # input file: RJAP_A_1982193_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Yeongjun Yeo Author-X-Name-First: Yeongjun Author-X-Name-Last: Yeo Author-Name: Jeong-Dong Lee Author-X-Name-First: Jeong-Dong Author-X-Name-Last: Lee Author-Name: Sungmoon Jung Author-X-Name-First: Sungmoon Author-X-Name-Last: Jung Title: Winners and losers in a knowledge-based economy: investigating the policy packages for an inclusive growth based on a computable general equilibrium analysis of Korea Abstract: This study proposes a conceptual framework to investigate the economy-wide impacts of factor-biased technological change and the role of policy packages to spur inclusiveness of the economy. Based on this conceptual framework, this study explores the impacts of proposed policy-mixes in terms of growth and distribution using a computable general equilibrium (CGE) model. The results show that the policy package consisting of innovation, education, and taxation policies has the potentials to serve as a policy option to achieve the inclusive growth. Our simulation results suggest that governments should adapt tax systems for the inclusive growth and adjustment mechanisms to help workers navigate sufficient opportunities for skill accumulation, and to facilitate technological innovation within the economic system. Our results shed light on the importance of the policy packages in resolving the side effects of factor-biased technological progress and spur the inclusive growth in the knowledge-based economy. Journal: Journal of the Asia Pacific Economy Pages: 420-456 Issue: 2 Volume: 28 Year: 2023 Month: 4 X-DOI: 10.1080/13547860.2021.1982193 File-URL: http://hdl.handle.net/10.1080/13547860.2021.1982193 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:28:y:2023:i:2:p:420-456 Template-Type: ReDIF-Article 1.0 # input file: RJAP_A_1956110_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Li-Hsuan Huang Author-X-Name-First: Li-Hsuan Author-X-Name-Last: Huang Title: How happy are people as they work in nonprofit organizations? Abstract: This study examines the extent to which working for a nonprofit organization (NPO) is associated with happiness in five Asian societies. The dataset of the World Values Survey is employed for empirical analysis. The findings indicate that NPO employment has a favorable effect on happiness and that the roles of NPO workers influence this effect. The increased sense of well-being associated with working for NPOs is related to workers’ occupations, and this relationship is particularly significant for nonsupervisory and highly skilled workers. The happiness enhancement effect is irrelevant for NPO workers engaged in manual tasks. Part-time employment by NPOs is associated with relatively limited enhancement of happiness. Enhancing all employees’ well-being is crucial for the sustainability of NPOs. On the basis of our findings, we suggest that NPOs should implement policies to determine the sources of employee stress to help create a happier workforce and achieve organizational missions effectively. Journal: Journal of the Asia Pacific Economy Pages: 351-373 Issue: 2 Volume: 28 Year: 2023 Month: 4 X-DOI: 10.1080/13547860.2021.1956110 File-URL: http://hdl.handle.net/10.1080/13547860.2021.1956110 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:28:y:2023:i:2:p:351-373 Template-Type: ReDIF-Article 1.0 # input file: RJAP_A_1950112_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Lili Kang Author-X-Name-First: Lili Author-X-Name-Last: Kang Author-Name: Fei Peng Author-X-Name-First: Fei Author-X-Name-Last: Peng Author-Name: Sajid Anwar Author-X-Name-First: Sajid Author-X-Name-Last: Anwar Title: Cultural heterogeneity, acquisition experience and the performance of Chinese cross-border acquisitions Abstract: Using data over the 2010-2015 period, we investigate the effect of cultural heterogeneity and cross-border acquisition experience on post-acquisition performance of Chinese publicly listed companies (PLCs). We find that between and within cultural heterogeneity has a negative and statistically significant effect on post-acquisition performance, but the effect of acquisition experience on post-acquisition performance is positive. We find that the dynamic marginal effects of cultural heterogeneity and acquisition experience on post-acquisition performance of Chinese PLCs are contingent on the scale of acquisition. Chinese PLCs can improve their post-acquisition performance by overcoming the issues arising from cultural heterogeneity, accumulating acquisition experience, and exploiting economies of scale. However, in the case of state-owned PLCs, prior cross-border acquisition experience can adversely affect the performance of new cross-border acquisitions. Journal: Journal of the Asia Pacific Economy Pages: 738-765 Issue: 2 Volume: 28 Year: 2023 Month: 4 X-DOI: 10.1080/13547860.2021.1950112 File-URL: http://hdl.handle.net/10.1080/13547860.2021.1950112 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:28:y:2023:i:2:p:738-765 Template-Type: ReDIF-Article 1.0 # input file: RJAP_A_1955513_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Van-Anh Thi Tran Author-X-Name-First: Van-Anh Thi Author-X-Name-Last: Tran Author-Name: Kieu-Dung Nguyen Author-X-Name-First: Kieu-Dung Author-X-Name-Last: Nguyen Author-Name: Duc-Thanh Nguyen Author-X-Name-First: Duc-Thanh Author-X-Name-Last: Nguyen Author-Name: Duy-Dat Nguyen Author-X-Name-First: Duy-Dat Author-X-Name-Last: Nguyen Title: Direct and spillover effects of social insurance reform: evidence from Vietnam Abstract: The introduction of the 2014 Social Insurance Law is a key reform of social protection in Vietnam. This article may be the first work quantifying the effects of the law’s introduction on family welfare. The propensity score matching combined with the difference-in-differences techniques is used to reduce bias. The study indicates that the generosity of the benefits provided by the law negatively affected the work duration and earnings among couples when only the wife is insured. In contrast, their sick leaves were positively influenced. Concerning spillover effects, wives significantly responded to the change of benefits in terms of work duration and earnings. The study also attempts to identify the mechanism underlying the effects by disaggregating them by family income and couples’ ages. The results suggest that low-income couples and young couples are sensitive to the law’s introduction. The article integrates knowledge from the fields of labor economics, social welfare, and public policy. Journal: Journal of the Asia Pacific Economy Pages: 578-598 Issue: 2 Volume: 28 Year: 2023 Month: 4 X-DOI: 10.1080/13547860.2021.1955513 File-URL: http://hdl.handle.net/10.1080/13547860.2021.1955513 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:28:y:2023:i:2:p:578-598 Template-Type: ReDIF-Article 1.0 # input file: RJAP_A_1912883_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Abdulkareem Alhassan Author-X-Name-First: Abdulkareem Author-X-Name-Last: Alhassan Author-Name: Muktar Sabi Adamu Author-X-Name-First: Muktar Sabi Author-X-Name-Last: Adamu Author-Name: Shuaibu Sidi Safiyanu Author-X-Name-First: Shuaibu Sidi Author-X-Name-Last: Safiyanu Title: Finance-led growth hypothesis for Asia: an insight from new data Abstract: The quest for the development of financial system has been the major concern of the Asian economies over the years. Using a System Generalized Methods of Moments technique for 44 Asian countries over the period 1980–2017, we evaluate the effect of financial development on economic growth for the entire Asia, sub-regions and groups of the countries by their levels of income. Additionally, we considered the subcomponents of the financial system. The contribution of this study hinges on the use of a comprehensive measure of financial development, and consideration of the heterogeneity of the Asian countries concerning the finance-growth nexus. The findings revealed that financial development spurs economic growth in Asia. Specifically, the development of financial institutions have a greater impact than development of financial markets on growth of upper-middle and high-income countries while the reverse is the case for low and low-middle income countries in the continent. Journal: Journal of the Asia Pacific Economy Pages: 599-618 Issue: 2 Volume: 28 Year: 2023 Month: 4 X-DOI: 10.1080/13547860.2021.1912883 File-URL: http://hdl.handle.net/10.1080/13547860.2021.1912883 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:28:y:2023:i:2:p:599-618 Template-Type: ReDIF-Article 1.0 # input file: RJAP_A_1963042_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Rosa Forte Author-X-Name-First: Rosa Author-X-Name-Last: Forte Author-Name: Cristiana Neves Author-X-Name-First: Cristiana Author-X-Name-Last: Neves Title: Drivers of FDI in small states Abstract: This paper examines the determinants of FDI in small states, as only a small number of studies have analyzed the determinants of FDI in these countries. Small states have particular features that justify the need for a deeper analysis. Based on a panel data for 42 small states between 2005 and 2019, results clearly indicate the importance of the quality of human capital and the availability of infrastructures as the strongest drivers of FDI in small states. The country's level of openness, the availability of natural resources, the level of corporate tax and control of corruption also seems to play a relevant role therein. Moreover, the results suggest that the determinants differ depending on the region to which the country belongs and differ between island and non-island countries. These results can help small countries in defining policies that help them to attract FDI, which is crucial for their sustainable development. Journal: Journal of the Asia Pacific Economy Pages: 457-483 Issue: 2 Volume: 28 Year: 2023 Month: 4 X-DOI: 10.1080/13547860.2021.1963042 File-URL: http://hdl.handle.net/10.1080/13547860.2021.1963042 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:28:y:2023:i:2:p:457-483 Template-Type: ReDIF-Article 1.0 # input file: RJAP_A_1951430_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Van T. C Ha Author-X-Name-First: Van T. C Author-X-Name-Last: Ha Author-Name: Mark J Holmes Author-X-Name-First: Mark J Author-X-Name-Last: Holmes Author-Name: Gazi Hassan Author-X-Name-First: Gazi Author-X-Name-Last: Hassan Title: Does foreign investment improve domestic firm productivity? Evidence from a developing country Abstract: This study examines the linkages between foreign investment and the total factor productivity of local enterprises within manufacturing industry in Vietnam. The Wooldridge GMM estimation approach is applied to panel data to estimate production function, which allows us to obtain total factor productivity of local firms. We then investigate how foreign investment influences local enterprise productivity through different spillover channels using two-step system GMM, FE and RE estimations. Our consistent findings show that foreign investment has a negative impact on the total factor productivity of domestic enterprises through the competition channel within an industry. There are strong positive spillovers associated with backward rather than forward linkages. Further insights relate to firm ownership, location, and the state of technology in which the different spillovers occur. Journal: Journal of the Asia Pacific Economy Pages: 527-557 Issue: 2 Volume: 28 Year: 2023 Month: 4 X-DOI: 10.1080/13547860.2021.1951430 File-URL: http://hdl.handle.net/10.1080/13547860.2021.1951430 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:28:y:2023:i:2:p:527-557 Template-Type: ReDIF-Article 1.0 # input file: RJAP_A_1969839_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Jun (Justin) Li Author-X-Name-First: Jun (Justin) Author-X-Name-Last: Li Author-Name: Mark A. Bonn Author-X-Name-First: Mark A. Author-X-Name-Last: Bonn Author-Name: Juan Wang Author-X-Name-First: Juan Author-X-Name-Last: Wang Author-Name: Meehee Cho Author-X-Name-First: Meehee Author-X-Name-Last: Cho Title: Food delivery application user segmentation in the mobile marketing world in China Abstract: This study reports on an exploratory investigation aimed to achieve consumer segments based upon data collected from food delivery app users. Food delivery app user segments were identified and developed based upon perceptions held by consumers about the importance of food delivery app service quality attributes. The latent class model (LCM) was used to classify food delivery app users into homogenous groups based on the dimensions of food delivery app quality such as usefulness, convenience, design, trustworthiness, price, and various food choices. Using a set of four popular Chinese food delivery apps, this study identified four homogeneous consumer groups based on their perceptions of application quality and demographic characteristics, these segments were labeled ‘time-conscious users,’ ‘bargain hunters,’ ‘true friends,’ and ‘uniqueness seekers’. This study emphasizes the mobile food-ordering apps can be quick and effective in engaging consumer interest and notifying followers instantly about new product launches and retargeting. Journal: Journal of the Asia Pacific Economy Pages: 484-501 Issue: 2 Volume: 28 Year: 2023 Month: 4 X-DOI: 10.1080/13547860.2021.1969839 File-URL: http://hdl.handle.net/10.1080/13547860.2021.1969839 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:28:y:2023:i:2:p:484-501 Template-Type: ReDIF-Article 1.0 # input file: RJAP_A_1942412_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Su Thanh Dinh Author-X-Name-First: Su Author-X-Name-Last: Thanh Dinh Author-Name: Canh Phuc Nguyen Author-X-Name-First: Canh Phuc Author-X-Name-Last: Nguyen Title: Local government capacity and total factor productivity growth: evidence from an Asian emerging economy Abstract: This study provides a vital understanding of how local government capacity affects total factor productivity (TFP) growth in the context of an emerging economy. The sample of the study is a panel dataset of 63 Vietnamese provinces over the period of 2006-2017. We find that provinces that are high in self-financing have a positive effect on TFP growth, while low self-financing provinces have a negative effect on TFP growth. More interestingly, the impact of public governance is negative on TFP growth for high self-financing provinces, but is positive for low self-financing provinces. Our findings imply that the Vietnamese decentralisation regime drives high self-financing and low self-financing provinces to pursue different paths. High self-financing provinces defy governance reforms, leading to a race to the bottom. Journal: Journal of the Asia Pacific Economy Pages: 619-649 Issue: 2 Volume: 28 Year: 2023 Month: 4 X-DOI: 10.1080/13547860.2021.1942412 File-URL: http://hdl.handle.net/10.1080/13547860.2021.1942412 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:28:y:2023:i:2:p:619-649 Template-Type: ReDIF-Article 1.0 # input file: RJAP_A_1892566_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Burmaa Tsogtochir Author-X-Name-First: Burmaa Author-X-Name-Last: Tsogtochir Author-Name: Soyoung Park Author-X-Name-First: Soyoung Author-X-Name-Last: Park Title: Natural resource curse exists in Mongolia? Focusing on budget transparency in local governments Abstract: Mongolia, a resource-rich country with a high level of corruption, is on the gray list of the Financial Action Task Force. However, the effects of natural resources on budget transparency in Mongolia have not been empirically studied. Therefore, this study applied the natural resource curse theory to examine the effects of natural resource abundance on budget transparency. We used the local government data from 2011 to 2016 to determine whether such a curse exists in Mongolia. Our findings confirmed the natural resource curse theory, showing that the mining sector's higher GDP is negatively related to budget transparency. However, as education increased, the effects of GDP from the mining sector on budget transparency showed a positive relation. Journal: Journal of the Asia Pacific Economy Pages: 650-663 Issue: 2 Volume: 28 Year: 2023 Month: 4 X-DOI: 10.1080/13547860.2021.1892566 File-URL: http://hdl.handle.net/10.1080/13547860.2021.1892566 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:28:y:2023:i:2:p:650-663 Template-Type: ReDIF-Article 1.0 # input file: RJAP_A_1924601_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Yan Wu Author-X-Name-First: Yan Author-X-Name-Last: Wu Author-Name: Chunlai Chen Author-X-Name-First: Chunlai Author-X-Name-Last: Chen Author-Name: Cong Hu Author-X-Name-First: Cong Author-X-Name-Last: Hu Title: The impacts of trade intensity with China on carbon emissions in belt and road countries Abstract: This study uses country-level panel data covering 97 Belt and Road Initiative (BRI) countries for the period 2002–2017 and a dynamic panel system generalized method of moments model to investigate the impacts of trade intensity with China on per capita carbon emissions of BRI countries. The study finds that import intensity from China has reduced and export intensity to China has increased per capita carbon emissions of BRI countries. The findings are robust in using instrumental variables, explaining by energy intensity, and dividing the sample into different groups and different periods. Particularly, the absolute values of the coefficients of import intensity (-0.0071) and export intensity (0.0212) in resource-rich group are much higher than those in resource-poor group (-0.0046 and 0.0028), and the impacts are strengthened after 2013. Therefore, China should adjust trade relations with BRI countries to help them reduce carbon emissions while raising incomes under the context of BRI. Journal: Journal of the Asia Pacific Economy Pages: 558-577 Issue: 2 Volume: 28 Year: 2023 Month: 4 X-DOI: 10.1080/13547860.2021.1924601 File-URL: http://hdl.handle.net/10.1080/13547860.2021.1924601 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:28:y:2023:i:2:p:558-577 Template-Type: ReDIF-Article 1.0 # input file: RJAP_A_1940692_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Dadang Ramdhan Author-X-Name-First: Dadang Author-X-Name-Last: Ramdhan Title: The effects of wage spillover from foreign firms on total factor productivity: do job characteristics matter? Abstract: This study investigates whether an increase in wages of foreign firms generates the total factor of productivity (TFP) growth of Indonesian manufacturing firms by considering different job characteristics and geographical boundaries. Using system GMM, the result shows that on average the wage spillover in production jobs within an industry positively affects the TFP, while the wage spillover in non-production jobs contributes negatively. Moreover, the wage spillover in production jobs and non-production jobs within a province do not affect the TFP of Indonesian manufacturing firms. These results indicate that employees in production jobs have larger contributions to increasing TFP than those in non-production jobs when foreign firms increase their wages. Such contributions occur within an industry, not within a province. For the Government, the different contributions to the TFP of firms from wage spillovers in production and non-production jobs indicate the importance of skill mobility to the national economy. Journal: Journal of the Asia Pacific Economy Pages: 766-785 Issue: 2 Volume: 28 Year: 2023 Month: 4 X-DOI: 10.1080/13547860.2021.1940692 File-URL: http://hdl.handle.net/10.1080/13547860.2021.1940692 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:28:y:2023:i:2:p:766-785 Template-Type: ReDIF-Article 1.0 # input file: RJAP_A_1902600_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Huynh The Nguyen Author-X-Name-First: Huynh Author-X-Name-Last: The Nguyen Title: Economic agglomeration and technical efficiency of small and medium-sized enterprises: evidence from Vietnam Abstract: This article invests in analyzing the impact of economic agglomeration on the technical efficiency of small and medium-sized enterprises: evidence from Vietnam. The stochastic frontier analysis and the general method of moments were employed to analyze data collected from the enterprise surveys of the General Statistics Office of Vietnam in the period 2013–2016. The research results show that technical efficiency and economic agglomeration tend to increase in Vietnamese small and medium-sized enterprises. Moreover, the economic agglomeration contributes positively to the increase in technical efficiency, while the upstream economic agglomeration has not made a clear contribution to the technical efficiency of small and medium-sized enterprises in Vietnam. At the same time, factors such as cost management effectiveness, firm age, and export activities play an active role in improving technical efficiency for Vietnamese small and medium-sized enterprises. Journal: Journal of the Asia Pacific Economy Pages: 716-737 Issue: 2 Volume: 28 Year: 2023 Month: 4 X-DOI: 10.1080/13547860.2021.1902600 File-URL: http://hdl.handle.net/10.1080/13547860.2021.1902600 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:28:y:2023:i:2:p:716-737 Template-Type: ReDIF-Article 1.0 # input file: RJAP_A_1905200_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Vatana Chea Author-X-Name-First: Vatana Author-X-Name-Last: Chea Title: Effects of remittances on household poverty and inequality in Cambodia Abstract: The author uses data from the Cambodia Socio-Economic Survey in 2014 to investigate the impact of remittances on poverty and inequality. Unlike other studies that use income to measure poverty, we employ monthly per capita consumption. We also consider remittances as a substitute income rather than an exogenous transfer. Therefore, imputing counterfactual expenditure in a scenario of no migration no remittances is necessary. To test for selection, a Heckman model is required under the null hypothesis that non-recipient households are randomly drawn from the population. Contrary to some previous studies, we find significant effect of selection bias and evidence that remittances reduce the poverty rate by 2 percent on the national level or 5 percent for recipient households. Furthermore, remittances decrease the poverty gap by 2.5 percent or 6.6 percent for a sub-sample of recipient households, but they also increase inequality by 1 percent, as measured by the GINI coefficient. Journal: Journal of the Asia Pacific Economy Pages: 502-526 Issue: 2 Volume: 28 Year: 2023 Month: 4 X-DOI: 10.1080/13547860.2021.1905200 File-URL: http://hdl.handle.net/10.1080/13547860.2021.1905200 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:28:y:2023:i:2:p:502-526 Template-Type: ReDIF-Article 1.0 # input file: RJAP_A_1952920_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Martin Ruzima Author-X-Name-First: Martin Author-X-Name-Last: Ruzima Author-Name: P. Veerachamy Author-X-Name-First: P. Author-X-Name-Last: Veerachamy Title: The impact of public spending in education and health on human development in India Abstract: This study examined the effect of public spending on education and health sectors on human development in India. Data for the period 1990–2018, obtained from UNDP and World Bank databases, were used. The ARDL model technique was used for data analysis. In the long run, the findings showed that public expenditure on health and education has positive and negative significant effects, respectively, on human development in India. In the short run, results indicated that the public expenditure on health and education has positive and negative respectively insignificant impacts on human development in India. In addition, GDP per capita has been found to have positive but insignificant impact on human development for both long run and short run. The findings of this article suggest that government of India should rise funding for health and education with proper targeting. Journal: Journal of the Asia Pacific Economy Pages: 390-403 Issue: 2 Volume: 28 Year: 2023 Month: 4 X-DOI: 10.1080/13547860.2021.1952920 File-URL: http://hdl.handle.net/10.1080/13547860.2021.1952920 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:28:y:2023:i:2:p:390-403 Template-Type: ReDIF-Article 1.0 # input file: RJAP_A_2046935_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Komain Jiranyakul Author-X-Name-First: Komain Author-X-Name-Last: Jiranyakul Title: Is the Thai government revenue-spending nexus asymmetric? Abstract: Recent evidence suggests that there might be an asymmetric process of adjustment towards the long-run equilibrium in the government revenue-spending nexus. In this paper, the long-run relationship between government revenue and spending is examined in the case of Thailand using annual data over the period 1991–2019. Specifically, this is an attempt to determine whether this long-run relationship is linear or nonlinear. In doing so, both linear and nonlinear cointegration tests are employed. The empirical results suggest that the positive long-run relationship between revenue and spending is linear and stable when revenue is the dependent variable. By estimating the TAR and MTAR models, evidence of a nonlinear revenue-spending relationship is not found. Therefore, there does not seem to be asymmetric adjustment toward the long-run equilibrium. The results of causality tests based on the estimated ECMs of linear cointegrating equations show no causality between revenue and spending in the short run, supporting the fiscal institutional separation hypothesis. In the long run, there is unidirectional causality running from government spending to revenue, which supports the fiscal spend-and-tax hypothesis. Journal: Journal of the Asia Pacific Economy Pages: 404-419 Issue: 2 Volume: 28 Year: 2023 Month: 4 X-DOI: 10.1080/13547860.2022.2046935 File-URL: http://hdl.handle.net/10.1080/13547860.2022.2046935 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:28:y:2023:i:2:p:404-419 Template-Type: ReDIF-Article 1.0 # input file: RJAP_A_1945992_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Anamitra Roychowdhury Author-X-Name-First: Anamitra Author-X-Name-Last: Roychowdhury Title: Economic viability and underemployment in India’s unorganized manufacturing firms: evidence from nationally representative surveys Abstract: Importance of the manufacturing sector in bringing about structural transformation in the economy is well appreciated in literature. In India, with more than 70% of manufacturing employment originating in the unorganised segment, it becomes imperative to explore the dynamics of employment and growth of firms in the unorganised manufacturing sector. Additionally, interest in the sector arises since it is one of the prime avenues of employment generation. In particular, this paper examines the economic viability of unorganised manufacturing firms and underemployment therein. Results on underemployment help us to conclude on the prospect of full-time employment opportunities in the sector, whereas an assessment of economic viability brings out the major obstacles to growth plaguing unorganised manufacturing firms. This article identifies the prime areas requiring policy intervention and emphasises the need of implementing existing policies on ground. Journal: Journal of the Asia Pacific Economy Pages: 786-811 Issue: 2 Volume: 28 Year: 2023 Month: 4 X-DOI: 10.1080/13547860.2021.1945992 File-URL: http://hdl.handle.net/10.1080/13547860.2021.1945992 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:28:y:2023:i:2:p:786-811 Template-Type: ReDIF-Article 1.0 # input file: RJAP_A_1928406_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Hock-Eam Lim Author-X-Name-First: Hock-Eam Author-X-Name-Last: Lim Author-Name: Woei-Chyuan Wong Author-X-Name-First: Woei-Chyuan Author-X-Name-Last: Wong Author-Name: Nur Adiana Hiau Abdullah Author-X-Name-First: Nur Adiana Author-X-Name-Last: Hiau Abdullah Title: Estimating the superstition value: why not decomposition analysis? Abstract: Superstitious belief of the number of eight as a lucky number is common among the Malaysian Chinese as its pronunciation carries the meaning of “prosperity”. Nevertheless, for the non-Chinese (i.e. Malay) who do not believe in superstition, it is just a neutral number. The existence of the two groups provides a natural setting to use the nonlinear decomposition analysis. This innovative approach allows us to decompose the price premium of number 8 obtained from the hedonic regression model into superstition and non-superstition components. The nonlinear decomposition analysis shows that approximately 37% to 45% of the estimated premium value which are associated with number 8 is attributed to superstition. This implies that the estimation of previous studies on superstitious value of number eight by using the hedonic regression model is subjected to an upward bias. Journal: Journal of the Asia Pacific Economy Pages: 374-389 Issue: 2 Volume: 28 Year: 2023 Month: 4 X-DOI: 10.1080/13547860.2021.1928406 File-URL: http://hdl.handle.net/10.1080/13547860.2021.1928406 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:28:y:2023:i:2:p:374-389 Template-Type: ReDIF-Article 1.0 # input file: RJAP_A_1892473_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Nguyen Khanh Doanh Author-X-Name-First: Nguyen Khanh Author-X-Name-Last: Doanh Author-Name: Huy Quang Doan Author-X-Name-First: Huy Quang Author-X-Name-Last: Doan Author-Name: Yoon Heo Author-X-Name-First: Yoon Author-X-Name-Last: Heo Title: Impact of imitation ability on ASEAN countries' intra-industry trade: a system GMM approach Abstract: This study analyzes the impacts of imitation ability on major ASEAN countries' horizontal and vertical intra-industry trade for the period 2006–2016. The unique features of this study are twofold. Firstly, we develop a new composite index of imitation ability based on broad coverage of various components. Secondly, we consider the differential impacts of imitation ability on ASEAN countries' intra-industry trade with partner countries grouped by their levels of economic development. We found that ASEAN countries’ imitation ability positively impacts the extent of their horizontal and vertical intra-industry trade globally. However, the impact of imitation ability on ASEAN countries' HIIT is the highest in their trade with middle-income countries. In contrast, the effect of imitation ability on ASEAN countries' VIIT is the strongest in their trade with high-income countries. Journal: Journal of the Asia Pacific Economy Pages: 692-715 Issue: 2 Volume: 28 Year: 2023 Month: 4 X-DOI: 10.1080/13547860.2021.1892473 File-URL: http://hdl.handle.net/10.1080/13547860.2021.1892473 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:28:y:2023:i:2:p:692-715 Template-Type: ReDIF-Article 1.0 # input file: RJAP_A_1944796_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Ronald Ravinesh Kumar Author-X-Name-First: Ronald Ravinesh Author-X-Name-Last: Kumar Author-Name: Peter Josef Stauvermann Author-X-Name-First: Peter Josef Author-X-Name-Last: Stauvermann Title: Tourism and economic growth in the Pacific region: evidence from five small island economies Abstract: We present a country-specific analysis on the effect of tourism on the economic growth of five small Pacific Island Countries (PICs) – Fiji, Samoa, Solomon Islands, Tonga and Vanuatu. The results show tourism development is growth-enhancing for all five countries. Foreign direct investment (FDI) is growth-enhancing for Fiji, Samoa, Solomon Islands and Vanuatu, and in the short run, a delayed negative association for Fiji and Vanuatu is found. Remittances are growth-retarding for Fiji, Samoa and Tonga, with a short-run delayed positive association for Fiji, Tonga and Samoa. Financial development is growth-retarding for Solomon Islands and Tonga, with a short-run positive association for Fiji and Samoa. While the results underscore the huge importance of tourism in generating growth and FDI in the Pacific, given the ongoing adverse effects of Coronavirus disease 2019 (COVID-19) pandemic, PICs will have to focus on alternative sectors to progress economic activities. Policy suggestions are discussed along these lines. Journal: Journal of the Asia Pacific Economy Pages: 894-921 Issue: 3 Volume: 28 Year: 2023 Month: 7 X-DOI: 10.1080/13547860.2021.1944796 File-URL: http://hdl.handle.net/10.1080/13547860.2021.1944796 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:28:y:2023:i:3:p:894-921 Template-Type: ReDIF-Article 1.0 # input file: RJAP_A_1944021_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Behzad Azarhoushang Author-X-Name-First: Behzad Author-X-Name-Last: Azarhoushang Author-Name: Jennifer Pédussel Wu Author-X-Name-First: Jennifer Author-X-Name-Last: Pédussel Wu Author-Name: Shahryar Zaroki Author-X-Name-First: Shahryar Author-X-Name-Last: Zaroki Title: Foreign direct investment effects on the distribution of regional industrial value-added in China Abstract: Following economic reforms, China has become one of the premiere destinations for foreign capital; however, the benefits of this spectacular growth are not evenly distributed. Since the beginning of the 2000s, the Chinese government has designed and implemented policies to encourage foreign investment in central and western provinces to help decrease the significant distributional differences in regional industrial value-added, with limited success. In contrast to previous literature, this paper uses Panel Least Squares method to analyze empirically the impact of industrial sector FDI on Chinese regional inequality in industrial value-added 2003–2013, using three Chinese regions. The lack of prerequisite institutional structure to aid in FDI absorption affects location choices. Despite government policies to support inland regional economic development, foreign firms still prefer to invest in coastal provinces, further illustrating the effects of regional clusters. Journal: Journal of the Asia Pacific Economy Pages: 1229-1250 Issue: 3 Volume: 28 Year: 2023 Month: 7 X-DOI: 10.1080/13547860.2021.1944021 File-URL: http://hdl.handle.net/10.1080/13547860.2021.1944021 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:28:y:2023:i:3:p:1229-1250 Template-Type: ReDIF-Article 1.0 # input file: RJAP_A_1928407_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Lixin Sun Author-X-Name-First: Lixin Author-X-Name-Last: Sun Title: Systemic risk and macro-financial contagion in China: financial balance sheet-based network analysis Abstract: In this paper, first, using a dataset for China’s financial balance sheets we construct the sector-level macro-financial networks. Second, we analyse the statistical features and the dynamic changes of our macro-financial networks. Third, we conduct financial contagion simulations to identify the specific prominent sectors that can generate potential system-wide losses, and measure the resiliencies of different sectors to sector-specific financial shocks. The results uncover certain crucial propagation and contagion mechanisms of systemic risk in China’s macro-financial system. In addition, we find that the statistical features of the networks are closely associated with the losses incurred under the inter-sectoral financial contagion. Journal: Journal of the Asia Pacific Economy Pages: 1140-1173 Issue: 3 Volume: 28 Year: 2023 Month: 7 X-DOI: 10.1080/13547860.2021.1928407 File-URL: http://hdl.handle.net/10.1080/13547860.2021.1928407 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:28:y:2023:i:3:p:1140-1173 Template-Type: ReDIF-Article 1.0 # input file: RJAP_A_1915595_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Dan Yang Author-X-Name-First: Dan Author-X-Name-Last: Yang Author-Name: Tianheng Wang Author-X-Name-First: Tianheng Author-X-Name-Last: Wang Title: The disparities in Chinese urban and rural household savings rates Abstract: This paper attempts to investigate the opposing trends in Chinese urban and rural household savings rates observed in the micro data during the period 1995-2013. Using the Chinese Household Income Project Survey (CHIPS) data, we find that the average urban household savings rate has consistently risen while the average rural household savings rate has gone the opposite direction during the same period. Using a variant of Deaton-Paxson decomposition analysis, we find that urban and rural households displayed vastly different life-cycle savings rate profiles. Results from the median regression and Oaxaca–Blinder decomposition suggest that the increasing urban savings rate can be explained by the continuously rising household income and increased precautionary savings for health shocks, whereas the shifts in household characteristics examined were not able to account for the decrease in rural household savings rate. The urban-rural savings disparities can be fully explained by the urban-rural income gap. Journal: Journal of the Asia Pacific Economy Pages: 922-948 Issue: 3 Volume: 28 Year: 2023 Month: 7 X-DOI: 10.1080/13547860.2021.1915595 File-URL: http://hdl.handle.net/10.1080/13547860.2021.1915595 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:28:y:2023:i:3:p:922-948 Template-Type: ReDIF-Article 1.0 # input file: RJAP_A_1960615_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Fan Yang Author-X-Name-First: Fan Author-X-Name-Last: Yang Author-Name: Krishna P. Paudel Author-X-Name-First: Krishna P. Author-X-Name-Last: Paudel Author-Name: Yao Jiang Author-X-Name-First: Yao Author-X-Name-Last: Jiang Title: Like parents, like children? Intergenerational poverty transmission in China Abstract: The intergenerational transmission of poverty has always been an important issue around the world. This study examines the effects of father’s and mother’s human and social capital on the income of their children in China by using the data obtained from the 2014 China Labor-force Dynamics Survey. The results show that (1) the effects of the human and social capital of the father and mother on the child’s income are heterogeneous. Specifically, the father’s education, father work industry and mother work industry have little effect on their child’s income. However, the mother’s education has a positive and significant effect on a child’s income. (2) The effect of the mother’s education on child’s income is significant but limited, on average, the marginal contribution of the mother’s education on the natural logarithm of the child’s income is only 1.0%. (3) The child’s human capital, including health, education, foreign language ability, and professional ability, significantly affects their income. (4) The results obtained from quantile regression and sub-sample regression support the above findings. Therefore, the effective means of intervening against the intergenerational transmission of poverty should be to help the individual improve their human capital, rather than starting with their parents. Journal: Journal of the Asia Pacific Economy Pages: 835-854 Issue: 3 Volume: 28 Year: 2023 Month: 7 X-DOI: 10.1080/13547860.2021.1960615 File-URL: http://hdl.handle.net/10.1080/13547860.2021.1960615 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:28:y:2023:i:3:p:835-854 Template-Type: ReDIF-Article 1.0 # input file: RJAP_A_1967023_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Linh Thi Dieu Huynh Author-X-Name-First: Linh Thi Dieu Author-X-Name-Last: Huynh Author-Name: Hien Thanh Hoang Author-X-Name-First: Hien Thanh Author-X-Name-Last: Hoang Author-Name: Hung Ngoc Tran Author-X-Name-First: Hung Ngoc Author-X-Name-Last: Tran Title: Does FDI enhance provincial productivity? A panel data analysis in Vietnam Abstract: In the present study, we examine foreign direct investment (FDI)-induced productivity spillovers across 60 Vietnamese provinces from 2000 to 2016. Using a generalized method of moments technique, we find that foreign presence has a positive direct effect on total factor productivity (TFP). Furthermore, we discern a positive association between industrial linkages and productivity spillovers. All these findings remain robust to alternative model specifications. After accounting for the roles of human capital in the FDI–TFP nexus, we find absorptive capacity, as measured by human capital, to be a key factor influencing the nature of the foreign presence–productivity spillover nexus in the host province. Specifically, we observe that better human capital enables provinces to better internalize productivity spillovers from foreign presence. This result lends support to the view that human capital must surpass a critical threshold before the host can realize any productivity spillovers engendered by foreign presence. Journal: Journal of the Asia Pacific Economy Pages: 1174-1195 Issue: 3 Volume: 28 Year: 2023 Month: 7 X-DOI: 10.1080/13547860.2021.1967023 File-URL: http://hdl.handle.net/10.1080/13547860.2021.1967023 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:28:y:2023:i:3:p:1174-1195 Template-Type: ReDIF-Article 1.0 # input file: RJAP_A_1950113_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Alvin Camba Author-X-Name-First: Alvin Author-X-Name-Last: Camba Author-Name: Terence Gomez Author-X-Name-First: Terence Author-X-Name-Last: Gomez Author-Name: Richard Khaw Author-X-Name-First: Richard Author-X-Name-Last: Khaw Author-Name: Kee-Cheok Cheong Author-X-Name-First: Kee-Cheok Author-X-Name-Last: Cheong Title: Strongmen politics and investment flows: China’s investments in Malaysia and the Philippines Abstract: We examine Chinese President Xi Jinping’s close relations with Malaysian Prime Minister Najib Razak (2009-2018) and Philippine President Rodrigo Duterte (2016-), an outcome of China’s Belt & Road Initiative (BRI). We argue strongmen use their political power, shaped by their own political-economic systems, to tap into the BRI’s available capital to fuel their political agendas. We illustrate this argument in Malaysia, a country with a centralized party system, and in the Philippines, one with an oligarchy-driven economy with decentralized political parties. In Malaysia, Najib was able to directly use BRI to generate economic rents, reward business allies, and dispense patronage through company directorships and subcontracts to party members to strengthen his political position. In contrast, the Philippines’ inherently coalitional system highlights the messiness as well as compromises in states with decentralized political competition. While Duterte is perceived to be an all-powerful autocrat, in reality he needs the support of major political elites, oligarchs, and local politicians for most major decisions. Duterte still used BRI to reward his cronies, weaken the opposition, and tame the oligarchs. Journal: Journal of the Asia Pacific Economy Pages: 813-834 Issue: 3 Volume: 28 Year: 2023 Month: 7 X-DOI: 10.1080/13547860.2021.1950113 File-URL: http://hdl.handle.net/10.1080/13547860.2021.1950113 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:28:y:2023:i:3:p:813-834 Template-Type: ReDIF-Article 1.0 # input file: RJAP_A_1897061_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: C. James Hueng Author-X-Name-First: C. James Author-X-Name-Last: Hueng Author-Name: Ping Liu Author-X-Name-First: Ping Author-X-Name-Last: Liu Author-Name: Lirong Wang Author-X-Name-First: Lirong Author-X-Name-Last: Wang Title: The real consequences of financial stress: Evidence from China Abstract: This paper uses a multi-regime threshold vector autoregressive model to investigate the asymmetric and nonlinear impacts of financial stress on China’s real economy in high- and low-stress regimes. Special attention is paid to the reliability of the measures of financial stress and real activities in China. We find that the response of China’s real economy to a financial stress shock is bigger in high-stress regimes than in low-stress regimes. The negative response to a positive shock is bigger than the positive response to a negative shock. The response to a positive shock is disproportionately larger when the size of the shock increases, but a negative shock does not have this amplifying effect, indicating the danger of a severe financial crisis and the difficulty to revert its damage to China’s real economy Journal: Journal of the Asia Pacific Economy Pages: 855-872 Issue: 3 Volume: 28 Year: 2023 Month: 7 X-DOI: 10.1080/13547860.2021.1897061 File-URL: http://hdl.handle.net/10.1080/13547860.2021.1897061 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:28:y:2023:i:3:p:855-872 Template-Type: ReDIF-Article 1.0 # input file: RJAP_A_2047277_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Fang-rong Ren Author-X-Name-First: Fang-rong Author-X-Name-Last: Ren Author-Name: Xin-ge Guan Author-X-Name-First: Xin-ge Author-X-Name-Last: Guan Author-Name: Huai-jing Zhang Author-X-Name-First: Huai-jing Author-X-Name-Last: Zhang Author-Name: Qi Fang Author-X-Name-First: Qi Author-X-Name-Last: Fang Author-Name: Hong-cheng Si Author-X-Name-First: Hong-cheng Author-X-Name-Last: Si Author-Name: Ze Tian Author-X-Name-First: Ze Author-X-Name-Last: Tian Title: Comparative study on infrastructure and export trade of the host country and OFDI efficiency of China Abstract: The Belt and Road Initiative (BRI) provides new opportunities and great space for China’s outward foreign direct investment (OFDI) cooperation, as evidenced in 2018 when it financed US$15.64 billion in 56 countries along this burgeoning economic path, targeting Europe, Africa, and Asia as its hot spots. However, most of the countries along the Belt and Road are low-growth, middle-income, and developing economies, and their infrastructure, export trade, and other factors play an important role in the security and efficiency of OFDI. Therefore, this research selects 60 countries in Europe, Asia, and Africa as the objects and uses the common boundary SBM model to calculate the investment efficiency of 7 indicators from 2013 to 2017. The results show a significant regional gap in the efficiency of China’s total foreign investment. The efficiency scores of European countries are generally better than those of Asian and African countries, while the technology gaps of countries in Asia and Europe are higher than that in Africa. The efficiencies of three major indicators, FDI, infrastructure development indicator (IDI), and export trade (ET), exhibit four types of distribution. Therefore, it is necessary to coordinate and optimise the proper investment layout, enhance China’s investment quality in countries along the Belt and Road, strengthen exchanges and cooperation between think tanks, and promote further construction of BRI. Journal: Journal of the Asia Pacific Economy Pages: 1087-1116 Issue: 3 Volume: 28 Year: 2023 Month: 7 X-DOI: 10.1080/13547860.2022.2047277 File-URL: http://hdl.handle.net/10.1080/13547860.2022.2047277 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:28:y:2023:i:3:p:1087-1116 Template-Type: ReDIF-Article 1.0 # input file: RJAP_A_1961667_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Jr-Tsung Huang Author-X-Name-First: Jr-Tsung Author-X-Name-Last: Huang Author-Name: Ming-Lei Chang Author-X-Name-First: Ming-Lei Author-X-Name-Last: Chang Author-Name: Authur Jin Lin Author-X-Name-First: Authur Jin Author-X-Name-Last: Lin Author-Name: Yu-Chien Chang Author-X-Name-First: Yu-Chien Author-X-Name-Last: Chang Title: Party alternation and fiscal performance—evidence from Taiwan’s local government Abstract: This study aims to explore whether party alternation in local mayoral elections might have any influence on the local fiscal deficit in each of the four years after such elections take place in Taiwan. The results of five local mayoral elections for the 21 counties/cities in 1989, 1993, 1997, 2001 and 2005, respectively, as well as three indicators of the fiscal deficit for the 21 counties and cities from 1990 to 2009 are employed to estimate the spatial econometric model. The primary finding of this study is that after using instrument variable to conquer the endogeneity problem, party alternation making counties to have new mayors of new ruling parties cannot mitigate the fiscal deficit in any years after the election, instead will tend to aggravate the local fiscal deficit in the third and fourth years after the election that is consistent with the theory of political budget cycle. Journal: Journal of the Asia Pacific Economy Pages: 1007-1028 Issue: 3 Volume: 28 Year: 2023 Month: 7 X-DOI: 10.1080/13547860.2021.1961667 File-URL: http://hdl.handle.net/10.1080/13547860.2021.1961667 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:28:y:2023:i:3:p:1007-1028 Template-Type: ReDIF-Article 1.0 # input file: RJAP_A_1963043_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Mohammad Masudur Rahman Author-X-Name-First: Mohammad Masudur Author-X-Name-Last: Rahman Author-Name: Anna Strutt Author-X-Name-First: Anna Author-X-Name-Last: Strutt Title: Trade-restricting impacts of non-tariff measures in Bangladesh Abstract: This paper estimates the bilateral trade costs between Bangladesh and its leading trading partners before investigating the factors that influence Bangladesh’s import costs, including the contribution of NTMs. To measure implied bilateral trade costs, we first deploy an inverse gravity equation. We then estimate the determinants of import trade costs at the HS 6-digit product level, applying PPML estimation techniques to a gravity model, using a unique new NTM database developed for the current study. Our results show that imports to Bangladesh are related in an expected way to common trade cost proxies and that NTMs negatively impact imports. Journal: Journal of the Asia Pacific Economy Pages: 1117-1139 Issue: 3 Volume: 28 Year: 2023 Month: 7 X-DOI: 10.1080/13547860.2021.1963043 File-URL: http://hdl.handle.net/10.1080/13547860.2021.1963043 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:28:y:2023:i:3:p:1117-1139 Template-Type: ReDIF-Article 1.0 # input file: RJAP_A_1961988_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Chang Yang Author-X-Name-First: Chang Author-X-Name-Last: Yang Author-Name: Jin Zeng Author-X-Name-First: Jin Author-X-Name-Last: Zeng Author-Name: Zhiding Zhou Author-X-Name-First: Zhiding Author-X-Name-Last: Zhou Title: Growth or innovation? The impacts analysis of FDI on performance of China’s high-tech zones Abstract: This paper empirically investigates the impacts of FDI on operation and innovation performance of China’s national high-tech zones by using the SBM-VRS and Tobit model. The results show that in general, FDI promotes the growth of operation performance of high-tech zones, but has no significant effect on their innovation performance, after controlling the characteristics in cities and high-tech zones level. Furtherly, the paper finds that FDI increases per expenditure on R&D activity, but decreases ratio of technical income, which explains why FDI doesn’t have significant effect on innovation performance. Different regions make different sense. FDI has significantly positive effect on operation performance of all high-tech zones located on eastern, central and western regions, while FDI only makes a positive effect on innovation performance of those high-tech zones on western and central region. Journal: Journal of the Asia Pacific Economy Pages: 972-985 Issue: 3 Volume: 28 Year: 2023 Month: 7 X-DOI: 10.1080/13547860.2021.1961988 File-URL: http://hdl.handle.net/10.1080/13547860.2021.1961988 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:28:y:2023:i:3:p:972-985 Template-Type: ReDIF-Article 1.0 # input file: RJAP_A_1950114_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Yanyan Sun Author-X-Name-First: Yanyan Author-X-Name-Last: Sun Author-Name: Kunling Zhang Author-X-Name-First: Kunling Author-X-Name-Last: Zhang Author-Name: Song Zhang Author-X-Name-First: Song Author-X-Name-Last: Zhang Title: The impact of Chinese Outward Foreign Direct Investment on the comparative advantage of the Belt and Road countries Abstract: The present study investigates the impact of Chinese outward foreign direct investment (OFDI) on the comparative advantage (CA) of the Belt and Road countries (BRCs). This study uses the national-level panel data of Chinese OFDI flowing into 62 BRCs and disaggregated sectoral data from BRCs categorised by factor intensity from 2003 to 2017 and applies dynamic system generalised method-of-moments (GMM) estimators with instrument variables. The findings suggest that Chinese OFDI has a strong positive effect on the CA of BRCs in natural resource-intensive industries, a relatively weak positive effect on the CA of BRCs in labour-intensive textile, garment and footwear sectors, and a negative effect on the CA of BRCs in other labour-intensive sectors. Additionally, Chinese OFDI has a negative effect on the CA of BRCs in capital- and technology-intensive sectors, but the impact is positive in high-income BRCs. In contrast, non-Chinese OFDI shows a negative effect on the CA of BRCs in the natural resource industry, while non-Chinese OFDI significantly promotes labour-intensive industry and capital technology-intensive industry. Under the Belt and Road Initiative, BRCs are required to facilitate or prioritize Chinese investment in sectors complying with their own development strategies and resource endowments. Journal: Journal of the Asia Pacific Economy Pages: 1251-1285 Issue: 3 Volume: 28 Year: 2023 Month: 7 X-DOI: 10.1080/13547860.2021.1950114 File-URL: http://hdl.handle.net/10.1080/13547860.2021.1950114 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:28:y:2023:i:3:p:1251-1285 Template-Type: ReDIF-Article 1.0 # input file: RJAP_A_1981044_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Victoriia Alekhina Author-X-Name-First: Victoriia Author-X-Name-Last: Alekhina Author-Name: Giovanni Ganelli Author-X-Name-First: Giovanni Author-X-Name-Last: Ganelli Title: Determinants of inclusive growth in ASEAN Abstract: Over the past decades ASEAN countries have experienced rapid economic growth accompanied by a dramatic fall in poverty rates, but income inequality has not retreated. This research aims at identifying factors which could contribute to more equally distributed growth in ASEAN. To measure inclusive growth, we use a variable integrating per capita income growth and an equity index. A cross-country panel analysis of the impact of macro-structural factors on inclusive growth and its two components suggests that fiscal redistribution, female labour force participation, productivity growth, FDI inflows, digitalization, and savings significantly drive inclusive growth. A scenario analysis based on our econometric results suggests that the implementation of fiscal redistribution and labour market-oriented structural reforms could help significantly accelerate inclusive growth in ASEAN. Journal: Journal of the Asia Pacific Economy Pages: 1196-1228 Issue: 3 Volume: 28 Year: 2023 Month: 7 X-DOI: 10.1080/13547860.2021.1981044 File-URL: http://hdl.handle.net/10.1080/13547860.2021.1981044 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:28:y:2023:i:3:p:1196-1228 Template-Type: ReDIF-Article 1.0 # input file: RJAP_A_1960614_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Felipe Muñoz Author-X-Name-First: Felipe Author-X-Name-Last: Muñoz Author-Name: Javiera Cáceres Author-X-Name-First: Javiera Author-X-Name-Last: Cáceres Author-Name: Dorotea López Author-X-Name-First: Dorotea Author-X-Name-Last: López Title: Are free trade agreements an enough condition to diversify and add value to exports? The case of Chile–Korea FTA Abstract: Chile and Korea subscribed a free trade agreement in 2003, which entered into force in 2004. One of the main objectives behind the agreement was to modify the concentration of the Chilean export basket, traditionally dominated by primary products, through preferential access to the country’s main export destinations. From here, this paper analyses the achievement of this objective through mixed-methods. Acknowledging that econometric models may not fully explain trade patterns, this article uses both quantitative data to understand the impact of the agreement on export flows, and qualitative information to complement these results. It concludes that Chile has not been capable of achieving the objective stated, due to constrains in the public and private sector. Journal: Journal of the Asia Pacific Economy Pages: 1061-1086 Issue: 3 Volume: 28 Year: 2023 Month: 7 X-DOI: 10.1080/13547860.2021.1960614 File-URL: http://hdl.handle.net/10.1080/13547860.2021.1960614 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:28:y:2023:i:3:p:1061-1086 Template-Type: ReDIF-Article 1.0 # input file: RJAP_A_1940693_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Anh-Tuan Doan Author-X-Name-First: Anh-Tuan Author-X-Name-Last: Doan Author-Name: Aila Khan Author-X-Name-First: Aila Author-X-Name-Last: Khan Author-Name: Scott Holmes Author-X-Name-First: Scott Author-X-Name-Last: Holmes Author-Name: Thao Tran Author-X-Name-First: Thao Author-X-Name-Last: Tran Title: SMEs’ efficiency in a transitional economy: does innovation and public support schemes matter? Abstract: This paper examines the effects of innovation performance and government support schemes on cost efficiency of Vietnamese small and medium enterprises (SMEs). Financial and technical assistances are two different public instruments used to correct market failure and facilitate efficient innovation through lowering the research and development (R&D) expenditures. Although large and small firms innovate in different ways, so far limited empirical evidence has been reported with respect to the effectiveness of innovation activities and public instruments for SMEs. Using stochastic frontier approach to estimate firm efficiency scores, we find that firms with new product innovation are associated with higher efficiency, but firms with introduced actions of existing product improvement, technology innovation, and new product lines are unable to achieve a higher efficiency level compared to their counterparts. Furthermore, the results suggest that government financial assistances used alone or with technical assistances are neither able to help firms to improve efficiency, nor to reduce the cost of SMEs’ innovation activities. This suggests that public instruments may have limited usefulness for SMEs in Vietnam. Journal: Journal of the Asia Pacific Economy Pages: 1029-1060 Issue: 3 Volume: 28 Year: 2023 Month: 7 X-DOI: 10.1080/13547860.2021.1940693 File-URL: http://hdl.handle.net/10.1080/13547860.2021.1940693 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:28:y:2023:i:3:p:1029-1060 Template-Type: ReDIF-Article 1.0 # input file: RJAP_A_1884346_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Sy-Hoa Ho Author-X-Name-First: Sy-Hoa Author-X-Name-Last: Ho Author-Name: Trung-Thanh Nguyen Author-X-Name-First: Trung-Thanh Author-X-Name-Last: Nguyen Author-Name: Nguyen To-The Author-X-Name-First: Nguyen Author-X-Name-Last: To-The Title: On the (a)symmetric effects of real exchange rate on trade flows: new evidence from US–Vietnam trade balance at the industry level Abstract: In this paper, we examined the asymmetric and symmetric effects of real exchange rate on bilateral trade balance between the United States and Vietnam at the industry level by employing both ARDL and NARDL models. We found that (i) only symmetric real exchange rate is statistically significant in explaining the total trade balance between the US and Vietnam in the long-run at the 10% statistical significant level; (ii) the effect at the industry level is mixed and dependent on product category; and (iii) the asymmetric effects are found in both short-run and long-run in 29 industries which account for 69% of the total industry. These findings suggest that Vietnam could import more commodities with a high import weight such as agricultural products, cork and wood, textile fiber, chemicals, and machinery products to reduce the US’s trade deficit. Journal: Journal of the Asia Pacific Economy Pages: 949-971 Issue: 3 Volume: 28 Year: 2023 Month: 7 X-DOI: 10.1080/13547860.2021.1884346 File-URL: http://hdl.handle.net/10.1080/13547860.2021.1884346 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:28:y:2023:i:3:p:949-971 Template-Type: ReDIF-Article 1.0 # input file: RJAP_A_1933694_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Yong Zhang Author-X-Name-First: Yong Author-X-Name-Last: Zhang Author-Name: Xiaomeng Lu Author-X-Name-First: Xiaomeng Author-X-Name-Last: Lu Author-Name: Jing Jian Xiao Author-X-Name-First: Jing Jian Author-X-Name-Last: Xiao Title: Can financial education improve consumer welfare in investment markets? Evidence from China Abstract: Under the current complex economic situation and the impact of COVID-19, China’s capital market reform has entered a critical period, with opportunities and challenges coexisting. One of the important challenges is how to improve the well-being of investors in capital markets. Financial education, which has been offered by financial institutions in many countries in recent years, is likely to become an effective policy instrument to meet this challenge. Using survey data of individual investors from China, this study examines the potential impact of financial education programs offered by financial institutions on individuals’ investment diversification. The results show financial education is positively associated with the investment diversification of individual investors. An analysis of the underlying mechanism shows that financial education contributes to the improvement of investment diversification by mitigating limited attention bias, strengthening social trust, and promoting the use of professional investment advisors. These findings suggest that the persistent promotion of financial education programs has a positive effect on optimizing financial asset allocation decisions and improving financial welfare of Chinese households. Journal: Journal of the Asia Pacific Economy Pages: 1286-1312 Issue: 3 Volume: 28 Year: 2023 Month: 7 X-DOI: 10.1080/13547860.2021.1933694 File-URL: http://hdl.handle.net/10.1080/13547860.2021.1933694 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:28:y:2023:i:3:p:1286-1312 Template-Type: ReDIF-Article 1.0 # input file: RJAP_A_1920658_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Christopher Findlay Author-X-Name-First: Christopher Author-X-Name-Last: Findlay Author-Name: Hein Roelfsema Author-X-Name-First: Hein Author-X-Name-Last: Roelfsema Title: Services trade in the ASEAN region and participation in GVCs Abstract: This paper documents the importance of trade in services for global value chain participation in the ASEAN region. Using newly created data on GVCs as well as a new database on the services trade restrictiveness index to connect international trade policies in services to participation in GVCs, we show that restrictions on trade in services are detrimental for backward participation in GVCs and that such restrictions are harmful to ASEAN members when compared to other countries in the data set. Also, we show that services trade restrictions are especially detrimental to ASEAN countries when such backward integration is connected to forward participation, hence, central positions in GVCs. Restrictions on trade in services slow down the upgrading of value chain positions, which calls for policy actions to follow up trade liberalization in industrial products with a new round of lower restrictions on services trade. Journal: Journal of the Asia Pacific Economy Pages: 986-1006 Issue: 3 Volume: 28 Year: 2023 Month: 7 X-DOI: 10.1080/13547860.2021.1920658 File-URL: http://hdl.handle.net/10.1080/13547860.2021.1920658 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:28:y:2023:i:3:p:986-1006 Template-Type: ReDIF-Article 1.0 # input file: RJAP_A_1955514_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Mohamad Zaki Mahasin Author-X-Name-First: Mohamad Zaki Author-X-Name-Last: Mahasin Author-Name: Yety Rochwulaningsih Author-X-Name-First: Yety Author-X-Name-Last: Rochwulaningsih Author-Name: Singgih Tri Sulistiyono Author-X-Name-First: Singgih Tri Author-X-Name-Last: Sulistiyono Title: The persistence of Chinese monopoly in Indonesia's salt business and marginalisation of local salt farmers Abstract: This paper reviews reasons for the domination of the Indonesian salt business, from the colonial to the New Order era, by the Chinese who are ethnic Indonesian citizens. The authors argue that this domination and subordination by middlemen induces a negative impact on market segmentation. Consequently, local farmers have limited market access and it appears that these salt farmers are pressurised by middlemen and the Chinese. This study used a historical method with an economic-political approach. Due to the New Order’s policy that placed the economy as a ‘commander’, business opportunities were widely open to the Chinese and even to foreign investment. During this era, there were middle-scale and large-scale salt companies, all of which belonged to the Chinese. Meanwhile, small-scale companies were non-Chinese or native Indonesian. The Chinese dominance in the salt business was not something new, and ironically, it has left almost no place for locals. Journal: Journal of the Asia Pacific Economy Pages: 873-893 Issue: 3 Volume: 28 Year: 2023 Month: 7 X-DOI: 10.1080/13547860.2021.1955514 File-URL: http://hdl.handle.net/10.1080/13547860.2021.1955514 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:28:y:2023:i:3:p:873-893 Template-Type: ReDIF-Article 1.0 # input file: RJAP_A_1940695_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Jing Li Author-X-Name-First: Jing Author-X-Name-Last: Li Author-Name: Jun Li Author-X-Name-First: Jun Author-X-Name-Last: Li Title: Bride price and household income: evidence from rural China Abstract: A number of recent studies have investigated the relationship between bride prices and social development. However, there has been little empirical evidence that bride prices affect household income. Based on a unique set of bride price data from China and data from China's Labour Force Dynamic Survey (CLDS), this paper studies the effect of bride prices on rural household income. The findings show that higher bride prices can significantly reduce rural household income. For income categories, higher bride prices have a significantly negative impact on the agricultural income of rural households, while higher bride prices can boost rural households’ remittance income by inducing individuals to work as migrant workers. There is a significant age difference in the impact of rural household income. Finally, the relationship between bride prices and income is an inverted U-shape, and moderate bride prices are conducive to income growth. Journal: Journal of the Asia Pacific Economy Pages: 1327-1346 Issue: 4 Volume: 28 Year: 2023 Month: 10 X-DOI: 10.1080/13547860.2021.1940695 File-URL: http://hdl.handle.net/10.1080/13547860.2021.1940695 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:28:y:2023:i:4:p:1327-1346 Template-Type: ReDIF-Article 1.0 # input file: RJAP_A_1949086_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Khalid M. Kisswani Author-X-Name-First: Khalid M. Author-X-Name-Last: Kisswani Author-Name: Michel Zaitouni Author-X-Name-First: Michel Author-X-Name-Last: Zaitouni Title: Does FDI affect environmental degradation? Examining pollution haven and pollution halo hypotheses using ARDL modelling Abstract: Pollution haven hypothesis (PHH) assumes that polluting industries will move to regions with lesser rigorous environmental regulations. On the other hand, pollution halo hypothesis presumes that industries transfer their clean technologies through FDI inflows to the host countries. Following these theoretical perceptions, this paper empirically examines how foreign direct investment (FDI) affects pollution (CO2 emissions) for four selected Asian countries (Malaysia, Philippines, Singapore, Thailand) over the period 1971-2014. This is done by applying the autoregressive distributed lags (ARDL) model of Pesaran et al.. The ARDL model is employed under two scenarios: without and with structural breaks. The long-run findings, for both scenarios, suggest support for the pollution haven hypothesis (PHH) for the Philippines only. Whereas, the findings lend support for the pollution halo hypothesis for Malaysia and Singapore. In addition, the paper explores the causality direction between FDI and pollution (CO2 emissions) using the Vector Error Correction model (VECM). The results show mixed long- and short-run Granger causality findings. Journal: Journal of the Asia Pacific Economy Pages: 1406-1432 Issue: 4 Volume: 28 Year: 2023 Month: 10 X-DOI: 10.1080/13547860.2021.1949086 File-URL: http://hdl.handle.net/10.1080/13547860.2021.1949086 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:28:y:2023:i:4:p:1406-1432 Template-Type: ReDIF-Article 1.0 # input file: RJAP_A_1965285_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Mohammad Zulfan Tadjoeddin Author-X-Name-First: Mohammad Zulfan Author-X-Name-Last: Tadjoeddin Title: The Asian economy: contemporary issues and challenges Journal: Journal of the Asia Pacific Economy Pages: 1494-1496 Issue: 4 Volume: 28 Year: 2023 Month: 10 X-DOI: 10.1080/13547860.2021.1965285 File-URL: http://hdl.handle.net/10.1080/13547860.2021.1965285 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:28:y:2023:i:4:p:1494-1496 Template-Type: ReDIF-Article 1.0 # input file: RJAP_A_1947550_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Matthew S. Yiu Author-X-Name-First: Matthew S. Author-X-Name-Last: Yiu Author-Name: Andrew Tsang Author-X-Name-First: Andrew Author-X-Name-Last: Tsang Title: Impact of COVID-19 on ASEAN5 stock markets Abstract: This article assesses the impact of COVID-19 on ASEAN5 stock markets by applying dynamic panel regression models. Vaccine availability is a crucial factor in this respect. Before the availability of vaccinations, the stringent policy response to COVID-19 impacted stock returns, while, COVID-19 development, and related stringent policies, do not increase volatility. However, with vaccination drives currently in progress, the pandemic’s impact is reducing in severity. Compared to previous financial crises, the current pandemic has a significant, but smaller, impact on ASEAN5 stock markets than the Global Financial Crisis (in terms of both return and volatility) and the taper tantrum (return only), while the impacts of other financial crises were limited. Our empirical results also suggest that local monetary and exchange rate policies could mitigate adverse impacts on regional stock markets. Journal: Journal of the Asia Pacific Economy Pages: 1392-1405 Issue: 4 Volume: 28 Year: 2023 Month: 10 X-DOI: 10.1080/13547860.2021.1947550 File-URL: http://hdl.handle.net/10.1080/13547860.2021.1947550 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:28:y:2023:i:4:p:1392-1405 Template-Type: ReDIF-Article 1.0 # input file: RJAP_A_1982194_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Sudarshan Chalise Author-X-Name-First: Sudarshan Author-X-Name-Last: Chalise Author-Name: Athula Naranpanawa Author-X-Name-First: Athula Author-X-Name-Last: Naranpanawa Title: Potential impacts of climate change and adaptation in agriculture on poverty: the case of Nepal Abstract: The main theme of this paper is to investigate the socio-economic impacts of climate change and adaptation; by comparing the losses with and without land reallocation for major staple foods as a key strategy of climate change adaptation in the farming system. In doing so, a computable general equilibrium (CGE) model for Nepal has been developed, incorporating the allocation of land for several agricultural crops, including the major staple foods, with specification of a nested set of constant elasticity of transformation (CET) functional forms. The set of land transformation elasticities facilitates switching from one crop to another; based on their agronomic characteristics and degree of climate change impacts. Using Global Trade Analysis Project (GTAP) data and Living Standard Survey (LSS) data, a social accounting matrix (SAM) for Nepal is developed and used to simulate three scenarios of climate change and land reallocation. The simulation results in the long run depict farmers as more likely to use land for crops that are comparatively less impacted by climate change, such as paddy. The results further show that land reallocation reduces the income inequality and poverty among rural and urban households by significantly controlling the income losses of marginal farmers. Journal: Journal of the Asia Pacific Economy Pages: 1540-1559 Issue: 4 Volume: 28 Year: 2023 Month: 10 X-DOI: 10.1080/13547860.2021.1982194 File-URL: http://hdl.handle.net/10.1080/13547860.2021.1982194 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:28:y:2023:i:4:p:1540-1559 Template-Type: ReDIF-Article 1.0 # input file: RJAP_A_1954302_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Pradeep Kumar Choudhury Author-X-Name-First: Pradeep Kumar Author-X-Name-Last: Choudhury Author-Name: Amit Kumar Author-X-Name-First: Amit Author-X-Name-Last: Kumar Author-Name: Angrej Singh Gill Author-X-Name-First: Angrej Singh Author-X-Name-Last: Gill Title: Who all access private coaching in higher education and how much do they spend? Evidence from India Abstract: Using the latest National Sample Survey (NSS) education round data, we examine the patterns and determinants of demand and cost of private coaching in higher education in India. Two-step Heckman selection equation results find that students with better household resources (rich and educated) are more likely to take private coaching and tend to spend more on it. Results show that not only pro-male gender discrimination is in existence; there is also caste inequality in the demand and cost of private coaching, with a higher marginal effect among poor households. The study establishes that the market of shadow education, which by its very nature, is highly selective and delivers the service largely to the students of socially and economically well-off families. This article provides a rationale to consider the dynamics of inequalities in access to private coaching while devising educational policies, for making higher education egalitarian. Journal: Journal of the Asia Pacific Economy Pages: 1433-1455 Issue: 4 Volume: 28 Year: 2023 Month: 10 X-DOI: 10.1080/13547860.2021.1954302 File-URL: http://hdl.handle.net/10.1080/13547860.2021.1954302 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:28:y:2023:i:4:p:1433-1455 Template-Type: ReDIF-Article 1.0 # input file: RJAP_A_1976000_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Devasmita Jena Author-X-Name-First: Devasmita Author-X-Name-Last: Jena Author-Name: Swati Saini Author-X-Name-First: Swati Author-X-Name-Last: Saini Title: The impact of trade with ASEAN on India’s employment in industrial sector Abstract: This paper examines the impact of trade with ASEAN on industry-level employment in India during the period of 1996–1997 to 2016–2017. Using the KLEMS and CMIE databases, we construct a unique dataset covering fifteen industrial sectors in India. We employ the Pooled Mean Group (PMG) approach to estimate the long-run relationship between employment and trade. For the full period of our study, we find that import penetration had a detrimental effect on employment while we find little evidence of any significant effect of export intensity on employment. There exists a structural break at 2004–2005, after which industrial sector has registered a decline in the rate of employment growth as well as India saw worsening of trade balance with ASEAN. Our results suggest that while export and import have had favorable impact on industrial sector employment prior to 2004–2005, AIFTA led to decline in industrial sector employment post 2004–2005. Journal: Journal of the Asia Pacific Economy Pages: 1497-1519 Issue: 4 Volume: 28 Year: 2023 Month: 10 X-DOI: 10.1080/13547860.2021.1976000 File-URL: http://hdl.handle.net/10.1080/13547860.2021.1976000 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:28:y:2023:i:4:p:1497-1519 Template-Type: ReDIF-Article 1.0 # input file: RJAP_A_1945993_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Martin Schröder Author-X-Name-First: Martin Author-X-Name-Last: Schröder Title: Electric vehicle policy in Thailand: Limitations of product champions Abstract: Thailand established herself as an automobile production and export hub, partly due to industrial policy. Targeting a particular vehicle type has successfully promoted specialisation of production and exports of pickup trucks. Past success led policymakers to continue the use of this so-called production champion policy to diversify automobile production in Thailand. Analysis of subsequent generations of product champion policy show that policy was successful in terms of promoting Thailand as a production and export location but failed to establish a dominant product champion akin to pickup trucks. Journal: Journal of the Asia Pacific Economy Pages: 1347-1372 Issue: 4 Volume: 28 Year: 2023 Month: 10 X-DOI: 10.1080/13547860.2021.1945993 File-URL: http://hdl.handle.net/10.1080/13547860.2021.1945993 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:28:y:2023:i:4:p:1347-1372 Template-Type: ReDIF-Article 1.0 # input file: RJAP_A_1991087_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Soo-Eun Kim Author-X-Name-First: Soo-Eun Author-X-Name-Last: Kim Author-Name: Jun Ho Seok Author-X-Name-First: Jun Ho Author-X-Name-Last: Seok Title: Trade openness and horizontal agricultural income inequality in Korea: focusing on sectoral income differences Abstract: In this study, we investigate the impact of agricultural trade openness on horizontal agricultural income inequality in South Korea during the period 1993–2018 using the Kuznets curve hypothesis of the openness-income inequality nexus and autoregressive distributed lag model. We find an inverted-U relationship between agricultural openness and horizontal agricultural income inequality. Further, our results indicate that financial development reduces income inequality within the sub-sectors of agriculture in the country. From these results, the inverted-U relationship between agricultural openness and income inequality should be monitored, and the agricultural sector should be provided with financial support to sustain domestic agricultural production to buffer price volatilities attributed to world agricultural supply shocks. Journal: Journal of the Asia Pacific Economy Pages: 1580-1600 Issue: 4 Volume: 28 Year: 2023 Month: 10 X-DOI: 10.1080/13547860.2021.1991087 File-URL: http://hdl.handle.net/10.1080/13547860.2021.1991087 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:28:y:2023:i:4:p:1580-1600 Template-Type: ReDIF-Article 1.0 # input file: RJAP_A_1962643_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Xinge Feng Author-X-Name-First: Xinge Author-X-Name-Last: Feng Author-Name: Weijie Luo Author-X-Name-First: Weijie Author-X-Name-Last: Luo Author-Name: Yong Wang Author-X-Name-First: Yong Author-X-Name-Last: Wang Title: Economic policy uncertainty and firm performance: evidence from China Abstract: This paper analyzes the impact of economic policy uncertainty on firm performance. Utilizing a news-based index of economic policy uncertainty and firm-level data in China, firm investment, employment, and revenue are found to be negatively associated with policy-related economic uncertainty. This negative relationship is weakened in state-owned enterprises (a fall in investment of 5.61%, employment growth of 0.09%, and sales growth of 0.31%) compared to that of non-state-owned enterprises (a fall in investment of 7.79%, employment growth of 0.14%, and sales growth of 0.34%). We explore several potential explanations and find evidence supporting that economic policy uncertainty reduces the incentives of firms to expand their operation through the mechanism of risk-taking, cash holdings and tax burden. Given this microscopic study on mechanisms, our analysis provides a reference for policy-makers to effectively reduce economic fluctuations. Journal: Journal of the Asia Pacific Economy Pages: 1476-1493 Issue: 4 Volume: 28 Year: 2023 Month: 10 X-DOI: 10.1080/13547860.2021.1962643 File-URL: http://hdl.handle.net/10.1080/13547860.2021.1962643 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:28:y:2023:i:4:p:1476-1493 Template-Type: ReDIF-Article 1.0 # input file: RJAP_A_1940694_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Kean-Siang Ch’ng Author-X-Name-First: Kean-Siang Author-X-Name-Last: Ch’ng Author-Name: Suresh Narayanan Author-X-Name-First: Suresh Author-X-Name-Last: Narayanan Title: The effect of gender and creativity on beauty premium on hiring decisions in Malaysia: Do male and female hirers weigh them differently? Abstract: The presence of a beauty premium in the labor market has been convincingly demonstrated in developed countries, although studies examining this issue in other countries have been few. Additionally, two related issues remain unclear: (i) Does the beauty premium have the same effect on the preferences of male and female personnel in charge of hiring? (ii) Does the interaction of attractiveness with creativity influence their evaluation differently? This study investigates the issues above in the context of a non-western country. A field experiment was conducted and the data were analyzed using regressions to test the interaction of the three factors (attractiveness, creativity and gender). We found that in common with findings elsewhere beauty is still used to decide who to hire, when no additional information is available, regardless of the gender of the hiring personnel. However, when information on creativity becomes available, male hirers give priority to it while female hirers continue to emphasize good looks. The reasons for this difference and whether or not this finding is unique to Malaysia are worth investigating in future studies. Journal: Journal of the Asia Pacific Economy Pages: 1313-1326 Issue: 4 Volume: 28 Year: 2023 Month: 10 X-DOI: 10.1080/13547860.2021.1940694 File-URL: http://hdl.handle.net/10.1080/13547860.2021.1940694 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:28:y:2023:i:4:p:1313-1326 Template-Type: ReDIF-Article 1.0 # input file: RJAP_A_1982483_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Hao Li Author-X-Name-First: Hao Author-X-Name-Last: Li Author-Name: Chun Chen Author-X-Name-First: Chun Author-X-Name-Last: Chen Author-Name: Zhi Zhang Author-X-Name-First: Zhi Author-X-Name-Last: Zhang Title: Are gender differences related to non-cognitive abilities? ——Evidence from China Abstract: Based on the data from the 2018 China Family Panel Studies data, this paper examines the effect of non-cognitive abilities on gender wages gap in the Chinese labor market. First, use the least squares regression (OLS) method to estimate and analyze the income effect of gender differences. On this basis, the non-conditional quantile (RIF) model is used to analyze the impact of non-cognitive abilities on the gender wage gap. The study found that non-cognitive abilities promote the increase of gender wages. It can be seen from the regression of RIF that non-cognitive abilities has a greater effect on women’s wages than men. According to the decomposition of RIF, in the gender wage gap, non-cognitive abilities helps to alleviate the degree of gender discrimination. Journal: Journal of the Asia Pacific Economy Pages: 1560-1579 Issue: 4 Volume: 28 Year: 2023 Month: 10 X-DOI: 10.1080/13547860.2021.1982483 File-URL: http://hdl.handle.net/10.1080/13547860.2021.1982483 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:28:y:2023:i:4:p:1560-1579 Template-Type: ReDIF-Article 1.0 # input file: RJAP_A_1915545_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Satya Paul Author-X-Name-First: Satya Author-X-Name-Last: Paul Title: Vulnerability and the resilience against covid-19 in India Abstract: This paper examines the extent of vulnerability and resilience to fight against Covid-19 virus in India. The vulnerability indices are constructed for the domains of hospital infrastructure, demography, housing, and health for all 36 states and union territories. An overall vulnerability index is constructed as the weighted average of domain-specific indices. The results reveal that vulnerability to coronavirus varies significantly across the states. The hospital and health vulnerabilities contribute most to the overall vulnerability in each state. As on 29 March 2021, the cumulative corona cases are the highest in Maharashtra, followed by Kerala, Karnataka, and Andhra Pradesh. The resilience to fight against the virus is weak in India. The lockdown imposed in India has severely affected jobs and incomes. The government should enhance fiscal spending to strengthen the national resilience and administer safe vaccination program not only to stop the spread of virus but also bring life to the normal. Journal: Journal of the Asia Pacific Economy Pages: 1373-1391 Issue: 4 Volume: 28 Year: 2023 Month: 10 X-DOI: 10.1080/13547860.2021.1915545 File-URL: http://hdl.handle.net/10.1080/13547860.2021.1915545 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:28:y:2023:i:4:p:1373-1391 Template-Type: ReDIF-Article 1.0 # input file: RJAP_A_1981035_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Yihong Tang Author-X-Name-First: Yihong Author-X-Name-Last: Tang Author-Name: Jing Yan Author-X-Name-First: Jing Author-X-Name-Last: Yan Author-Name: Feng Yu Author-X-Name-First: Feng Author-X-Name-Last: Yu Title: The welfare effects of service trade liberalization: evidence from the Chinese movie industry Abstract: We examine the welfare effect of trade liberalization in the service industry by focusing on the Chinese movie industry. China has been maintaining an import quota of foreign movies since 1990s. Using a unique Chinese movie dataset, we first estimate a nested logit demand model. And based on the estimated demand parameters, we perform counterfactual tests by removing the movie import quota. Specifically, we quantify the loss to the domestic film makers due to greater competition with foreign competitors, and the gains to consumers from consuming more high quality movies. We find that after trade liberalization, the market share of domestic film makers falls by 21–22% on average during the sample period, whereas the gain in the consumer welfare is comparatively smaller with an increase of around 5–9%. We also find that if the domestic film makers react actively by either strategically changing the release dates or by improving the quality of the home-made movies, then the magnitude of decline in the producer welfare will reduce by a large extent. Journal: Journal of the Asia Pacific Economy Pages: 1520-1539 Issue: 4 Volume: 28 Year: 2023 Month: 10 X-DOI: 10.1080/13547860.2021.1981035 File-URL: http://hdl.handle.net/10.1080/13547860.2021.1981035 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:28:y:2023:i:4:p:1520-1539 Template-Type: ReDIF-Article 1.0 # input file: RJAP_A_1955529_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Rui Tang Author-X-Name-First: Rui Author-X-Name-Last: Tang Author-Name: Pishi Xiu Author-X-Name-First: Pishi Author-X-Name-Last: Xiu Title: The modern service industry agglomeration and tourism efficiency in China: regional difference and influencing mechanism Abstract: This study explores the relationship between the agglomeration of modern service industry and tourism efficiency in China based on the data from 2012 to 2017. The estimated coefficients of the specialized agglomeration were 0.001 and 0.009 in the eastern and western region, and both are significant at the 5% level. The estimated coefficients of the diversified agglomeration are 0.0002 (significant at the 10% level) and 0.0003 (significant at the 1% level) in the eastern and western region, indicating that two types of modern service industry agglomeration promoted the tourism efficiency. According to the influencing mechanism test, the specialized agglomeration of modern service industry could improve tourism efficiency through ‘technology spillover effect’. The influence of the ‘demonstration and learning effect’ exceeded the ‘crowding effect’ brought by the diversified agglomeration of modern service industry, which exerted a positive effect on the improvement of tourism efficiency. Journal: Journal of the Asia Pacific Economy Pages: 1456-1475 Issue: 4 Volume: 28 Year: 2023 Month: 10 X-DOI: 10.1080/13547860.2021.1955529 File-URL: http://hdl.handle.net/10.1080/13547860.2021.1955529 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:28:y:2023:i:4:p:1456-1475 Template-Type: ReDIF-Article 1.0 # input file: RJAP_A_2009630_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Adriana Bruscato Bortoluzzo Author-X-Name-First: Adriana Bruscato Author-X-Name-Last: Bortoluzzo Author-Name: Camila de Freitas Souza Campos Author-X-Name-First: Camila de Freitas Souza Author-X-Name-Last: Campos Author-Name: Helder Albuquerque Vaz Author-X-Name-First: Helder Albuquerque Author-X-Name-Last: Vaz Title: Investment responses to trade liberalization: impact of CKFTA Abstract: Using data from Canadian and Korean public companies available at Bloomberg, this study attempts to demonstrate the relationship between investment in establishments and trade liberalization, an effect caused mainly by increased competitiveness. This project contributes to the studies previously conducted on the subject and adds information regarding countries with different peculiarities, such as Canada, better known for being the main trading partner of the USA and major producer of commodities, and South Korea, which for some decades has invested to become a reference in technology and world innovation. In line with previous studies, a negative and statistically significant relationship was found between investment and trade liberalization, an effect that was verified mainly for those establishments that are far from the frontier of the sector in which they operate, and for the firms in the frontier this effect is positive. Journal: Journal of the Asia Pacific Economy Pages: 190-205 Issue: 1 Volume: 29 Year: 2024 Month: 1 X-DOI: 10.1080/13547860.2021.2009630 File-URL: http://hdl.handle.net/10.1080/13547860.2021.2009630 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:29:y:2024:i:1:p:190-205 Template-Type: ReDIF-Article 1.0 # input file: RJAP_A_2024367_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Hoyong Jung Author-X-Name-First: Hoyong Author-X-Name-Last: Jung Author-Name: Bong Hwan Kim Author-X-Name-First: Bong Hwan Author-X-Name-Last: Kim Title: Foreign residents and local public expenditure: evidence from South Korea Abstract: With rapid globalization and the growth of immigration, countries worldwide have become multicultural societies and are experiencing social changes. Several studies have focused on the impact of foreign residents on society, particularly from a public finance perspective. The current study examines how foreign residents affect local budget expenditure in South Korea, which is currently facing a historically low fertility rate and the aging phenomenon. The employment permit system, which is a government-ordained system that allocates quotas for foreign employees by region and year, was adopted in the instrumental variable estimation to identify a causal linkage between foreign workers and local budget expenditure. We found that government spending decreases as the proportion of foreign residents among the total population increases, and this impact is particularly noticeable in social welfare spending. The results of a battery of robustness tests support these findings. Furthermore, the findings varied depending on the heterogeneities within regions and political regimes. Additionally, we found suggestive evidence that foreign workers are one of the main factors that contribute to the results, causing local governments to spend more money on non-productive areas such as administrative expenses. Overall, the results show that a sharp inflow of foreign residents may be a risk factor in terms of the quantity and quality of local budget expenditure in South Korea, suggesting that immigration policies should be operated effectively to secure the fiscal soundness and sustainability of local finance. Journal: Journal of the Asia Pacific Economy Pages: 400-423 Issue: 1 Volume: 29 Year: 2024 Month: 1 X-DOI: 10.1080/13547860.2021.2024367 File-URL: http://hdl.handle.net/10.1080/13547860.2021.2024367 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:29:y:2024:i:1:p:400-423 Template-Type: ReDIF-Article 1.0 # input file: RJAP_A_2024362_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Wojciech J. Florkowski Author-X-Name-First: Wojciech J. Author-X-Name-Last: Florkowski Author-Name: Zhongyuan Liu Author-X-Name-First: Zhongyuan Author-X-Name-Last: Liu Author-Name: Huiguang Chen Author-X-Name-First: Huiguang Author-X-Name-Last: Chen Title: Social isolation: a key to explain a migrant worker cigarette smoking Abstract: Migrant workers in China are experiencing social isolation caused by institutional and non-institutional barriers. This paper explores the relationship between social isolation and migrants’ smoking behavior as well as gender differences in smoking. Migrants’ social isolation is systematically measured from the structural and qualitative perspective. Using the survey data of 2,188 rural-to-urban migrants in China in 2016, the prevalence of smoking among migrants is 38.21%, with 51.70% for males and 4.06% for females. Migrants with social isolation, such as migration instability, lack of ties with family and fellow migrants, and life dissatisfaction in migrant cities, are more likely to smoke and the impacts vary by gender. The income and price elasticities of cigarette demand show that male migrant smokers are more sensitive to income and price changes than female migrant smokers. Boosting rural migrants’ integration into the local community will reduce smoking prevalence, improving the overall health of the society. Journal: Journal of the Asia Pacific Economy Pages: 328-340 Issue: 1 Volume: 29 Year: 2024 Month: 1 X-DOI: 10.1080/13547860.2021.2024362 File-URL: http://hdl.handle.net/10.1080/13547860.2021.2024362 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:29:y:2024:i:1:p:328-340 Template-Type: ReDIF-Article 1.0 # input file: RJAP_A_1996676_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Zheng Li Author-X-Name-First: Zheng Author-X-Name-Last: Li Author-Name: Jorge Martinez-Vazquez Author-X-Name-First: Jorge Author-X-Name-Last: Martinez-Vazquez Title: Fiscal decentralization and interregional Capital misallocation: evidence from China Abstract: Misallocation of factors of production has been recently viewed as a promising explanation accounting for the large difference in total factor productivity (TFP) across countries. This article differs from previous studies by concentrating on interregional capital misallocation and by focusing on the role of fiscal decentralization in shaping misallocation. Using a city level panel data set, we measure intra-provincial and inter-city capital misallocation in China over 2003–2018. The empirical results based on provincial level panel data suggest that fiscal decentralization can lower inter-city capital misallocation while revenue decentralization performs better than expenditure decentralization. We further find that this positive effect is more significant and much larger when it is the market rather than government intervention that is driving the flow of capital. The results are robust to subsample regressions, IV estimations, spatial autoregressions and alternative measurement of interregional misallocation. Journal: Journal of the Asia Pacific Economy Pages: 56-89 Issue: 1 Volume: 29 Year: 2024 Month: 1 X-DOI: 10.1080/13547860.2021.1996676 File-URL: http://hdl.handle.net/10.1080/13547860.2021.1996676 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:29:y:2024:i:1:p:56-89 Template-Type: ReDIF-Article 1.0 # input file: RJAP_A_2010378_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Xiulu Huang Author-X-Name-First: Xiulu Author-X-Name-Last: Huang Author-Name: Pengfei Ge Author-X-Name-First: Pengfei Author-X-Name-Last: Ge Author-Name: Bole Zhou Author-X-Name-First: Bole Author-X-Name-Last: Zhou Title: Selective industrial policy and capital misallocation: evidence from the ‘Revitalization Plan for Ten Industries’ in China Abstract: Capital misallocation is a main obstacle to China’s economic development. This paper deploys a quasi-natural experiment formed by the ‘Revitalization Plan for Ten Industries’ (RPTI) and examines the impacts that selective industrial policies have on capital misallocation. It is found that the RPTI significantly exacerbates capital misallocation and that the effect does not disappear when the RPTI ends. Mechanism analysis indicates that the RPTI significantly increases the capital productivity of firm groups with high capital productivity but significantly reduces the capital productivity of firm groups with low capital productivity. This can be further interpreted by a decrease or an increase of inefficient investment and financial constraints faced by the corresponding firm groups. The documented relationship is stronger in state-owned enterprises and in firms located in areas of high marketization. Our findings advance the understanding of governmental policy intervention in developing countries. Journal: Journal of the Asia Pacific Economy Pages: 206-236 Issue: 1 Volume: 29 Year: 2024 Month: 1 X-DOI: 10.1080/13547860.2021.2010378 File-URL: http://hdl.handle.net/10.1080/13547860.2021.2010378 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:29:y:2024:i:1:p:206-236 Template-Type: ReDIF-Article 1.0 # input file: RJAP_A_2024363_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Jaehyun Yoon Author-X-Name-First: Jaehyun Author-X-Name-Last: Yoon Title: Impact of foreign ownership on firm productivity: evidence from Japanese manufacturing firms Abstract: This article presents the methodology to examine the impact of foreign ownership on firm productivity using firm-level data of Japanese manufacturing firms from 2000 to 2016, which include 1,458 listed companies in Japan. Firm productivity is represented by total factor productivity (TFP), which is estimated by the Olley–Pakes semiparametric estimation method to minimize the simultaneity problem in production function estimation. In the estimation of the impact of foreign ownership on firm productivity, system GMM estimation is applied to address a possible reversal causality problem between foreign ownership and firm productivity. Based on the case of the manufacturing firms in Japan, this article shows that 1 percentage point increase in foreign ownership increases the firm productivity by 0.06 percent. The evidence of this article supports the positive impact of foreign ownership on firm productivity and further implies that the promotion of foreign investment could be a policy option to improve firm productivity.HighlightsThis study analyzes the impact of foreign ownership on firm productivity.Firm-level data of the Japanese manufacturing firms from 2000 to 2016 are analyzed.The result supports the positive impact of foreign ownership on firm productivity. Journal: Journal of the Asia Pacific Economy Pages: 314-327 Issue: 1 Volume: 29 Year: 2024 Month: 1 X-DOI: 10.1080/13547860.2021.2024363 File-URL: http://hdl.handle.net/10.1080/13547860.2021.2024363 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:29:y:2024:i:1:p:314-327 Template-Type: ReDIF-Article 1.0 # input file: RJAP_A_2009625_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Hai Thanh Nguyen Author-X-Name-First: Hai Thanh Author-X-Name-Last: Nguyen Title: How does the productivity of foreign-invested enterprises spill over to domestic firms in Vietnamese manufacturing? Abstract: This paper investigates the evidence of productivity spillover from foreign-invested enterprises (FIEs) to local firms through horizontal, backward, and forward spillover channels, using establishment-level data from Vietnam in 2006–2017. The paper also considers the effects of foreign ownership types on the existence and magnitude of the productivity spillover. In addition, the paper examines whether the involvement of domestic firms in global production networks (GPNs) impacts on the nature of the spillover. The findings indicate that productivity from FIEs spills over to local firms through backward and forward channels, but not horizontal channels. Ownership structures of FIEs serve as an important determinant of productivity spillover: joint ventures tend to generate more significant positive productivity spillover to domestic firms than fully owned foreign firms. Lastly, local firms operating within GPNs benefit more from the presence of FIEs compared to those involved in horizontal specialization. Journal: Journal of the Asia Pacific Economy Pages: 154-189 Issue: 1 Volume: 29 Year: 2024 Month: 1 X-DOI: 10.1080/13547860.2021.2009625 File-URL: http://hdl.handle.net/10.1080/13547860.2021.2009625 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:29:y:2024:i:1:p:154-189 Template-Type: ReDIF-Article 1.0 # input file: RJAP_A_2024379_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Fangyu Ye Author-X-Name-First: Fangyu Author-X-Name-Last: Ye Author-Name: Jingjing Deng Author-X-Name-First: Jingjing Author-X-Name-Last: Deng Author-Name: Bibang Gong Author-X-Name-First: Bibang Author-X-Name-Last: Gong Author-Name: Zhiyao Zeng Author-X-Name-First: Zhiyao Author-X-Name-Last: Zeng Title: Economic policy uncertainty, resource endowments and industrial structure transformation Abstract: This article examines the impact of economic policy uncertainty (EPU) on the industrial structure using panel data of 275 prefecture-level cities in China from 2003 to 2018 with the mediating effect of resource endowments. We find that uncertainty about economic policy has an inverted U-shaped relationship with industrial structure. Moreover, the positive relationship between EPU and industry structure is more prominent for cities with abundant natural resources. In addition, from the perspective of the three industries, EPU has an inverted U-shaped relationship with the primary and tertiary sectors and a U-shaped relationship with the secondary sector. EPU has a positive threshold effect on the rationalization of industrial structure. These results suggest that local governments should consider EPU to promote industrial structure transformation and strengthen its governance capacity to reduce the negative impact of EPU. Journal: Journal of the Asia Pacific Economy Pages: 341-361 Issue: 1 Volume: 29 Year: 2024 Month: 1 X-DOI: 10.1080/13547860.2021.2024379 File-URL: http://hdl.handle.net/10.1080/13547860.2021.2024379 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:29:y:2024:i:1:p:341-361 Template-Type: ReDIF-Article 1.0 # input file: RJAP_A_2012981_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Jyotsna Rosario Author-X-Name-First: Jyotsna Author-X-Name-Last: Rosario Author-Name: K. R. Shanmugam Author-X-Name-First: K. R. Author-X-Name-Last: Shanmugam Title: Determining fiscal equalization transfers for elementary education to Indian States Abstract: This study attempts to determine the fiscal equalization transfers for elementary education using data for 27 Indian States from 2011–12 to 2017–18 and panel data methodology, based on a model adapted from Australia’s expenditure equalization mechanism. It is found that States with larger fiscal capacity tend to spend more on elementary education and the existing transfers mechanism has failed to compensate the lagging States. Using the estimated values from the expenditure model and two benchmarks: all States’ average and top three States’ average, per student expenditure on elementary education, the State specific finance gap and total transfers need are computed. The results reveal that Bihar, West Bengal, Uttar Pradesh, Jharkhand, Madhya Pradesh and Maharashtra have a relatively large expenditure gap. Given the magnitude of the Centre's budget, the estimated additional transfers seem to be feasible. The findings of the study will be useful for policymakers and other stakeholders to create appropriate fiscal transfers strategies that can enable all Indian States to provide a standard level of elementary education. Journal: Journal of the Asia Pacific Economy Pages: 90-111 Issue: 1 Volume: 29 Year: 2024 Month: 1 X-DOI: 10.1080/13547860.2021.2012981 File-URL: http://hdl.handle.net/10.1080/13547860.2021.2012981 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:29:y:2024:i:1:p:90-111 Template-Type: ReDIF-Article 1.0 # input file: RJAP_A_1992092_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Weijie Luo Author-X-Name-First: Weijie Author-X-Name-Last: Luo Title: Business experience and local government size: evidence from China Abstract: This article documents the determinants of local government size corresponding with the work experience of political leader. Utilizing the city level data on the size of government and political officials in China, government size is found to be negatively associated with local political leaders’ work experience in business. This relationship holds more firmly in poor cities or those with stronger fiscal decentralization. Moreover, we find evidence supporting that both fiscal decentralization and the size of public funded system contribute to the expansion of government. Journal: Journal of the Asia Pacific Economy Pages: 19-37 Issue: 1 Volume: 29 Year: 2024 Month: 1 X-DOI: 10.1080/13547860.2021.1992092 File-URL: http://hdl.handle.net/10.1080/13547860.2021.1992092 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:29:y:2024:i:1:p:19-37 Template-Type: ReDIF-Article 1.0 # input file: RJAP_A_2008099_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Meng Liu Author-X-Name-First: Meng Author-X-Name-Last: Liu Author-Name: Hanhui Hu Author-X-Name-First: Hanhui Author-X-Name-Last: Hu Title: Carbon emissions, consumption structure upgrading, and high-quality economic development: empirical evidence from China Abstract: Environmental influence on the economy can be enhanced by consumption upgrading, transforming the key driver of economic development from supply to demand. This study constructs a model for consumption upgrading and applies threshold regression based on the susceptible–infectious–recovered (SIR) model, to explore the role of carbon emissions on high-quality economic development. The results reveal that the environmental input characterized by carbon emissions has an inverted U-shaped effect on high-quality economic development. A diminishing marginal rate of substitution of economic output demand to environment demand is observed during consumption upgrading. This study proves that environmental resources can assume both supply and demand roles for economic output and customers, which gradually emerge during consumption upgrading. Journal: Journal of the Asia Pacific Economy Pages: 237-259 Issue: 1 Volume: 29 Year: 2024 Month: 1 X-DOI: 10.1080/13547860.2021.2008099 File-URL: http://hdl.handle.net/10.1080/13547860.2021.2008099 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:29:y:2024:i:1:p:237-259 Template-Type: ReDIF-Article 1.0 # input file: RJAP_A_2024380_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Bang Nam Jeon Author-X-Name-First: Bang Nam Author-X-Name-Last: Jeon Author-Name: Yao Yao Author-X-Name-First: Yao Author-X-Name-Last: Yao Author-Name: Minghua Chen Author-X-Name-First: Minghua Author-X-Name-Last: Chen Author-Name: Ji Wu Author-X-Name-First: Ji Author-X-Name-Last: Wu Title: The impact of macroprudential policies on bank risk under economic uncertainty: Evidence from emerging Asian economies Abstract: This paper examines the impact of macroprudential policies on the nexus between economic uncertainty and bank risk in emerging Asian economies. We construct our index of economic uncertainty by applying the Generalized Autoregressive Conditional Heteroskedasticity (GARCH)-in-mean model to a series of important macroeconomic variables, and borrow macroprudential policy indices from Cerutti et al. (2017) and Alam et al. (2019). Using bank-level panel data from approximately 600 commercial banks in 11 emerging Asian economies during the period 2000–2016, we find consistent evidence that bank risk increases with economic uncertainty, while macroprudential measures play an ameliorative role in uncertainty-induced bank risk. Our baseline findings are largely driven by macroprudential measures that aim to dampen the credit cycle more than those that target increasing the resilience of the banking sector. Our further analyses of the heterogeneous impacts of macroprudential measures by specific type on the risk of banks show that liquidity-based instruments, reserve requirements and currency instruments play a more conspicuous role in the economic uncertainty‒bank risk nexus than capital-based and asset-side macroprudential instruments. Journal: Journal of the Asia Pacific Economy Pages: 282-313 Issue: 1 Volume: 29 Year: 2024 Month: 1 X-DOI: 10.1080/13547860.2021.2024380 File-URL: http://hdl.handle.net/10.1080/13547860.2021.2024380 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:29:y:2024:i:1:p:282-313 Template-Type: ReDIF-Article 1.0 # input file: RJAP_A_2024361_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Ikuo Kuroiwa Author-X-Name-First: Ikuo Author-X-Name-Last: Kuroiwa Author-Name: Kriengkrai Techakanont Author-X-Name-First: Kriengkrai Author-X-Name-Last: Techakanont Author-Name: Souknilanh Keola Author-X-Name-First: Souknilanh Author-X-Name-Last: Keola Title: Evolution of production networks and the localisation of firms: evidence from the Thai automotive industry Abstract: In this article, we compile a new data set of firms in the Thai automotive industry and discuss the localisation of both automotive parts suppliers and assemblers in Thailand. We first review the factors affecting the development and location of the Thai automotive industry and examine how Thailand came up with the strategy to promote one-ton pickup trucks as the first ‘product champion’. We argue that the government played a significant role in creating a ‘sizable’ domestic market and building the essential infrastructure, resulting in the promotion of dynamic growth and a vibrant productive capacity. Then, applying Duraton and Overman’s continuous approach, this paper examines the localisation of automotive firms. Using the spatial distribution of manufacturing establishments as a benchmark, this study finds that all categories of parts suppliers were significantly localised. Moreover, it is revealed that statistically significant localisation takes place only within 150 kilometers with respect to the bilateral distances between suppliers. Journal: Journal of the Asia Pacific Economy Pages: 260-281 Issue: 1 Volume: 29 Year: 2024 Month: 1 X-DOI: 10.1080/13547860.2021.2024361 File-URL: http://hdl.handle.net/10.1080/13547860.2021.2024361 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:29:y:2024:i:1:p:260-281 Template-Type: ReDIF-Article 1.0 # input file: RJAP_A_2024364_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Ooi Tze Wei Author-X-Name-First: Ooi Author-X-Name-Last: Tze Wei Author-Name: Ch’ng Kean-Siang Author-X-Name-First: Ch’ng Author-X-Name-Last: Kean-Siang Author-Name: Suresh Narayanan Author-X-Name-First: Suresh Author-X-Name-Last: Narayanan Title: Can the university matching mechanism in Malaysia do better? An experimental evaluation of three matching mechanisms Abstract: In Malaysia, the Immediate Acceptance Mechanism (IAM) is used to match the preferences of eligible students to the limited places available in public universities every year. Preference manipulation by students often results in places being offered to less academically qualified applicants over their better-qualified counterparts. We conducted laboratory experiments to evaluate the performance of IAM with two other popular mechanisms for centralized college admissions: the deferred acceptance mechanism (DAM), and the top trading cycle mechanism (TTC). In doing so, we broadened existing research by incorporating two features. First, we assumed a competitive environment with excess demand for college seats, as is the case in Malaysia. Second, we examined the impact of offering different amounts of information varying from just the stated minimum entry requirements (as is the current practice in Malaysia) to giving additional information on the number of seats available and the past average grades used to admit students in each university. Incorporating excess demand departs from the existing literature that has explored only examples where the student-seat ratio is 1:1, or very close to it. Our results suggest that in the prevailing Malaysian situation the DAM will perform better than the IAM because students are likely to express their true preferences which also increases its matching stability. However, if the availability of places in private universities results in a less congested market, either the DAM or TTC will perform better-provided students are given information on the number of places available and the minimum entry requirements of each university. Journal: Journal of the Asia Pacific Economy Pages: 362-385 Issue: 1 Volume: 29 Year: 2024 Month: 1 X-DOI: 10.1080/13547860.2021.2024364 File-URL: http://hdl.handle.net/10.1080/13547860.2021.2024364 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:29:y:2024:i:1:p:362-385 Template-Type: ReDIF-Article 1.0 # input file: RJAP_A_2024381_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Mohammed Anwar Hossain Author-X-Name-First: Mohammed Anwar Author-X-Name-Last: Hossain Title: Misplacing social capital in women’s economic wellbeing – the experience of microcredit from Bangladesh Abstract: Microcredit depletes women borrowers’ social capital and ability to enforce payments, significantly improving the rate of recovery but not borrowers’ economic condition. Using in-depth interviews and focus group discussions (FGDs), this study finds that the Grameen Bank both uses and fosters borrowers’ pre-existing social ties in the community to ensure payments. Borrowers who intensively use social capital to repay loans deplete their opportunities to sustain business and daily survival. They utilize both horizontal and vertical social ties to repay loans and mobilize resources to run and grow businesses. While most borrowers lack and fail to use social capital, better-off borrowers can use social capital for businesses. Conflicts between borrowers to assist loan defaulters also prevent them from using social capital for businesses. Although social ties help some borrowers derive an income from loans, they provide the bank with a mechanism to enforce payments. This in turn depletes borrowers’ economic wellbeing. Journal: Journal of the Asia Pacific Economy Pages: 1-18 Issue: 1 Volume: 29 Year: 2024 Month: 1 X-DOI: 10.1080/13547860.2021.2024381 File-URL: http://hdl.handle.net/10.1080/13547860.2021.2024381 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:29:y:2024:i:1:p:1-18 Template-Type: ReDIF-Article 1.0 # input file: RJAP_A_2264645_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Santosh Mehrotra Author-X-Name-First: Santosh Author-X-Name-Last: Mehrotra Title: Can India universalize social insurance before its demographic dividend ends? Abstract: About 91% of India’s workforce of 520 million is informal, lacking social insurance. However, this paper finds the Social Security Code 2020 wanting, but with potential for universalizing social insurance. The paper spells out the principles that should guide social insurance for informal workers; and presents the design and architecture for extending coverage. It shows how realistically, over the next 10–15 years, social insurance could cover the entire workforce, in accordance with ILO Conventions. It also estimates the fiscal cost of social insurance, for the first five years, and spells out the political economy, fiscal and administrative challenges to universalisation. Journal: Journal of the Asia Pacific Economy Pages: 134-153 Issue: 1 Volume: 29 Year: 2024 Month: 1 X-DOI: 10.1080/13547860.2023.2264645 File-URL: http://hdl.handle.net/10.1080/13547860.2023.2264645 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:29:y:2024:i:1:p:134-153 Template-Type: ReDIF-Article 1.0 # input file: RJAP_A_2022352_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Biswa Swarup Misra Author-X-Name-First: Biswa Swarup Author-X-Name-Last: Misra Author-Name: Muhsin Kar Author-X-Name-First: Muhsin Author-X-Name-Last: Kar Author-Name: Saban Nazlioglu Author-X-Name-First: Saban Author-X-Name-Last: Nazlioglu Author-Name: Cagin Karul Author-X-Name-First: Cagin Author-X-Name-Last: Karul Title: Income convergence of Indian states in the post-reform period: evidence from panel stationarity tests with smooth structural breaks Abstract: This paper investigates income convergence of Indian states in the post-reform period when markets played a greater role in resource allocation. We analyze stochastic convergence of relative per capita incomes of 19 states for the period 1994–2018 by employing a recently developed panel data approach controlling for structural breaks as smooth shifts. Smooth shifts are modelled using a more flexible Fourier approach that does not require identifying the number, date, and form of breaks. The empirical results, contrary to recent empirical findings, do not support evidence in favour of convergence in per capita income among Indian states. Poor infrastructure, lack of adequate financial development, and weak governance structure coupled with low total factor productivity growth seem to be responsible for the divergence of income. The findings suggest that development intervention in the post-reform period has neither been of the required order nor in the desired direction to help the lagging states to catch up with the leading ones. Journal: Journal of the Asia Pacific Economy Pages: 424-441 Issue: 1 Volume: 29 Year: 2024 Month: 1 X-DOI: 10.1080/13547860.2021.2022352 File-URL: http://hdl.handle.net/10.1080/13547860.2021.2022352 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:29:y:2024:i:1:p:424-441 Template-Type: ReDIF-Article 1.0 # input file: RJAP_A_1991089_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Shanmugam K. Author-X-Name-First: Shanmugam Author-X-Name-Last: K. Author-Name: Shanmugam K. Rangasamy Author-X-Name-First: Shanmugam K. Author-X-Name-Last: Rangasamy Title: Impact of fiscal transfers policy on regional growth convergence in India Abstract: This study is an attempt to empirically analyze the effect of fiscal transfers on growth and regional growth convergence in India during 2005–2019, using the standard growth convergence model for panel data. Results indicate the growth convergence across Indian States. The regional income gaps reduced at a rate of 17.7–31.9% per annum. The fiscal transfers contribute to the growth of 22 out of 29 States and also contribute significantly to the convergence. Moreover, there is strong evidence for convergence across General Category States and across Special Category States. The average income growth is higher in Special Category States and higher in post global crisis period. It is our hope that these results will be useful to policymakers and other stakeholders to take appropriate strategies to design fiscal transfer policy such that it will speed up the convergence process in India. Journal: Journal of the Asia Pacific Economy Pages: 38-55 Issue: 1 Volume: 29 Year: 2024 Month: 1 X-DOI: 10.1080/13547860.2021.1991089 File-URL: http://hdl.handle.net/10.1080/13547860.2021.1991089 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:29:y:2024:i:1:p:38-55 Template-Type: ReDIF-Article 1.0 # input file: RJAP_A_2024365_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Hui-Hsuan Tang Author-X-Name-First: Hui-Hsuan Author-X-Name-Last: Tang Author-Name: De-Chih Liu Author-X-Name-First: De-Chih Author-X-Name-Last: Liu Title: Unemployment disparities in Asia-Pacific economies: physical capital or human capital Abstract: We examine whether physical capital and/or human capital accumulation explain(s) unemployment disparities in fifteen Asia-Pacific economies over the years of 1991 to 2019, using the augmented distributed lag (DL) model and the cross-section augmented distributed lag (CS-DL) model. We find significantly positive and negative mean group estimates of human capital and physical capital accumulation on long-run unemployment rate, respectively. These findings are robust to both DL and CS-DL models and to the inclusion of productivity change. However, the effects differ in each country that explains the various dynamics of unemployment rates in the fifteen Asia-Pacific economies. Journal: Journal of the Asia Pacific Economy Pages: 386-399 Issue: 1 Volume: 29 Year: 2024 Month: 1 X-DOI: 10.1080/13547860.2021.2024365 File-URL: http://hdl.handle.net/10.1080/13547860.2021.2024365 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:29:y:2024:i:1:p:386-399 Template-Type: ReDIF-Article 1.0 # input file: RJAP_A_1991088_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Changping Zhao Author-X-Name-First: Changping Author-X-Name-Last: Zhao Author-Name: Xinli Qi Author-X-Name-First: Xinli Author-X-Name-Last: Qi Author-Name: Yu Gong Author-X-Name-First: Yu Author-X-Name-Last: Gong Author-Name: Xiaoling Feng Author-X-Name-First: Xiaoling Author-X-Name-Last: Feng Author-Name: Xuping Cao Author-X-Name-First: Xuping Author-X-Name-Last: Cao Author-Name: Yun Zhang Author-X-Name-First: Yun Author-X-Name-Last: Zhang Title: Is there reciprocity between India and RCEP member countries' goods trade? Abstract: In early November 2019, India announced its withdrawal from the Regional Comprehensive Economic Partnership (RCEP) Agreement, and stated that there is a non-reciprocal trade relationship with RCEP member states, this incident has aroused extensive discussions between India and the international community. We take reciprocity as the perspective and discuss the following three theoretical propositions: (1) Can the reciprocity coefficient be used as a basis for decision-making? (2) What is the influence mechanism of the reciprocity coefficient? (3) How will the reciprocity of RCEP changes in the future? We find that the reciprocity index is a result indicator of trade policy and trade network status. It is affected by the trade policy and trade status of related countries in the short term. It can be regarded as a warning and decision-making reference directional indicator. However, it cannot be used as a basic index for trade policy adjustments, India should reconsider this decision or choose other ways to participate in RCEP's regional cooperation. Journal: Journal of the Asia Pacific Economy Pages: 112-133 Issue: 1 Volume: 29 Year: 2024 Month: 1 X-DOI: 10.1080/13547860.2021.1991088 File-URL: http://hdl.handle.net/10.1080/13547860.2021.1991088 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:29:y:2024:i:1:p:112-133 Template-Type: ReDIF-Article 1.0 # input file: RJAP_A_2054132_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Takahiro Akita Author-X-Name-First: Takahiro Author-X-Name-Last: Akita Author-Name: Dorji Lethro Author-X-Name-First: Dorji Author-X-Name-Last: Lethro Title: Pro-poorness of rural economic growth and the roles of education in Bhutan, 2007–2017 Abstract: Among south Asian countries, Bhutan has the second lowest poverty incidence; but, there is a large difference in poverty incidence between urban and rural areas. While urban areas registered a very small poverty incidence, 12.0% of rural population were still below the national poverty line in 2017. Poverty is by and large a rural phenominon in Bhutan. Against this background, this study examines whether Bhutan’s rural economic growth was pro-poor from 2007–2017 by using the Bhutan Living Standard Surveys. It also conducts an IV probit analysis to explore the determinants of poverty. Even in rural areas, growth is necessary for the reduction of poverty. Besides relying on trickle-down effects from hydropower projects and tourism, promotion of agriculture-based small scale industries is essential for the acceleration of rural economic growth, where further development of basic industrial and transportation infrastructure and socioeconomic facilities is imperative. The country also needs to promote and strengthen basic education since education is found to have played an important role in reducing poverty. Many rural households are vulnerable to poverty. To prevent vulnerable households from falling into poverty, more effective social safety net programs may be necessary based on regional differences in factors affecting living conditions. Journal: Journal of the Asia Pacific Economy Pages: 762-788 Issue: 2 Volume: 29 Year: 2024 Month: 4 X-DOI: 10.1080/13547860.2022.2054132 File-URL: http://hdl.handle.net/10.1080/13547860.2022.2054132 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:29:y:2024:i:2:p:762-788 Template-Type: ReDIF-Article 1.0 # input file: RJAP_A_2041313_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Zhou Li Author-X-Name-First: Zhou Author-X-Name-Last: Li Author-Name: Xin-Zhe Xu Author-X-Name-First: Xin-Zhe Author-X-Name-Last: Xu Title: House purchasing intention and household participation in the financial market: evidence from Chinese households Abstract: This paper uses the micro-cross-sectional data from the Chinese Household Finance Survey in 2017 to systematically investigate the influence of house purchasing intention on household participation in the financial market by adopting probit, tobit and bootstrap methods. First, house purchasing intention had a significant positive impact on household participation in the financial market. Second, family risk preference played a significant mediating effect in the relation stated above. The results of the paper revealed that the impact of housing market prosperity on participation in the financial market was not only through the stock of real estate in the housing market but also through house purchasing intention. Journal: Journal of the Asia Pacific Economy Pages: 721-738 Issue: 2 Volume: 29 Year: 2024 Month: 4 X-DOI: 10.1080/13547860.2022.2041313 File-URL: http://hdl.handle.net/10.1080/13547860.2022.2041313 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:29:y:2024:i:2:p:721-738 Template-Type: ReDIF-Article 1.0 # input file: RJAP_A_2041286_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Katikar Tipayalai Author-X-Name-First: Katikar Author-X-Name-Last: Tipayalai Author-Name: Carlos Mendez Author-X-Name-First: Carlos Author-X-Name-Last: Mendez Title: Regional convergence and spatial dependence in Thailand: global and local assessments Abstract: This article studies the evolution of per-capita income disparities and spatial dependence across 77 provinces of Thailand over the period 1995–2017. Results show that – on average – regional income disparities are decreasing over time and initially poor provinces are catching up with rich provinces, indicating the presence of sigma and beta convergence. However, when we study the evolution of disparities – beyond the average – we reject the hypothesis that all provinces would eventually converge to a common long-run equilibrium. The evolution of these disparities suggests the existence of three local equilibria or convergence clubs. Further analyses based on global and local indicators of spatial association reveal significant spatial dependence in the evolution of disparities and the location of the convergence clubs. This article concludes arguing that an excessive focus on global or average assessments can be incomplete, and that spatial dependence has played a significant role in the formation of local convergence clubs. Furthermore, as different clubs may need different policy treatments, there is no one-size-fits-all territorial policy for reducing regional disparities in Thailand. Journal: Journal of the Asia Pacific Economy Pages: 693-720 Issue: 2 Volume: 29 Year: 2024 Month: 4 X-DOI: 10.1080/13547860.2022.2041286 File-URL: http://hdl.handle.net/10.1080/13547860.2022.2041286 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:29:y:2024:i:2:p:693-720 Template-Type: ReDIF-Article 1.0 # input file: RJAP_A_2068403_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Xinyan Hu Author-X-Name-First: Xinyan Author-X-Name-Last: Hu Author-Name: Xiangpo Chen Author-X-Name-First: Xiangpo Author-X-Name-Last: Chen Author-Name: Wenhui Chen Author-X-Name-First: Wenhui Author-X-Name-Last: Chen Author-Name: Lin Xie Author-X-Name-First: Lin Author-X-Name-Last: Xie Title: The persistence of China’s great famine on individuals’ choice to pursue self-employment Abstract: Self-employment is a field of special importance to developing countries in view of its positive role on socio-economic development. This study exploits a unique nationally representative database using the 1949–1985 China Demographic Data, the 2016 China Labour Force Dynamic Survey, and the 1959–1999 China Drought Disaster Data. Through a difference-in-differences estimation, we reveal that the Great Chinese Famine bear significantly upon individuals’ self-employment decisions. Specifically, a 1% increase in famine intensity results in a 3.89% and 2.31% decrease in the probability of self-employment and self-employed entrepreneurs entering the agricultural sector, respectively. Using rainfall as an instrument, we further show that the documented relationship is causal. Overall, we provide strong empirical evidence that famine exposure significantly affects one’s self-employment decisions, and can help design policies aiming to promote self-employment and the development of small businesses. Journal: Journal of the Asia Pacific Economy Pages: 483-505 Issue: 2 Volume: 29 Year: 2024 Month: 4 X-DOI: 10.1080/13547860.2022.2068403 File-URL: http://hdl.handle.net/10.1080/13547860.2022.2068403 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:29:y:2024:i:2:p:483-505 Template-Type: ReDIF-Article 1.0 # input file: RJAP_A_2049526_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Yunsu Du Author-X-Name-First: Yunsu Author-X-Name-Last: Du Author-Name: Frank W. Agbola Author-X-Name-First: Frank W. Author-X-Name-Last: Agbola Title: Servicification and global value chain upgrading: empirical evidence from China’s manufacturing industry Abstract: We investigate the effect of servicification on global value chain (GVC) upgrading within the context of China’s manufacturing industry. Utilising comprehensive data on manufacturing value-added, we present new evidence for the influence of servicification on the GVC position of the manufacturing industry in China. We find that although domestic and aggregate servicification enhances GVC, foreign servicification curtails the GVCs of manufacturing firms. Our results show that foreign direct investment, capital intensity and institutions are GVC enhancing. At the same time, the increased global market share of the Chinese manufacturing industry has reduced the GVC of manufacturing firms in China. From a policy perspective, the results highlight the need to take cognisance of the heterogeneity of manufacturing firms and the impact of domestic and foreign servicification on the GVC of manufacturing firms in China.HighlightsTotal servicification and domestic servicification enhanced the GVC position of Chinese manufacturing industry.Foreign servicification worsened the GVC position of Chinese manufacturing industry.Foreign direct investment, capital intensity and institutions are GVC-enhancing, while increased global market share is GVC-impeding.The GFC exacerbated the adverse impact of foreign servicification on the GVC position of Chinese manufacturing industry. Journal: Journal of the Asia Pacific Economy Pages: 739-761 Issue: 2 Volume: 29 Year: 2024 Month: 4 X-DOI: 10.1080/13547860.2022.2049526 File-URL: http://hdl.handle.net/10.1080/13547860.2022.2049526 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:29:y:2024:i:2:p:739-761 Template-Type: ReDIF-Article 1.0 # input file: RJAP_A_2058257_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Chang'an Wang Author-X-Name-First: Chang'an Author-X-Name-Last: Wang Author-Name: Junqian Wu Author-X-Name-First: Junqian Author-X-Name-Last: Wu Author-Name: Xiaoqian Liu Author-X-Name-First: Xiaoqian Author-X-Name-Last: Liu Title: High-speed rail and urban innovation: based on the perspective of labor mobility Abstract: High-speed rail (HSR) can enhance the inter-regional flow of labor factors, which is conducive to promoting knowledge exchange and the formation of innovation. Using prefecture-level data and the China Migrants Dynamic Survey (CMDS), and adopting a difference-in-differences model, we explore the effect of HSR connection on urban innovation as well as its mechanisms. The results indicate that compared with non-HSR cities, the innovation in connected cities significantly improves after HSR connection. The results remain robust after using an instrumental variable to deal with the possible endogeneity problem caused by the non-random placement of the HSR routes. Further investigations on the mechanisms show that one reason for the innovation improvement in HSR cities is the flow of talents from non-HSR cities to connected ones. The other reason for this increase is that HSR reinforces the interaction of talents among cities along the HSR routes. Journal: Journal of the Asia Pacific Economy Pages: 837-862 Issue: 2 Volume: 29 Year: 2024 Month: 4 X-DOI: 10.1080/13547860.2022.2058257 File-URL: http://hdl.handle.net/10.1080/13547860.2022.2058257 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:29:y:2024:i:2:p:837-862 Template-Type: ReDIF-Article 1.0 # input file: RJAP_A_2094643_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Qing Li Author-X-Name-First: Qing Author-X-Name-Last: Li Author-Name: Yanrui Wu Author-X-Name-First: Yanrui Author-X-Name-Last: Wu Title: ICT, human capital and productivity in Chinese cities Abstract: This study uses a rich city-level dataset to analyse the relationship between information and communication technology (ICT) and productivity performance in China during 2003–2016. It is shown that ICT positively contributes to Chinese cities’ productivity in conjunction with other growth determinants, such as human capital, foreign direct investment (FDI), infrastructure development, financial market development, and research and development investment. An identifiable amplified effect is detected when ICT exceeds certain threshold in Chinese cities. This threshold level is reached in over a half of Chinese cities particularly cities in coastal regions. Finally, ICT is found to substitute human capital in China’s context. Since the average education level in Chinese cities is low, the finding is in line with the argument that ICT only improves productivity of high-skilled workers but worsens that of the low-skilled ones. Journal: Journal of the Asia Pacific Economy Pages: 972-993 Issue: 2 Volume: 29 Year: 2024 Month: 4 X-DOI: 10.1080/13547860.2022.2094643 File-URL: http://hdl.handle.net/10.1080/13547860.2022.2094643 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:29:y:2024:i:2:p:972-993 Template-Type: ReDIF-Article 1.0 # input file: RJAP_A_2035093_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Anh Pham Author-X-Name-First: The Anh Author-X-Name-Last: Pham Author-Name: Hoang Huy Nguyen Author-X-Name-First: Hoang Huy Author-X-Name-Last: Nguyen Author-Name: Dinh Ngoc Nguyen Author-X-Name-First: Dinh Ngoc Author-X-Name-Last: Nguyen Author-Name: Linh Manh Vu Author-X-Name-First: Linh Manh Author-X-Name-Last: Vu Title: Exchange rate pass-through and its heterogeneity under the pegged regime: a case of Vietnam Abstract: This paper analyses the exchange rate pass-through effects (ERPT) into consumer prices in Vietnam with a pegged regime during 2001–2019 using a structural vector autoregressive approach. The model is identified based on the fit of data rather than a priori theorizing. Firstly, we find that the degree of ERPT in the country is higher than that in other emerging and developed economies. High and volatile inflation, a high degree of openness, and exchange rate regime are essential factors that explain the difference. Besides, we show that ERPT is positively correlated with the level and the volatility of inflation across sectors. Since the results are derived from a single country, the heterogeneity is more likely to be attributable to industry-specific rather than macro factors. Journal: Journal of the Asia Pacific Economy Pages: 612-633 Issue: 2 Volume: 29 Year: 2024 Month: 4 X-DOI: 10.1080/13547860.2022.2035093 File-URL: http://hdl.handle.net/10.1080/13547860.2022.2035093 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:29:y:2024:i:2:p:612-633 Template-Type: ReDIF-Article 1.0 # input file: RJAP_A_2039440_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Mohsen Bahmani-Oskooee Author-X-Name-First: Mohsen Author-X-Name-Last: Bahmani-Oskooee Author-Name: Sujata Saha Author-X-Name-First: Sujata Author-X-Name-Last: Saha Title: On the link between the real exchange rate and domestic investment in Asia: Are there asymmetric effects? Abstract: Previous research that assessed the asymmetric impact of currency depreciation on domestic investment considered experiences of seven industrialized countries, six emerging economies, and eighteen countries from Africa. We add to this new literature by considering the experiences of eight Asian countries. Like previous studies, our asymmetric analysis that required estimating nonlinear models revealed much more significant outcome than the linear and symmetric models. It predicted short-run asymmetric effects of exchange rate changes on domestic investment in all eight countries that lasted into long-run asymmetric effects in Hong Kong, Indonesia, South Korea, Malaysia, and Singapore. Additional analysis revealed that currency depreciation has adverse long-run effects on domestic investment in all five countries. Journal: Journal of the Asia Pacific Economy Pages: 658-667 Issue: 2 Volume: 29 Year: 2024 Month: 4 X-DOI: 10.1080/13547860.2022.2039440 File-URL: http://hdl.handle.net/10.1080/13547860.2022.2039440 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:29:y:2024:i:2:p:658-667 Template-Type: ReDIF-Article 1.0 # input file: RJAP_A_2073659_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Justin T. Callais Author-X-Name-First: Justin T. Author-X-Name-Last: Callais Author-Name: Linan Peng Author-X-Name-First: Linan Author-X-Name-Last: Peng Title: The impact of place-based policy: evidence from a multiple synthetic control analysis of the northeastern revitalization program in China Abstract: We examine the effect of a place-based policy in China, the Northeastern Revitalization Program. In 2003 the State Council of the People’s Republic of China initiated the program in northeastern China by removing an agricultural tax, enhancing the urban social security system, facilitating foreign investment, and restructuring state-owned enterprises in the region. Using the synthetic control method, we find that the program had no significant effect on GDP per capita in all three regions. Liaoning had slightly worse GDP per capita post-treatment, as did Heilongjiang (albeit to a lesser extent). While the multiple synthetic control analysis shows that economic outcomes were worse post-treatment, the impact of this program was heterogeneous across the three regions. We argue the lackluster performance likely comes from the continuing dominance of inefficient state-owned enterprises in the provinces. Journal: Journal of the Asia Pacific Economy Pages: 929-948 Issue: 2 Volume: 29 Year: 2024 Month: 4 X-DOI: 10.1080/13547860.2022.2073659 File-URL: http://hdl.handle.net/10.1080/13547860.2022.2073659 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:29:y:2024:i:2:p:929-948 Template-Type: ReDIF-Article 1.0 # input file: RJAP_A_2054133_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Xinxin Ma Author-X-Name-First: Xinxin Author-X-Name-Last: Ma Title: Internet use and income gaps between rural and urban residents in China Abstract: Using longitudinal survey data from the China Family Panel Studies, this study undertook a decomposition analysis to investigate the influences of differences in Internet access and return to Internet use on the income gap between rural and urban residents in China. Several major conclusions were drawn: First, there is a disparity in Internet access between rural and urban residents, with more Internet use among the latter. Second, while addressing the heterogeneity and other endogeneity problems simultaneously, the return to Internet use is higher for rural residents. Third, the disparity in Internet access widens the income gap, while differences in return to Internet use reduce income gap. Finally, the effects of Internet use on income gap differ by education and cohort, and the contribution values of return to Internet use on income gap are greater in the higher-educated group and younger generation than in their counterparts. Journal: Journal of the Asia Pacific Economy Pages: 789-809 Issue: 2 Volume: 29 Year: 2024 Month: 4 X-DOI: 10.1080/13547860.2022.2054133 File-URL: http://hdl.handle.net/10.1080/13547860.2022.2054133 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:29:y:2024:i:2:p:789-809 Template-Type: ReDIF-Article 1.0 # input file: RJAP_A_2035094_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Rui Xue Author-X-Name-First: Rui Author-X-Name-Last: Xue Author-Name: HuiZheng Liu Author-X-Name-First: HuiZheng Author-X-Name-Last: Liu Author-Name: Claude Baron Author-X-Name-First: Claude Author-X-Name-Last: Baron Author-Name: XinYue Miao Author-X-Name-First: XinYue Author-X-Name-Last: Miao Author-Name: Muhammad Afaq Haider Jafri Author-X-Name-First: Muhammad Afaq Haider Author-X-Name-Last: Jafri Title: Insight of the Chinese enterprises’ investment performance along ‘one belt one road’ Abstract: More and more Chinese enterprises have participated in the Belt and Road initiative (BRI) since its launch in 2013. However, have they all actually benefited? Which companies otherwise have benefited most from the plan? To answer these questions, this paper analyzes the impact of the BRI on Chinese enterprises. Among several findings, it reveals that the performance of companies remained low even though the initiative policy initially stimulated performance, the performance of enterprises depends on the geographical location of enterprises and that the returns of China’s outward foreign direct investment in various industries became more volatile with only the mining industry enjoying better returns. Thus, the paper shows that the BRI offers Chinese enterprises opportunities but also brings challenges for companies to optimize the allocation of their resources and improve the performance of their investments. Journal: Journal of the Asia Pacific Economy Pages: 634-657 Issue: 2 Volume: 29 Year: 2024 Month: 4 X-DOI: 10.1080/13547860.2022.2035094 File-URL: http://hdl.handle.net/10.1080/13547860.2022.2035094 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:29:y:2024:i:2:p:634-657 Template-Type: ReDIF-Article 1.0 # input file: RJAP_A_2044658_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Tuan Nguyen-Anh Author-X-Name-First: Tuan Author-X-Name-Last: Nguyen-Anh Author-Name: Chinh Hoang-Duc Author-X-Name-First: Chinh Author-X-Name-Last: Hoang-Duc Author-Name: Anh Le-Ngoc Author-X-Name-First: Anh Author-X-Name-Last: Le-Ngoc Author-Name: Thinh Nguyen-An Author-X-Name-First: Thinh Author-X-Name-Last: Nguyen-An Title: Drivers of land use efficiency among ethnic minority groups in Vietnam: a longitudinal study Abstract: This paper examines factors influencing agricultural land-use efficiency among 35 ethnic minority groups in Vietnam during the 2010–2018 period. A hybrid approach comprising the Difference-in-Difference model with Propensity Score Matching (DID_PSM) is adopted to examine the effect of different land sizes, land elevations, and land tenure on land-use efficiency. The results show that: (1) land size and agricultural production form an ‘U-shaped’ relationship; (2) farming on high land decreases efficiency by around 7.7%–8.0%; (3) farmers purchasing or hiring land in long-term are 7.3%–8.2% more efficient. The paper also discusses typical land characteristics of mountainous areas including steep and fragmentation related to the three comparing factors. From these results, implications are made for Vietnamese authorities about ‘land accumulation’ policies and other ‘farming on elevation’ techniques. Journal: Journal of the Asia Pacific Economy Pages: 506-524 Issue: 2 Volume: 29 Year: 2024 Month: 4 X-DOI: 10.1080/13547860.2022.2044658 File-URL: http://hdl.handle.net/10.1080/13547860.2022.2044658 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:29:y:2024:i:2:p:506-524 Template-Type: ReDIF-Article 1.0 # input file: RJAP_A_2031521_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Yuming Cui Author-X-Name-First: Yuming Author-X-Name-Last: Cui Author-Name: Lian Liu Author-X-Name-First: Lian Author-X-Name-Last: Liu Author-Name: Ke Peng Author-X-Name-First: Ke Author-X-Name-Last: Peng Title: International competitiveness and currency internationalization: an application to RMB internationalization Abstract: This paper aims to explore the relation between international competitiveness and currency internationalization by employing an analytical framework and applying it to RMB internationalization. Our results reaffirm that economic size, financial market development and network externalities are keys in currency internationalization. We also find that international competitiveness is a potential determinant of currency internationalization. However, a more comprehensively and fully measured index of international competitiveness than the GCI is needed to investigate the potential relation between international competitiveness and currency internationalization. The RMB could become an international reserve currency that is larger than the Japanese yen and the British pound sterling, but still lags far behind the US dollar and the euro by 2035. Given the network externalities and historical experience of currency internationalization, however, it will be a long and bumpy process for the RMB to become an international currency, particularly an international reserve currency.HighlightsExploring the relation between international competitiveness and currency internationalization;Reaffirming economic size, financial market development and network externalities as keys in currency internationalization;International competitiveness is a potential determinant of currency internationalization;The RMB could become an international reserve currency by 2035;RMB internationalization will be a long and bumpy process. Journal: Journal of the Asia Pacific Economy Pages: 588-611 Issue: 2 Volume: 29 Year: 2024 Month: 4 X-DOI: 10.1080/13547860.2022.2031521 File-URL: http://hdl.handle.net/10.1080/13547860.2022.2031521 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:29:y:2024:i:2:p:588-611 Template-Type: ReDIF-Article 1.0 # input file: RJAP_A_2073658_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Lichao Wu Author-X-Name-First: Lichao Author-X-Name-Last: Wu Author-Name: Yanpeng Jiang Author-X-Name-First: Yanpeng Author-X-Name-Last: Jiang Author-Name: Fan Yang Author-X-Name-First: Fan Author-X-Name-Last: Yang Title: The impact of high speed railway on government expenditure on poverty alleviation in China —Evidence from Chinese poverty counties Abstract: In this paper, we evaluate the role of the high speed railway (HSR) project, one of the largest transportation infrastructure projects in the world, in poverty alleviation in China. This study combines county-level data from the China County Statistical Yearbooks with HSR data from the China Railway Yearbooks. The method of difference-in-differences is applied to examine the HSR connection effect on government expenditure in poverty alleviation across Chinese poverty counties over the period of 2010-2018. The results show that the HSR connection has a significantly positive impact on reducing government expenditure in poverty alleviation. Our results, which are based on alternative measurement of poverty alleviation and possible bias arising from endogeneity issue, are robust. This paper highlights that HSR can help achieve accessibility of rural area and poverty alleviation simultaneously. An understanding of the effect is critical for policymakers to promote intra-regional development, balancing efficiency and regional equality. Journal: Journal of the Asia Pacific Economy Pages: 908-928 Issue: 2 Volume: 29 Year: 2024 Month: 4 X-DOI: 10.1080/13547860.2022.2073658 File-URL: http://hdl.handle.net/10.1080/13547860.2022.2073658 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:29:y:2024:i:2:p:908-928 Template-Type: ReDIF-Article 1.0 # input file: RJAP_A_2030103_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Maneka Jayasinghe Author-X-Name-First: Maneka Author-X-Name-Last: Jayasinghe Title: Household electrification, food consumption and welfare nexus in Sri Lanka: an intertemporal analysis Abstract: A growing body of literature suggests that access to electricity has a positive impact on household’s living standards and social welfare. This paper sheds new light on this discussion. Using expenditure dependent equivalence scales, this paper examines the impact of electricity access on food consumption economies of scale (FCES) and thereby the poverty measurements of households with and without access to electricity in Sri Lanka during 1990-2016. Results indicate that a low-income household of four adults with access to electricity spends about 20% less on food compared to a similar household without access to electricity. The results also reveal that although the incorporation of FCES into poverty measurements reduces the overall poverty levels considerably, the reduction in poverty levels is about 1.2% higher for households with electricity at the national level. These observations are consistent across the national and sub-national levels, however, with varying magnitude. Journal: Journal of the Asia Pacific Economy Pages: 566-587 Issue: 2 Volume: 29 Year: 2024 Month: 4 X-DOI: 10.1080/13547860.2022.2030103 File-URL: http://hdl.handle.net/10.1080/13547860.2022.2030103 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:29:y:2024:i:2:p:566-587 Template-Type: ReDIF-Article 1.0 # input file: RJAP_A_2046936_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Zhujia Yin Author-X-Name-First: Zhujia Author-X-Name-Last: Yin Author-Name: Leilei Li Author-X-Name-First: Leilei Author-X-Name-Last: Li Author-Name: C. James Hueng Author-X-Name-First: C. James Author-X-Name-Last: Hueng Author-Name: Yantuan Yu Author-X-Name-First: Yantuan Author-X-Name-Last: Yu Title: The effects of corruption on China’s provincial eco-efficiency Abstract: This paper extends the literature on economic consequences of corruption. We simultaneously consider corruption’s impacts on output, production efficiency, and environmental performance in an eco-efficiency framework. Pollution is considered as undesirable output in the production process. We construct an eco-efficiency measure from a non-oriented data envelopment analysis model that incorporates a non-convex metafrontier, super-efficiency, and undesirable outputs into a directional distance function. By using panel data from 30 Chinese provinces from 1998 to 2016 in a spatial analysis, we find that corruption, measured by filed-cases of corruption-related crimes, has a significantly negative direct impact on eco-efficiency. The regional spillover effect is not significant for provinces in the same geographical region, but is marginally significant for provinces sharing a common border. Journal: Journal of the Asia Pacific Economy Pages: 463-482 Issue: 2 Volume: 29 Year: 2024 Month: 4 X-DOI: 10.1080/13547860.2022.2046936 File-URL: http://hdl.handle.net/10.1080/13547860.2022.2046936 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:29:y:2024:i:2:p:463-482 Template-Type: ReDIF-Article 1.0 # input file: RJAP_A_2295774_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Sasiwimon Warunsiri Paweenawat Author-X-Name-First: Sasiwimon Warunsiri Author-X-Name-Last: Paweenawat Author-Name: Lusi Liao Author-X-Name-First: Lusi Author-X-Name-Last: Liao Title: Occupational feminization, gender, and wages: evidence from Thailand Abstract: This study examines the relationship between occupational feminization and wages in Thailand using the Thailand Labor Force Survey data (LFS) (2008-2017). Employing the Augmented Inverse Probability Weighting (AIPW) and the Inverse Probability Weighted Regression Adjustment (IPWRA) double robust matching techniques, this study investigates the effects of occupational feminization and the interaction effect of occupational feminization and gender on wages. The findings indicate that occupational feminization decreased wages in Thailand, and the negative effect weakened over time. While the gender wage gap persisted in feminized occupations over the years, there was a reduction in the gender wage gap in non-feminized occupations. The wage gap between females in feminized occupations and males in non-feminized occupations decreased over time, even though it remained larger than the overall gender wage gap. Male workers continued to take advantage and ride the “glass escalator” in both feminized and non-feminized occupations. Journal: Journal of the Asia Pacific Economy Pages: 525-544 Issue: 2 Volume: 29 Year: 2024 Month: 4 X-DOI: 10.1080/13547860.2023.2295774 File-URL: http://hdl.handle.net/10.1080/13547860.2023.2295774 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:29:y:2024:i:2:p:525-544 Template-Type: ReDIF-Article 1.0 # input file: RJAP_A_2029048_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Song Zhang Author-X-Name-First: Song Author-X-Name-Last: Zhang Author-Name: Kaliappa Kalirajan Author-X-Name-First: Kaliappa Author-X-Name-Last: Kalirajan Author-Name: Chunlai Chen Author-X-Name-First: Chunlai Author-X-Name-Last: Chen Title: The impact of outward foreign direct investment on China’s export: an analysis using two-tier stochastic frontier gravity model Abstract: This study uses country-level panel data covering 173 countries for the period 2003–2015 and employs the two-tier stochastic frontier gravity model to investigate empirically the impact of China’s outward foreign direct investment (OFDI) on its export. The results of this study indicate that China’s OFDI has a positive and statistically significant influence on promoting China’s export. The results for different country groups with different levels of China’s OFDI stock show that the effect of China’s OFDI on promoting China’s export is much higher in the countries with high level of China’s OFDI stock than in the countries with low level of China’s OFDI stock. The results also show that the country-specific constraints emanating from both the ‘behind the border’ factors and the ‘beyond the border’ factors have played a significant role in China’s export growth. Journal: Journal of the Asia Pacific Economy Pages: 545-565 Issue: 2 Volume: 29 Year: 2024 Month: 4 X-DOI: 10.1080/13547860.2022.2029048 File-URL: http://hdl.handle.net/10.1080/13547860.2022.2029048 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:29:y:2024:i:2:p:545-565 Template-Type: ReDIF-Article 1.0 # input file: RJAP_A_2082162_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Dayu Liu Author-X-Name-First: Dayu Author-X-Name-Last: Liu Author-Name: Yang Song Author-X-Name-First: Yang Author-X-Name-Last: Song Author-Name: Dekai Chen Author-X-Name-First: Dekai Author-X-Name-Last: Chen Title: Time-varying comparison of the effectiveness of China’s price- and quantity-based monetary policy tools: an empirical analysis based on the TVP-FA-S-VAR model Abstract: In order to compare the effectiveness of China’s price- and quantity-based monetary policy tools over time, we develop a structural vector autoregressive model with time-varying parameter and factor augmentation (TVP-FA-S-VAR model) to analyze the response of output gap to monetary policy shocks. We find that price-based regulation becomes increasingly effective as China’s interest rate liberalization proceeds, while the effects of broad money supply on output have been diminishing. Additionally, as it becomes harder to measure the effectiveness of quantity-based regulation, China’s central bank has been more prudent to rely on quantitative intermediaries. Moreover, as much as 40% residual information of the Taylor rule will be omitted using price-based intermediaries, while factor augmentation fails to increase the explanatory power of quantitative intermediaries significantly. The correlation between quantitative intermediaries and the real economy has been weakening, so that the quantity-based monetary policy tools are no longer suitable for government intervention in China.HIGHLIGHTSWe develop a structural vector autoregressive model with time-varying parameter and factor augmentation (TVP-FA-S-VAR model) to analyze the response of output gap to monetary policy shocks.We find that price-based regulation becomes increasingly effective as China’s interest rate liberalization proceeds, while the effects of broad money supply on output have been diminishing.China’s central bank has been more prudent to rely on quantitative intermediaries.As much as 40% residual information of the Taylor rule will be omitted using price-based intermediaries, while factor augmentation fails to increase the explanatory power of quantitative intermediaries significantly.The correlation between quantitative intermediaries and the real economy has been weakening, so that the quantity-based monetary policy tools are no longer suitable for government intervention in China. Journal: Journal of the Asia Pacific Economy Pages: 949-971 Issue: 2 Volume: 29 Year: 2024 Month: 4 X-DOI: 10.1080/13547860.2022.2082162 File-URL: http://hdl.handle.net/10.1080/13547860.2022.2082162 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:29:y:2024:i:2:p:949-971 Template-Type: ReDIF-Article 1.0 # input file: RJAP_A_2072095_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Yongji Zhang Author-X-Name-First: Yongji Author-X-Name-Last: Zhang Author-Name: Shikai Cao Author-X-Name-First: Shikai Author-X-Name-Last: Cao Author-Name: Xiaohan Lin Author-X-Name-First: Xiaohan Author-X-Name-Last: Lin Author-Name: Zhi Su Author-X-Name-First: Zhi Author-X-Name-Last: Su Author-Name: Ke Wang Author-X-Name-First: Ke Author-X-Name-Last: Wang Title: Corporate financial decision under green credit guidelines: evidence from China Abstract: Developing green finance is an important measure for China to achieve a win-win situation between economy and ecology. This study adopts the implementation of Green Credit Guidelines (GCG) in China in 2012 as an intervening event and empirically examines its relative impact on corporate financing and investment using Difference-in-Difference and Difference-in-Difference-in-Difference models. Employing the financial data of A-share listed enterprises from 2009 to 2015, we find that the implementation of GCG restrains the financing and investment behavior of heavily polluting enterprises. The effects of GCG are influenced by institutional factors, and GCG has a more inhibitory effect in the higher polluting, state-owned, and eastern region registered enterprises. This result reveals the importance of GCG in adjusting financial leverage and promoting environmental protection. Policy implications, such as governments should improve incentive and punishment mechanism for heavily polluting enterprises and financial institutions should innovate in green credit business, are proposed. Journal: Journal of the Asia Pacific Economy Pages: 882-907 Issue: 2 Volume: 29 Year: 2024 Month: 4 X-DOI: 10.1080/13547860.2022.2072095 File-URL: http://hdl.handle.net/10.1080/13547860.2022.2072095 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:29:y:2024:i:2:p:882-907 Template-Type: ReDIF-Article 1.0 # input file: RJAP_A_2094644_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Cong Minh Huynh Author-X-Name-First: Cong Minh Author-X-Name-Last: Huynh Title: Economic freedom, economic development and income inequality in Asia: an analysis from the Kuznets curve perspective Abstract: The impact of economic freedom on income inequality has been inconclusive in the literature. Previous studies also show the importance of economic freedom in boosting economic development, whereas the Kuznets curve theory indicates the inverted U-shaped relationship between economic development and income inequality. Thus, economic development may play an important role in moderating the nexus of economic freedom and income inequality. This study throws light on the effects of economic freedom, economic development, and their interaction on income inequality in 35 Asian economies during 2000–2018 from the Kuznets curve’s perspective. Our empirical results demonstrate that initially economic freedom increases income inequality, then until a threshold of economic development, economic freedom reduces income inequality. In addition, the inverted U-shaped Kuznets curve of economic development and income inequality is confirmed in the context of the Asian continent. The robustness of our results is ensured with different proxies of economic freedom and various estimators. Journal: Journal of the Asia Pacific Economy Pages: 443-462 Issue: 2 Volume: 29 Year: 2024 Month: 4 X-DOI: 10.1080/13547860.2022.2094644 File-URL: http://hdl.handle.net/10.1080/13547860.2022.2094644 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:29:y:2024:i:2:p:443-462 Template-Type: ReDIF-Article 1.0 # input file: RJAP_A_2039505_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Jin-Uk Choi Author-X-Name-First: Jin-Uk Author-X-Name-Last: Choi Author-Name: Chang-Yang Lee Author-X-Name-First: Chang-Yang Author-X-Name-Last: Lee Author-Name: Ji-Hwan Lee Author-X-Name-First: Ji-Hwan Author-X-Name-Last: Lee Title: Does government support make small and medium-sized enterprises reluctant to grow? Evidence from South Korea Abstract: This paper investigates whether government support for small and medium-sized enterprises (SMEs) in an emerging economy creates their reluctance to grow, which is analogous to the Peter Pan Syndrome. We test our hypotheses by regression analyses on a sample of 2,779 firms from a unique Korean Innovation Survey dataset from 2005 to 2007. Our empirical results show that SMEs tend to hinder their growth as they approach SME eligibility thresholds beyond which public support ceases. Such a tendency intensifies as SMEs grow closer to the employment-size-contingent SME eligibility threshold and as they receive more public support. In addition, the likelihood of the Peter Pan Syndrome is conditioned by both firm- and industry-specific characteristics. As government support for SMEs based on size-contingent eligibility criteria has a detrimental side-effect, other merit- or effort-based criteria should be considered. It is also desirable to reduce the opportunity cost involved in graduating from SMEs. Journal: Journal of the Asia Pacific Economy Pages: 668-692 Issue: 2 Volume: 29 Year: 2024 Month: 4 X-DOI: 10.1080/13547860.2022.2039505 File-URL: http://hdl.handle.net/10.1080/13547860.2022.2039505 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:29:y:2024:i:2:p:668-692 Template-Type: ReDIF-Article 1.0 # input file: RJAP_A_2067934_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Cui Zhang Author-X-Name-First: Cui Author-X-Name-Last: Zhang Author-Name: Baifang Wang Author-X-Name-First: Baifang Author-X-Name-Last: Wang Title: Agglomeration economies and firm performance in Chinese cities: does CEO educational specialization matter Abstract: This paper examines how CEOs educational background affects the agglomeration economies–firm performance relationship based on the upper echelons theory. With a sample of Chinese software and information technology services public listed firms, it is found that CEO educational specialization helps firms to reap the benefits of agglomeration. Specifically, firms led by CEOs with science or engineering degrees benefit more from specialization externalities, while firms led by CEOs with business, economics or legal degrees enjoy more diversity externalities. This paper contributes to the specialization versus diversity debate by stating the importance of individual CEOs. Journal: Journal of the Asia Pacific Economy Pages: 863-881 Issue: 2 Volume: 29 Year: 2024 Month: 4 X-DOI: 10.1080/13547860.2022.2067934 File-URL: http://hdl.handle.net/10.1080/13547860.2022.2067934 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:29:y:2024:i:2:p:863-881 Template-Type: ReDIF-Article 1.0 # input file: RJAP_A_2054153_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: B. S. Nazamuddin Author-X-Name-First: B. S. Author-X-Name-Last: Nazamuddin Author-Name: Sri Sukma Wahyuni Author-X-Name-First: Sri Sukma Author-X-Name-Last: Wahyuni Author-Name: F. Fakhruddin Author-X-Name-First: F. Author-X-Name-Last: Fakhruddin Author-Name: F. Fitriyani Author-X-Name-First: F. Author-X-Name-Last: Fitriyani Title: The nexus between foreign exchange and external debt in Indonesia: evidence from linear and nonlinear ARDL approaches Abstract: We examine the long- and short-term effects of foreign exchange on Indonesia's external debts. Employing an autoregressive distributed lag (ARDL) bounds testing on quarterly data from 2010 to 2019 and testing for effect asymmetry, we found a long-run cointegrating relationship between the two variables. We also found a slow adjustment to an equilibrium state following a shock. Foreign exchange demonstrates a positive long-run effect on Indonesia's external debt, while in the short-run the effect is negative. Furthermore, we found an asymmetry in the elasticities of external debt with respect to rupiah-to-US dollar exchange rate fluctuations. The positive effect of Indonesian rupiah volatility on Indonesian external debt would be more severe when the rupiah appreciates against the dollar compared to a situation of rupiah depreciation. Therefore, although a depreciation of rupiah against the US dollar under a floating foreign exchange regime adopted by Indonesia since 1997 would in the long-run increase external debt, the impact is moderate. Any short-run movement of Indonesia's external debt following a shock would be pulled back to its long-run equilibrium path. We recommend that Indonesia should maintain a floating exchange regime and allow rupiah to depreciate at a moderate rate in the long-run. Journal: Journal of the Asia Pacific Economy Pages: 810-836 Issue: 2 Volume: 29 Year: 2024 Month: 4 X-DOI: 10.1080/13547860.2022.2054153 File-URL: http://hdl.handle.net/10.1080/13547860.2022.2054153 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjapxx:v:29:y:2024:i:2:p:810-836