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The impact of mergers and acquisitions on performance of firms: A pre- and post-TRIPS analysis of India's pharmaceutical industry 并购对企业绩效的影响：对印度制药行业TRIPS前后的分析
Asia and the Global Economy Pub Date : 2023-07-01 DOI: 10.1016/j.aglobe.2023.100059
Indrani Chakraborty , Paul Kattuman
{"title":"The impact of mergers and acquisitions on performance of firms: A pre- and post-TRIPS analysis of India's pharmaceutical industry","authors":"Indrani Chakraborty ,&nbsp;Paul Kattuman","doi":"10.1016/j.aglobe.2023.100059","DOIUrl":"https://doi.org/10.1016/j.aglobe.2023.100059","url":null,"abstract":"<div><p>This study analyses the impact of mergers and acquisitions on performance of Indian pharmaceutical firms following the implementation of TRIPS in 1995. In order to identify adequately the effect of mergers, we investigate the impact on firm performance of the merged vis-a-vis the non-merged firms in the post-TRIPS period using difference-in-differences and propensity score matching approaches. Our results suggest that firm performance improved in merged firms, following the mergers. We argue that our finding represents the incidence of “positioning” merger (Gorton et al., 2009). Moreover, transfer of technologies and capabilities helped to improve firm performance in merged firms. Our findings have significant policy implications for Asian countries.</p></div>","PeriodicalId":100126,"journal":{"name":"Asia and the Global Economy","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50187718","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
FDI, international trade and global value chains (GVCs): India's GVC participation, position and value capture 外国直接投资、国际贸易和全球价值链（GVCs）：印度对全球价值链的参与、地位和价值获取
Asia and the Global Economy Pub Date : 2023-07-01 DOI: 10.1016/j.aglobe.2023.100071
Isha Chawla, Nagesh Kumar
{"title":"FDI, international trade and global value chains (GVCs): India's GVC participation, position and value capture","authors":"Isha Chawla,&nbsp;Nagesh Kumar","doi":"10.1016/j.aglobe.2023.100071","DOIUrl":"https://doi.org/10.1016/j.aglobe.2023.100071","url":null,"abstract":"<div><p>Using OECD Trade in Value Added (TiVA) database (2021, 2022) and Asian Development Bank (2022) dataset, this paper indicates that though India's GVC participation rate has risen over time, it was lower than that of several economies in Asia-Pacific and its relative share in participation gains was marginal. Nevertheless, India's relative share in forward and backward GVC content to (and from) the region was not as peripheral. Raising net participation gains will require key enablers, and stimulating the mutually reinforcing FDI-GVC relationship by attracting quality FDI inflows. Findings based on the panel, fixed-effects model support the hypotheses that production-based GVC participation, revealed comparative advantage based on value-added exports, the country's relative economic size, and economic complexity (in medium-to-high technology manufacturing sectors) positively affect economic upgrading through capturing a greater share in world's domestic value-added in an industry while relative GVC position has a negative effect.</p></div>","PeriodicalId":100126,"journal":{"name":"Asia and the Global Economy","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S266711152300018X/pdfft?md5=a2b7f7d8548e98ecb39fa05a2b4e064a&pid=1-s2.0-S266711152300018X-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138570511","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
State capacity & the soft budget constraint: Fiscal federalism, Indian style 国家能力与软预算约束：印度式的财政联邦制
Asia and the Global Economy Pub Date : 2023-07-01 DOI: 10.1016/j.aglobe.2023.100058
Praduymn K. Tripathi , Theocharis N. Grigoriadis
{"title":"State capacity & the soft budget constraint: Fiscal federalism, Indian style","authors":"Praduymn K. Tripathi ,&nbsp;Theocharis N. Grigoriadis","doi":"10.1016/j.aglobe.2023.100058","DOIUrl":"https://doi.org/10.1016/j.aglobe.2023.100058","url":null,"abstract":"<div><p>In this paper, we explore the effects of India's federal structure on state-level fiscal responsibility. Drawing from a 1991–2018 dataset, we argue that higher levels of transfer and borrowing dependence (soft budget constraints) from the central government facilitate lower levels of fiscal responsibility by subnational governments. Our hypothesis is tested using panel regressions on fiscal responsibility outcomes across Indian states. We also evaluate the effects of the world's largest employment program, the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA), on subnational fiscal responsibility. We find that rural public employment measures are conducive to lower levels of fiscal responsibility. Soft budget constraints constitute a key structural feature of Indian federalism.</p></div>","PeriodicalId":100126,"journal":{"name":"Asia and the Global Economy","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50187717","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
China vs India in the Himalayas: Comparing economic development in Tibet and Ladakh 喜马拉雅山脉的中国与印度：比较西藏和拉达克的经济发展
Asia and the Global Economy Pub Date : 2023-07-01 DOI: 10.1016/j.aglobe.2023.100073
Kiril Tochkov
{"title":"China vs India in the Himalayas: Comparing economic development in Tibet and Ladakh","authors":"Kiril Tochkov","doi":"10.1016/j.aglobe.2023.100073","DOIUrl":"https://doi.org/10.1016/j.aglobe.2023.100073","url":null,"abstract":"<div><p>The Himalayas are of great strategic importance for China and India but the remote region remains relatively underdeveloped. This paper conducts a comparative analysis of China's Tibet and India's Ladakh with the aim of identifying common and idiosyncratic factors relevant for local economic development. A descriptive analysis explores the administrative, military, demographic, and economic factors in each region. Moreover, we use an ARDL model to examine the long-run relationship between fiscal transfers and regional growth. Lastly, three measures are employed to investigate the extent of integration between the Himalayan regions and the rest of their respective countries. The results indicate that Tibet and Ladakh exhibit many similarities related to a limited degree of regional autonomy, a strong military presence, and the importance of agriculture and services. The empirical investigation confirms the cointegration between transfers and growth. Regional integration is furthered by increasing inflows of domestic tourists and expanding freight traffic.</p></div>","PeriodicalId":100126,"journal":{"name":"Asia and the Global Economy","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S2667111523000208/pdfft?md5=d458a0766ac575f5188ef4c5eee6d249&pid=1-s2.0-S2667111523000208-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138549951","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Danger! Korean reunification in historical perspective 危险历史视野中的朝鲜统一
Asia and the Global Economy Pub Date : 2023-01-01 DOI: 10.1016/j.aglobe.2023.100055
Josef C. Brada
{"title":"Danger! Korean reunification in historical perspective","authors":"Josef C. Brada","doi":"10.1016/j.aglobe.2023.100055","DOIUrl":"https://doi.org/10.1016/j.aglobe.2023.100055","url":null,"abstract":"<div><p>This paper examines the possibilities for, and obstacles to, the reunification of North and South Korea based on the experiences of the reunifications of Italy, the United States and Germany in the 19th and 20th centuries. Common elements of these reunifications include a slow convergence of incomes and productivity of regions, important political barriers to the creation of a unified state and the need to neutralize as far as possible the power of the economic, political and social elites of the units being incorporated into the newly-created state. I find that these problems occur in all cases examined, and, based on these findings I offer policy recommendations for possible Korean unification.</p></div>","PeriodicalId":100126,"journal":{"name":"Asia and the Global Economy","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50193765","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
U.S. trade imbalances, East Asian exchange rates, and a new Plaza Accord 美国贸易失衡、东亚汇率和新广场协议
Asia and the Global Economy Pub Date : 2023-01-01 DOI: 10.1016/j.aglobe.2023.100054
Willem Thorbecke
{"title":"U.S. trade imbalances, East Asian exchange rates, and a new Plaza Accord","authors":"Willem Thorbecke","doi":"10.1016/j.aglobe.2023.100054","DOIUrl":"https://doi.org/10.1016/j.aglobe.2023.100054","url":null,"abstract":"<div><p>The U.S. real effective exchange rate is at its highest level since 1985. In that year, the U.S. and its trading partners coordinated a depreciation of the dollar and the U.S. agreed to reduce its budget deficit. This paper reports that a dollar depreciation today would still improve U.S. trade imbalances with East Asia and the world. East Asian countries would also benefit from a dollar depreciation because it would lower the local currency costs of imported oil, commodities, and food and reduce imported inflation. The U.S. and East Asia should consider engineering a coordinated dollar depreciation and the U.S. should again reduce its budget deficit.</p></div>","PeriodicalId":100126,"journal":{"name":"Asia and the Global Economy","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50193769","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
The war in Ukraine and its consequences for the international order and North East Asia 乌克兰战争及其对国际秩序和东北亚的影响
Asia and the Global Economy Pub Date : 2023-01-01 DOI: 10.1016/j.aglobe.2023.100056
Gerard Roland
{"title":"The war in Ukraine and its consequences for the international order and North East Asia","authors":"Gerard Roland","doi":"10.1016/j.aglobe.2023.100056","DOIUrl":"https://doi.org/10.1016/j.aglobe.2023.100056","url":null,"abstract":"<div><p>Russia's invasion of Ukraine presents many challenges to the international order. To understand what is at stake, we argue that the nature of the political regime matters to understand this conflict. We propose a classification of three different types of political regimes (empires, nation states and democracies) and propose a comparative analysis of a number of their institutional and economic dimensions: tendency towards geographical expansionism or fragmentation, cultural heterogeneity, focus of public spending and a number of other variables<strong>.</strong> We use this setup to analyze the situation in Northeast Asia as well as the consequences of the invasion of Ukraine for that region.</p></div>","PeriodicalId":100126,"journal":{"name":"Asia and the Global Economy","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50193767","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Tracking North Korean economic transformation and trends in economic research 追踪朝鲜经济转型和经济研究趋势
Asia and the Global Economy Pub Date : 2023-01-01 DOI: 10.1016/j.aglobe.2022.100050
Justin V. Hastings , Haneol Lee
{"title":"Tracking North Korean economic transformation and trends in economic research","authors":"Justin V. Hastings ,&nbsp;Haneol Lee","doi":"10.1016/j.aglobe.2022.100050","DOIUrl":"https://doi.org/10.1016/j.aglobe.2022.100050","url":null,"abstract":"<div><p>If North Korea's economic transformation has been largely informal and contested at the level of the state, to what extent is North Korea's economic transformation reflected in North Korean economic research? In this article, we analyze a dataset of North Korean domestic journal articles on economics from 2000 to 2019. We trace trends over time in the topics covered by economics research in North Korea, and compare them with formal changes in North Korean economic policy under Kim Jong-il and, particularly, Kim Jong-un. Research in potentially economic transformation-related topics tends to increase in response to formal economic policy changes. Kim Jong-un's rule has seen the development of an integrated economic research networks, and a shift to articles that have focused on the practicalities of implementing policies. We close with implications for unification and engagement.</p></div>","PeriodicalId":100126,"journal":{"name":"Asia and the Global Economy","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50193768","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
The US-China rivalry and Europe's choice 美中竞争与欧洲的选择
Asia and the Global Economy Pub Date : 2023-01-01 DOI: 10.1016/j.aglobe.2023.100057
Jinwoo Choi
{"title":"The US-China rivalry and Europe's choice","authors":"Jinwoo Choi","doi":"10.1016/j.aglobe.2023.100057","DOIUrl":"https://doi.org/10.1016/j.aglobe.2023.100057","url":null,"abstract":"<div><p>It is in Europe's interest to preserve the rules-based international order, fending off challenges to it by revisionist powers, notably China and Russia. Europe has opted to jump on the US bandwagon to preserve the rules-based order and acts as balance against China. But Europe's approach to China is not likely to be confined rigidly to the parameter set by the US. China's economy continues to be attractive to Europe's trading economy, and, depending on the course of China's foreign policy in the coming years, Europe's position might soften somewhat. In the process, disagreements and conflicts might emerge among stakeholders with regard to the direction, pace, and degree of adjustment in the relationship with China.</p></div>","PeriodicalId":100126,"journal":{"name":"Asia and the Global Economy","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50193764","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Human capital and welfare receipt among North Korean defectors in South Korea 逃北者在韩国的人力资本和福利收入
Asia and the Global Economy Pub Date : 2022-12-01 DOI: 10.1016/j.aglobe.2022.100048
Sam Han
{"title":"Human capital and welfare receipt among North Korean defectors in South Korea","authors":"Sam Han","doi":"10.1016/j.aglobe.2022.100048","DOIUrl":"10.1016/j.aglobe.2022.100048","url":null,"abstract":"<div><p>Using multinomial logistic regressions, this study examines whether human capital accumulated in North Korea (NK) or South Korea (SK) is associated with decreases in welfare receipt among North Korean Defectors (NKDs) in SK. Human capital is measured by (1) (higher) education in NK or SK, (2) work experience in NK or SK, and (3) participation in the employment support programs in SK. This study shows that there are two ways to ensure the economic well-being of NKDs: through employment and marriage. Removing the confounding effect from marriage, it suggests that higher education in NK is associated with decreases in full receipt of welfare and that both blue-collar and white-collar job experience in SK is associated with decreases in both partial and full receipt. It also suggests that license acquisition support is associated with decreases in both partial and full receipt. These findings imply that to facilitate the economic adjustment of NKDs, the government needs to focus on accumulating the human capital of NKDs, mostly without higher education in NK, through work experience in SK.</p></div>","PeriodicalId":100126,"journal":{"name":"Asia and the Global Economy","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2022-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S2667111522000251/pdfft?md5=f8c1f9458de235742caff28b6f930826&pid=1-s2.0-S2667111522000251-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83675862","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
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