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Constructing the Asia-Pacific Regional Cooperation and Integration Index: A Panel Approach 构建亚太区域合作与一体化指数:一个面板方法
Asian Development Bank Institute Research Paper Series Pub Date : 2018-05-01 DOI: 10.2139/ssrn.3188636
Cyn‐Young Park, Racquel A. Claveria
{"title":"Constructing the Asia-Pacific Regional Cooperation and Integration Index: A Panel Approach","authors":"Cyn‐Young Park, Racquel A. Claveria","doi":"10.2139/ssrn.3188636","DOIUrl":"https://doi.org/10.2139/ssrn.3188636","url":null,"abstract":"In this paper, we propose a panel approach in the construction of the Asia-Pacific Regional Cooperation and Integration Index (ARCII) to strengthen the index’s ability to track the progress of economic integration in the region over time. Panel-based procedures are employed in imputing missing values, normalizing raw data, and deriving dimensional and subdimensional weights via principal components analysis. Findings suggest the pace of integration in Asia was broadly steady over the 11-year sample period (2006–2016). However, modest gains have been made as a majority of economies in the sample have moved up in their levels of regional integration from 2006 to 2016. Of the six dimensions featured in the ARCII, trade and investment and movement of people are the main drivers of regional integration, while the money and finance dimension was the weakest link. Based on global normalization, Asia comes second to the European Union (EU) in progress on regional integration, but in recent years a few Asian economies have broken through to the top tier dominated by the EU economies.","PeriodicalId":120411,"journal":{"name":"Asian Development Bank Institute Research Paper Series","volume":"204 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123047456","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: 18
Do Information and Communication Technologies Empower Female Workers? Firm-Level Evidence from Viet Nam 信息和通信技术赋予女性员工权力吗?来自越南的企业层面证据
Asian Development Bank Institute Research Paper Series Pub Date : 2018-05-01 DOI: 10.22617/WPS189352-2
Natalie Chun, Heiwai Tang
{"title":"Do Information and Communication Technologies Empower Female Workers? Firm-Level Evidence from Viet Nam","authors":"Natalie Chun, Heiwai Tang","doi":"10.22617/WPS189352-2","DOIUrl":"https://doi.org/10.22617/WPS189352-2","url":null,"abstract":"This paper studies the effects of firms’ investments in information and communication technologies (ICT) on their demand for female and skilled workers. Using the gradual liberalization of the broadband Internet sector across provinces from 2006 to 2009 as a source of exogenous variation to identify the causal impacts of ICT, we find evidence from the country’s comprehensive enterprise survey data that firms’ adoption of broadband Internet and other related ICT increased their relative demand for female and college-educated workers. The effect of ICT on firms’ female employment is particularly strong among the college-educated workers, and is stronger in industries that are more dependent on highly manual and physical tasks. These results suggest that ICT can lower gender inequality in the labor market by shifting the labor demand from highly manual, routine tasks in which men have a comparative advantage toward more nonroutine, interactive tasks in which women hold a comparative advantage. However, the effect of ICT is weaker in industries relying more on complex and interactive tasks, suggesting that gender differences in education may have limited female labor supply for the most innovative industries that require highly technical skills to complement ICT.","PeriodicalId":120411,"journal":{"name":"Asian Development Bank Institute Research Paper Series","volume":"72 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115518370","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: 15
Global Banking Network and Regional Financial Contagion 全球银行网络与区域金融传染
Asian Development Bank Institute Research Paper Series Pub Date : 2018-05-01 DOI: 10.2139/ssrn.3188643
Cyn‐Young Park, Kwanho Shin
{"title":"Global Banking Network and Regional Financial Contagion","authors":"Cyn‐Young Park, Kwanho Shin","doi":"10.2139/ssrn.3188643","DOIUrl":"https://doi.org/10.2139/ssrn.3188643","url":null,"abstract":"This paper investigates and tests the role of regional exposures in financial contagion from advanced to emerging market economies through the global banking network using data on cross-border bilateral bank claims and liability positions. It first examines whether an economy can become more susceptible to capital outflows, regardless of its own bank exposures, if economies in the same region are heavily exposed to crisis countries. Secondly, it tests whether the same region lenders tend to reduce exposures to the emerging market borrowers less than do different region lenders during crises.","PeriodicalId":120411,"journal":{"name":"Asian Development Bank Institute Research Paper Series","volume":"171 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134122842","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: 3
Gender Pay Gap: A Macro Perspective 性别薪酬差距:宏观视角
Asian Development Bank Institute Research Paper Series Pub Date : 2018-03-01 DOI: 10.2139/ssrn.3188504
Akiko Terada-Hagiwara, Sheila Camingue, J. E. Zveglich
{"title":"Gender Pay Gap: A Macro Perspective","authors":"Akiko Terada-Hagiwara, Sheila Camingue, J. E. Zveglich","doi":"10.2139/ssrn.3188504","DOIUrl":"https://doi.org/10.2139/ssrn.3188504","url":null,"abstract":"This paper examines the factors influencing the gender wage gap by using an unbalanced crosscountry aggregated panel data set for a sample covering 53 economies for the period 1995–2010. Using robust estimators proposed by Lewbel (2012) to correct for heterogeneity and endogeneity, results suggest that a higher female share in the industry sector tends to widen the gender wage gap regardless of a country’s development stage. While having more children widens the gender wage gap, as expected, the effect is only statistically significant for developing countries. In developed countries, more labor force participation by women seems to narrow the gender wage gap, probably due to the number of female labor market entrants taking up higher-paying service sector jobs. For developing countries, closing the gender gaps in labor force participation and education is not sufficient to achieve gender wage parity. Higher-paying jobs should be created by developing the service sector in these economies.","PeriodicalId":120411,"journal":{"name":"Asian Development Bank Institute Research Paper Series","volume":"94 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123040674","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: 7
Innovation and Firm Performance in the People's Republic of China: A Structural Approach with Spillovers 中华人民共和国的创新与企业绩效:一个具有溢出效应的结构性分析
Asian Development Bank Institute Research Paper Series Pub Date : 2018-02-08 DOI: 10.2139/ssrn.3191735
Anthony Howell
{"title":"Innovation and Firm Performance in the People's Republic of China: A Structural Approach with Spillovers","authors":"Anthony Howell","doi":"10.2139/ssrn.3191735","DOIUrl":"https://doi.org/10.2139/ssrn.3191735","url":null,"abstract":"We adopt a structural framework to study the process of indigenous innovation and its impact on firm performance in the People’s Republic of China (PRC). In our analysis we use a rich source of panel data comprising almost 70,000 private Chinese firms operating in the PRC from 2004 to 2007. Relying on a structural innovation framework, we estimate the effects of technological learning during each phase of the structural model: (i) the firm’s decision to innovate, (ii) the innovation effort, (iii) the innovation throughput, and (iv) the firm performance. We show that in the early stages of innovation, Chinese firms fail to incorporate learning spillovers into their innovation effort, even when considering their absorptive capacity. Conversely, we found that in the later stages of innovation, learning spillovers positively increase firms’ innovation output as well as their performance, especially for firms with high absorptive capacity.","PeriodicalId":120411,"journal":{"name":"Asian Development Bank Institute Research Paper Series","volume":"48 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-02-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117269520","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: 10
Back in Business: Industrial Policy for Emerging Economies in the New Globalization 回归商业:新全球化背景下新兴经济体的产业政策
Asian Development Bank Institute Research Paper Series Pub Date : 2018-02-01 DOI: 10.2139/ssrn.3188500
Erik Berglöf, V. Cable
{"title":"Back in Business: Industrial Policy for Emerging Economies in the New Globalization","authors":"Erik Berglöf, V. Cable","doi":"10.2139/ssrn.3188500","DOIUrl":"https://doi.org/10.2139/ssrn.3188500","url":null,"abstract":"We explore the potential roles of industrial policy in the transition from middle-income to high-income status, and the actual experience of industrial policy in emerging economies. Guided by the conceptual framework of the neo-Schumpeterian approach, we look at industrial policy in the context of structural transformation, i.e., in transforming economic structures as well as the institutions supporting these structures. Today’s emerging economies face a dual structural transformation challenge: (i) to move closer to the current world technology frontier (traditional catch-up), and (ii) to adjust to technological change in advanced economies and increasingly binding environmental and social constraints. The feasible set of industrial policy is constrained by state capacity. The paradox of industrial policy is that it is most straightforward when state capacity is the most constrained. We suggest that emerging economies still should explore what we denote as sector-based horizontal policies addressing market and state failures in individual industries.","PeriodicalId":120411,"journal":{"name":"Asian Development Bank Institute Research Paper Series","volume":"22 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115064237","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
Fiscal Policy in a Currency Union at the Zero Lower Bound 零下限下货币联盟的财政政策
Asian Development Bank Institute Research Paper Series Pub Date : 2018-01-26 DOI: 10.2139/ssrn.3140093
David E. Cook, M. Devereux
{"title":"Fiscal Policy in a Currency Union at the Zero Lower Bound","authors":"David E. Cook, M. Devereux","doi":"10.2139/ssrn.3140093","DOIUrl":"https://doi.org/10.2139/ssrn.3140093","url":null,"abstract":"When monetary policy is constrained by the zero lower bound, fiscal policy can be used to achieve macro stabilization objectives. At the same time, fiscal policy is also a key policy variable within a single currency area that allow policy makers to respond to regional demand asymmetries. How do these two uses of fiscal policy interact with one another? Is there an inherent conflict between the two objectives? How do the answers to these questions depend on the degree of fiscal space available to different members of the currency area? This paper constructs a two-country New Keynesian model of a currency union to address these questions. We find that the answers depend sensitively on the underlying internal structure of the currency union, notably the degree of trade openness between the members of the union.","PeriodicalId":120411,"journal":{"name":"Asian Development Bank Institute Research Paper Series","volume":"55 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-01-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121199788","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: 4
State-Owned Enterprises Leverage as a Contingency in Public Debt Sustainability Analysis: The Case of the People's Republic of China 国有企业杠杆在公共债务可持续性中的偶然性分析——以中华人民共和国为例
Asian Development Bank Institute Research Paper Series Pub Date : 2018-01-01 DOI: 10.2139/ssrn.3187981
Benno Ferrarini, Marthe Hinojales
{"title":"State-Owned Enterprises Leverage as a Contingency in Public Debt Sustainability Analysis: The Case of the People's Republic of China","authors":"Benno Ferrarini, Marthe Hinojales","doi":"10.2139/ssrn.3187981","DOIUrl":"https://doi.org/10.2139/ssrn.3187981","url":null,"abstract":"We reflect state-owned enterprises’ (SOE) leverage within the standard debt sustainability assessment framework. Based on company data and the interest coverage ratio as a measure of debt at risk, aggregate baseline projections and fan charts gauge SOE debt as a contingent liability to the public sector. We find that SOE leverage in the People’s Republic of China has grown to a large liability that deserves the urgent attention it has been receiving from the authorities. While there is no room for complacency, there is no need for panic either; even if authorities had to step into mop up as much as 20% of SOE debt at risk gone bad, this would appear to be manageable at roughly 2.7% of the gross domestic product in 2016 or 5.5% by 2021. These findings are reflective of discretionary assumptions about future developments in the SOE sector and the broader economy—including baseline conditions premised on preventive government action to slow borrowing—that are adjustable to reflect analysts’ prerogatives and expectations.","PeriodicalId":120411,"journal":{"name":"Asian Development Bank Institute Research Paper Series","volume":"16 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115437839","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
Sovereign Stress, Banking Stress, and the Monetary Transmission Mechanism in the Euro Area 主权压力、银行业压力和欧元区货币传导机制
Asian Development Bank Institute Research Paper Series Pub Date : 2018-01-01 DOI: 10.2139/ssrn.3198575
Oliver Holtemöller, John C. Scherer
{"title":"Sovereign Stress, Banking Stress, and the Monetary Transmission Mechanism in the Euro Area","authors":"Oliver Holtemöller, John C. Scherer","doi":"10.2139/ssrn.3198575","DOIUrl":"https://doi.org/10.2139/ssrn.3198575","url":null,"abstract":"We investigate to what extent sovereign stress and banking stress have contributed to the increase in the level and in the heterogeneity of nonfinancial firms’ financing costs in the Euro area during the European debt crisis and how both have affected the monetary transmission mechanism. Employing a large firm-level data set containing 2 million observations, we are able to identify the effect of government bond yield spreads (sovereign stress) and the share of non-performing loans (banking stress) on firms' financing costs in a panel model by assuming that idiosyncratic shocks to individual firms are uncorrelated with country-specific variables. We find that the two sources of stress have increased firms’ financing costs controlling for country and firm-specific factors. Moreover, we estimate both to have significantly impaired the monetary transmission mechanism.","PeriodicalId":120411,"journal":{"name":"Asian Development Bank Institute Research Paper Series","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131187234","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
Divergent Emerging Market Economy Responses to Global and Domestic Monetary Policy Shocks 新兴市场经济体对全球和国内货币政策冲击的不同反应
Asian Development Bank Institute Research Paper Series Pub Date : 2017-12-01 DOI: 10.2139/ssrn.3187961
W. Choi, T. Kang, Geun-young Kim, Byongju Lee
{"title":"Divergent Emerging Market Economy Responses to Global and Domestic Monetary Policy Shocks","authors":"W. Choi, T. Kang, Geun-young Kim, Byongju Lee","doi":"10.2139/ssrn.3187961","DOIUrl":"https://doi.org/10.2139/ssrn.3187961","url":null,"abstract":"We assess the effect of the United States (US) and domestic monetary policies on emerging market economies (EMEs) using a panel factor-augmented vector autoregressive model. We find a US policy rate hike outstrips a tantamount hike in EME policy rates in its impacts on EMEs and discover that bond flows are more sensitive to interest rate differentials than are equity flows. Tighter global or EME-specific policy entails divergent responses of growth and inflation in EMEs: in particular, the output loss is greater in those EMEs with higher inflation. When US monetary policy tightens, bond and equity markets in EMEs are prone to outflows. Domestic policy alone is not enough to counteract the effects of global policy shocks on capital flows in EMEs.","PeriodicalId":120411,"journal":{"name":"Asian Development Bank Institute Research Paper Series","volume":"502 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116194936","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: 4
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