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The Effect of Exchange Rate Changes on Japanese Consumption Exports 汇率变动对日本消费出口的影响
Asian Development Bank Institute Research Paper Series Pub Date : 2011-07-26 DOI: 10.2139/ssrn.1895275
Willem Thorbecke, Atsuyuki Kato
{"title":"The Effect of Exchange Rate Changes on Japanese Consumption Exports","authors":"Willem Thorbecke, Atsuyuki Kato","doi":"10.2139/ssrn.1895275","DOIUrl":"https://doi.org/10.2139/ssrn.1895275","url":null,"abstract":"This paper investigates how exchange rates affect Japanese exports. This is difficult because many of Japan’s exports are used to produce goods for re-export. An appreciation in the importing country that decreases exports can decrease its imported inputs from Japan. To correct for this bias we examine consumption exports. Using a panel dataset of Japan’s consumption exports to 17 countries over the 1988–2009 period, we find that a 10% appreciation of the yen would reduce Japan’s consumption goods exports by 9%. These results indicate that the large swings in the value of the yen over the last decade have caused large swings in the volume of Japanese exports","PeriodicalId":120411,"journal":{"name":"Asian Development Bank Institute Research Paper Series","volume":"84 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-07-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126143285","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: 32
The Importance of Measuring the Delivery of Services via Commercial Presence of Offshore Foreign Affiliates: Some Case Studies from Australian Business Experience 通过海外附属公司的商业存在衡量服务交付的重要性:来自澳大利亚商业经验的一些案例研究
Asian Development Bank Institute Research Paper Series Pub Date : 2011-07-12 DOI: 10.2139/ssrn.1884087
J. Drake-brockman
{"title":"The Importance of Measuring the Delivery of Services via Commercial Presence of Offshore Foreign Affiliates: Some Case Studies from Australian Business Experience","authors":"J. Drake-brockman","doi":"10.2139/ssrn.1884087","DOIUrl":"https://doi.org/10.2139/ssrn.1884087","url":null,"abstract":"There are major difficulties associated with measurement of each of the four modes of services trade delivery as defined in the General Agreement on Trade in Services (GATS): cross-border supply, consumption abroad, commercial presence, and movement of natural persons. The consequence is that the extent of global trade in services is hugely underestimated and the services sector does not receive the trade and economic policy attention it deserves. Australia is one of the world’s most services-intensive economies. This paper highlights recent business case studies in Australia, which demonstrates the importance of intensifying official efforts to enhance collections of services export data and to measure specifically “Mode 3” (Commercial Presence) delivery of international services.","PeriodicalId":120411,"journal":{"name":"Asian Development Bank Institute Research Paper Series","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-07-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130572533","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: 2
Understanding Foreign Direct Investment in East Asia 了解东亚的外国直接投资
Asian Development Bank Institute Research Paper Series Pub Date : 2011-06-24 DOI: 10.2139/ssrn.1871627
Willem Thorbecke, Nimesh Salike
{"title":"Understanding Foreign Direct Investment in East Asia","authors":"Willem Thorbecke, Nimesh Salike","doi":"10.2139/ssrn.1871627","DOIUrl":"https://doi.org/10.2139/ssrn.1871627","url":null,"abstract":"We recount East Asia’s experience with foreign direct investment (FDI). We document that, contrary to the Rybczynski theorem, capital flows in the region cause the host country’s labor-intensive industry to expand and its capital-intensive industry to decline. We also present narrative evidence that sheds light on how FDI is affected by the host’s country’s locational advantages, whether Asian FDI is footloose, and how the PRC has become the center of Factory Asia. Finally, we show that the evolution of production networks in the region can be explained partly by changes in the service cost of linking geographically separated production blocks relative to the cost saving arising from slicing up the value chain.","PeriodicalId":120411,"journal":{"name":"Asian Development Bank Institute Research Paper Series","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-06-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130657933","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
The Status of East Asian Free Trade Agreements 东亚自由贸易协定的现状
Asian Development Bank Institute Research Paper Series Pub Date : 2011-05-17 DOI: 10.2139/ssrn.1844293
Yun Zhang, Minghui Shen
{"title":"The Status of East Asian Free Trade Agreements","authors":"Yun Zhang, Minghui Shen","doi":"10.2139/ssrn.1844293","DOIUrl":"https://doi.org/10.2139/ssrn.1844293","url":null,"abstract":"Free trade agreements (FTAs) have become a prominent feature of the multilateral trading system and an important instrument of trade policy for members of the World Trade Organization (WTO). The proliferation of FTAs is the result of a number of factors, from the economic to the political. East Asia is with no exception involved in the process and witnessing the establishment of multilayered FTAs. Pioneered by the Association of Southeast Asian Nations (ASEAN) in 1992 when it initiated the ASEAN FTA (AFTA), and encouraged by ASEAN+1 (ASEAN plus one country) FTAs, more and more economies in east Asia are involved in FTAs, although the characteristics of these FTAs differ according to their background and circumstances. When the proliferation of FTAs in east Asia benefits the regional trade and economic growth, questions have been raised about “Asian noodle bowl†effect, pointing out multi-layered FTAs in east Asia have created new trade barriers and raised the cost of business in the region. To this end, east Asia needs to progress from the proliferation of multilayered FTAs to a region-wide FTA with wider participation and broader coverage.","PeriodicalId":120411,"journal":{"name":"Asian Development Bank Institute Research Paper Series","volume":"20 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-05-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114637528","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: 27
Appropriate Financial Instruments for Public-Private Partnership to Boost Cross-Border Infrastructural Development-EU Experience 促进跨境基础设施发展的公私伙伴关系的适当金融工具——欧盟经验
Asian Development Bank Institute Research Paper Series Pub Date : 2011-05-13 DOI: 10.2139/ssrn.1840383
Willem van der Geest, J. Nunez-Ferrer
{"title":"Appropriate Financial Instruments for Public-Private Partnership to Boost Cross-Border Infrastructural Development-EU Experience","authors":"Willem van der Geest, J. Nunez-Ferrer","doi":"10.2139/ssrn.1840383","DOIUrl":"https://doi.org/10.2139/ssrn.1840383","url":null,"abstract":"The member states of the European Union (EU) and the EU institutions have increasingly been using public-private partnerships (PPPs) to accelerate the development of (ambitious) trans-national infrastructure. This paper argues that in the EU (i) private sector partners remain risk-averse; and (ii) risk-pooling across a larger number of tax-payers tends to reduce the cost of risk to zero, making EU funds highly desirable and sought after for public infrastructure development. This paper argues that private equity has not been forthcoming to the extent that had been expected by those propagating this method of finance. In those instances where private non-publicly guaranteed resources have been used, the distribution of risks between public and private partners remained asymmetric, with public governmental bodies carrying the financial risks, which ultimately may become a contingent liability for the country’s public finances. However, EU and European Investment Bank (EIB) public funding is used not simply because the risks are spread more widely, but rather because EU rules and regulations for using such funds lead to better preparation of projects and greater efficiency gains in project implementation and delivery.","PeriodicalId":120411,"journal":{"name":"Asian Development Bank Institute Research Paper Series","volume":"351 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-05-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134398925","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: 16
Foreign Direct Investment in Cross-Border Infrastructure Projects 跨境基础设施项目的外国直接投资
Asian Development Bank Institute Research Paper Series Pub Date : 2011-04-01 DOI: 10.2139/ssrn.1800472
K. Fung, A. Garcia-Herrero, Francis Ng
{"title":"Foreign Direct Investment in Cross-Border Infrastructure Projects","authors":"K. Fung, A. Garcia-Herrero, Francis Ng","doi":"10.2139/ssrn.1800472","DOIUrl":"https://doi.org/10.2139/ssrn.1800472","url":null,"abstract":"In this paper the authors critically review the relevant information and literature that can enhance the feasibility and the successful implementation of cross-border infrastructure projects. They provide detailed information concerning foreign direct investment in the major emerging regions: East Asia and the Pacific, Latin America, and Eastern Europe. They also discuss the theoretical and empirical literature which sheds light on the characteristics of transnational infrastructure projects, who should conduct them, and what determines their existence. The literature points to the importance of government involvement in transnational infrastructure projects as there are clear external benefits which will otherwise not be reaped. It also points to the importance of coordination for the success of the project. The Asian Development Bank is well placed to perform that role. Lastly, they provide six cases of cross-border infrastructure projects, two each from East Asia, Latin America, and Eastern Europe. These cases illustrate the critical need for smooth coordination of the diverse groups of team players, top-level backing of the projects, as well as a thorough understanding of all the political and financial factors involved that can influence the success of these projects.","PeriodicalId":120411,"journal":{"name":"Asian Development Bank Institute Research Paper Series","volume":"23 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125087014","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: 11
Processing Trade, Exchange Rates, and the People’s Republic of China’s Bilateral Trade Balances 加工贸易、汇率和中华人民共和国双边贸易平衡
Asian Development Bank Institute Research Paper Series Pub Date : 2011-03-23 DOI: 10.2139/ssrn.1793036
Yuqing Xing
{"title":"Processing Trade, Exchange Rates, and the People’s Republic of China’s Bilateral Trade Balances","authors":"Yuqing Xing","doi":"10.2139/ssrn.1793036","DOIUrl":"https://doi.org/10.2139/ssrn.1793036","url":null,"abstract":"i»?This paper analyzes the role of processing trade in the People’s Republic of China (PRC)’s bilateral trade balances and the impact of the yuan’s appreciation on processing trade. The analysis is based on panel data covering the PRC’s 51 trading partners from 1993–2008. The empirical analysis shows that : (1) processing trade accounts for 100% of the PRC’s overall trade surplus and can explain most of its bilateral trade balances; (2) the PRC’s processing trade shows a significant regional bias—its processing exports to East Asian economies are three times those to other regions while its processing imports from East Asian economies are eleven times those from other regions; (3) the PRC is one of the major sources of its own processing imports, accounting for 16.8% of its total processing imports from all 51 trading partners; and (4) the appreciation of the yuan would affect both processing imports and exports in the same direction—specifically, a 10% real appreciation of the yuan would reduce not only the PRC’s processing exports by 9.6% but also its processing imports by 3.9%. Therefore, a moderate appreciation of the yuan would have a very limited impact on the PRC’s trade balance.","PeriodicalId":120411,"journal":{"name":"Asian Development Bank Institute Research Paper Series","volume":"60 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-03-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121062090","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: 14
Financial Regulatory Harmonization in East Asia: Balancing Domestic and International Pressures for Corporate Governance Reforms 东亚金融监管协调:平衡公司治理改革的国内和国际压力
Asian Development Bank Institute Research Paper Series Pub Date : 2011-03-20 DOI: 10.2139/ssrn.1791305
Richard W. Carney
{"title":"Financial Regulatory Harmonization in East Asia: Balancing Domestic and International Pressures for Corporate Governance Reforms","authors":"Richard W. Carney","doi":"10.2139/ssrn.1791305","DOIUrl":"https://doi.org/10.2139/ssrn.1791305","url":null,"abstract":"Is the harmonization of financial regulatory regimes possible in East Asia? Focusing on corporate governance, which many see as a critical part of the 1997 Asian financial crisis, and which is also seen as unresponsive to calls for change, this paper argues that such harmonization is possible, but that it will not be according to the “best practices” advocated by the International Monetary Fund, World Bank, Organisation for Economic Co-operation and Development, and other international organizations. At present, actors generally feign compliance with these international rules and standards. But this creates potential long-term problems by allowing distortions to persist and accumulate over time. By identifying the key actors that determine regulatory outcomes, this paper points to an alternative regulatory framework that would be adopted more comprehensively. This alternative framework is a compromise between the “best practices” advocated by international organizations, and the domestic political realities of East Asia.","PeriodicalId":120411,"journal":{"name":"Asian Development Bank Institute Research Paper Series","volume":"57 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-03-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121472450","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
A De Facto Asian-Currency Unit Bloc in East Asia: It has Been There but We did not Look for It 东亚事实上的亚洲货币单位集团:它已经存在，但我们没有寻找它
Asian Development Bank Institute Research Paper Series Pub Date : 2011-01-14 DOI: 10.2139/ssrn.1740362
E. Girardin
{"title":"A De Facto Asian-Currency Unit Bloc in East Asia: It has Been There but We did not Look for It","authors":"E. Girardin","doi":"10.2139/ssrn.1740362","DOIUrl":"https://doi.org/10.2139/ssrn.1740362","url":null,"abstract":"i»?Pegging in a coordinated way to a regional basket currency is considered by many as optimal for east-Asian countries. By contrast, according to existing empirical studies, these countries have most often relied on noncooperative United States dollar or G3 pegs. We show for the first time that by the late 1990s, with some reversals, a majority of east-Asian countries had already moved, de facto, away from the dollar peg and started targeting a basket, including east-Asian currencies (an “Asian Currency Unit†). Common-shock or market-based interpretations of such moves are ruled out since we document that, with few exceptions, countries in the region have in reality stuck to fixed exchange rates. We obtain such results using a Markov-switching estimation benchmarked against Bai-Perron structural break tests for the synthesis model of Frankel and Wei (2007), which augments the inference about currency weights in a basket with the weight on exchange-market pressure. In order to measure the latter, the forward positions of central banks in the foreign exchange market are taken into account.","PeriodicalId":120411,"journal":{"name":"Asian Development Bank Institute Research Paper Series","volume":"120 1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-01-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128488489","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: 28
Estimating Demand for Infrastructure in Energy, Transport, Telecommunications, Water, and Sanitation in Asia and the Pacific: 2010-2020 亚太地区能源、交通、电信、水和卫生基础设施需求估算:2010-2020年
Asian Development Bank Institute Research Paper Series Pub Date : 2010-09-09 DOI: 10.2139/SSRN.1678417
B. Bhattacharyay
{"title":"Estimating Demand for Infrastructure in Energy, Transport, Telecommunications, Water, and Sanitation in Asia and the Pacific: 2010-2020","authors":"B. Bhattacharyay","doi":"10.2139/SSRN.1678417","DOIUrl":"https://doi.org/10.2139/SSRN.1678417","url":null,"abstract":"This paper estimates the need for infrastructure investment, including energy, transport, telecommunications, water, and sanitation during 2010-2020, in order to meet growing demands for services and facilitate further rapid growth in the region. By using “top-down†and “bottom-up†approaches, this paper provides a comprehensive estimate of Asia’s need for infrastructure services. The estimates show that developing countries in Asia require financing of US$776 billion per year for national (US$747 billion) and regional (US$29 billion) infrastructure during 2010-2020 to meet growing demand. [ADBI Working Paper 248]","PeriodicalId":120411,"journal":{"name":"Asian Development Bank Institute Research Paper Series","volume":"22 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-09-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131797604","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: 64
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