{"title":"On Patterns and Efficiency of Investment in Transport Infrastructure","authors":"Akihiko Yanase, Masafumi Tsubuku","doi":"10.5652/INTERNATIONALECONOMY/IE2020.24.02.AY","DOIUrl":"https://doi.org/10.5652/INTERNATIONALECONOMY/IE2020.24.02.AY","url":null,"abstract":"This paper develops a two-country model of intraindustry trade in which overseas shipping incurs transport costs. National governments make investment in the transport infrastructure to reduce the transport costs and enhance national welfare. This paper investigates what patterns of public investment can be derived as equilibrium outcomes and whether these equilibrium investment patterns are socially efficient. It is shown that, among others, if the public investment technology exhibits increasing returns at an international level, coordination problem of public investment may occur.","PeriodicalId":22492,"journal":{"name":"The International economy","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75868510","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}
{"title":"The Effect of Foreign Acquisition on Firm-Level Productivity:A Literature Survey","authors":"L. Tőkés","doi":"10.5652/INTERNATIONALECONOMY/IE2020.24.05.LT","DOIUrl":"https://doi.org/10.5652/INTERNATIONALECONOMY/IE2020.24.05.LT","url":null,"abstract":"One important aspect of globalization is the cross - border flow of capital, namely foreign direct investment that is considered to be an important engine of economic growth via productivity enhancement. One important form of foreign direct investment is cross - border mergers and acquisitions (M&As). The effect of M&As on firm - level productivity has been analyzed in many papers. This article provides a survey of this literature following a kind of evolutionary perspective: The main results are presented following advances in data usage and methodology. Further research questions are also formulated.","PeriodicalId":22492,"journal":{"name":"The International economy","volume":"97 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"73240981","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}
{"title":"The Impact of COVID-19 on Global Production: Evidence from Japanese Multinational Firms","authors":"Hongyong Zhang","doi":"10.5652/internationaleconomy/ie2020.24.06.hz","DOIUrl":"https://doi.org/10.5652/internationaleconomy/ie2020.24.06.hz","url":null,"abstract":"COVID-19 has had large impacts on global production and international trade. The column uses quarterly aggregate-levle data on foreign affiliates of japanes multinational corporations to show that multinational production and supply chains were negatively affected by the COVID-19 pandemic, especially in the 2nd quarter of 2020. The sales of Japanes manufacturing affiliates almost recoverd in teh 4th quarter of 2020, indicating the resilience of global production and multinationals' supply chanis. But there are large varations in recovery acress coutnries.","PeriodicalId":22492,"journal":{"name":"The International economy","volume":"66 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"73577208","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}
{"title":"An Assessment of the ECB’s Unconventional Monetary Policies","authors":"Hirotaka Suzuki","doi":"10.5652/INTERNATIONALECONOMY/IE2020.24.04.HS","DOIUrl":"https://doi.org/10.5652/INTERNATIONALECONOMY/IE2020.24.04.HS","url":null,"abstract":"This study evaluates the effectiveness of the European Central Bank’s unconventional monetary policy. We assume Calvo - type friction and develop a forward - looking New Keynesian state - space model with an error correction term to address both unit roots and stationary variables at once. Subsequently, we decompose the nominal effects into asset pricing kernels and real effects. Thus, we show empirically that the corporate sector purchase program (CSPP) and CSPP - based bank lending to households positively affect trend inflation due to credit easing. However, due to asymmetric development within the European Union and the Euro area, there is no consensus on whether they should be continued after the crisis.","PeriodicalId":22492,"journal":{"name":"The International economy","volume":"41 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84857764","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}
{"title":"What does Regional Economic Integration Deliver?","authors":"Naoto Jinji","doi":"10.5652/INTERNATIONALECONOMY/IE2020.24.03.NJ","DOIUrl":"https://doi.org/10.5652/INTERNATIONALECONOMY/IE2020.24.03.NJ","url":null,"abstract":"I examine whether recent regional integrations are deeper than older ones using data on the contents of trade agreements. I show that although recent regional integrations are deeper than older ones, the coverage of policy areas is mainly restricted to the provisions that fall under the current mandate of the WTO discipline. I also show that the depth and breadth of RTAs are heterogeneous according to types of RTAs, country pairs, and particular signatory countries, though the differences tend to be narrowing. Then, reviewing the findings of recent studies, I argue that deep integration delivers many gains to trade in goods, production networks, and research and development. However, further studies are required to fully understand the gains and losses of deep integration.","PeriodicalId":22492,"journal":{"name":"The International economy","volume":"209 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85666665","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}
{"title":"Cross-border Technology Licensing and Trade Policy","authors":"Jota Ishikawa, Yoshimasa Komoriya, Y. Sugita","doi":"10.5652/internationaleconomy/ie2020.23.04.ji","DOIUrl":"https://doi.org/10.5652/internationaleconomy/ie2020.23.04.ji","url":null,"abstract":"We construct a theoretical model in which an outside technology licenser licenses its superior technology to either a home firm or a foreign firm, both of which are engaged in Cournot competition in the home market. We specifically explore the relationship between cross - border technology licensing and home tariffs when the two firms are asymmetric. Licensing benefits consumers but harms both home and foreign firms regardless of which firm becomes the licensee. The tariff rate affects the choice of the licensee and home welfare. In contrast with the existing literature on international technology licensing, the welfare - maximizing home government may choose such a tariff rate that induces the licenser to license the technology to the foreign firm. The optimal tariff rate may become negative in the presence of licens ing. Trade liberalization may lead the licenser to switch the licensee.","PeriodicalId":22492,"journal":{"name":"The International economy","volume":"12 8","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-06-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"72597815","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}
{"title":"Rates of Population Decline in Solow and Semi-Endogenous Growth Models: Empirical Relevance and the Role of Child Rearing Cost","authors":"Ichiroh Daitoh","doi":"10.5652/INTERNATIONALECONOMY/IE2020.23.08.ID","DOIUrl":"https://doi.org/10.5652/INTERNATIONALECONOMY/IE2020.23.08.ID","url":null,"abstract":"It has been found that population decline may change the properties of growth paths from those in a population-increasing economy in the Solow and semi-endogenous growth models. However, the rates of population decline needed to generate richer dynamics seem too large given the available empirical data and population prospects. This paper first shows that in a semi-endogenous growth model, positive externalities from knowledge accumulation can make such rates of population decline sufficiently small to be consistent with the United Nations population estimates. In the Solow growth model without such externalities, an introduction of child rearing costs could reduce the critical rate of population decline below which richer dynamics emerge. Finally, the economic implications of a child rearing cost are discussed for the Solow growth model with population decline.","PeriodicalId":22492,"journal":{"name":"The International economy","volume":"73 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-01-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90424344","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}
{"title":"Monopolistic Competition and International Coordination of Entry Policy Revisited","authors":"Akihiko Yanase","doi":"10.5652/internationaleconomy/ie2020.23.02.ay","DOIUrl":"https://doi.org/10.5652/internationaleconomy/ie2020.23.02.ay","url":null,"abstract":"This study develops a model of international trade under monopolistic competition with non-homothetic quadratic preferences that generate variable markups, and analyzes the effects of trade and domestic competition policies. It is shown that, among others, trade liberalization increases the long-run equilibrium varieties of differentiated goods available to consumers, but reduces welfare in the long run, and depending on the parameters of the model, the mass of firms under cooperative solution can be higher or lower than the mass of firms under noncooperative solution.","PeriodicalId":22492,"journal":{"name":"The International economy","volume":"21 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85084747","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}
{"title":"Trade in Secondhand Goods and Recyclable Materials, Monitoring of Illegal Trade, and Import Quotas on Legal Trade","authors":"K. Higashida","doi":"10.5652/internationaleconomy/ie2020.23.07.kh","DOIUrl":"https://doi.org/10.5652/internationaleconomy/ie2020.23.07.kh","url":null,"abstract":"This paper theoretically examines the monitoring of illegal trade, and restrictions on the legal trade, of secondhand goods and recyclable materials. We demonstrate that (a) a stricter monitoring necessarily decreases the environmental damage of the importing country as far as there are no legal imports of recyclable materials, and (b) a stricter trade restriction on legal imports increases the environmental damage of the importing country if a part of legal imports is recyclable materials and the marginal environmental damage caused by illegal trade is serious. Moreover, we investigate the policy game on the choice of monitoring probabilities between trading countries. JEL Classification: F13, F18, Q53","PeriodicalId":22492,"journal":{"name":"The International economy","volume":"59 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"87164516","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}