KDI School of Public Policy & Management Research Paper Series最新文献

{"title":"Financial Consumer Protection in the Era of Digital Transformation: A Critical Survey of Literature and Policy Practices","authors":"M. Cho, S. Park","doi":"10.2139/ssrn.3914573","DOIUrl":"https://doi.org/10.2139/ssrn.3914573","url":null,"abstract":"This study aims to shed light on how to foster a welfare-enhancing policy regime for financial consumer protection (FCP), mainly through a literature and institutional survey on three pillars of FCP policy-financial education, ex ante (or before point of sale) FCP measures, and ex post policy instruments. To that end, we first conceptualize the typical behavioral patterns in the demand- and supply-side of the financial markets, to be tamed through an FCP policy regime, and also attempt to reflect the ramifications of the on-going global trend of digital transformation. As to the first pillar, most of the literature claims that no consensus exists as to the goal of financial education (FE), one that is clear, specific, and measurable enough to guide empirical endeavor to gauge its effectiveness. On this issue, we suggest three dimensions of financial capability as possible targets of measuring the effectiveness of FE – knowledge dimension, choice and decision dimension, and outcome dimension, and discuss a possible testing strategy. Another issue stressed is that, given the inherent complexities in most financial products, the second letter “E,” i.e., pedagogy and timing, should be given a higher weight than the first one “F,” i.e., contents, in designing a FE strategy. In the supply-side, three sets of policy instruments are discussed as the key FCP elements: that is, the self-regulation mechanisms such as code of conduct, and training and certification programs for business ethics; the behavioral principles along with rules and regulations to ensure fair and ethical consumer treatment (FECT); and, internal governance structure to align FECT with incentives of employees of financial institutions. In addition, dispute resolution mechanism along with the legal responsibility of service providers if and when FECT is violated are also discussed. Using the key findings, we develop a template, or a checklist, by interacting the key behavioral patterns to be tamed with the FCP policy instruments, and suggest a set of indicators based on the matrix developed to be used for international comparison.","PeriodicalId":347047,"journal":{"name":"KDI School of Public Policy & Management Research Paper Series","volume":"73 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-03-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127331658","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 African Human Security Index: From ‘Think’ To ‘Do’","authors":"Saad Badaoui","doi":"10.2139/ssrn.3804730","DOIUrl":"https://doi.org/10.2139/ssrn.3804730","url":null,"abstract":"There is no universally accepted scientific method for computing composite indexes. Every step of the construction process involves choices which are dependent on the problem at hand, the modeller, the data constraints and the desired outcome. In this study, using the framework proposed by UNECA (2020) as a guideline, we construct a prototype of the African Human Security Index for 10 countries (Rwanda, Ethiopia, Sudan, Zambia, Ghana, Mali, Angola, Cameroun, Niger and Kenya) from 2008 to 2019. Since weights can have a significant effect on the overall composite index, we present a comparative analysis where we contrast the statistical-based weighting approaches (e.g., Unobserved Component and Factor Analysis) with model-free methods (e.g., Equal and Geometric weighting). While all weighting schemes have their pros and cons, we show that, due to the multi-dimensional nature of the African Human Security Index, it is essential to adopt a non-compensatory logic (such as Factor Analysis) in defining optimal weights because this approach takes into account the overlapping information across indicators and correct for potential correlation and compensability issues by investigating the underlying structure of the data. Furthermore, unlike the Unobserved Component Method which imposes an identification condition of, at least, three indicators per dimension, the factorial approach is flexible and could summarize multi-dimensional realities with as little as one indicator per dimension. This argument is important to consider in the African context where relevant data could be scarce and cross-country comparison limited. Last but not the least, it is crucial to point out that model-free approaches are by definition statistically unbiased but care must be taken in their usage as they may both disguise serious failings in some dimensions and invite simplistic policy conclusions due the compensability issues they suffer from.","PeriodicalId":347047,"journal":{"name":"KDI School of Public Policy & Management Research Paper Series","volume":"33 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-02-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131889995","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 Great Indian Family","authors":"Mallika Chandra, Vandit Jain Jain","doi":"10.2139/ssrn.3901460","DOIUrl":"https://doi.org/10.2139/ssrn.3901460","url":null,"abstract":"India has experienced three-decades of virtually uninterrupted economic growth propelling it to play level ground with certain economic giants. However, female labour force participation (FLFP) has witnessed a steep decline in the post-reform period. The relationship between female’s engagement in the labour market and broader development outcomes are thus complex. According to the ILO data, men of the household shoulder less than 10% of the household work, which is approximately 31 minutes in an entire day (ILO, 2013). Thus, one may conjecture that patrilocality, a norm highly prevalent in India, may actually enhance the rates of FLFP. Hence, this paper aims to shed light upon the impacts of patrilocal residences on female labour force participation rate through the channels of marriage migration, access to pooled time and income, and availability of childcare and concludes the effect to be ambiguous and contingent on social factors.","PeriodicalId":347047,"journal":{"name":"KDI School of Public Policy & Management Research Paper Series","volume":"22 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117181510","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 Arab Spring, A Setback for Gender Equality? Evidence from the Gallup World Poll","authors":"Robert Rudolf, Shun Wang, Fengyu Wu","doi":"10.2139/ssrn.3845787","DOIUrl":"https://doi.org/10.2139/ssrn.3845787","url":null,"abstract":"Combining a unique dataset from the Gallup World Poll for the period 2009 to 2018 with Wolfsfeld et al.’s (2013) protest index, we evaluate the impact of the Arab Spring pro-democracy protests on gender equality in the Middle East and North Africa. Following a double- and triple-difference approach, we find that protests significantly reduced female labor force participation as well as support for women’s rights. In particular, a one-standard-deviation increase in the protest intensity lowered female participation rates by 3.7 percentage points. Likewise, Arab Spring protests significantly lowered support for women’s legal rights, occupational rights, and divorce rights. Our results are robust to different samples, alternative model specifications, and omitted variable bias. They are also confirmed when using an alternative protest measure from Steinert-Threlkeld (2017). Regarding potential mechanisms, we suggest that a shift in the Arab zeitgeist towards a less secular society can help explain our findings.","PeriodicalId":347047,"journal":{"name":"KDI School of Public Policy & Management Research Paper Series","volume":"43 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-11-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122764061","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":"Developing Modernization Indicators for the People’s Republic of China: Key Considerations and a Proposed Framework","authors":"Joon-Kyung Kim, Myungho Park, Minsoo Lee","doi":"10.2139/ssrn.3845793","DOIUrl":"https://doi.org/10.2139/ssrn.3845793","url":null,"abstract":"The People’s Republic of China (PRC) is in the process of modernization, which it expects to achieve by 2035. This requires a national indicator to gauge the progress and level of the country’s modernization drive. This working paper provides an indicator that assesses the progress in the PRC’s modernization journey, and applies this modernization indicator—structured on thematic categories, subcategories, and intersection—to the PRC’s performance, which is then compared with countries of the Organisation for Economic Co-operation and Development and the G20. The paper also examines four major policy implications of this modernization for the PRC, which will be more durable and successful if coupled with effective division of labor and synergy with stakeholders.","PeriodicalId":347047,"journal":{"name":"KDI School of Public Policy & Management Research Paper Series","volume":"64 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-10-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124585156","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":"FinTech Megatrends: An Assessment of Their Industrial and Welfare Implications","authors":"M. Cho","doi":"10.2139/ssrn.3914569","DOIUrl":"https://doi.org/10.2139/ssrn.3914569","url":null,"abstract":"This study aims to assess the industrial and welfare implications of FinTech as documented in the literature, by focusing on its four subsectors - online capital-raising platforms, alternative payment systems, AI and robot based investment consultancy, and alternative regulatory compliance service. Key findings obtained include: thanks to the advancement in the technologies of relevancy since the 1990s, the FinTech service providers have greatly enhanced both efficiency of financial intermediation and extent of financial inclusion in the developed as well as developing countries; these alternative financial service providers tend to narrow credit gap caused by information asymmetry between borrower and lender by collecting and utilizing soft data for ex ante credit evaluation; however, some concerns are also raised as to the likelihood of over-leverage by certain segments of P2P platform borrowers, the lack of appropriate skin-in-the-game arrangement in sharing ex post credit losses, and the inadequate consumer protection measures in the face of the heightened cyber-security risk. Based on these findings, an assessment is made as to whether or not the sector is capable of instituting a fullblown risk-based, or marginal-cost, pricing for embedded credit risk. In addition, one particular segment of the FinTech service providers, those affiliated with BigTech companies, is examined in terms of its potential contribution to social welfare not only through posing a heightened competition and contestability to existing financial institutions but also through innovation- and information-sharing among firms within their ecosystems. Included as the main contents in the study are trends and institutional characteristics of the four FinTech sub-sectors, financial theories of relevancy, the FinTech’s welfare implications, and the regulatory issues to be considered for the sector.","PeriodicalId":347047,"journal":{"name":"KDI School of Public Policy & Management Research Paper Series","volume":"54 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-10-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128989240","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":"Transport Infrastructure, Energy Use, Emissions, Tourism, and Economic Growth: A Multivariate Analysis","authors":"Raymund Macanas","doi":"10.2139/ssrn.3640630","DOIUrl":"https://doi.org/10.2139/ssrn.3640630","url":null,"abstract":"This paper provides empirical proof on the causal relationships between transport infrastructure development, transport sector energy consumption, transport sector CO2 emissions, tourism, and economic growth in the Philippines. The causal relationships were explored with respect to timing (i.e. lagged or no lag relationship), direction (i.e. unidirectional or bidirectional), and period (i.e. short-run effect vs. long run effect) by employing unit root, Johansen co-integration, and vector autoregressive (VAR) model tests. The results showed the existence of unidirectional short-run lagged causality running from transport infrastructure development, international tourism spending, transport sector energy consumption, transport sector CO2 emissions, economic growth, to international tourism revenue. There also exist bidirectional short-run lagged causality between transport sector energy consumption and international tourism revenue and bidirectional short-run lagged causality between transport sector CO2 emissions and international tourism revenue. No long-run relationships were detected among the variables. Recommendations for intervention include government subsidies, tax incentives, regulations, and transport-sector infrastructure development.","PeriodicalId":347047,"journal":{"name":"KDI School of Public Policy & Management Research Paper Series","volume":"24 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-06-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125164373","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":"Political Connections, Productivity and Firm Sales","authors":"G. Hochman, Chrysostomos Tabakis, Shun Wang, Na Zhang","doi":"10.2139/ssrn.3588210","DOIUrl":"https://doi.org/10.2139/ssrn.3588210","url":null,"abstract":"We explore the significance of political connections vs. productivity for firms’ domestic sales and export performance in developing countries, using the data from the listed firms in China’s Shanghai and Shenzhen stock markets. We estimate firms’ total factor productivity and manually build a detailed dataset on firm’s political connections using public information released by firms. We find that more productive firms have larger sales in both domestic and international markets, but the effect of political connections differ. Political connections matter in a positive way for domestic sales, and employing a current member of a political body in China is more significant for domestic sales than employing a former government official. However, political connections are not significant for firm’s export sales.","PeriodicalId":347047,"journal":{"name":"KDI School of Public Policy & Management Research Paper Series","volume":"157 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-04-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130493414","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":"Parenting Training’s Effect on Parenting Behaviors and Subjective Well-being: A Randomized Control Trail in Rural China","authors":"Shun Wang","doi":"10.2139/ssrn.3588213","DOIUrl":"https://doi.org/10.2139/ssrn.3588213","url":null,"abstract":"This paper presents the preliminary findings from the randomized experiment on early childhood education in Yunnan province, China. In the treatment group, caregivers were gathered together regularly to be trained by kindergarten teachers on parenting skills, and extracurricular books are made available for borrowing in the kindergartens. The empirical analysis reveals no significant improvement in caregivers’ parenting behaviors. In addition, parent’s subjective well-being is also not affected. The results alarm the difficulties in changing caregivers’ parenting behaviors in less developed regions, which might suggest that we shall count more on formal institutions such as kindergartens to improve early childhood development.","PeriodicalId":347047,"journal":{"name":"KDI School of Public Policy & Management Research Paper Series","volume":"139 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-04-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115499627","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":"A Comparative Research on the Variations of PPP Contracts: Availability Payment PPP Vs.Concession PPP","authors":"S. Park, Min Hwang, M. Cho","doi":"10.2139/ssrn.3561394","DOIUrl":"https://doi.org/10.2139/ssrn.3561394","url":null,"abstract":"Park, Soojin; Hwang, Min; Cho, Man.February, 2020.A comparative research on the variations of PPP contracts,Report,[Sejong]KDI School of Public Policy and Management,KDI School Working Paper Series/20-06,25","PeriodicalId":347047,"journal":{"name":"KDI School of Public Policy & Management Research Paper Series","volume":"128 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131462362","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}