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Intra-Household Peer Effects in Smartphone Adoption 智能手机应用中的家庭内部同伴效应
IF 1.1
INTERNATIONAL ECONOMIC JOURNAL Pub Date : 2023-01-02 DOI: 10.1080/10168737.2023.2169738
M. Park, Jungwon Yeo
{"title":"Intra-Household Peer Effects in Smartphone Adoption","authors":"M. Park, Jungwon Yeo","doi":"10.1080/10168737.2023.2169738","DOIUrl":"https://doi.org/10.1080/10168737.2023.2169738","url":null,"abstract":"This paper examines intra-household peer effects in the adoption of smartphones using unique South Korean panel data. Consistent estimation of peer effects in this setting needs to address two key challenges: homophily and endogenous sample attrition. We address both challenges and obtain consistent estimates of peer effects, by first-differencing the individual-level panel data and then using longer differences of the independent variables as instruments. The estimation results show that an individual becomes much more likely to adopt a smartphone if other household members have previously adopted one. The analysis also reveals that failure to account for endogenous attrition of individuals after product adoption would lead to a significant under-estimation of peer effects.","PeriodicalId":35933,"journal":{"name":"INTERNATIONAL ECONOMIC JOURNAL","volume":null,"pages":null},"PeriodicalIF":1.1,"publicationDate":"2023-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47708355","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
A Study of the Effects of China’s TBT Notifications on Korean Exports 中国TBT通知对韩国出口的影响研究
IF 1.1
INTERNATIONAL ECONOMIC JOURNAL Pub Date : 2023-01-02 DOI: 10.1080/10168737.2023.2176903
Yun-Yun Bai, Keun-Yeob Oh
{"title":"A Study of the Effects of China’s TBT Notifications on Korean Exports","authors":"Yun-Yun Bai, Keun-Yeob Oh","doi":"10.1080/10168737.2023.2176903","DOIUrl":"https://doi.org/10.1080/10168737.2023.2176903","url":null,"abstract":"Since China joined the World Trade Organization (WTO) in 2002, the number of technical barriers to trade (TBT) notifications has increased rapidly. This study investigates the impact of China’s imposition of TBTs on the exports of Korean manufacturing-industry from 2002 to 2014. We focus on the following aspects: exports in terms of value-added, a comparison of exports of final goods with exports of intermediate goods, and specific trade concerns (STCs). Our findings are as follows. First, China’s TBTs have an insignificant impact on Korean manufacturing exports to China when we investigate the whole manufacturing industry sector. Second, as a result of analyzing final goods and intermediate goods separately, we do not find a significant effect of TBTs on the export of intermediate goods, whereas they have negative effects on the export of final goods. This is in line with our expectations that China does not want to restrict the import of intermediate goods. Third, further analysis of the relationship between exports and TBT STCs is conducted. However, we find no additional negative effect of TBT STCs on exports. Fourth, the impact of TBTs on exports in value-added terms does not seem to differ from the impact on total gross exports.","PeriodicalId":35933,"journal":{"name":"INTERNATIONAL ECONOMIC JOURNAL","volume":null,"pages":null},"PeriodicalIF":1.1,"publicationDate":"2023-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45730856","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
An Inconvenient Truth: Welfare Losses From Asymmetric Reductions in Transportation Costs 一个难以忽视的真相:运输成本不对称减少带来的福利损失
IF 1.1
INTERNATIONAL ECONOMIC JOURNAL Pub Date : 2023-01-02 DOI: 10.1080/10168737.2023.2169868
Wisarut Suwanprasert
{"title":"An Inconvenient Truth: Welfare Losses From Asymmetric Reductions in Transportation Costs","authors":"Wisarut Suwanprasert","doi":"10.1080/10168737.2023.2169868","DOIUrl":"https://doi.org/10.1080/10168737.2023.2169868","url":null,"abstract":"Recent empirical studies find that the magnitudes of reductions in bilateral shipping costs are asymmetric within country pairs. Motivated by these findings, I study the welfare effects of asymmetric reductions in transportation costs in Helpman and Itskhoki's [(2010). Labour market rigidities, trade and unemployment. Review of Economic Studies, 77(3), 1100–1137] model of international trade with heterogeneous firms and frictional labor markets. I show that sufficiently asymmetric reductions in bilateral transportation costs result in welfare losses in the importing country, while a uniform reduction in the bilateral transportation costs of both imports and exports always benefits both countries. This paper raises a cautionary note that the phrase ‘welfare gains from trade liberalization’ implicitly assumes an ‘approximately equal’ reduction in transportation costs.","PeriodicalId":35933,"journal":{"name":"INTERNATIONAL ECONOMIC JOURNAL","volume":null,"pages":null},"PeriodicalIF":1.1,"publicationDate":"2023-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41538483","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
Korean Trade in 10 Service Industries and Role of the Won? An Asymmetric Analysis 10大服务产业的韩国贸易和韩元的作用?非对称分析
IF 1.1
INTERNATIONAL ECONOMIC JOURNAL Pub Date : 2022-12-06 DOI: 10.1080/10168737.2022.2153899
Mohsen Bahmani‐Oskooee, Jungho Baek
{"title":"Korean Trade in 10 Service Industries and Role of the Won? An Asymmetric Analysis","authors":"Mohsen Bahmani‐Oskooee, Jungho Baek","doi":"10.1080/10168737.2022.2153899","DOIUrl":"https://doi.org/10.1080/10168737.2022.2153899","url":null,"abstract":"International trade includes trade not just in goods but also in services. Introduction of internet technology has helped to boost trade in services by more than trade in goods. What has been the role of the exchange rate in this journey? While many studies have investigated the link between the exchange rate and trade in goods, only three studies in the literature have assessed the impact of exchange rate changes on trade in services. Two have used data from the U.S., and one from China. We add to this new emerging literature by assessing the symmetric and asymmetric effects of changes in the real effective exchange rate of the Korean won on Korean trade in 10 service categories with the rest of the world. Considering the symmetric (linear) models and asymmetric (nonlinear) models to be complementary, we find short-run effects of imports and exports of almost all 10 service industries. Short-run effects translate into the long run in little over 50% of industries. These findings did not change significantly when we considered real trade in services versus nominal trade. Our findings were industry-specific.","PeriodicalId":35933,"journal":{"name":"INTERNATIONAL ECONOMIC JOURNAL","volume":null,"pages":null},"PeriodicalIF":1.1,"publicationDate":"2022-12-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42989494","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
Simultaneous Inference on the Korean Won-US Dollar Forward Premium Anomaly 对韩元-美元远期溢价异常的同步推断
IF 1.1
INTERNATIONAL ECONOMIC JOURNAL Pub Date : 2022-12-05 DOI: 10.1080/10168737.2022.2153900
Jinyong Kim
{"title":"Simultaneous Inference on the Korean Won-US Dollar Forward Premium Anomaly","authors":"Jinyong Kim","doi":"10.1080/10168737.2022.2153900","DOIUrl":"https://doi.org/10.1080/10168737.2022.2153900","url":null,"abstract":"The forward premium anomaly, which refers to the empirical failure of the uncovered interest parity (UIP), has been primarily examined by the forward premium regression of [Fama, E. (1984). Forward and spot exchange rates. Journal of Monetary Economics, 14(3), 319–338. https://doi.org/10.1016/0304-3932(84)90046-1]. Some studies apply the rolling-window regression to capture the time-varying coefficient on the forward premium, with difficulty in statistically testing the deviation of the coefficient from the UIP over time. We follow [Baillie, R., & Kim, K. (2015). Was it risk? Or was it fundamentals? Explaining excess currency returns with kernel smoothed regressions. Journal of Empirical Finance, 34, 99–111] to apply the simultaneous inference procedure to the Korean Won-US Dollar spot and forward exchange rates by estimating the time-varying coefficient from the kernel-smoothed local-linear regression and constructing the uniform confidence band to test the local deviation. We find that, while the UIP is not rejected from the baseline regression, the simultaneous inference shows that the deviation from the UIP is mainly observed during the early 2000s and 2010s. Time-variation of the forward premium coefficient tends to be significantly affected by economic uncertainties such as the interest rate, inflation, and stock return volatilities in Korea and US.","PeriodicalId":35933,"journal":{"name":"INTERNATIONAL ECONOMIC JOURNAL","volume":null,"pages":null},"PeriodicalIF":1.1,"publicationDate":"2022-12-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41660309","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
Economic Complexity and Economic Development in ASEAN Countries 东盟国家的经济复杂性与经济发展
IF 1.1
INTERNATIONAL ECONOMIC JOURNAL Pub Date : 2022-10-02 DOI: 10.1080/10168737.2022.2142643
T. Le, L. Niem, Taegil Kim
{"title":"Economic Complexity and Economic Development in ASEAN Countries","authors":"T. Le, L. Niem, Taegil Kim","doi":"10.1080/10168737.2022.2142643","DOIUrl":"https://doi.org/10.1080/10168737.2022.2142643","url":null,"abstract":"This paper investigates the changes in export quality among ASEAN countries over time by using the economic complexity index. Specifically, we used HS 6-digit detailed trade data for 197 countries over the period from 2000-2017. The results show that the economic complexity of most ASEAN countries, except for Cambodia, Laos, and Indonesia, has improved. The export baskets of ASEAN countries are shifting from low complexity products to medium and high complexity products. We also evaluate the export quality of countries using weighted product complexity, which shows that the export quality of ASEAN countries has improved. The regression results show that economic complexity has positive effects on economic growth, and they also show that infrastructure, education level, trade openness, and financial openness contribute to the development of countries. However, the impact extent of economic complexity varies among different ASEAN countries; for example, its impact is weaker in Singapore, Thailand, and Malaysia but stronger in Vietnam, Cambodia, and the Philippines.","PeriodicalId":35933,"journal":{"name":"INTERNATIONAL ECONOMIC JOURNAL","volume":null,"pages":null},"PeriodicalIF":1.1,"publicationDate":"2022-10-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45480847","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 Rise of Niche Consumption: A Shopping Basket Similarity Approach 利基消费的兴起：一种购物篮相似方法
IF 1.1
INTERNATIONAL ECONOMIC JOURNAL Pub Date : 2022-10-02 DOI: 10.1080/10168737.2022.2144926
Jungwon Yeo
{"title":"The Rise of Niche Consumption: A Shopping Basket Similarity Approach","authors":"Jungwon Yeo","doi":"10.1080/10168737.2022.2144926","DOIUrl":"https://doi.org/10.1080/10168737.2022.2144926","url":null,"abstract":"The rise of e-commerce and globalization has led to a surge in product variety. As a result, consumers are now able to purchase products that meet their specific needs and wants. A rise of such niche consumption may be evidenced by a long-tailed market share distribution, or falling aggregate spending concentration accompanied by rising consumer spending concentration. In this paper, I propose a more direct method to uncover whether consumers become similar or different in the products they spend more on. Using Nielsen's consumer panel data, I compute cosine similarity scores for each pair of household shopping baskets represented by the expenditure share distributions. I find the households' grocery baskets became increasingly different from one another from 2005 to 2019 regardless of whether products are defined narrowly or broadly. But, when products are broadly defined as brands, the aggregate and individual consumer spending concentration both rise from 2015 and on. This shows the consumer shopping basket similarity approach can unveil patterns of niche consumption even when consumer and aggregate spending concentration move in the same direction.","PeriodicalId":35933,"journal":{"name":"INTERNATIONAL ECONOMIC JOURNAL","volume":null,"pages":null},"PeriodicalIF":1.1,"publicationDate":"2022-10-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48714356","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
Effect of Capital Controls: A Quantile Regression Approach 资本管制的影响:一种分位数回归方法
IF 1.1
INTERNATIONAL ECONOMIC JOURNAL Pub Date : 2022-10-02 DOI: 10.1080/10168737.2022.2144925
Jaehyun Suh
{"title":"Effect of Capital Controls: A Quantile Regression Approach","authors":"Jaehyun Suh","doi":"10.1080/10168737.2022.2144925","DOIUrl":"https://doi.org/10.1080/10168737.2022.2144925","url":null,"abstract":"A neoclassical model reveals that capital controls depress capital flows by adjusting the marginal benefits and costs of additional asset purchases. According to this view, their effectiveness might be dependent on the volume of flows. To study this possibility, we examined the associations between capital flows and controls using the Powell’s (2022) quantile regression methodology. The data used cover 43 emerging market economies between 1995 and 2019. Our results suggest that capital controls are differently associated with capital flows depending on the conditional distributions of capital flows and this implies capital controls could be effective but only when implemented appropriately depending on the volume of inward and outward capital flows. Therefore, the government must carefully and precisely set restrictions depending on the volume of capital flows, which might be an extremely challenging task.","PeriodicalId":35933,"journal":{"name":"INTERNATIONAL ECONOMIC JOURNAL","volume":null,"pages":null},"PeriodicalIF":1.1,"publicationDate":"2022-10-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46814793","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
Developing a Regime-Switching Present Value Model: Switching Fundamentals and Bubbles 发展一个政权转换的现值模型：转换的基本原理和泡沫
IF 1.1
INTERNATIONAL ECONOMIC JOURNAL Pub Date : 2022-10-02 DOI: 10.1080/10168737.2022.2142645
Jan R. Kim, Sungjin Cho
{"title":"Developing a Regime-Switching Present Value Model: Switching Fundamentals and Bubbles","authors":"Jan R. Kim, Sungjin Cho","doi":"10.1080/10168737.2022.2142645","DOIUrl":"https://doi.org/10.1080/10168737.2022.2142645","url":null,"abstract":"We develop a present-value model where the fundamental and non-fundamental components switch between distinct regimes. The non-fundamental component is specified as a periodically collapsing bubble of Balke and Wohar [Balke, N. S., & Wohar, M. E. (2009). Market fundamentals versus rational bubbles in stock prices: A Bayesian perspective. Journal of Applied Econometrics, 24(1), 35–75. https://doi.org/10.1002/jae.1025]. The fundamental component is constructed as in van Binsbergen and Koijen [van Binsbergen, J. H., & Koijen, R. S. J. (2010). Predictive regressions: A present-value approach. The Journal of Finance, 65(4), 1439–1471. https://doi.org/10.1111/j.1540-6261.2010.01575.x], by treating the expectations of market fundamentals as latent variables. Unlike existing methods, e.g. [Zhu, X. (2015). Tug-of-war: Time-varying predictability of stock returns and dividend growth. Review of Finance, 19(6), 2317–2358. https://doi.org/10.1093/rof/rfu047; Choi, K. H., Kim, C., & Park, C. (2017). Regime shifts in price-dividend ratios and expected stock returns: A present-value approach. Journal of Money, Credit and Banking, 49(2–3), 417–441. https://doi.org/10.1111/jmcb.12384; Chan, J. C., & Santi, C. (2021). Speculative bubbles in present-value models: A Bayesian Markov-switching state space approach. Journal of Economic Dynamics and Control, 127, 1–26], ours requires no unnecessary approximations, accommodates flexible forms of regime-switching, and the resulting present-value formula is internally consistent.","PeriodicalId":35933,"journal":{"name":"INTERNATIONAL ECONOMIC JOURNAL","volume":null,"pages":null},"PeriodicalIF":1.1,"publicationDate":"2022-10-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45165738","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
Multinational Factoryless Goods Producers and Expansion of the Wholesale & Retail Industry in Korea 跨国无工厂商品生产商与韩国批发零售业的扩张
IF 1.1
INTERNATIONAL ECONOMIC JOURNAL Pub Date : 2022-10-02 DOI: 10.1080/10168737.2022.2143545
Jung Hur, Jinna Yoon
{"title":"Multinational Factoryless Goods Producers and Expansion of the Wholesale & Retail Industry in Korea","authors":"Jung Hur, Jinna Yoon","doi":"10.1080/10168737.2022.2143545","DOIUrl":"https://doi.org/10.1080/10168737.2022.2143545","url":null,"abstract":"This paper studies the role of Multinational Factoryless Goods Producers (MFGPs) in the recent expansion of the wholesale and retail industries in Korea. We empirically investigate the impacts of the industry-level store entry rate of the MFGPs on labor productivity growth and store-entry and exit probabilities of Non-MFGPs which are the majority of firms in the industries. Our main results are as follows. First, the industry-level store entry rates of MFGPs are positively associated with increases in labor productivity growth of Non-MFGPs. Second, the industry-level store entry rates of MFGPs are positively related to the store-entry decision of Non-MFGPs. These findings may imply that the entries of MFGP stores contribute to the growth and expansion of the wholesale and retail industries as a whole.","PeriodicalId":35933,"journal":{"name":"INTERNATIONAL ECONOMIC JOURNAL","volume":null,"pages":null},"PeriodicalIF":1.1,"publicationDate":"2022-10-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43283917","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
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