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Foreign Eco-Technology Licensing Strategy and the Coordination of Import Tariff and Emission Tax Policies 国外生态技术许可战略与进口关税和排污税政策的协调
IF 1.1
INTERNATIONAL ECONOMIC JOURNAL Pub Date : 2022-10-02 DOI: 10.1080/10168737.2022.2142644
Seung-Leul Kim, S. Lee
{"title":"Foreign Eco-Technology Licensing Strategy and the Coordination of Import Tariff and Emission Tax Policies","authors":"Seung-Leul Kim, S. Lee","doi":"10.1080/10168737.2022.2142644","DOIUrl":"https://doi.org/10.1080/10168737.2022.2142644","url":null,"abstract":"This study investigates eco-technology licensing strategy by a foreign firm that offers two-part tariff licensing contracts (i.e. combination of a per unit royalty and a lump-sum fee) to a domestic polluting firm under the strategic import tariff in the presence of an exogeneous emission tax. We particularly consider the possibility of negative royalty (or subsidised royalty per unit production) by the foreign licensor and compare the two different licensing cases with and without non-negative royalty. We find that given a lower level of emission tax, the licensor may choose negative royalty only when the import tariff is high. We also find that the optimal import tariff with non-restrictive licensing contract with a negative royalty is higher than that with restrictive one, but allowing a negative royalty is better for domestic welfare unless the emission tax is so high (or environmental damage is serious). Finally, we show find that the optimal import tariff under the two-part tariff licensing might have a negative relationship with an emissions tax.","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":"49480521","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
The Time-Varying Effects of Policies: Evidence from Capital Flows to Emerging Markets 政策的时变效应：来自新兴市场资本流动的证据
IF 1.1
INTERNATIONAL ECONOMIC JOURNAL Pub Date : 2022-07-13 DOI: 10.1080/10168737.2022.2100448
Chokri Zehri
{"title":"The Time-Varying Effects of Policies: Evidence from Capital Flows to Emerging Markets","authors":"Chokri Zehri","doi":"10.1080/10168737.2022.2100448","DOIUrl":"https://doi.org/10.1080/10168737.2022.2100448","url":null,"abstract":"We use a novel approach—instrumental variable quantile regression estimates—to analyze expected portfolio inflows to emerging economies. We consider country-specific conditions and the effectiveness of policy interventions when economies are faced with an adverse international financial shock. This approach allows differentiation between the short- and medium-term impacts. Our results suggest that macroprudential policies and foreign exchange actions may reduce the risks of large capital flow movements following an adverse international shock; however, capital flow management policies such as capital control stringency seem to be ineffective. Besides, there is little evidence that monetary policy and high quality of institutions can immediately protect emerging markets from the risks of international financial shocks. However, institutional quality may effectively dampen the impact of excessive flows in the medium term. These findings emphasize the limitations of previous studies, which focused merely on the short-term horizon.","PeriodicalId":35933,"journal":{"name":"INTERNATIONAL ECONOMIC JOURNAL","volume":null,"pages":null},"PeriodicalIF":1.1,"publicationDate":"2022-07-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48924261","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 Impact of Trade Liberalization on Income Inequality: Does the Direction of Trade Matter? 贸易自由化对收入不平等的影响:贸易方向重要吗?
IF 1.1
INTERNATIONAL ECONOMIC JOURNAL Pub Date : 2022-07-03 DOI: 10.1080/10168737.2022.2105378
Cephas Naanwaab
{"title":"The Impact of Trade Liberalization on Income Inequality: Does the Direction of Trade Matter?","authors":"Cephas Naanwaab","doi":"10.1080/10168737.2022.2105378","DOIUrl":"https://doi.org/10.1080/10168737.2022.2105378","url":null,"abstract":"Recent trends in inequality have raised concerns among researchers and policymakers globally. The role of globalization, one of the leading forces driving this trend, continues to be intensely debated in academic and policy circles. Invoking standard trade theory, this paper analyses whether and the extent to which trade liberalization has contributed to the recent trends in inequality. The approach and findings of the paper are novel: previous studies of trade liberalization’s impact on inequality do not explicitly control the direction of trade. The empirical results show that trade liberalization is associated with decreasing income inequality overall, but contingent on the direction of trade, it has opposing effects: North–North and South–South trade are inequality-reducing while North–South trade is inequality-increasing. Simply put, liberalizing trade between countries of similar developmental levels does not raise inequality. This paper affirms, using recent data, that trade with developing countries raises inequality in developed countries. Additionally, it finds that North–South trade (particularly imports from high-income to low-income countries) may also raise inequality in developing countries, contrary to Heckscher–Ohlin–Stolper–Samuelson model predictions. Skill-biased technical change, a consequence of trade liberalization between North and South, is the main mechanism driving inequality increases in developing countries.","PeriodicalId":35933,"journal":{"name":"INTERNATIONAL ECONOMIC JOURNAL","volume":null,"pages":null},"PeriodicalIF":1.1,"publicationDate":"2022-07-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42828561","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
Foreign Exchange and Global Monetary Shocks: The Asymmetric Effects of Advanced Economies’ Quantitative Easing on Exchange Rate Volatility in Emerging Markets 外汇与全球货币冲击:发达经济体量化宽松对新兴市场汇率波动的不对称影响
IF 1.1
INTERNATIONAL ECONOMIC JOURNAL Pub Date : 2022-07-03 DOI: 10.1080/10168737.2022.2098353
Helena Glebocki Keefe, Sujata Saha
{"title":"Foreign Exchange and Global Monetary Shocks: The Asymmetric Effects of Advanced Economies’ Quantitative Easing on Exchange Rate Volatility in Emerging Markets","authors":"Helena Glebocki Keefe, Sujata Saha","doi":"10.1080/10168737.2022.2098353","DOIUrl":"https://doi.org/10.1080/10168737.2022.2098353","url":null,"abstract":"This research assesses the impact of global monetary shocks stemming from quantitative easing policies in advanced economies on exchange rate volatility in emerging markets. Using panel ARDL (Autoregressive Distributed Lag) model, an asymmetric effect is detected showing that increases in quantitative easing have a significant impact on exchange rate volatility, whereas subsequent tapering does not. Moreover, the Fragile Five economies experience spikes in exchange rate volatility that are more than double what is detected in other emerging markets. Finally, the impact of foreign exchange intervention to offset the effect on volatility is significant across emerging markets and is, once again, larger in the Fragile Five economies. The results are supported using panel VAR (Vector Autoregression) estimations.","PeriodicalId":35933,"journal":{"name":"INTERNATIONAL ECONOMIC JOURNAL","volume":null,"pages":null},"PeriodicalIF":1.1,"publicationDate":"2022-07-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42888770","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 Effects of Sentiment on Extreme Movements in Exchange Rates 情绪对汇率极端变动的影响
IF 1.1
INTERNATIONAL ECONOMIC JOURNAL Pub Date : 2022-07-03 DOI: 10.1080/10168737.2022.2114098
Soosung Hwang, Eunji Lee
{"title":"The Effects of Sentiment on Extreme Movements in Exchange Rates","authors":"Soosung Hwang, Eunji Lee","doi":"10.1080/10168737.2022.2114098","DOIUrl":"https://doi.org/10.1080/10168737.2022.2114098","url":null,"abstract":"We investigate details of the effects of sentiment on dollar exchange rates in six countries, in particular, during periods of extreme movements. Using the Generalized Sup Augmented Dickey-Fuller (GSADF) test, we first show evidence that there are periods of explosive patterns in the exchange rates during the sample period from January 2000 to December 2020. We then examine how sentiment affects the exchange rates during the periods of the extreme movements. Our results show that sentiment has significant effects on exchange rates only when the exchange rates decrease in extreme ways, i.e. the currencies appreciate sharply against the USD. Moreover, these sharp appreciations occur when sentiment in the six countries is more optimistic than that in the US. Therefore, our study shows that currency values appreciate by sentiment and this happens rapidly over a short period.","PeriodicalId":35933,"journal":{"name":"INTERNATIONAL ECONOMIC JOURNAL","volume":null,"pages":null},"PeriodicalIF":1.1,"publicationDate":"2022-07-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42101946","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 Optimal Leverage Ratio of Credit Guarantee Institution: Case of Local Credit Guarantee Foundation in South Korea* 信用担保机构的最优杠杆率——以韩国地方信用担保基金会为例*
IF 1.1
INTERNATIONAL ECONOMIC JOURNAL Pub Date : 2022-07-03 DOI: 10.1080/10168737.2022.2100447
Hongkee Kim, Eui-hwan Park, Gyeahyung Jeon
{"title":"The Optimal Leverage Ratio of Credit Guarantee Institution: Case of Local Credit Guarantee Foundation in South Korea*","authors":"Hongkee Kim, Eui-hwan Park, Gyeahyung Jeon","doi":"10.1080/10168737.2022.2100447","DOIUrl":"https://doi.org/10.1080/10168737.2022.2100447","url":null,"abstract":"This study aims to estimate the optimal leverage ratio of the Local Credit Guarantee Foundation (hereafter LCGF), which plays an important role in financing small and micro businesses in South Korea. The optimal leverage ratio refers to the rate of credit guarantee balance to capital at which the guarantee system can be soundly and stably operated while meeting the credit guarantee demand. The optimal leverage ratio of LCGF is derived using three methods: a sustainable budget constraint-based leverage ratio, an institutional objective maximizing leverage ratio, and a BIS ratio-based leverage ratio. Assuming that the average trend of the past ten years is maintained, the sustainable leverage ratio is evaluated to be 7.55. In addition, the institutional objective maximizing leverage ratio is estimated to be 7.24. When the optimal BIS ratio increases from 11.5% to 14%, the BIS ratio-based leverage ratio is evaluated to be between 8.39 and 10.21. The leverage ratio at the end of 2020, which was 9.16, is appropriate when using the BIS ratio, considering the COVID-19 crisis. However, it is judged to be slightly higher than the sustainable leverage ratio or the institutional objective maximizing leverage ratio.","PeriodicalId":35933,"journal":{"name":"INTERNATIONAL ECONOMIC JOURNAL","volume":null,"pages":null},"PeriodicalIF":1.1,"publicationDate":"2022-07-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46154658","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
Foreign aid—Economic Growth Nexus in Africa: Does Financial Development Matter? 非洲外援与经济增长的关系:金融发展重要吗?
IF 1.1
INTERNATIONAL ECONOMIC JOURNAL Pub Date : 2022-06-06 DOI: 10.1080/10168737.2022.2083653
Isaac Appiah‐Otoo, A. Acheampong, Na Song, C. Obeng, I. Appiah
{"title":"Foreign aid—Economic Growth Nexus in Africa: Does Financial Development Matter?","authors":"Isaac Appiah‐Otoo, A. Acheampong, Na Song, C. Obeng, I. Appiah","doi":"10.1080/10168737.2022.2083653","DOIUrl":"https://doi.org/10.1080/10168737.2022.2083653","url":null,"abstract":"This study explored the role of financial development in foreign aid (measured by agriculture, humanitarian, health, economic infrastructure and services, and education aid) and economic growth relationship for 37 African countries spanning the 2002–2018 period. Using the instrumental variable generalized method of moments model, our findings indicated that while foreign aid impedes Africa’s growth, financial development spurs economic growth. The conditional effect analysis showed that financial development conditions foreign aid to spur economic growth. The country-specific analysis further showed that foreign aid has a higher growth elasticity in countries with relatively better financial systems, such as Mauritius, South Africa, Gabon, Tunisia, and Botswana, whilst the growth elasticity of aid is smaller in countries with a relatively weak financial system such as Malawi, Guinea Bissau, Sierra Leone, and the Democratic Republic of Congo. The study recommended the need for policymakers in Africa to implement innovative ways to improve domestic revenue mobilization. The study also recommended that policymakers in Africa should create an enabling environment that will enhance the development of Africa’s financial system to mitigate the adverse effect of aid on economic growth.","PeriodicalId":35933,"journal":{"name":"INTERNATIONAL ECONOMIC JOURNAL","volume":null,"pages":null},"PeriodicalIF":1.1,"publicationDate":"2022-06-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46647637","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
Optimal Monetary Policy under Balance-Sheet Effects on the Non-tradable Sector in a Small Open Economy 小型开放经济中非贸易部门资产负债表效应下的最优货币政策
IF 1.1
INTERNATIONAL ECONOMIC JOURNAL Pub Date : 2022-05-02 DOI: 10.1080/10168737.2022.2067888
Marco Ortiz, Gerardo Herrera
{"title":"Optimal Monetary Policy under Balance-Sheet Effects on the Non-tradable Sector in a Small Open Economy","authors":"Marco Ortiz, Gerardo Herrera","doi":"10.1080/10168737.2022.2067888","DOIUrl":"https://doi.org/10.1080/10168737.2022.2067888","url":null,"abstract":"The choice of an exchange rate regime is crucial in small open economies (SOEs) with a dollarized financial sector. While the traditional Mundell–Fleming model supports a floating exchange rate, evidence shows that central banks frequently intervene in exchange markets. One of the reasons for these interventions is the consequences of large depreciations that could trigger negative balance-sheet effects. This paper extends the literature about the optimal monetary policy in SOEs, by considering a heterogeneous hedge across tradable and non-tradable sectors. Our findings support a ‘leaning against the wind’ policy as an optimal response to negative external shocks. This result is present even if only one sector of the economy faces credit constraints. We show that the vulnerability of the economy to large negative external shocks depends not only on the overall leverage, but also on the distribution of foreign currency debt across economic sectors.","PeriodicalId":35933,"journal":{"name":"INTERNATIONAL ECONOMIC JOURNAL","volume":null,"pages":null},"PeriodicalIF":1.1,"publicationDate":"2022-05-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46013469","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
Re-examining The Time-varying Relationship Between Health and Income Distributions 重新审视健康与收入分配的时变关系
IF 1.1
INTERNATIONAL ECONOMIC JOURNAL Pub Date : 2022-04-03 DOI: 10.1080/10168737.2022.2073601
Minsoo Jeong, C. Kim, Haeseong Park
{"title":"Re-examining The Time-varying Relationship Between Health and Income Distributions","authors":"Minsoo Jeong, C. Kim, Haeseong Park","doi":"10.1080/10168737.2022.2073601","DOIUrl":"https://doi.org/10.1080/10168737.2022.2073601","url":null,"abstract":"In this paper, we address the issue of the time-varying relationship between health and long-term income and show that income profile over time is more important than the permanent income of a specific period in explaining general health condition. A functional probit regression model is introduced to investigate how the income profiles of middle-aged people can affect the health condition of the last period of the given period using the Panel Study of Income Dynamics data. We also perform the probit estimation to check the robustness of the functional regression results. The empirical results of our paper clearly indicate a time-varying relationship between the entire distribution of income and health status at one point in time, which cannot be accurately explained by the current income or permanent income of the given period.","PeriodicalId":35933,"journal":{"name":"INTERNATIONAL ECONOMIC JOURNAL","volume":null,"pages":null},"PeriodicalIF":1.1,"publicationDate":"2022-04-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43630526","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
Competition and Entry Deterrence in the International Flight Market: Evidence from Korean Regional Airport 国际航班市场的竞争与进入威慑:来自韩国地区机场的证据
IF 1.1
INTERNATIONAL ECONOMIC JOURNAL Pub Date : 2022-04-03 DOI: 10.1080/10168737.2022.2073600
J. Sun
{"title":"Competition and Entry Deterrence in the International Flight Market: Evidence from Korean Regional Airport","authors":"J. Sun","doi":"10.1080/10168737.2022.2073600","DOIUrl":"https://doi.org/10.1080/10168737.2022.2073600","url":null,"abstract":"This study examines carriers’ entry of the Korean international routes at Daegu International Airport from 2010 to 2018. We investigate whether carriers’ entry into the international flight market is deterred by pre-existing carriers. The competition level of the six months before entry has a much higher contribution to the decision to launch route service. The lower the market concentration six months ago, the less likely a new carrier entry in the current period; competitive and increasingly crowded routes are hindered by entry barriers, deterring new entrants to the international flight market. The shorter the flight distance and the larger the air passenger market, the higher the probability of entering a new airline carrier. New entrants to non-stop point-to-point route structures are more likely on short-haul routes and routes operated by at least one low-cost carrier.","PeriodicalId":35933,"journal":{"name":"INTERNATIONAL ECONOMIC JOURNAL","volume":null,"pages":null},"PeriodicalIF":1.1,"publicationDate":"2022-04-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48092519","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
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