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External Debts and Economic Growth when Debt Rating Matters 当债务评级重要时，外债与经济增长
IF 0.7
Journal of International Commerce Economics and Policy Pub Date : 2021-10-29 DOI: 10.1142/s1793993321500162
L. Hung
{"title":"External Debts and Economic Growth when Debt Rating Matters","authors":"L. Hung","doi":"10.1142/s1793993321500162","DOIUrl":"https://doi.org/10.1142/s1793993321500162","url":null,"abstract":"The paper investigates the dependence pattern of economic growth on external debt supply by accounting for the safety of debts, measured by the sovereign debt rating. The method of cross-section regression is based on a sample of 145 advanced and developing economies with averaged data over the 1990–2019 period. The pattern of economic growth follows a U-shaped curve, for which the growth rate is first decreasing and then increasing on the external debt supply. A possible explanation can rely on the sovereign debt rating. For low supply of external debts, more supply of debts reduces the debt rating, which, in turn, lowers the economic growth rate. But for high enough supply of debts, more debts raise their rating, improving the growth rate. These results are robust on controlling for various determinants of economic growth and on the fixed effect panel regression.","PeriodicalId":44073,"journal":{"name":"Journal of International Commerce Economics and Policy","volume":"11 1","pages":""},"PeriodicalIF":0.7,"publicationDate":"2021-10-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79748780","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 Nonlinear Impact of Institutional Quality on International Reserves: International Evidence 制度质量对国际储备的非线性影响:国际证据
IF 0.7
Journal of International Commerce Economics and Policy Pub Date : 2021-10-08 DOI: 10.1142/s1793993321500149
C. Law, Siew-Voon Soon, K. Ehigiamusoe
{"title":"The Nonlinear Impact of Institutional Quality on International Reserves: International Evidence","authors":"C. Law, Siew-Voon Soon, K. Ehigiamusoe","doi":"10.1142/s1793993321500149","DOIUrl":"https://doi.org/10.1142/s1793993321500149","url":null,"abstract":"This paper investigates the nonlinear effect of institutional quality on the holding of international reserves by applying the two-step system generalized method of moments on data consisting of 67 countries from 1996 to 2016. The hypothesis is that the association between institutional quality and international reserves has an inverted U pattern. The coefficient sign of the institutional quality and its square term supports the hypothesis. Besides, the marginal effects suggest that the higher the institutional quality index, the lower the demand for reserves. The outputs indicate the importance of good institutional quality in reducing the overdependence on international reserves.","PeriodicalId":44073,"journal":{"name":"Journal of International Commerce Economics and Policy","volume":"1 1","pages":""},"PeriodicalIF":0.7,"publicationDate":"2021-10-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89507515","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
Environmental Effects of Trade Liberalization–Evidence from China’s Pilot Free Trade Zone 贸易自由化的环境效应——来自中国自由贸易试验区的证据
IF 0.7
Journal of International Commerce Economics and Policy Pub Date : 2021-09-22 DOI: 10.1142/s1793993321500137
Lianghu Wang, Zhao-yang Wang, Yatian Ma
{"title":"Environmental Effects of Trade Liberalization–Evidence from China’s Pilot Free Trade Zone","authors":"Lianghu Wang, Zhao-yang Wang, Yatian Ma","doi":"10.1142/s1793993321500137","DOIUrl":"https://doi.org/10.1142/s1793993321500137","url":null,"abstract":"Free trade zone (FTZ) in China has been demonstrating remarkable achievements since its establishment, yet its effects on the environment in the zones cannot be ignored. However, there is still a lack of research on the impact of the quasi-natural experiment in the China pilot FTZ on China’s environment. Based on this, this paper uses panel data from 196 cities in China from 2010 to 2017 and uses the propensity score matching and difference in difference (PSM-DID) model to empirically test the environmental effects of the establishment of the FTZ. The result shows that there is an obvious causal relationship between the establishment of the FTZ and environmental quality. The establishment of the FTZ has exacerbated the environmental pollution problem in the pilot zone. Through a series of robustness tests, it is concluded that the estimated results of the benchmark model are robust. However, after a further study on whether the effect of the FTZ on environment is time varying, it was found that the effects of the FTZ on the environmental pollution in the test zones gradually weakened over time, which means that with the gradual maturity of China’s free trade pilot zone, the positive effect on environmental improvement will gradually highlight.","PeriodicalId":44073,"journal":{"name":"Journal of International Commerce Economics and Policy","volume":"9 1","pages":""},"PeriodicalIF":0.7,"publicationDate":"2021-09-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85762102","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: 6
Restrictive Policy to Curb Capital Flows Volatility 限制性政策抑制资本流动波动
IF 0.7
Journal of International Commerce Economics and Policy Pub Date : 2021-04-17 DOI: 10.1142/S1793993321500101
Chokri Zehri
{"title":"Restrictive Policy to Curb Capital Flows Volatility","authors":"Chokri Zehri","doi":"10.1142/S1793993321500101","DOIUrl":"https://doi.org/10.1142/S1793993321500101","url":null,"abstract":"We examine the role of the restrictive policy, through capital controls, in reducing the capital flows volatility. The study highlights the effects of these controls to dampen international financial shocks. Using quarterly data of 28 emerging economies over the period between 1999 and 2019, three empirical approaches are applied, dynamic panel data, ARDL, and local projections models. Four indexes of capital controls have contributed to the finding that a tighter level of capital controls reduces the sensitivity of capital flows to monetary and exchange rate shocks. These findings on the benefits of capital controls are particularly asymmetric according to the differences between controls on inflows and outflows, and the differences between floating and pegged exchange rate regimes.","PeriodicalId":44073,"journal":{"name":"Journal of International Commerce Economics and Policy","volume":"18 1","pages":"2150010"},"PeriodicalIF":0.7,"publicationDate":"2021-04-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88304564","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
Examining the Asymmetric Effects of Third-Country Exchange Rate Volatility on Pakistan–China Commodity Trade 第三国汇率波动对中巴商品贸易的不对称效应研究
IF 0.7
Journal of International Commerce Economics and Policy Pub Date : 2021-04-08 DOI: 10.1142/S1793993321500083
Ahmed Usman, N. Apergis, Sofia Anwar
{"title":"Examining the Asymmetric Effects of Third-Country Exchange Rate Volatility on Pakistan–China Commodity Trade","authors":"Ahmed Usman, N. Apergis, Sofia Anwar","doi":"10.1142/S1793993321500083","DOIUrl":"https://doi.org/10.1142/S1793993321500083","url":null,"abstract":"Keeping in view the idea of the third-country effect by Cushman, the analysis attempts to capture the asymmetric impact of third-country exchange rate volatility on Pakistan–China commodity trade. The empirical analysis is based on the annual data for 14 industries that export from Pakistan to China and 34 industries that import to Pakistan from China. The findings of the study confirm that nonlinear models generate more significant results both in the short and long runs. Moreover, the empirical findings suggest that the asymmetric assumption alone is not enough, and instead, we should use it along with the third economy effect.","PeriodicalId":44073,"journal":{"name":"Journal of International Commerce Economics and Policy","volume":"1 1","pages":"2150008"},"PeriodicalIF":0.7,"publicationDate":"2021-04-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76225244","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: 3
Threshold Effect of Raw Material Prices on Economic Growth of African Countries 原材料价格对非洲国家经济增长的门槛效应
IF 0.7
Journal of International Commerce Economics and Policy Pub Date : 2021-03-27 DOI: 10.1142/S1793993321500095
Houngbedji Sèwanoude´ Honore´
{"title":"Threshold Effect of Raw Material Prices on Economic Growth of African Countries","authors":"Houngbedji Sèwanoude´ Honore´","doi":"10.1142/S1793993321500095","DOIUrl":"https://doi.org/10.1142/S1793993321500095","url":null,"abstract":"We study the nonlinear effects of raw material prices measured by that of cotton product on the economic growth of a sample of African countries for the period of 1991–2019. Using the procedure for determining endogenous thresholds (Hansen, 1999) [Threshold effects in non-dynamic panels: Estimation, testing, and inference. Journal of Econometrics, 93, 345–368], the study revealed that raw material prices positively affect economic growth when the prices reach a threshold above 96.1. These results indicate that to be effective, any economic policy measure aimed at accelerating the economic growth of these commodity-dependent countries must take into account the level of raw material price indices, the quality of governance, and the level of financial development.","PeriodicalId":44073,"journal":{"name":"Journal of International Commerce Economics and Policy","volume":"14 1","pages":"2150009"},"PeriodicalIF":0.7,"publicationDate":"2021-03-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85424507","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: 3
Strategic Trade Policy with Unionized Firms: When Activism is the Efficient Choice 与工会企业的战略贸易政策:当行动主义是有效的选择
IF 0.7
Journal of International Commerce Economics and Policy Pub Date : 2020-12-24 DOI: 10.1142/s1793993321500046
L. Fanti, D. Buccella
{"title":"Strategic Trade Policy with Unionized Firms: When Activism is the Efficient Choice","authors":"L. Fanti, D. Buccella","doi":"10.1142/s1793993321500046","DOIUrl":"https://doi.org/10.1142/s1793993321500046","url":null,"abstract":"This paper revisits the issue (dating back to the Brander and Spencer’s approach, 1985) of the well-known inefficiency of the activist regime where Governments set subsidies for their own exporter firms. It is shown that such policies may be efficient (i.e., national social welfares are higher than under free trade) when firms are unionized under the usual Right-to-Manage arrangement and the product is sufficiently differentiated. That is, the emerging Nash equilibrium regime implies a subsidy policy which is Pareto-efficient, removing the unpleasant Prisoner’s Dilemma structure of the standard Brander and Spencer’s result. As an alternative interpretation this result suggests that, in such cases, it is always convenient the unilateral public intervention because welfares will be superior to those under free trade, also in the case of “retaliation” by the rival Government.","PeriodicalId":44073,"journal":{"name":"Journal of International Commerce Economics and Policy","volume":"14 1","pages":""},"PeriodicalIF":0.7,"publicationDate":"2020-12-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84979756","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
Multilateral Trade Liberalization and Democracy: Does Export Product Diversification Matter? 多边贸易自由化与民主:出口产品多样化重要吗?
IF 0.7
Journal of International Commerce Economics and Policy Pub Date : 2020-12-21 DOI: 10.1142/s1793993321500022
S. Gnangnon
{"title":"Multilateral Trade Liberalization and Democracy: Does Export Product Diversification Matter?","authors":"S. Gnangnon","doi":"10.1142/s1793993321500022","DOIUrl":"https://doi.org/10.1142/s1793993321500022","url":null,"abstract":"This paper explores the effect of multilateral trade liberalization (MTP) on democracy, using a set of 148 countries over the period 1996–2016. In particular, it investigates whether this effect depends on countries’ level of export product concentration. The analysis shows that MTP promotes democracy only when it reaches a certain threshold. Furthermore, MTP promotes democracy in countries that enjoy a high degree of export product diversification, including away from primary products, or in those with low dependence on natural resource rents. These findings have important policy implications.","PeriodicalId":44073,"journal":{"name":"Journal of International Commerce Economics and Policy","volume":"103 1","pages":""},"PeriodicalIF":0.7,"publicationDate":"2020-12-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77578147","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
Corruption Heterogeneity and Foreign Direct Investment 腐败、异质性与外国直接投资
IF 0.7
Journal of International Commerce Economics and Policy Pub Date : 2020-12-16 DOI: 10.1142/s1793993321500058
T. Le
{"title":"Corruption Heterogeneity and Foreign Direct Investment","authors":"T. Le","doi":"10.1142/s1793993321500058","DOIUrl":"https://doi.org/10.1142/s1793993321500058","url":null,"abstract":"In this research, I study the relationship between bilateral Foreign Direct Investment (FDI) and difference in corruption between source and host countries. Using instrumental variables (IVs) approach, the results suggest that bilateral FDI between two countries might increase if the difference in corruption between them decreases. In addition, I find that firms from corrupt countries tend to invest abroad to exploit natural resources while those from less corrupt countries take advantage of relatively low local wages and open trade policies.","PeriodicalId":44073,"journal":{"name":"Journal of International Commerce Economics and Policy","volume":"15 1","pages":""},"PeriodicalIF":0.7,"publicationDate":"2020-12-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84187953","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
Do Financial Development, Trade Openness and Political Stability Complement for Egypt’s Economic Growth? 金融发展、贸易开放和政治稳定是埃及经济增长的补充吗?
IF 0.7
Journal of International Commerce Economics and Policy Pub Date : 2020-12-09 DOI: 10.1142/s1793993321500010
Z. Yakubu, Nanthakumar Loganathan, N. Sethi, A. G. Hassan
{"title":"Do Financial Development, Trade Openness and Political Stability Complement for Egypt’s Economic Growth?","authors":"Z. Yakubu, Nanthakumar Loganathan, N. Sethi, A. G. Hassan","doi":"10.1142/s1793993321500010","DOIUrl":"https://doi.org/10.1142/s1793993321500010","url":null,"abstract":"This study examines the complement of financial development, trade openness, political stability and integrating government expenditure on Egyptian economy using time series annual data covering the period 1977 until 2018. This study used the ARDL-ECM estimates to determine the long and short-run cointegration between the series. The estimated results indicated that the financial development enhances growth in the long-run, while the political stability undermined the economic growth in the long-run. Interestingly, we found financial development, trade openness and government expenditure Granger cause economic growth in the short-run, while political stability Granger causes economic growth in both short and long-run; and a similar result with the causal relationship appeared in the strong causal relationship condition. Overall, this study showed that both financial development and trade openness gave evidence of causing growth, but the political stability does not. Thus, the reform policies should continue, while adopting measures to ensure that all the determinants are complementing to growth in Egypt as they are all pivotal and it is imperative for policy analysts to put into perspective when formulating policies as the study captures a novel political stability variable towards growth.","PeriodicalId":44073,"journal":{"name":"Journal of International Commerce Economics and Policy","volume":"93 1","pages":"2150001"},"PeriodicalIF":0.7,"publicationDate":"2020-12-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"72863016","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
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