{"title":"The Impact of Shadow Banking on Economic Growth: Evidence from Cross Country Data (2006–2018)","authors":"Sheunesu Zhou, D. Dev","doi":"10.1142/S1793993320500106","DOIUrl":"https://doi.org/10.1142/S1793993320500106","url":null,"abstract":"Shadow banking has become an important part of many financial systems despite having contributed to the financial crisis of 2008/2009. This study analyzes the relationship between shadow banking an...","PeriodicalId":44073,"journal":{"name":"Journal of International Commerce Economics and Policy","volume":"19 1","pages":"2050010"},"PeriodicalIF":0.7,"publicationDate":"2020-09-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89246915","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":"Aid for Trade flows and Real Exchange Rate Volatility in Recipient-Countries","authors":"S. Gnangnon","doi":"10.1142/s1793993322500016","DOIUrl":"https://doi.org/10.1142/s1793993322500016","url":null,"abstract":"This paper aims to contribute to the literature on the determinants of real exchange rate volatility by investigating the effect of Aid for Trade (AfT) flows on real exchange rate volatility in recipient-countries. The empirical findings show that over the full sample, AfT flows influence negatively the volatility of real exchange rate, with a lower reducing effect on Least developed countries (LDCs) compared to NonLDCs. The channels through which this effect materializes include export product concentration, institutional and governance quality, foreign direct investment inflows and terms of trade volatility. These results show that AfT flows clearly matter for real exchange rate volatility.","PeriodicalId":44073,"journal":{"name":"Journal of International Commerce Economics and Policy","volume":"8 1","pages":""},"PeriodicalIF":0.7,"publicationDate":"2020-06-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84776126","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 Decade After the 2009 Global Recession: Macroeconomic Developments","authors":"W. Koh, Shu Yu","doi":"10.1596/1813-9450-9290","DOIUrl":"https://doi.org/10.1596/1813-9450-9290","url":null,"abstract":"Emerging market and developing economies (EMDEs) weathered the 2009 global recession relatively well. However, the impact of the global recession varied across economies. EMDEs with stronger pre-crisis fundamentals — such as large foreign exchange reserves, sound fiscal positions, and low inflation — suffered milder growth slowdowns, in part due to their greater capacity to engage in monetary and fiscal stimulus. Low-income countries were also resilient, as foreign aid and inflows of remittances remained relatively stable. In contrast, EMDEs that were heavily dependent on short-term capital flows — such as portfolio investment and cross-border bank lending — fared less well, especially those in Europe and Central Asia. A key lesson for EMDEs is the need to strengthen macroeconomic frameworks and create policy space to prepare for future global downturns.","PeriodicalId":44073,"journal":{"name":"Journal of International Commerce Economics and Policy","volume":"17 1","pages":"2150011"},"PeriodicalIF":0.7,"publicationDate":"2020-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86032263","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 Effects of Monetary and Fiscal Policies on the Output Costs of Sudden Stops","authors":"Kawin Iamtrakul, T. Willett","doi":"10.1142/s179399332050009x","DOIUrl":"https://doi.org/10.1142/s179399332050009x","url":null,"abstract":"There has been controversy about the appropriate responses of monetary and fiscal policies to sudden stops of capital inflows. There have been concerns that expansionary policies could undermine confidence leading to currency depreciation and a worsening of the crisis. Previous literature has generally found favorable effects from fiscal expansion and mixed results for monetary policy. We revisit this issue using more recent data and alternative measures of monetary policy. We find considerable support for the view that expansionary monetary policy reduces output costs of sudden stops and no significant evidence that the costs are increased. We find that fiscal expansion by countries with low levels of debt is expansionary, but that these effects can become negative at high levels of debt.","PeriodicalId":44073,"journal":{"name":"Journal of International Commerce Economics and Policy","volume":"14 1","pages":"2050009"},"PeriodicalIF":0.7,"publicationDate":"2020-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88849256","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 Spillover Effects of Deregulation in a Three-Country Model","authors":"Wataru Johdo","doi":"10.1142/s1793993320500088","DOIUrl":"https://doi.org/10.1142/s1793993320500088","url":null,"abstract":"This paper develops a three-country model that incorporates international relocation of firms and explores the macroeconomic effects of deregulation in the services sector by each country. A novel feature of our model is that the international relocation of firms responds to exchange rate movements caused by deregulation shocks in the services sector. From this analysis, it is found that a deregulation shock in a country always benefits the country in spite of the outflows of firms, while it can be detrimental to other two countries, in terms of relative consumption levels.","PeriodicalId":44073,"journal":{"name":"Journal of International Commerce Economics and Policy","volume":"1 1","pages":""},"PeriodicalIF":0.7,"publicationDate":"2020-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82912086","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":"Same Trade Openness Yet Different Environmental Quality — But Why?","authors":"Shu-Chen Chang, Hsiao-Fen Chang","doi":"10.1142/s1793993320500027","DOIUrl":"https://doi.org/10.1142/s1793993320500027","url":null,"abstract":"This paper re-studies the relationship between trade openness and environmental pollution. Through the theoretical framework, there is a non-uniform effect of trade openness on environmental pollut...","PeriodicalId":44073,"journal":{"name":"Journal of International Commerce Economics and Policy","volume":"109 1","pages":"2050002"},"PeriodicalIF":0.7,"publicationDate":"2020-04-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85045086","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":"Do Poverty Rates Matter for Trade Openness in Developing Countries?","authors":"S. Gnangnon","doi":"10.1142/s1793993320500052","DOIUrl":"https://doi.org/10.1142/s1793993320500052","url":null,"abstract":"A voluminous literature has been devoted to the effect of countries’ participation in international trade (for example through trade policy reforms and greater trade openness) on their poverty leve...","PeriodicalId":44073,"journal":{"name":"Journal of International Commerce Economics and Policy","volume":"16 1","pages":"2050005"},"PeriodicalIF":0.7,"publicationDate":"2020-04-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90060492","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":"Aid for Trade Flows and Recipient-Countries’ Integration into the World Market for Services Exports: Do Merchandises Exports and Foreign Direct Investment Inflows Matter?","authors":"S. Gnangnon, Susana Del Mar Ramírez","doi":"10.21203/rs.3.rs-15450/v1","DOIUrl":"https://doi.org/10.21203/rs.3.rs-15450/v1","url":null,"abstract":"An important literature on the recipient-countries’ export performance effect of Aid for Trade (AfT) flows has focused on the goods side. The few existing studies on the services exports effects of AfT interventions have reached mixed results, reflecting a positive or weak effect. This study aims to complement these few studies by examining the effect of AfT flows on recipient-countries’ share of services exports in the world services exports (‘services export integration’), including through two main channels: their share of merchandises exports in the world merchandises exports (‘merchandises export integration’) and the size of Foreign Direct Investment (FDI) inflows. The empirical analysis, based on a sample of 105 countries over the period 2002–2016, has shown that these two channels definitely matter for the effect of AfT flows on countries’ services export integration. Specifically, by fostering countries’ merchandises export integration, AfT flows can promote their services export integration. Furthermore, promoting FDI inflows enhances the positive effect of AfT flows on countries’ services export integration.","PeriodicalId":44073,"journal":{"name":"Journal of International Commerce Economics and Policy","volume":"18 1","pages":""},"PeriodicalIF":0.7,"publicationDate":"2020-02-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74971082","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":"Empirics for Marginal Product of Capital","authors":"L. Hung","doi":"10.1142/s1793993320500039","DOIUrl":"https://doi.org/10.1142/s1793993320500039","url":null,"abstract":"We characterize the marginal product of capital on a cross-section data of 88 economies over 1980–2013. The marginal product of capital is increasing on savings misallocation rate, measuring the fr...","PeriodicalId":44073,"journal":{"name":"Journal of International Commerce Economics and Policy","volume":"7 1","pages":"2050003"},"PeriodicalIF":0.7,"publicationDate":"2020-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76036432","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":"Effect of Development Aid on Tax Reform in Recipient-Countries: Does Trade Openness Matter?","authors":"S. Gnangnon","doi":"10.1142/s1793993320500015","DOIUrl":"https://doi.org/10.1142/s1793993320500015","url":null,"abstract":"Based on a proposed measure of tax reform in developing countries, this paper examines both how tax reform is influenced by development aid flows, and whether this effect depends on countries’ degree of openness to international trade. Tax reform involves here the change of the tax structure in favor of domestic tax revenue and at the expense of trade tax revenue. Empirical results based on 102 developing countries over the period 1980–2015 suggest that development aid exerts a positive effect on tax reform in developing countries, with relatively less advanced countries enjoying a higher positive effect than advanced developing countries. Additionally, recipient-countries’ degree of trade openness matters for the effect of development aid on tax reform.","PeriodicalId":44073,"journal":{"name":"Journal of International Commerce Economics and Policy","volume":"148 1","pages":"1-23"},"PeriodicalIF":0.7,"publicationDate":"2020-01-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75719164","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}