Journal of International Commerce Economics and Policy最新文献_第8页

The Three-factor Model and China’s Multiple Stock Markets 三因素模型与中国多元股市

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Journal of International Commerce Economics and Policy Pub Date : 2019-12-04 DOI: 10.1142/s1793993319500169

Shi-Zhuan Han, Li Zhang, Guangjie Han, Lei Wang

引用次数: 1

Sector-Level Competition and Export: Evidence from Exporter Dynamics Database 行业层面的竞争与出口:来自出口商动态数据库的证据

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Journal of International Commerce Economics and Policy Pub Date : 2019-12-04 DOI: 10.1142/s1793993319500133

Ş. Babuşcu, Adalet Hazar, M. N. Solakoğlu, Cengiz Tunç

引用次数: 1

Export Sophistication and Outward FDI in Developing Countries 发展中国家的出口成熟度与对外直接投资

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Journal of International Commerce Economics and Policy Pub Date : 2019-12-04 DOI: 10.1142/s1793993319500170

Jie Li

引用次数: 2

Effect of Export Upgrading on Financial Development 出口升级对金融发展的影响

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Journal of International Commerce Economics and Policy Pub Date : 2019-12-04 DOI: 10.1142/S1793993319500121

S. Gnangnon

引用次数: 8

The “China Miracle”: Thinking on Economic Theory Innovation “中国奇迹”:关于经济理论创新的思考

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Journal of International Commerce Economics and Policy Pub Date : 2019-10-01 DOI: 10.1142/s1793993319500145

Bin Xia

引用次数: 0

Cross-Border Shopping and Employment Patterns in the Southwestern United States 美国西南部的跨境购物与就业模式

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Journal of International Commerce Economics and Policy Pub Date : 2019-10-01 DOI: 10.1142/s1793993319500157

T. Fullerton, A. Walke

引用次数: 3

Unconventional Monetary Policy in Japan: Empirical Evidence from Estimated Shadow Rate DSGE Model 日本非常规货币政策:来自影子利率DSGE模型的经验证据

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Journal of International Commerce Economics and Policy Pub Date : 2019-07-31 DOI: 10.1142/S1793993319500078

Rui Wang

{"title":"Unconventional Monetary Policy in Japan: Empirical Evidence from Estimated Shadow Rate DSGE Model","authors":"Rui Wang","doi":"10.1142/S1793993319500078","DOIUrl":"https://doi.org/10.1142/S1793993319500078","url":null,"abstract":"The Zero Lower Bound (ZLB) on short nominal interest rates has imposed serious constraint on stimulating and stabilizing economy of major central banks. Analysis of monetary policy by Dynamic Stochastic General Equilibrium (DSGE) models under the existence of ZLB has also been an important issue from both practical and academic views for central banks and macroeconomists. However, the nonlinearity of ZLB constraint makes linear solution and estimation techniques of DSGE models unreliable and impractical. In many recent empirical works, it has been proved that the shadow rate can be used as an accurate proxy to represent the stance of unconventional monetary policy in the ZLB environment. We use shadow rate to estimate a medium-scale DSGE model based on the theoretical foundation proposed by Wu and Zhang (2016). A shadow rate New Keynesian model (No. w22856). National Bureau of Economic Research, and conduct counterfactual simulation exercises to quantify the macroeconomic effects of unconventional monetary policy implemented by Bank of Japan (BoJ). Compared with the estimation results of pre-ZLB sub-sample (1980Q1–1998Q4), the structural parameters estimated from full-sample (1980Q1–2016Q3) with the shadow rate still have very reasonable values that are consistent with most related medium-scale DSGE literature. The statistical properties of model dynamics implied by two groups of estimation are also very close. Counterfactual simulation shows that without the unconventional monetary policy, macroeconomic variables would have worse performance than their actual realizations.","PeriodicalId":44073,"journal":{"name":"Journal of International Commerce Economics and Policy","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2019-07-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76987207","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: 5

Environmental Pollution, Income Inequality, and Household Energy Consumption: Evidence from the United Kingdom 环境污染、收入不平等与家庭能源消耗:来自英国的证据

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Journal of International Commerce Economics and Policy Pub Date : 2019-07-31 DOI: 10.1142/S179399331950008X

Sudeshna Ghosh

{"title":"Environmental Pollution, Income Inequality, and Household Energy Consumption: Evidence from the United Kingdom","authors":"Sudeshna Ghosh","doi":"10.1142/S179399331950008X","DOIUrl":"https://doi.org/10.1142/S179399331950008X","url":null,"abstract":"This study explored the impact of income inequality, household energy consumption, government expenditure, and investment on carbon dioxide emissions at the household level over the period 1970–2015 in the United Kingdom. The study applied Clemente–Montanes–Reyes unit root test to identify structural break in the time series. Further, the cointegrating relationship of the time series observations was explored by applying the autoregressive distributed lag model (ARDL) (linear) bounds test approach along with the nonlinear ARDL for making fruitful comparisons in the long-run relationship among the variables. The paper used Bayer–Hanck combined cointegration method for robustness test in the cointegrating methods. In addition, the causality analysis was explored using the Toda–Yamato (1995) method of Granger causality. The results confirmed the existence of cointegration among the variables.The estimated NARDL results show that in the long run the negative asymmetric impact of the income inequality is stronger than the positive impact. The paper concludes that there is an urgent need to reduce income inequality in the United Kingdom to improve equitable consumption of energy at the household level. Last the causality test shows that there exists unidirectional causality from inequality transmission to carbon emissions.","PeriodicalId":44073,"journal":{"name":"Journal of International Commerce Economics and Policy","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2019-07-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85392695","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

Labor Market and Household Debt in Asia Pacific Countries: Dynamic Heterogeneous Panel Data Analysis 亚太国家劳动力市场与家庭债务:动态异质性面板数据分析

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Journal of International Commerce Economics and Policy Pub Date : 2019-07-31 DOI: 10.1142/S179399331950011X

Suhal Kusairi, S. Muhamad, M. Musdholifah, Shu-Chen Chang

{"title":"Labor Market and Household Debt in Asia Pacific Countries: Dynamic Heterogeneous Panel Data Analysis","authors":"Suhal Kusairi, S. Muhamad, M. Musdholifah, Shu-Chen Chang","doi":"10.1142/S179399331950011X","DOIUrl":"https://doi.org/10.1142/S179399331950011X","url":null,"abstract":"An overwhelming increase in household debt in the last decade has stirred researchers to explore the determinants of this phenomena, especially the role of the labor market. This paper comes to identify these determinants using the macro panel data from Asia Pacific countries for 1994–2016 and dynamic heterogeneous panel data analysis. The empirical results found that household consumption, housing price index, and labor force have a long-run positive relationship with household debt. In contrast, the unemployment rate and dependency ratio have a long-run negative relationship with household debt. This implies that when consumption, housing price, and labor force increase, then the household debt will increase, and when the unemployment rate and dependency ratio increase, the household debt will decrease. Also, in the short-run, public debt does affect private consumption, and it is not different among countries. The labor market, as represented by the unemployment rate, dependency ratio, and labor force, has a strong effect on the household debt in the long-run. Based on these findings, the government should pay more attention to the household debt related to property and commodity markets because they expose the short-run volatility and create problems for the long-term.","PeriodicalId":44073,"journal":{"name":"Journal of International Commerce Economics and Policy","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2019-07-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79635955","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: 9

Interest Groups, Policy Responses to Global Shocks, and the Relative Likelihood of Currency Crashes Versus Banking Crises 利益集团，对全球冲击的政策反应，货币崩溃与银行危机的相对可能性

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Journal of International Commerce Economics and Policy Pub Date : 2019-07-31 DOI: 10.1142/S1793993319500108

Jacob M. Meyer, Nicholas R. Jenkins

{"title":"Interest Groups, Policy Responses to Global Shocks, and the Relative Likelihood of Currency Crashes Versus Banking Crises","authors":"Jacob M. Meyer, Nicholas R. Jenkins","doi":"10.1142/S1793993319500108","DOIUrl":"https://doi.org/10.1142/S1793993319500108","url":null,"abstract":"Shocks to global interest rates or risk cause capital outflows for countries outside the core of the global financial system. These outflows lead to downward pressure on exchange rates and financial sector stress, in addition to having general contractionary effects. To defend the exchange rate, the appropriate internal response is a fiscal/monetary contraction. To maintain full employment and financial stability, the appropriate internal response is fiscal/monetary expansion. The contradiction in these policy responses implies policymakers prioritize hitting either internal or external targets after these shocks; but how do they decide? Using a fixed effects model and data from 100 emerging market and developing economies from 1990 to 2012, we show that the relative sensitivity of interest groups to these policy responses influences which response occurs. We find some evidence that this effect is stronger in the presence of more political-institutional constraints. Using a strategic probit model, we also find some evidence that this policy response influences the relative likelihood of banking crises versus currency crashes after these global shocks.","PeriodicalId":44073,"journal":{"name":"Journal of International Commerce Economics and Policy","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2019-07-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74213833","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