Asian-Pacific Economic Literature最新文献

{"title":"Does financial inclusion improve bank performance in the Asian region?","authors":"Duc H. Vo,&nbsp;Nhan T. Nguyen","doi":"10.1111/apel.12330","DOIUrl":"10.1111/apel.12330","url":null,"abstract":"<p>World Bank considers financial inclusion a fundamental and practical mechanism for reducing poverty and boosting prosperity in developing and emerging markets. However, the direct benefits of financial inclusion to bank performance appear to have been largely ignored in the academic literature, in particular in the emerging markets in the Asian region. Unlike previous studies, both bank and country characteristics are considered in this paper. The financial inclusion index is estimated using four sub-indices that can be classified into two groups: the penetration and utilisation of financial products and services. Principal component analysis and dynamic generalized method of moments (GMM) are used on a sample of 1507 banks in emerging markets in Asia for the 2008–17 period. Findings indicate that, across various scenarios, financial inclusion provides a positive and significant contribution to bank performance in the Asian region. In addition, a larger distance to the bankruptcy of banks and higher national economic growth will enhance bank performance.</p>","PeriodicalId":44776,"journal":{"name":"Asian-Pacific Economic Literature","volume":"35 2","pages":"123-135"},"PeriodicalIF":1.0,"publicationDate":"2021-07-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/apel.12330","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45997103","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The value-added creation effect of industry position in global value chains: implications for Asia-Pacific economies","authors":"Soonchan Park,&nbsp;Innwon Park","doi":"10.1111/apel.12329","DOIUrl":"10.1111/apel.12329","url":null,"abstract":"<p>We analyse the value-added creation effect of global value chain (GVC) participation activities of APEC member economies, using a fixed-effects regression model analysis based on country–industry data from Organisation for Economic Co-operation and Development (OECD) Inter-country Input–Output Tables. We find that forward participation in GVCs is more desirable than backward participation for creating domestic value-added and that the industry position in the middle stages of the production line creates higher domestic value-added per output unit. These results hold regardless of the application of standard Ordinary Least Squares (OLS) or fractional logit for panel data and of the characteristics of the interconnected countries in GVCs (APEC member vs. non-APEC member economies, Asian APEC vs. non-Asian APEC members, developed vs. developing countries). This implies that the conventional firm- or product-specific U-shaped ‘smile curve hypothesis’ is not applicable at the economy-wide, country–industry level. This finding suggests that depending on the product type, manufacturing industries can be a major driving force for less-developed APEC member economies to climb the development ladder. Since GVC participation gains are diversified across industries and upgrading country–industry positions in GVCs are challenging for APEC member economies, we strongly recommend that they construct effective domestic value chains and coordinate with other members while upgrading their GVC participation.</p>","PeriodicalId":44776,"journal":{"name":"Asian-Pacific Economic Literature","volume":"35 2","pages":"95-122"},"PeriodicalIF":1.0,"publicationDate":"2021-07-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/apel.12329","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45671205","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Revisiting the effects of demographic dynamics on economic growth in Asia: a panel vector-autoregressive approach with a saving channel","authors":"Hiroyuki Taguchi,&nbsp;Ni Lar,&nbsp;Sereyvuth Ky","doi":"10.1111/apel.12328","DOIUrl":"10.1111/apel.12328","url":null,"abstract":"<p>This paper examines the effects of demographic dynamics on economic growth, with a focus on the working-age population and the saving rate in 17 Asian economies for the past and future periods of 1970–2018 and 2018–2050, respectively. The study applies a panel vector-autoregressive model, given the endogenous interactions among the variables. The main findings are as follows: first, the direct channel to economic growth is from the working-age population share and the indirect channel is through the saving rate; second, there is a feedback effect from economic growth to the saving rate; third, the contribution ratio of the population-bonus effect to economic growth for the 1970–2018 period was approximately 30 per cent on average, which was consistent with the ratios found in previous studies; and fourth, in the projections for 2018–2050, the magnitudes of the ‘population-onus’ effect in selected economies are very large (minus 1 or 2 per cent)—even greater than found in previous studies—which was due to the earlier onset of the ‘population onus’ with aging.</p>","PeriodicalId":44776,"journal":{"name":"Asian-Pacific Economic Literature","volume":"35 2","pages":"77-94"},"PeriodicalIF":1.0,"publicationDate":"2021-06-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/apel.12328","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48255051","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The impact of microfinance on poverty and income inequality in developing countries","authors":"Yogeeswari Subramaniam,&nbsp;Tajul Ariffin Masron,&nbsp;Mastura A. Wahab,&nbsp;Md Aslam Mia","doi":"10.1111/apel.12326","DOIUrl":"10.1111/apel.12326","url":null,"abstract":"<p>Economic growth in developing countries provides an opportunity to accelerate progress towards the UN Sustainable Development Goals (SDGs). However, in reality, the number of people living in extreme poverty remains unacceptably high. Utilising the experiences of 34 developing countries for the period 2009 to 2016, the role of microfinance on poverty in these countries is examined. The results imply that the degree to which the existing forms of microfinance effectively reduce extreme poverty is less workable in developing countries, particularly when the hardcore poor are likely being deprived of receiving access to microfinance. It is suggested that governments may need to revise the structure and strategy of microfinance to be more hardcore poor oriented. The hardcore poor have needs beyond pure monetary assistance. More hand-holding types of assistance are needed as most are also poor in respect of literacy, assets, and skills.</p>","PeriodicalId":44776,"journal":{"name":"Asian-Pacific Economic Literature","volume":"35 1","pages":"36-48"},"PeriodicalIF":1.0,"publicationDate":"2021-04-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/apel.12326","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41733360","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"China's trilemma: monetary policy autonomy in an economy with a managed floating exchange rate","authors":"Huiqing Li,&nbsp;Yixuan Xu,&nbsp;Ying Zhuang","doi":"10.1111/apel.12321","DOIUrl":"10.1111/apel.12321","url":null,"abstract":"<p>Mundell's trilemma theory says that capital flow, exchange rate stability, and monetary policy autonomy cannot be achieved simultaneously. Using monthly data from the People's Bank of China from 1999 to 2019, we find that the trilemma theory is not nearly as tight in China's practice as in theory, and the central bank can internally offset the effect of exchange rate volatility by ways other than the monetary base (such as central bank securities). Our results also indicate that, before 2012, monetary policy autonomy in China was weak due to the problem of ‘funds outstanding for foreign exchange’. With the reform of the Renminbi (RMB) exchange rate system in 2005, the effectiveness of central bank securities in compensating for the flow of foreign exchange reserves has gradually been strengthened in China.</p>","PeriodicalId":44776,"journal":{"name":"Asian-Pacific Economic Literature","volume":"35 1","pages":"99-107"},"PeriodicalIF":1.0,"publicationDate":"2021-03-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/apel.12321","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46381146","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Political Economy of Southeast Asia: Politics and Uneven Development under Hyperglobalisation (Fourth Edition) - edited by Toby Carroll, Shahar Hameiri and Lee Jones (eds), Cham: Palgrave Macmillan, Springer Nature Switzerland A.G., Pp. xxvi + 412, ISBN 978-3-030-28254-7, 978-3-030-28255-4 (ebook)","authors":"Anne Booth","doi":"10.1111/apel.12322","DOIUrl":"10.1111/apel.12322","url":null,"abstract":"&lt;p&gt;The usefulness of this approach in Southeast Asia in 2020 can be queried for reasons that will be discussed in more detail below. But there can be no doubt that it has resonated with scholars working in countries and academic environments well beyond Australia. Only one of the three editors of this volume is based in an Australian university, and of the 19 contributors only three are based at Murdoch itself. Eight are based outside Australia, in a diverse range of institutions across the USA, England, Japan, and Hong Kong; although only one is from Southeast Asia (Indonesia). Indeed it can be argued that the Murdoch School has had greater influence on the study of Southeast Asia over the past three decades than any other Australian academic group, except perhaps those associated with the Australian National University.&lt;/p&gt;&lt;p&gt;The authors suggest that mainstream or neo-liberal economics is characterised by an emphasis on rolling back the state in favour of private enterprise, a preference for private sector delivery of services such as health and education, and a tendency to deride redistributive policies such as progressive taxation. They view neo-liberal economic analysis as more ideological than theoretical. In fact modern economics is a much broader church than Hameiri and Jones seem willing to concede. Many economists including several Nobel prize winners in the discipline would advocate a stronger role for the state in developing countries, particularly in the provision of public goods and services, including infrastructure, health, and education. They also accept that interventions including conditional cash transfers can play a useful role in reducing poverty. To equate modern economic analysis with the more extreme views of Tea Party activists in the USA is neither accurate nor helpful in assessing its role in helping to solve the serious economic and social problems that confront many countries across the world.&lt;/p&gt;&lt;p&gt;Hameiri and Jones are on stronger ground when they point out that the Northeast Asian developmental state model was in several respects a poor empirical fit in the context of Southeast Asia. In the decades after 1960, several countries in the region failed to expand education beyond the primary level at a sufficiently rapid pace to meet the growing needs of the labour market. In Thailand, serious labour shortages were emerging by the late 1980s, which drove up labour costs and encouraged many firms to relocate to lower-wage countries including China and Vietnam. Even Singapore was slow to learn from the Taiwanese and Korean examples and expand post-secondary education, especially in science and technology. It still depends heavily on skilled labour from abroad in high-technology manufacturing and in the financial sector. Indonesia inherited a meagre educational legacy from the Dutch colonial era, and was slow to expand education beyond the primary level, even when government revenues grew after 1970. The Philippines inher","PeriodicalId":44776,"journal":{"name":"Asian-Pacific Economic Literature","volume":"35 1","pages":"153-157"},"PeriodicalIF":1.0,"publicationDate":"2021-03-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/apel.12322","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49574087","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"How does GVC reconstruction affect economic growth and employment? Analysis of USA–China decoupling","authors":"Jie Wu,&nbsp;Jacob Wood,&nbsp;Xianhai Huang","doi":"10.1111/apel.12319","DOIUrl":"10.1111/apel.12319","url":null,"abstract":"<p>The state of USA–China relations has become increasingly strained. The term ‘decoupling’ has been frequently used within the narrative of USA–China relations to describe the possible outcome of the relationship. A ‘decoupling’ of the USA and Chinese economies would trigger the restructuring of existing Global Value Chains (GVCs). Given this possibility, we use the 2014 World Input–Output Database (WIOD) and the hypothesis extraction method to simulate several scenarios of GVC reconstruction on economic growth and employment. From the analysis, we find that: (1) GVC reconstructions caused by USA–China decoupling would have a greater impact on China than on the USA. If USA–China bilateral trade is replaced by the surrounding economies, China's GDP and employment would fall by 2.57% and 2.34%, respectively. (2) The effects on regional economies are synergistic, with the countries directly surrounding China and the USA being more affected than India and most European countries. (3) USA manufacturing may benefit from the manufacturing repatriation policy, but the overall impact on economic growth would be limited. (4) In all reconstruction scenarios, global GDP figures are lower than they are today, demonstrating the importance of maintaining existing GVCs.</p>","PeriodicalId":44776,"journal":{"name":"Asian-Pacific Economic Literature","volume":"35 1","pages":"67-81"},"PeriodicalIF":1.0,"publicationDate":"2021-03-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/apel.12319","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44686296","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Invisible China: How the Urban-Rural Divide Threatens China's Rise, Scott Rozelle and Natalie Hell, University of Chicago Press, 2020, Pp. ix + 231, ISBN: 978-0-226-73,952-6 (hard cover)","authors":"Anne Booth","doi":"10.1111/apel.12325","DOIUrl":"10.1111/apel.12325","url":null,"abstract":"","PeriodicalId":44776,"journal":{"name":"Asian-Pacific Economic Literature","volume":"35 1","pages":"161-162"},"PeriodicalIF":1.0,"publicationDate":"2021-03-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/apel.12325","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48229072","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Democracy in Indonesia: From Stagnation to Regression? , Thomas Power and Eve Warburton (eds.), Institute of Southeast Asian Studies, Singapore, 2020, Pp. 393 + xvi, ISBN: 978-981-4881-51-7 (hard cover)","authors":"R. William Liddle","doi":"10.1111/apel.12324","DOIUrl":"10.1111/apel.12324","url":null,"abstract":"","PeriodicalId":44776,"journal":{"name":"Asian-Pacific Economic Literature","volume":"35 1","pages":"162-164"},"PeriodicalIF":1.0,"publicationDate":"2021-03-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/apel.12324","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43528760","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Radical Uncertainty. Decision-Making for an Unknowable Future, John Kay and Mervyn King, The Bridge Street Press, London, 2020, Pp. 528 + xvi, ISBN 978-1-4087-1260-3","authors":"Hal Hill","doi":"10.1111/apel.12323","DOIUrl":"10.1111/apel.12323","url":null,"abstract":"","PeriodicalId":44776,"journal":{"name":"Asian-Pacific Economic Literature","volume":"35 1","pages":"157-160"},"PeriodicalIF":1.0,"publicationDate":"2021-03-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/apel.12323","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45410085","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}