Asian Economic Policy Review最新文献_第10页

Comment on "Measuring Digital Financial Inclusion in Emerging Market and Developing Economies: A New Index" 《衡量新兴市场和发展中经济体的数字普惠金融:一个新指标》评论

IF 3.9 3区经济学

Asian Economic Policy Review Pub Date : 2022-02-23 DOI: 10.1111/aepr.12388

Yasuyuki Sawada

{"title":"Comment on \"Measuring Digital Financial Inclusion in Emerging Market and Developing Economies: A New Index\"","authors":"Yasuyuki Sawada","doi":"10.1111/aepr.12388","DOIUrl":"10.1111/aepr.12388","url":null,"abstract":"A recent Asian Development Bank (ADB) report reveals that the global digital sector expansion would allow Asia and the Pacific to generate an economic dividend of more than $1.7 trillion per year, and create 65 million new jobs annually over the next 5 years (Asian Development Bank (ADB), 2021). In the finance sector, accelerated digitalization can potentially close the persistent financial inclusion gap between the rich and the poor, especially in developing countries. To empirically examine digital-based financial inclusion, Khera et al. (2022) develop a novel, comprehensive index of digital financial inclusion for 52 emerging and developing economies for 2014 and 2017. The index is constructed by combining the widely used cross-country data on financial inclusion and related aspects. Essentially, Khera et al. determine striking “digital leapfrogging” patterns in financial services. Countries in Asia and the Pacific as well as Africa have increasingly accelerated digital financial inclusion compared to other regions (Kera et al.’s Figure 2). In the wake of rapid digitalization, if the index is extended beyond 2020, it will offer valuable information to determine the impact of COVID-19 and identify suitable “build-better” policies for a desirable new normal.Although Khera et al. and its database are significant, certain issues remain. First, Khera et al. can potentially strengthen the interpretation and analysis of each chart. For example, Khera et al. may discuss potential determinants of differentiated trajectories of the nexus between traditional financial and digital financial inclusion, as demonstrated in their Figure 4. While I agree with Khera et al. that these diverse patterns could be driven by substitution between traditional and digital financial services, they could have verified whether the upper-left group in their Figure 4 corresponds with an initially low level of traditional financial system.Second, according to the list of variables employed, the new index seems to miss the popular use of digital financial transactions in the real world. For example, the poor in developing economies are already using mobile phone apps to receive or send money bilaterally, pay for online and offline purchases and transactions, for loan repayments and savings, and mobile phone recharge load.Third, although the digital divide could drive financial exclusion of the poor, these heterogeneities of digital financial access or use are not considered in the index. The lack of financial and digital literacy could widen the initial digital gap between the rich and the poor. In addition to within-country gaps, digital divide can emerge across countries at an aggregate level, and it will be useful to show, for example, the distribution of the index in Khera et al.’s Figure 1 by subregions in Asia.Fourth, the index may need to directly incorporate","PeriodicalId":45430,"journal":{"name":"Asian Economic Policy Review","volume":"17 2","pages":"233-234"},"PeriodicalIF":3.9,"publicationDate":"2022-02-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/aepr.12388","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74369898","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 2

Comment on “Fintech and Financial Inclusion in Southeast Asia and India” 评论“东南亚和印度的金融科技和普惠金融”

IF 3.9 3区经济学

Asian Economic Policy Review Pub Date : 2022-02-14 DOI: 10.1111/aepr.12380

Kaori Iwasaki

{"title":"Comment on “Fintech and Financial Inclusion in Southeast Asia and India”","authors":"Kaori Iwasaki","doi":"10.1111/aepr.12380","DOIUrl":"10.1111/aepr.12380","url":null,"abstract":"Morgan (2022) provides a comprehensive analysis of the Fintech scene and its influence on financial inclusion in Southeast Asia and India. He describes how Fintech can contribute to promoting financial inclusion which poses a pressing challenge in this region. Among the various categories of Fintech, Morgan focuses on digital payments and alternative finance, taking account of their importance in enhancing financial inclusion. He explains each category in detail and how they are developing in the region, as well as how they are regulated/promoted. Morgan successfully deals with the daunting task of bringing together and evaluating the various characteristics of the relevant countries that differ significantly from one another.Morgan points out that digital payments such as mobile money and digital remittances are growing rapidly, including among the unbanked and under-banked. But as for alternative finance, for instance crowdfunding and P2P (peer to peer) lending, even though they are also developing very fast, Morgan argues that the overall penetration rate is still substantially lower than conventional lending. In addition, Morgan discusses that even though Fintech can enhance financial inclusion, at the same time it can bring various risks to consumers. One of them is the potential increase in income and wealth inequality, given that Fintech adoption can be seen more in higher income countries, and within one country there is an adoption gap depending on income and educational backgrounds. Morgan stresses that policy measures are necessary so that the benefits of Fintech are distributed more broadly and in a more equal manner.There has been a huge amount of hype surrounding the Fintech landscape in both Southeast Asia and India in recent years. The spread of the internet and smartphones on the one hand and the underdevelopment of financial services on the other in this region have brought various business opportunities for Fintech services. Numerous Fintech startups have been founded and have attracted investments from all over the world. In Southeast Asia, venture capital investment into startups dedicated to the payments and financial services sector amounted to US$1.3 billion in 2020, the second largest after the multi-vertical sector in which many startups included here also provide Fintech services (Cento Ventures, 2021). In the meantime, Fintech investment in India in the same year was US$1.2 billion, close to Southeast Asia's figures and made up one of the top three investment categories (Sheth et al., 2021).The surge in Fintech startups raised alarm among the traditional financial institutions, and they too started adopting Fintech in order not to be left behind. A prominent example is DBS: a Singapore-based bank that has been proactively embracing Fintech to become “digital to the core” (DBS, 2017). Its efforts have paid off and today DBS is recognized ","PeriodicalId":45430,"journal":{"name":"Asian Economic Policy Review","volume":"17 2","pages":"211-212"},"PeriodicalIF":3.9,"publicationDate":"2022-02-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/aepr.12380","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"72763205","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 1

Chinese Fintech Innovation and Regulation 中国金融科技创新与监管

IF 3.9 3区经济学

Asian Economic Policy Review Pub Date : 2022-02-13 DOI: 10.1111/aepr.12384

Martin Chorzempa, Yiping Huang

引用次数: 14

Fintech and Financial Inclusion in Southeast Asia and India 东南亚和印度的金融科技和普惠金融

IF 3.9 3区经济学

Asian Economic Policy Review Pub Date : 2022-01-30 DOI: 10.1111/aepr.12379

Peter J. Morgan

引用次数: 19

Comment on “Big Data in Asian Central Banks” 评“亚洲央行的大数据”

IF 3.9 3区经济学

Asian Economic Policy Review Pub Date : 2022-01-29 DOI: 10.1111/aepr.12383

Tsutomu Watanabe

{"title":"Comment on “Big Data in Asian Central Banks”","authors":"Tsutomu Watanabe","doi":"10.1111/aepr.12383","DOIUrl":"10.1111/aepr.12383","url":null,"abstract":"My first comment is on why central banks have started using big data in the first place. Even before the Covid-19 pandemic, private financial institutions and investors extensively used big data, “alternative data” in their terminology, in predicting the future of stock prices. Central banks, including the Bank of Japan (BOJ), were concerned that with the rapid growth in the use of big data by the private sector, they would fall behind if it looked only at traditional data, and this was the driving force behind central banks' use of big data.In 2020, as Covid-19 spread, the use of big data by the Fed, the BOJ, and other central banks accelerated even further. Here is what happened in Japan at that time. The Japanese government declared a state of emergency on April 7, 2020. In the Monthly Economic Report released on April 23, the Japanese government stated that “[t]he Japanese economy is getting worse rapidly in an extremely severe situation, due to the Novel Coronavirus” (sic).What is important to note here is how this assessment was made. Normally, assessments in monthly reports are based on official government statistics. In this case, it is clear that the impact of Covid-19 on consumer spending, especially service spending, was pronounced, so the assessment in April last year should have been based on the “Family Income and Expenditure Survey” (FIES). However, this was not the case. The reason is simple: as of April 23, the latest information was for February 2020, which hardly reflected the impact of Covid-19.Instead of the FIES data, the government used alternative (big) data. Specifically, in the April Monthly Report, expenditure figures calculated from credit card data (e.g., spending on eating out and spending at supermarkets) were included to show that an unprecedented sharp decline was occurring. Credit card spending figures had never been used in a monthly report before. The crisis thus suddenly provided an opportunity for the use of alternative data.How will the use of alternative data by governments and central banks develop in the future? Once Covid-19 is under control, the need to rely on alternative data may diminish. Statistics, be they traditional or nontraditional, are a tool for responding to crises: In normal times, no one needs statistics and, in fact, no one pays much attention to them. However, once a crisis occurs, statistics are indispensable to obtain a real picture of the crisis. Since traditional data tend to be available too late to play a role in a crisis, we have no choice but to supplement traditional data with alternative data. Alternative data represent one of the means to deal with crises, and societies should make sure such data are available as part of their preparations for the next crisis.Given the prospect that the use of alternative data by central banks will expand in the future, who is best placed to produce such data? This brings me to my second comment. Th","PeriodicalId":45430,"journal":{"name":"Asian Economic Policy Review","volume":"17 2","pages":"270-271"},"PeriodicalIF":3.9,"publicationDate":"2022-01-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/aepr.12383","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79066037","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 1

Measuring Digital Financial Inclusion in Emerging Market and Developing Economies: A New Index 衡量新兴市场和发展中经济体的数字金融包容性:一个新指数

IF 3.9 3区经济学

Asian Economic Policy Review Pub Date : 2022-01-20 DOI: 10.1111/aepr.12377

Purva Khera, Stephanie Ng, Sumiko Ogawa, Ratna Sahay

引用次数: 32

Japan Center for Economic Research 日本经济研究中心

IF 3.9 3区经济学

Asian Economic Policy Review Pub Date : 2022-01-02 DOI: 10.1111/aepr.12378

引用次数: 0

The COVID-19 Pandemic and Asia: Editors' Overview 新冠肺炎疫情与亚洲：编辑综述

IF 3.9 3区经济学

Asian Economic Policy Review Pub Date : 2022-01-02 DOI: 10.1111/aepr.12375

Takatoshi Ito, Kazumasa Iwata, Colin McKenzie, Haruko Noguchi, Shujiro Urata

{"title":"The COVID-19 Pandemic and Asia: Editors' Overview","authors":"Takatoshi Ito, Kazumasa Iwata, Colin McKenzie, Haruko Noguchi, Shujiro Urata","doi":"10.1111/aepr.12375","DOIUrl":"https://doi.org/10.1111/aepr.12375","url":null,"abstract":"The COVID-19 pandemic has been both a public health and a socio-economic crisis on a global scale. Asian countries have reported somewhat lower numbers of COVID cases and deaths than countries in other regions like the USA and Europe, which remains something of a puzzle. Several epidemiological and nonepidemiological hypotheses may explain Asian countries' lower levels of infection, such as previous exposure to a milder version of the severe acute respiratory syndrome coronavirus 2 conferring herd immunity; the efficacy of the Bacillus Calmette-Guerin (BCG) vaccine used in those countries; and the Asian inherent culture of social distancing and face mask use, as nonpharmaceutical interventions (NPIs). As yet, there is insufficient information to solve this puzzle.Macroeconomic studies find that the pandemic has produced both supply and demand shocks to the economy. For example, lower consumption and fewer foreign visitors reduce demand. Factory utilization has dropped in connection with efforts to lower the spread of infection. Economic vitality remained sluggish, as measured by bankruptcies and employment, over 2020. Furthermore, government policies such as lockdowns, emergency declarations, and vaccine policies have had a significant impact on the socio-economic activities of people and firms.This issue of the Asian Economic Policy Review seeks to draw lessons from public and private sector responses in Asian countries to the COVID-19 pandemic on how to minimize the costs of uncontrolled public health epidemics while balancing them with the socio-economic costs of reduced production and consumption. The first two papers review the COVID-19 pandemic's impacts in Asian countries from public health and economic perspectives, respectively. The quantitative and qualitative surveys conducted by Miyawaki and Tsugawa (2022) suggest that the underlying factors in this difference between Asian and other countries would include the earlier and more stringent NPIs in Asia, the younger age distribution in Asia, and the geographical characteristics of Asia. Meanwhile, Tanaka (2022) claims that COVID-19 caused significant supply shocks due to NPIs such as lockdowns, while SARS and MERS mainly caused demand shocks. As a result, the economic damage from COVID-19 was far greater than the damage from the SARS and MERS pandemics. The third paper by Fukao and Shioji (2022) analyzes the interaction between NPIs and economic activity and finds a trade-off between economic activity and infection controls. In the fourth paper, Amul et al. (2022) analyze the developments and responses to COVID-19 up to March 2021 in the Southeast Asian region from a political economy and governance perspective, and draw several key lessons, such as the need for decisive and credible leadership; a pragmatic and conscientious approach to balancing risks; transparent risk communication; good governance; and the abi","PeriodicalId":45430,"journal":{"name":"Asian Economic Policy Review","volume":"17 1","pages":"1-17"},"PeriodicalIF":3.9,"publicationDate":"2022-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/aepr.12375","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"72339210","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

The COVID ‐19 Pandemic and Asia: Editors' Overview COVID - 19大流行与亚洲:编辑概述

IF 3.9 3区经济学

Asian Economic Policy Review Pub Date : 2022-01-01 DOI: 10.1111/aepr.12375

Takatoshi Ito, Kazumasa Iwata, C. McKenzie, H. Noguchi, S. Urata

引用次数: 0

Big Data in Asian Central Banks 亚洲央行的大数据

IF 3.9 3区经济学

Asian Economic Policy Review Pub Date : 2021-12-22 DOI: 10.1111/aepr.12376

Giulio Cornelli, Sebastian Doerr, Leonardo Gambacorta, Bruno Tissot

引用次数: 5