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BITs, Colony Ties, and Offshore Centers: The Case of United Kingdom Outward FDI 双边投资协定、殖民地关系和离岸中心:英国对外直接投资的案例
IF 1.2
Journal of Economic Integration Pub Date : 2021-05-31 DOI: 10.11130/JEI.2021.36.2.203
Oleg Gurshev, Sarhad Hamza
{"title":"BITs, Colony Ties, and Offshore Centers: The Case of United Kingdom Outward FDI","authors":"Oleg Gurshev, Sarhad Hamza","doi":"10.11130/JEI.2021.36.2.203","DOIUrl":"https://doi.org/10.11130/JEI.2021.36.2.203","url":null,"abstract":"This paper empirically investigates the impact of bilateral investment treaties (BITs) on foreign direct investment (FDI) using data on British multinational firms’ outward FDI in a panel of 140 countries across 2009-2017. We apply the Knowledge-Capital model to demonstrate that BITs act as a market access mechanism to parent country multinational enterprises. Our core result confirms the negative impact of BIT membership on horizontal FDI in the host economy. This result is robust to changes in partner sample composition, hypothetical stock levels, and inclusion of trade policies. Our findings imply that factor cost advantages are unable to compensate for the adverse effect of BIT entry, which raises concerns regarding the potency of BIT-centered development policies.","PeriodicalId":45678,"journal":{"name":"Journal of Economic Integration","volume":null,"pages":null},"PeriodicalIF":1.2,"publicationDate":"2021-05-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44823219","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
Trade Liberalization in APEC and Global Value Chain Participation: What Can Value Added Indicators Tell? 亚太经合组织贸易自由化与全球价值链参与：增值指标能说明什么？
IF 1.2
Journal of Economic Integration Pub Date : 2021-05-31 DOI: 10.11130/JEI.2021.36.2.308
Dorothee Flaig, J. Greenville
{"title":"Trade Liberalization in APEC and Global Value Chain Participation: What Can Value Added Indicators Tell?","authors":"Dorothee Flaig, J. Greenville","doi":"10.11130/JEI.2021.36.2.308","DOIUrl":"https://doi.org/10.11130/JEI.2021.36.2.308","url":null,"abstract":"Global value chains (GVCs) a re an increasingly important driver of world t rade, and they are relevant in analyzing border policies and trade agreements. Combining methods of value added decomposition and a computable general equilibrium model, we show how tariff liberalization in APEC impacts on measures of integration. The trade agreement increases GVC integration worldwide irrespective of membership. The effects differ by type of integration, namely, forward or backward, depending on the source of intermediate inputs, the membership of countries up- and downstream the supply chain, and the border protection in the base. The analysis reveals some limitations of the presented integration measures in a dynamic context. First, value added incorporates income related to policy measures, and decreasing integration can reflect a lower tax burden and a more efficient network. Second, changes do not allow interpreting the size of effects of underlying variables, and similar changes can result from various underlying developments.","PeriodicalId":45678,"journal":{"name":"Journal of Economic Integration","volume":null,"pages":null},"PeriodicalIF":1.2,"publicationDate":"2021-05-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49335289","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
Exchange Rate Regimes in the ASEAN: Would a Currency Union Outperform the Independent Managed Floating Regimes? 东盟的汇率制度:货币联盟会优于独立管理的浮动汇率制度吗?
IF 1.2
Journal of Economic Integration Pub Date : 2021-03-01 DOI: 10.11130/JEI.2021.36.1.72
I. Sangaré
{"title":"Exchange Rate Regimes in the ASEAN: Would a Currency Union Outperform the Independent Managed Floating Regimes?","authors":"I. Sangaré","doi":"10.11130/JEI.2021.36.1.72","DOIUrl":"https://doi.org/10.11130/JEI.2021.36.1.72","url":null,"abstract":"This paper compares the macroeconomic and welfare performances of the currency union against those from the independent managed floating regime using a two open-country DSGE model with the foreign currency denomination of private debt. The model is calibrated on the average data from the five founding members of the ASEAN and the performance of regimes is assessed under the effects of supply and demand shocks. We find that the macroeconomic and welfare performances of the ASEAN economies under the independent managed floating regimes are comparable to those under a currency union. This is explained by the stability of the intra-regional nominal exchange rates arising from the similarity of policy rules under the independent managed floating regimes. Our findings suggest that the choice of exchange rate targeting regimes with coordinated policies for the ASEAN countries would be an effective way to move towards a currency union.","PeriodicalId":45678,"journal":{"name":"Journal of Economic Integration","volume":null,"pages":null},"PeriodicalIF":1.2,"publicationDate":"2021-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46270490","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: 2
[Guest Editors’ Remarks] Special Theme 2: Asian and European Economic Integration at a Crossroads [特邀编辑评论]专题二:十字路口的亚欧经济一体化
IF 1.2
Journal of Economic Integration Pub Date : 2021-03-01 DOI: 10.11130/JEI.2021.36.1.65
P. Claeys, Helena Sanz-Morales, Camélia Turcu
{"title":"[Guest Editors’ Remarks] Special Theme 2: Asian and European Economic Integration at a Crossroads","authors":"P. Claeys, Helena Sanz-Morales, Camélia Turcu","doi":"10.11130/JEI.2021.36.1.65","DOIUrl":"https://doi.org/10.11130/JEI.2021.36.1.65","url":null,"abstract":"+Corresponding Author: Camélia Turcu University of Orléans LEO. Rue de Blois, 45067 Orléans Cedex 2, France. E-mail: camelia.turcu@univ-orleans.fr Acknowledgments: We wish to thank Professor Seongeun Kim, Editor of the Journal of Economic Integration, for giving us the opportunity to publish this special issue. Many thanks also to Yunhoe Kim, Managing Editor of the journal, for her excellent support. Our special thanks to the journal referees, the discussants, and the participants at the INFER Annual Conference 2019, for their insightful comments and suggestions. We are also grateful to our three keynote speakers and to all the colleagues and INFER board members who contributed to the excellent organization of the INFER Annual Conference 2019.","PeriodicalId":45678,"journal":{"name":"Journal of Economic Integration","volume":null,"pages":null},"PeriodicalIF":1.2,"publicationDate":"2021-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42372815","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
Club Convergence in EU Countries: A Sectoral Perspective 欧盟国家的俱乐部趋同:一个部门视角
IF 1.2
Journal of Economic Integration Pub Date : 2021-03-01 DOI: 10.11130/JEI.2021.36.1.125
Eleonora Cavallaro, Ilaria Villani
{"title":"Club Convergence in EU Countries: A Sectoral Perspective","authors":"Eleonora Cavallaro, Ilaria Villani","doi":"10.11130/JEI.2021.36.1.125","DOIUrl":"https://doi.org/10.11130/JEI.2021.36.1.125","url":null,"abstract":"We employ Phillips and Sul’s (2007) nonlinear dynamic factor model to investigate whether economic integration within the EU has caused countries’ productive structures to become increasingly similar and sector-level productivity to converge over the period 1995-2018. This analysis provides several results. First, the EU countries do not converge to a unique path; instead, we observe clustered patterns for aggregate and sector-level productivity growth. Second, although successful integration in global production networks enabled most Central-Eastern European countries to catch up to other EU countries, asymmetries have increased following the recent financial crisis. Third, the heterogeneity in countries’ long-run productivity levels reflects differences in their vertical specialization; countries approaching the high-growth paths specialize in knowledge-intensive production, and the foreign value-added content of their exports is lower. Our analysis is relevant to the ongoing debate on the effects of internationalizing production, as it sheds light on countries’ growth prospects and indicates possible directions for policy actions.","PeriodicalId":45678,"journal":{"name":"Journal of Economic Integration","volume":null,"pages":null},"PeriodicalIF":1.2,"publicationDate":"2021-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41449109","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: 4
Is Trade in COVID-19 Products in ASEAN Economies a Building or Stumbling Block? 东盟国家新冠肺炎产品贸易是建设还是阻碍?
IF 1.2
Journal of Economic Integration Pub Date : 2021-03-01 DOI: 10.11130/JEI.2021.36.1.46
N. Uttama
{"title":"Is Trade in COVID-19 Products in ASEAN Economies a Building or Stumbling Block?","authors":"N. Uttama","doi":"10.11130/JEI.2021.36.1.46","DOIUrl":"https://doi.org/10.11130/JEI.2021.36.1.46","url":null,"abstract":"Stumbling blocks to regional integration continue to pose a serious threat to the World Trade Organization (WTO), particularly during the COVID-19 pandemic. This study aims to examine the effect of regional economic integration on trade in COVID-19 products for Association of Southeast Asian Nations (ASEAN) countries using quarterly data for 2010–2020. A panel data model is estimated using the Poisson pseudo-maximum likelihood approach to address zero trade values, cross-sectional dependence, and heterogeneity problems. The findings of a case study on bilateral trade in COVID-19 products reveal that the ASEAN regional trade agreement is a stumbling block to the WTO’s rules-based multilateral trading system. The results indicate that the home country’s productive capacity, the host country’s absorptive capacity, the countries’ similarity in size and per capita income, and the countries’ remoteness have positive and significant relationships with trade in COVID-19 products in ASEAN economies. This study provides several policy implications for Southeast Asian countries.","PeriodicalId":45678,"journal":{"name":"Journal of Economic Integration","volume":null,"pages":null},"PeriodicalIF":1.2,"publicationDate":"2021-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41425312","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
Regional Origin Outperforms All Other Sustainability Characteristics in Consumer Price Premiums for Honey: Empirical Evidence for Germany 区域原产地优于所有其他可持续性特征的消费者价格溢价蜂蜜:经验证据为德国
IF 1.2
Journal of Economic Integration Pub Date : 2021-03-01 DOI: 10.11130/JEI.2021.36.1.162
K. Bissinger, R. Herrmann
{"title":"Regional Origin Outperforms All Other Sustainability Characteristics in Consumer Price Premiums for Honey: Empirical Evidence for Germany","authors":"K. Bissinger, R. Herrmann","doi":"10.11130/JEI.2021.36.1.162","DOIUrl":"https://doi.org/10.11130/JEI.2021.36.1.162","url":null,"abstract":"Sustainability and online retailing are two of the main challenges in the food industry. This study analyzes how honey characteristics, including sustainability indicators, affect consumer prices for honey, using 241 German honey prices in online and offline retailing. Many honey characteristics significantly influence honey prices. However, a clear identification of the regional origin of honey has a particularly strong impact on the consumer price premium. It outperforms all other sustainability indicators such as fairtrade certification, organic production, and environmentally friendly packaging. Regional origins that receive high relative and absolute consumer price premiums are Germany and German regions as well as individual EU and non-EU countries that have a reputation for high-quality in the honey market. Given this evidence, the major demand-side argument behind high consumer price premiums for defined origins appears to be food-safety related concerns. Thus, foreign suppliers will gain from international honey trade with Germany in different ways, depending on their reputation for quality. The magnitude of price premiums is surprisingly stable across different years, as are online prices of honeys that belong to the “core” assortment. Changes in the depth of the assortment, such as non-price competition, rather than price adjustments clear the market.","PeriodicalId":45678,"journal":{"name":"Journal of Economic Integration","volume":null,"pages":null},"PeriodicalIF":1.2,"publicationDate":"2021-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41427211","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: 4
[Editors’ Remarks] Special Theme 1: Globalization in the Era of COVID-19 【编辑点评】专题一：新冠肺炎时代的全球化
IF 1.2
Journal of Economic Integration Pub Date : 2021-03-01 DOI: 10.11130/JEI.2021.36.1.1
Seung-Gwan Baek, S. Kim, Tae-hwan Rhee
{"title":"[Editors’ Remarks] Special Theme 1: Globalization in the Era of COVID-19","authors":"Seung-Gwan Baek, S. Kim, Tae-hwan Rhee","doi":"10.11130/JEI.2021.36.1.1","DOIUrl":"https://doi.org/10.11130/JEI.2021.36.1.1","url":null,"abstract":"","PeriodicalId":45678,"journal":{"name":"Journal of Economic Integration","volume":null,"pages":null},"PeriodicalIF":1.2,"publicationDate":"2021-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45526592","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
Firms around the World during the COVID-19 Pandemic COVID-19大流行期间世界各地的公司
IF 1.2
Journal of Economic Integration Pub Date : 2021-03-01 DOI: 10.11130/JEI.2021.36.1.3
A. Waldkirch
{"title":"Firms around the World during the COVID-19 Pandemic","authors":"A. Waldkirch","doi":"10.11130/JEI.2021.36.1.3","DOIUrl":"https://doi.org/10.11130/JEI.2021.36.1.3","url":null,"abstract":"This study uses the COVID-19 follow-up surveys to the World Bank's Enterprise Surveys (ES) to analyze the impact of the COVID-19 pandemic on firms around the world. The surveyed countries are selected from those in which the regular ES was recently conducted. This study finds that the pandemic’s impact has been swift, large, and heterogeneous. The pandemic’s negative effects on exports are greater than those on domestic sales and are also greater for foreign-owned firms that rely more on global value chains. The pandemic’s effects are very heterogeneous across countries and sectors.","PeriodicalId":45678,"journal":{"name":"Journal of Economic Integration","volume":null,"pages":null},"PeriodicalIF":1.2,"publicationDate":"2021-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47106649","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: 10
Impact of COVID-19 on Global Stock Market Volatility 新冠肺炎对全球股市波动的影响
IF 1.2
Journal of Economic Integration Pub Date : 2021-03-01 DOI: 10.11130/JEI.2021.36.1.20
Teresia Angelia Kusumahadi, Fikri C Permana
{"title":"Impact of COVID-19 on Global Stock Market Volatility","authors":"Teresia Angelia Kusumahadi, Fikri C Permana","doi":"10.11130/JEI.2021.36.1.20","DOIUrl":"https://doi.org/10.11130/JEI.2021.36.1.20","url":null,"abstract":"This study aims to examine the impact of COVID-19 on stock return volatility in 15 countries worldwide. Using daily data from January 2019 to June 2020, we find that changes in exchange rates have negatively affected stock returns in most countries. We also identify structural changes over the observation period; these structural changes occur not just after the first case of COVID-19 but also earlier in the period. Based on threshold generalized autoregressive conditional heteroskedasticity regressions, we find evidence that the emergence of COVID-19 affected stock return volatility in all observed countries except the United Kingdom. Furthermore, we find that the presence of COVID-19 in a country positively affects return volatility. However, the magnitude of this effect is small in every observed country. This finding suggests the need for in-depth studies of other factors that affect stock return volatility besides the occurrence of COVID-19.","PeriodicalId":45678,"journal":{"name":"Journal of Economic Integration","volume":null,"pages":null},"PeriodicalIF":1.2,"publicationDate":"2021-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49206318","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: 32
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