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The long-term impact of household debts on household consumption 家庭债务对家庭消费的长期影响
IF 1 4区 经济学
Asian Economic Journal Pub Date : 2024-07-12 DOI: 10.1111/asej.12331
Zhuyun Xie, Yuzhe Xie, Yue Liu, Guoliang Xu, Biao Xu
{"title":"The long-term impact of household debts on household consumption","authors":"Zhuyun Xie,&nbsp;Yuzhe Xie,&nbsp;Yue Liu,&nbsp;Guoliang Xu,&nbsp;Biao Xu","doi":"10.1111/asej.12331","DOIUrl":"https://doi.org/10.1111/asej.12331","url":null,"abstract":"<p>Using panel data from 2012 to 2018, this article investigates the long-term impact of household debt on household consumption, which is very important to the sustainable development of economy. The result shows that total household debt has a significant crowding-out impact on long-term household consumption, whereas nonhousing debt has no significant effect on it. In addition, we also find that the debt of high-asset families has a weaker impact on long-term household consumption; the debt of rural families, however, has a greater crowding-out effect, which means that increasing rural families' leverage will have a greater negative impact on household consumption. Finally, household debt's negative effect on long-term consumption was not found in older families, whereas it is found at significant level in middle-aged families. The above results have important implications for China's policy to stimulate consumption and promote sustainable economic development.</p>","PeriodicalId":45838,"journal":{"name":"Asian Economic Journal","volume":"38 2","pages":"202-231"},"PeriodicalIF":1.0,"publicationDate":"2024-07-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141608029","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}
引用次数: 0
The economic aftermath of Thailand's 2014 military coup: Evidence from the synthetic control method 泰国 2014 年军事政变的经济后果：合成控制法的证据
IF 1 4区 经济学
Asian Economic Journal Pub Date : 2024-07-12 DOI: 10.1111/asej.12333
Wisarut Suwanprasert
{"title":"The economic aftermath of Thailand's 2014 military coup: Evidence from the synthetic control method","authors":"Wisarut Suwanprasert","doi":"10.1111/asej.12333","DOIUrl":"https://doi.org/10.1111/asej.12333","url":null,"abstract":"<p>This paper study the effects of Thailand's 2014 military coup on Thailand's economy using the control method to create synthetic Thailand, which represents hypothetical Thailand had the 2014 coup not occurred. The empirical findings reveal no statistically significant effects on key economic variables such as gross domestic product, unemployment, military expenditure, and income inequality. Contrary to previous research, military expenditures did not increase following the coup. Supporters of the coup may interpret these results as evidence that the coup had no negative effects on the economy. At the same time, critics may argue that the coup did not lead to improved economic outcomes compared with the politically unstable precoup period, thus perpetuating a state of national stagnation.</p>","PeriodicalId":45838,"journal":{"name":"Asian Economic Journal","volume":"38 2","pages":"256-283"},"PeriodicalIF":1.0,"publicationDate":"2024-07-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141608031","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}
引用次数: 0
Examining the drivers of changes in mean earnings and earnings inequality in Indonesia 研究印度尼西亚平均收入和收入不平等变化的驱动因素
IF 1 4区 经济学
Asian Economic Journal Pub Date : 2024-06-27 DOI: 10.1111/asej.12332
Maria Monica Wihardja, Abror Tegar Pradana
{"title":"Examining the drivers of changes in mean earnings and earnings inequality in Indonesia","authors":"Maria Monica Wihardja,&nbsp;Abror Tegar Pradana","doi":"10.1111/asej.12332","DOIUrl":"10.1111/asej.12332","url":null,"abstract":"<p>This article examines the main drivers behind changes in mean earnings and earnings inequality in Indonesia between 2001/2002 (data for 2001 and 2002 are combined) and 2018. During this period, there was an increase in workers' education level, average age, job quality and mean earnings. More women participated in the labor market, but women earn lower wages than men, therefore mean earnings fell. For the overall period, a decline in educational returns at all levels of education contributed negatively to earnings. Narrowing wage premia across provinces contributed to the increase in mean earnings. Indonesia's Gini index rose during this period, driven by the education distribution effect and the spatial location (place of residence) premium effect. Although improvement in education levels increased mean earnings, this was inequality-increasing due to the “paradox of progress” (exponential wage returns to education). There is a need for complementary policies to attenuate the inequality-increasing education and spatial location effects as well as gender wage gap.</p>","PeriodicalId":45838,"journal":{"name":"Asian Economic Journal","volume":"38 2","pages":"232-255"},"PeriodicalIF":1.0,"publicationDate":"2024-06-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141503419","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}
引用次数: 0
Economic impacts of the EU–China comprehensive investment agreement: A dynamic general equilibrium analysis 欧盟-中国全面投资协定的经济影响：动态一般均衡分析
IF 1 4区 经济学
Asian Economic Journal Pub Date : 2024-06-20 DOI: 10.1111/asej.12330
Fan Zhai, Juzhong Zhuang
{"title":"Economic impacts of the EU–China comprehensive investment agreement: A dynamic general equilibrium analysis","authors":"Fan Zhai,&nbsp;Juzhong Zhuang","doi":"10.1111/asej.12330","DOIUrl":"https://doi.org/10.1111/asej.12330","url":null,"abstract":"<p>Using a global dynamic general equilibrium model with foreign direct investment (FDI) and technology capital, this paper finds that the EU–China Comprehensive Agreement on Investment (CAI) could bring modest but nonnegligible benefits to both sides. Under an illustrative scenario in which the CAI increases the degree of openness to bilateral FDI by 10%, the EU's FDI to China could rise by a factor of 3–4 and China's FDI to the EU by a factor of 3. These would generate a gain in the steady-state gross national product (GNP) of 0.23% for China and 0.73% for the EU. The cumulative household welfare gain in the present value term is equivalent to 0.36% and 0.13% of GNP annually for China and the EU, respectively.</p>","PeriodicalId":45838,"journal":{"name":"Asian Economic Journal","volume":"38 2","pages":"177-201"},"PeriodicalIF":1.0,"publicationDate":"2024-06-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141608087","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}
引用次数: 0
The impact of COVID-19 pandemic on the Thai economy and the effectiveness of monetary policy: A Bayesian DSGE model approach COVID-19大流行病对泰国经济的影响以及货币政策的有效性：贝叶斯 DSGE 模型方法
IF 1.3 4区 经济学
Asian Economic Journal Pub Date : 2024-03-26 DOI: 10.1111/asej.12316
Samuel Kwesi Dunyo, Saran Sarntisart
{"title":"The impact of COVID-19 pandemic on the Thai economy and the effectiveness of monetary policy: A Bayesian DSGE model approach","authors":"Samuel Kwesi Dunyo,&nbsp;Saran Sarntisart","doi":"10.1111/asej.12316","DOIUrl":"https://doi.org/10.1111/asej.12316","url":null,"abstract":"<p>This study estimates a medium-scale dynamic stochastic general equilibrium model for the Thai economy to evaluate the impact of the COVID-19 pandemic containment policy on key macroeconomic aggregates. The shock to labor supply is considered as the main transmission channel. The paper discussed the role of monetary policy in regard to economic recovery and also identified the dominant shocks driving the business cycle. Thai quarterly series from 2011Q1 to 2021Q2 is used for the Bayesian estimation of the model. Though the pandemic shock caused a sharp decline in output, consumption and investment, the results suggest a fast recovery in the growth rates of the variables in about 2.5 years. At the same time, the dominant shocks that account for output variation in the medium to long term are investment, labor supply and productivity shocks. Monetary policy is effective in shortening the recovery due to its impact on private investment. The key drivers of Thai household consumption in the long run are investment, labor supply and productivity shocks. On average, the investment shock appears to be the key driver of the business cycle at all horizons.</p>","PeriodicalId":45838,"journal":{"name":"Asian Economic Journal","volume":"38 1","pages":"3-34"},"PeriodicalIF":1.3,"publicationDate":"2024-03-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140297313","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}
引用次数: 0
The impact of compulsory primary education law on the educational attainment of children: Evidence from Vietnam 初等义务教育法对儿童受教育程度的影响：越南的证据
IF 1.3 4区 经济学
Asian Economic Journal Pub Date : 2024-03-24 DOI: 10.1111/asej.12321
Binh Thi Thanh Dang, Trung Xuan Hoang
{"title":"The impact of compulsory primary education law on the educational attainment of children: Evidence from Vietnam","authors":"Binh Thi Thanh Dang,&nbsp;Trung Xuan Hoang","doi":"10.1111/asej.12321","DOIUrl":"https://doi.org/10.1111/asej.12321","url":null,"abstract":"<p>This study examines the short-term impact of the compulsory primary education law (CPEL) on the educational attainment of children in Vietnam. This study uses the 1999 Vietnam Population and Housing Census and survival analysis to account for the right-censoring problem in the educational outcomes of children. The study found that CPEL reduces the dropout rate of children by 12%. However, the effect is minor, especially when compared with the impact of family income and parents' education. This finding is similar to those of other studies, suggesting that in addition to CPEL, other family income support and parent-oriented policies are crucial to improving children's educational attainment.</p>","PeriodicalId":45838,"journal":{"name":"Asian Economic Journal","volume":"38 1","pages":"118-147"},"PeriodicalIF":1.3,"publicationDate":"2024-03-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140297368","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}
引用次数: 0
Does the proliferation of smartphones reduce consumer search costs? The case of the Korean gasoline market 智能手机的普及是否降低了消费者的搜索成本？韩国汽油市场案例
IF 1 4区 经济学
Asian Economic Journal Pub Date : 2024-03-24 DOI: 10.1111/asej.12320
Bongseok Choi, Donghun Kim
{"title":"Does the proliferation of smartphones reduce consumer search costs? The case of the Korean gasoline market","authors":"Bongseok Choi,&nbsp;Donghun Kim","doi":"10.1111/asej.12320","DOIUrl":"10.1111/asej.12320","url":null,"abstract":"<p>This study treats the introduction of smartphones and access to the Korean gasoline market as a natural experiment, investigating how they affect consumer search costs. We estimate consumer search costs in different regional districts in Seoul and examine how smartphone proliferation affects search costs. Our findings indicate that the widespread use of smartphones reduced consumer search costs, and this reduction was more significant in districts with higher competition across firms. We can also infer that reduced search costs narrowed the market's dispersion of prices and markups.</p>","PeriodicalId":45838,"journal":{"name":"Asian Economic Journal","volume":"38 2","pages":"153-176"},"PeriodicalIF":1.0,"publicationDate":"2024-03-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140297536","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}
引用次数: 0
Family planning and fertility inequality: Evidence from the abolition of China's one-child policy 计划生育与生育率不平等：中国取消独生子女政策的证据
IF 1.3 4区 经济学
Asian Economic Journal Pub Date : 2024-03-24 DOI: 10.1111/asej.12319
Nana Chen, Hangtian Xu, Yang Xu
{"title":"Family planning and fertility inequality: Evidence from the abolition of China's one-child policy","authors":"Nana Chen,&nbsp;Hangtian Xu,&nbsp;Yang Xu","doi":"10.1111/asej.12319","DOIUrl":"https://doi.org/10.1111/asej.12319","url":null,"abstract":"<p>This study takes China's one-child policy (OCP)—a widely known policy intervention for family planning—as an example to illustrate that an income-based penalty scheme for above-quota births may cause fertility inequality. A couple can legally have only one child under the OCP, and those who exceed the quota are subject to fines. To ensure that this penalty scheme does not biasedly affect only low-income people who are relatively more sensitive to fines of a certain amount, it was designed to be income-based, which makes the perceived cost of the rich equal to that of the poor. However, we find that due to the limited liability nature of the financial penalty, it unintentionally created fertility inequality that favors the poor. Relying on city-year-level panel data, we find that this mechanism partly explains the lower birth rates in rich cities in the OCP era; the gap narrowed rapidly after the OCP abolition.</p>","PeriodicalId":45838,"journal":{"name":"Asian Economic Journal","volume":"38 1","pages":"86-117"},"PeriodicalIF":1.3,"publicationDate":"2024-03-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140297354","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}
引用次数: 0
Did economic cooperation encourage trade in essential medical goods? Empirical evidence from the Asia–Pacific during COVID-19 经济合作是否鼓励了基本医疗用品的贸易？COVID-19 期间亚太地区的经验证据
IF 1.3 4区 经济学
Asian Economic Journal Pub Date : 2024-03-19 DOI: 10.1111/asej.12317
Rahul Sen, Sanchita Basu Das
{"title":"Did economic cooperation encourage trade in essential medical goods? Empirical evidence from the Asia–Pacific during COVID-19","authors":"Rahul Sen,&nbsp;Sanchita Basu Das","doi":"10.1111/asej.12317","DOIUrl":"10.1111/asej.12317","url":null,"abstract":"<p>Our paper empirically investigates the role of economic cooperation involving trade in coronavirus disease (COVID-19)-related essential medical goods—vaccines and their value chains, personal protective equipment, and diagnostic test kits—across 29 Asia and the Pacific economies. The paper incorporates vaccines and their global value chain products trade for the first time in the empirical literature. We further investigate whether trade facilitation, proxied by membership in regional trade agreements (RTAs), can help mitigate any adverse impact on trade in essential medical goods, applying a structural gravity framework. The results confirm that while trade is critical for Asian economies, its nature differs. Low-income economies are largely dependent on imports, whereas selected middle- and high-income economies are part of two-way trade and engaged in the low end of the vaccine value chain. We find that the onset of the pandemic has hurt exports of these goods. This adverse effect is found to be lowered for economies engaged in RTAs. This emphasizes the role of governments in committing to RTAs and implementing trade facilitation measures.</p>","PeriodicalId":45838,"journal":{"name":"Asian Economic Journal","volume":"38 1","pages":"35-60"},"PeriodicalIF":1.3,"publicationDate":"2024-03-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/asej.12317","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140166614","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}
引用次数: 0
Does economic self-interest determine public attitudes toward immigrants? An econometric case study in Japan 经济私利是否决定公众对移民的态度？日本计量经济学案例研究
IF 1.3 4区 经济学
Asian Economic Journal Pub Date : 2024-03-19 DOI: 10.1111/asej.12318
Ana Maria Takahashi, Shingo Takahashi
{"title":"Does economic self-interest determine public attitudes toward immigrants? An econometric case study in Japan","authors":"Ana Maria Takahashi,&nbsp;Shingo Takahashi","doi":"10.1111/asej.12318","DOIUrl":"10.1111/asej.12318","url":null,"abstract":"<p>We examine two economic self-interest hypotheses regarding the determinants of public attitudes toward immigrants: (1) the labor market hypothesis, which states that the employment and wage impacts of immigration determine the public attitudes, and (2) the welfare state hypothesis, which states that natives hold negative perceptions of immigrants due to concerns that they may strain the country's welfare budget. The first hypothesis predicts that natives' education will affect pro-immigrant attitudes more positively when immigrants come from lower income countries. The second hypothesis predicts that natives' income affects the pro-immigrant attitudes more negatively when immigrants come from lower income countries. We use the Japanese General Social Survey, which asks respondents' tolerance toward immigrants from different countries, allowing us to control for unobserved individual characteristics through a method akin to the fixed effect estimation. Our results indicate no difference in the effects of education and income on pro-immigrant attitudes regardless of whether immigrants come from high- or low-income countries. We conclude that economic self-interest does not explain Japanese public attitudes toward immigrants. We discuss the policy implications about how to improve public attitudes toward immigrants.</p>","PeriodicalId":45838,"journal":{"name":"Asian Economic Journal","volume":"38 1","pages":"61-85"},"PeriodicalIF":1.3,"publicationDate":"2024-03-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140166510","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}
引用次数: 0
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