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Exchange rate effects on China's exports: Product sophistication and exchange rate elasticity 汇率对中国出口的影响:产品复杂性和汇率弹性
IF 1.3 4区 经济学
Asian Economic Journal Pub Date : 2023-11-12 DOI: 10.1111/asej.12309
Chen Chen, Nimesh Salike, Willem Thorbecke
{"title":"Exchange rate effects on China's exports: Product sophistication and exchange rate elasticity","authors":"Chen Chen,&nbsp;Nimesh Salike,&nbsp;Willem Thorbecke","doi":"10.1111/asej.12309","DOIUrl":"10.1111/asej.12309","url":null,"abstract":"<p>The negative effect of a currency appreciation on a country's exports may be attenuated as its export basket becomes more sophisticated. This paper investigates whether exchange rate changes affect China's exports differently depending on their sophistication levels, as measured by the Product Complexity Index (PCI). We estimate exchange rate elasticities for 1242 export categories disaggregated at the HS-4-digit level from 1995 to 2018 using bilateral trade data between China and 190 partner economies. Results indicate that exchange rate fluctuations have negative effects on China's export values, and exchange rate effects are less for more sophisticated exports. This decreasing of exchange rate elasticities for more sophisticated exports holds even when controlling for tariffs. The evidence also shows that, as China has upgraded its export basket over time, the impact of exchange rates on exports has become smaller and less significant. Moreover, the effect of exchange rate related policies on export values via the exchange rate is smaller and less significant for China's more sophisticated exports.</p>","PeriodicalId":45838,"journal":{"name":"Asian Economic Journal","volume":null,"pages":null},"PeriodicalIF":1.3,"publicationDate":"2023-11-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/asej.12309","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135782655","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 CEO's foreign experience promote export performance? Evidence from China CEO的海外经历是否促进了出口业绩?来自中国的证据
IF 1.3 4区 经济学
Asian Economic Journal Pub Date : 2023-11-03 DOI: 10.1111/asej.12307
Jialong Wang, Ran Cui
{"title":"Does CEO's foreign experience promote export performance? Evidence from China","authors":"Jialong Wang,&nbsp;Ran Cui","doi":"10.1111/asej.12307","DOIUrl":"10.1111/asej.12307","url":null,"abstract":"<p>We examine whether CEOs with foreign experience influence firms' export performance. Using a combined dataset based on Chinese-listed firms from 2008 to 2021, we determine that hiring CEOs with foreign experience significantly enhances firms' export performance. In addition, we document that the positive relationship between CEOs' foreign experience and firms' export performance is more pronounced when CEOs have long-term foreign work experience. The impact of foreign experience on firms' export performance varies with CEOs' gender. Furthermore, the advantage of appointing CEOs with foreign experience is only significant when firms have long-time lifespan or receive intensive foreign direct investment. The results are robust to the endogenous CEO selection using instrument variable method, propensity score matching method, and the fixed-effects model. Accordingly, our findings offer policy implications by suggesting that hiring a CEO with foreign experience is an efficient way to improve firms' export performance.</p>","PeriodicalId":45838,"journal":{"name":"Asian Economic Journal","volume":null,"pages":null},"PeriodicalIF":1.3,"publicationDate":"2023-11-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135738310","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
Social safety nets and productivity outcomes: Evidence and implications for Bangladeshi rice growers 社会安全网和生产力成果:对孟加拉国水稻种植者的证据和影响
IF 1.3 4区 经济学
Asian Economic Journal Pub Date : 2023-11-02 DOI: 10.1111/asej.12310
Md Abdus Salam, Asif Reza Anik
{"title":"Social safety nets and productivity outcomes: Evidence and implications for Bangladeshi rice growers","authors":"Md Abdus Salam,&nbsp;Asif Reza Anik","doi":"10.1111/asej.12310","DOIUrl":"10.1111/asej.12310","url":null,"abstract":"<p>Using national representative cross-sectional data from 8846 rice growing plots in Bangladesh, we analyze the impact of social safety net programs (SSNPs) on rice farmers' productivity and efficiency. This study applied the propensity score matching (PSM) approach to correct the possible self-selection biases arising from observed and unobserved factors affecting a household's SSNP participation decisions. The stochastic frontier production function is estimated separately for participants and non-participants to compare yield and technical efficiency. Our results show that the output elasticities of all inputs except land and fertilizer are significantly higher for non-participants than participants. The SSNP participants are estimated to have 1.95% higher technical efficiency than the non-participants, while their frontier yield is 11.75% higher. The average treatment effect on treated (ATET) also confirms the yield and efficiency-enhancing role of SSNPs, particularly in climate-stressed areas. The study argues for widening the SSNP coverage to increase the marginal farmers' efficiency in climate-vulnerable areas. Other policy interventions include policies to increase farmers' access to land through the proper functioning land market, education, providing literacy training, and different production inputs.</p>","PeriodicalId":45838,"journal":{"name":"Asian Economic Journal","volume":null,"pages":null},"PeriodicalIF":1.3,"publicationDate":"2023-11-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135737825","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 effect of the Bank of Japan's Exchange-Traded Fund purchases on firm performance 日本央行购买交易所交易基金对公司业绩的影响
IF 1.3 4区 经济学
Asian Economic Journal Pub Date : 2023-10-22 DOI: 10.1111/asej.12308
Hiroshi Gunji, Kazuki Miura, Yuan Yuan
{"title":"The effect of the Bank of Japan's Exchange-Traded Fund purchases on firm performance","authors":"Hiroshi Gunji,&nbsp;Kazuki Miura,&nbsp;Yuan Yuan","doi":"10.1111/asej.12308","DOIUrl":"10.1111/asej.12308","url":null,"abstract":"<p>Since December 2010, the Bank of Japan has been purchasing exchange-traded funds (ETFs) that track the Nikkei 225 and TOPIX. In this study, we examine how the Bank of Japan's purchase of ETFs affects companies' profits, innovation investment, and governance using a difference-in-differences method. The results show that the ETF purchase policy lowered the return on assets for TOPIX and Nikkei 225 companies by 0.2%–1.5% and 0.8%–1.8%, respectively. As random assignment of data sources to either treatment or control groups was not possible, we also performed a propensity score method, of which the results were robust. Our study enhances the current understanding of the unintended effects of a central bank purchasing private assets. However, our findings are by no means perfect, and therefore, care will also need to be taken in interpreting the results.</p>","PeriodicalId":45838,"journal":{"name":"Asian Economic Journal","volume":null,"pages":null},"PeriodicalIF":1.3,"publicationDate":"2023-10-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135735114","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
Rural digital infrastructure and labor market: Evidence from universal telecommunication service 农村数字基础设施与劳动力市场:来自普遍电信服务的证据
IF 1.3 4区 经济学
Asian Economic Journal Pub Date : 2023-10-02 DOI: 10.1111/asej.12306
Qing Wang, Xingyu Xia, Sai Lan, Miao Li
{"title":"Rural digital infrastructure and labor market: Evidence from universal telecommunication service","authors":"Qing Wang,&nbsp;Xingyu Xia,&nbsp;Sai Lan,&nbsp;Miao Li","doi":"10.1111/asej.12306","DOIUrl":"10.1111/asej.12306","url":null,"abstract":"<p>This study estimates the effects of the rapid expansion of digital infrastructure on rural employment and income. We use a triple-difference framework and exploit the geographic variation of the recent universal telecommunication service in China. Empirical results reveal increased broadband adoption after the implementation of the program with governmental subsidy. The universal telecommunication service led to an increase in rural residents’ income and their employment in the non-agricultural sector, especially salaried work. The findings suggest that digital infrastructure promotes the transformation of the rural economy in emerging markets.</p>","PeriodicalId":45838,"journal":{"name":"Asian Economic Journal","volume":null,"pages":null},"PeriodicalIF":1.3,"publicationDate":"2023-10-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135639080","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
Effect of sovereign wealth funds in commodity-exporting economies when commodity prices affect interest spreads 大宗商品价格影响利差时主权财富基金在大宗商品出口经济体中的效应
IF 1.3 4区 经济学
Asian Economic Journal Pub Date : 2023-10-02 DOI: 10.1111/asej.12305
Shigeto Kitano, Kenya Takaku
{"title":"Effect of sovereign wealth funds in commodity-exporting economies when commodity prices affect interest spreads","authors":"Shigeto Kitano,&nbsp;Kenya Takaku","doi":"10.1111/asej.12305","DOIUrl":"10.1111/asej.12305","url":null,"abstract":"<p>We reconsider the role of a sovereign wealth fund in commodity-exporting economies facing recent volatile fluctuations of commodity prices due to the COVID-19 shock. We examine the welfare-improving effect of a sovereign wealth fund from the new perspective of the link between commodity prices and interest rate spreads, which is unique to emerging economies. We show that a sovereign wealth fund becomes more effective in improving welfare for commodity-exporting economies with a stronger link between their commodity prices and interest rate spreads.</p>","PeriodicalId":45838,"journal":{"name":"Asian Economic Journal","volume":null,"pages":null},"PeriodicalIF":1.3,"publicationDate":"2023-10-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/asej.12305","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135896055","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 global value chain participation improve firm productivity? A study of selected ASEAN developing countries 全球价值链参与是否能提高企业生产力？东盟选定发展中国家研究
IF 1.3 4区 经济学
Asian Economic Journal Pub Date : 2023-09-13 DOI: 10.1111/asej.12304
Youngmin Baek, Shujiro Urata
{"title":"Does global value chain participation improve firm productivity? A study of selected ASEAN developing countries","authors":"Youngmin Baek,&nbsp;Shujiro Urata","doi":"10.1111/asej.12304","DOIUrl":"https://doi.org/10.1111/asej.12304","url":null,"abstract":"<p>This paper examines the impact of local firms’ participation in global value chains (GVCs) on productivity by considering three different patterns of GVC participation. We conducted a DID-PSM estimation involving three countries, Indonesia, the Philippines, and Vietnam, and 17 manufacturing sectors in 2009 and 2015 in a panel framework. We found an endogenous relationship between firm productivity and GVC participation: firms that enter GVCs have high productivity before participating in the GVCs (selection effect), and only Indonesian firms that entered GVCs had high productivity growth after joining GVCs (learning effect). These two effects were only found for firms that both import intermediate goods and export output and not for firms that only either import or export. We also found that indirect exporting does not improve a local firm's productivity. Several recommendations are made to help firms and governments facilitate the participation of firms in GVCs.</p>","PeriodicalId":45838,"journal":{"name":"Asian Economic Journal","volume":null,"pages":null},"PeriodicalIF":1.3,"publicationDate":"2023-09-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50140903","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
How do changes in household economic conditions affect cognitive function? 家庭经济条件的变化如何影响认知功能?
IF 1.3 4区 经济学
Asian Economic Journal Pub Date : 2023-08-06 DOI: 10.1111/asej.12302
Yumi Ishikawa
{"title":"How do changes in household economic conditions affect cognitive function?","authors":"Yumi Ishikawa","doi":"10.1111/asej.12302","DOIUrl":"10.1111/asej.12302","url":null,"abstract":"<p>This study examines the effects of changes in household economic conditions on cognitive function using individual panel data from the National Survey of the Japanese Elderly. This study captures the objective and subjective economic conditions and examines which aspects of economic conditions affect cognitive function. The results demonstrate that deterioration in economic conditions damages cognitive function. In particular, objective economic conditions measured by income affect the cognitive function of Japanese men. This study also assesses possible pathways through which economic conditions affect cognitive function.</p>","PeriodicalId":45838,"journal":{"name":"Asian Economic Journal","volume":null,"pages":null},"PeriodicalIF":1.3,"publicationDate":"2023-08-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43578190","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
Birth order and intergenerational income mobility in Japan: Is the first-born child different? 日本的出生顺序和代际收入流动：第一个孩子不同吗？
IF 1.3 4区 经济学
Asian Economic Journal Pub Date : 2023-08-02 DOI: 10.1111/asej.12303
Zhi-xiao Jia
{"title":"Birth order and intergenerational income mobility in Japan: Is the first-born child different?","authors":"Zhi-xiao Jia","doi":"10.1111/asej.12303","DOIUrl":"10.1111/asej.12303","url":null,"abstract":"<p>This study examines how birth order affects intergenerational income mobility (IGM) in Japan, focusing on the difference in IGM between firstborn and later-born children. The elasticities of sons’ income with respect to fathers’ income are separately estimated for sons who are firstborn and sons who are later born by family size using a two-sample, two-stage least squares approach. For sons born in 1926–1981, this study finds that in families with four or more children, intergenerational income elasticity (IGE) for firstborn sons is substantially and significantly higher than that for later-born sons. However, no significant birth order effects are found in households with two or three children.</p>","PeriodicalId":45838,"journal":{"name":"Asian Economic Journal","volume":null,"pages":null},"PeriodicalIF":1.3,"publicationDate":"2023-08-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41783524","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
Effect of grandchildren on the happiness of grandparents: Does the grandparent's child's gender matter? 孙辈对祖父母幸福感的影响：祖父母子女的性别重要吗？
IF 1.3 4区 经济学
Asian Economic Journal Pub Date : 2023-07-24 DOI: 10.1111/asej.12300
Eiji Yamamura, Giorgio Brunello
{"title":"Effect of grandchildren on the happiness of grandparents: Does the grandparent's child's gender matter?","authors":"Eiji Yamamura,&nbsp;Giorgio Brunello","doi":"10.1111/asej.12300","DOIUrl":"https://doi.org/10.1111/asej.12300","url":null,"abstract":"<p>Using a representative sample from Japan and a difference-in-differences strategy, we investigate whether the effect of having grandchildren on the happiness of grandparents varies with the gender of their (own) single child. In line with our expectations, we find that maternal grandmothers have more to lose or less to gain from having grandchildren than paternal grandmothers. In contrast, grandfathers’ changes in happiness do not depend on their own child's gender. This result is explained by the fact that grandmothers are more likely to be involved in childrearing when their daughter has a child.</p>","PeriodicalId":45838,"journal":{"name":"Asian Economic Journal","volume":null,"pages":null},"PeriodicalIF":1.3,"publicationDate":"2023-07-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50142958","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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