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Real exchange rate misalignment and business cycle fluctuations in the Asia-Pacific 亚太地区实际汇率失调和商业周期波动
IF 1.3 4区 经济学
Asian Economic Journal Pub Date : 2023-07-24 DOI: 10.1111/asej.12301
Dessie Ambaw, Madhavi Pundit, Arief Ramayandi, Nicholas Sim
{"title":"Real exchange rate misalignment and business cycle fluctuations in the Asia-Pacific","authors":"Dessie Ambaw,&nbsp;Madhavi Pundit,&nbsp;Arief Ramayandi,&nbsp;Nicholas Sim","doi":"10.1111/asej.12301","DOIUrl":"10.1111/asej.12301","url":null,"abstract":"<p>Real exchange rate (RER) misalignment, which is the deviation between the actual real exchange rate from its equilibrium, occurs frequently among developing countries. Studies have shown that RER misalignment may have negative economic implications, such as a decline in economic growth, exports, and export diversification and an increased risk of currency crises and political instability. Using quarterly data for 22 sample countries from 1990 to 2018, this paper investigates the impact of RER misalignment on business cycles in the Asia-Pacific by employing a panel vector autoregression involving consumer price index (CPI) inflation, output gap, short-term interest rates, and RER misalignment. We find that RER overvaluation may reduce CPI inflation and short-term interest rates. We also find that the Asia-Pacific region is highly heterogeneous in that the output gaps of some countries, particularly from the Southeast Asian region, are more susceptible to RER misalignment shocks.</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":"46383660","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
Distributional Effects of Freedom and Income on Life Satisfaction: Evidence from East Asian Chinese Societies 自由和收入对生活满意度的分配效应——来自东亚华人社会的证据
IF 1.3 4区 经济学
Asian Economic Journal Pub Date : 2023-04-16 DOI: 10.1111/asej.12291
Hock-Eam Lim, Daigee Shaw, Le-Yu Chen, Pei-Shan Liao
{"title":"Distributional Effects of Freedom and Income on Life Satisfaction: Evidence from East Asian Chinese Societies","authors":"Hock-Eam Lim,&nbsp;Daigee Shaw,&nbsp;Le-Yu Chen,&nbsp;Pei-Shan Liao","doi":"10.1111/asej.12291","DOIUrl":"10.1111/asej.12291","url":null,"abstract":"<p>We estimate the distributional effects of freedom and income on life satisfaction (LS) for East Asian Chinese societies through an ordinal parametric quantile regression approach. The results show that freedom and income exhibit positive and mostly significant effects across societies and LS levels. The freedom effects generally become larger for those at higher LS quantiles. However, the income effects decline as the LS quantile level increases. Thus, one may have a trade-off between freedom and income without compromising individual LS. The trade-off of freedom (income) for income (freedom) is more pronounced for people at a lower (higher) LS level.</p>","PeriodicalId":45838,"journal":{"name":"Asian Economic Journal","volume":null,"pages":null},"PeriodicalIF":1.3,"publicationDate":"2023-04-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46289274","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
Firm size-specific trade effects of regional trade agreements: Estimating extensive and intensive margins of trade 企业规模-区域贸易协定的特定贸易效应:估计粗放型和集约型贸易边际
IF 1.3 4区 经济学
Asian Economic Journal Pub Date : 2023-04-14 DOI: 10.1111/asej.12290
Soonchan Park, Innwon Park
{"title":"Firm size-specific trade effects of regional trade agreements: Estimating extensive and intensive margins of trade","authors":"Soonchan Park,&nbsp;Innwon Park","doi":"10.1111/asej.12290","DOIUrl":"10.1111/asej.12290","url":null,"abstract":"<p>We estimate the impacts of Korean firms’ participation in regional trade agreements (RTAs) on the extensive and intensive export margins by identifying exporting firms based on their firm size—small and medium-sized enterprises (SMEs) and large enterprises (LEs) at the 5 399 HS six-digit commodity level—and specifying characteristics of RTAs from 2004 to 2015. We apply the EK Tobit estimation technique to control zero trade and the OLS estimation with importer-product and time fixed effects to alleviate the endogeneity problem. We find that firm size, product type, and depth of RTA significantly matter. Specifically, we find that deeper RTAs with larger, developing, and closer members significantly enhance the export creation effects of SMEs and LEs. Regarding the firm size-specific effects, we find that SMEs are less sensitive to exploiting RTA participation but more sensitive to the import market size, bilateral and relative trade costs, and the RTA characteristics. LEs’ export creation is mainly driven by the intensive margin, while SMEs’ export creation is driven by extensive and intensive margins (slightly more by the extensive margin). For the product-specific effects, we find that Korea's major exportable products such as chemicals, basic metals, motor vehicles, and transport equipment generate significantly strong export creation effects for both LEs and SMEs through their participation in RTAs.</p>","PeriodicalId":45838,"journal":{"name":"Asian Economic Journal","volume":null,"pages":null},"PeriodicalIF":1.3,"publicationDate":"2023-04-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44232634","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
Disparity in high school enrollment between native and immigrant children in Japan 日本本地和移民儿童高中入学率的差异
IF 1.3 4区 经济学
Asian Economic Journal Pub Date : 2023-04-13 DOI: 10.1111/asej.12288
Risa Hagiwara, Yang Liu
{"title":"Disparity in high school enrollment between native and immigrant children in Japan","authors":"Risa Hagiwara,&nbsp;Yang Liu","doi":"10.1111/asej.12288","DOIUrl":"10.1111/asej.12288","url":null,"abstract":"<p>Using nonlinear decomposition, this study examines the gap in high school enrollment between native and immigrant children based on data from the 2010 Population Census. The school attendance probability of immigrant children is significantly lower than that of native children. Factors contributing to the gap are the length of stay in Japan, parental employment status, and home ownership. The total explained part of all observable factors is approximately 30% in the comparison between native and immigrant children whose parents are both foreigners. Furthermore, immigrant children who do not attend high school are more likely to be unemployed.</p>","PeriodicalId":45838,"journal":{"name":"Asian Economic Journal","volume":null,"pages":null},"PeriodicalIF":1.3,"publicationDate":"2023-04-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/asej.12288","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42157200","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
Rebuilding or refurbishing: Heterogeneity effects of urban renewal strategy 重建或翻新:城市更新策略的异质性效应
IF 1.3 4区 经济学
Asian Economic Journal Pub Date : 2023-03-29 DOI: 10.1111/asej.12289
Fan Zhang, Xiuyan Liu, Songlin Li
{"title":"Rebuilding or refurbishing: Heterogeneity effects of urban renewal strategy","authors":"Fan Zhang,&nbsp;Xiuyan Liu,&nbsp;Songlin Li","doi":"10.1111/asej.12289","DOIUrl":"10.1111/asej.12289","url":null,"abstract":"<p>This study investigates the heterogeneous policy effects of urban renewal strategies in shantytown renewal in Beijing. Using the spatial difference-in-difference approach, this study identifies the renewal approaches for each shantytown to analyze how each strategy affects housing prices and population density within the policy target area and surrounding area. The empirical results suggest that current urban renewal actions in Beijing have not achieved the expected policy goals and imply significant heterogeneity between refurbishing and rebuilding shantytowns in improving building value. Rebuilding projects have positive renewal effects and externalities, driving housing prices to increase by 5.86%–7.25% within the shantytown and a 1-km radius. Furthermore, the dynamic analysis shows that these impacts are prolonged, with housing prices maintaining an upward trend for 2–6 years after rebuilding. However, there is no causality between refurbishing dilapidated areas and increasing building values.</p>","PeriodicalId":45838,"journal":{"name":"Asian Economic Journal","volume":null,"pages":null},"PeriodicalIF":1.3,"publicationDate":"2023-03-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47703344","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 Korean trade union on wage discrimination between regular and irregular workers 韩国工会对正职和非正规职工资歧视的影响
IF 1.3 4区 经济学
Asian Economic Journal Pub Date : 2023-03-23 DOI: 10.1111/asej.12287
Myounghwan Kim, Giseung Kim
{"title":"Effect of Korean trade union on wage discrimination between regular and irregular workers","authors":"Myounghwan Kim,&nbsp;Giseung Kim","doi":"10.1111/asej.12287","DOIUrl":"10.1111/asej.12287","url":null,"abstract":"<p>Whether the dual labor market structure implied by employment type and unionization causes wage discrimination is an intriguing and relevant policy question in the context of South Korea. This study examines the effect of trade unions on wage discrimination against irregular workers by extracting and comparing the ratios of the discriminatory wage gap by employment type between unionized and non-unionized workplaces. As per the analysis, all generalized decomposition frameworks show that the presence of trade unions expands discrimination regardless of the employment type. In addition, the effects of unionization on the degree of discrimination differ by factors characterized by the dual labor market. The effects are statistically significantly greater for women, youth, service industries, and white-collar jobs.</p>","PeriodicalId":45838,"journal":{"name":"Asian Economic Journal","volume":null,"pages":null},"PeriodicalIF":1.3,"publicationDate":"2023-03-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45752967","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
2023 EAEA CONFERENCE in Seoul, Korea CALL FOR PAPERS AND PRELIMINARY INFORMATION 2023年EAEA会议在韩国首尔召开，征集论文和初步信息
IF 1.3 4区 经济学
Asian Economic Journal Pub Date : 2022-12-27 DOI: 10.1111/asej.12286
{"title":"2023 EAEA CONFERENCE in Seoul, Korea CALL FOR PAPERS AND PRELIMINARY INFORMATION","authors":"","doi":"10.1111/asej.12286","DOIUrl":"10.1111/asej.12286","url":null,"abstract":"","PeriodicalId":45838,"journal":{"name":"Asian Economic Journal","volume":null,"pages":null},"PeriodicalIF":1.3,"publicationDate":"2022-12-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48964393","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
Impact of outward foreign direct investment on employment volatility: Evidence from China 对外直接投资对就业波动的影响:来自中国的证据
IF 1.3 4区 经济学
Asian Economic Journal Pub Date : 2022-12-20 DOI: 10.1111/asej.12283
Yuting Cen, Nannan Dong
{"title":"Impact of outward foreign direct investment on employment volatility: Evidence from China","authors":"Yuting Cen,&nbsp;Nannan Dong","doi":"10.1111/asej.12283","DOIUrl":"10.1111/asej.12283","url":null,"abstract":"<p>Does outward foreign direct investment (OFDI) help stabilize employment in the home country? This paper studies the relationship between the volatility of employment growth and the OFDI of a firm using matched data of Chinese firms from 2000 to 2019. The empirical analysis shows that employment in OFDI firms is less volatile than that in non-OFDI firms. For firms in the eastern coastal areas of China, OFDI has a more obvious effect in restraining employment volatility. OFDI is also conducive to reducing employment volatility for firms that conduct OFDI in Asian, European, and American countries. Firms in the service sector conducting OFDI see a greater reduction in employment volatility. In addition, OFDI affects employment volatility mainly through the channels of technological innovation and production transfers. This study recommends that the government enact reforms in the domestic market to encourage more firms in China to invest.</p>","PeriodicalId":45838,"journal":{"name":"Asian Economic Journal","volume":null,"pages":null},"PeriodicalIF":1.3,"publicationDate":"2022-12-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43918003","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
Aging and labor share of income in Korea 韩国的老龄化和劳动收入占比
IF 1.3 4区 经济学
Asian Economic Journal Pub Date : 2022-12-19 DOI: 10.1111/asej.12285
Donghyun Park, Kwanho Shin
{"title":"Aging and labor share of income in Korea","authors":"Donghyun Park,&nbsp;Kwanho Shin","doi":"10.1111/asej.12285","DOIUrl":"10.1111/asej.12285","url":null,"abstract":"<p>A growing body of evidence points to a decline in the labor share of income. A sizable empirical literature delves into the relationship between technological progress, globalization, and market concentration and labor's declining income share, which can exacerbate income inequality. Population aging has often been put forth as a factor that worsens income inequality. However, few studies have empirically examined the nexus between aging and the labor share, a potentially significant driver of inequality. In this study, we use industry-level data to investigate the nexus in Korea, a rapidly aging country where inequality has emerged as a big social and economic issue. We find a positive and significant association between aging and labor share. Hence, at least in Korea, we do not find that aging exacerbates income inequality by reducing labor's income share. In addition, our evidence suggests that labor share has a negative link with both information and communication technology capital and robots.</p>","PeriodicalId":45838,"journal":{"name":"Asian Economic Journal","volume":null,"pages":null},"PeriodicalIF":1.3,"publicationDate":"2022-12-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43605102","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: 1
What causes house prices to fluctuate? Evidence from South Korea 是什么导致房价波动?来自韩国的证据
IF 1.3 4区 经济学
Asian Economic Journal Pub Date : 2022-12-07 DOI: 10.1111/asej.12282
Jinwoong Lee, Jihee Ann, Cheolbeom Park
{"title":"What causes house prices to fluctuate? Evidence from South Korea","authors":"Jinwoong Lee,&nbsp;Jihee Ann,&nbsp;Cheolbeom Park","doi":"10.1111/asej.12282","DOIUrl":"10.1111/asej.12282","url":null,"abstract":"<p>In this study, we build a structural vector autoregressive model of the housing market with supply and demand shocks to determine the main causes of house price movements in South Korea. We include housing permits, basic housing demand, and the growth rates of real housing prices in the model. Changes in house prices are decomposed into three structural components: housing supply shocks, shocks to basic housing demand, and shocks to housing market-specific demand. We find that the main driver of the movements in house prices is housing market-specific demand shocks, and these are associated with beliefs regarding future house prices and the real estate market, as measured by the Consumer Sentiment Indices for the housing market, rather than credit conditions or financial variables such as interest rates or stock returns.</p>","PeriodicalId":45838,"journal":{"name":"Asian Economic Journal","volume":null,"pages":null},"PeriodicalIF":1.3,"publicationDate":"2022-12-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45362838","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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