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Consumption externalities, habit formation and optimal dynamic non‐linear income taxation under asymmetric information 非对称信息下的消费外部性、习惯养成和最优动态非线性所得税
IF 1.5 4区 经济学
Pacific Economic Review Pub Date : 2024-09-13 DOI: 10.1111/1468-0106.12455
Yunmin Chen, Dongmeng Ren
{"title":"Consumption externalities, habit formation and optimal dynamic non‐linear income taxation under asymmetric information","authors":"Yunmin Chen, Dongmeng Ren","doi":"10.1111/1468-0106.12455","DOIUrl":"https://doi.org/10.1111/1468-0106.12455","url":null,"abstract":"This article proposes a 2‐period model featuring jointly habit formation, consumption externalities and asymmetric information to investigate their impacts on optimal labour and saving taxes. Regarding the effect of habit formation only, our model suggests that both labour taxation in the first period and a capital subsidy between the first and second period are used to deter consumption in the first period. However, when the impact of consumption externalities alone is considered, consumption externalities advocate for higher labour taxation for all agents. Finally, our quantitative results show that with the rising degree of consumption externalities, the discrepancy between marginal capital tax rates under full information and their values under asymmetric information falls, so does the change in the gap between the marginal labour income tax rates of the skilled and the unskilled. Conversely, as the degree of habit formation increases, the change in marginal capital tax rates under full information and under asymmetric information expands, so does the change in the gap between the marginal labour income tax rates of the skilled and the unskilled.","PeriodicalId":46516,"journal":{"name":"Pacific Economic Review","volume":"33 1","pages":""},"PeriodicalIF":1.5,"publicationDate":"2024-09-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142267122","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
Can immigrant workers help to solve the child labour problem? 移民工人能否帮助解决童工问题？
IF 1.5 4区 经济学
Pacific Economic Review Pub Date : 2024-09-11 DOI: 10.1111/1468-0106.12453
Bharati Basu
{"title":"Can immigrant workers help to solve the child labour problem?","authors":"Bharati Basu","doi":"10.1111/1468-0106.12453","DOIUrl":"https://doi.org/10.1111/1468-0106.12453","url":null,"abstract":"Bans on child labour as mitigating measures to avoid the abuse of child labour have now been widely recognized to be ineffective and may be costly for low‐ and middle‐income countries. Evaluations of different social programmes and efforts by international organizations to reduce child labour provide the same conclusion. This paper explores how the existence of immigrant workers, a common economic condition for many of these countries, can be effectively used as a novel and cheap mechanism to mitigate the employment of child labour. I show that when immigrant workers are available at discounted wages, profit‐maximizing firms will switch from child labour to immigrant workers. From a policy standpoint, this suggests that conditions can be generated to move the economy to a no‐child‐labour equilibrium. Although the solution may be a second‐best for immigrant workers, it may help avoid the undesirable social consequences of child labour and at the same time ease the economic and non‐economic concerns about immigration.","PeriodicalId":46516,"journal":{"name":"Pacific Economic Review","volume":"11 1","pages":""},"PeriodicalIF":1.5,"publicationDate":"2024-09-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142223256","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
Informed traders, beauty contest and stock price volatility: Evidence from laboratory markets 知情交易者、选美比赛和股票价格波动：来自实验室市场的证据
IF 1.5 4区 经济学
Pacific Economic Review Pub Date : 2024-08-02 DOI: 10.1111/1468-0106.12454
Shinichi Hirota, Takao Kusakawa, Tatsuyoshi Saijo, Yasuhiko Tanigawa
{"title":"Informed traders, beauty contest and stock price volatility: Evidence from laboratory markets","authors":"Shinichi Hirota, Takao Kusakawa, Tatsuyoshi Saijo, Yasuhiko Tanigawa","doi":"10.1111/1468-0106.12454","DOIUrl":"https://doi.org/10.1111/1468-0106.12454","url":null,"abstract":"Whether informed investors (e.g., professionals) trade stocks based on the fundamentals or ride on market sentiment is an empirical question, but few attempts have been made due to the lack of field data. We, therefore, conduct a laboratory experiment and examine if informed investors trade stocks based on their anticipation of less‐informed investors' valuation. In our experimental market, informed traders know the fundamental value of the stock; less‐informed traders do not know the accurate value and their valuation may be biased upwards or downwards. We find that informed traders ride on the (mis)valuations of less‐informed traders, and the speculative trades of the informed traders significantly affect stock prices. Our experimental result explains why stock prices are subject to the mass psychology sentiment even in markets with informed investors.","PeriodicalId":46516,"journal":{"name":"Pacific Economic Review","volume":"79 1","pages":""},"PeriodicalIF":1.5,"publicationDate":"2024-08-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141882212","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
Imperfect information and tourist's response to natural disasters 不完全信息与游客对自然灾害的反应
IF 1.5 4区 经济学
Pacific Economic Review Pub Date : 2024-03-13 DOI: 10.1111/1468-0106.12445
Yoshito Funashima, Kazuki Hiraga
{"title":"Imperfect information and tourist's response to natural disasters","authors":"Yoshito Funashima, Kazuki Hiraga","doi":"10.1111/1468-0106.12445","DOIUrl":"https://doi.org/10.1111/1468-0106.12445","url":null,"abstract":"This study investigates the international behaviour of individuals with imperfect information. We used both local and international tourist data pertaining to Hakone in Japan to focus on two natural disasters: the Great East Japan Earthquake (GEJE) and volcanic activity on Mount Hakone. Hotel guests' responses to these shocks were estimated using smooth local projections. The responses of less‐informed foreign guests differed from those of well‐informed domestic guests. Because of imperfect information, such as sticky information, rational inattention and selected information through news media, the GEJE and its aftermath decreased the number of foreign guests at a rate greater and more persistent than that of domestic guests. Conversely, changes in volcanic alert levels slightly affect foreign guests because of the absence of information (or rational inattention); however, they have negative and persistent effects on domestic guests.","PeriodicalId":46516,"journal":{"name":"Pacific Economic Review","volume":"25 1","pages":""},"PeriodicalIF":1.5,"publicationDate":"2024-03-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140154222","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
Is Hong Kong still an entrepôt under the Sino‐U.S. trade war? 中美贸易战下，香港还是转口港吗？
IF 1.5 4区 经济学
Pacific Economic Review Pub Date : 2023-12-20 DOI: 10.1111/1468-0106.12442
Terence Tai Leung Chong, Vincent Pok Ho Lo
{"title":"Is Hong Kong still an entrepôt under the Sino‐U.S. trade war?","authors":"Terence Tai Leung Chong, Vincent Pok Ho Lo","doi":"10.1111/1468-0106.12442","DOIUrl":"https://doi.org/10.1111/1468-0106.12442","url":null,"abstract":"This paper studies the Hong Kong economy from a trade intermediary's perspective. Using a structural vector autoregression (SVAR) framework, we discover that trade‐related external shocks mainly affect the economy through re‐exports channel over the offshore trade channel. We observe that re‐exports shock does not transmit to the real economy through the employment channel. A puzzling phenomenon is that trade‐related employment has been in decline since 2008. Moreover, we notice that although the Sino‐U.S. trade war exerted much downward pressure on economic growth between 2018 and 2019, the trade intermediary sector swiftly recovered in 2020, reflecting the versatility of the external trade sector in Hong Kong.","PeriodicalId":46516,"journal":{"name":"Pacific Economic Review","volume":"70 9","pages":""},"PeriodicalIF":1.5,"publicationDate":"2023-12-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138956769","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
Editor's introduction to the special issue on ‘The Impact of Government Policies on Household Welfare in Asia’ 亚洲政府政策对家庭福利的影响 "特刊编辑导言
IF 1.5 4区 经济学
Pacific Economic Review Pub Date : 2023-12-18 DOI: 10.1111/1468-0106.12443
C. Horioka
{"title":"Editor's introduction to the special issue on ‘The Impact of Government Policies on Household Welfare in Asia’","authors":"C. Horioka","doi":"10.1111/1468-0106.12443","DOIUrl":"https://doi.org/10.1111/1468-0106.12443","url":null,"abstract":"","PeriodicalId":46516,"journal":{"name":"Pacific Economic Review","volume":" 13","pages":""},"PeriodicalIF":1.5,"publicationDate":"2023-12-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138994903","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 causal effects of working time on mental health: The effectiveness of the law reform raising the overtime wage penalty 工作时间对心理健康的因果影响：提高加班工资罚款的法律改革的效果
IF 1.5 4区 经济学
Pacific Economic Review Pub Date : 2023-12-09 DOI: 10.1111/1468-0106.12441
Miki Kohara, Taisei Noda
{"title":"The causal effects of working time on mental health: The effectiveness of the law reform raising the overtime wage penalty","authors":"Miki Kohara, Taisei Noda","doi":"10.1111/1468-0106.12441","DOIUrl":"https://doi.org/10.1111/1468-0106.12441","url":null,"abstract":"The present paper reexamines the causal effect of working hours on workers’ mental health. We utilize Japan's 2010 reform of the <i>Labor Standards Act</i> as a social experiment to examine how the increased wage penalty for long overtime work affects working hours and workers’ mental health. Utilizing a unique panel dataset containing health behaviours as well as individual, household and workplace characteristics of male workers, we find that the wage penalty reform indeed succeeded in reducing overtime hours and total working hours and that the reductions contributed to better mental health of workers. Further empirical investigation suggests that the reduction effect of the reform on working time is homogeneous among age groups; however, the harmful effect of working time on mental health is large and statistically significant among young workers. Our results suggest that setting a high wage penalty for long overtime work effectively reduces overtime work and improves workers’ health outcomes, particularly for young people.","PeriodicalId":46516,"journal":{"name":"Pacific Economic Review","volume":"3 1","pages":""},"PeriodicalIF":1.5,"publicationDate":"2023-12-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138567895","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
Institutional investors and corporate green innovation: Evidence from China 机构投资者与企业绿色创新:来自中国的证据
4区 经济学
Pacific Economic Review Pub Date : 2023-11-06 DOI: 10.1111/1468-0106.12440
Zhen Yang, Dongwei Su, Shulin Xu, Xu Han
{"title":"Institutional investors and corporate green innovation: Evidence from China","authors":"Zhen Yang, Dongwei Su, Shulin Xu, Xu Han","doi":"10.1111/1468-0106.12440","DOIUrl":"https://doi.org/10.1111/1468-0106.12440","url":null,"abstract":"Abstract Using data for manufacturing firms listed on China A‐share markets between 2003 and 2018, this research explores the impact of institutional investors on corporate green innovation. The study finds that pressure‐resistant institutional investors (PR investors) positively contribute to green innovation, whereas pressure‐sensitive institutional investors (PS investors) hinder it. In addition, this study examines the moderating effect of political ties, distinguishing between ascribed and achieved ties. Ascribed ties weaken the positive relationship between PR investors and green innovation, whereas achieved ties strengthen it and weaken the negative association between PS investors and green innovation. Moreover, the study investigates the influence of institutional development on the relationship between institutional investors and green innovation, and finds that managerial myopia is the mechanism through which institutional investors influence green innovation. Furthermore, this study reveals that there are heterogeneity effects among small and large firms, polluting and non‐polluting firms, and firms facing different levels of market competition. Overall, the study sheds new light on how institutional investors, acting as ‘invisible hands’, interact with political ties, acting as ‘visible hands’, to impact green innovation in transition economies.","PeriodicalId":46516,"journal":{"name":"Pacific Economic Review","volume":"67 12","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-11-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135683730","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
Tax policy and aggregate stability in an overlapping generations model 代际重叠模型中的税收政策与总体稳定性
4区 经济学
Pacific Economic Review Pub Date : 2023-10-24 DOI: 10.1111/1468-0106.12438
Jang-Ting Guo, Yan Zhang
{"title":"Tax policy and aggregate stability in an overlapping generations model","authors":"Jang-Ting Guo, Yan Zhang","doi":"10.1111/1468-0106.12438","DOIUrl":"https://doi.org/10.1111/1468-0106.12438","url":null,"abstract":"Abstract In the context of a two‐period non‐monetary overlapping generations model with Cobb–Douglas preference and technological specifications, this paper explores the theoretical as well as quantitative interrelations between equilibrium (in)determinacy versus (i) a progressive tax schedule on wage income and (ii) a balanced‐budget rule with endogenous labour taxation. In sharp contrast to previous studies on a one‐sector representative‐agent macroeconomy, we find that both fiscal formulations can possibly operate as stabilizing instruments against cyclical fluctuations driven by agents' self‐fulfilling beliefs. The key policy implication of our no‐indeterminacy result is that depending on what is the underlying analytical environment, countercyclical income taxation may stabilize or destabilize the business cycle.","PeriodicalId":46516,"journal":{"name":"Pacific Economic Review","volume":"16 5","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135220357","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
Middle‐income country trap and total factor productivity growth 中等收入国家陷阱与全要素生产率增长
4区 经济学
Pacific Economic Review Pub Date : 2023-10-24 DOI: 10.1111/1468-0106.12439
Young Hoon Lee, Jungsoo Park
{"title":"Middle‐income country trap and total factor productivity growth","authors":"Young Hoon Lee, Jungsoo Park","doi":"10.1111/1468-0106.12439","DOIUrl":"https://doi.org/10.1111/1468-0106.12439","url":null,"abstract":"Abstract This study assessed the factors allowing middle‐income countries to achieve higher income levels and thus escape the middle‐income trap (MIT). By deriving a stochastic production function using the Cornwell–Schmidt–Sickles (CSS) estimator and country panel data, we successfully distinguished between growth due to total factor productivity (TFP) and that attributable to various production inputs after controlling for random shocks and cross‐sectional dependence. We found that TFP growth was the main factor distinguishing middle‐income countries that have and have not escaped from the MIT; the former countries had significantly higher TFP growth.","PeriodicalId":46516,"journal":{"name":"Pacific Economic Review","volume":"9 3","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135315807","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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