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Japan and the World Economy最新文献

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Capitalization of local government grants on land values: Evidence from Tokyo metropolitan area, Japan 地方政府补助的土地价值资本化:来自日本东京大都市区的证据
IF 1.3 4区 经济学
Japan and the World Economy Pub Date : 2021-12-01 DOI: 10.1016/j.japwor.2021.101106
Takafumi Suzuki
{"title":"Capitalization of local government grants on land values: Evidence from Tokyo metropolitan area, Japan","authors":"Takafumi Suzuki","doi":"10.1016/j.japwor.2021.101106","DOIUrl":"https://doi.org/10.1016/j.japwor.2021.101106","url":null,"abstract":"<div><p>This study investigates the capitalization effect of intergovernmental fiscal transfers from central to local governments on land prices. Using a drop in the size number of fiscal transfers following fiscal reform in the early 2000 s, this study examines the extent to which unconditional fiscal transfers to municipalities in the Tokyo metropolitan area are attributed to land prices. The result shows that the decline in the transfer has decreased the land prices in the municipalities. Furthermore, reducing one unit in the per capita grant reduced the value of housing area per capita by one or more units, even if the real discount rate was assumed to be as low as 2%. Therefore, the fiscal transfer reform more negatively affects the benefits of residing in a municipality in the area than the reduction amount in the transfer.</p></div>","PeriodicalId":46744,"journal":{"name":"Japan and the World Economy","volume":"60 ","pages":"Article 101106"},"PeriodicalIF":1.3,"publicationDate":"2021-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136513901","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
Local fiscal multipliers and population aging in Japan 日本地方财政乘数与人口老龄化
IF 1.3 4区 经济学
Japan and the World Economy Pub Date : 2021-12-01 DOI: 10.1016/j.japwor.2021.101099
Shun-ichiro Bessho
{"title":"Local fiscal multipliers and population aging in Japan","authors":"Shun-ichiro Bessho","doi":"10.1016/j.japwor.2021.101099","DOIUrl":"10.1016/j.japwor.2021.101099","url":null,"abstract":"<div><p>This study examines how the effectiveness of fiscal policy depends on population aging. To this end, this study estimates the local fiscal multipliers in Japan. Results suggest that the estimated local fiscal multiplier on output is larger in non-aged areas than aged areas, and that the effects on the number of workers are not statistically significant in either area type. Additionally, the multipliers on private investment are only higher than one in non-aged prefectures. Results also indicate that the multiplier generated by an increase in government investment is larger than that in government consumption. These results indicate fewer slack resources in aged areas that can be mobilized in response to increased government spending.</p></div>","PeriodicalId":46744,"journal":{"name":"Japan and the World Economy","volume":"60 ","pages":"Article 101099"},"PeriodicalIF":1.3,"publicationDate":"2021-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48524706","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: 5
Trade deficits and trade conflict: The United States and Japan 贸易逆差与贸易冲突:美国与日本
IF 1.3 4区 经济学
Japan and the World Economy Pub Date : 2021-12-01 DOI: 10.1016/j.japwor.2021.101098
Ron Wickes
{"title":"Trade deficits and trade conflict: The United States and Japan","authors":"Ron Wickes","doi":"10.1016/j.japwor.2021.101098","DOIUrl":"10.1016/j.japwor.2021.101098","url":null,"abstract":"<div><p>The US trade relationship with Japan was characterised by periods of intense conflict over 1969−95. The paper identifies five such periods, beginning with two bitter conflicts in 1971 and ending with an equally difficult conflict over autos in 1994−95. It presents econometric evidence suggesting rising Japanese penetration of the American market and growth in the bilateral merchandise trade deficit with Japan were important causes of these crises. Over 1996–2016, US-Japan relations were handled in a much less confrontational manner, as import penetration declined. The difficulties Japan’s economy faced; heightened security concerns in Northeast Asia; a broader US shift away from unilateral measures; greater acceptance of the trade deficit; and perceptions that Japan was moving to open its economy were also important in lessening tensions in the bilateral relationship. Strong concerns with the US trade deficit re-emerged under the Trump Administration, but the two economies were, during this period, able to address trade differences without a major confrontation.</p></div>","PeriodicalId":46744,"journal":{"name":"Japan and the World Economy","volume":"60 ","pages":"Article 101098"},"PeriodicalIF":1.3,"publicationDate":"2021-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48840764","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
Effects of deductions on the tax burden reduction and the redistribution of the income and resident taxes 扣除对减轻税负及所得税和居民税再分配的影响
IF 1.3 4区 经济学
Japan and the World Economy Pub Date : 2021-12-01 DOI: 10.1016/j.japwor.2021.101104
Taro Ohno , Junpei Sakamaki , Daizo Kojima , Tomotsugu Imahori
{"title":"Effects of deductions on the tax burden reduction and the redistribution of the income and resident taxes","authors":"Taro Ohno ,&nbsp;Junpei Sakamaki ,&nbsp;Daizo Kojima ,&nbsp;Tomotsugu Imahori","doi":"10.1016/j.japwor.2021.101104","DOIUrl":"10.1016/j.japwor.2021.101104","url":null,"abstract":"<div><p>The status of the deductions in Japan’s income and resident tax systems is an important policy issue. To analyze this issue, it is essential to have an evidence-based understanding of the situation regarding the effect of deductions on the tax burden reduction and income redistribution. To this end, we use household microdata from the National Survey of Family Income and Expenditure during 1994–2014 to conduct a quantitative evaluation of the burden reduction and redistribution effects of deductions over a 20-year period. Initially, the higher the income group, the higher the burden reduction effect of the deductions (ratio of deductions to gross income). However, the advantageous treatment of the higher income group has been decreasing annually and, recently, the burden reduction effect has reached a proportional structure. Although the system changes in deductions have decreased the tax burden effect due to deductions, these changes have contributed to weakening the effect of increasing the Gini coefficient.</p></div>","PeriodicalId":46744,"journal":{"name":"Japan and the World Economy","volume":"60 ","pages":"Article 101104"},"PeriodicalIF":1.3,"publicationDate":"2021-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42392346","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
A new assessment of economic integration in East Asia: Application of an industry-specific G-PPP model 东亚经济一体化的新评估:基于特定行业的G-PPP模型
IF 1.3 4区 经济学
Japan and the World Economy Pub Date : 2021-12-01 DOI: 10.1016/j.japwor.2021.101105
Kentaro Kawasaki , Kiyotaka Sato
{"title":"A new assessment of economic integration in East Asia: Application of an industry-specific G-PPP model","authors":"Kentaro Kawasaki ,&nbsp;Kiyotaka Sato","doi":"10.1016/j.japwor.2021.101105","DOIUrl":"10.1016/j.japwor.2021.101105","url":null,"abstract":"<div><p><span>It is well known that intra-industry trade and cross-border production networks have promoted economic growth and regional integration in East Asia. However, regional supply and production chains may have been formed differently across industries<span><span>, reflecting different degrees and a different scope of regional economic linkages at an industry level. This paper makes a threefold contribution. First, to assess industry-level differences, this study adopts the generalized purchasing power parity (G-PPP) model using industry-specific producer prices. Second, the momentum threshold autoregressive (M-TAR) model is employed to allow for possible nonlinearity arising from the dynamic nature of regional economic growth and development. Third, the </span>Granger causality test is also conducted to assess whether regional economies have autonomously integrated. The empirical results reveal that </span></span>economic integration has progressed more autonomously in the electrical industry, as well as in the transportation equipment industry, as China and the ASEAN countries have become the final destination markets for finished products in these two industries.</p></div>","PeriodicalId":46744,"journal":{"name":"Japan and the World Economy","volume":"60 ","pages":"Article 101105"},"PeriodicalIF":1.3,"publicationDate":"2021-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41365651","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: 3
Real dollarization in Phnom Penh, Evidence from two surveys 金边的真正美元化，来自两项调查的证据
IF 1.3 4区 经济学
Japan and the World Economy Pub Date : 2021-12-01 DOI: 10.1016/j.japwor.2021.101102
Chanthol Hay
{"title":"Real dollarization in Phnom Penh, Evidence from two surveys","authors":"Chanthol Hay","doi":"10.1016/j.japwor.2021.101102","DOIUrl":"10.1016/j.japwor.2021.101102","url":null,"abstract":"<div><p>This paper aims to identify real dollarization in markets in Phnom Penh and to investigate how U.S. dollar (USD) and Cambodian riel or Khmer riel (KHR) perform the three functions of money—a unit of account, a store of value and a medium of exchange in markets in Phnom Penh through two simple surveys. Real dollarization refers to the use of the U.S. dollar for purchasing goods and services and for paying salary. We find that the choice of currency for transactions varies with market types, sources of products whether they are imported or domestically produced, and prices of products. The survey about currency for salary payment shows that the majority of employed persons in the private sector and in non-government organization receive salary in U.S. dollar while those who work in public sector receive salary in Khmer riel. The majority of employed persons save their money in U.S. dollar. In general, U.S. dollar dominates Khmer riel in performing the three functions of money in Phnom Penh.</p></div>","PeriodicalId":46744,"journal":{"name":"Japan and the World Economy","volume":"60 ","pages":"Article 101102"},"PeriodicalIF":1.3,"publicationDate":"2021-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44615762","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
FDI, Export Sophistication, and Quality Upgrading: Evidence from China's WTO Accession 外商直接投资、出口成熟度与质量提升:来自中国加入WTO的证据
IF 1.3 4区 经济学
Japan and the World Economy Pub Date : 2021-09-01 DOI: 10.1016/j.japwor.2021.101086
Yunong Li , Mengkai Yang , Lianming Zhu
{"title":"FDI, Export Sophistication, and Quality Upgrading: Evidence from China's WTO Accession","authors":"Yunong Li ,&nbsp;Mengkai Yang ,&nbsp;Lianming Zhu","doi":"10.1016/j.japwor.2021.101086","DOIUrl":"10.1016/j.japwor.2021.101086","url":null,"abstract":"<div><p>This paper identifies a positive effect of FDI liberalization on manufacturing export sophistication, exploiting China’s adjustment of its Catalogue for the Guidance of Foreign Investment Industries upon its accession to WTO. It further investigates the underlying causes in the lines of firm ownership type, trade mode, product type, and intensive vs. extensive margins. The positive effect comes from, e.g., the increase in the export share of foreign-invested enterprises (FIEs) and firms with processing trade, and the increase in the export sophistication of privately-owned enterprises (POEs), of ordinary trade, and of intermediate goods. The intensive margin rather than extensive margin is accountable for the effect. Liberalizing FDI does not seem to have any significant effect on product quality.</p></div>","PeriodicalId":46744,"journal":{"name":"Japan and the World Economy","volume":"59 ","pages":"Article 101086"},"PeriodicalIF":1.3,"publicationDate":"2021-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/j.japwor.2021.101086","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49216186","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: 12
Global knowledge flow and Japanese multinational firms’ offshore R&D allocation and innovation 全球知识流动与日本跨国公司海外研发配置与创新
IF 1.3 4区 经济学
Japan and the World Economy Pub Date : 2021-09-01 DOI: 10.1016/j.japwor.2021.101090
Keiko Ito , Kenta Ikeuchi , Taro Daiko
{"title":"Global knowledge flow and Japanese multinational firms’ offshore R&D allocation and innovation","authors":"Keiko Ito ,&nbsp;Kenta Ikeuchi ,&nbsp;Taro Daiko","doi":"10.1016/j.japwor.2021.101090","DOIUrl":"10.1016/j.japwor.2021.101090","url":null,"abstract":"<div><p>This paper examines whether allocating more research and development (R&amp;D) activities to a country-industry pair with a higher intensity of knowledge flows improves the innovation performance of multinational enterprises (MNEs). We use firm-patent-matched data for Japanese manufacturing MNEs, including data on MNEs’ offshore R&amp;D expenditure and information on patents filed by both parent firms and overseas affiliates. Moreover, as a proxy for the intensity of knowledge flows, we use the eigenvector centrality of each country-industry pair in the global knowledge flow network, utilizing patent citation information.</p><p>We find that the quality-adjusted number of patent applications tends to be higher for MNEs that allocate more R&amp;D activities to country-industry pairs that are more central in the network of global knowledge flows. However, we did not find any significant relationship between the country and industry distribution of offshore R&amp;D and the number of patent applications.</p></div>","PeriodicalId":46744,"journal":{"name":"Japan and the World Economy","volume":"59 ","pages":"Article 101090"},"PeriodicalIF":1.3,"publicationDate":"2021-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/j.japwor.2021.101090","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48541500","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: 5
Impacts of additional compliance requirements of regulations on the margins of trade 法规的额外遵从性要求对贸易边际的影响
IF 1.3 4区 经济学
Japan and the World Economy Pub Date : 2021-09-01 DOI: 10.1016/j.japwor.2021.101088
Kaoru Nabeshima , Ayako Obashi , Kunhyui Kim
{"title":"Impacts of additional compliance requirements of regulations on the margins of trade","authors":"Kaoru Nabeshima ,&nbsp;Ayako Obashi ,&nbsp;Kunhyui Kim","doi":"10.1016/j.japwor.2021.101088","DOIUrl":"10.1016/j.japwor.2021.101088","url":null,"abstract":"<div><p>It is widely known that countries export less to destination countries with greater regulatory burdens. Using finely disaggregated product-level bilateral trade value and quantity data for 98 countries, together with a new data set of detailed information on technical regulations, we answer the following question: If a country faces a greater regulatory burden in a particular destination market, is that country more likely to export a narrower set of goods (the extensive margin) and lower quantities of each good at a higher price (the intensive margin)? We find that beyond the overall trade-diminishing effect, regulatory burdens adversely affect the extensive margin of trade. With respect to the intensive margin, regulatory burdens negatively affect the quantity margin but positively affect the price margin. As the negative effect on the quantity margin is relatively larger in magnitude than the positive effect on the price margin, the result is a negative net impact on the intensive margin.</p></div>","PeriodicalId":46744,"journal":{"name":"Japan and the World Economy","volume":"59 ","pages":"Article 101088"},"PeriodicalIF":1.3,"publicationDate":"2021-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/j.japwor.2021.101088","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47250670","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: 3
Corrigendum to “Capitalizing on prospect theory value: The Asian developed stock markets” [Jpn. World Econ. 57 (2021) 1–18/101042] “对前景理论价值的资本化:亚洲发达股票市场”的勘误[日本]。世界经济，57 (2021)1-18/101042 [j]
IF 1.3 4区 经济学
Japan and the World Economy Pub Date : 2021-09-01 DOI: 10.1016/j.japwor.2021.101072
Seungbin Ohk, Biung-Ghi Ju
{"title":"Corrigendum to “Capitalizing on prospect theory value: The Asian developed stock markets” [Jpn. World Econ. 57 (2021) 1–18/101042]","authors":"Seungbin Ohk,&nbsp;Biung-Ghi Ju","doi":"10.1016/j.japwor.2021.101072","DOIUrl":"10.1016/j.japwor.2021.101072","url":null,"abstract":"","PeriodicalId":46744,"journal":{"name":"Japan and the World Economy","volume":"59 ","pages":"Article 101072"},"PeriodicalIF":1.3,"publicationDate":"2021-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/j.japwor.2021.101072","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41480562","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
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