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Japan and the World Economy最新文献

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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
The effect of import competition on labor income inequality through firm and worker heterogeneity in the Japanese manufacturing sector 通过日本制造业企业和工人异质性研究进口竞争对劳动收入不平等的影响
IF 1.3 4区 经济学
Japan and the World Economy Pub Date : 2021-09-01 DOI: 10.1016/j.japwor.2021.101076
Masahiro Endoh
{"title":"The effect of import competition on labor income inequality through firm and worker heterogeneity in the Japanese manufacturing sector","authors":"Masahiro Endoh","doi":"10.1016/j.japwor.2021.101076","DOIUrl":"10.1016/j.japwor.2021.101076","url":null,"abstract":"<div><p>This study estimates the effects of import competition from Asia on the labor income inequality of Japanese manufacturing workers, considering firm and worker heterogeneity. Parameters are obtained from regression results of annual salary by using constructed worker–establishment panel data. The estimated salary change is positively and negatively larger for higher- and lower-paid workers, respectively, implying that labor income inequality among industry–size–skill–gender groups has increased due to imports from Asia. However, the actual evolution of income inequality during 1998–2014 is not successfully explained by Asian imports: other shocks overshadow import competition to determine actual income inequality.</p></div>","PeriodicalId":46744,"journal":{"name":"Japan and the World Economy","volume":"59 ","pages":"Article 101076"},"PeriodicalIF":1.3,"publicationDate":"2021-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/j.japwor.2021.101076","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44805534","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: 2
Who is the center of local currency Asian government bond markets? 谁是以本币计价的亚洲政府债券市场的中心?
IF 1.3 4区 经济学
Japan and the World Economy Pub Date : 2021-09-01 DOI: 10.1016/j.japwor.2021.101075
Junji Shimada , Yoshihiko Tsukuda , Tatsuyoshi Miyakoshi
{"title":"Who is the center of local currency Asian government bond markets?","authors":"Junji Shimada ,&nbsp;Yoshihiko Tsukuda ,&nbsp;Tatsuyoshi Miyakoshi","doi":"10.1016/j.japwor.2021.101075","DOIUrl":"10.1016/j.japwor.2021.101075","url":null,"abstract":"<div><p>This paper analyzes nine Asian government bond markets comprising Japan, Hong Kong, Singapore, Korea, China, Malaysia, Thailand, Philippines, and Indonesia, in conjunction with the US, and determines the center market from among three candidates of Japan, Hong Kong and Singapore. Employing a multivariate GARCH model, we find that Singapore is the center defined as the market with largest comovements in yields with other local markets in terms of the dynamic conditional correlations, and with the largest effects on other local markets in terms of volatility spillovers. Neither Hong Kong nor Japan is the center.</p></div>","PeriodicalId":46744,"journal":{"name":"Japan and the World Economy","volume":"59 ","pages":"Article 101075"},"PeriodicalIF":1.3,"publicationDate":"2021-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/j.japwor.2021.101075","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41957268","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 time-frequency analysis of conventional and unconventional monetary policy: Evidence from Japan 传统与非常规货币政策的时频分析:来自日本的证据
IF 1.3 4区 经济学
Japan and the World Economy Pub Date : 2021-09-01 DOI: 10.1016/j.japwor.2021.101089
Xiangcai Meng, Chia-Hsing Huang
{"title":"The time-frequency analysis of conventional and unconventional monetary policy: Evidence from Japan","authors":"Xiangcai Meng,&nbsp;Chia-Hsing Huang","doi":"10.1016/j.japwor.2021.101089","DOIUrl":"10.1016/j.japwor.2021.101089","url":null,"abstract":"<div><p>The effects of monetary policy on the aggregate economy is an important issue that has been addressed mainly in the time domain, and relatively little is known about how monetary policy affects the macroeconomy in the time-frequency space. With a continuous wavelet multiple coherency and partial coherency approach, this paper contributes to the literature by characterizing the macroeconomic effects of monetary policy across frequencies and over time using a monthly dataset from Japan, which is in the vanguard in the practice of unconventional monetary policy. The empirical results show that: First, interest rate changes could be largely captured by inflation fluctuations across frequencies before 1999 but only at low frequencies after 1999. Second, movements of M1 could well reflect the variations of industrial production at the scale of 2–4 years before 1999, but this relationship was reversed at the same scale after 1999. Third, changes in M2 could roughly mirror the fluctuations of inflation at the scale of 3–4 years between 1966 and 1969, and this relationship was reversed at the scale of 1–3 years between 2003 and 2007. This study indicates that in Japan conventional and unconventional monetary policy generate heterogeneous effects on the aggregate economy and the level of heterogeneity partially depends on the chosen instrument.</p></div>","PeriodicalId":46744,"journal":{"name":"Japan and the World Economy","volume":"59 ","pages":"Article 101089"},"PeriodicalIF":1.3,"publicationDate":"2021-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/j.japwor.2021.101089","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45592980","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
Impacts of increased Chinese imports on Japan’s labor market 中国进口增加对日本劳动力市场的影响
IF 1.3 4区 经济学
Japan and the World Economy Pub Date : 2021-09-01 DOI: 10.1016/j.japwor.2021.101087
Kazunobu Hayakawa , Tadashi Ito , Shujiro Urata
{"title":"Impacts of increased Chinese imports on Japan’s labor market","authors":"Kazunobu Hayakawa ,&nbsp;Tadashi Ito ,&nbsp;Shujiro Urata","doi":"10.1016/j.japwor.2021.101087","DOIUrl":"10.1016/j.japwor.2021.101087","url":null,"abstract":"<div><p>Using the Japanese firm/establishment-level census data, we investigate the impact of the Chinese import penetration on employment in Japan. We found negative impacts of the Chinese import penetration on total employment, especially in industries producing competing products to Chinese imports, and a positive impact of the import penetration in the industries from which firms purchase their inputs (upstream import penetration). The negative impacts are mainly driven by firms’ exit from the market while positive impacts are enjoyed by surviving firms. We did not find any significant impacts of the penetration in the industries to which firms sell their products (downstream penetration).</p></div>","PeriodicalId":46744,"journal":{"name":"Japan and the World Economy","volume":"59 ","pages":"Article 101087"},"PeriodicalIF":1.3,"publicationDate":"2021-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/j.japwor.2021.101087","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"98874452","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: 6
Individual characteristics and the demand for reciprocity in trade liberalization: Evidence from a survey in Japan 贸易自由化中的个体特征与互惠需求:来自日本调查的证据
IF 1.3 4区 经济学
Japan and the World Economy Pub Date : 2021-06-01 DOI: 10.1016/j.japwor.2021.101071
Eiichi Tomiura , Banri Ito , Hiroshi Mukunoki , Ryuhei Wakasugi
{"title":"Individual characteristics and the demand for reciprocity in trade liberalization: Evidence from a survey in Japan","authors":"Eiichi Tomiura ,&nbsp;Banri Ito ,&nbsp;Hiroshi Mukunoki ,&nbsp;Ryuhei Wakasugi","doi":"10.1016/j.japwor.2021.101071","DOIUrl":"10.1016/j.japwor.2021.101071","url":null,"abstract":"<div><p>Reciprocity is an important concept in international trade negotiations. However, we know little about who demands reciprocity in trade liberalization. This paper characterizes reciprocitarians based on a survey of 10,816 individuals in Japan. Workers in protected sectors tend to demand reciprocity in import liberalization, but oppose the demand for foreign countries to open their markets. In contrast, individuals in managerial occupations tend to demand foreign market opening, but reject the idea of no import liberalization without reciprocity. We also examine the effects of education, nationalism, and risk aversion.</p></div>","PeriodicalId":46744,"journal":{"name":"Japan and the World Economy","volume":"58 ","pages":"Article 101071"},"PeriodicalIF":1.3,"publicationDate":"2021-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/j.japwor.2021.101071","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41930718","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: 2
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