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Industrial cluster policy and transaction networks: Evidence from firm-level data in Japan 产业集群政策与交易网络:来自日本企业层面数据的证据
IF 1.6 4区 经济学
Canadian Journal of Economics-Revue Canadienne D Economique Pub Date : 2022-10-25 DOI: 10.1111/caje.12629
Toshihiro Okubo, Tetsuji Okazaki, Eiichi Tomiura
{"title":"Industrial cluster policy and transaction networks: Evidence from firm-level data in Japan","authors":"Toshihiro Okubo,&nbsp;Tetsuji Okazaki,&nbsp;Eiichi Tomiura","doi":"10.1111/caje.12629","DOIUrl":"10.1111/caje.12629","url":null,"abstract":"<p>Cluster policy is designed to facilitate inter-firm networking. We examine industrial clusters in Japan based on firm-level transaction data. Cluster firms significantly expand transaction networks not only with local firms but also with firms in the agglomerated core Tokyo. We confirm the robustness of the results with historical policy experience of the regions as an instrumental variable and the cluster participation in a later period for a placebo test. By disaggregating firms in their relationships with financial institutions, we find that cluster firms expanding networks with firms in Tokyo are financed mainly by regional banks.</p>","PeriodicalId":47941,"journal":{"name":"Canadian Journal of Economics-Revue Canadienne D Economique","volume":"55 4","pages":"1990-2035"},"PeriodicalIF":1.6,"publicationDate":"2022-10-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115715804","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: 8
Internationalization strategies of multi-product firms: The role of technology 多产品企业的国际化战略:技术的作用
IF 1.6 4区 经济学
Canadian Journal of Economics-Revue Canadienne D Economique Pub Date : 2022-10-24 DOI: 10.1111/caje.12626
Daniel Baumgarten, Michael Irlacher, Karin Mayr-Dorn
{"title":"Internationalization strategies of multi-product firms: The role of technology","authors":"Daniel Baumgarten,&nbsp;Michael Irlacher,&nbsp;Karin Mayr-Dorn","doi":"10.1111/caje.12626","DOIUrl":"https://doi.org/10.1111/caje.12626","url":null,"abstract":"<p>High-performance firms typically have two features in common: (i) they produce in more than one country and (ii) they produce more than one product. In this paper, we analyze the internationalization strategies of multi-product firms. Guided by several new stylized facts, we develop a theoretical model to determine optimal modes of market access at the firm–product level. We find that the most productive firms sell core varieties via foreign direct investment and export products with intermediate productivity. Shocks to trade costs and technology affect the endogenous decision to export or produce abroad at the product-level and, in turn, the relative productivity between parents and affiliates.</p>","PeriodicalId":47941,"journal":{"name":"Canadian Journal of Economics-Revue Canadienne D Economique","volume":"55 4","pages":"1929-1965"},"PeriodicalIF":1.6,"publicationDate":"2022-10-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/caje.12626","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"137982461","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
A large Canadian database for macroeconomic analysis 用于宏观经济分析的大型加拿大数据库
IF 1.6 4区 经济学
Canadian Journal of Economics-Revue Canadienne D Economique Pub Date : 2022-10-24 DOI: 10.1111/caje.12618
Olivier Fortin-Gagnon, Maxime Leroux, Dalibor Stevanovic, Stéphane Surprenant
{"title":"A large Canadian database for macroeconomic analysis","authors":"Olivier Fortin-Gagnon,&nbsp;Maxime Leroux,&nbsp;Dalibor Stevanovic,&nbsp;Stéphane Surprenant","doi":"10.1111/caje.12618","DOIUrl":"10.1111/caje.12618","url":null,"abstract":"<p>This paper provides a large-scale Canadian macroeconomic database and shows its usefulness for empirical macroeconomic analysis. The data set contains hundreds of Canadian and provincial economic indicators. It is designed to be updated regularly and real-time vintages are publicly available. It relieves users to deal with data changes and methodological revisions. We show four useful features of this data set for macroeconomic research. First, the factor structure explains a sizeable part of the variation of the data set and appears as an appropriate means of dimension reduction. Second, the data set is useful to capture turning points of the Canadian business cycle. Third, it has substantial predictive power when forecasting key macroeconomic indicators. Fourth, the richness of the panel is used to study the effectiveness of monetary policy across regions and sectors.</p>","PeriodicalId":47941,"journal":{"name":"Canadian Journal of Economics-Revue Canadienne D Economique","volume":"55 4","pages":"1799-1833"},"PeriodicalIF":1.6,"publicationDate":"2022-10-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125982264","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: 13
Effect of news and noise shocks of US monetary policy on economic fluctuations in emerging market economies 美国货币政策的新闻和噪音冲击对新兴市场经济体经济波动的影响
IF 1.6 4区 经济学
Canadian Journal of Economics-Revue Canadienne D Economique Pub Date : 2022-10-23 DOI: 10.1111/caje.12623
Wongi Kim, Kyunghun Kim
{"title":"Effect of news and noise shocks of US monetary policy on economic fluctuations in emerging market economies","authors":"Wongi Kim,&nbsp;Kyunghun Kim","doi":"10.1111/caje.12623","DOIUrl":"10.1111/caje.12623","url":null,"abstract":"<p>This study investigates the effect of news and noise shocks of US monetary policy on economic fluctuations in emerging market economies. In the first part of our two-step estimation method, the news and noise shocks of US monetary policy are estimated using dynamic structural vector autoregression identification. In the second step, the impact of the news and noise shocks on macro variables reflecting the business cycle (e.g., production, consumption, investment and trade balance) is examined using local projection. Our empirical results show no significant differences in the responses to both shocks at the early stage, when news and noise are not separable. However, when the monetary policy becomes known, emerging market economies enter a full-scale recession with respect to a news shock of raised US interest rates. Meanwhile, emerging market economies enter an economic boom phase of the business cycle when the shock turns out to be noise. Fluctuations driven by noise are likely to incur greater costs than normal economic fluctuations because the former are out of sync with the fundamentals.</p>","PeriodicalId":47941,"journal":{"name":"Canadian Journal of Economics-Revue Canadienne D Economique","volume":"55 4","pages":"1862-1893"},"PeriodicalIF":1.6,"publicationDate":"2022-10-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121684065","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 economics of cryptocurrency: Bitcoin and beyond 加密货币的经济学:比特币及其他
IF 1.6 4区 经济学
Canadian Journal of Economics-Revue Canadienne D Economique Pub Date : 2022-10-23 DOI: 10.1111/caje.12625
Jonathan Chiu, Thorsten V. Koeppl
{"title":"The economics of cryptocurrency: Bitcoin and beyond","authors":"Jonathan Chiu,&nbsp;Thorsten V. Koeppl","doi":"10.1111/caje.12625","DOIUrl":"https://doi.org/10.1111/caje.12625","url":null,"abstract":"<p>How well can a cryptocurrency serve as a means of payment? Cryptocurrencies need to overcome double-spending by costly mining and by delaying settlement. We formalize this insight through an incentive constraint that rules out double-spending and pins down the welfare costs of a cryptocurrency. We find that it is optimal to use seignorage rather than transaction fees to finance costly mining. In supplementary material, we study an extension with endogenous transaction fees and show quantitatively that the prime cost of Bitcoin arises from mining, but can be reduced substantially by optimally designing the reward system.</p>","PeriodicalId":47941,"journal":{"name":"Canadian Journal of Economics-Revue Canadienne D Economique","volume":"55 4","pages":"1762-1798"},"PeriodicalIF":1.6,"publicationDate":"2022-10-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"137970202","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
Unbundling female empowerment 解放女性权力
IF 1.6 4区 经济学
Canadian Journal of Economics-Revue Canadienne D Economique Pub Date : 2022-10-20 DOI: 10.1111/caje.12628
Siwan Anderson
{"title":"Unbundling female empowerment","authors":"Siwan Anderson","doi":"10.1111/caje.12628","DOIUrl":"10.1111/caje.12628","url":null,"abstract":"<p>There is an ongoing push to place female empowerment at the centre of development policy because of its presumed link to poverty alleviation. This paper reflects on how the economics literature can contribute to a deeper understanding of this connection between female-focused policy initiatives and broader economic outcomes. Female empowerment is a multi-faceted concept that has grown to be appreciated by academics and policy-makers alike, however, it is not well understood how the various dimensions interact and co-evolve with each other and with society as a whole. Many policy objectives presume that different measures of female empowerment work in tandem. This paper, in contrast, argues that it is useful to conceptually “unbundle” female empowerment in a systematic way across multiple domains: within the household, within society as a whole and via the dynamics of norm formation. It highlights instead the complexity of interactions between these separate facets of female empowerment and extrinsic societal factors. This is important because overlooking these interactions across dimensions has the potential to lead policy astray.</p>","PeriodicalId":47941,"journal":{"name":"Canadian Journal of Economics-Revue Canadienne D Economique","volume":"55 4","pages":"1671-1701"},"PeriodicalIF":1.6,"publicationDate":"2022-10-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/caje.12628","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115354694","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: 3
On the limits of free trade in a Cournot world: When are restrictions on trade beneficial? 论古诺世界中自由贸易的局限性:什么时候限制贸易是有益的?
IF 1.6 4区 经济学
Canadian Journal of Economics-Revue Canadienne D Economique Pub Date : 2022-10-20 DOI: 10.1111/caje.12619
Rabah Amir, Jim Y. Jin, Michael Troege
{"title":"On the limits of free trade in a Cournot world: When are restrictions on trade beneficial?","authors":"Rabah Amir,&nbsp;Jim Y. Jin,&nbsp;Michael Troege","doi":"10.1111/caje.12619","DOIUrl":"10.1111/caje.12619","url":null,"abstract":"<p>This paper examines marginal deviations from free trade in an asymmetric Cournot world. We provide necessary and sufficient conditions under which: (i) small import tariffs, (ii) export subsidies, (iii) production subsidies and (iv) consumption taxes increase country-level as well as world social welfare and consumer surplus. We find that free trade is generally not optimal: some countries' tariffs or subsidies can always improve world welfare. Every country's export subsidy raises the average of world social welfare and consumer surplus. Finally, we rank the different policies and show that production subsidies are most likely to raise world social welfare, followed by export subsidies and then import tariffs, whereas consumption taxes never do.</p>","PeriodicalId":47941,"journal":{"name":"Canadian Journal of Economics-Revue Canadienne D Economique","volume":"55 4","pages":"2036-2057"},"PeriodicalIF":1.6,"publicationDate":"2022-10-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129284400","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
Export conditions in small countries and their effects on domestic markets 小国的出口状况及其对国内市场的影响
IF 1.6 4区 经济学
Canadian Journal of Economics-Revue Canadienne D Economique Pub Date : 2022-10-20 DOI: 10.1111/caje.12621
Martin Alfaro, Frederic Warzynski
{"title":"Export conditions in small countries and their effects on domestic markets","authors":"Martin Alfaro,&nbsp;Frederic Warzynski","doi":"10.1111/caje.12621","DOIUrl":"10.1111/caje.12621","url":null,"abstract":"<p>In a small country's industries, it is common that both small and large firms export a significant share of their total production. How does better export access affect the domestic market when this occurs? Incorporating investments in quality that require fixed outlays and increase a variety's appeal in all countries, we show that an export shock entails two opposing mechanisms. On the one hand, it induces quality upgrades that raise the domestic market share of large firms. On the other hand, it fosters entry of small firms, making large firms lose domestic market share and downgrade quality. Using Danish data, we show that small firms in some industries are so heavily export-oriented that better export opportunities reallocate domestic market share towards the least productive domestic firms. And while competition by small firms reduces some large firms' domestic markups, it also leads some to downgrade quality and suffer a substantial fall in profits.</p>","PeriodicalId":47941,"journal":{"name":"Canadian Journal of Economics-Revue Canadienne D Economique","volume":"55 4","pages":"1894-1928"},"PeriodicalIF":1.6,"publicationDate":"2022-10-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114173958","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
Bitcoin adoption and beliefs in Canada 比特币在加拿大的采用和信仰
IF 1.6 4区 经济学
Canadian Journal of Economics-Revue Canadienne D Economique Pub Date : 2022-10-10 DOI: 10.1111/caje.12620
Daniela Balutel, Christopher Henry, Jorge Vásquez, Marcel Voia
{"title":"Bitcoin adoption and beliefs in Canada","authors":"Daniela Balutel,&nbsp;Christopher Henry,&nbsp;Jorge Vásquez,&nbsp;Marcel Voia","doi":"10.1111/caje.12620","DOIUrl":"https://doi.org/10.1111/caje.12620","url":null,"abstract":"<p>We develop a tractable model of Bitcoin adoption with network effects and social learning, which we then connect to unique data from the Bank of Canada's Bitcoin Omnibus Survey for the years 2017 and 2018. The model determines how the probability of Bitcoin adoption depends on: (i) network effects, (ii) individual learning effects and (iii) social learning effects. After accounting for the endogeneity of beliefs, we find that both network effects and individual learning effects have a positive and significant direct impact on Bitcoin adoption, whereas the role of social learning is to ameliorate the marginal effect of the network size on the likelihood of adoption. In particular, in 2017 and 2018, a one percentage point increase in the network size increased the probability of adoption by 0.45 and 0.32 percentage points, respectively. Similarly, a one percentage point increase in Bitcoin beliefs increased the probability of adoption by 0.43 and 0.72 percentage points. Our results suggest that network effects, individual learning and social learning were important drivers of Bitcoin adoption in 2017 and 2018 in Canada.</p>","PeriodicalId":47941,"journal":{"name":"Canadian Journal of Economics-Revue Canadienne D Economique","volume":"55 4","pages":"1729-1761"},"PeriodicalIF":1.6,"publicationDate":"2022-10-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"137665489","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
Limited commitment, endogenous credibility and the challenges of price-level targeting 有限的承诺，内在的信誉和价格水平目标的挑战
IF 1.6 4区 经济学
Canadian Journal of Economics-Revue Canadienne D Economique Pub Date : 2022-10-02 DOI: 10.1111/caje.12617
Gino Cateau, Malik Shukayev
{"title":"Limited commitment, endogenous credibility and the challenges of price-level targeting","authors":"Gino Cateau,&nbsp;Malik Shukayev","doi":"10.1111/caje.12617","DOIUrl":"10.1111/caje.12617","url":null,"abstract":"<p>This paper studies the cost of limited commitment when a central bank commits to a price-level target path but retains the discretion to re-optimize it whenever the cost of honouring its commitment exceeds a tolerance threshold. Such discretion undermines the credibility of the price-level target path and weakens its effectiveness to stabilize the economy. Endogenous target resets are more costly than exogenous target re-optimizations and can give rise to multiple equilibria, including a low credibility equilibrium with frequent target resets and high volatility. Canadian data suggest that price-level target resets could be quite frequent in practice.</p>","PeriodicalId":47941,"journal":{"name":"Canadian Journal of Economics-Revue Canadienne D Economique","volume":"55 4","pages":"1834-1861"},"PeriodicalIF":1.6,"publicationDate":"2022-10-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114007236","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
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