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Structural transformation and inequality: Does trade openness matter? 结构转型与不平等：贸易开放是否重要？
IF 2.5 3区 经济学
World Economy Pub Date : 2024-02-25 DOI: 10.1111/twec.13560
Wannaphong Durongkaveroj
{"title":"Structural transformation and inequality: Does trade openness matter?","authors":"Wannaphong Durongkaveroj","doi":"10.1111/twec.13560","DOIUrl":"https://doi.org/10.1111/twec.13560","url":null,"abstract":"The purpose of this paper is to examine income inequality in the process of economic growth and structural transformation with emphasis on the role of economic openness using a new measure of trade openness (the price convergence index [PCI]), which is an alternative measure to the widely used trade-to-GDP ratio. The analysis is based on a multi-country panel data covering 48 countries for the period from 1960 to 2010. The results suggest that an increase in the share of employment in manufacturing is associated with a reduction in income inequality. This inequality-reducing effect is significantly greater for countries with more open trade regimes. In addition, the Kuznets-type relationship exists between services employment share and income inequality, with inequality first increasing with the movement of workers from agriculture to services and then decreasing. This inequality-increasing effect of services employment share is also larger for countries with more open trade regimes. The findings withstand the inclusion of relevant explanatory variables, an alternative measure of income inequality, and alternative estimator to address possible endogeneity.","PeriodicalId":48147,"journal":{"name":"World Economy","volume":null,"pages":null},"PeriodicalIF":2.5,"publicationDate":"2024-02-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139969074","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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 European Union's Global Gateway: An institutional and economic overview 欧盟的全球门户：机构和经济概览
IF 2.5 3区 经济学
World Economy Pub Date : 2024-01-11 DOI: 10.1111/twec.13551
Simone Tagliapietra
{"title":"The European Union's Global Gateway: An institutional and economic overview","authors":"Simone Tagliapietra","doi":"10.1111/twec.13551","DOIUrl":"https://doi.org/10.1111/twec.13551","url":null,"abstract":"Infrastructure investments are the material way of turning sustainable development goals into practice. Climate action requires renewable energy plants, power grids and electric-vehicle charging infrastructure, in the same way that health requires hospitals, education requires schools or connectivity requires ports. In this context, the Global Gateway can help meet the European Union (EU)'s international pledges, such as on climate finance, by supporting partner countries in the implementation of their sustainable development agendas. It can enable EU industry to enter new growing markets, a win for EU industrial policy. On top of this, it can help economic development in the EU's partner countries, providing an invaluable foreign policy dividend for the EU. In geopolitical terms, the Global Gateway can help the EU better position itself in the global infrastructure and connectivity race. Rule-based cooperation focussed on a clear set of priorities represents an attractive alternative to the Belt and Road Initiative in several partner countries, starting in Africa. By scaling up cooperation on economic and social infrastructure projects, the EU thus has an opportunity to promote its values and vision of sustainability in a way that is tangible and long-lasting.","PeriodicalId":48147,"journal":{"name":"World Economy","volume":null,"pages":null},"PeriodicalIF":2.5,"publicationDate":"2024-01-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139462303","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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 terror on international trade in financial services: Does the development of financial institutions matter? 恐怖活动对国际金融服务贸易的影响：金融机构的发展是否重要？
IF 2.5 3区 经济学
World Economy Pub Date : 2024-01-04 DOI: 10.1111/twec.13549
Cong S. Pham, Hoa Nguyen
{"title":"Impact of terror on international trade in financial services: Does the development of financial institutions matter?","authors":"Cong S. Pham, Hoa Nguyen","doi":"10.1111/twec.13549","DOIUrl":"https://doi.org/10.1111/twec.13549","url":null,"abstract":"We examine the impact of terror on international trade in financial services and the role of financial institutions in alleviating this impact. Using a sample of 67 countries from 2000 to 2020, we find that a 10% increase in the number of terrorist incidents in the importer and/or the exporter results, on average, in a 1.77–2.05% annual reduction in their bilateral financial service trade which is more economically significant than what has been documented for trade in commodities. Top exporters and importers of financial services, however, are less affected by the incidence of terrorism. Confirming the critically important role of systemic stability, we further find that financial institutions' stability (measured by the <i>Z</i> score) is the most powerful factor in mitigating the detrimental impact of terrorism on trade. There is also some limited evidence that exporting countries where financial institutions exhibit more efficiency (measured as the ratio of overhead costs to total assets) cope better with terrorism.","PeriodicalId":48147,"journal":{"name":"World Economy","volume":null,"pages":null},"PeriodicalIF":2.5,"publicationDate":"2024-01-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139373200","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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
Monetary union in Southeast Asia: An assessment of the optimum currency area theory* 东南亚货币联盟：对最佳货币区理论的评估*
IF 2.5 3区 经济学
World Economy Pub Date : 2023-12-29 DOI: 10.1111/twec.13539
Kurt A. Hafner
{"title":"Monetary union in Southeast Asia: An assessment of the optimum currency area theory*","authors":"Kurt A. Hafner","doi":"10.1111/twec.13539","DOIUrl":"https://doi.org/10.1111/twec.13539","url":null,"abstract":"This paper applies optimum currency area (OCA) theory to Southeast Asia to assess the potential for a monetary union in that region. We construct a panel of 10 Southeast Asian countries over the period 1990–2018 and apply the dynamic OLS estimator to quantify the costs and benefits of a potential OCA. A possible monetary union in Southeast Asia is vulnerable to asymmetric shocks, although the degree of specialisation has decreased and the openness index increased. Estimates confirm that both OCA criteria favour an increase in the region's income and FDI inflows and a reduction of its unemployment rate. However, inadequate labour mobility and stagnating intra-trade shares are major obstacles in this regard, but if addressed they could benefit economic development and GDP per capita in the ASEAN region. We conclude that Southeast Asia is far from being an optimum currency area, but if it were to form a common currency area, the loss of economic sovereignty and its costs would be more than offset by the resulting monetary efficiency gain.","PeriodicalId":48147,"journal":{"name":"World Economy","volume":null,"pages":null},"PeriodicalIF":2.5,"publicationDate":"2023-12-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139063506","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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
Estimating the landlocked penalty for international trade 估计内陆国对国际贸易的惩罚
IF 2.5 3区 经济学
World Economy Pub Date : 2023-12-01 DOI: 10.1111/twec.13536
Pratistha Gyawali
{"title":"Estimating the landlocked penalty for international trade","authors":"Pratistha Gyawali","doi":"10.1111/twec.13536","DOIUrl":"https://doi.org/10.1111/twec.13536","url":null,"abstract":"This paper studies the effect of being landlocked on international trade flows in the manufacturing sector. The study overcomes the empirical challenge of using a country-specific variable ‘landlocked’, within a structural gravity framework in the presence of importer and exporter fixed effects. Results show that the impact of being landlocked for manufactured goods trade is highly negative and statistically significant. Such effect is higher for low-income landlocked countries compared to high-income landlocked countries. The impact of being landlocked on manufactured goods trade declined in 2005 compared to 1980. A series of robustness checks further confirm the estimates.","PeriodicalId":48147,"journal":{"name":"World Economy","volume":null,"pages":null},"PeriodicalIF":2.5,"publicationDate":"2023-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138493292","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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
Globalisation and carbon dioxide emissions inequality in OECD countries 经合组织国家的全球化和二氧化碳排放不平等
IF 2.5 3区 经济学
World Economy Pub Date : 2023-11-30 DOI: 10.1111/twec.13542
Jianchun Fang, Giray Gozgor, Mantu Kumar Mahalik, Gupteswar Patel, Xueyin Song
{"title":"Globalisation and carbon dioxide emissions inequality in OECD countries","authors":"Jianchun Fang, Giray Gozgor, Mantu Kumar Mahalik, Gupteswar Patel, Xueyin Song","doi":"10.1111/twec.13542","DOIUrl":"https://doi.org/10.1111/twec.13542","url":null,"abstract":"Economic growth has been crucial in contributing to carbon dioxide (CO<sub>2</sub>) emissions from the Industrial Revolution, and it affects CO<sub>2</sub> emissions heterogeneously with different income levels. Therefore, studying the role of economic growth on inequality in carbon emissions is imperative. This paper analyses the determinants of CO<sub>2</sub> emissions inequality in the panel dataset of 37 Organisation for Economic Co-operation and Development (OECD) countries from 1990 to 2019. Age dependency, globalisation, and institutional quality reduce CO<sub>2</sub> inequality in the OECD economies. However, gross domestic product per capita increases CO<sub>2</sub> inequality. The results are robust to utilise different panel data estimation techniques. This paper provides the first evidence in the literature of determinants of CO<sub>2</sub> inequality across the OECD countries. It is suggested that governments in the OECD economies offer a blueprint for a sustainable society of green economic growth. Other potential policy implications are also discussed.","PeriodicalId":48147,"journal":{"name":"World Economy","volume":null,"pages":null},"PeriodicalIF":2.5,"publicationDate":"2023-11-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138503587","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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
How EU membership affects foreign direct investment: Differences between EU15 and CEE countries 欧盟成员国身份如何影响外国直接投资:欧盟15国与中东欧国家的差异
IF 2.5 3区 经济学
World Economy Pub Date : 2023-11-28 DOI: 10.1111/twec.13541
Bettina Meinhart
{"title":"How EU membership affects foreign direct investment: Differences between EU15 and CEE countries","authors":"Bettina Meinhart","doi":"10.1111/twec.13541","DOIUrl":"https://doi.org/10.1111/twec.13541","url":null,"abstract":"This article examines the impact of membership in the European Union (EU) on foreign direct investments (FDI). In contrast to previous studies, the overall effect of EU membership is disaggregated by countries that joined the EU before 2004 (EU15) and those that joined after 2004 [Central and Eastern European (CEE)]. This disaggregation is motivated by differences between the two groups in terms of their historical background, GDP levels and motives for FDI. Furthermore, the effects of EU membership are estimated at the country level. Using a structural FDI gravity model and applying recent advances in the gravity estimation literature, it is shown that membership of the EU has a substantial positive impact on both inward and outward FDI stocks. In particular, there is considerable heterogeneity in the impact of EU membership, with EU15 countries experiencing mainly an increase in inward FDI, while CEE countries experience a surge in outward FDI.","PeriodicalId":48147,"journal":{"name":"World Economy","volume":null,"pages":null},"PeriodicalIF":2.5,"publicationDate":"2023-11-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138517351","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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
African economic integration and trade 非洲经济一体化和贸易
IF 2.5 3区 经济学
World Economy Pub Date : 2023-11-27 DOI: 10.1111/twec.13538
Marie M. Stack, Emmanuel B. Amissah, Martin Bliss
{"title":"African economic integration and trade","authors":"Marie M. Stack, Emmanuel B. Amissah, Martin Bliss","doi":"10.1111/twec.13538","DOIUrl":"https://doi.org/10.1111/twec.13538","url":null,"abstract":"Economic integration ranks as one of the leading development strategies in Africa. The newly created African Continental Free Trade Area (AfCFTA) and the proposed Tripartite Free Trade Area (TFTA) linking three major regional blocks offer a new impetus to studying trade policy effects. Using a structural gravity model of bilateral manufacturing trade between the African Union member states and all countries in the world, the trade effects of African economic integration agreements (EIAs) are assessed. The findings suggest that economic integration, in aggregate, enhances total African exports. Disaggregating the effects by type of agreement and by subgroups of countries, free trade agreements (FTAs) and partial scope agreements (PSAs) are found to increase <i>extra</i>-African exports, but have no effects on <i>intra</i>-African exports. A positive and significant effect on intra-African exports is introduced when the FTA dummy is combined with AfCFTA in contrast to a neutral effect stemming from the joint FTA-TFTA dummy. The findings suggest that a continent-wide FTA yields greater benefits when compared with integrating the subregions.","PeriodicalId":48147,"journal":{"name":"World Economy","volume":null,"pages":null},"PeriodicalIF":2.5,"publicationDate":"2023-11-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138517331","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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
Anti-dumping policy in Japan: From passive to active and self-disciplined anti-dumping actions 日本反倾销政策:从被动到主动和自律的反倾销行动
IF 2.5 3区 经济学
World Economy Pub Date : 2023-11-27 DOI: 10.1111/twec.13540
Chisato Shibayama
{"title":"Anti-dumping policy in Japan: From passive to active and self-disciplined anti-dumping actions","authors":"Chisato Shibayama","doi":"10.1111/twec.13540","DOIUrl":"https://doi.org/10.1111/twec.13540","url":null,"abstract":"While Japan's anti-dumping (AD) legislation has a long history, the use of AD policies in Japan was limited until the 2010s. This study analyses the evolution of Japan's AD policy over more than 100 years and its background across four periods: (1) from the AD Law's enactment in 1920 to the establishment of the General Agreement on Tariffs and Trade (GATT); (2) from the establishment of GATT to 1990, when no investigation or taxation was conducted; (3) from 1991 to 2008, a period of trial-and-error in AD procedures; and (4) the period after 2009 when the legal system and procedures were improved, and AD measures were being used more. In addition, we discuss the characteristics of industries that applied for AD. The reasons for the low number of AD measures in Japan vary by period and are driven by the circumstances of the prevailing times.","PeriodicalId":48147,"journal":{"name":"World Economy","volume":null,"pages":null},"PeriodicalIF":2.5,"publicationDate":"2023-11-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138503586","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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
What's the influence of input's variation? Estimating the input elasticity in the global value chain 输入变量的影响是什么?全球价值链投入弹性的估算
IF 2.5 3区 经济学
World Economy Pub Date : 2023-11-27 DOI: 10.1111/twec.13530
Xian-nan Cheng, Shuhui Wen, Nuobing Fan, Yuwei Liu, Yujing Wang
{"title":"What's the influence of input's variation? Estimating the input elasticity in the global value chain","authors":"Xian-nan Cheng, Shuhui Wen, Nuobing Fan, Yuwei Liu, Yujing Wang","doi":"10.1111/twec.13530","DOIUrl":"https://doi.org/10.1111/twec.13530","url":null,"abstract":"This article presents a comprehensive framework for assessing the influence of input variation during the period of stagnant expansion of the global value chain (GVC) by incorporating input elasticity. Each import sector is treated as a complete input demand system with a stochastic preference for input in the framework of Ghosh Inverse, and the input elasticity is employed to quantify the input variation based on the Quadratic Almost Ideal Demand System (QUAIDS) model. New empirical evidence covering three major regional value chains (RVCs) and the time span from 2010 to 2020 reveals that increasing input elasticity leads to additional output for most countries, except those within the North American RVC. Additionally, this article also discusses how external determinants have diverse extents influence to input elasticity, while the substitution effect among homogenous input in the specific input demand system may decide their input's competitiveness.","PeriodicalId":48147,"journal":{"name":"World Economy","volume":null,"pages":null},"PeriodicalIF":2.5,"publicationDate":"2023-11-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138503585","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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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