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Stablecoins and Central Bank Digital Currencies: Policy and Regulatory Challenges* 稳定币和中央银行数字货币:政策和监管挑战*
IF 9.7 3区 经济学
Asian Economic Papers Pub Date : 2022-01-10 DOI: 10.1162/asep_a_00843
Barry Eichengreen, Ganesh Viswanath-Natraj
{"title":"Stablecoins and Central Bank Digital Currencies: Policy and Regulatory Challenges*","authors":"Barry Eichengreen, Ganesh Viswanath-Natraj","doi":"10.1162/asep_a_00843","DOIUrl":"https://doi.org/10.1162/asep_a_00843","url":null,"abstract":"Abstract Stablecoins and central bank digital currencies are on the horizon in Asia, and in some cases have already arrived. This paper provides new analysis and a critique of the use case for both forms of digital currency. It provides time-varying estimates of devaluation risk for the leading stablecoin, Tether, using data from the futures market. It describes the formidable obstacles to widespread use of central bank digital currencies in cross-border transactions, the context in which their utility is arguably greatest. The bottom line is that significant uncertainties continue to dog the region's digital currency initiatives.","PeriodicalId":52020,"journal":{"name":"Asian Economic Papers","volume":"21 1","pages":"29-46"},"PeriodicalIF":9.7,"publicationDate":"2022-01-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45459738","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: 5
Effects of the Minimum Wage on Small Firms in China: Spillover Effects from Large Firms* 中国最低工资对小企业的影响:来自大企业的溢出效应*
IF 9.7 3区 经济学
Asian Economic Papers Pub Date : 2022-01-10 DOI: 10.1162/asep_a_00844
Qiaoyi Chen, Zhao Chen, Lin Guan
{"title":"Effects of the Minimum Wage on Small Firms in China: Spillover Effects from Large Firms*","authors":"Qiaoyi Chen, Zhao Chen, Lin Guan","doi":"10.1162/asep_a_00844","DOIUrl":"https://doi.org/10.1162/asep_a_00844","url":null,"abstract":"Abstract This study investigates how minimum wage affects small firms through spillover effects from large firms. Using firm-level panel data from Anhui Province in China, we find that after a minimum wage increase, small firms will reduce workers’ wages and create jobs due to the inflow of displaced workers from large firms. This spillover effect is larger for micro firms and private firms, where minimum wage compliance tends to be lower. We also find that high-tech small firms are more affected than low-tech ones because of their greater demand for skilled labor. Our findings not only highlight the unintended consequences of minimum wage on small firms in China, but also help to explain the ambiguous employment effects of minimum wage on the covered sector in developing countries.","PeriodicalId":52020,"journal":{"name":"Asian Economic Papers","volume":"21 1","pages":"47-63"},"PeriodicalIF":9.7,"publicationDate":"2022-01-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45769340","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: 3
Unconventional Monetary Policy through Open Market Operations: A Principal Component Analysis* 开放市场运作下的非常规货币政策：主成分分析*
IF 9.7 3区 经济学
Asian Economic Papers Pub Date : 2022-01-10 DOI: 10.1162/asep_a_00842
Markus Heckel, K. Nishimura
{"title":"Unconventional Monetary Policy through Open Market Operations: A Principal Component Analysis*","authors":"Markus Heckel, K. Nishimura","doi":"10.1162/asep_a_00842","DOIUrl":"https://doi.org/10.1162/asep_a_00842","url":null,"abstract":"Abstract This paper examines the unconventional monetary policies of the Bank of Japan from 2002 to 2019 with a focus on open market operations.  We apply a principal component analysis to investigate the complexity of monetary policy.  Our results identify four principal components that explain the variance of measures taken by the Bank of Japan and its operations of various facilities: asset purchase measures including Japanese Government Bonds (JGBs), Exchange-Traded Funds (ETFs), Japanese Real Estate Investment Trusts (J-REITs), and three different liquidity supply measures. Complexity differs substantially among different governorships of Fukui, Shirakawa (most complex), and Kuroda. We derive some conclusions from the increased complexity with implications for the economy.","PeriodicalId":52020,"journal":{"name":"Asian Economic Papers","volume":"21 1","pages":"1-28"},"PeriodicalIF":9.7,"publicationDate":"2022-01-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46738888","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
Re-examining Gender Earning Differentials in Malaysian Manufacturing 重新审视马来西亚制造业中的性别收入差异
IF 9.7 3区 经济学
Asian Economic Papers Pub Date : 2022-01-10 DOI: 10.1162/asep_a_00845
J. Cheong, S. Narayanan, Jacqueline Lisa Fernandez
{"title":"Re-examining Gender Earning Differentials in Malaysian Manufacturing","authors":"J. Cheong, S. Narayanan, Jacqueline Lisa Fernandez","doi":"10.1162/asep_a_00845","DOIUrl":"https://doi.org/10.1162/asep_a_00845","url":null,"abstract":"Abstract The manufacturing sector is a major avenue for female employment in the urban labor market in Malaysia. Only two studies, both published more than two decades ago, have examined gender earning differentials in this sector. Since then, the percentage of women being educated has increased, along with their participation rate, and several laws protecting their rights have also been passed, making it timely to re-examine the earnings gap. We do this by drawing on more recent data from a larger representative survey of manufacturing employees. The Blinder-Oaxaca technique, utilized in the previous two studies, was used to estimate the existing earnings gap and to decompose it to differences attributable to endowments, coefficients (traditionally viewed as subsuming discrimination), and the interaction between the two. We found a smaller gap than previously reported, with better female endowments helping to narrow the gap, and unexplained differences in coefficients being responsible for the remaining gap. The interaction effect was not statistically significant. Contrary to the earlier studies, the differential treatment of women in the manufacturing sector, rather than endowment differences, is hampering the equalization of earnings. This calls for newer approaches to closing the earnings gap.","PeriodicalId":52020,"journal":{"name":"Asian Economic Papers","volume":"21 1","pages":"64-91"},"PeriodicalIF":9.7,"publicationDate":"2022-01-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48048105","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: 1
Estimating the Impact of Cumulative Rules of Origin on Trade Costs: An Application to Mega-regional Free Trade Agreements in the Asia-Pacific Region* 估算累积原产地规则对贸易成本的影响：应用于亚太地区的大型区域自由贸易协定*
IF 9.7 3区 经济学
Asian Economic Papers Pub Date : 2022-01-10 DOI: 10.1162/asep_a_00846
Chul Chung, Innwon Park, Soonchan Park
{"title":"Estimating the Impact of Cumulative Rules of Origin on Trade Costs: An Application to Mega-regional Free Trade Agreements in the Asia-Pacific Region*","authors":"Chul Chung, Innwon Park, Soonchan Park","doi":"10.1162/asep_a_00846","DOIUrl":"https://doi.org/10.1162/asep_a_00846","url":null,"abstract":"Abstract We investigate the effects of free trade agreements (FTAs), focusing on the impact of cumulative rules of origin (ROO) on trade costs. Using a gravity regression model, we estimate the effect of various cumulative ROO systems on the measured trade costs. We apply these estimates to static and capital accumulation computable general equilibrium models to compare the effects of mega-regional FTAs in the Asia-Pacific region—namely, the Regional Comprehensive Economic Partnership (RCEP), Comprehensive and Progressive Trans-Pacific Partnership (CPTPP), and Free Trade Areas in the Asia-Pacific (FTAAP). We find that mega-regional FTAs may not be a viable alternative to a multilateral trading system or bilateral FTAs unless less restrictive cumulative ROO are adopted. Successful FTAs depend on an appropriate cumulative ROO provision system rather than their membership expansion.","PeriodicalId":52020,"journal":{"name":"Asian Economic Papers","volume":"21 1","pages":"92-109"},"PeriodicalIF":9.7,"publicationDate":"2022-01-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49522552","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: 1
Frontier Technology,  Trade,  FDI,  and TFP in the Electrical and Electronic Industries: Exporting or Processing Trade?* 前沿技术、贸易、FDI与全要素生产率:出口贸易还是加工贸易?*
IF 9.7 3区 经济学
Asian Economic Papers Pub Date : 2022-01-10 DOI: 10.1162/asep_a_00847
N. A. Khalifah
{"title":"Frontier Technology,  Trade,  FDI,  and TFP in the Electrical and Electronic Industries: Exporting or Processing Trade?*","authors":"N. A. Khalifah","doi":"10.1162/asep_a_00847","DOIUrl":"https://doi.org/10.1162/asep_a_00847","url":null,"abstract":"Abstract Does “openness” determine “catching-up” of establishments to frontier technology and total factor productivity (TFP) in Malaysia's electrical and electronic (E&E) industries? We contribute to this debate by applying a new measurement of processing trade intensity. Utilizing stochastic frontier analysis and Levinsohn and Pertrin (LP) TFP,  we investigate determinants of technical efficiency (TE) and TFP. The results show that processing trade intensity and not export intensity determines TE and TFP for the overall sample and subsample of foreign establishments. In the processing trade subsample, export intensity is negatively related to TE and unrelated to TFP, obtaining an unconventional result that exporters are inefficient and not associated with TFP. The results show that higher foreign ownership shares of establishments are negatively associated with LP TFP.","PeriodicalId":52020,"journal":{"name":"Asian Economic Papers","volume":"21 1","pages":"110-132"},"PeriodicalIF":9.7,"publicationDate":"2022-01-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44266160","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
International Production Networks Are Overcoming COVID-19 Shocks: Evidence from Japan's Machinery Trade* 国际生产网络正在克服新冠肺炎冲击：来自日本机械贸易的证据*
IF 9.7 3区 经济学
Asian Economic Papers Pub Date : 2021-10-09 DOI: 10.1162/asep_a_00835
M. Ando, F. Kimura, A. Obashi
{"title":"International Production Networks Are Overcoming COVID-19 Shocks: Evidence from Japan's Machinery Trade*","authors":"M. Ando, F. Kimura, A. Obashi","doi":"10.1162/asep_a_00835","DOIUrl":"https://doi.org/10.1162/asep_a_00835","url":null,"abstract":"Abstract This paper investigates the impacts of COVID-19 on international production networks in machinery sectors by shedding light on negative supply shocks, negative demand shocks, and positive demand shocks. Specifically, we examined changes in trade in the trade-fall periods amid COVID-19 in 2020 using Japan's machinery trade at the most disaggregated level and decomposed them into two intensive margins (i.e., the quantity effect and the price effect) and two extensive margins (i.e., the entry effect and the exit effect). Our empirical results show that trade relationships for parts and components were robust even amid COVID-19 and that international production networks in machinery sectors were almost intact. They also demonstrate that COVID-19 brought positive demand shocks for specific products with special demand due to its nature in addition to negative supply shocks and negative demand shocks, which partially explains heterogeneous effects not only among sectors but also among products in the same sector. As of October 2020, Japan's machinery trade seems to have mostly recovered.","PeriodicalId":52020,"journal":{"name":"Asian Economic Papers","volume":"20 1","pages":"40-72"},"PeriodicalIF":9.7,"publicationDate":"2021-10-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41560535","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: 4
Suresh Narayanan Comment on Wage Differentials in Malaysia: Public Employment, Gender,  and Ethnicity Suresh Narayanan对马来西亚工资差异的评论：公共就业、性别，  和种族
IF 9.7 3区 经济学
Asian Economic Papers Pub Date : 2021-10-09 DOI: 10.1162/asep_a_00841
andEthnicity, SureshNarayanan
{"title":"Suresh Narayanan Comment on Wage Differentials in Malaysia: Public Employment, Gender,  and Ethnicity","authors":"andEthnicity, SureshNarayanan","doi":"10.1162/asep_a_00841","DOIUrl":"https://doi.org/10.1162/asep_a_00841","url":null,"abstract":"The paper is motivated primarily by empirical observations elsewhere indicating that public sector earnings are, on average, higher than in the private sector. There is no theoretical framework guiding this. The authors have therefore overlooked several theories of public sector wage determination. The oldest, best known, and perhaps most pertinent to this paper is the work by Fogel and Lewin (1974), who argued that discretion in decision making and the political process in wage setting provide upward-biased wage rates for most government jobs. Thus, the Fogel-Lewin framework predicts that public sector wages will be higher than private sector wages for most job descriptions.","PeriodicalId":52020,"journal":{"name":"Asian Economic Papers","volume":"20 1","pages":"35-39"},"PeriodicalIF":9.7,"publicationDate":"2021-10-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43890821","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
Trade and Human Capital in Global Value Chain in Developed and Developing Countries* 发达国家和发展中国家全球价值链中的贸易与人力资本*
IF 9.7 3区 经济学
Asian Economic Papers Pub Date : 2021-10-09 DOI: 10.1162/asep_a_00834
Wenxiao Wang, S. Thangavelu
{"title":"Trade and Human Capital in Global Value Chain in Developed and Developing Countries*","authors":"Wenxiao Wang, S. Thangavelu","doi":"10.1162/asep_a_00834","DOIUrl":"https://doi.org/10.1162/asep_a_00834","url":null,"abstract":"Abstract This paper investigates the effects of human capital on bilateral domestic value-added trade in global value chains (GVCs) for 43 countries and 56 sectors. In contrast to previous studies, this paper estimated an approximate gravity model of value-added trade to capture the role of human capital in determining the cross-border production linkages via value-added trade. The results show that the domestic value-added trade flows depend critically on human capital development in both exporting and importing countries. The results indicate a positive effect of skilled intensity on bilateral domestic value-added trade in GVCs. We also observe a larger positive effect of skills on the GVC value-added trade for the developing economies. The paper highlights the importance of trade liberalization and forward-looking human capital development policies for the competitiveness of the developing countries in the value-added trade in GVC.","PeriodicalId":52020,"journal":{"name":"Asian Economic Papers","volume":"20 1","pages":"1-15"},"PeriodicalIF":9.7,"publicationDate":"2021-10-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44119422","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: 3
The Efficiency of University Technology Transfer in China* 中国高校技术转移效率研究*
IF 9.7 3区 经济学
Asian Economic Papers Pub Date : 2021-10-09 DOI: 10.1162/asep_a_00838
D. Li, X. Fu
{"title":"The Efficiency of University Technology Transfer in China*","authors":"D. Li, X. Fu","doi":"10.1162/asep_a_00838","DOIUrl":"https://doi.org/10.1162/asep_a_00838","url":null,"abstract":"Abstract There has been no significant improvement in China's comprehensive innovation capability over the past decade despite the country's tremendously large investment in research and development. This study uses a three-stage procedure (i.e., research innovation, experimental development, and value creation) to understand this disappointing outcome by estimating the efficiency of the technology transfer operating through major Chinese universities. We find a substantial decrease in the average level of efficiency across the three stages, with the value creation stage identified as the weakest link. An analysis of the determinants suggests that universities with better faculty quality, experienced technology transfer offices, more affiliated investment funds, and a comprehensive rather than specialized focus perform better in all three stages.","PeriodicalId":52020,"journal":{"name":"Asian Economic Papers","volume":"20 1","pages":"114-137"},"PeriodicalIF":9.7,"publicationDate":"2021-10-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43925920","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: 3
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