Pub Date : 2023-09-01DOI: 10.1142/s0116110523400036
GEMMA ESTRADA, RESI ONG OLIVARES, DONGHYUN PARK, SHU TIAN
The Paris Agreement signals increased climate awareness and potential changes in the business environment as an economy decarbonizes. Ratification of the Paris Agreement could heighten climate-related transition risks, especially for companies in high-emitting industries. This research analyzes the impact of Paris Agreement ratification on the debt financing decisions of publicly listed companies in Southeast Asian economies. Our empirical evidence shows that, after announcement of Paris Agreement ratification, firms in high-emitting industries have leverage and financial leverage that are an average of 1.8% and 4.2% lower, respectively, than firms in low-emitting industries. Firms in the region also witnessed higher risks 2 years after ratification, and these risks do not differ significantly between high- and low-emitting industries. This finding implies that firms become riskier under heightened transition risks, and this influences their financial decisions. Governments might thus consider introducing policies that facilitate their response to a low-carbon transition.
{"title":"Climate-Related Transition Risk and Corporate Debt Financing: Evidence from Southeast Asia","authors":"GEMMA ESTRADA, RESI ONG OLIVARES, DONGHYUN PARK, SHU TIAN","doi":"10.1142/s0116110523400036","DOIUrl":"https://doi.org/10.1142/s0116110523400036","url":null,"abstract":"The Paris Agreement signals increased climate awareness and potential changes in the business environment as an economy decarbonizes. Ratification of the Paris Agreement could heighten climate-related transition risks, especially for companies in high-emitting industries. This research analyzes the impact of Paris Agreement ratification on the debt financing decisions of publicly listed companies in Southeast Asian economies. Our empirical evidence shows that, after announcement of Paris Agreement ratification, firms in high-emitting industries have leverage and financial leverage that are an average of 1.8% and 4.2% lower, respectively, than firms in low-emitting industries. Firms in the region also witnessed higher risks 2 years after ratification, and these risks do not differ significantly between high- and low-emitting industries. This finding implies that firms become riskier under heightened transition risks, and this influences their financial decisions. Governments might thus consider introducing policies that facilitate their response to a low-carbon transition.","PeriodicalId":39852,"journal":{"name":"Asian Development Review","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135735266","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-09-01DOI: 10.1142/s0116110523500178
SANJEEV GUPTA, JOÃO TOVAR JALLES
This paper discusses the evolution of key taxes during the past 20 years in developing Asia and the fiscal challenges that the region’s economies face in light of the coronavirus disease (COVID-19) pandemic. It presents estimates of tax capacity and tax potential, and discusses the productivity of key taxes in the region. The paper finds that developing Asia has the potential to raise more revenues–reaching up to 4% of gross domestic product on average. While corporate income tax productivity is high vis-à-vis other regions, the same does not apply to personal income tax or value-added tax. There is potential in many economies to raise more revenues by improving the compliance and design of the value-added tax. It is also important to ensure that tax systems in developing Asia become more progressive with the expansion of personal income and property taxes. Increased allocations and better targeting of social spending would help offset some of the regressivity stemming from indirect taxes. An important source of revenue leakage is tax expenditures granted by economies in the region.
{"title":"Priorities for Strengthening Key Revenue Sources in Asia","authors":"SANJEEV GUPTA, JOÃO TOVAR JALLES","doi":"10.1142/s0116110523500178","DOIUrl":"https://doi.org/10.1142/s0116110523500178","url":null,"abstract":"This paper discusses the evolution of key taxes during the past 20 years in developing Asia and the fiscal challenges that the region’s economies face in light of the coronavirus disease (COVID-19) pandemic. It presents estimates of tax capacity and tax potential, and discusses the productivity of key taxes in the region. The paper finds that developing Asia has the potential to raise more revenues–reaching up to 4% of gross domestic product on average. While corporate income tax productivity is high vis-à-vis other regions, the same does not apply to personal income tax or value-added tax. There is potential in many economies to raise more revenues by improving the compliance and design of the value-added tax. It is also important to ensure that tax systems in developing Asia become more progressive with the expansion of personal income and property taxes. Increased allocations and better targeting of social spending would help offset some of the regressivity stemming from indirect taxes. An important source of revenue leakage is tax expenditures granted by economies in the region.","PeriodicalId":39852,"journal":{"name":"Asian Development Review","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135735474","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-09-01DOI: 10.1142/s0116110523500130
VANI S. KULKARNI, VEENA S. KULKARNI, RAGHAV GAIHA
Globally, the coronavirus disease (COVID-19) pandemic has sparked unexpected and violent outbursts against doctors, nurses, and other health personnel. In the Indian context, studies on violence against doctors and other medical staff largely focus on supply-demand imbalances in health care, overcrowding, drug shortages, negligence of critical care patients, lack of diagnostic and other essential devices (e.g., X-ray and ultrasound equipment and oxygen cylinders), deaths of patients, and bribery and corruption (collusion between doctors and pharmaceutical companies). While these factors explain such violence against medical personnel partly, we argue that it is largely rooted in a lack of trust in doctors and hospitals, which eroded rapidly during the COVID-19 pandemic. We analyze the covariates of trust in public and private health-care providers based on an all-India panel survey and delineate policies to rebuild trust, especially in public health care.
{"title":"Trust as Key to Health Sector Reforms","authors":"VANI S. KULKARNI, VEENA S. KULKARNI, RAGHAV GAIHA","doi":"10.1142/s0116110523500130","DOIUrl":"https://doi.org/10.1142/s0116110523500130","url":null,"abstract":"Globally, the coronavirus disease (COVID-19) pandemic has sparked unexpected and violent outbursts against doctors, nurses, and other health personnel. In the Indian context, studies on violence against doctors and other medical staff largely focus on supply-demand imbalances in health care, overcrowding, drug shortages, negligence of critical care patients, lack of diagnostic and other essential devices (e.g., X-ray and ultrasound equipment and oxygen cylinders), deaths of patients, and bribery and corruption (collusion between doctors and pharmaceutical companies). While these factors explain such violence against medical personnel partly, we argue that it is largely rooted in a lack of trust in doctors and hospitals, which eroded rapidly during the COVID-19 pandemic. We analyze the covariates of trust in public and private health-care providers based on an all-India panel survey and delineate policies to rebuild trust, especially in public health care.","PeriodicalId":39852,"journal":{"name":"Asian Development Review","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135735722","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Predicting Provincial Gross Domestic Product Using Satellite Data and Machine Learning Methods: A Case Study of Thailand","authors":"Nattapong Puttanapong, Nutchapon Prasertsoong, Wichaya Peechapat","doi":"10.1142/s0116110523400024","DOIUrl":"https://doi.org/10.1142/s0116110523400024","url":null,"abstract":"","PeriodicalId":39852,"journal":{"name":"Asian Development Review","volume":null,"pages":null},"PeriodicalIF":1.5,"publicationDate":"2023-08-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43746592","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-08-10DOI: 10.1142/s011611052350018x
Anirban Sanyal, Nirvikar Singh, Rolly Kapoor
{"title":"Impacts of the COVID-19 Lockdown on Consumption Household Data from India","authors":"Anirban Sanyal, Nirvikar Singh, Rolly Kapoor","doi":"10.1142/s011611052350018x","DOIUrl":"https://doi.org/10.1142/s011611052350018x","url":null,"abstract":"","PeriodicalId":39852,"journal":{"name":"Asian Development Review","volume":null,"pages":null},"PeriodicalIF":1.5,"publicationDate":"2023-08-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41996936","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-03-01DOI: 10.1142/s0116110523500099
M. Kremer
{"title":"ADB Distinguished Speaker Lecture — The Economics of Investing in COVID-19 Vaccines: Implications for the Asian Development Bank","authors":"M. Kremer","doi":"10.1142/s0116110523500099","DOIUrl":"https://doi.org/10.1142/s0116110523500099","url":null,"abstract":"","PeriodicalId":39852,"journal":{"name":"Asian Development Review","volume":null,"pages":null},"PeriodicalIF":1.5,"publicationDate":"2023-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46439574","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-03-01DOI: 10.1142/s0116110523500038
Kiyoyasu Tanaka
Encouraging informal firms to register with the government is a key policy issue for developing economies. However, the impact of formal registration on firm performance remains inconclusive. This paper constructs a nationally representative panel data set on registered and unregistered establishments in Cambodia by using the Economic Census in 2011 and the Inter-censal Economic Survey in 2014; the Economic Census surveyed all nonfarm establishments and enterprises without any establishment-size threshold, which served as a credible sample frame for the Inter-censal Economic Survey. To mitigate selection bias, I employ a difference-in-differences method combined with propensity-score matching and a propensity-score-weighted regression method. My results show that formalization has a significantly positive impact on sales, value added, and regularly employed workers, but yields little effect on labor productivity. While formal registration alone may not boost productivity, it can encourage the business growth of formalized firms by hiring more formal workers.
{"title":"Formal Registration and Informal Firms in Cambodia","authors":"Kiyoyasu Tanaka","doi":"10.1142/s0116110523500038","DOIUrl":"https://doi.org/10.1142/s0116110523500038","url":null,"abstract":"Encouraging informal firms to register with the government is a key policy issue for developing economies. However, the impact of formal registration on firm performance remains inconclusive. This paper constructs a nationally representative panel data set on registered and unregistered establishments in Cambodia by using the Economic Census in 2011 and the Inter-censal Economic Survey in 2014; the Economic Census surveyed all nonfarm establishments and enterprises without any establishment-size threshold, which served as a credible sample frame for the Inter-censal Economic Survey. To mitigate selection bias, I employ a difference-in-differences method combined with propensity-score matching and a propensity-score-weighted regression method. My results show that formalization has a significantly positive impact on sales, value added, and regularly employed workers, but yields little effect on labor productivity. While formal registration alone may not boost productivity, it can encourage the business growth of formalized firms by hiring more formal workers.","PeriodicalId":39852,"journal":{"name":"Asian Development Review","volume":null,"pages":null},"PeriodicalIF":1.5,"publicationDate":"2023-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42226840","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-03-01DOI: 10.1142/s0116110523500075
Ly Slesman, C. Hoon, Evi Nurvidya Arifin, Noor Azam Haji-Othman, A. Tan
This paper examines the nexus of income and multidimensional life satisfaction (LS) in the oil- and gas-rich Belait district of Brunei Darussalam. Using a random sample of 1,000 Belait residents and principal component factor analysis to sort 11 domains-of-life satisfaction into three uncorrelated LS spheres–LS with materialist life (job, stress, and income); LS with post-materialist life (family, spirituality, neighbors, and community activities); and LS with public life (health, neighborhood facility, feeling safe at home, and quality of living environment)—we discover the following. First, positive income effects on LS with materialist life sphere are evidenced from lower-middle- to high-income bands. Second, a positive income effect on LS with post-materialist life sphere is only found in the high-income band. Income does not relate to LS with public life sphere. These findings are robust to using each domains-of-life satisfaction and treating scores on domain satisfaction as ordinal and cardinal measures.
{"title":"Can Money Buy Happiness? Income and Multidimensional Life Satisfaction in Brunei Darussalam","authors":"Ly Slesman, C. Hoon, Evi Nurvidya Arifin, Noor Azam Haji-Othman, A. Tan","doi":"10.1142/s0116110523500075","DOIUrl":"https://doi.org/10.1142/s0116110523500075","url":null,"abstract":"This paper examines the nexus of income and multidimensional life satisfaction (LS) in the oil- and gas-rich Belait district of Brunei Darussalam. Using a random sample of 1,000 Belait residents and principal component factor analysis to sort 11 domains-of-life satisfaction into three uncorrelated LS spheres–LS with materialist life (job, stress, and income); LS with post-materialist life (family, spirituality, neighbors, and community activities); and LS with public life (health, neighborhood facility, feeling safe at home, and quality of living environment)—we discover the following. First, positive income effects on LS with materialist life sphere are evidenced from lower-middle- to high-income bands. Second, a positive income effect on LS with post-materialist life sphere is only found in the high-income band. Income does not relate to LS with public life sphere. These findings are robust to using each domains-of-life satisfaction and treating scores on domain satisfaction as ordinal and cardinal measures.","PeriodicalId":39852,"journal":{"name":"Asian Development Review","volume":null,"pages":null},"PeriodicalIF":1.5,"publicationDate":"2023-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48299228","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-03-01DOI: 10.1142/s0116110523500087
Navarat Temsumrit, Hongsilp Sriket
Thailand and the Republic of Korea were developing at a similar pace during the 1960s. However, the Republic of Korea’s economic development rapidly expanded from the 1970s onward, leaving Thailand lagging far behind. This paper investigates the labor productivity slowdown in Thailand using a nine-sector, structural transformation model setting with policy distortions. Our findings suggest that the economic underdevelopment of Thailand, when compared with the Republic of Korea, lies in a tendency toward relative labor productivity slowdowns resulting from both direct and indirect policy distortions in the agriculture sector. The agriculture sector has consistently been overlooked by the government in favor of the infant industrial sector for many decades. Moreover, as the agriculture sector accounts for a relatively considerable share of employment, the magnitude of the negative impact from policy distortions is amplified, inducing a delay in Thailand’s structural transformation.
{"title":"The Structural Transformation of Thailand: The Role of Policy Distortion","authors":"Navarat Temsumrit, Hongsilp Sriket","doi":"10.1142/s0116110523500087","DOIUrl":"https://doi.org/10.1142/s0116110523500087","url":null,"abstract":"Thailand and the Republic of Korea were developing at a similar pace during the 1960s. However, the Republic of Korea’s economic development rapidly expanded from the 1970s onward, leaving Thailand lagging far behind. This paper investigates the labor productivity slowdown in Thailand using a nine-sector, structural transformation model setting with policy distortions. Our findings suggest that the economic underdevelopment of Thailand, when compared with the Republic of Korea, lies in a tendency toward relative labor productivity slowdowns resulting from both direct and indirect policy distortions in the agriculture sector. The agriculture sector has consistently been overlooked by the government in favor of the infant industrial sector for many decades. Moreover, as the agriculture sector accounts for a relatively considerable share of employment, the magnitude of the negative impact from policy distortions is amplified, inducing a delay in Thailand’s structural transformation.","PeriodicalId":39852,"journal":{"name":"Asian Development Review","volume":null,"pages":null},"PeriodicalIF":1.5,"publicationDate":"2023-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48829050","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-03-01DOI: 10.1142/s0116110523500063
A. Anwar, I. Iwasaki
This paper features a meta-analysis of the effects of financial development and liberalization on macroeconomic growth in Asia. A meta-synthesis of 748 estimates extracted from 75 previous studies indicates that the growth-enhancing effect of finance reaches an economically meaningful scale in the region. Synthesis results also reveal that the finance–growth nexus in South Asia is stronger than that in East Asia. Publication selection bias is examined using both linear and nonlinear techniques, and our results show that there is a possibility of publication bias in the literature. After applying advanced and up-to-date meta-analysis methods, we find that the collected estimates contain significant underlying empirical evidence of the impact of finance on economic growth for both Asia and its subregions.
{"title":"The Finance–Growth Nexus in Asia: A Meta-Analytic Approach","authors":"A. Anwar, I. Iwasaki","doi":"10.1142/s0116110523500063","DOIUrl":"https://doi.org/10.1142/s0116110523500063","url":null,"abstract":"This paper features a meta-analysis of the effects of financial development and liberalization on macroeconomic growth in Asia. A meta-synthesis of 748 estimates extracted from 75 previous studies indicates that the growth-enhancing effect of finance reaches an economically meaningful scale in the region. Synthesis results also reveal that the finance–growth nexus in South Asia is stronger than that in East Asia. Publication selection bias is examined using both linear and nonlinear techniques, and our results show that there is a possibility of publication bias in the literature. After applying advanced and up-to-date meta-analysis methods, we find that the collected estimates contain significant underlying empirical evidence of the impact of finance on economic growth for both Asia and its subregions.","PeriodicalId":39852,"journal":{"name":"Asian Development Review","volume":null,"pages":null},"PeriodicalIF":1.5,"publicationDate":"2023-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44495398","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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