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International Outsourcing, Unemployment and Welfare: A Re-Examination 国际外包、失业与福利:再考察
IF 0.8 Q3 ECONOMICS Pub Date : 2019-09-30 DOI: 10.11644/kiep.eaer.2019.23.3.363
Jai-Young Choi,Eden S. H. Yu
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引用次数: 0
A Review of International Risk Sharing for Policy Analysis 政策分析的国际风险分担研究综述
IF 0.8 Q3 ECONOMICS Pub Date : 2019-09-30 DOI: 10.11644/kiep.eaer.2019.23.3.362
Pilar Poncela, Michela Nardo, Filippo M. Pericoli
This paper offers a comprehensive view of international risk sharing and of related policy issues from the perspective of the European Union. The traditional analyses contemplate three risk-sharing channels: the capital markets channel (through cross border portfolio investments), international transfers and the credit markets channel (via savings). Comparative analyses reveal that, on average, about 80% of the shock remains unsmoothed in Europe while only about 18% of the shock is transmitted to consumers within the US. From aggregated figures, there is space for improving, particularly, the cross-border investments channel in Europe. In this sense, the completion of the Banking and Capital Markets Union are expected to boost risk sharing across European member states. We also review new additional issues usually not contemplated by the traditional literature as depreciation, migration and the role of sovereigns and two new additional channels recently considered in the literature: government consumption and the real exchange rate. Finally, we also examine recent analysis related to the geographic distribution of risk sharing.
本文从欧盟的角度对国际风险分担和相关政策问题进行了全面的分析。传统分析考虑了三种风险分担渠道:资本市场渠道(通过跨境证券投资)、国际转移和信贷市场渠道(通过储蓄)。对比分析显示,平均而言,欧洲约80%的冲击仍未得到缓解,而只有约18%的冲击传导至美国消费者。从总体数据来看,欧洲的跨境投资渠道仍有改善的空间。从这个意义上说,银行和资本市场联盟的完成有望促进欧洲成员国之间的风险分担。我们还回顾了传统文献中通常没有考虑到的新的附加问题,如贬值、移民和主权的作用,以及文献中最近考虑的两个新的附加渠道:政府消费和实际汇率。最后,我们还研究了最近有关风险分担的地理分布的分析。
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引用次数: 0
Reconnecting the Dots for the Payment Service Directive 2 - Compatible Asian Financial Network 重新连接支付服务指令2 -兼容亚洲金融网络
IF 0.8 Q3 ECONOMICS Pub Date : 2019-09-30 DOI: 10.11644/kiep.eaer.2019.23.3.364
Gongpil Choi, Meeyoung Park
Unlike the popular belief, digital transformation mainly gets stymied by legal and regulatory issues related with legacy institutions in Asia rather than technical difficulties. The real challenges triggered by the PSD2 (Payment Services Directive 2) are how the region would overcome the overly fragmented, centralized, and hierarchical legacy framework to allow necessary changes to respond to the digital single market initiatives as promulgated by the European counterpart. The PSD2 is expected to bring about substantial changes in the payment ecosystem by allowing payment service providers to access customers’ accounts and transactions information via API that have been traditionally controlled by banks. This paper suggests an incentive-compatible mechanism design for open collaboration among legacy institutions in the region to help them adapt to the PSD2. As evidenced by case studies in Korea, the Asian equivalent of PSD2 can be implemented and further expanded to create region-wide PCS (payment-clearing-settlement) network by reconnecting the dots of legacy infrastructures. These decentralized, diverse, small payment networks can be further combined with the expanded RTGS-CDS platform to evolve into the next phase of Asian Financial Network.
与普遍的看法不同,数字化转型在亚洲主要受到与传统制度相关的法律和监管问题的阻碍,而不是技术上的困难。PSD2(支付服务指令2)引发的真正挑战是该地区如何克服过于分散、集中和分层的遗留框架,以便进行必要的变革,以响应欧洲同行颁布的数字单一市场倡议。通过允许支付服务提供商通过传统上由银行控制的API访问客户的账户和交易信息,PSD2预计将给支付生态系统带来重大变化。本文提出了一种激励兼容的机制设计,用于该地区传统机构之间的开放合作,以帮助他们适应PSD2。正如韩国的案例研究所证明的那样,亚洲版的PSD2可以通过重新连接遗留基础设施的点来实现并进一步扩展,以创建区域范围的PCS(支付-清算-结算)网络。这些分散的、多样化的小型支付网络可以与扩展后的RTGS-CDS平台进一步结合,发展成为亚洲金融网络的下一阶段。
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引用次数: 0
International Migration and Export Flows: Evidence from the People’s Republic of China 国际移民与出口流动:来自中华人民共和国的证据
IF 0.8 Q3 ECONOMICS Pub Date : 2019-09-30 DOI: 10.11644/kiep.eaer.2019.23.3.365
Dimitrios Karkanis
Since China’s opening to international trade, the rapid growth of the country’s export sector has been coupled by an intensification of migratory outflows of ethnic Chinese. The literature has already stressed the beneficial role of migration in enhancing bilateral trade. The present paper applies a gravity model in order to capture the impact of migration on Chinese exports for a relatively long period of time (1995-2017) where significant developments take place. We estimated four regressions, each of them confirming the positive network effects of migration for boosting export growth. Apart from the main finding, it appears that the role of institutional and geographical proximity can prove to be complementary for trade enhancement. The results finally suggest mixed effects due to the countries’ import openness, indicating that China’s free trade agreements acts as a substitute for smoothing trade competition from third countries.
自从中国向国际贸易开放以来,中国出口部门的快速增长伴随着华人移民外流的加剧。文献已经强调了移民在促进双边贸易方面的有益作用。本文采用重力模型,以捕捉在相对较长时间内(1995-2017年)发生重大发展的移民对中国出口的影响。我们估计了四种回归,每一种回归都证实了移民对促进出口增长的积极网络效应。除了主要发现之外,似乎体制和地理邻近的作用可以证明是促进贸易的补充。结果最后表明,由于各国的进口开放,混合效应,表明中国的自由贸易协定起到了平滑来自第三国贸易竞争的替代作用。
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引用次数: 2
Specialization, Firm Dynamics and Economic Growth 专业化、企业动态与经济增长
IF 0.8 Q3 ECONOMICS Pub Date : 2019-06-30 DOI: 10.11644/KIEP.EAER.2019.23.2.360
Jaehan Cho, Z. Ge
Productivity in agriculture or services has long been understood as playing an important role in the growth of manufacturing. In this paper we present a general equilibrium model in which manufacturing growth is stimulated by non-manufacturing sectors that provides goods used in both research and final consumption. The model permits the evaluation of two policy options for stimulating manufacturing growth: (1) a country imports more non-manufacturing goods from a foreign country with higher productivity and (2) a country increases productivity of domestic non-manufacturing. We find that both policies improve welfare of the economy, but depending on the policy the manufacturing sector responses differently. Specifically, employment and value-added in manufacturing increase with policy (1), but contract with policy (2). Therefore, specialization of the import nonmanufactured goods helps explain why some Asian economies experience rapid growth in the manufacturing sector without progress in other sectors.
长期以来,农业或服务业的生产力一直被认为在制造业的增长中发挥着重要作用。在本文中,我们提出了一个一般均衡模型,其中制造业增长受到非制造业部门的刺激,这些部门提供用于研究和最终消费的商品。该模型允许评估刺激制造业增长的两种政策选择:(1)一个国家从生产率较高的外国进口更多的非制造业产品;(2)一个国家提高国内非制造业的生产率。我们发现这两项政策都提高了经济福利,但根据政策的不同,制造业的反应不同。具体来说,制造业的就业和增值随着政策(1)而增加,但与政策(2)相收缩。因此,进口非制成品的专业化有助于解释为什么一些亚洲经济体在制造业部门经历了快速增长,而在其他部门却没有进展。
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引用次数: 0
Estimating the Knowledge Capital Model for Foreign Investment in Services: The Case of Singapore 服务业外商投资的知识资本模型估算——以新加坡为例
IF 0.8 Q3 ECONOMICS Pub Date : 2019-06-30 DOI: 10.11644/kiep.eaer.2019.23.2.358
Gnanaraj Chellaraj,Aaditya Mattoo
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引用次数: 0
High-Skilled Inventor Emigration as a Moderator for Increased Innovativeness and Growth in Sending Countries 高技能发明家移民对派遣国创新和增长的调节作用
IF 0.8 Q3 ECONOMICS Pub Date : 2019-03-31 DOI: 10.11644/kiep.eaer.2019.23.1.354
Jisong Kim, Nah Youn Lee
This study investigates the effect of high-skilled inventor emigration rate on growth rate of the country of origin (COO). Inventor emigrants represent the human capital that can generate highly innovative work. The social network they form spurs knowledge diffusion and technology transfer back to their COOs, which in turn affects innovation and growth in their home countries. We run dynamic panel estimation for 154 countries during 1990–2011, and empirically show that a positive and statistically significant effect exists for the interaction of inventor emigration and trade. The result indicates that the direct negative impact of the brain drain can be mitigated by the positive feedback effect generated by the high-skilled inventor emigrants abroad. When coupled with an active trade policy that reinforces growth, countries can partially recoup the direct effect of the human capital loss. We stress the importance of international trade for successful technology transfer to occur, and offer insights for policies that can utilize the benefits of the rich social network of their high-skilled emigrants.
本研究探讨高技能发明家移民率对原籍国增长率的影响。发明家移民代表着能够创造高度创新工作的人力资本。他们形成的社会网络刺激知识扩散和技术转移回其coo,这反过来又影响其本国的创新和增长。通过对154个国家1990-2011年的动态面板估计,实证表明发明者移民与贸易的相互作用存在显著的正效应。研究结果表明,高技能发明家移民所产生的正反馈效应可以缓解人才外流的直接负面影响。如果加上促进增长的积极贸易政策,各国可以部分弥补人力资本损失的直接影响。我们强调国际贸易对成功实现技术转让的重要性,并为能够利用其高技能移民丰富的社会网络所带来的好处的政策提供见解。
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引用次数: 0
Research Productivity in Business and Economics: South Korea, 1990-2016 商业和经济研究生产力:韩国,1990-2016
IF 0.8 Q3 ECONOMICS Pub Date : 2019-03-31 DOI: 10.11644/kiep.eaer.2019.23.1.357
Jang C. Jin
This paper ranks higher education in Korea based upon research productivity in business and economics disciplines. The number of SCI-level journal articles are tabulated using the Web of Science search engine, over the sample period from 1990 to 2016. The league table shows that many private universities dominate top-tier ranks, which is consistent with the school reputations most commonly cited by the general public in Korea. In contrast, many national universities appear in the second-tier, and their scanty performance in business and economics is in sharp contrast with our earlier findings in which national universities performed well in science and engineering fields (Jin and Kim, 2018). In addition, the ranking order in lower-ranked schools is found to be sensitive to a small change in publications, whereas the publication gap among top-tier schools is relatively large. Finally, unlike our general perception, the size of school does not matter for collaborative research. Some policy implications are discussed as a conclusion.
本文根据商业和经济学科的研究生产力对韩国高等教育进行了排名。使用Web of Science搜索引擎将1990年至2016年样本期间的sci级别期刊文章数量制成表格。排名显示,很多私立大学占据了前几名,这与韩国国民最常提到的学校声誉一致。相比之下,许多国立大学出现在二线,它们在商业和经济方面的薄弱表现与我们早期的发现形成鲜明对比,其中国立大学在科学和工程领域表现良好(Jin和Kim, 2018)。此外,排名较低的学校的排名顺序对出版物的微小变化很敏感,而排名靠前的学校之间的出版物差距相对较大。最后,与我们的普遍看法不同,学校的规模对合作研究并不重要。作为结论,讨论了一些政策影响。
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引用次数: 0
Determinants of Trade Flows and Trade Structure between Korea and ASEAN 韩国与东盟贸易流动和贸易结构的决定因素
IF 0.8 Q3 ECONOMICS Pub Date : 2019-03-31 DOI: 10.11644/kiep.eaer.2019.23.1.356
Hoan Quang Truong, Chung Van Dong, Hoang Huy Nguyen
Our paper contributes to existing literature by empirically investigate the trade structure and trade performance between Korea and ASEAN. Overall, trade activities between Korea and almost major ASEAN economies have significantly focused on capital goods, medium and high technology goods, while the remaining ASEAN countries’ exports over Korea have been mainly primary and low technology goods. There has been a higher complementarity in between Korea’s exports and ASEAN’s imports compared with between ASEAN’s exports and Korea’s imports. Estimation results show that ASEAN’s GDP and income have larger impacts than those of Korea on aggregate trade flows as well as sectoral level between two sides. Additionally, geographical conditions are critical factors impeding Korea-ASEAN trade. Meanwhile, other factors in the estimation model have mixed impacts on components of Korea-ASEAN trade structure. Finally, there is a significant room for Korea’s trade expansion with ASEAN, particularly new and less developed members in future.
本文通过实证研究韩国和东盟之间的贸易结构和贸易绩效,对现有文献做出了贡献。总的来说,韩国和几乎主要东盟经济体之间的贸易活动主要集中在资本货物、中等和高技术货物上,而其余东盟国家对韩国的出口主要是初级和低技术货物。韩国出口与东盟进口之间的互补性高于东盟出口与韩国进口之间的互补性。估算结果表明,东盟的GDP和收入对双方贸易总量和行业水平的影响大于韩国。此外,地理条件也是阻碍韩国与东盟贸易的关键因素。同时,估算模型中的其他因素对韩国-东盟贸易结构构成的影响也不尽相同。最后,韩国与东盟,特别是新成员国和欠发达国家的贸易在未来有很大的扩大空间。
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引用次数: 0
Foreign Exchange Return Predictability: Rational Expectations Risk Premium vs. Expectational Errors 外汇收益可预测性:理性预期、风险溢价与预期误差
IF 0.8 Q3 ECONOMICS Pub Date : 2018-12-31 DOI: 10.11644/kiep.eaer.2018.22.4.351
Seongman Moon
We propose a simple identification scheme for the causes of the violations of uncovered interest parity. Our method uses the serial dependence patterns of excess returns as a criterion for judging performance of economic models. We show that a mean reverting component in excess returns, representing a violation of uncovered interest parity, mainly contributes to generating different serial dependence patterns of excess returns: rational expectations risk premium models tend to generate negative serial dependence of excess returns, while expectational errors models tend to generate positive serial dependence.
我们提出了一个简单的识别方案,以违反未发现的利率平价的原因。我们的方法使用超额收益的序列依赖模式作为判断经济模型表现的标准。我们发现,超额收益中的均值回归成分,代表违反未发现的利率平价,主要有助于产生超额收益的不同序列依赖模式:理性预期风险溢价模型倾向于产生负序列依赖,而预期误差模型倾向于产生正序列依赖。
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引用次数: 0
期刊
East Asian Economic Review
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