This study extends the stochastic metafrontier model (SMF) of Huang, Huang and Liu (2014) to compare the meta-cost banking efficiency in China and Taiwan from 2007 to 2013, and to analyze the impacts on cost efficiency following the implementation of the Economic Cooperation Framework Agreement (ECFA).The empirical tests show that the banking sectors in both China and Taiwan implemented distinct technology-related policies during this period. Following the implementation of ECFA, the meta-cost efficiency for Taiwanʼs banking sectors showed a distinct improvement. Besides, the Chinese banks which had established branches in Taiwan experienced a significant enhancement in meta-cost efficiency. Several managerial insights and implications are discussed.
{"title":"IMPACTS OF THE ECONOMIC COOPERATION FRAMEWORK AGREEMENT ON BANKING COST EFFICIENCY IN CHINA AND TAIWAN: A STOCHASTIC METAFRONTIER APPROACH","authors":"Yung-Lieh Yang, Tsui‐Yueh Cho, Ming-Hsiang Huang","doi":"10.15057/28951","DOIUrl":"https://doi.org/10.15057/28951","url":null,"abstract":"This study extends the stochastic metafrontier model (SMF) of Huang, Huang and Liu (2014) to compare the meta-cost banking efficiency in China and Taiwan from 2007 to 2013, and to analyze the impacts on cost efficiency following the implementation of the Economic Cooperation Framework Agreement (ECFA).The empirical tests show that the banking sectors in both China and Taiwan implemented distinct technology-related policies during this period. Following the implementation of ECFA, the meta-cost efficiency for Taiwanʼs banking sectors showed a distinct improvement. Besides, the Chinese banks which had established branches in Taiwan experienced a significant enhancement in meta-cost efficiency. Several managerial insights and implications are discussed.","PeriodicalId":43705,"journal":{"name":"Hitotsubashi Journal of Economics","volume":"58 1","pages":"121-141"},"PeriodicalIF":0.6,"publicationDate":"2017-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42544868","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}
The income gaps between Korea and her two richer neighbors, Japan and Taiwan in 1935, estimated by the Maddison Project using the backward projection method from 1990, are significantly different from the results based on directly comparing the price levels of 1935. We explore the sources of error in the estimation of PPP using GDP deflators. We find that the errors from the conceptual differences between PPP and GDP deflators are not large or systematically biased; the majority of errors come from the inconsistency of the two data sets, and the selection of the benchmark year. We estimate the GDP per capita of East Asian countries without incongruities, using information from all benchmark years available.
{"title":"THE ORIGINS OF THE EAST ASIAN INCONGRUITIES IN THE MADDISON PROJECT DATABASE","authors":"N. Kim, Ki-Joo Park","doi":"10.15057/28955","DOIUrl":"https://doi.org/10.15057/28955","url":null,"abstract":"The income gaps between Korea and her two richer neighbors, Japan and Taiwan in 1935, estimated by the Maddison Project using the backward projection method from 1990, are significantly different from the results based on directly comparing the price levels of 1935. We explore the sources of error in the estimation of PPP using GDP deflators. We find that the errors from the conceptual differences between PPP and GDP deflators are not large or systematically biased; the majority of errors come from the inconsistency of the two data sets, and the selection of the benchmark year. We estimate the GDP per capita of East Asian countries without incongruities, using information from all benchmark years available.","PeriodicalId":43705,"journal":{"name":"Hitotsubashi Journal of Economics","volume":"58 1","pages":"179-197"},"PeriodicalIF":0.6,"publicationDate":"2017-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43062758","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}
This study investigates R&D and output subsidies in a mixed duopoly with partial privatization. We show that an output subsidy is welfare-superior to an R&D subsidy policy, but the government has a higher incentive to privatize the public firm under the output subsidy than the R&D subsidy. However, when the government uses the policy mix of R&D and output subsidies together, it can achieve the first-best allocation, in which the degree of privatization does not influence output subsidies but influences R&D subsidies.
{"title":"Partial Privatization and Subsidization in a Mixed Duopoly: R&D versus Output Subsidies","authors":"Sang‐Ho Lee, Timur K. Muminov, Yoshihiro Tomaru","doi":"10.15057/28952","DOIUrl":"https://doi.org/10.15057/28952","url":null,"abstract":"This study investigates R&D and output subsidies in a mixed duopoly with partial privatization. We show that an output subsidy is welfare-superior to an R&D subsidy policy, but the government has a higher incentive to privatize the public firm under the output subsidy than the R&D subsidy. However, when the government uses the policy mix of R&D and output subsidies together, it can achieve the first-best allocation, in which the degree of privatization does not influence output subsidies but influences R&D subsidies.","PeriodicalId":43705,"journal":{"name":"Hitotsubashi Journal of Economics","volume":"58 1","pages":"163-177"},"PeriodicalIF":0.6,"publicationDate":"2017-06-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48772580","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}
The well-known equivalence between specific and ad valorem taxation in competitive markets may not hold in the presence of tax evasion. Evading specific taxes has to take place via concealing quantities sold, whereas evading ad valorem taxes can take place via concealing selling prices as well as quantities sold. We show that in the competitive market (i) this difference could make the equivalence of these two taxes break down, and (ii) specific taxation may be superior to ad valorem taxation if it causes firms to channel fewer resources into tax evasion, given other things being equal.
{"title":"NON-EQUIVALENCE OF SPECIFIC AND AD VALOREM TAXATION IN THE COMPETITIVE MARKET WITH TAX EVASION","authors":"Che-chiang Huang, K. L. G. Ueng, Jin-Li Hu","doi":"10.15057/28613","DOIUrl":"https://doi.org/10.15057/28613","url":null,"abstract":"The well-known equivalence between specific and ad valorem taxation in competitive markets may not hold in the presence of tax evasion. Evading specific taxes has to take place via concealing quantities sold, whereas evading ad valorem taxes can take place via concealing selling prices as well as quantities sold. We show that in the competitive market (i) this difference could make the equivalence of these two taxes break down, and (ii) specific taxation may be superior to ad valorem taxation if it causes firms to channel fewer resources into tax evasion, given other things being equal.","PeriodicalId":43705,"journal":{"name":"Hitotsubashi Journal of Economics","volume":"58 1","pages":"41-51"},"PeriodicalIF":0.6,"publicationDate":"2017-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44112424","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}
We extend Cochrane and Saa-Requejoʼs (2000) analysis to derive good-deal bounds on asset prices when investors are concerned about model uncertainty and seek robust pricing decisions in incomplete markets. We investigate properties of the proposed pricing bounds and apply these bounds to value a European option whose underlying asset is a non-traded stock index. We find that, under certain circumstances of model uncertainty, the proposed pricing bounds can include sufficient amounts of the actual option prices, which is in contrast with the empirical finding of the good-deal bounds proposed by Cochrane and Saa-Requejo (2000).
{"title":"Robust good-deal bounds in incomplete markets: The case of Taiwan","authors":"Jun-Home Chen, Yu-Lieh Huang, Jow-Ran Chang","doi":"10.15057/28615","DOIUrl":"https://doi.org/10.15057/28615","url":null,"abstract":"We extend Cochrane and Saa-Requejoʼs (2000) analysis to derive good-deal bounds on asset prices when investors are concerned about model uncertainty and seek robust pricing decisions in incomplete markets. We investigate properties of the proposed pricing bounds and apply these bounds to value a European option whose underlying asset is a non-traded stock index. We find that, under certain circumstances of model uncertainty, the proposed pricing bounds can include sufficient amounts of the actual option prices, which is in contrast with the empirical finding of the good-deal bounds proposed by Cochrane and Saa-Requejo (2000).","PeriodicalId":43705,"journal":{"name":"Hitotsubashi Journal of Economics","volume":"58 1","pages":"53-67"},"PeriodicalIF":0.6,"publicationDate":"2017-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45605618","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}
We test the effect of school choice on studentsʼ academic performance by exploiting the change in high school assignment program in Seoul, Korea from within-district randomization to open enrollment. Employing difference-in-differences methodology on administrative data of high school studentsʼ National Assessment of Educational Achievement test scores, we find no evidence that enhanced school choice improved average test scores in Seoul. However, we find differential effects across school types ‒ regular high schoolsʼ test scores fell whereas newly converted selective private high schoolsʼ test scores rose substantially. Increased sorting across schools is shown to have adverse effects particularly on low-ability students.
{"title":"THE EFFECT OF SCHOOL CHOICE ON STUDENTʼS ACADEMIC PERFORMANCE","authors":"Jaesung Choi, Jisoo Hwang","doi":"10.15057/28617","DOIUrl":"https://doi.org/10.15057/28617","url":null,"abstract":"We test the effect of school choice on studentsʼ academic performance by exploiting the change in high school assignment program in Seoul, Korea from within-district randomization to open enrollment. Employing difference-in-differences methodology on administrative data of high school studentsʼ National Assessment of Educational Achievement test scores, we find no evidence that enhanced school choice improved average test scores in Seoul. However, we find differential effects across school types ‒ regular high schoolsʼ test scores fell whereas newly converted selective private high schoolsʼ test scores rose substantially. Increased sorting across schools is shown to have adverse effects particularly on low-ability students.","PeriodicalId":43705,"journal":{"name":"Hitotsubashi Journal of Economics","volume":"58 1","pages":"1-19"},"PeriodicalIF":0.6,"publicationDate":"2017-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46002352","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}
This paper examines how health care utilization among low-income children is affected by a reduction of the coinsurance rate, exploiting an institutional change in the Medical Subsidy for Children and Infants (MSCI) system, as a natural experiment. In 2004, the maximum age for MSCI recipients in Hokkaido Prefecture was raised from 3 years to include all children of preschool age. The implied arc price elasticity of outpatient care utilization is −0.23, which is congruent with the commonly cited value (−0.2) presented in the RAND health insurance experiment.
{"title":"THE EFFECT OF PATIENT COST SHARING ON HEALTH CARE UTILIZATION AMONG LOW-INCOME CHILDREN","authors":"R. Takaku","doi":"10.15057/28614","DOIUrl":"https://doi.org/10.15057/28614","url":null,"abstract":"This paper examines how health care utilization among low-income children is affected by a reduction of the coinsurance rate, exploiting an institutional change in the Medical Subsidy for Children and Infants (MSCI) system, as a natural experiment. In 2004, the maximum age for MSCI recipients in Hokkaido Prefecture was raised from 3 years to include all children of preschool age. The implied arc price elasticity of outpatient care utilization is −0.23, which is congruent with the commonly cited value (−0.2) presented in the RAND health insurance experiment.","PeriodicalId":43705,"journal":{"name":"Hitotsubashi Journal of Economics","volume":"58 1","pages":"69-88"},"PeriodicalIF":0.6,"publicationDate":"2017-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42547948","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}
This paperinvestigates the determinants of individual health and its dynamics using the Korea Laborand Income Panel Study. The paperexamines how state dependence, unobserved heterogeneity, and observed heterogeneity jointly affect overall health evolution. For this, a dynamic random effects ordered probit model with a simple solution to the initial conditions problem is estimated and the estimation results show that health dynamics in Korea are characterized by significant positive state dependence and unobserved heterogeneity. The explanatory power of many socioeconomic variables disappears if state dependence and unobserved heterogeneity are controlled for. Two robustness checks with respect to attrition bias and reporting reliability further validate these empirical results.
{"title":"STATE DEPENDENCE, UNOBSERVED HETEROGENEITY, AND HEALTH DYNAMICS IN KOREA","authors":"Yong-Woo Lee","doi":"10.15057/28217","DOIUrl":"https://doi.org/10.15057/28217","url":null,"abstract":"This paperinvestigates the determinants of individual health and its dynamics using the Korea Laborand Income Panel Study. The paperexamines how state dependence, unobserved heterogeneity, and observed heterogeneity jointly affect overall health evolution. For this, a dynamic random effects ordered probit model with a simple solution to the initial conditions problem is estimated and the estimation results show that health dynamics in Korea are characterized by significant positive state dependence and unobserved heterogeneity. The explanatory power of many socioeconomic variables disappears if state dependence and unobserved heterogeneity are controlled for. Two robustness checks with respect to attrition bias and reporting reliability further validate these empirical results.","PeriodicalId":43705,"journal":{"name":"Hitotsubashi Journal of Economics","volume":"57 1","pages":"195-221"},"PeriodicalIF":0.6,"publicationDate":"2016-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"66731457","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}
As a newly-industrialized country, Taiwan has gone through a vast industrial transformation. To reflect the impacts of innovation on firms' performance, we adopt a modified CDM (Crepon et al., 1998) model and focus on the innovation activities of Taiwanese manufacturing firms, especially on the comparison between OEM and non-OEM. Two data sources are uniquely compiled; one is the TTIS-II, and the other is the ICSC. Our findings suggest that considering the whole sample, only process innovation will improve both TFP growth and labor productivity growth. However, there exists a complementary relationship between product and process innovation on productivity among OEM.
台湾作为一个新兴工业化国家，经历了巨大的产业转型。为了反映创新对企业绩效的影响，我们采用修正的CDM模型(Crepon et al.， 1998)，并聚焦台湾制造企业的创新活动，特别是OEM与非OEM的比较。两个数据源是唯一编译的;一个是TTIS-II，另一个是公务员制度委员会。我们的研究结果表明，考虑到整个样本，只有工艺创新才能促进全要素生产率增长和劳动生产率增长。但在OEM中，产品创新与工艺创新对生产率的影响存在互补关系。
{"title":"IS THERE A COMPLEMENTARY RELATIONSHIP BETWEEN PRODUCT AND PROCESS INNOVATION ON PRODUCTIVITY IN TAIWANESE MANUFACTURING FIRMS","authors":"Chia-Ling Lin, Hui-Lin Lin, Eric S. Lin","doi":"10.15057/28221","DOIUrl":"https://doi.org/10.15057/28221","url":null,"abstract":"As a newly-industrialized country, Taiwan has gone through a vast industrial transformation. To reflect the impacts of innovation on firms' performance, we adopt a modified CDM (Crepon et al., 1998) model and focus on the innovation activities of Taiwanese manufacturing firms, especially on the comparison between OEM and non-OEM. Two data sources are uniquely compiled; one is the TTIS-II, and the other is the ICSC. Our findings suggest that considering the whole sample, only process innovation will improve both TFP growth and labor productivity growth. However, there exists a complementary relationship between product and process innovation on productivity among OEM.","PeriodicalId":43705,"journal":{"name":"Hitotsubashi Journal of Economics","volume":"57 1","pages":"139-173"},"PeriodicalIF":0.6,"publicationDate":"2016-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"66731562","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}
Zheng-ying Luo, Yung‐ho Chiu, Lingling Tang, Yayun Xu, Ching-Cheng Lu
This study chooses industrial enterprises with great innovative capacity and above a designated size in Jiangsu as the research object to examine the real mechanism of their innovative activities. We apply the DEA model to calculate the technical efficiency, technical progress, and total factor productivity (TFP) of industrial enterprises from 1999 to 2009, finding that technical progress is the most significant factor in increasing TFP. In order to ensure the efficient flow of capital and labor, the empirical results of this study provide useful evidence to promote the industry frontier technical progress and to improve the average efficiency level.
{"title":"INDUSTRIAL ENTERPRISES' INNOVATION EFFICIENCY AND THE INFLUENCE OF CAPITAL SOURCE: BASED ON STATISTICAL DATA OF INDUSTRIAL ENTERPRISES IN JIANGSU PROVINCE","authors":"Zheng-ying Luo, Yung‐ho Chiu, Lingling Tang, Yayun Xu, Ching-Cheng Lu","doi":"10.15057/28220","DOIUrl":"https://doi.org/10.15057/28220","url":null,"abstract":"This study chooses industrial enterprises with great innovative capacity and above a designated size in Jiangsu as the research object to examine the real mechanism of their innovative activities. We apply the DEA model to calculate the technical efficiency, technical progress, and total factor productivity (TFP) of industrial enterprises from 1999 to 2009, finding that technical progress is the most significant factor in increasing TFP. In order to ensure the efficient flow of capital and labor, the empirical results of this study provide useful evidence to promote the industry frontier technical progress and to improve the average efficiency level.","PeriodicalId":43705,"journal":{"name":"Hitotsubashi Journal of Economics","volume":"57 1","pages":"175-193"},"PeriodicalIF":0.6,"publicationDate":"2016-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"66731525","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}
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