In this study, we investigate the relationships among entrepreneurship, economic growth, and employment in Taiwan, by applying the vector autoregression (VAR) model. After estimating the VAR model, using Taiwanʼs quarterly macro data from 1987 to 2012, our estimated results confirm that entrepreneurship can be helpful to economic growth and employment, with 6 periods of lag, respectively. The boom of real GDP can bring the expansion of employment rate immediately and lag-1 period, but not the reverse. In addition, we also find the mutual interaction between the entrepreneurship and employment rate. Therefore, the government should build an environment that stimulates entrepreneurship.
{"title":"ENTREPRENEURSHIP, ECONOMIC GROWTH, AND EMPLOYMENT : A CASE STUDY OF TAIWAN","authors":"Chih-Cheng Chen","doi":"10.15057/26817","DOIUrl":"https://doi.org/10.15057/26817","url":null,"abstract":"In this study, we investigate the relationships among entrepreneurship, economic growth, and employment in Taiwan, by applying the vector autoregression (VAR) model. After estimating the VAR model, using Taiwanʼs quarterly macro data from 1987 to 2012, our estimated results confirm that entrepreneurship can be helpful to economic growth and employment, with 6 periods of lag, respectively. The boom of real GDP can bring the expansion of employment rate immediately and lag-1 period, but not the reverse. In addition, we also find the mutual interaction between the entrepreneurship and employment rate. Therefore, the government should build an environment that stimulates entrepreneurship.","PeriodicalId":43705,"journal":{"name":"Hitotsubashi Journal of Economics","volume":"55 1","pages":"71-88"},"PeriodicalIF":0.6,"publicationDate":"2014-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"66730621","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 presents a modified Helpman model (1998) with an added tradable agriculture good, and modifies the manufacturing production function according to Forslid and Ottaviano (2003) to identify all possible spatial configurations of a two-region economy. Moreover, the current work neatly separates the four spatial shaping effects: market size effect, market crowding effect, cost of living effect, and urban congestion effect, and diagrammatically exposes how these forces shape spatial configurations as the degree of trade freeness increases.
{"title":"SPATIAL AGGLOMERATION AND DISPERSION: REVISITING THE HELPMAN MODEL","authors":"An-Ming Wang, Chung-Hsin Yang","doi":"10.15057/26812","DOIUrl":"https://doi.org/10.15057/26812","url":null,"abstract":"This paper presents a modified Helpman model (1998) with an added tradable agriculture good, and modifies the manufacturing production function according to Forslid and Ottaviano (2003) to identify all possible spatial configurations of a two-region economy. Moreover, the current work neatly separates the four spatial shaping effects: market size effect, market crowding effect, cost of living effect, and urban congestion effect, and diagrammatically exposes how these forces shape spatial configurations as the degree of trade freeness increases.","PeriodicalId":43705,"journal":{"name":"Hitotsubashi Journal of Economics","volume":"55 1","pages":"1-20"},"PeriodicalIF":0.6,"publicationDate":"2014-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"66730545","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}
In this paper, the link between financial development and economic growth in OECD member countries is investigated using unbalanced panel cointegration and causality analysis for the period 1980-2011. The results of the Pedroni and Kao Cointegration Analysis show the existence of long-run relationship between financial development and economic growth. The result of Granger Causality Analysis indicates that there is a unidirectional causality relationship running from economic growth to the three proxy variables for financial development while a bidirectional relationship between broad measure of money and economic growth is observed. Therefore, it can be said that the demand-following phenomenon is dominant.
{"title":"FINANCIAL DEVELOPMENT-ECONOMIC GROWTH NEXUS: A PANEL DATA ANALYSIS UPON OECD COUNTRIES","authors":"Gönül Yüce Akıncı, Merter Akıncı, Ömer Yılmaz","doi":"10.15057/26816","DOIUrl":"https://doi.org/10.15057/26816","url":null,"abstract":"In this paper, the link between financial development and economic growth in OECD member countries is investigated using unbalanced panel cointegration and causality analysis for the period 1980-2011. The results of the Pedroni and Kao Cointegration Analysis show the existence of long-run relationship between financial development and economic growth. The result of Granger Causality Analysis indicates that there is a unidirectional causality relationship running from economic growth to the three proxy variables for financial development while a bidirectional relationship between broad measure of money and economic growth is observed. Therefore, it can be said that the demand-following phenomenon is dominant.","PeriodicalId":43705,"journal":{"name":"Hitotsubashi Journal of Economics","volume":"55 1","pages":"33-50"},"PeriodicalIF":0.6,"publicationDate":"2014-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"66730608","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 has provided the first econometric evidence that the loss of land ( due to urbanization and industrialization) has no impact on the probability of a household belonging to a particular income group (poor, middle class or rich) in Hanoi's peri-urban areas, Vietnam. The result also revealed that farmland holding was not statistically correlated with the likelihood of the household being in a given income group. Nevertheless, other factors, including households' education, access to credit, productive assets and notably their nonfarm participation before farmland loss, were found to increase the chances of the households moving up the income ladder.
{"title":"The Impact Of Farmland Loss On Income Distribution Of Households In Hanoi'S Peri-Urban Areas, Vietnam","authors":"T. Tran","doi":"10.15057/26972","DOIUrl":"https://doi.org/10.15057/26972","url":null,"abstract":"This study has provided the first econometric evidence that the loss of land ( due to urbanization and industrialization) has no impact on the probability of a household belonging to a particular income group (poor, middle class or rich) in Hanoi's peri-urban areas, Vietnam. The result also revealed that farmland holding was not statistically correlated with the likelihood of the household being in a given income group. Nevertheless, other factors, including households' education, access to credit, productive assets and notably their nonfarm participation before farmland loss, were found to increase the chances of the households moving up the income ladder.","PeriodicalId":43705,"journal":{"name":"Hitotsubashi Journal of Economics","volume":"55 1","pages":"189-206"},"PeriodicalIF":0.6,"publicationDate":"2014-05-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"66731006","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}
In this paper, we analyze feasible bias-reduced versions of point estimates for predictive regressions: The plug-in estimates, which are based on the augmented regressions proposed by Amihud and Hurvich (2004) and Amihud, Hurvich and Wang (2010), and the grouped jackknife estimate by Quenouille (1949, 1956).We also derive the correct standard errors associated with these point estimates.The methods thus allow for a unified inferential framework, where point estimates and statistical inference are based on the same methods. Using the new estimates, we investigate U.S. stock returns and find that some variables are able to predict stock returns.
{"title":"ESTIMATION AND INFERENCE IN PREDICTIVE REGRESSIONS","authors":"Eiji Kurozumi, K. Aono","doi":"10.15057/26018","DOIUrl":"https://doi.org/10.15057/26018","url":null,"abstract":"In this paper, we analyze feasible bias-reduced versions of point estimates for predictive regressions: The plug-in estimates, which are based on the augmented regressions proposed by Amihud and Hurvich (2004) and Amihud, Hurvich and Wang (2010), and the grouped jackknife estimate by Quenouille (1949, 1956).We also derive the correct standard errors associated with these point estimates.The methods thus allow for a unified inferential framework, where point estimates and statistical inference are based on the same methods. Using the new estimates, we investigate U.S. stock returns and find that some variables are able to predict stock returns.","PeriodicalId":43705,"journal":{"name":"Hitotsubashi Journal of Economics","volume":"54 1","pages":"231-250"},"PeriodicalIF":0.6,"publicationDate":"2013-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"66730382","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 prove the existence of a competitive equilibrium for an economy with an atomless measure space of agents and an infinite dimensional commodity space. The commodity space is a separable Banach space with a non-empty interior in its positive cone. We dispense with convexity and completeness assumptions on preferences. We employ a saturated probability space for the space of agents which enables us to utilize the convexifying effect on aggregation. By applying the Gale-Nikaido-Debreulemma, we provide a direct proof of the existence of a competitive equilibrium.
{"title":"COMPETITIVE EQUILIBRIUM WITH AN ATOMLESS MEASURE SPACE OF AGENTS AND INFINITE DIMENSIONAL COMMODITY SPACES WITHOUT CONVEX AND COMPLETE PREFERENCES","authors":"Sangjik Lee","doi":"10.15057/26020","DOIUrl":"https://doi.org/10.15057/26020","url":null,"abstract":"We prove the existence of a competitive equilibrium for an economy with an atomless measure space of agents and an infinite dimensional commodity space. The commodity space is a separable Banach space with a non-empty interior in its positive cone. We dispense with convexity and completeness assumptions on preferences. We employ a saturated probability space for the space of agents which enables us to utilize the convexifying effect on aggregation. By applying the Gale-Nikaido-Debreulemma, we provide a direct proof of the existence of a competitive equilibrium.","PeriodicalId":43705,"journal":{"name":"Hitotsubashi Journal of Economics","volume":"54 1","pages":"221-230"},"PeriodicalIF":0.6,"publicationDate":"2013-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"66730462","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 tried to develop a two sector model to investigate the role of state sector on the urban income inequality in China.We showed that the state sector in the coastal provinces rather than the state sector in the interior provinces plays an important role in the income inequality in urban China.The findings of empirical analysis imply that the income inequality for urban households in China is mainly related to the coastal provinces with relatively higher return to capital, capital intensity, and thus capital income in the state sector.The Chinese government should redirect their policy that emphasizes the role of large enterprises in the state sector and subsidizes the capital in the capital-intensive state sector.The main reason for shifting from emphasizing the capital-intensive state sector to the labor-intensive private sector is to reduce inequality in the urban China.
{"title":"INCOME INEQUALITY IN URBAN CHINA AND THE ROLE OF STATE SECTOR","authors":"Jongchul Lee","doi":"10.15057/26016","DOIUrl":"https://doi.org/10.15057/26016","url":null,"abstract":"We tried to develop a two sector model to investigate the role of state sector on the urban income inequality in China.We showed that the state sector in the coastal provinces rather than the state sector in the interior provinces plays an important role in the income inequality in urban China.The findings of empirical analysis imply that the income inequality for urban households in China is mainly related to the coastal provinces with relatively higher return to capital, capital intensity, and thus capital income in the state sector.The Chinese government should redirect their policy that emphasizes the role of large enterprises in the state sector and subsidizes the capital in the capital-intensive state sector.The main reason for shifting from emphasizing the capital-intensive state sector to the labor-intensive private sector is to reduce inequality in the urban China.","PeriodicalId":43705,"journal":{"name":"Hitotsubashi Journal of Economics","volume":"54 1","pages":"159-176"},"PeriodicalIF":0.6,"publicationDate":"2013-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"66730820","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 empirically studied the relative risk aversion (RRA) implied from the options prices and historical returns of the Nikkei 225 index around the 2007-2008 subprime loan crisis. The extended use of Japanese option data and an estimation method of physical density are innovations introduced in this study. The RRA are typically downward sloping across the options. moneyness but show a clear U-shape and become negative around the at-the-money level. Also, the RRA level decreases substantially during the crisis. Previous studies have explained these anomalies as the result of a change in the investor mix or a mispricing of options.
{"title":"Option-Implied Risk Aversion Anomalies: Evidence From Japanese Market","authors":"Nattapol Takkabutr","doi":"10.15057/26019","DOIUrl":"https://doi.org/10.15057/26019","url":null,"abstract":"This paper empirically studied the relative risk aversion (RRA) implied from the options prices and historical returns of the Nikkei 225 index around the 2007-2008 subprime loan crisis. The extended use of Japanese option data and an estimation method of physical density are innovations introduced in this study. The RRA are typically downward sloping across the options. moneyness but show a clear U-shape and become negative around the at-the-money level. Also, the RRA level decreases substantially during the crisis. Previous studies have explained these anomalies as the result of a change in the investor mix or a mispricing of options.","PeriodicalId":43705,"journal":{"name":"Hitotsubashi Journal of Economics","volume":"54 1","pages":"137-157"},"PeriodicalIF":0.6,"publicationDate":"2013-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"66730400","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}
In this paper, we explore the interaction between taxation and a local public good (LPG) to see how it impacts the spatial pattern in the framework of new economic geography (NEG). In the benchmark case of a pure LPG, the system displays a similar location pattern to the existing NEG taxation model, although the tax reduces the market size of manufactured goods. However, when we consider the inherent congestion of an LPG, we find a new agglomeration force due to the demand of the LPG and a new dispersion force due to its congestion.As a result of their interaction, the congestability is crucial in determining the spatial location pattern.
{"title":"Agglomeration, Tax, And Local Public Goods","authors":"An-Ming Wang, Dao‐Zhi Zeng","doi":"10.15057/26017","DOIUrl":"https://doi.org/10.15057/26017","url":null,"abstract":"In this paper, we explore the interaction between taxation and a local public good (LPG) to see how it impacts the spatial pattern in the framework of new economic geography (NEG). In the benchmark case of a pure LPG, the system displays a similar location pattern to the existing NEG taxation model, although the tax reduces the market size of manufactured goods. However, when we consider the inherent congestion of an LPG, we find a new agglomeration force due to the demand of the LPG and a new dispersion force due to its congestion.As a result of their interaction, the congestability is crucial in determining the spatial location pattern.","PeriodicalId":43705,"journal":{"name":"Hitotsubashi Journal of Economics","volume":"54 1","pages":"177-201"},"PeriodicalIF":0.6,"publicationDate":"2013-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"66730838","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 studies the effects of the diffusion of a General Purpose Technology (GPT) that spreads first within the developed North country of its origin, and then to a developing South country. In the developed general equilibrium growth model, each final good can be produced by one of two technologies. Each technology is characterized by a specific labor complemented by a specific set of intermediate goods, which are enhanced periodically by Schumpeterian R&D activities. When quality reaches a threshold level, a GPT arises in one of the technologies and spreads first to the other technology within the North. Then, it propagates to the South, following a similar sequence. Since diffusion is not even, neither intra- nor inter-country, the GPT produces successive changes in the direction of technological knowledge and in inter- and intra-country wage inequality. Through this mechanism the different observed paths of wage inequality can be accommodated.
{"title":"EFFECTS OF INTERNATIONAL DIFFUSION OF A GENERAL PURPOSE TECHNOLOGY ON WAGE INEQUALITY","authors":"Óscar Afonso, Ana Maria Bandeira","doi":"10.15057/26014","DOIUrl":"https://doi.org/10.15057/26014","url":null,"abstract":"This paper studies the effects of the diffusion of a General Purpose Technology (GPT) that spreads first within the developed North country of its origin, and then to a developing South country. In the developed general equilibrium growth model, each final good can be produced by one of two technologies. Each technology is characterized by a specific labor complemented by a specific set of intermediate goods, which are enhanced periodically by Schumpeterian R&D activities. When quality reaches a threshold level, a GPT arises in one of the technologies and spreads first to the other technology within the North. Then, it propagates to the South, following a similar sequence. Since diffusion is not even, neither intra- nor inter-country, the GPT produces successive changes in the direction of technological knowledge and in inter- and intra-country wage inequality. Through this mechanism the different observed paths of wage inequality can be accommodated.","PeriodicalId":43705,"journal":{"name":"Hitotsubashi Journal of Economics","volume":"54 1","pages":"203-220"},"PeriodicalIF":0.6,"publicationDate":"2013-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"66730751","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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