Pub Date : 2021-04-07DOI: 10.1080/1226508X.2021.1908156
Illoong Kwon, Chan-Young Park
ABSTRACT Using the unique grant level data, this paper shows that government R&D grants to private firms lead to more innovation when independent monitoring (e.g. outside directors) in the grant receiving firms is stronger, but to less innovation when chaebol influence (e.g. affiliated ownership) is stronger. However, the direct effect of independent monitoring on reported innovation is negative, while that of chaebol influence is positive. These results are consistent with the hypotheses that independent monitoring reduces the misuse of grant money; increases the efficiency of managing R&D grants; and reduces the overstatement of grant outcomes, while chaebol influence does the opposite.
{"title":"Corporate Governance and the Efficiency of Government R&D Grants","authors":"Illoong Kwon, Chan-Young Park","doi":"10.1080/1226508X.2021.1908156","DOIUrl":"https://doi.org/10.1080/1226508X.2021.1908156","url":null,"abstract":"ABSTRACT Using the unique grant level data, this paper shows that government R&D grants to private firms lead to more innovation when independent monitoring (e.g. outside directors) in the grant receiving firms is stronger, but to less innovation when chaebol influence (e.g. affiliated ownership) is stronger. However, the direct effect of independent monitoring on reported innovation is negative, while that of chaebol influence is positive. These results are consistent with the hypotheses that independent monitoring reduces the misuse of grant money; increases the efficiency of managing R&D grants; and reduces the overstatement of grant outcomes, while chaebol influence does the opposite.","PeriodicalId":45235,"journal":{"name":"Global Economic Review","volume":null,"pages":null},"PeriodicalIF":1.7,"publicationDate":"2021-04-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81432335","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}
Pub Date : 2021-04-03DOI: 10.1080/1226508X.2020.1867610
Hye Rim Yi, Myungkyu Shim, Hee-Seung Yang
ABSTRACT This paper investigates the effects of automation on job polarisation. Automation has been claimed to be one of the main causes for the job polarisation observed in many countries such as the US since the mid-1980s. Using the US Census data, we show that between 1980 and 2007 the increase in the usage of ICT capital is not statistically associated with changes in the employment and wage bill share of routine workers, although there is heterogeneity across industries. The main findings imply that ICT capital per se might not be the main factor driving job polarisation in the US.
{"title":"Is Job Polarisation ICT-Driven? Evidence from the US","authors":"Hye Rim Yi, Myungkyu Shim, Hee-Seung Yang","doi":"10.1080/1226508X.2020.1867610","DOIUrl":"https://doi.org/10.1080/1226508X.2020.1867610","url":null,"abstract":"ABSTRACT This paper investigates the effects of automation on job polarisation. Automation has been claimed to be one of the main causes for the job polarisation observed in many countries such as the US since the mid-1980s. Using the US Census data, we show that between 1980 and 2007 the increase in the usage of ICT capital is not statistically associated with changes in the employment and wage bill share of routine workers, although there is heterogeneity across industries. The main findings imply that ICT capital per se might not be the main factor driving job polarisation in the US.","PeriodicalId":45235,"journal":{"name":"Global Economic Review","volume":null,"pages":null},"PeriodicalIF":1.7,"publicationDate":"2021-04-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88185637","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}
Pub Date : 2021-04-03DOI: 10.1080/1226508X.2020.1862693
Heeho Kim, Hongxia Zhang
ABSTRACT This study develops a simple spread model to explain whether market dealers behave strategically when using electronic broking services. Our spread model stresses the role of an unexpected liquidity imbalance and its volatility for inventory risk, which contrasts sharply with previous studies that emphasised price volatility as the inventory risk. To capture a dealer’s strategic behaviour, we introduce a new concept of a strategic weighted spread and test this new spread using the full information maximum likelihood method with the GARCH (1,1) process. Daily spread data from 1 January 2006 to 20 December 2016 is used to explore strategic spreading at the end of a trading day in East Asia. Different effects on strategic spreads of liquidity depth in Asian financial markets are also investigated by comparing strategic spreads between the thin and deep markets. The evidence provides support for our hypothesis that a dealer behaves strategically to avoid the unexpected inventory risk, and that the magnitude of this influence depends on the depth of the financial market.
{"title":"Determination of Strategic Spreads in East Asia","authors":"Heeho Kim, Hongxia Zhang","doi":"10.1080/1226508X.2020.1862693","DOIUrl":"https://doi.org/10.1080/1226508X.2020.1862693","url":null,"abstract":"ABSTRACT This study develops a simple spread model to explain whether market dealers behave strategically when using electronic broking services. Our spread model stresses the role of an unexpected liquidity imbalance and its volatility for inventory risk, which contrasts sharply with previous studies that emphasised price volatility as the inventory risk. To capture a dealer’s strategic behaviour, we introduce a new concept of a strategic weighted spread and test this new spread using the full information maximum likelihood method with the GARCH (1,1) process. Daily spread data from 1 January 2006 to 20 December 2016 is used to explore strategic spreading at the end of a trading day in East Asia. Different effects on strategic spreads of liquidity depth in Asian financial markets are also investigated by comparing strategic spreads between the thin and deep markets. The evidence provides support for our hypothesis that a dealer behaves strategically to avoid the unexpected inventory risk, and that the magnitude of this influence depends on the depth of the financial market.","PeriodicalId":45235,"journal":{"name":"Global Economic Review","volume":null,"pages":null},"PeriodicalIF":1.7,"publicationDate":"2021-04-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81495266","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}
Pub Date : 2021-02-10DOI: 10.1080/1226508X.2021.1884114
Won-Sik Hwang, Dongnyok Shim
ABSTRACT This study analyses the impact of information and communication technology (ICT)-driven product and process innovation on productivity and economic output growth at the sectoral level in Korea. A traditional growth accounting framework is applied with a quality-adjusted price index on ICT capital and ICT intermediate goods. In the productivity analysis, the impact of ICT-driven process innovation weakens over time in both the manufacturing and service sectors. In the economic output growth analysis, ICT-driven product innovation largely influences the ICT producing manufacturing sector, and national economic growth has benefited from ICT-driven product innovation almost four times as much as from ICT-driven process innovation during 2000–2012.
{"title":"Measuring the Impact of ICT-driven Product and Process Innovation on the Korean Economy","authors":"Won-Sik Hwang, Dongnyok Shim","doi":"10.1080/1226508X.2021.1884114","DOIUrl":"https://doi.org/10.1080/1226508X.2021.1884114","url":null,"abstract":"ABSTRACT This study analyses the impact of information and communication technology (ICT)-driven product and process innovation on productivity and economic output growth at the sectoral level in Korea. A traditional growth accounting framework is applied with a quality-adjusted price index on ICT capital and ICT intermediate goods. In the productivity analysis, the impact of ICT-driven process innovation weakens over time in both the manufacturing and service sectors. In the economic output growth analysis, ICT-driven product innovation largely influences the ICT producing manufacturing sector, and national economic growth has benefited from ICT-driven product innovation almost four times as much as from ICT-driven process innovation during 2000–2012.","PeriodicalId":45235,"journal":{"name":"Global Economic Review","volume":null,"pages":null},"PeriodicalIF":1.7,"publicationDate":"2021-02-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86472807","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}
Pub Date : 2021-02-10DOI: 10.1080/1226508X.2021.1884115
J. Kwak, Heejin Lee, Sukhee Han
ABSTRACT China's emergence in international standardisation has led scholars to debates over its intensifying techno-nationalism. This paper examines ginseng standardization using interviews and archives. Standardisation on the ginseng production started in low-income regions, which later changed into the techno-nationalism agenda over the product origin. Upon international standardisation, the sales volume and unit price in ginseng production increased. Yet the effects occurred in the domestic market and the market leader countries moved to the premium segment by product differentiation. The ginseng standard initiative did not achieve the commercial dominance in the global market but was a local development policy tool.
{"title":"The Role of Standardisation Initiatives in Local Industrial Development: The Chinese Ginseng Experience","authors":"J. Kwak, Heejin Lee, Sukhee Han","doi":"10.1080/1226508X.2021.1884115","DOIUrl":"https://doi.org/10.1080/1226508X.2021.1884115","url":null,"abstract":"ABSTRACT China's emergence in international standardisation has led scholars to debates over its intensifying techno-nationalism. This paper examines ginseng standardization using interviews and archives. Standardisation on the ginseng production started in low-income regions, which later changed into the techno-nationalism agenda over the product origin. Upon international standardisation, the sales volume and unit price in ginseng production increased. Yet the effects occurred in the domestic market and the market leader countries moved to the premium segment by product differentiation. The ginseng standard initiative did not achieve the commercial dominance in the global market but was a local development policy tool.","PeriodicalId":45235,"journal":{"name":"Global Economic Review","volume":null,"pages":null},"PeriodicalIF":1.7,"publicationDate":"2021-02-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86719953","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}
Pub Date : 2021-01-18DOI: 10.1080/1226508X.2021.1874465
Jungho Kim
ABSTRACT This paper investigates the local multiplier effects in new firm creation by analysing a unique panel dataset of new firms and patents at the regional level in Australia. It finds that new firms in the tradable sector such as low-technology manufacturing and knowledge-intensive services industries have local multiplier effects on new firm creation in the non-tradable sector such as other services industries. It also shows that the local multiplier effect in new firm creation exists between manufacturing and knowledge-intensive services industries in the tradable sector. The local multipliers are greater in regions with more patents than in other regions.
{"title":"Local Multipliers in New Firm Creation: Inter-Sectoral Spillovers of Entrepreneurship and Startup Agglomeration","authors":"Jungho Kim","doi":"10.1080/1226508X.2021.1874465","DOIUrl":"https://doi.org/10.1080/1226508X.2021.1874465","url":null,"abstract":"ABSTRACT This paper investigates the local multiplier effects in new firm creation by analysing a unique panel dataset of new firms and patents at the regional level in Australia. It finds that new firms in the tradable sector such as low-technology manufacturing and knowledge-intensive services industries have local multiplier effects on new firm creation in the non-tradable sector such as other services industries. It also shows that the local multiplier effect in new firm creation exists between manufacturing and knowledge-intensive services industries in the tradable sector. The local multipliers are greater in regions with more patents than in other regions.","PeriodicalId":45235,"journal":{"name":"Global Economic Review","volume":null,"pages":null},"PeriodicalIF":1.7,"publicationDate":"2021-01-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76910812","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}
Pub Date : 2021-01-02DOI: 10.1080/1226508X.2021.1877562
Syed Hasanat Shah, W. Ameer, Guo Wei Jiao, Azka Amin
ABSTRACT This study explores links between NO2 emission and Covid-19 induced decline in consumption and mobility in Europe by using satellite images and various indices. This study discovered that strict lockdown in the wake of Covid-19 reduced consumption and mobility and thus, paved way for decline in NO2 emission in Europe. Satellite images show that NO2 emission is low in countries with strict bans on mobility. Similarly, decline in consumption is correlated in NO2 emission. This shows that despite its adverse socio-economic impact, Covid-19 is a blessing in disguise for environment, at least in short-run.
{"title":"The Impact of Covid-19 Induced Decline in Consumer Durables and Mobility on NO2 Emission in Europe","authors":"Syed Hasanat Shah, W. Ameer, Guo Wei Jiao, Azka Amin","doi":"10.1080/1226508X.2021.1877562","DOIUrl":"https://doi.org/10.1080/1226508X.2021.1877562","url":null,"abstract":"ABSTRACT This study explores links between NO2 emission and Covid-19 induced decline in consumption and mobility in Europe by using satellite images and various indices. This study discovered that strict lockdown in the wake of Covid-19 reduced consumption and mobility and thus, paved way for decline in NO2 emission in Europe. Satellite images show that NO2 emission is low in countries with strict bans on mobility. Similarly, decline in consumption is correlated in NO2 emission. This shows that despite its adverse socio-economic impact, Covid-19 is a blessing in disguise for environment, at least in short-run.","PeriodicalId":45235,"journal":{"name":"Global Economic Review","volume":null,"pages":null},"PeriodicalIF":1.7,"publicationDate":"2021-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80164698","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}
Pub Date : 2021-01-02DOI: 10.1080/1226508X.2021.1874466
Jinho Kim, Taehoon Kim
ABSTRACT This study explores the short-term effects of COVID-19 on marriage and divorce rates in Korea. We document a 9.6–13.9% reduction in the provincial crude marriage rate in March-June 2020 after the surge in COVID-19 cases. On top of this overall decline, a one-unit increase in the number of confirmed cases per 1,000 people in a given province decreased the marriage rate by 3.8–6.2%. The crude divorce rate decreases by 3.2–7.1% after the surge of COVID-19. Our results imply that the decline in marriage rates due to COVID-19 can lead to a significant decrease in fertility rates in the near future.
{"title":"Family Formation and Dissolution During the COVID-19 Pandemic: Evidence From South Korea","authors":"Jinho Kim, Taehoon Kim","doi":"10.1080/1226508X.2021.1874466","DOIUrl":"https://doi.org/10.1080/1226508X.2021.1874466","url":null,"abstract":"ABSTRACT This study explores the short-term effects of COVID-19 on marriage and divorce rates in Korea. We document a 9.6–13.9% reduction in the provincial crude marriage rate in March-June 2020 after the surge in COVID-19 cases. On top of this overall decline, a one-unit increase in the number of confirmed cases per 1,000 people in a given province decreased the marriage rate by 3.8–6.2%. The crude divorce rate decreases by 3.2–7.1% after the surge of COVID-19. Our results imply that the decline in marriage rates due to COVID-19 can lead to a significant decrease in fertility rates in the near future.","PeriodicalId":45235,"journal":{"name":"Global Economic Review","volume":null,"pages":null},"PeriodicalIF":1.7,"publicationDate":"2021-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81584586","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}
Pub Date : 2021-01-02DOI: 10.1080/1226508X.2021.1875868
D. Kim, Minseung Kim, Myungkyu Shim
ABSTRACT This paper analyses the macroeconomic consequences of a fiscal policy implemented in South Korea during COVID-19, ‘Korean Economic Impact Payment (KEIP)’ program, that aims to stimulate offline consumption. In doing so, we modify a SIR-macro model by explicitly distinguishing online- and offline consumption goods. Benchmark analysis predicts that (1) there are positive effects on key macro variables at the impact while progress of the epidemic hardly changes and (2) the transfer multiplier from the KEIP is estimated to be about 0.5 at the impact, a value with what we expect from the usual neo-classical business cycle model.
{"title":"The Macroeconomic Consequences of Stimulating Offline Consumption during COVID-19","authors":"D. Kim, Minseung Kim, Myungkyu Shim","doi":"10.1080/1226508X.2021.1875868","DOIUrl":"https://doi.org/10.1080/1226508X.2021.1875868","url":null,"abstract":"ABSTRACT This paper analyses the macroeconomic consequences of a fiscal policy implemented in South Korea during COVID-19, ‘Korean Economic Impact Payment (KEIP)’ program, that aims to stimulate offline consumption. In doing so, we modify a SIR-macro model by explicitly distinguishing online- and offline consumption goods. Benchmark analysis predicts that (1) there are positive effects on key macro variables at the impact while progress of the epidemic hardly changes and (2) the transfer multiplier from the KEIP is estimated to be about 0.5 at the impact, a value with what we expect from the usual neo-classical business cycle model.","PeriodicalId":45235,"journal":{"name":"Global Economic Review","volume":null,"pages":null},"PeriodicalIF":1.7,"publicationDate":"2021-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"91086046","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}
Pub Date : 2021-01-02DOI: 10.1080/1226508x.2020.1869055
M. Kartal, Serpil Kılıç Depren, Özer Depren
ABSTRACT This study investigates whether the Covid-19 and the financial indicators affect the main stock exchange indices of East Asian countries. Number of cases and deaths caused by Covid-19, uncertainty, volatility, foreign exchanges, and mobility are examined by using Quantile Regression and comparing the pre-pandemic and the pandemic periods. The results shows that (i) the indicators have a significant negative impact as expected; (ii) the impact of mobility and pandemic indicators has significance in the trend of the indices whereas they differentiate among countries; (iii) the impact of the variables is significantly differentiated from the low level to the high level.
{"title":"How Main Stock Exchange Indices React to Covid-19 Pandemic: Daily Evidence from East Asian Countries","authors":"M. Kartal, Serpil Kılıç Depren, Özer Depren","doi":"10.1080/1226508x.2020.1869055","DOIUrl":"https://doi.org/10.1080/1226508x.2020.1869055","url":null,"abstract":"ABSTRACT This study investigates whether the Covid-19 and the financial indicators affect the main stock exchange indices of East Asian countries. Number of cases and deaths caused by Covid-19, uncertainty, volatility, foreign exchanges, and mobility are examined by using Quantile Regression and comparing the pre-pandemic and the pandemic periods. The results shows that (i) the indicators have a significant negative impact as expected; (ii) the impact of mobility and pandemic indicators has significance in the trend of the indices whereas they differentiate among countries; (iii) the impact of the variables is significantly differentiated from the low level to the high level.","PeriodicalId":45235,"journal":{"name":"Global Economic Review","volume":null,"pages":null},"PeriodicalIF":1.7,"publicationDate":"2021-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81070291","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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