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":"34 1","pages":"213 - 234"},"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":"180 1","pages":"43 - 53"},"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":"23 1","pages":"1 - 19"},"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":"94 8 1","pages":"20 - 42"},"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":"35 1","pages":"54 - 71"},"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}
Pub Date : 2020-12-22DOI: 10.1080/1226508X.2020.1863833
Yong Ma, Han Zhang
ABSTRACT This paper examines the effects of finance on total factor productivity (TFP) growth based on panel data of 30 Chinese provinces from 2000 to 2016. We find that financial volatility has a significantly negative effect on TFP growth while the effect of financial development on TFP growth is nonlinear and inverted U-shaped. Further analysis shows that the effect of financial volatility on TFP growth is strengthened during boom periods of financial and business cycle but weakened during the bust periods. We also find that better developed financial systems are more capable of absorbing financial and business cycle shocks.
{"title":"Finance and Productivity Growth: Evidence from China","authors":"Yong Ma, Han Zhang","doi":"10.1080/1226508X.2020.1863833","DOIUrl":"https://doi.org/10.1080/1226508X.2020.1863833","url":null,"abstract":"ABSTRACT This paper examines the effects of finance on total factor productivity (TFP) growth based on panel data of 30 Chinese provinces from 2000 to 2016. We find that financial volatility has a significantly negative effect on TFP growth while the effect of financial development on TFP growth is nonlinear and inverted U-shaped. Further analysis shows that the effect of financial volatility on TFP growth is strengthened during boom periods of financial and business cycle but weakened during the bust periods. We also find that better developed financial systems are more capable of absorbing financial and business cycle shocks.","PeriodicalId":45235,"journal":{"name":"Global Economic Review","volume":"63 1","pages":"273 - 292"},"PeriodicalIF":1.7,"publicationDate":"2020-12-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89200101","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 : 2020-12-18DOI: 10.1080/1226508X.2020.1862694
Upalat Korwatanasakul, Youngmin Baek
ABSTRACT This study takes a novel approach by using an additional compliance requirement indicator as a relative proxy for non-tariff measures (NTMs) to measure the impact of NTMs on global value chain (GVC) participation. We conduct a cross-sectional analysis at the industry level, spanning 30 countries with 19 industrial sectors in the year 2015. Our analysis finds that both NTMs and tariffs have negative impacts on backward GVC participation, and the impact of NTMs is greater than that of tariff measures. Therefore, policies that reduce trade costs from policy barriers, especially NTMs, can help promote participation in GVCs.
{"title":"The Effect of Non-Tariff Measures on Global Value Chain Participation","authors":"Upalat Korwatanasakul, Youngmin Baek","doi":"10.1080/1226508X.2020.1862694","DOIUrl":"https://doi.org/10.1080/1226508X.2020.1862694","url":null,"abstract":"ABSTRACT This study takes a novel approach by using an additional compliance requirement indicator as a relative proxy for non-tariff measures (NTMs) to measure the impact of NTMs on global value chain (GVC) participation. We conduct a cross-sectional analysis at the industry level, spanning 30 countries with 19 industrial sectors in the year 2015. Our analysis finds that both NTMs and tariffs have negative impacts on backward GVC participation, and the impact of NTMs is greater than that of tariff measures. Therefore, policies that reduce trade costs from policy barriers, especially NTMs, can help promote participation in GVCs.","PeriodicalId":45235,"journal":{"name":"Global Economic Review","volume":"23 2","pages":"193 - 212"},"PeriodicalIF":1.7,"publicationDate":"2020-12-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/1226508X.2020.1862694","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"72411571","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 : 2020-12-16DOI: 10.1080/1226508X.2020.1862691
Jiseob Kim, Min-Jae Kwak
ABSTRACT This paper analyses structural changes in demographic, social, and economic conditions in North Korea and draws policy implications on housing supply and residential environment. Demographic and social structures in North Korea, such as population aging, low fertility rate, and increases in nuclear families, are changing, just as many developed countries have experienced. At the same time, there is a high demand for house and infrastructure redevelopment. Meanwhile, there are significant differences in household wealth, living infrastructure, and family compositions across North Korean provinces. Hence, policymakers in North Korea must take into account such regional heterogeneities when they consider the house supply and residential improvement policies.
{"title":"Changes in Demographic, Social, and Economic Structure in North Korea and Policy Direction for Improving Residential Environment","authors":"Jiseob Kim, Min-Jae Kwak","doi":"10.1080/1226508X.2020.1862691","DOIUrl":"https://doi.org/10.1080/1226508X.2020.1862691","url":null,"abstract":"ABSTRACT This paper analyses structural changes in demographic, social, and economic conditions in North Korea and draws policy implications on housing supply and residential environment. Demographic and social structures in North Korea, such as population aging, low fertility rate, and increases in nuclear families, are changing, just as many developed countries have experienced. At the same time, there is a high demand for house and infrastructure redevelopment. Meanwhile, there are significant differences in household wealth, living infrastructure, and family compositions across North Korean provinces. Hence, policymakers in North Korea must take into account such regional heterogeneities when they consider the house supply and residential improvement policies.","PeriodicalId":45235,"journal":{"name":"Global Economic Review","volume":"10 1","pages":"93 - 125"},"PeriodicalIF":1.7,"publicationDate":"2020-12-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84512948","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 : 2020-10-01DOI: 10.1080/1226508x.2020.1836783
Yuichiro Kamada, Michihiro Kandori
ABSTRACT The present paper provides some examples that illustrate how cooperation is achieved among rational and selfish agents when (i) they prepare their actions in advance and (ii) they have some opportunities to revise their actions. Specifically, we use the framework of revision games introduced by Kamada and Kandori [(2020). “Revision Games.” Econometrica 88: 1599–1630]. To judge the sustainability of cooperation in the examples, we show and utilise a simple and useful lemma.
{"title":"Cooperation in Revision Games and Some Applications","authors":"Yuichiro Kamada, Michihiro Kandori","doi":"10.1080/1226508x.2020.1836783","DOIUrl":"https://doi.org/10.1080/1226508x.2020.1836783","url":null,"abstract":"ABSTRACT The present paper provides some examples that illustrate how cooperation is achieved among rational and selfish agents when (i) they prepare their actions in advance and (ii) they have some opportunities to revise their actions. Specifically, we use the framework of revision games introduced by Kamada and Kandori [(2020). “Revision Games.” Econometrica 88: 1599–1630]. To judge the sustainability of cooperation in the examples, we show and utilise a simple and useful lemma.","PeriodicalId":45235,"journal":{"name":"Global Economic Review","volume":"25 3","pages":"329 - 348"},"PeriodicalIF":1.7,"publicationDate":"2020-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/1226508x.2020.1836783","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"72464046","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 : 2020-10-01DOI: 10.1080/1226508x.2020.1838088
{"title":"Special Publication by the R. K. Cho Economics Prize Recipient","authors":"","doi":"10.1080/1226508x.2020.1838088","DOIUrl":"https://doi.org/10.1080/1226508x.2020.1838088","url":null,"abstract":"","PeriodicalId":45235,"journal":{"name":"Global Economic Review","volume":"16 1","pages":"349 - 349"},"PeriodicalIF":1.7,"publicationDate":"2020-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81716834","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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