Pub Date : 2020-07-02DOI: 10.1080/1226508X.2020.1792329
Eugene Beaulieu, Zeng Lian, Shan Wan
ABSTRACT This paper studies the trade promotion effects of state visits paid by Chinese political leaders by analyzing China’s trade flow with 184 countries between 1998 and 2014. International events are used to instrument state visits. The results find that trade promotion effects come two years after the visits. Moreover, the promotion effects are biased towards the industries and firms with connections to the government. Trade barriers offset the promotion effects of state visits.
{"title":"Presidential Marketing: Trade Promotion Effects of State Visits","authors":"Eugene Beaulieu, Zeng Lian, Shan Wan","doi":"10.1080/1226508X.2020.1792329","DOIUrl":"https://doi.org/10.1080/1226508X.2020.1792329","url":null,"abstract":"ABSTRACT This paper studies the trade promotion effects of state visits paid by Chinese political leaders by analyzing China’s trade flow with 184 countries between 1998 and 2014. International events are used to instrument state visits. The results find that trade promotion effects come two years after the visits. Moreover, the promotion effects are biased towards the industries and firms with connections to the government. Trade barriers offset the promotion effects of state visits.","PeriodicalId":45235,"journal":{"name":"Global Economic Review","volume":null,"pages":null},"PeriodicalIF":1.7,"publicationDate":"2020-07-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84181143","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 : 2020-07-02DOI: 10.1080/1226508X.2020.1792327
Zhihui Wen, Lijuan Zhuang, Rixin Zhang
ABSTRACT The paper analyzes the formative mechanism of the import and export technology effect, the trade contribution and squeezing effect on technology of agricultural FDI, and further regionally discusses this issue in China. The contribution of agricultural FDI to the import and export of agricultural products is remarkable. The agricultural FDI and growth rate of international trade had crowding out effects on domestic agricultural investment. There is a significant positive correlation in the study of regional technical spillover. Agricultural FDI investment enhances the ability of agricultural research and development, to produce technology spillover. Midwest regional technology spillover is not obvious.
{"title":"The Empirical Analysis on the Import and Export Technology Effect of Agricultural FDI in China","authors":"Zhihui Wen, Lijuan Zhuang, Rixin Zhang","doi":"10.1080/1226508X.2020.1792327","DOIUrl":"https://doi.org/10.1080/1226508X.2020.1792327","url":null,"abstract":"ABSTRACT The paper analyzes the formative mechanism of the import and export technology effect, the trade contribution and squeezing effect on technology of agricultural FDI, and further regionally discusses this issue in China. The contribution of agricultural FDI to the import and export of agricultural products is remarkable. The agricultural FDI and growth rate of international trade had crowding out effects on domestic agricultural investment. There is a significant positive correlation in the study of regional technical spillover. Agricultural FDI investment enhances the ability of agricultural research and development, to produce technology spillover. Midwest regional technology spillover is not obvious.","PeriodicalId":45235,"journal":{"name":"Global Economic Review","volume":null,"pages":null},"PeriodicalIF":1.7,"publicationDate":"2020-07-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85702421","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 : 2020-07-02DOI: 10.1080/1226508X.2020.1792328
T. Long
ABSTRACT The UK departure from EU (Brexit) has profound economic implications for all countries engaged in the global value chains. Using a new decomposition approach, this study examines the position of Asian exports in the EU27-UK supply chains trade. We find that total Asian VA embedded in the EU27-UK supply chains trade increased during 2000–2014, mostly due to the emergence of China. Although Japan’s position in the EU27-UK supply chains trade declined, her positions in the supply chains trade between EU27 (the UK) and all EU27’s (the UK’s) trading partners have increased. Some Asian industries, including computer and electronic and electrical equipment or textile and garment apparel, may affect heavily due the EU27-UK trade disruptions.
{"title":"Brexit and Asian Exports: A Value Chains Perspective","authors":"T. Long","doi":"10.1080/1226508X.2020.1792328","DOIUrl":"https://doi.org/10.1080/1226508X.2020.1792328","url":null,"abstract":"ABSTRACT The UK departure from EU (Brexit) has profound economic implications for all countries engaged in the global value chains. Using a new decomposition approach, this study examines the position of Asian exports in the EU27-UK supply chains trade. We find that total Asian VA embedded in the EU27-UK supply chains trade increased during 2000–2014, mostly due to the emergence of China. Although Japan’s position in the EU27-UK supply chains trade declined, her positions in the supply chains trade between EU27 (the UK) and all EU27’s (the UK’s) trading partners have increased. Some Asian industries, including computer and electronic and electrical equipment or textile and garment apparel, may affect heavily due the EU27-UK trade disruptions.","PeriodicalId":45235,"journal":{"name":"Global Economic Review","volume":null,"pages":null},"PeriodicalIF":1.7,"publicationDate":"2020-07-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85624508","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 : 2020-06-08DOI: 10.1080/1226508X.2020.1748083
L. Hung
ABSTRACT On a sample of 150 economies, we characterise the safety of public debt by both ordinary least square and instrument variable regressions. For demand analysis, the public debt is safer for a larger financial market size, a higher financial development level, a lower inflation rate and greater political stability. For supply analysis, the safety of debt improves for a huger debt stock in economies with high income per capita but deteriorates in economies with low income per capita. Cases studies record that, compared with the prediction by economic fundamentals, the investors overestimate the debt safety of China but underestimate that of Greece and Japan.
{"title":"Public Safe Assets Determination","authors":"L. Hung","doi":"10.1080/1226508X.2020.1748083","DOIUrl":"https://doi.org/10.1080/1226508X.2020.1748083","url":null,"abstract":"ABSTRACT On a sample of 150 economies, we characterise the safety of public debt by both ordinary least square and instrument variable regressions. For demand analysis, the public debt is safer for a larger financial market size, a higher financial development level, a lower inflation rate and greater political stability. For supply analysis, the safety of debt improves for a huger debt stock in economies with high income per capita but deteriorates in economies with low income per capita. Cases studies record that, compared with the prediction by economic fundamentals, the investors overestimate the debt safety of China but underestimate that of Greece and Japan.","PeriodicalId":45235,"journal":{"name":"Global Economic Review","volume":null,"pages":null},"PeriodicalIF":1.7,"publicationDate":"2020-06-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"87244981","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 : 2020-04-02DOI: 10.1080/1226508X.2019.1699846
K. Lee, C. Chung, Justin D. Morscheck
ABSTRACT We examine institutional blockholders’ active monitoring influence using a proprietary corporate governance score (CGS) provided by the Korea Corporate Governance Service (KCGS). We find that institutional blockholders effectively exert monitoring influence to improve CSG scores of investee firms. The evidence of effective monitoring is particularly evident for domestic institutional blockholders and is strongest in the shareholder rights category of the CSG score. Consistent with domestic blockholders having an informational advantage over their foreign counterparts, the evidence of active monitoring is stronger (weaker) in firms with lower (higher) earnings management (higher information quality) and for firms with lower (higher) stock liquidity. Our robust findings shed light on the specific monitoring role of institutional blockholders in emerging markets, where sound corporate governance is essential to firms’ long-term sustainability.
{"title":"Does Geographic Proximity Matter in Active Monitoring? Evidence from Institutional Blockholder Monitoring of Corporate Governance in the Korean Market","authors":"K. Lee, C. Chung, Justin D. Morscheck","doi":"10.1080/1226508X.2019.1699846","DOIUrl":"https://doi.org/10.1080/1226508X.2019.1699846","url":null,"abstract":"ABSTRACT We examine institutional blockholders’ active monitoring influence using a proprietary corporate governance score (CGS) provided by the Korea Corporate Governance Service (KCGS). We find that institutional blockholders effectively exert monitoring influence to improve CSG scores of investee firms. The evidence of effective monitoring is particularly evident for domestic institutional blockholders and is strongest in the shareholder rights category of the CSG score. Consistent with domestic blockholders having an informational advantage over their foreign counterparts, the evidence of active monitoring is stronger (weaker) in firms with lower (higher) earnings management (higher information quality) and for firms with lower (higher) stock liquidity. Our robust findings shed light on the specific monitoring role of institutional blockholders in emerging markets, where sound corporate governance is essential to firms’ long-term sustainability.","PeriodicalId":45235,"journal":{"name":"Global Economic Review","volume":null,"pages":null},"PeriodicalIF":1.7,"publicationDate":"2020-04-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83376176","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 : 2020-03-26DOI: 10.1080/1226508X.2020.1745085
Yangsoo Jin
ABSTRACT Antitrust law in Korea regulates internal transactions by the owner and his family, or ‘Person with Special Interest (PSI)’ of a large business group. Its regulatory grounds, however, are not well-established. This paper analyses internal transactions from the perspective of competition policy, particularly, exclusionary effects. Internal transactions between the upstream- and downstream-affiliates of a business group shrink the size of the upstream market and hence squeeze the profitability of potential entrants. Thus, it may exclude the entrants which, absent the transactions, would enter the market and contribute to consumers. In addition, it may lead to a breach of the fiduciary duty of PSI. We provide some policy implications by analysing the optimal behaviour of PSI.
{"title":"Exclusionary Effects of Internal Transactions of Large Business Groups","authors":"Yangsoo Jin","doi":"10.1080/1226508X.2020.1745085","DOIUrl":"https://doi.org/10.1080/1226508X.2020.1745085","url":null,"abstract":"ABSTRACT Antitrust law in Korea regulates internal transactions by the owner and his family, or ‘Person with Special Interest (PSI)’ of a large business group. Its regulatory grounds, however, are not well-established. This paper analyses internal transactions from the perspective of competition policy, particularly, exclusionary effects. Internal transactions between the upstream- and downstream-affiliates of a business group shrink the size of the upstream market and hence squeeze the profitability of potential entrants. Thus, it may exclude the entrants which, absent the transactions, would enter the market and contribute to consumers. In addition, it may lead to a breach of the fiduciary duty of PSI. We provide some policy implications by analysing the optimal behaviour of PSI.","PeriodicalId":45235,"journal":{"name":"Global Economic Review","volume":null,"pages":null},"PeriodicalIF":1.7,"publicationDate":"2020-03-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88932482","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 : 2020-03-23DOI: 10.1080/1226508X.2020.1744464
Lei Wang, G. Hewings
ABSTRACT This paper investigates whether the recent rise in tariffs on goods produced in China will lead processing trade manufacturing plants now located in China to delocate to the U.S. By using a hypothetical extraction method and examining the global value chains of income, we compare the factor payments in the Chinese and U.S. manufacturing sectors. Our estimates indicate that the average tariff rate necessary to move the processing trade firms is 48.15%, i.e. well above the current 25% rate. However, the average tariff rate needed for shifting China's processing plants to Mexico decease to 20.32%.
{"title":"Will Increasing Tariffs on China Really Bring the Manufacturing Plants Back to the U.S.?","authors":"Lei Wang, G. Hewings","doi":"10.1080/1226508X.2020.1744464","DOIUrl":"https://doi.org/10.1080/1226508X.2020.1744464","url":null,"abstract":"ABSTRACT This paper investigates whether the recent rise in tariffs on goods produced in China will lead processing trade manufacturing plants now located in China to delocate to the U.S. By using a hypothetical extraction method and examining the global value chains of income, we compare the factor payments in the Chinese and U.S. manufacturing sectors. Our estimates indicate that the average tariff rate necessary to move the processing trade firms is 48.15%, i.e. well above the current 25% rate. However, the average tariff rate needed for shifting China's processing plants to Mexico decease to 20.32%.","PeriodicalId":45235,"journal":{"name":"Global Economic Review","volume":null,"pages":null},"PeriodicalIF":1.7,"publicationDate":"2020-03-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77548966","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 : 2020-03-23DOI: 10.1080/1226508X.2020.1744466
Sangho Kim
ABSTRACT By utilising a dynamic adjustment-cost framework, this study analyses dynamic productivity growth in the Japanese manufacturing industry. Empirical results show that labour and capital are very slow in converging toward the long-run equilibrium, and that output supply and factor demand elasticities vary greatly, depending on the time horizon considered. The results also show that disequilibrium effects of quasi-fixed factors are positively biased toward productivity growth measured in a static equilibrium model. The bias results largely from negative adjustment costs related to the decreasing investment in the factors. There is an almost steady decrease in returns to scale, causing negative scale effects on productivity growth.
{"title":"Productivity Growth in Dynamic Factor Adjustment for the Japanese Manufacturing Industry","authors":"Sangho Kim","doi":"10.1080/1226508X.2020.1744466","DOIUrl":"https://doi.org/10.1080/1226508X.2020.1744466","url":null,"abstract":"ABSTRACT By utilising a dynamic adjustment-cost framework, this study analyses dynamic productivity growth in the Japanese manufacturing industry. Empirical results show that labour and capital are very slow in converging toward the long-run equilibrium, and that output supply and factor demand elasticities vary greatly, depending on the time horizon considered. The results also show that disequilibrium effects of quasi-fixed factors are positively biased toward productivity growth measured in a static equilibrium model. The bias results largely from negative adjustment costs related to the decreasing investment in the factors. There is an almost steady decrease in returns to scale, causing negative scale effects on productivity growth.","PeriodicalId":45235,"journal":{"name":"Global Economic Review","volume":null,"pages":null},"PeriodicalIF":1.7,"publicationDate":"2020-03-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84987884","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 : 2020-03-20DOI: 10.1080/1226508X.2020.1744465
Z. Peng, Ziliang Yu, Huifu Nong
ABSTRACT This study explores the inter-type real estate investment connectedness in China. We document that: (1) connectedness is strong and time-varying; (2) the residential investment is instrumental in the inter-type investment connectedness network; (3) the total connectedness has dropped since 2008; and (4) the November 2008 Chinese stimulus package has significantly enhanced the influence of the residential and the industrial and other real estate investments. These results reflect both the economic development strategy of Chinese local governments and the importance of central government intervention, therefore providing a new perspective to understand China's booming real estate market during the past two decades.
{"title":"Inter-Type Investment Connectedness: A New Perspective on China’s Booming Real Estate Market","authors":"Z. Peng, Ziliang Yu, Huifu Nong","doi":"10.1080/1226508X.2020.1744465","DOIUrl":"https://doi.org/10.1080/1226508X.2020.1744465","url":null,"abstract":"ABSTRACT This study explores the inter-type real estate investment connectedness in China. We document that: (1) connectedness is strong and time-varying; (2) the residential investment is instrumental in the inter-type investment connectedness network; (3) the total connectedness has dropped since 2008; and (4) the November 2008 Chinese stimulus package has significantly enhanced the influence of the residential and the industrial and other real estate investments. These results reflect both the economic development strategy of Chinese local governments and the importance of central government intervention, therefore providing a new perspective to understand China's booming real estate market during the past two decades.","PeriodicalId":45235,"journal":{"name":"Global Economic Review","volume":null,"pages":null},"PeriodicalIF":1.7,"publicationDate":"2020-03-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"73405497","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 : 2020-01-02DOI: 10.1080/1226508X.2019.1681287
Bongseok Choi, Seon Tae Kim
ABSTRACT This paper studies the mechanism of financial intermediaries' information production and its impact on industry-level growth, especially its difference between industries that differ in the technological composition of small firms. We build a growth model in which (i) both loan contracts and production of information on borrowing firms' productivities are endogenously determined, and (ii) the smaller firm's productivity is more costly to assess. Analytic results show that the smaller firm's innately greater degree of informational opaqueness hinders its growth, especially in the early stage of a country's financial development. We provide some evidence supporting the key mechanism.
{"title":"Financial Intermediation, Costly Information Production, and Small Industry Growth","authors":"Bongseok Choi, Seon Tae Kim","doi":"10.1080/1226508X.2019.1681287","DOIUrl":"https://doi.org/10.1080/1226508X.2019.1681287","url":null,"abstract":"ABSTRACT This paper studies the mechanism of financial intermediaries' information production and its impact on industry-level growth, especially its difference between industries that differ in the technological composition of small firms. We build a growth model in which (i) both loan contracts and production of information on borrowing firms' productivities are endogenously determined, and (ii) the smaller firm's productivity is more costly to assess. Analytic results show that the smaller firm's innately greater degree of informational opaqueness hinders its growth, especially in the early stage of a country's financial development. We provide some evidence supporting the key mechanism.","PeriodicalId":45235,"journal":{"name":"Global Economic Review","volume":null,"pages":null},"PeriodicalIF":1.7,"publicationDate":"2020-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83349431","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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