{"title":"The Empirical Study on Producer Service Industry and Economic Growth in China: Implication on Economic Integration","authors":"Yinghe Chen","doi":"10.11130/jei.2024025","DOIUrl":"https://doi.org/10.11130/jei.2024025","url":null,"abstract":"","PeriodicalId":45678,"journal":{"name":"Journal of Economic Integration","volume":"6 5","pages":""},"PeriodicalIF":1.2,"publicationDate":"2024-07-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141641765","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Nam Huong Dau, Thanh Pham, H. Luu, Dinh Trung Nguyen
{"title":"External Debt and Economic Vulnerability: An International Evidence","authors":"Nam Huong Dau, Thanh Pham, H. Luu, Dinh Trung Nguyen","doi":"10.11130/jei.2024023","DOIUrl":"https://doi.org/10.11130/jei.2024023","url":null,"abstract":"","PeriodicalId":45678,"journal":{"name":"Journal of Economic Integration","volume":"43 27","pages":""},"PeriodicalIF":1.2,"publicationDate":"2024-07-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141645246","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Environmental and demographic changes fall into megatrends that shape contemporary economy and society. The main aim of this paper is to analyze the impact of environmental pollution and life expectancy on economic growth in the European Union. The main research hypothesis states that an increase in environmental pollution and life expectancy leads to an increase in real GDP. Various econometric tests were applied to examine this relationship. Firstly, the existence of long-term relationship between the variables was examined with the use of panel cointegration test. Then, cointegration coefficients in both the long-run and the short-run were estimated. Finally, the improved Granger causality test was conducted to check for causal relationship between the variables. The results indicate that environmental pollution and life expectancy series taken together Granger-cause real GDP. However, other tests indicate there is only a weak impact of the two variables on the real GDP in the European Union.
环境和人口变化属于影响当代经济和社会的大趋势。本文的主要目的是分析环境污染和预期寿命对欧盟经济增长的影响。主要研究假设指出，环境污染和预期寿命的增加会导致实际 GDP 的增加。为研究这一关系，采用了多种计量经济学检验方法。首先，使用面板协整检验法检验变量之间是否存在长期关系。然后，估算了长期和短期的协整系数。最后，进行了改进的格兰杰因果检验，以检验变量之间的因果关系。结果表明，环境污染和预期寿命序列合在一起会对实际 GDP 产生格兰杰因果关系。然而，其他检验结果表明，这两个变量对欧盟实际 GDP 的影响微弱。
{"title":"Examining the Impact of Environmental Pollution and Life Expectancy on Economic Growth in the European Union","authors":"Vlatka Bilas, Sanja Franc","doi":"10.11130/jei.2024022","DOIUrl":"https://doi.org/10.11130/jei.2024022","url":null,"abstract":"Environmental and demographic changes fall into megatrends that shape contemporary economy and society. The main aim of this paper is to analyze the impact of environmental pollution and life expectancy on economic growth in the European Union. The main research hypothesis states that an increase in environmental pollution and life expectancy leads to an increase in real GDP. Various econometric tests were applied to examine this relationship. Firstly, the existence of long-term relationship between the variables was examined with the use of panel cointegration test. Then, cointegration coefficients in both the long-run and the short-run were estimated. Finally, the improved Granger causality test was conducted to check for causal relationship between the variables. The results indicate that environmental pollution and life expectancy series taken together Granger-cause real GDP. However, other tests indicate there is only a weak impact of the two variables on the real GDP in the European Union.","PeriodicalId":45678,"journal":{"name":"Journal of Economic Integration","volume":"90 7","pages":""},"PeriodicalIF":1.2,"publicationDate":"2024-05-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141111442","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Over the years, the global economy has become increasingly integrated due to globalisation, resulting in an increase in international trade flows and a complex network of trade links. The establishment of regional trade agreements (RTAs) has created an intricate network of connections and overlapping agreements among multiple members. The study traces the evolution of trade and RTA networks using tools of network analysis for the periods 1995-2021. We find that the importance of countries in the trade network has changed, with developing countries replacing the previously dominant players. China, in particular, has emerged as a key player during this period. We find that connectivity in the trade network is not strongly associated with the RTA network. We also identify three major communities within the trade network, with the United States, Germany, and Japan (later China) as the core countries in these communities. Furthermore, we compare the community structures of the trade network and the RTA network using Normalised Mutual Information. Our analysis suggests that the community structure of trade has limited overlap with the community structure of RTAs. Furthermore, correlations based on the quadratic assignment procedure indicate a weak association, if any, between the two networks over the years.
{"title":"Assessing the Association Between Trade and Regional Trade Agreements: A Network Approach","authors":"M. Rahul, Deepika Srivastava","doi":"10.11130/jei.2024019","DOIUrl":"https://doi.org/10.11130/jei.2024019","url":null,"abstract":"Over the years, the global economy has become increasingly integrated due to globalisation, resulting in an increase in international trade flows and a complex network of trade links. The establishment of regional trade agreements (RTAs) has created an intricate network of connections and overlapping agreements among multiple members. The study traces the evolution of trade and RTA networks using tools of network analysis for the periods 1995-2021. We find that the importance of countries in the trade network has changed, with developing countries replacing the previously dominant players. China, in particular, has emerged as a key player during this period. We find that connectivity in the trade network is not strongly associated with the RTA network. We also identify three major communities within the trade network, with the United States, Germany, and Japan (later China) as the core countries in these communities. Furthermore, we compare the community structures of the trade network and the RTA network using Normalised Mutual Information. Our analysis suggests that the community structure of trade has limited overlap with the community structure of RTAs. Furthermore, correlations based on the quadratic assignment procedure indicate a weak association, if any, between the two networks over the years.","PeriodicalId":45678,"journal":{"name":"Journal of Economic Integration","volume":"97 14","pages":""},"PeriodicalIF":1.2,"publicationDate":"2024-05-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141122304","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper presents a framework for understanding the role of global tariff rate reductions in affecting the world growth rate, given knowledge spillovers in research and development (R&D) and the relocation of firms. In particular, we highlight one aspect of the model: the international relocation of firms associated with a reduction in world tariff rates. This paper shows that, given the spillover effect of localized R&D knowledge, a simultaneous multilateral reduction in the common tariff rate increases the world growth rate through the relocation of firms
{"title":"Trade Liberalization, International Relocation of Firms, and Economic Growth","authors":"Wataru Johdo","doi":"10.11130/jei.2024020","DOIUrl":"https://doi.org/10.11130/jei.2024020","url":null,"abstract":"This paper presents a framework for understanding the role of global tariff rate reductions in affecting the world growth rate, given knowledge spillovers in research and development (R&D) and the relocation of firms. In particular, we highlight one aspect of the model: the international relocation of firms associated with a reduction in world tariff rates. This paper shows that, given the spillover effect of localized R&D knowledge, a simultaneous multilateral reduction in the common tariff rate increases the world growth rate through the relocation of firms","PeriodicalId":45678,"journal":{"name":"Journal of Economic Integration","volume":"19 13","pages":""},"PeriodicalIF":1.2,"publicationDate":"2024-05-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141119634","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Public policies of regional integration have been widely implemented recently in multiple countries as a significant approach to improving regional economic cooperation and reducing economic inequalities. In China, improving household welfare and narrowing welfare gaps become another major purpose of regional integration. Nevertheless, little attention has been paid to household-level impacts of regional integration on improving welfare. This study provides empirical analysis on impacts of regional integration on household welfare by using the case of the Yangtze Delta area from 2010 to 2020. We find that overall impacts of regional integration on improving household welfare and reducing household welfare inequality are significantly positive, and such impacts reveal spatial heterogeneity. Public transport infrastructural integration and city-level migration are two major mechanisms through which such impacts can be amplified. Results remain feasible after a series of robustness tests. We believe that integration should be further implemented to eliminate poverty and boost social welfare in both developed and developing regions in China, and cross-city and interprovincial trade needs to be promoted as an important means of regional integration.
{"title":"The Nexus of Regional Integration and Household Welfare: A Case Study of the Yangtze Delta Area","authors":"Nuo Jin","doi":"10.11130/jei.2024021","DOIUrl":"https://doi.org/10.11130/jei.2024021","url":null,"abstract":"Public policies of regional integration have been widely implemented recently in multiple countries as a significant approach to improving regional economic cooperation and reducing economic inequalities. In China, improving household welfare and narrowing welfare gaps become another major purpose of regional integration. Nevertheless, little attention has been paid to household-level impacts of regional integration on improving welfare. This study provides empirical analysis on impacts of regional integration on household welfare by using the case of the Yangtze Delta area from 2010 to 2020. We find that overall impacts of regional integration on improving household welfare and reducing household welfare inequality are significantly positive, and such impacts reveal spatial heterogeneity. Public transport infrastructural integration and city-level migration are two major mechanisms through which such impacts can be amplified. Results remain feasible after a series of robustness tests. We believe that integration should be further implemented to eliminate poverty and boost social welfare in both developed and developing regions in China, and cross-city and interprovincial trade needs to be promoted as an important means of regional integration.","PeriodicalId":45678,"journal":{"name":"Journal of Economic Integration","volume":"88 21","pages":""},"PeriodicalIF":1.2,"publicationDate":"2024-05-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141123086","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
We apply an integration/segmentation analysis between the European (EU) market and the North America stock market (US and Canada), the Asian Stock Market (AS) and the Japanese (JP) market. The analysis is carried out from 2003 until the present time. We apply the Jorion and Schwartz (1986) methodology and extend the work of Brooks et al. (2009) using a simpler Capital Asset Price Model (CAPM) and the Market return downloaded from the Fama French website for the time period analysed. Our results in this empirical study show integration between the European portfolios and the US stock market and the Asian Portfolios and the US stock market in the full time period analysed. Although the methods applied in this paper have been already introduced in the literature, this is the first time that they are applied systematically to compare the integration and segmentation between different economies and a given portfolio set. This systematic approach helps to establish the conclusiveness of their forecasts.
我们对欧洲（EU）市场与北美股票市场（美国和加拿大）、亚洲股票市场（AS）和日本（JP）市场进行了整合/细分分析。分析时间为 2003 年至今。我们采用了 Jorion 和 Schwartz（1986 年）的方法，并扩展了 Brooks 等人（2009 年）的工作，使用了更简单的资本资产价格模型（CAPM）和从 Fama French 网站下载的分析期间的市场回报率。我们的实证研究结果表明，在所分析的整个时间段内，欧洲投资组合与美国股市、亚洲投资组合与美国股市之间存在整合关系。虽然本文中应用的方法在文献中已有介绍，但这是首次系统地应用这些方法来比较不同经济体与给定投资组合集之间的整合与分割。这种系统方法有助于确定其预测的确凿性。
{"title":"Financial Integration of the European, North America, Asiatic and Japanese stock markets from 2003 to present times","authors":"Vittorio Penco, Cormac Lucas","doi":"10.11130/jei.2024012","DOIUrl":"https://doi.org/10.11130/jei.2024012","url":null,"abstract":"We apply an integration/segmentation analysis between the European (EU) market and the North America stock market (US and Canada), the Asian Stock Market (AS) and the Japanese (JP) market. The analysis is carried out from 2003 until the present time. We apply the Jorion and Schwartz (1986) methodology and extend the work of Brooks et al. (2009) using a simpler Capital Asset Price Model (CAPM) and the Market return downloaded from the Fama French website for the time period analysed. Our results in this empirical study show integration between the European portfolios and the US stock market and the Asian Portfolios and the US stock market in the full time period analysed. Although the methods applied in this paper have been already introduced in the literature, this is the first time that they are applied systematically to compare the integration and segmentation between different economies and a given portfolio set. This systematic approach helps to establish the conclusiveness of their forecasts.","PeriodicalId":45678,"journal":{"name":"Journal of Economic Integration","volume":"16 10","pages":""},"PeriodicalIF":1.2,"publicationDate":"2024-04-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140666247","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The financial systems undergo changes as countries grow, self-financed capital investments being less frequent and being replaced by financing through banking intermediation and later through capital markets. The financial development has an increasing role in the context of globalisation and emergence of market economies, supporting the exchange of funds between participants. Previous research papers present different results regarding the impact of financial development on economic growth; however, their preponderance shows a positive relationship, the financial system stimulating economic growth. This paper investigates the impact of financial development on economic growth using panel regressions for the member countries of the European Union, for the period 1990-2021. The results show that financial development, both through the activity of the banking sector and through the capital market, has a positive impact on economic growth, as long as there is a correspondence between the funds invested and the output of the real sector.
{"title":"The Relationship between Financial Development and Economic Growth in EU Member Countries: Sub-group estimation based on the Countries’ Level of development","authors":"Ela-Andrada Pușcașu","doi":"10.11130/jei.2024014","DOIUrl":"https://doi.org/10.11130/jei.2024014","url":null,"abstract":"The financial systems undergo changes as countries grow, self-financed capital investments being less frequent and being replaced by financing through banking intermediation and later through capital markets. The financial development has an increasing role in the context of globalisation and emergence of market economies, supporting the exchange of funds between participants. Previous research papers present different results regarding the impact of financial development on economic growth; however, their preponderance shows a positive relationship, the financial system stimulating economic growth. This paper investigates the impact of financial development on economic growth using panel regressions for the member countries of the European Union, for the period 1990-2021. The results show that financial development, both through the activity of the banking sector and through the capital market, has a positive impact on economic growth, as long as there is a correspondence between the funds invested and the output of the real sector.","PeriodicalId":45678,"journal":{"name":"Journal of Economic Integration","volume":"9 10","pages":""},"PeriodicalIF":1.2,"publicationDate":"2024-04-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140671622","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper investigates the relation between economic integration and income inequality for the 27 current EU members from 2002 to 2020. The Gini coefficient is the dependent variable in a panel data regression analysis, and is expressed as a function of indicators related to economic integration (total trade, intra-EU trade, foreign direct investment (FDI) inflow and outflow) and a set of control variables. Although much research points to a significant relationship between inequality and integration, there is no consensus on the sign and magnitude of the effect. In this paper, four random effects panel models are estimated with robust standard errors to uncover this relationship. The results show that in the context of the EU, intra-EU trade is associated with decreased income inequality, while overall trade and FDI in- or outflow seem to have no direct effect on the income gap. In addition, the level of economic development seems to moderate the effect of intra-EU trade: for countries with a below-average gross domestic product (GDP) per capita, the reducing effect of integration on Gini is weaker than for richer countries. Additionally, market capitalisation, the presence of natural resources and government spending on social benefits are associated with reduced inequality, while unemployment and population size seem to drive income disparities. These results are consistent with a major part of the existing literature and lead to interesting conclusions for policy makers. The originality of this work differentiating it from prior research is twofold: (1) the region of examination is the EU, which is not often the subject of similar analyses, and (2) an interaction effect is examined that differs from the conventional measures for less developed economies.
{"title":"The Impact of Economic Integration on Income Inequality in the EU: A Panel Data Analysis of the EU Members from 2002-2020","authors":"Quinten De Wettinck, A. Mourik","doi":"10.11130/jei.2024006","DOIUrl":"https://doi.org/10.11130/jei.2024006","url":null,"abstract":"This paper investigates the relation between economic integration and income inequality for the 27 current EU members from 2002 to 2020. The Gini coefficient is the dependent variable in a panel data regression analysis, and is expressed as a function of indicators related to economic integration (total trade, intra-EU trade, foreign direct investment (FDI) inflow and outflow) and a set of control variables. Although much research points to a significant relationship between inequality and integration, there is no consensus on the sign and magnitude of the effect. In this paper, four random effects panel models are estimated with robust standard errors to uncover this relationship. The results show that in the context of the EU, intra-EU trade is associated with decreased income inequality, while overall trade and FDI in- or outflow seem to have no direct effect on the income gap. In addition, the level of economic development seems to moderate the effect of intra-EU trade: for countries with a below-average gross domestic product (GDP) per capita, the reducing effect of integration on Gini is weaker than for richer countries. Additionally, market capitalisation, the presence of natural resources and government spending on social benefits are associated with reduced inequality, while unemployment and population size seem to drive income disparities. These results are consistent with a major part of the existing literature and lead to interesting conclusions for policy makers. The originality of this work differentiating it from prior research is twofold: (1) the region of examination is the EU, which is not often the subject of similar analyses, and (2) an interaction effect is examined that differs from the conventional measures for less developed economies.","PeriodicalId":45678,"journal":{"name":"Journal of Economic Integration","volume":"10 24","pages":""},"PeriodicalIF":1.2,"publicationDate":"2024-03-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140239144","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This study examines the impact of a consecutive double-digit hike in Korea's minimum wage from 2018 to 2019 after the impeachment of President Park Geun-hye as an exogenous shock on the employment of multinational enterprises (MNEs). Notably, this topic has received limited attention in extant literature. Using a firm-level dataset covering the period 2006-2020, we find that MNEs respond to increases in the minimum wage by reducing their total employment size, including both regular and temporary workers. Furthermore, the effects are heterogeneous and depend on the participation of international trade and strategic partnerships. Our findings indicate that the minimum wage policy can even lead to a decrease in high-quality jobs within high-productivity companies, underscoring the need to adjust the pace of such increases to mitigate their side effects on the labor market.
{"title":"Minimum Wage Hike and Multinational Enterprises' Employment: Firm-Level Evidence from South Korea","authors":"Hoyong Jung, Sunyoung Park","doi":"10.11130/jei.2024009","DOIUrl":"https://doi.org/10.11130/jei.2024009","url":null,"abstract":"This study examines the impact of a consecutive double-digit hike in Korea's minimum wage from 2018 to 2019 after the impeachment of President Park Geun-hye as an exogenous shock on the employment of multinational enterprises (MNEs). Notably, this topic has received limited attention in extant literature. Using a firm-level dataset covering the period 2006-2020, we find that MNEs respond to increases in the minimum wage by reducing their total employment size, including both regular and temporary workers. Furthermore, the effects are heterogeneous and depend on the participation of international trade and strategic partnerships. Our findings indicate that the minimum wage policy can even lead to a decrease in high-quality jobs within high-productivity companies, underscoring the need to adjust the pace of such increases to mitigate their side effects on the labor market.","PeriodicalId":45678,"journal":{"name":"Journal of Economic Integration","volume":"5 38","pages":""},"PeriodicalIF":1.2,"publicationDate":"2024-03-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140241557","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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