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Financial Integration, Competition and Bank Risk-Taking Behavior: Evidence from Africa’s Sub-Regional Markets 金融一体化、竞争与银行风险承担行为:来自非洲次区域市场的证据
IF 1.2 Q2 Economics, Econometrics and Finance Pub Date : 2021-05-31 DOI: 10.11130/JEI.2021.36.2.282
K. Banyen
Financial integration is generally associated with the development of synergies through cross-border banking and investment activities and increased competitiveness among banks. This paper examines the effects of shifts in financial freedom and competition on bank risk-taking behavior using data from 405 banks in 47 African countries across five regional economic communities from 2007-2014. The core findings suggest that financial integration directly increases bank risk-taking behavior in Africa through rising competition. The results also support an inverted U-shaped relationship between competition and bank risk-taking behavior. However, disparities in the results across sub-regional markets suggest that financial integration policies must be tailored to suit the market characteristics of each regional bloc. Overall, the study identifies deficiencies in competitiveness as a fundamental variable that hinders banks’ ability to benefit from the opportunity of stability offered by financial integration in emerging economies.
金融一体化通常与通过跨境银行和投资活动发展协同效应以及提高银行之间的竞争力有关。本文利用2007-2014年五个区域经济共同体47个非洲国家的405家银行的数据,考察了金融自由和竞争的转变对银行冒险行为的影响。核心研究结果表明,金融一体化通过竞争加剧直接增加了非洲银行的冒险行为。研究结果还支持竞争与银行冒险行为之间的倒u型关系。然而,各次区域市场之间结果的差异表明,金融一体化政策必须量身定制,以适应每个区域集团的市场特征。总体而言,该研究认为,竞争力不足是阻碍银行从新兴经济体金融一体化带来的稳定机遇中获益的一个基本变量。
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引用次数: 2
BITs, Colony Ties, and Offshore Centers: The Case of United Kingdom Outward FDI 双边投资协定、殖民地关系和离岸中心:英国对外直接投资的案例
IF 1.2 Q2 Economics, Econometrics and Finance Pub Date : 2021-05-31 DOI: 10.11130/JEI.2021.36.2.203
Oleg Gurshev, Sarhad Hamza
This paper empirically investigates the impact of bilateral investment treaties (BITs) on foreign direct investment (FDI) using data on British multinational firms’ outward FDI in a panel of 140 countries across 2009-2017. We apply the Knowledge-Capital model to demonstrate that BITs act as a market access mechanism to parent country multinational enterprises. Our core result confirms the negative impact of BIT membership on horizontal FDI in the host economy. This result is robust to changes in partner sample composition, hypothetical stock levels, and inclusion of trade policies. Our findings imply that factor cost advantages are unable to compensate for the adverse effect of BIT entry, which raises concerns regarding the potency of BIT-centered development policies.
本文利用2009-2017年英国跨国公司在140个国家的对外直接投资数据,实证研究了双边投资条约对外国直接投资的影响。我们应用知识资本模型来证明双边投资条约是母公司跨国企业的市场准入机制。我们的核心结果证实了双边投资协定成员国对东道国经济中横向外国直接投资的负面影响。这一结果对合作伙伴样本组成、假设库存水平和贸易政策的变化是稳健的。我们的研究结果表明,要素成本优势无法弥补加入双边投资协定的不利影响,这引发了人们对以双边投资协定为中心的发展政策效力的担忧。
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引用次数: 3
Trade Liberalization in APEC and Global Value Chain Participation: What Can Value Added Indicators Tell? 亚太经合组织贸易自由化与全球价值链参与:增值指标能说明什么?
IF 1.2 Q2 Economics, Econometrics and Finance Pub Date : 2021-05-31 DOI: 10.11130/JEI.2021.36.2.308
Dorothee Flaig, J. Greenville
Global value chains (GVCs) a re an increasingly important driver of world t rade, and they are relevant in analyzing border policies and trade agreements. Combining methods of value added decomposition and a computable general equilibrium model, we show how tariff liberalization in APEC impacts on measures of integration. The trade agreement increases GVC integration worldwide irrespective of membership. The effects differ by type of integration, namely, forward or backward, depending on the source of intermediate inputs, the membership of countries up- and downstream the supply chain, and the border protection in the base. The analysis reveals some limitations of the presented integration measures in a dynamic context. First, value added incorporates income related to policy measures, and decreasing integration can reflect a lower tax burden and a more efficient network. Second, changes do not allow interpreting the size of effects of underlying variables, and similar changes can result from various underlying developments.
全球价值链(GVC)是世界贸易的一个越来越重要的驱动力,它们与分析边境政策和贸易协议有关。结合增值分解方法和可计算的一般均衡模型,我们展示了亚太经合组织关税自由化对一体化措施的影响。该贸易协定促进了全球价值链在全球范围内的一体化,无论其成员国是谁。根据中间投入的来源、供应链上下游国家的成员资格以及基地的边境保护,一体化的影响因类型而异,即向前或向后。分析揭示了所提出的一体化措施在动态背景下的一些局限性。首先,增值包括与政策措施相关的收入,而一体化程度的降低可以反映出税收负担的降低和网络的效率的提高。其次,变化不允许解释潜在变量的影响大小,各种潜在发展可能会导致类似的变化。
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引用次数: 1
Exchange Rate Regimes in the ASEAN: Would a Currency Union Outperform the Independent Managed Floating Regimes? 东盟的汇率制度:货币联盟会优于独立管理的浮动汇率制度吗?
IF 1.2 Q2 Economics, Econometrics and Finance Pub Date : 2021-03-01 DOI: 10.11130/JEI.2021.36.1.72
I. Sangaré
This paper compares the macroeconomic and welfare performances of the currency union against those from the independent managed floating regime using a two open-country DSGE model with the foreign currency denomination of private debt. The model is calibrated on the average data from the five founding members of the ASEAN and the performance of regimes is assessed under the effects of supply and demand shocks. We find that the macroeconomic and welfare performances of the ASEAN economies under the independent managed floating regimes are comparable to those under a currency union. This is explained by the stability of the intra-regional nominal exchange rates arising from the similarity of policy rules under the independent managed floating regimes. Our findings suggest that the choice of exchange rate targeting regimes with coordinated policies for the ASEAN countries would be an effective way to move towards a currency union.
本文使用两个开放国家的DSGE模型和私人债务的外币面额,将货币联盟的宏观经济和福利表现与独立管理的浮动制度的宏观经济表现和福利表现进行了比较。该模型根据东盟五个创始成员国的平均数据进行校准,并在供需冲击的影响下评估制度的表现。我们发现,在独立管理的浮动制度下,东盟经济体的宏观经济和福利表现与货币联盟下相当。这可以解释为,在独立管理的浮动制度下,由于政策规则的相似性,区域内名义汇率保持稳定。我们的研究结果表明,为东盟国家选择具有协调政策的汇率目标制将是迈向货币联盟的有效途径。
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引用次数: 2
[Guest Editors’ Remarks] Special Theme 2: Asian and European Economic Integration at a Crossroads [特邀编辑评论]专题二:十字路口的亚欧经济一体化
IF 1.2 Q2 Economics, Econometrics and Finance Pub Date : 2021-03-01 DOI: 10.11130/JEI.2021.36.1.65
P. Claeys, Helena Sanz-Morales, Camélia Turcu
+Corresponding Author: Camélia Turcu University of Orléans LEO. Rue de Blois, 45067 Orléans Cedex 2, France. E-mail: camelia.turcu@univ-orleans.fr Acknowledgments: We wish to thank Professor Seongeun Kim, Editor of the Journal of Economic Integration, for giving us the opportunity to publish this special issue. Many thanks also to Yunhoe Kim, Managing Editor of the journal, for her excellent support. Our special thanks to the journal referees, the discussants, and the participants at the INFER Annual Conference 2019, for their insightful comments and suggestions. We are also grateful to our three keynote speakers and to all the colleagues and INFER board members who contributed to the excellent organization of the INFER Annual Conference 2019.
+通讯作者:camsamlia Turcu University of orlsamans LEO。Rue de Blois, 45067 orlsamans Cedex 2,法国。电子邮件:camelia.turcu@univ-orleans.fr致谢:我们要感谢《经济一体化杂志》的编辑Seongeun Kim教授,他给了我们出版这一期特刊的机会。同时也非常感谢本刊总编辑Yunhoe Kim的大力支持。我们特别感谢期刊审稿人、讨论者和2019年INFER年会的参与者,他们提出了深刻的意见和建议。我们也感谢我们的三位主题演讲嘉宾以及所有为2019年INFER年会的出色组织做出贡献的同事和董事会成员。
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引用次数: 1
Club Convergence in EU Countries: A Sectoral Perspective 欧盟国家的俱乐部趋同:一个部门视角
IF 1.2 Q2 Economics, Econometrics and Finance Pub Date : 2021-03-01 DOI: 10.11130/JEI.2021.36.1.125
Eleonora Cavallaro, Ilaria Villani
We employ Phillips and Sul’s (2007) nonlinear dynamic factor model to investigate whether economic integration within the EU has caused countries’ productive structures to become increasingly similar and sector-level productivity to converge over the period 1995-2018. This analysis provides several results. First, the EU countries do not converge to a unique path; instead, we observe clustered patterns for aggregate and sector-level productivity growth. Second, although successful integration in global production networks enabled most Central-Eastern European countries to catch up to other EU countries, asymmetries have increased following the recent financial crisis. Third, the heterogeneity in countries’ long-run productivity levels reflects differences in their vertical specialization; countries approaching the high-growth paths specialize in knowledge-intensive production, and the foreign value-added content of their exports is lower. Our analysis is relevant to the ongoing debate on the effects of internationalizing production, as it sheds light on countries’ growth prospects and indicates possible directions for policy actions.
我们采用Phillips和Sul(2007)的非线性动态因素模型来研究1995-2018年期间,欧盟内部的经济一体化是否导致各国的生产结构变得越来越相似,部门层面的生产率是否趋于收敛。该分析提供了几个结果。首先,欧盟国家没有走向一条独特的道路;相反,我们观察到总体和部门水平生产率增长的集群模式。其次,尽管成功融入全球生产网络使大多数中东欧国家能够赶上其他欧盟国家,但在最近的金融危机之后,不对称性有所增加。第三,各国长期生产率水平的异质性反映了其垂直专业化程度的差异;接近高增长路径的国家专门从事知识密集型生产,其出口的外国增值含量较低。我们的分析与正在进行的关于生产国际化影响的辩论有关,因为它揭示了各国的增长前景,并指出了政策行动的可能方向。
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引用次数: 4
Is Trade in COVID-19 Products in ASEAN Economies a Building or Stumbling Block? 东盟国家新冠肺炎产品贸易是建设还是阻碍?
IF 1.2 Q2 Economics, Econometrics and Finance Pub Date : 2021-03-01 DOI: 10.11130/JEI.2021.36.1.46
N. Uttama
Stumbling blocks to regional integration continue to pose a serious threat to the World Trade Organization (WTO), particularly during the COVID-19 pandemic. This study aims to examine the effect of regional economic integration on trade in COVID-19 products for Association of Southeast Asian Nations (ASEAN) countries using quarterly data for 2010–2020. A panel data model is estimated using the Poisson pseudo-maximum likelihood approach to address zero trade values, cross-sectional dependence, and heterogeneity problems. The findings of a case study on bilateral trade in COVID-19 products reveal that the ASEAN regional trade agreement is a stumbling block to the WTO’s rules-based multilateral trading system. The results indicate that the home country’s productive capacity, the host country’s absorptive capacity, the countries’ similarity in size and per capita income, and the countries’ remoteness have positive and significant relationships with trade in COVID-19 products in ASEAN economies. This study provides several policy implications for Southeast Asian countries.
阻碍区域一体化的障碍继续对世界贸易组织(WTO)构成严重威胁,特别是在2019冠状病毒病大流行期间。本研究旨在利用2010-2020年季度数据,考察区域经济一体化对东南亚国家联盟(东盟)国家COVID-19产品贸易的影响。使用泊松伪最大似然方法估计面板数据模型,以解决零贸易值,横截面依赖性和异质性问题。对双边新冠肺炎产品贸易的案例分析表明,东盟区域贸易协定是世界贸易组织以规则为基础的多边贸易体制的绊脚石。结果表明,母国的生产能力、东道国的吸收能力、国家规模和人均收入的相似性以及国家的偏远程度与东盟经济体的COVID-19产品贸易呈正相关关系。本研究为东南亚国家提供了若干政策启示。
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引用次数: 5
Regional Origin Outperforms All Other Sustainability Characteristics in Consumer Price Premiums for Honey: Empirical Evidence for Germany 区域原产地优于所有其他可持续性特征的消费者价格溢价蜂蜜:经验证据为德国
IF 1.2 Q2 Economics, Econometrics and Finance Pub Date : 2021-03-01 DOI: 10.11130/JEI.2021.36.1.162
K. Bissinger, R. Herrmann
Sustainability and online retailing are two of the main challenges in the food industry. This study analyzes how honey characteristics, including sustainability indicators, affect consumer prices for honey, using 241 German honey prices in online and offline retailing. Many honey characteristics significantly influence honey prices. However, a clear identification of the regional origin of honey has a particularly strong impact on the consumer price premium. It outperforms all other sustainability indicators such as fairtrade certification, organic production, and environmentally friendly packaging. Regional origins that receive high relative and absolute consumer price premiums are Germany and German regions as well as individual EU and non-EU countries that have a reputation for high-quality in the honey market. Given this evidence, the major demand-side argument behind high consumer price premiums for defined origins appears to be food-safety related concerns. Thus, foreign suppliers will gain from international honey trade with Germany in different ways, depending on their reputation for quality. The magnitude of price premiums is surprisingly stable across different years, as are online prices of honeys that belong to the “core” assortment. Changes in the depth of the assortment, such as non-price competition, rather than price adjustments clear the market.
可持续性和在线零售是食品行业面临的两个主要挑战。本研究分析了蜂蜜的特性,包括可持续性指标,如何影响蜂蜜的消费者价格,使用241个德国蜂蜜的在线和线下零售价格。蜂蜜的许多特性显著影响蜂蜜价格。然而,明确确定蜂蜜的地区产地对消费者价格溢价有特别强烈的影响。它优于所有其他可持续发展指标,如公平贸易认证、有机生产和环保包装。获得较高的相对和绝对消费者价格溢价的地区产地是德国和德国地区,以及在蜂蜜市场上享有高质量声誉的个别欧盟和非欧盟国家。鉴于这一证据,对确定原产地的高消费价格溢价背后的主要需求方论点似乎是与食品安全有关的担忧。因此,外国供应商将以不同的方式从与德国的国际蜂蜜贸易中获益,这取决于他们在质量方面的声誉。不同年份的价格溢价幅度出奇地稳定,“核心”品种蜂蜜的在线价格也是如此。变化在深度的分类,如非价格竞争,而不是价格调整明确的市场。
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引用次数: 4
[Editors’ Remarks] Special Theme 1: Globalization in the Era of COVID-19 【编辑点评】专题一:新冠肺炎时代的全球化
IF 1.2 Q2 Economics, Econometrics and Finance Pub Date : 2021-03-01 DOI: 10.11130/JEI.2021.36.1.1
Seung-Gwan Baek, S. Kim, Tae-hwan Rhee
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引用次数: 0
Firms around the World during the COVID-19 Pandemic COVID-19大流行期间世界各地的公司
IF 1.2 Q2 Economics, Econometrics and Finance Pub Date : 2021-03-01 DOI: 10.11130/JEI.2021.36.1.3
A. Waldkirch
This study uses the COVID-19 follow-up surveys to the World Bank's Enterprise Surveys (ES) to analyze the impact of the COVID-19 pandemic on firms around the world. The surveyed countries are selected from those in which the regular ES was recently conducted. This study finds that the pandemic’s impact has been swift, large, and heterogeneous. The pandemic’s negative effects on exports are greater than those on domestic sales and are also greater for foreign-owned firms that rely more on global value chains. The pandemic’s effects are very heterogeneous across countries and sectors.
本研究利用新冠肺炎对世界银行企业调查(ES)的后续调查,分析新冠肺炎疫情对世界各地企业的影响。接受调查的国家是从最近进行定期ES的国家中选出的。这项研究发现,新冠疫情的影响是迅速的、巨大的和异质的。疫情对出口的负面影响大于对国内销售的负面影响,对更依赖全球价值链的外资公司的负面影响也更大。新冠疫情的影响在各个国家和部门都非常不同。
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引用次数: 10
期刊
Journal of Economic Integration
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