{"title":"Comments by Riatu Mariatul Qibtniyyah, on Change from COVID-19 Pandemic to a New Normal: Documenting Consumption Behavior of Two Years with Big Data","authors":"","doi":"10.1162/asep_a_00878","DOIUrl":"https://doi.org/10.1162/asep_a_00878","url":null,"abstract":"","PeriodicalId":52020,"journal":{"name":"Asian Economic Papers","volume":"47 23","pages":""},"PeriodicalIF":9.7,"publicationDate":"2024-01-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139446538","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Comments by Lu Ming, on Exploring the Impact of China's Internal Circulation Strategy on its Stock Market under Deglobalization","authors":"","doi":"10.1162/asep_a_00881","DOIUrl":"https://doi.org/10.1162/asep_a_00881","url":null,"abstract":"","PeriodicalId":52020,"journal":{"name":"Asian Economic Papers","volume":"8 4","pages":""},"PeriodicalIF":9.7,"publicationDate":"2024-01-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139446644","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract Climate change is a severe threat to humankind. To keep global warming limited to 1.5C, it must reach net-zero emission by 2050. It is ambitious and challenging for Laos to achieve the target. The main objective of this paper is to identify the challenges and solutions to the decarbonization pathway in Laos. The net-zero emission by 2025 goal is too ambitious for Laos and the LDC countries, and there are several challenges, including human resources, funding, and technologies. Achieving the target requires extensive funding, human resources, and technologies. Therefore, the roles of developed countries and international donors are crucial.
{"title":"Decarbonization Pathways in Laos: The Challenges and Solutions","authors":"Phouphet Kyophilavong","doi":"10.1162/asep_a_00870","DOIUrl":"https://doi.org/10.1162/asep_a_00870","url":null,"abstract":"Abstract Climate change is a severe threat to humankind. To keep global warming limited to 1.5C, it must reach net-zero emission by 2050. It is ambitious and challenging for Laos to achieve the target. The main objective of this paper is to identify the challenges and solutions to the decarbonization pathway in Laos. The net-zero emission by 2025 goal is too ambitious for Laos and the LDC countries, and there are several challenges, including human resources, funding, and technologies. Achieving the target requires extensive funding, human resources, and technologies. Therefore, the roles of developed countries and international donors are crucial.","PeriodicalId":52020,"journal":{"name":"Asian Economic Papers","volume":"14 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136080047","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract Environmental, Society, and Governance (ESG) investments have become increasingly popular in recent years, and, at the same time, many rating agencies provide ESG scores for each company. This means that the ESG investment model may have moved from the traditional two-factor model of risk-return to a three-factor model adding an ESG component to it. This paper highlights the potential for distortion of asset allocation through the shift from traditional risk-return considerations to ESG score considerations. This is equally true for green bonds, resulting in the potential for asset allocation to be distorted by green bond criteria. Furthermore, we show that imposing a net carbon tax on greenhouse gas (GHG) emissions is a measure to correct this distortion in asset allocation and make asset allocation more risk-return based, in addressing global environmental issues.
{"title":"Diversified ESG Evaluation by Rating Agencies and Net Carbon Tax to Regain Optimal Portfolio Allocation","authors":"Naoyuki Yoshino, Tomonori Yuyama, Farhad Taghizadeh-Hesary","doi":"10.1162/asep_a_00871","DOIUrl":"https://doi.org/10.1162/asep_a_00871","url":null,"abstract":"Abstract Environmental, Society, and Governance (ESG) investments have become increasingly popular in recent years, and, at the same time, many rating agencies provide ESG scores for each company. This means that the ESG investment model may have moved from the traditional two-factor model of risk-return to a three-factor model adding an ESG component to it. This paper highlights the potential for distortion of asset allocation through the shift from traditional risk-return considerations to ESG score considerations. This is equally true for green bonds, resulting in the potential for asset allocation to be distorted by green bond criteria. Furthermore, we show that imposing a net carbon tax on greenhouse gas (GHG) emissions is a measure to correct this distortion in asset allocation and make asset allocation more risk-return based, in addressing global environmental issues.","PeriodicalId":52020,"journal":{"name":"Asian Economic Papers","volume":"28 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136079426","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Andrew Chiah Howe Fan, Yuen Yoong Leong, Wing Thye Woo
Two activities in Malaysia that emit large amounts of CO2 are electricity generation, and iron and steel production. To decarbonize the former, Malaysia should invest in a flexible energy system to overcome the intermittent characteristic of solar energy by influencing the pattern of demand with peak load pricing, increasing energy storage capability, and entering into a regional electricity grid arrangement. Malaysia should respond to the recent large capacity expansion in iron and steel production with blast furnace-basic oxygen furnace (BF-BOF) technology by ending immediately the issuance of new licenses for facilities that use this BF-BOF technology, and speed up the process of adopting of advanced green, near-zero emission technologies (e.g., Hydrogen Breakthrough Ironmaking Technology [HYBRIT]), by applying for foreign technical assistance (e.g., the United Nations Climate Technology Centre and Networks [UN-CTCN]) and for concessionary climate finance under the Paris Agreement. Finally, to be consistent with the 1.5°C pathway for the world, Malaysia should aim commit to achieve peak carbon emission by 2030 and net zero emission by 2050.
{"title":"The Options in Decarbonization Pathways for Malaysia","authors":"Andrew Chiah Howe Fan, Yuen Yoong Leong, Wing Thye Woo","doi":"10.1162/asep_a_00874","DOIUrl":"https://doi.org/10.1162/asep_a_00874","url":null,"abstract":"Two activities in Malaysia that emit large amounts of CO2 are electricity generation, and iron and steel production. To decarbonize the former, Malaysia should invest in a flexible energy system to overcome the intermittent characteristic of solar energy by influencing the pattern of demand with peak load pricing, increasing energy storage capability, and entering into a regional electricity grid arrangement. Malaysia should respond to the recent large capacity expansion in iron and steel production with blast furnace-basic oxygen furnace (BF-BOF) technology by ending immediately the issuance of new licenses for facilities that use this BF-BOF technology, and speed up the process of adopting of advanced green, near-zero emission technologies (e.g., Hydrogen Breakthrough Ironmaking Technology [HYBRIT]), by applying for foreign technical assistance (e.g., the United Nations Climate Technology Centre and Networks [UN-CTCN]) and for concessionary climate finance under the Paris Agreement. Finally, to be consistent with the 1.5°C pathway for the world, Malaysia should aim commit to achieve peak carbon emission by 2030 and net zero emission by 2050.","PeriodicalId":52020,"journal":{"name":"Asian Economic Papers","volume":"10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136078862","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Euston Quah, Wai-Mun Chia, Tsiat-Siong Tan, Nick Ho
Abstract In Southeast Asia, the seasonal transboundary haze pollution stemming from slash-and-burn practices of traditional Indonesian farmers affects several countries in the region including Indonesia, Singapore, Malaysia, and Brunei. Despite both domestic and regional efforts that have been put in place to help fight against haze, Southeast Asian haze remains a long-term issue that recurs in a varying degree of intensity during every dry season in the region. While we remain optimistic that the problem will eventually be resolved, given that most of these fires are the result of human activity, solutions can be executed successfully only in the longer run. In the interim, one of Singapore's options is to adapt. A contingent valuation (CV) survey on 793 Singapore residents was conducted in Singapore between November and December 2017 to elicit their willingness-to-pay (WTP) for a haze adaptation program and a haze eradication program in Singapore. We use a double-bounded dichotomous choice CV survey design and the Kaplan-Meier-Turnbull method and the probit regression to infer the distribution of Singapore residents’ WTP for the two programs and find that they are willing to pay between S$ 46.46 and S$ 60.06 for a haze adaptation program that reduces the local impacts of haze and between S$ 51.66 and S$ 66.76 for a haze eradication program. These findings suggest that Singapore residents continue to value the government's effort to derive solutions to resolve the haze crisis that recurs intermittently.
{"title":"Willingness-to-pay for a Haze Adaptation Program and a Haze Eradication Program in Singapore: The 2015 Transboundary Haze","authors":"Euston Quah, Wai-Mun Chia, Tsiat-Siong Tan, Nick Ho","doi":"10.1162/asep_a_00868","DOIUrl":"https://doi.org/10.1162/asep_a_00868","url":null,"abstract":"Abstract In Southeast Asia, the seasonal transboundary haze pollution stemming from slash-and-burn practices of traditional Indonesian farmers affects several countries in the region including Indonesia, Singapore, Malaysia, and Brunei. Despite both domestic and regional efforts that have been put in place to help fight against haze, Southeast Asian haze remains a long-term issue that recurs in a varying degree of intensity during every dry season in the region. While we remain optimistic that the problem will eventually be resolved, given that most of these fires are the result of human activity, solutions can be executed successfully only in the longer run. In the interim, one of Singapore's options is to adapt. A contingent valuation (CV) survey on 793 Singapore residents was conducted in Singapore between November and December 2017 to elicit their willingness-to-pay (WTP) for a haze adaptation program and a haze eradication program in Singapore. We use a double-bounded dichotomous choice CV survey design and the Kaplan-Meier-Turnbull method and the probit regression to infer the distribution of Singapore residents’ WTP for the two programs and find that they are willing to pay between S$ 46.46 and S$ 60.06 for a haze adaptation program that reduces the local impacts of haze and between S$ 51.66 and S$ 66.76 for a haze eradication program. These findings suggest that Singapore residents continue to value the government's effort to derive solutions to resolve the haze crisis that recurs intermittently.","PeriodicalId":52020,"journal":{"name":"Asian Economic Papers","volume":"75 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136079103","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract Long-term shifts in temperatures and weather patterns result in global climate change. Human activities that burn fossil fuels such as coal, oil, and natural gas have been identified as the main driver of climate change. The extreme weather events of climate change, especially floods and droughts, have already caused severe economic impacts. These impacts will continue to intensify unless transformative and holistic adaptations are put in place. The Paris Agreement under the United Nations Framework Convention on Climate Change (UNFCCC) aims at keeping a global temperature rise this century well below 2° Celsius above pre-industrial levels and to pursue efforts to limit the temperature increase even further to 1.5° Celsius. To achieve the targets, balancing between anthropogenic greenhouse gas (GHG) sources and sinks needs strong efforts and long-term low emissions development strategies of the participating countries. Thailand's long-term low GHG emissions development strategy (LT-LEDS) submitted to UNFCCC in 2022 included national adaptation and economy-wide GHG mitigation in the energy, industrial processes and product use, waste, agriculture and land use, land-use change and forestry sectors, and international supports needed to meet the net zero emissions targets. Thus, this paper reviews several low-carbon development strategies in Thailand to meet the targets of carbon neutrality and net zero emissions. The impacts of LT-LEDS include GHG emissions reduction and the macroeconomic impacts. Results of several low-carbon development strategies in Thailand show that achieving the nationwide carbon neutrality and net zero GHG emissions is possible; but all feasible options and measures need to be implemented immediately.
{"title":"Reviews of Low Carbon Scenarios, Carbon Neutrality, and Net Zero Emissions in Thailand: Impacts on Greenhouse Gas Emissions and the Macroeconomy","authors":"Kannika Thampanishvong, Bundit Limmeechokchai","doi":"10.1162/asep_a_00869","DOIUrl":"https://doi.org/10.1162/asep_a_00869","url":null,"abstract":"Abstract Long-term shifts in temperatures and weather patterns result in global climate change. Human activities that burn fossil fuels such as coal, oil, and natural gas have been identified as the main driver of climate change. The extreme weather events of climate change, especially floods and droughts, have already caused severe economic impacts. These impacts will continue to intensify unless transformative and holistic adaptations are put in place. The Paris Agreement under the United Nations Framework Convention on Climate Change (UNFCCC) aims at keeping a global temperature rise this century well below 2° Celsius above pre-industrial levels and to pursue efforts to limit the temperature increase even further to 1.5° Celsius. To achieve the targets, balancing between anthropogenic greenhouse gas (GHG) sources and sinks needs strong efforts and long-term low emissions development strategies of the participating countries. Thailand's long-term low GHG emissions development strategy (LT-LEDS) submitted to UNFCCC in 2022 included national adaptation and economy-wide GHG mitigation in the energy, industrial processes and product use, waste, agriculture and land use, land-use change and forestry sectors, and international supports needed to meet the net zero emissions targets. Thus, this paper reviews several low-carbon development strategies in Thailand to meet the targets of carbon neutrality and net zero emissions. The impacts of LT-LEDS include GHG emissions reduction and the macroeconomic impacts. Results of several low-carbon development strategies in Thailand show that achieving the nationwide carbon neutrality and net zero GHG emissions is possible; but all feasible options and measures need to be implemented immediately.","PeriodicalId":52020,"journal":{"name":"Asian Economic Papers","volume":"9 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136078857","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract This paper investigates the trade restrictiveness of product-specific rules of origin (PSRs) in the comprehensive sets of free trade agreements (FTAs) for Japan and the United States, focusing on their similarities and dissimilarities. The most distinctive dissimilarities are the major PSR types and their variation among FTAs. Japan's FTAs use the selective type (“change in tariff classification [CTC] or regional value content [RVC]”) most intensively. In contrast, a few U.S. FTAs use RVC and others use CTC most intensively, and the distribution of simplified PSR types appears to be almost the same among FTAs in each group. The detailed PSR types, however, are likely to be more heterogeneous and complicated in U.S. FTAs than in Japan's FTAs. Such dissimilar features are more salient in machinery sectors with dense global value chains (GVCs)/international production networks (IPNs). The quantitative estimates suggest that the selective types utilized by Japan for most machinery products are much less trade-restrictive, while certain complicated types adopted by the United States for many machinery products are substantially trade-restrictive. Our detailed investigation revealed the two countries’ contrasting strategies, namely, Japan appears to aggressively utilize FTAs with less restrictive PSRs to enhance GVCs/IPNs, while the United States tends to make PSRs more restrictive and complicated in detail as a sort of disguised protection tool.
{"title":"Dissimilar FTA Strategies of Japan and the United States: An Analysis of the Product-Specific Rules of Origin","authors":"Mitsuyo Ando, Shujiro Urata, Kenta Yamanouchi","doi":"10.1162/asep_a_00872","DOIUrl":"https://doi.org/10.1162/asep_a_00872","url":null,"abstract":"Abstract This paper investigates the trade restrictiveness of product-specific rules of origin (PSRs) in the comprehensive sets of free trade agreements (FTAs) for Japan and the United States, focusing on their similarities and dissimilarities. The most distinctive dissimilarities are the major PSR types and their variation among FTAs. Japan's FTAs use the selective type (“change in tariff classification [CTC] or regional value content [RVC]”) most intensively. In contrast, a few U.S. FTAs use RVC and others use CTC most intensively, and the distribution of simplified PSR types appears to be almost the same among FTAs in each group. The detailed PSR types, however, are likely to be more heterogeneous and complicated in U.S. FTAs than in Japan's FTAs. Such dissimilar features are more salient in machinery sectors with dense global value chains (GVCs)/international production networks (IPNs). The quantitative estimates suggest that the selective types utilized by Japan for most machinery products are much less trade-restrictive, while certain complicated types adopted by the United States for many machinery products are substantially trade-restrictive. Our detailed investigation revealed the two countries’ contrasting strategies, namely, Japan appears to aggressively utilize FTAs with less restrictive PSRs to enhance GVCs/IPNs, while the United States tends to make PSRs more restrictive and complicated in detail as a sort of disguised protection tool.","PeriodicalId":52020,"journal":{"name":"Asian Economic Papers","volume":"20 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136079108","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract Structural monetary policy (SMP)—differentiated policy action targeting specific economic activity— has become more frequently applied by major central banks lately, although the practice of developmental central banking has been in existence for quite some time. The effectiveness of such structural monetary policy, however, has not been adequately evaluated. In this paper, we attempt to provide a comprehensive analysis of SMP introduced by the People's Bank of China and also to offer a broad framework for thinking about SMP. We first document the brief history and main components of China's SMP and estimate the narrow- and broad-measures of SMP accounting for 17.9 percent and 27.9 percent of base money, respectively, at the end of 2022. We then discuss two key factors determining success of SMP: bank credit flows to the targeted area and risk implications for banks. By applying the difference-in-difference and panel data analysis approaches using a monthly data set of city commercial bank loans, we evaluate the impacts of targeted required reserve ratio (RRR) cuts in 2019 and 2020 on small and medium-sized enterprise lending. No statistically significant impact is found, whether in the short run or in the long run, and whether for medium-sized enterprises or for micro and small businesses). We conclude that, as no statistically significant impact of targeted RRRs are found, SMP's effectiveness, if exists at all, might be temporary; when facing impaired monetary policy transmission, it is important to conduct careful analysis of its effectiveness and sustainability.
{"title":"Assessing Effectiveness of Structural Monetary Policy in China","authors":"Yiping Huang, Yan Shen, Danxu Cheng, Xinyu Chen","doi":"10.1162/asep_a_00873","DOIUrl":"https://doi.org/10.1162/asep_a_00873","url":null,"abstract":"Abstract Structural monetary policy (SMP)—differentiated policy action targeting specific economic activity— has become more frequently applied by major central banks lately, although the practice of developmental central banking has been in existence for quite some time. The effectiveness of such structural monetary policy, however, has not been adequately evaluated. In this paper, we attempt to provide a comprehensive analysis of SMP introduced by the People's Bank of China and also to offer a broad framework for thinking about SMP. We first document the brief history and main components of China's SMP and estimate the narrow- and broad-measures of SMP accounting for 17.9 percent and 27.9 percent of base money, respectively, at the end of 2022. We then discuss two key factors determining success of SMP: bank credit flows to the targeted area and risk implications for banks. By applying the difference-in-difference and panel data analysis approaches using a monthly data set of city commercial bank loans, we evaluate the impacts of targeted required reserve ratio (RRR) cuts in 2019 and 2020 on small and medium-sized enterprise lending. No statistically significant impact is found, whether in the short run or in the long run, and whether for medium-sized enterprises or for micro and small businesses). We conclude that, as no statistically significant impact of targeted RRRs are found, SMP's effectiveness, if exists at all, might be temporary; when facing impaired monetary policy transmission, it is important to conduct careful analysis of its effectiveness and sustainability.","PeriodicalId":52020,"journal":{"name":"Asian Economic Papers","volume":"15 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136079115","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract Congestion and long commutes would lower the livability of cities. To curb such externalities, various policies have been adopted to limit urban sprawl. However, the empirical relationship between urban sprawl and traffic externalities is ambiguous. This paper investigates this issue by examining state-built new towns (a particular feature of China's urbanization processes) and congestion delay indices (measured from the data for urban trips). The results show that the number of new towns was positively correlated with intra-urban congestion and negatively correlated with traveling speed. Further, the congestion effects were severe during rush hours. Cities with more new-town projects have more residents choosing long-distance commuting modes, and greater average commuting time and distance. This finding shows a worse job–housing balance in the city. Moreover, these traffic externalities were primarily caused by new towns built since 2008, which have a larger scale and longer distances to the urban center.
{"title":"Planning for Livability? State-built New Towns and Urban Traffic Externalities in China*","authors":"Kunlun Wang","doi":"10.1162/asep_a_00866","DOIUrl":"https://doi.org/10.1162/asep_a_00866","url":null,"abstract":"Abstract Congestion and long commutes would lower the livability of cities. To curb such externalities, various policies have been adopted to limit urban sprawl. However, the empirical relationship between urban sprawl and traffic externalities is ambiguous. This paper investigates this issue by examining state-built new towns (a particular feature of China's urbanization processes) and congestion delay indices (measured from the data for urban trips). The results show that the number of new towns was positively correlated with intra-urban congestion and negatively correlated with traveling speed. Further, the congestion effects were severe during rush hours. Cities with more new-town projects have more residents choosing long-distance commuting modes, and greater average commuting time and distance. This finding shows a worse job–housing balance in the city. Moreover, these traffic externalities were primarily caused by new towns built since 2008, which have a larger scale and longer distances to the urban center.","PeriodicalId":52020,"journal":{"name":"Asian Economic Papers","volume":"22 1","pages":"96-117"},"PeriodicalIF":9.7,"publicationDate":"2023-05-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42295696","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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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