Abstract We examine the health impacts of long commute time by exploiting a large-scale placed-based policy in South Korea. The policy relocated public employers in the capital area to disadvantaged cities. However, some public employees kept their residences in the capital area and spend long hours commuting. Using this change, we estimate two-stage least squares models whose results suggest that having a long commute substantially increases usage of medical services, particularly to treat respiratory, circulatory, and endocrine and metabolic diseases. However, we find mixed effects of long commute time on medical checkup outcomes and health-related activities such as exercise.
{"title":"Sejong's Effects on People's Health: Consequences of a Long Commute*","authors":"S. Lim, Soohyung Lee","doi":"10.1162/asep_a_00863","DOIUrl":"https://doi.org/10.1162/asep_a_00863","url":null,"abstract":"Abstract We examine the health impacts of long commute time by exploiting a large-scale placed-based policy in South Korea. The policy relocated public employers in the capital area to disadvantaged cities. However, some public employees kept their residences in the capital area and spend long hours commuting. Using this change, we estimate two-stage least squares models whose results suggest that having a long commute substantially increases usage of medical services, particularly to treat respiratory, circulatory, and endocrine and metabolic diseases. However, we find mixed effects of long commute time on medical checkup outcomes and health-related activities such as exercise.","PeriodicalId":52020,"journal":{"name":"Asian Economic Papers","volume":"22 1","pages":"1-27"},"PeriodicalIF":9.7,"publicationDate":"2023-05-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43277280","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 summarizes stylized facts of three dimensions of population agglomeration and the radiation effects of central cities relating to the evolutionary laws of China's population distribution. We test with decennial census data from 2000 to 2020 to identify determinants of population agglomeration and radiation effects. The results show that the distance to the major ports, central cities, and city centers of central cities determines China's population concentration. Moreover, central cities have apparent radiation effects. The closer to the central cities or the larger the population and economic scale of the central cities, the more the population is concentrated in peripheral cities or counties.
{"title":"Agglomeration and Radiation: Central Cities and China's Spatial Economy*","authors":"Jiewei Li, Wenyue Zhao, Qi-xue Liang","doi":"10.1162/asep_a_00864","DOIUrl":"https://doi.org/10.1162/asep_a_00864","url":null,"abstract":"Abstract This paper summarizes stylized facts of three dimensions of population agglomeration and the radiation effects of central cities relating to the evolutionary laws of China's population distribution. We test with decennial census data from 2000 to 2020 to identify determinants of population agglomeration and radiation effects. The results show that the distance to the major ports, central cities, and city centers of central cities determines China's population concentration. Moreover, central cities have apparent radiation effects. The closer to the central cities or the larger the population and economic scale of the central cities, the more the population is concentrated in peripheral cities or counties.","PeriodicalId":52020,"journal":{"name":"Asian Economic Papers","volume":"22 1","pages":"36-67"},"PeriodicalIF":9.7,"publicationDate":"2023-05-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44488466","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 We use an asymmetric Nash bargaining model between worker and firms, under the assumption of firm-specific human capital (FSHC), to argue that city size influences the proportion of the rent received by labor (i.e., the magnitude of labor share of rent). We argue that an increase in city size generates both a positive effect (the “FSHC-autonomy effect”) on the bargaining power of labor as well as a negative effect (the division-of-labor effect) on the bargaining power of labor. Our empirical exploration found that labor share of the rent (in percent) increases with city size, suggesting that the FSHC-autonomy effect is greater than the division of labor effect.
{"title":"A Note on City Size and the Sharing of Quasi-Rent between Labor and Capital in China","authors":"Zhe Kong, Xiaohan Zhang, Weiwei Cui","doi":"10.1162/asep_a_00867","DOIUrl":"https://doi.org/10.1162/asep_a_00867","url":null,"abstract":"Abstract We use an asymmetric Nash bargaining model between worker and firms, under the assumption of firm-specific human capital (FSHC), to argue that city size influences the proportion of the rent received by labor (i.e., the magnitude of labor share of rent). We argue that an increase in city size generates both a positive effect (the “FSHC-autonomy effect”) on the bargaining power of labor as well as a negative effect (the division-of-labor effect) on the bargaining power of labor. Our empirical exploration found that labor share of the rent (in percent) increases with city size, suggesting that the FSHC-autonomy effect is greater than the division of labor effect.","PeriodicalId":52020,"journal":{"name":"Asian Economic Papers","volume":"22 1","pages":"28-35"},"PeriodicalIF":9.7,"publicationDate":"2023-05-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44302581","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 We analyze the effects of local government debt on the proliferation of zombie firms. With aggregated prefecture-level debt data and firm-level data from 2006 to 2013, the empirical evidence demonstrates that the local government debt significantly exacerbates the “zombification” of local firms, mainly through the credit-favoritism to state-owned enterprises and capital misallocation. Our analysis also shows that the magnitude of zombification effects is influenced by debt liquidity and the primary functions of local government financing vehicles.
{"title":"Local Government Debt and Firm Zombification: Evidence from China","authors":"Yang He, Yun Ma, M. Tang, Lu Wang","doi":"10.1162/asep_a_00865","DOIUrl":"https://doi.org/10.1162/asep_a_00865","url":null,"abstract":"Abstract We analyze the effects of local government debt on the proliferation of zombie firms. With aggregated prefecture-level debt data and firm-level data from 2006 to 2013, the empirical evidence demonstrates that the local government debt significantly exacerbates the “zombification” of local firms, mainly through the credit-favoritism to state-owned enterprises and capital misallocation. Our analysis also shows that the magnitude of zombification effects is influenced by debt liquidity and the primary functions of local government financing vehicles.","PeriodicalId":52020,"journal":{"name":"Asian Economic Papers","volume":"22 1","pages":"68-95"},"PeriodicalIF":9.7,"publicationDate":"2023-05-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47800412","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 Based on highly disaggregated customs data from 2016–19, this paper investigates the impact of the China–U.S. trade war on the exports of Chinese firms, from the perspective of the extensive margin of product scope. The paper finds that the rise in U.S. import tariffs during the trade war led to Chinese exporters concentrating on production of their core products and shrinking their export scope. Higher import tariffs resulted in an average 2.43 percent decline in export scope and an average 1.25 percent increase in the export share of core products. The damage was particularly pronounced for intermediate products and heterogeneous products, which is consistent with the high duties. The paper provides direct evidence on the harm to export diversification caused by the China–U.S. trade war, suggesting a welfare loss from the decrease in product variety, as emphasized in the literature. This result holds after controlling for factors such as production cycles and heterogeneity.
{"title":"Trade Protectionism and Export Adjustment on the Extensive Margin: An Analysis Based on the China–U.S. Trade War*","authors":"W. Tian, Y. Hei","doi":"10.1162/asep_a_00859","DOIUrl":"https://doi.org/10.1162/asep_a_00859","url":null,"abstract":"Abstract Based on highly disaggregated customs data from 2016–19, this paper investigates the impact of the China–U.S. trade war on the exports of Chinese firms, from the perspective of the extensive margin of product scope. The paper finds that the rise in U.S. import tariffs during the trade war led to Chinese exporters concentrating on production of their core products and shrinking their export scope. Higher import tariffs resulted in an average 2.43 percent decline in export scope and an average 1.25 percent increase in the export share of core products. The damage was particularly pronounced for intermediate products and heterogeneous products, which is consistent with the high duties. The paper provides direct evidence on the harm to export diversification caused by the China–U.S. trade war, suggesting a welfare loss from the decrease in product variety, as emphasized in the literature. This result holds after controlling for factors such as production cycles and heterogeneity.","PeriodicalId":52020,"journal":{"name":"Asian Economic Papers","volume":"22 1","pages":"11-32"},"PeriodicalIF":9.7,"publicationDate":"2023-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"64483023","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 Market efficiency can be enhanced by market liquidity if it promotes value creation, leading to increasing stock returns. A positive relation between liquidity and stock returns implies capital movement towards more efficient investment at a low cost for value creation. Existing studies are controversial for the relation being positive, negative, or inconclusive. With such inconsistency, this paper uses data from more than 3,200 company stocks from the UK, the United States, Germany, and China securities markets over a 10-year period to estimate the relation across these four markets, respectively. The framework of estimation is robust to outliers and macro shocks, while eliminating the issues of multicollinearity, autocorrelation, and endogeneity. The study finds some interesting results. We report strong evidence for Germany and the UK of a positive relationship between returns and liquidity. In contrast, China exhibits the opposite result, and the United States provides inconclusive evidence, possibly caused by significant diversification of value perception on liquidity. Our results imply that the German and the UK markets are more efficient than the emerging market of China because liquidity assists capital movement more efficiently. The policy implication of this research is that, for emerging stock markets, the costs of capital movement should be reduced in order to increase the efficiency of funding allocation.
{"title":"Which Market Enhances Market Efficiency by Improving Liquidity? Evidence of Market Liquidity in Relation to Returns of Stocks","authors":"Guy S. Liu, Jinke Li, A. Gregoriou, Y. Bo","doi":"10.1162/asep_a_00860","DOIUrl":"https://doi.org/10.1162/asep_a_00860","url":null,"abstract":"Abstract Market efficiency can be enhanced by market liquidity if it promotes value creation, leading to increasing stock returns. A positive relation between liquidity and stock returns implies capital movement towards more efficient investment at a low cost for value creation. Existing studies are controversial for the relation being positive, negative, or inconclusive. With such inconsistency, this paper uses data from more than 3,200 company stocks from the UK, the United States, Germany, and China securities markets over a 10-year period to estimate the relation across these four markets, respectively. The framework of estimation is robust to outliers and macro shocks, while eliminating the issues of multicollinearity, autocorrelation, and endogeneity. The study finds some interesting results. We report strong evidence for Germany and the UK of a positive relationship between returns and liquidity. In contrast, China exhibits the opposite result, and the United States provides inconclusive evidence, possibly caused by significant diversification of value perception on liquidity. Our results imply that the German and the UK markets are more efficient than the emerging market of China because liquidity assists capital movement more efficiently. The policy implication of this research is that, for emerging stock markets, the costs of capital movement should be reduced in order to increase the efficiency of funding allocation.","PeriodicalId":52020,"journal":{"name":"Asian Economic Papers","volume":"22 1","pages":"33-61"},"PeriodicalIF":9.7,"publicationDate":"2023-02-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45304500","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 Chinese investment abroad has grown significantly in connection with the Belt and Road Initiative (BRI). This paper tries to answer two questions: First, what considerations gave birth to the BRI? And second, what are the project's economic effects in terms of capital flows and international trade? It is found that the project is above all a way to deal with large surplus capacity in China's capital-intensive industries, to increase growth in relatively poor regions of the country, and to secure a supply of energy and raw materials. For other countries involved in the project, BRI investments are a means to increase production and international trade. International trade and foreign direct investment have been positively affected, although to a limited extent. Finally, there are concerns that lack of transparency in Chinese lending may lead to increased corruption, and that some countries will face financial difficulties.
{"title":"The Belt and Road Initiative: Economic Causes and Effects*","authors":"F. Sjöholm","doi":"10.1162/asep_a_00861","DOIUrl":"https://doi.org/10.1162/asep_a_00861","url":null,"abstract":"Abstract Chinese investment abroad has grown significantly in connection with the Belt and Road Initiative (BRI). This paper tries to answer two questions: First, what considerations gave birth to the BRI? And second, what are the project's economic effects in terms of capital flows and international trade? It is found that the project is above all a way to deal with large surplus capacity in China's capital-intensive industries, to increase growth in relatively poor regions of the country, and to secure a supply of energy and raw materials. For other countries involved in the project, BRI investments are a means to increase production and international trade. International trade and foreign direct investment have been positively affected, although to a limited extent. Finally, there are concerns that lack of transparency in Chinese lending may lead to increased corruption, and that some countries will face financial difficulties.","PeriodicalId":52020,"journal":{"name":"Asian Economic Papers","volume":"22 1","pages":"62-81"},"PeriodicalIF":9.7,"publicationDate":"2023-02-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46337687","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 Russia's invasion in Ukraine has led to substantial restrictions on exports to Russia, which some East Asian economies have joined. We review the importance of East Asian economies as providers of technology imports for Russia and present a preliminary analysis on the development of Russian imports from East Asia after the invasion. We find that East Asian economies have been important suppliers of technology goods for Russia. After February 2022, exports of most East Asian countries to Russia have dropped substantially. Chinese exports to Russia have increased, especially in the category of vehicles.
{"title":"Russia's Technology Imports from East Asia*","authors":"H. Simola, Aino Röyskö","doi":"10.1162/asep_a_00858","DOIUrl":"https://doi.org/10.1162/asep_a_00858","url":null,"abstract":"Abstract Russia's invasion in Ukraine has led to substantial restrictions on exports to Russia, which some East Asian economies have joined. We review the importance of East Asian economies as providers of technology imports for Russia and present a preliminary analysis on the development of Russian imports from East Asia after the invasion. We find that East Asian economies have been important suppliers of technology goods for Russia. After February 2022, exports of most East Asian countries to Russia have dropped substantially. Chinese exports to Russia have increased, especially in the category of vehicles.","PeriodicalId":52020,"journal":{"name":"Asian Economic Papers","volume":"22 1","pages":"1-10"},"PeriodicalIF":9.7,"publicationDate":"2023-02-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42741053","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 International collaboration is considered to exert a positive effect on research performance. However, the impact of international collaboration on the performance of research institutions is under-documented. This paper fills the void in the literature by utilizing InCites data of 1,067 Chinese research organizations. The main results show that international collaboration promotes the performance of research organizations in general, but the effect varies according to the types of institutions. The organizations in less-developed regions are more affected by international collaborations than those in developed regions. The empirical results also demonstrate that the United States is the most important scientific collaborator of China.
{"title":"International Collaboration and Research Organization Performance: Evidence from China*","authors":"Hui-yan Geng, Yanrui Wu, Xing Shi","doi":"10.1162/asep_a_00856","DOIUrl":"https://doi.org/10.1162/asep_a_00856","url":null,"abstract":"Abstract International collaboration is considered to exert a positive effect on research performance. However, the impact of international collaboration on the performance of research institutions is under-documented. This paper fills the void in the literature by utilizing InCites data of 1,067 Chinese research organizations. The main results show that international collaboration promotes the performance of research organizations in general, but the effect varies according to the types of institutions. The organizations in less-developed regions are more affected by international collaborations than those in developed regions. The empirical results also demonstrate that the United States is the most important scientific collaborator of China.","PeriodicalId":52020,"journal":{"name":"Asian Economic Papers","volume":"21 1","pages":"60-77"},"PeriodicalIF":9.7,"publicationDate":"2022-08-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"64482988","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 Minority communities frequently draw upon voluntary donations to support their unique needs and giving prominent recognition to donors is a widely used strategy, although anonymous donors are not uncommon. Studies in the West suggest that consequentialists (those concerned with the overall benefit from the outcomes, including to themselves) value the recognition gained by engaging in pro-social behavior. Deontologists, or those holding to values that stress right conduct, would engage in pro-social behavior even without recognition. The latter values parallel principles espoused in Eastern thought. What would be the optimal strategy to maximize donations from both groups? Using the methods of experimental economics, we examined the effect of observability on pro-sociality, and the interaction of moral judgment and observability on the cooperative behavior of participants in a Public Good game. The finding shows that participants who felt they were being observed made significantly higher contributions to the public pool as compared to those who felt anonymous, regardless of the values they professed. This validates the strategy of promising recognition to donors used by Asian immigrant communities because it motivates those who value recognition to donate, and prods those who give without recognition to donate more than they otherwise would.
{"title":"The Effect of Observability on Professed Moral Values and Pro-social Behavior in an Asian Context: An Experimental Study*","authors":"K. Ch’ng, S. Narayanan","doi":"10.1162/asep_a_00854","DOIUrl":"https://doi.org/10.1162/asep_a_00854","url":null,"abstract":"Abstract Minority communities frequently draw upon voluntary donations to support their unique needs and giving prominent recognition to donors is a widely used strategy, although anonymous donors are not uncommon. Studies in the West suggest that consequentialists (those concerned with the overall benefit from the outcomes, including to themselves) value the recognition gained by engaging in pro-social behavior. Deontologists, or those holding to values that stress right conduct, would engage in pro-social behavior even without recognition. The latter values parallel principles espoused in Eastern thought. What would be the optimal strategy to maximize donations from both groups? Using the methods of experimental economics, we examined the effect of observability on pro-sociality, and the interaction of moral judgment and observability on the cooperative behavior of participants in a Public Good game. The finding shows that participants who felt they were being observed made significantly higher contributions to the public pool as compared to those who felt anonymous, regardless of the values they professed. This validates the strategy of promising recognition to donors used by Asian immigrant communities because it motivates those who value recognition to donate, and prods those who give without recognition to donate more than they otherwise would.","PeriodicalId":52020,"journal":{"name":"Asian Economic Papers","volume":"21 1","pages":"22-39"},"PeriodicalIF":9.7,"publicationDate":"2022-08-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42317544","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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