Abstract This paper investigates teleworker efficiency in Japan in the COVID-19 era by using unique survey data on telework. Many Japanese workers started teleworking during the pandemic and found both benefits as well as impediments. Overall, we find that telework experience and the work environment (e.g., having clearly specified tasks and a flexible working system), changes in work–life balance (e.g., working time), and good mental health improves teleworker efficiency.
{"title":"Teleworker Performance in the COVID-19 Era in Japan","authors":"Toshihiro Okubo, A. Inoue, Kozue Sekijima","doi":"10.1162/asep_a_00807","DOIUrl":"https://doi.org/10.1162/asep_a_00807","url":null,"abstract":"Abstract This paper investigates teleworker efficiency in Japan in the COVID-19 era by using unique survey data on telework. Many Japanese workers started teleworking during the pandemic and found both benefits as well as impediments. Overall, we find that telework experience and the work environment (e.g., having clearly specified tasks and a flexible working system), changes in work–life balance (e.g., working time), and good mental health improves teleworker efficiency.","PeriodicalId":52020,"journal":{"name":"Asian Economic Papers","volume":"20 1","pages":"175-192"},"PeriodicalIF":9.7,"publicationDate":"2020-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45506107","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}
Having “strong macroeconomic fundamentals”, as the Philippines supposedly did pre-COVID-19, matters much less (if at all), in and of itself, to economic outcomes in the context of a physical shock. Using a model for 21 countries in ASEAN + 3, developing East Asia and South Asia as well as Australia and New Zealand to explain the difference in actual 2019 and forecasted 2020 GDP growth, we find that, ceteris paribus, stronger national capacities to detect and respond to emerging outbreaks, in particular, laboratory capacity, are associated with better short term economic outcomes. For the Philippines, up to 3.6 percentage points in lost GDP growth forecasted in 2020 could have been saved. Our results suggest that a dearth in health system capacity should be prioritized over and above any other type of spending, including traditional stimulus (e.g. large-scale infrastructure) spending. Our results also underscore the need to rethink what is necessary for the stability and resilience of an economy – what are the “economic fundamentals” - in an era of global physical shocks, including those brought about by climate hazards. Given physical shocks, efficient and prepared government institutions matter. A macro economy is not resilient if these are not.
{"title":"Rethinking “Economic Fundamentals” in an Era of Global Physical Shocks: Insights from the Philippine Experience with COVID-19","authors":"T. C. Monsod, M. Gochoco‐Bautista","doi":"10.1162/asep_a_00802","DOIUrl":"https://doi.org/10.1162/asep_a_00802","url":null,"abstract":"Having “strong macroeconomic fundamentals”, as the Philippines supposedly did pre-COVID-19, matters much less (if at all), in and of itself, to economic outcomes in the context of a physical shock. Using a model for 21 countries in ASEAN + 3, developing East Asia and South Asia as well as Australia and New Zealand to explain the difference in actual 2019 and forecasted 2020 GDP growth, we find that, ceteris paribus, stronger national capacities to detect and respond to emerging outbreaks, in particular, laboratory capacity, are associated with better short term economic outcomes. For the Philippines, up to 3.6 percentage points in lost GDP growth forecasted in 2020 could have been saved. Our results suggest that a dearth in health system capacity should be prioritized over and above any other type of spending, including traditional stimulus (e.g. large-scale infrastructure) spending. Our results also underscore the need to rethink what is necessary for the stability and resilience of an economy – what are the “economic fundamentals” - in an era of global physical shocks, including those brought about by climate hazards. Given physical shocks, efficient and prepared government institutions matter. A macro economy is not resilient if these are not.","PeriodicalId":52020,"journal":{"name":"Asian Economic Papers","volume":"1 1","pages":"1-45"},"PeriodicalIF":9.7,"publicationDate":"2020-11-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1162/asep_a_00802","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47885275","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 By measuring time-varying financial spillovers of five asset classes, we analyze the propagation of shocks originating in the United States and Japan into countries of emerging Asia (EA). We compare the scale and nature of spillovers during the 2008–09 global financial crisis (GFC), the 2013 “taper tantrum” (TT), and the ongoing COVID-19 pandemic (C-19). Based on the direct and indirect spillovers, the intensity of the spillover effect was largest during C-19 due to its global and multidimensional nature, and the United States was a net transmitter of spillovers particularly in bonds and equity markets. TT was an important episode for EA as it marked the beginning of the region's financial volatility and increased spillovers especially in bonds market. The impulse responses reveal that most spillovers were transmitted rapidly, in a matter of days. In times of recession whereby financial stability is in danger of being affected by spillovers, a concrete financial cooperation remains absent in EA although formal institutions designed to deal with the contagion have been put in place.
{"title":"Financial Spillover in Emerging Asia: A Tale of Three Crises","authors":"I. Azis, I. G. S. Virananda, F. I. Estiko","doi":"10.1162/asep_a_00806","DOIUrl":"https://doi.org/10.1162/asep_a_00806","url":null,"abstract":"Abstract By measuring time-varying financial spillovers of five asset classes, we analyze the propagation of shocks originating in the United States and Japan into countries of emerging Asia (EA). We compare the scale and nature of spillovers during the 2008–09 global financial crisis (GFC), the 2013 “taper tantrum” (TT), and the ongoing COVID-19 pandemic (C-19). Based on the direct and indirect spillovers, the intensity of the spillover effect was largest during C-19 due to its global and multidimensional nature, and the United States was a net transmitter of spillovers particularly in bonds and equity markets. TT was an important episode for EA as it marked the beginning of the region's financial volatility and increased spillovers especially in bonds market. The impulse responses reveal that most spillovers were transmitted rapidly, in a matter of days. In times of recession whereby financial stability is in danger of being affected by spillovers, a concrete financial cooperation remains absent in EA although formal institutions designed to deal with the contagion have been put in place.","PeriodicalId":52020,"journal":{"name":"Asian Economic Papers","volume":"20 1","pages":"155-170"},"PeriodicalIF":9.7,"publicationDate":"2020-11-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1162/asep_a_00806","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45743149","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}
Byeong-duk Lim, Emma Kyoungseo Hong, Jinjin Mou, Inkyo Cheong
Abstract This paper analyzes how the Republic of Korea (Korea) halted the massive transmission of COVID-19 in just two months. The quarantine was achieved successfully without any need for a national lockdown because, simply, Korean citizens actively followed quarantine guidelines. During the 2015 Middle East Respiratory Syndrome (MERS) outbreak, the country recognized the importance of an early response in the form of a systematic approach and adopted the necessary procedures. Comparing the spread of COVID-19 among different countries, Korea demonstrated several distinct characteristics. First, the duration of the coronavirus crisis was relatively short, and Korea was able to flatten the coronavirus curve in a brief period. Second, Korea blocked expanded transmission of the virus without implementing a national lockdown. Third, the coronavirus pandemic did not lead to economic panic. Korea, which had developed an institutional response to infectious diseases prior to COVID-19, used a strategy of balancing quarantine measures with economic policies. The paper summarizes the specific measures Korea implemented to overcome COVID-19, and discusses the sustainability of the economy after overcoming the virus.
{"title":"COVID-19 in Korea: Success Based on Past Failure*","authors":"Byeong-duk Lim, Emma Kyoungseo Hong, Jinjin Mou, Inkyo Cheong","doi":"10.1162/asep_a_00803","DOIUrl":"https://doi.org/10.1162/asep_a_00803","url":null,"abstract":"Abstract This paper analyzes how the Republic of Korea (Korea) halted the massive transmission of COVID-19 in just two months. The quarantine was achieved successfully without any need for a national lockdown because, simply, Korean citizens actively followed quarantine guidelines. During the 2015 Middle East Respiratory Syndrome (MERS) outbreak, the country recognized the importance of an early response in the form of a systematic approach and adopted the necessary procedures. Comparing the spread of COVID-19 among different countries, Korea demonstrated several distinct characteristics. First, the duration of the coronavirus crisis was relatively short, and Korea was able to flatten the coronavirus curve in a brief period. Second, Korea blocked expanded transmission of the virus without implementing a national lockdown. Third, the coronavirus pandemic did not lead to economic panic. Korea, which had developed an institutional response to infectious diseases prior to COVID-19, used a strategy of balancing quarantine measures with economic policies. The paper summarizes the specific measures Korea implemented to overcome COVID-19, and discusses the sustainability of the economy after overcoming the virus.","PeriodicalId":52020,"journal":{"name":"Asian Economic Papers","volume":"20 1","pages":"41-62"},"PeriodicalIF":9.7,"publicationDate":"2020-11-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42325817","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 illustrates Taiwan's experience in controlling the virus and curbing the impact of COVID-19 on its economy. All the following factors contributed to Taiwan's early success in fighting COVID-19: the early establishment of a command center, the “precision-prevention” model of strategies that includes tight border controls and strict quarantine policy, the procuring of sufficient anti-pandemic medical supplies, and educating residents about public health awareness (e.g., promoting face mask wearing in public, maintaining proper social distance, and handwashing procedures). In addition, the country's medical facilities and a national health insurance program that are already in place along with the utilization of technology and big data also played a crucial role during the pandemic. Taiwan's success story may open up opportunities for the country to assume a leading role as a facilitator in the reallocation of the global supply chain and the creation of a new worldwide health coalition that includes Taiwan, unlike its lonely efforts 17 years ago when SARS hit the Southeast Asian and Pacific regions.
{"title":"COVID-19 in Taiwan: Economic Impacts and Lessons Learned*","authors":"Chun-Chien Kuo","doi":"10.1162/asep_a_00805","DOIUrl":"https://doi.org/10.1162/asep_a_00805","url":null,"abstract":"Abstract This paper illustrates Taiwan's experience in controlling the virus and curbing the impact of COVID-19 on its economy. All the following factors contributed to Taiwan's early success in fighting COVID-19: the early establishment of a command center, the “precision-prevention” model of strategies that includes tight border controls and strict quarantine policy, the procuring of sufficient anti-pandemic medical supplies, and educating residents about public health awareness (e.g., promoting face mask wearing in public, maintaining proper social distance, and handwashing procedures). In addition, the country's medical facilities and a national health insurance program that are already in place along with the utilization of technology and big data also played a crucial role during the pandemic. Taiwan's success story may open up opportunities for the country to assume a leading role as a facilitator in the reallocation of the global supply chain and the creation of a new worldwide health coalition that includes Taiwan, unlike its lonely efforts 17 years ago when SARS hit the Southeast Asian and Pacific regions.","PeriodicalId":52020,"journal":{"name":"Asian Economic Papers","volume":"20 1","pages":"98-117"},"PeriodicalIF":9.7,"publicationDate":"2020-11-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41312974","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 The aim of this study is to quantify how lockdown policies implemented in response to the COVID-19 pandemic affected international trade in the first half of 2020. We examine monthly world trade data between January and June in both 2019 and 2020. Our findings can be summarized as follows. Stay-at-home orders did not have significant and robust effects on trade. Negative effects were found in only some industries, including those producing durable products and essential products. However, workplace closures had significant negative effects on trade, except for intra-Asian trade. These effects of workplace closures can be found in most industries.
{"title":"Impacts of Lockdown Policies on International Trade*","authors":"Kazunobu Hayakawa, H. Mukunoki","doi":"10.1162/asep_a_00804","DOIUrl":"https://doi.org/10.1162/asep_a_00804","url":null,"abstract":"Abstract The aim of this study is to quantify how lockdown policies implemented in response to the COVID-19 pandemic affected international trade in the first half of 2020. We examine monthly world trade data between January and June in both 2019 and 2020. Our findings can be summarized as follows. Stay-at-home orders did not have significant and robust effects on trade. Negative effects were found in only some industries, including those producing durable products and essential products. However, workplace closures had significant negative effects on trade, except for intra-Asian trade. These effects of workplace closures can be found in most industries.","PeriodicalId":52020,"journal":{"name":"Asian Economic Papers","volume":"20 1","pages":"123-141"},"PeriodicalIF":9.7,"publicationDate":"2020-11-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43115953","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}
Countries have taken different approaches to controlling COVID-19. Analyzing the costs and benefits of different policies, Sachs (2020) has concluded that the total cost of using either low-cost epidemic control measures (e.g., hygiene, testing/tracing/isolating, travel restrictions) or high-cost control measures (e.g., economic shutdown) is lower than the cost of not controlling the epidemic at all. Sachs also found that low-cost policies in the AsiaPacific region are more effective than high-cost ones in the North Atlantic region. Sachs has therefore proposed that the North Atlantic region should learn from the best low-cost practices of the Asia-Pacific region in suppressing the COVID-19 epidemic.
{"title":"A Note on the Role of Cultural, Institutional, and Urbanization Features in the COVID-19 Pandemic","authors":"Pengfei Li, Ming Lu, Yilin Zheng","doi":"10.1162/asep_a_00798","DOIUrl":"https://doi.org/10.1162/asep_a_00798","url":null,"abstract":"Countries have taken different approaches to controlling COVID-19. Analyzing the costs and benefits of different policies, Sachs (2020) has concluded that the total cost of using either low-cost epidemic control measures (e.g., hygiene, testing/tracing/isolating, travel restrictions) or high-cost control measures (e.g., economic shutdown) is lower than the cost of not controlling the epidemic at all. Sachs also found that low-cost policies in the AsiaPacific region are more effective than high-cost ones in the North Atlantic region. Sachs has therefore proposed that the North Atlantic region should learn from the best low-cost practices of the Asia-Pacific region in suppressing the COVID-19 epidemic.","PeriodicalId":52020,"journal":{"name":"Asian Economic Papers","volume":"20 1","pages":"60-70"},"PeriodicalIF":9.7,"publicationDate":"2020-11-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46726397","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 Malaysia has been relatively successful in managing the COVID-19 pandemic, with the number of deaths and infections lower than neighboring countries and many developed economies. This paper will share Malaysia's experience in fighting the pandemic, particularly the key success factors in managing the health impact during the period of January to August 2020. The speedy preparation and planning by the Health Ministry even before the country registered its first case was instrumental in ensuring that the country was ready to face the pandemic. Lessons learned from previous experience with epidemics such as Nipah, SARS, MERS, and H1N1 were also key to the speedy responses. Effective communication helped to ensure the public's support of measures imposed by the government to reduce the spread of the virus. However, while the country managed the health crisis relatively well, the handling of the economy is rather poor, with the economic impact being much worse than what was experienced during the 1997–98 Asian financial crisis, and the 2008–09 global financial crisis. This paper will end with suggestions of several policy interventions to mitigate the economic impact of COVID-19, particularly for vulnerable groups.
{"title":"COVID-19: Malaysia Experience and Key Lessons*","authors":"Muhammed Abdul Khalid","doi":"10.1162/asep_a_00801","DOIUrl":"https://doi.org/10.1162/asep_a_00801","url":null,"abstract":"Abstract Malaysia has been relatively successful in managing the COVID-19 pandemic, with the number of deaths and infections lower than neighboring countries and many developed economies. This paper will share Malaysia's experience in fighting the pandemic, particularly the key success factors in managing the health impact during the period of January to August 2020. The speedy preparation and planning by the Health Ministry even before the country registered its first case was instrumental in ensuring that the country was ready to face the pandemic. Lessons learned from previous experience with epidemics such as Nipah, SARS, MERS, and H1N1 were also key to the speedy responses. Effective communication helped to ensure the public's support of measures imposed by the government to reduce the spread of the virus. However, while the country managed the health crisis relatively well, the handling of the economy is rather poor, with the economic impact being much worse than what was experienced during the 1997–98 Asian financial crisis, and the 2008–09 global financial crisis. This paper will end with suggestions of several policy interventions to mitigate the economic impact of COVID-19, particularly for vulnerable groups.","PeriodicalId":52020,"journal":{"name":"Asian Economic Papers","volume":"20 1","pages":"73-95"},"PeriodicalIF":9.7,"publicationDate":"2020-11-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1162/asep_a_00801","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42454651","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}
Thailand has been remarkably successful in containing COVID-19, limiting the number of total cases to only 3,400 and deaths to 59. Since June 2020, Thailand has had only one domestically transmitted case, successfully avoiding a second wave. This paper argues that Thailand's success could be attributed to the high public fear and strict border control at the initial stage, followed by the centralization of leadership, active involvement of health volunteers, the highly cautious phased lockdown lifting, and an effective response to threats of a second wave later. However, Thailand's economy is expected to contract by 8 percent—the largest in Southeast Asia. This appears to be a paradox that could be explained by Thailand's low potential GDP growth rate, high dependence on tourism, and overly strict measures used to contain the virus.
{"title":"The Paradox of Thailand's Success in Controlling COVID-19","authors":"P. Tangkitvanich","doi":"10.1162/asep_a_00799","DOIUrl":"https://doi.org/10.1162/asep_a_00799","url":null,"abstract":"Thailand has been remarkably successful in containing COVID-19, limiting the number of total cases to only 3,400 and deaths to 59. Since June 2020, Thailand has had only one domestically transmitted case, successfully avoiding a second wave. This paper argues that Thailand's success could be attributed to the high public fear and strict border control at the initial stage, followed by the centralization of leadership, active involvement of health volunteers, the highly cautious phased lockdown lifting, and an effective response to threats of a second wave later. However, Thailand's economy is expected to contract by 8 percent—the largest in Southeast Asia. This appears to be a paradox that could be explained by Thailand's low potential GDP growth rate, high dependence on tourism, and overly strict measures used to contain the virus.","PeriodicalId":52020,"journal":{"name":"Asian Economic Papers","volume":"20 1","pages":"71-100"},"PeriodicalIF":9.7,"publicationDate":"2020-11-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46971782","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 Using data from the Department of Statistics Malaysia from 1987 to 2018 and decompositions that take account of both the static and dynamic efficiency gains from labor reallocation, this study documents that Malaysia has undergone structural transformation from an agriculture-driven to a services-driven economy. In contrast to common perceptions, however, the country's impressive growth in output per capita over the last three decades can largely be attributed not to its structural transformation but instead to sustained growth in within-sector labor productivity. At 3 percent, the contribution of between-sector reallocation of labor to output per capita growth has been relatively low.
{"title":"From Farms to Factories and Firms—Structural Transformation and Labor Productivity Growth in Malaysia*","authors":"A. A. Rahman, A. Schmillen","doi":"10.1162/asep_a_00862","DOIUrl":"https://doi.org/10.1162/asep_a_00862","url":null,"abstract":"Abstract Using data from the Department of Statistics Malaysia from 1987 to 2018 and decompositions that take account of both the static and dynamic efficiency gains from labor reallocation, this study documents that Malaysia has undergone structural transformation from an agriculture-driven to a services-driven economy. In contrast to common perceptions, however, the country's impressive growth in output per capita over the last three decades can largely be attributed not to its structural transformation but instead to sustained growth in within-sector labor productivity. At 3 percent, the contribution of between-sector reallocation of labor to output per capita growth has been relatively low.","PeriodicalId":52020,"journal":{"name":"Asian Economic Papers","volume":"22 1","pages":"82-111"},"PeriodicalIF":9.7,"publicationDate":"2020-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41696402","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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