Pub Date : 2017-02-06DOI: 10.1080/15339114.2017.1298457
Farhad Taghizadeh‐Hesary, N. Yoshino, E. Rasoulinezhad
ABSTRACT This research sheds light on the elasticity of oil consumption of Japan’s various economic sectors and the crude oil price before and after the Fukushima disaster. To do so, the study applies a cointegration analysis and performs a vector error correction (VEC) variance decomposition by using quarterly data from Q1 1981 to Q4 2010 and from Q1 2011 to Q4 2015. The findings reveal that the absolute value of elasticities of oil consumption by some economic sectors reduced after this disaster because of increased dependency on oil consumption, which endangered energy security in the country. To raise energy self-dependency and energy security, Japan needs to diversify its energy supplies. Because renewable energy projects are mainly considered risky by banks and banks are reluctant to finance them, the paper introduces an innovative form of financing these projects: Hometown Investment Trust Funds, which was introduced and applied in Japan and in some other parts of Asia.
{"title":"Impact of the Fukushima Nuclear Disaster on the Oil-Consuming Sectors of Japan","authors":"Farhad Taghizadeh‐Hesary, N. Yoshino, E. Rasoulinezhad","doi":"10.1080/15339114.2017.1298457","DOIUrl":"https://doi.org/10.1080/15339114.2017.1298457","url":null,"abstract":"ABSTRACT This research sheds light on the elasticity of oil consumption of Japan’s various economic sectors and the crude oil price before and after the Fukushima disaster. To do so, the study applies a cointegration analysis and performs a vector error correction (VEC) variance decomposition by using quarterly data from Q1 1981 to Q4 2010 and from Q1 2011 to Q4 2015. The findings reveal that the absolute value of elasticities of oil consumption by some economic sectors reduced after this disaster because of increased dependency on oil consumption, which endangered energy security in the country. To raise energy self-dependency and energy security, Japan needs to diversify its energy supplies. Because renewable energy projects are mainly considered risky by banks and banks are reluctant to finance them, the paper introduces an innovative form of financing these projects: Hometown Investment Trust Funds, which was introduced and applied in Japan and in some other parts of Asia.","PeriodicalId":53585,"journal":{"name":"Journal of Comparative Asian Development","volume":"26 1","pages":"113 - 134"},"PeriodicalIF":0.0,"publicationDate":"2017-02-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78252952","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2017-01-02DOI: 10.1080/15339114.2017.1297245
J. French
ABSTRACT This paper tests five macroeconomic variables that have been both theorized to affect stock returns and been proven to do so in past empirical research. Those variables are risk premium, industrial production, term structure, expected inflation, and unexpected inflation. The variables are retested for their statistical significance using four years of monthly contemporary data for six different countries (developed and developing). The United States is used as a benchmark, in addition to the ASEAN-5 (Singapore, Thailand, Philippines, Malaysia, and Indonesia). This study finds that risk premium and industrial production were significant over the sample, but term structure, expected inflation, and unexpected inflation were not significant in explaining domestic market returns. Furthermore, principal component regressions outperformed cross-sectional ones, with factor analysis as the least statistically significant model. For the six countries tested, the arbitrage pricing theory was also found to be a less robust pricing tool than the capital asset pricing model.
{"title":"Macroeconomic Forces and Arbitrage Pricing Theory","authors":"J. French","doi":"10.1080/15339114.2017.1297245","DOIUrl":"https://doi.org/10.1080/15339114.2017.1297245","url":null,"abstract":"ABSTRACT This paper tests five macroeconomic variables that have been both theorized to affect stock returns and been proven to do so in past empirical research. Those variables are risk premium, industrial production, term structure, expected inflation, and unexpected inflation. The variables are retested for their statistical significance using four years of monthly contemporary data for six different countries (developed and developing). The United States is used as a benchmark, in addition to the ASEAN-5 (Singapore, Thailand, Philippines, Malaysia, and Indonesia). This study finds that risk premium and industrial production were significant over the sample, but term structure, expected inflation, and unexpected inflation were not significant in explaining domestic market returns. Furthermore, principal component regressions outperformed cross-sectional ones, with factor analysis as the least statistically significant model. For the six countries tested, the arbitrage pricing theory was also found to be a less robust pricing tool than the capital asset pricing model.","PeriodicalId":53585,"journal":{"name":"Journal of Comparative Asian Development","volume":"25 1","pages":"1 - 20"},"PeriodicalIF":0.0,"publicationDate":"2017-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89565603","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2017-01-02DOI: 10.1080/15339114.2016.1270217
Yasushi Suzuki, Mohammad Dulal Miah
ABSTRACT China is approaching towards a new phase of economic development which is frequently termed as the “new normal”. The paper aims to interpret China’s “new normal” from the New Institutional Economics and Marxian viewpoints. The former school is primarily concerned with the “supply-side” driver of increasing economic output and efficiency. It advocates for free and open markets for ideas to sustain China’s economic growth or advance itself into a global centre of technological innovation or scientific discovery. The Marxian view, on the other hand, shares the concern of “demand-side” driver of increasing economic output. Also, it calls for the shift from consumption-led to investment-led strategy while maintaining an egalitarian pattern of income distribution for successful transition. The paper argues that China is gradually advancing its capacity for innovation facilitated by in-house and foreign investments. However, the growing income inequality may pose a threat to its soft landing.
{"title":"China’s ”New Normal”: An Interpretation from Institutional and Marxian Views","authors":"Yasushi Suzuki, Mohammad Dulal Miah","doi":"10.1080/15339114.2016.1270217","DOIUrl":"https://doi.org/10.1080/15339114.2016.1270217","url":null,"abstract":"ABSTRACT China is approaching towards a new phase of economic development which is frequently termed as the “new normal”. The paper aims to interpret China’s “new normal” from the New Institutional Economics and Marxian viewpoints. The former school is primarily concerned with the “supply-side” driver of increasing economic output and efficiency. It advocates for free and open markets for ideas to sustain China’s economic growth or advance itself into a global centre of technological innovation or scientific discovery. The Marxian view, on the other hand, shares the concern of “demand-side” driver of increasing economic output. Also, it calls for the shift from consumption-led to investment-led strategy while maintaining an egalitarian pattern of income distribution for successful transition. The paper argues that China is gradually advancing its capacity for innovation facilitated by in-house and foreign investments. However, the growing income inequality may pose a threat to its soft landing.","PeriodicalId":53585,"journal":{"name":"Journal of Comparative Asian Development","volume":"32 1","pages":"21 - 46"},"PeriodicalIF":0.0,"publicationDate":"2017-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90349514","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2017-01-02DOI: 10.1080/15339114.2017.1279064
Hung-Han Lin
ABSTRACT In society, women generally play the roles of mothers and employees, and those roles are partly substitute to each other; therefore, the contributions of women to the labour market should be considered. This paper applied the widely observed parental preference for children’s sex as an instrumental variable for the number of children in Taiwan and examined the causal effect of childbearing on female labour supply. Ordinary least square estimates revealed that childbearing is associated with reduced female labour supply. However, after using the sex of first and second children as instruments to account for the endogeneity of the number of children, two-stage least square estimates revealed no correlation between the number of children and female labour supply.
{"title":"Effect of Childbearing on Female Labour Supply: An Empirical Study in Taiwan","authors":"Hung-Han Lin","doi":"10.1080/15339114.2017.1279064","DOIUrl":"https://doi.org/10.1080/15339114.2017.1279064","url":null,"abstract":"ABSTRACT In society, women generally play the roles of mothers and employees, and those roles are partly substitute to each other; therefore, the contributions of women to the labour market should be considered. This paper applied the widely observed parental preference for children’s sex as an instrumental variable for the number of children in Taiwan and examined the causal effect of childbearing on female labour supply. Ordinary least square estimates revealed that childbearing is associated with reduced female labour supply. However, after using the sex of first and second children as instruments to account for the endogeneity of the number of children, two-stage least square estimates revealed no correlation between the number of children and female labour supply.","PeriodicalId":53585,"journal":{"name":"Journal of Comparative Asian Development","volume":"517 1","pages":"47 - 67"},"PeriodicalIF":0.0,"publicationDate":"2017-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77133289","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2017-01-02DOI: 10.1080/15339114.2017.1292929
J. Cheng
{"title":"The Global Rise of China","authors":"J. Cheng","doi":"10.1080/15339114.2017.1292929","DOIUrl":"https://doi.org/10.1080/15339114.2017.1292929","url":null,"abstract":"","PeriodicalId":53585,"journal":{"name":"Journal of Comparative Asian Development","volume":"24 1","pages":"87 - 89"},"PeriodicalIF":0.0,"publicationDate":"2017-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85090251","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2017-01-02DOI: 10.1080/15339114.2017.1292930
I. Saskara, A. Marhaeni
ABSTRACT Bali is famous around the world as the island of gods, since the majority of the inhabitants of Bali are Hindu. The Hindu religion and rituals cannot be separated. Each day Balinese woman make banten, as a ritual offering; but with many Balinese women now working outside the home, many decide to buy banten. Due to the demand, enterprises which sell banten have appeared. The purpose of this research is to discover the role of social capital and business strategies in developing the business of banten to increase women’s employment opportunities in Gianyar Regency, Bali. The business of banten has great future potential, with a marketing system that harnesses the flow of information by word of mouth. In an attempt to improve the welfare of the families of women who work in the business of banten, network, trust and norms as social capital play a very important role.
{"title":"The Role of Social Capital and Business Strategies in Developing the Business of Banten to Increase Balinese Women’s Employment","authors":"I. Saskara, A. Marhaeni","doi":"10.1080/15339114.2017.1292930","DOIUrl":"https://doi.org/10.1080/15339114.2017.1292930","url":null,"abstract":"ABSTRACT Bali is famous around the world as the island of gods, since the majority of the inhabitants of Bali are Hindu. The Hindu religion and rituals cannot be separated. Each day Balinese woman make banten, as a ritual offering; but with many Balinese women now working outside the home, many decide to buy banten. Due to the demand, enterprises which sell banten have appeared. The purpose of this research is to discover the role of social capital and business strategies in developing the business of banten to increase women’s employment opportunities in Gianyar Regency, Bali. The business of banten has great future potential, with a marketing system that harnesses the flow of information by word of mouth. In an attempt to improve the welfare of the families of women who work in the business of banten, network, trust and norms as social capital play a very important role.","PeriodicalId":53585,"journal":{"name":"Journal of Comparative Asian Development","volume":"36 1","pages":"68 - 86"},"PeriodicalIF":0.0,"publicationDate":"2017-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78611183","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2016-09-01DOI: 10.1080/15339114.2016.1228467
J. Cheng
{"title":"China and Africa – A Century of Engagement","authors":"J. Cheng","doi":"10.1080/15339114.2016.1228467","DOIUrl":"https://doi.org/10.1080/15339114.2016.1228467","url":null,"abstract":"","PeriodicalId":53585,"journal":{"name":"Journal of Comparative Asian Development","volume":"39 1","pages":"407 - 409"},"PeriodicalIF":0.0,"publicationDate":"2016-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74653495","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2016-09-01DOI: 10.1080/15339114.2016.1249896
V. Chernova, E. Degtereva, A. Zobov
ABSTRACT This article is devoted to the issues of cooperation between Russia and the BRICS countries. Various factors (such as labour migration, the impact of transnational corporations, the problems of global economic instability and globalization, as well as financial risks), determine the current position and prospects of Russian companies in the BRIC markets. Particular attention is paid to assessing the military-technical cooperation of the BRICS, in the context of the current macroeconomic development. The final part of the article discusses the key promising areas of economic development with potential for cooperation between Russia and BRICS.
{"title":"Scientific-Industrial and Economic Cooperation Between Russia and BRICS States: Proposal of Effective Forms and Mechanism","authors":"V. Chernova, E. Degtereva, A. Zobov","doi":"10.1080/15339114.2016.1249896","DOIUrl":"https://doi.org/10.1080/15339114.2016.1249896","url":null,"abstract":"ABSTRACT This article is devoted to the issues of cooperation between Russia and the BRICS countries. Various factors (such as labour migration, the impact of transnational corporations, the problems of global economic instability and globalization, as well as financial risks), determine the current position and prospects of Russian companies in the BRIC markets. Particular attention is paid to assessing the military-technical cooperation of the BRICS, in the context of the current macroeconomic development. The final part of the article discusses the key promising areas of economic development with potential for cooperation between Russia and BRICS.","PeriodicalId":53585,"journal":{"name":"Journal of Comparative Asian Development","volume":"4 1","pages":"333 - 360"},"PeriodicalIF":0.0,"publicationDate":"2016-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85804142","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2016-09-01DOI: 10.1080/15339114.2016.1216868
Ayse D. Celebi, Huseyin Ozdeser
ABSTRACT The study tests the validity of industrialization for achieving economic growth in Turkey and in six European Union (EU) countries, using the data available. Six EU member countries are chosen: Austria, Finland, France, Netherlands, Romania, and Sweden. Turkey is a different case compared with the EU member countries: Turkey is a candidate country for full membership to the EU and membership negotiations are ongoing. In addition to cultural, political and economic aspects, there are other differences between Turkey and the six EU member countries. Industrial developments in Turkey have moved relatively slowly due to the economic and political factors created by internal terrorism and conflict in neighbouring countries. As a result of the analysis, it could be said that industrial value added exerts statistically positive and significant long-term effects on real output in all of the selected countries. However, this effect is lower for Turkey than for the European Union countries.
{"title":"The Role of the Industrial Sector in Aggregate Output: A Comparison of Evidence from Turkey and EU Countries","authors":"Ayse D. Celebi, Huseyin Ozdeser","doi":"10.1080/15339114.2016.1216868","DOIUrl":"https://doi.org/10.1080/15339114.2016.1216868","url":null,"abstract":"ABSTRACT The study tests the validity of industrialization for achieving economic growth in Turkey and in six European Union (EU) countries, using the data available. Six EU member countries are chosen: Austria, Finland, France, Netherlands, Romania, and Sweden. Turkey is a different case compared with the EU member countries: Turkey is a candidate country for full membership to the EU and membership negotiations are ongoing. In addition to cultural, political and economic aspects, there are other differences between Turkey and the six EU member countries. Industrial developments in Turkey have moved relatively slowly due to the economic and political factors created by internal terrorism and conflict in neighbouring countries. As a result of the analysis, it could be said that industrial value added exerts statistically positive and significant long-term effects on real output in all of the selected countries. However, this effect is lower for Turkey than for the European Union countries.","PeriodicalId":53585,"journal":{"name":"Journal of Comparative Asian Development","volume":"52 1","pages":"361 - 382"},"PeriodicalIF":0.0,"publicationDate":"2016-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88377321","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2016-09-01DOI: 10.1080/15339114.2016.1233821
N. Yoshino, Farhad Taghizadeh‐Hesary, Phadet Charoensivakorn, Baburam Niraula
ABSTRACT Small and medium-sized enterprises (SMEs) in Asia are frequently hailed as the backbone of the economies. However, the SMEs usually have severe difficulties with raising money. Considering the bank-dominated characteristic of economies in Asia, banks are the main source of financing, and the lack of a comprehensive credit rating database has been a bottleneck for SMEs. This paper examines how a credit rating scheme for SMEs can be developed, when access to other financial and non-financial ratios is not possible, by using data on lending by banks to SMEs. We employ statistical techniques on five variables from a sample of Thai SMEs and classify them into subgroups based on their financial health. By employing these techniques, banks could reduce information asymmetry and consequently set interest rates and lending ceilings for SMEs. This would ease financing to healthy SMEs and reduce the amount of nonperforming loans to this important sector.
{"title":"Small and Medium-Sized Enterprise (SME) Credit Risk Analysis Using Bank Lending Data: An Analysis of Thai SMEs","authors":"N. Yoshino, Farhad Taghizadeh‐Hesary, Phadet Charoensivakorn, Baburam Niraula","doi":"10.1080/15339114.2016.1233821","DOIUrl":"https://doi.org/10.1080/15339114.2016.1233821","url":null,"abstract":"ABSTRACT Small and medium-sized enterprises (SMEs) in Asia are frequently hailed as the backbone of the economies. However, the SMEs usually have severe difficulties with raising money. Considering the bank-dominated characteristic of economies in Asia, banks are the main source of financing, and the lack of a comprehensive credit rating database has been a bottleneck for SMEs. This paper examines how a credit rating scheme for SMEs can be developed, when access to other financial and non-financial ratios is not possible, by using data on lending by banks to SMEs. We employ statistical techniques on five variables from a sample of Thai SMEs and classify them into subgroups based on their financial health. By employing these techniques, banks could reduce information asymmetry and consequently set interest rates and lending ceilings for SMEs. This would ease financing to healthy SMEs and reduce the amount of nonperforming loans to this important sector.","PeriodicalId":53585,"journal":{"name":"Journal of Comparative Asian Development","volume":"32 1","pages":"383 - 406"},"PeriodicalIF":0.0,"publicationDate":"2016-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88155512","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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