Asian Economic Journal
- Publisher:
- Wiley
- Publication date:
- 2021-02-01
- ISBN:
- 1351-3958
Issue Number
- No. 34-2, June 2020
- No. 34-1, March 2020
- No. 33-4, December 2019
- No. 33-3, September 2019
- No. 33-2, June 2019
- No. 33-1, March 2019
- No. 32-4, December 2018
- No. 32-3, September 2018
- No. 32-2, June 2018
- No. 32-1, March 2018
- No. 31-4, December 2017
- No. 31-3, September 2017
- No. 31-2, June 2017
- No. 31-1, March 2017
- No. 30-4, December 2016
- No. 30-3, September 2016
- No. 30-2, June 2016
- No. 30-1, March 2016
- No. 29-4, December 2015
- No. 29-3, September 2015
Latest documents
- Economic Effect of Zoning Regulations on Korea's Small and Medium‐Sized Retailers*
In this paper, we investigated the economic effects of zoning regulations on the retail industry in Korea. We estimated the changes in the number of sales for retail stores using a panel regression analysis for stores in traditional markets. This analysis was conducted to examine the benefit of zoning regulations on retail stores. Our results show that the zoning regulations (called Traditional Commercial Activity Protection Zones) have contributed to an improvement in the actual business performance of small independent retailers. We found that the amount of sales for each store clearly increased on average in the areas designated as Traditional Commercial Activity Protection Zones where there was no market entry of mega supermarket chains (called SSM in Korea). We also present evidence that the effects of this policy differ geographically: the effects were stronger for small and medium cities than for large metropolitan cities. These results suggest that zoning regulations enacted by the government to protect traditional markets and small retailers should also consider regional differences when assessing policy effectiveness.
- Professor Yasuhiko Torii: An Obituary
- Postponement of EAEA17 Conference: Call for Papers and Preliminary Information
- Private Equity Characteristics, Corporate Governance and Firm Value: Empirical Evidence from Small and Medium‐sized Enterprises*
To extend existing research, this study examines whether private equity (PE) and corporate governance affect firm value using empirical data on the small and medium‐sized boards of listed initial public offering companies in China. The empirical results show that PE investment can raise firm value as well as affect management behavior at the macro level. At the micro level, the greater PE firms' shareholding, the higher is firm value, which is positively influenced by the time the PE stake has been held. PE reputation and foreign PE are also positively related to firm value. Finally, corporate governance plays a partial mediating role in the relationship between PE investment and firm value.
- Fiscal Sustainability of Local Governments in Japan†
The total amount of Japan's local government (LG) expenditures exceeds its central government (CG) expenditures. Japan's LG and CG are responsible for the worst general government's debt situation among the G7 countries. The paper elucidated the fiscal reactions of Japan's prefecture governments (PGs) based on Bohn's (1998a, 2005) method with a panel dataset (44PGs, fiscal years 1974–2016), addressing nonstationary and endogeneity issues. In my model, a positive reaction of the primary surplus/gross regional product (GRP) ratio to the PG debt/GRP ratio (d) constitutes a sufficient condition for sustainability. The results of the study demonstrate the following: (i) the PG in any fiscal condition are assumed to provide sustainable fiscal management; (ii) the PGs in sounder or more dire fiscal conditions probably manage their finances more firmly; (iii) the fiscal transfers from the CG generally ease the PG fiscal conditions; (iv) although primary regressors d and dsq (the square of d) are assumed to be I (1) with some accuracy, they become stationary through cointegration with other regressors.
- Erratum
- Gender Difference in Returns to Education Independent of Gender Wage Gap in Korea*
This study examined the difference between male and female groups’ return on investment (ROI) in education independent of the average gender wage gap. Women’s additional ROI in education was significant and positively estimated. Furthermore, the ROI in women’s education was consistently higher than that in men regardless of educational stage, except for graduate education. These gender differences were greater in the younger generation than in the older generation and have decreased significantly in the recent ten years in high school education. Although the additional ROI in women’s education was positive in the field of culture and arts, education’s effect on wage increases in professional occupations was less than in men, especially in the fields of law and medicine. In addition, we show that gender differences in ROI in education were countercyclical. A base effect, large wage declines for low‐educated women during recessions, could explain this phenomenon. However, coinciding with the existence of positive cash flow news in the stock market that promises good business performance, a significant wage increase among highly educated women was found.
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- Issue Information
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Featured documents
- Credit Contagion and Trade Credit: Evidence from Small Business Data in Japan
The present study investigates whether credit contagion leads to a decrease in trade credit for small businesses. In 1997–1998, the Japanese economy experienced a deep recession, and the domino effect caused an increase in the number of dishonored bills and bankruptcy filings. During a period of...
- Inflation Targeting and the Pass‐through Rate in East Asian Economies
There has been serious debate regarding whether the inflation targeting (IT) framework for the emerging market economies has been an effective nominal anchor. Focusing on Korea, Thailand and the Philippines, this article aims to contribute to the debate by providing empirical evidence on a decline...
- Do Indian States Mimic, Compete or Interact in Local Public Spending? A Spatial Econometric Analysis
This paper analyses spatial interaction in public spending decisions across 22 Indian states during the period 1980–1981 to 2014–2015. In particular, we estimate interactive hypotheses for different proximities of states using a spatial panel data approach. The empirical results support strong...
- Policy Shocks and Macroeconomic Fluctuations in a Two‐country Dynamic Stochastic General Equilibrium Model: Evidence from China*
In this paper, we construct a two‐country dynamic stochastic general equilibrium model to investigate the sources of business cycles in China and the contributions of policy shocks in economic fluctuations. The empirical results from Bayesian estimation show that, apart from the traditional supply...
- Determinants of Smallholder Farmers' Marketing Channel Choice: Evidence from the Vietnamese Rice Sector
Cash crops such as specialty rice and other high‐value varieties produced for domestic and international markets are considered an increasing source of income for smallholder farmers in many Asian countries. The present study focuses on the factors affecting Vietnamese specialty rice farmers'...
- Offshoring, Inshoring and Labor Market Volatility
Using sectoral data from the World Input‐Output Database, this paper considers the impact of offshoring and inshoring on the volatility of employment and wage growth. Our results indicate that inshoring has a positive impact on sectoral employment volatility, while offshoring has a negative impact. ...
- Effects of Educational Mistmatch on Wages in the Korean Labor Market*
Using data on Korean workers from the Programme for the International Assessment of Adult Competencies, the present study empirically investigates the incidence and wage effects of educational mismatch. Among full‐time workers aged 25–54, approximately 27 percent are overeducated and 15 percent are ...
- Does Air Pollution Affect Consumption Behavior? Evidence from Korean Retail Sales*
Using monthly regional panel data on air quality and large retail store sales in Korea, we empirically examine the effect of air pollution on retail sales. We account for regional heterogeneity in air pollution and control for various macroeconomic and climatic factors that can affect retail sales. ...
- EAEA16 Keynote Address: The Future of Globalization
The ‘old’ globalization was about things we make. The future globalization will be quite different: it will also be about things we do. This future is coming incredibly fast and in ways few people expect. Digital technology is making it possible for ‘tele‐migrants’ sitting in one country to do...
- Job Mismatch and On‐the‐job Search Behavior Among University Graduates in Malaysia
This paper examines the incidence and the effects of job mismatch on workers' job search behavior while working in Malaysia. Using the 2007 Graduate Tracer Study (GTS‐07) dataset, approximately 32 percent of workers were deemed mismatched and 52 percent were actively looking for another job. Using...