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on South East Asia |
| By: | Arita, Shawn; Dyck, John |
| Keywords: | International Development, International Relations/Trade, Marketing, |
| Date: | 2014–10 |
| URL: | http://d.repec.org/n?u=RePEc:ags:uersib:188428&r=sea |
| By: | Matthias Helble (Asian Development Bank Institute (ADBI)); Boon-Loong Ngiang |
| Abstract: | This paper studies how East Asia’s trade composition and orientation have changed over the past decade and analyzes the implications for the region and beyond. Over the last 2 decades we have witnessed the emergence of regional and global supply chains, in which production is divided into production stages or tasks across the most competitive locations. East Asia has been the most successful region in the world in building up or joining regional and global supply chains and has been described as “Factory Asia†(Baldwin 2008). Introducing a new and simple analytical tool, we show that over the past decade East Asia has successfully consolidated its role as the “Global Factory.†Furthermore, studying East Asia’s recent trade patterns in primary, intermediate, capital, and consumption goods, our results indicate that East Asia is on track to becoming one of the biggest “malls†in the world. Whereas in 1999–2000 around half of all consumption goods exported by East Asia went to the United States and the European Union-27, in 2011–2012 half stayed in the region or were traded with the rest of the world. |
| Keywords: | trade composition, East Asia, Factory Asia, global factory, trade pattern |
| JEL: | F14 F15 N15 |
| Date: | 2014–08 |
| URL: | http://d.repec.org/n?u=RePEc:eab:tradew:24515&r=sea |
| By: | Naoyuki Yoshino (Asian Development Bank Institute (ADBI)); Farhad Taghizadeh-Hesary; Ali Hassanzadeh; Ahmad Danu Prasetyo |
| Abstract: | We estimate the response of Asian stock market prices to exogenous monetary policy shocks using a vector error correction model. In our paper, monetary policy transmits to stock market price through three routes : money by itself, exchange rate, and inflation. Our result points to the fact that stock prices increase persistently in response to an exogenous easing monetary policy. Variance deposition results show that, after 10 periods, the forecast error variance of beyond 53% of the Tehran Stock Exchange Price Index (TEPIX) can be explained by exogenous shocks to the US dollar–Iranian rial exchange rate, while this ratio for exogenous shocks to Iranian real gross domestic product was only 17%. We argue that such evidence can be accounted for by an endogenous response of the stock prices to the monetary policy shocks. |
| Keywords: | Asian stock market, monetary policy shocks, Variance Decomposition |
| JEL: | E44 G10 G12 |
| Date: | 2014–09 |
| URL: | http://d.repec.org/n?u=RePEc:eab:financ:24516&r=sea |
| By: | Koirala, Krishna H.; Mishra, Ashok K.; Mohanty, Samarendu |
| Abstract: | This paper investigates the factors affecting rice production and technical efficiency of rice farmers in Philippines. Particular attention is given to the role of land ownership. We use the 2007-2012 Loop Survey from the Institute of Rice Research Institute (IRRI) and simulated maximum likelihood (SML) approach. Results show that land ownership plays an important role in rice production. In particular, compared to owner operators, farmers who lease land are less productive. Additionally, result shows that land area, irrigation and labor cost are significant factors affecting rice production. We found mean technical efficiency score of 0.82. Finally, educated females, farmers leasing land and dry season farming tend increase technical inefficiency. |
| Keywords: | Simulated maximum likelihood, land ownership, technical efficiency, Philippines, rice production, Production Economics, |
| Date: | 2014–05–28 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea14:170608&r=sea |
| By: | Duangbootsee, Uchook; Myers, Robert J. |
| Keywords: | price support program, deficiency payment program, stochastic efficiency with respect to a function (SERF), certainty equivalent, risk aversion, Agricultural and Food Policy, International Development, Risk and Uncertainty, |
| Date: | 2014 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea14:170433&r=sea |
| By: | Dandan ZHANG (National School of Development, Peking University); Xunpeng SHI (Energy Studies Institute, National University of Singapore); Yu SHENG (Australian National University) |
| Abstract: | This report presents an updated and expanded review of reforms in China’s electricity sector. It aims to examine the impact of reforms on competition, deregulation, and electricity market integration in China. The findings are used to draw policy implications for electricity market development, particularly the promotion of energy market integration (EMI). |
| Keywords: | dynamic factor analysis, energy market integration, east asia |
| JEL: | C1 Q4 R1 |
| Date: | 2014 |
| URL: | http://d.repec.org/n?u=RePEc:era:wpaper:dp-2014-23&r=sea |
| By: | Peter Drysdale; Shiro Armstrong |
| Abstract: | The economic rise of Japan in the 1980s was underpinned by commitment to catching up through domestic reform and accommodated externally within the framework of the postwar multilateral institutions like the GATT/WTO. Regional cooperative processes like APEC later complemented that framework, encouraging unilateral reform across the region. Following the bursting of the asset bubble in the early 1990s and the onset of the Asian Financial Crisis, Japan turned from reliance on the multilateral system to policies based on preferential bilateralism in trade policy to secure its regional trading interests. Japan's bilateral trade agreements have been largely ineffective in supporting the kind of deep-seated reform to regulatory institutions and competition policies needed to sustain long-term productivity growth. The evidence suggests that Japanese productivity has underperformed against its peers in the industrial world and Asia. Instead of using foreign economic policy as an instrument of domestic reform and productivity enhancement Japan has used bilateral deals largely as political and strategic tools. Re-establishing a link between Japan's domestic reform agenda and its economic diplomacy is important for structural reform and national economic success, as is a more sure-footed engagement with China. |
| JEL: | F14 F15 F55 |
| Date: | 2014 |
| URL: | http://d.repec.org/n?u=RePEc:csg:ajrcwp:1406&r=sea |
| By: | Matteo Ghilardi; Shanaka J. Peiris |
| Abstract: | This paper develops an open-economy DSGE model with an optimizing banking sector to assess the role of capital flows, macro-financial linkages, and macroprudential policies in emerging Asia. The key result is that macro-prudential measures can usefully complement monetary policy. Countercyclical macroprudential polices can help reduce macroeconomic volatility and enhance welfare. The results also demonstrate the importance of capital flows and financial stability for business cycle fluctuations as well as the role of supply side financial accelerator effects in the amplification and propagation of shocks. |
| Keywords: | Capital flows;Asia;Emerging markets;Business cycles;Macroprudential policies and financial stability;Financial intermediation;Monetary policy;Banking sector;Open economies;General equilibrium models;Financial Frictions, Capital Regulation, Monetary Policy |
| Date: | 2014–08–21 |
| URL: | http://d.repec.org/n?u=RePEc:imf:imfwpa:14/157&r=sea |
| By: | Amare, Mulubrhan; Waibel, Herman |
| Abstract: | This paper examines the impact of climate variability and shocks on non-farm employment in rural areas of Northeast Thailand. The paper utilizes a large panel data set that includes detailed and retrospective information about shock experience and a corresponding twenty-year historical village-level monthly rainfall data set from rural Northeast Thailand. The paper finds that the labor market is heterogeneous in terms of adapting to climate variability and coping with shocks. Households use non-agricultural wage and self-employment as a means of adapting to rainfall variability while they use agricultural wage to cope with agricultural and demographic shocks. We also show that there is a concave relationship between rainfall variability and both non-agricultural wage and non-farm self-employment. Economic slowdown and idiosyncratic shocks, such as demographic shocks, lead to substantial non-agricultural wage employment reduction. Overall, our findings show that the labor market can be less effective as a means for adapting to severe rainfall variability, economic and demographic shocks. It is also observed that poorer households are less able to exploit the high returns of the labor market to cope with shocks because of a lack of start-up assets. |
| Keywords: | Key Words: Climate Variability, Shocks, Non-farm Employment, Asset, Rural Thailand, Environmental Economics and Policy, International Development, |
| Date: | 2014 |
| URL: | http://d.repec.org/n?u=RePEc:ags:gewi14:187571&r=sea |
| By: | Gaëtan Fournier (CES - Centre d'économie de la Sorbonne - CNRS : UMR8174 - Université Paris I - Panthéon-Sorbonne); Marco Scarsini (Engineering and System Design Pillar - Singapore University of Technology and Design) |
| Abstract: | We consider a Hotelling game where a finite number of retailers choose a location, given that their potential customers are distributed on a network. Retailers do not compete on price but only on location, therefore each consumer shops at the closest store. We show that when the number of retailers is large enough, the game admits a pure Nash equilibrium and we construct it. We then compare the equilibrium cost bore by the consumers with the cost that could be achieved if the retailers followed the dictate of a benevolent planner. We perform this comparison in term of the induced price of anarchy, i.e., the ratio of the worst equilibrium cost and the optimal cost, and the induced price of stability, i.e., the ratio of the best equilibrium cost and the optimal cost. We show that, asymptotically in the number of retailers, these ratios are two and one, respectively. |
| Keywords: | Induced price of anarchy; induced price of stability; location games on networks; pure equilibria; large games |
| Date: | 2014–04 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-00983085&r=sea |