nep-sea New Economics Papers
on South East Asia
Issue of 2020‒05‒11
twenty-six papers chosen by
Kavita Iyengar
Asian Development Bank

  1. Identifying the moral-practical gaps in corporate social responsibility missions of Vietnamese firms: an event-based analysis of sustainability feasibility By Vuong, Quan-Hoang; La, Viet-Phuong; Nguyen, Hong-Kong T.; Ho, Tung Manh; Vuong, Thu-Trang; Ho, Toan Manh
  2. Directors’ remuneration, expropriation and firm performance in Malaysia: evidence from non-executive directors’ service duration within the remuneration committee By Liew, Chee Yoong; Ko, Young Kyung; Song, Bee Lian; Murthy, Saraniah Thechina
  3. An Empirical Analysis of Mobile Banking Adoption in Vietnam By Vuong, Bui Nhat
  4. Household Dietary Patterns and the Cost of a Nutritious Diet in Myanmar By Kristi Mahrt; David Mather; Anna Herforth; Derek Headey
  5. Improving the quality of FDI attraction in Vietnam in the coming years – approach from the institutional perspective By Nguyen, V.C.
  6. The Comprehensive and Progressive Agreement for Trans-Pacific Partnership and Foreign Direct Investment Attraction in Vietnam By Nguyen, V.C.
  7. Economic Restructuring, Promotion of Science - Technology and Growth Model Renovation – The case of Vietnam By Nguyen, V.C.
  9. Minimum Wages and Firm-Level Employment in a Developing Country By Sjöholm, Fredrik
  10. The Philippines and the Work in Fishing Convention, 2007 (No. 188) a comparative analysis By Zhou, Mi.; Hantyanto, Arezka.
  11. Opportunities for development through integration in global value chains? A cross-sectoral and cross-national comparison By Dünhaupt, Petra; Herr, Hansjörg; Mehl, Fabian; Teipen, Christina
  12. Family Firms, Banks and Firm Value: Evidence from Malaysia By Liew, Chee Yoong; Devi, S.Susela
  13. Good-Bye Original Sin, Hello Risk On-Off, Financial Fragility, and Crises? By Joshua Aizenman; Yothin Jinjarak; Donghyun Park; Huanhuan Zheng
  14. Impact of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership on FDI of Agriculture, Forestry and Seafood By Nguyen, V.C.
  15. Agricultural Research Capacity and Extension Linkages in Myanmar: Assessment and Recommendations By Duncan Boughton; Su Su Win
  16. Review Jurnal Imelda By horison, calvin
  17. Indonesia and the Work in Fishing Convention, 2007 (No. 188) a comparative analysis By Zhou, Mi.; Hantyanto, Arezka.; Irvandi, Jeffry.
  18. The development of trade policies in the Asia and Pacific region over the past 30 years since 1989 By Hayafuji, Masahiro
  19. The Impacts of Organizational Culture on Knowledge Transfer Between Japanese Managers and Vietnamese Employees in Japanese Enterprises By Satoshi Mizobata; Nguyen Thi Ngoc Anh; Pham Quoc Trung
  20. The Linkages between Inflation and Inflation Uncertainty in Selected Asian Economies: Evidence from Quantile Regression By Jiranyakul, Komain
  21. Modeling Trade and Income Distribution in Six Developing Countries A dynamic general equilibrium analysis up to the year 2050 By Wolfgang Britz; Yaghoob Jafari; Alexandr Nekhay; Roberto Roson
  22. Foreign Direct Investment and Industrial Agglomeration: Evidence from China By Hsu, Wen-Tai; Lu, Yi; Luo, Xuan; Zhu, Lianming
  23. Long memory in select stock returns using an alternative wavelet log-scale alignment approach By Avishek Bhandari; Bandi Kamaiah
  24. Independent Directors’ Tenure, Expropriation, Related Party Transactions, and Firm Value: The Role of Ownership Concentration in Malaysian Publicly Listed Corporations By Liew, Chee Yoong; Devi, S.Susela
  25. Agricultural Machinery Business Development in Shan State: A Comparative Analysis By Eric Abaidoo; Ben Belton
  26. Robust Implementation in Rationalizable Strategies in General Mechanisms By Kunimoto, Takashi; Saran, Rene

  1. By: Vuong, Quan-Hoang; La, Viet-Phuong; Nguyen, Hong-Kong T.; Ho, Tung Manh; Vuong, Thu-Trang; Ho, Toan Manh (Thanh Tay University Hanoi)
    Abstract: This research was conducted in Vietnam in 2019 to support the establishment in 2018 of the Vietnam Business for Environment (VB4E) Platform by the International Union for Conservation of Nature (IUCN) Vietnam. The case of Vietnam is then used to bring attention to how businesses in a developing country are dealing with environmental problems and engaging in both ecological conservation and social responsibilities. A structured dataset on selected keywords and news sources was built to systematically track all major environment-related events in Vietnam. The findings, which were extracted from 344 news reports and 75 environmental events, highlight the lack of engagement on Vietnamese businesses in sustainability initiatives, with existing corporate activities still driven by practical concerns, i.e., profitability. Notably, a minimum of one governmental agency was involved in 86% of the events categorized as environmentally damaging. This result hints at a systemic problem of government-business collusion in bypassing environmental guidelines.
    Date: 2020–04–20
  2. By: Liew, Chee Yoong; Ko, Young Kyung; Song, Bee Lian; Murthy, Saraniah Thechina
    Abstract: In emerging markets, the issue of directors’ remuneration being used as an expropriation channel by controlling shareholders is a significant problem to be investigated. In this study, using the fixed effect method, we examine the relationship between directors’ remuneration and firm performance, and tests whether independent directors’ tenure within the remuneration committee moderates this relationship in a sample of Malaysian public-listed firms. We find that directors’ remuneration is not significantly associated with firm performance and hence, not used as a channel of expropriation by controlling shareholders. Our results also show that longer tenure of the independent directors within the remuneration committee is negatively related with firm value. However, when directors’ remuneration increase simultaneously with the tenure of the independent directors within the remuneration committee, firm value increased. This increment is stronger in family firms compared to non-family firms. These findings may provide policy implications with respect to how the Securities Commission (SC) could design and implement proper rules and regulations to govern the tenure of the independent directors within the remuneration committee in East Asian emerging market firms where agency problem type II is prevalent and ownership is highly concentrated.
    Keywords: directors’ remuneration; family firms; agency problems; Malaysia; corporate governance.
    JEL: G30 G39
    Date: 2019–01–31
  3. By: Vuong, Bui Nhat
    Abstract: Mobile phones with banking technology are becoming more readily available in Vietnam. Similarly, many financial institutions and mobile phone service providers are teaming up to provide several banking services to customers via the mobile phone. However, the number of people who choose to adopt or use such technologies is still relatively low. Therefore, there is a need to assess the acceptance of such technologies to establish factors that hinder or promote customer’s intention to use mobile banking. Survey data collected from 452 consumers was analyzed to provide evidence. Results from the partial least squares structural equation modeling (PLS-SEM) using the SmartPLS 3.0 program indicated that perceived easy to use, perceived credibility, usefulness, attitude, perceived behavioral control and subjective norm are significant with respect to the customer’s intention to use mobile banking services. The results of the data analysis contribute to the body of knowledge by demonstrating that the above factors are critical in intention to use mobile banking in a developing country context. The finding of this study can also help marketers in the banking sector offer more suitable marketing strategies in their field in order to make higher attractiveness with mobile banking
    Date: 2020–04–21
  4. By: Kristi Mahrt; David Mather; Anna Herforth; Derek Headey
    Abstract: Although Myanmar has made progress in reducing malnutrition, its prevalence among young children remains high, as 26.7 percent of children age 6-59 months are moderately or severely stunted (MoHS, 2019). Furthermore, nutrient inadequacy remains widespread. The National Nutrition Centre (NNC) in the Ministry of Health and Sports (MoHS) has identified and implemented interventions for five conditions resulting from under-nutrition: protein energy malnutrition, iron deficiency anemia, vitamin B1 deficiency (also known as beriberi), vitamin A deficiency, and iodine deficiency disorder (ibid, 2019). For example, recent evidence from the Myanmar Micronutrient and Food Consumption Survey (MMFCS) finds that anemia is prevalent among children and women. The survey found that 35.6 of children aged 6-59 months and 51 percent of children 5-9 years of age are anemic, as well as 30 percent of both adolescent girls (age 10-14) and women of reproductive age (age 15 to 49) (ibid, 2019). While there are multiple factors that affect nutrition outcomes, one of the underlying causes of malnutrition is a lack of adequate food of sufficient nutritional quality (IFPRI, 2015). However, in every region of the world, the cost of protein- and micronutrient-dense foods, such as animal-source foods, fruits, and vegetables, are often considerably higher than the cost of energy-dense, staple foods such as cereals (Miller et al., 2016; Headey et al., 2018). While factors other than the cost of different foods may affect dietary choices and thus nutrition outcomes, relative food costs likely play an important role in household dietary choices, especially for poorer households. In recent years, the Government of Myanmar has made important commitments to reduce malnutrition in the country, including joining the Scaling Up Nutrition (SUN) Movement in 2013, joining the UN Zero Hunger Challenge in 2014, and bringing a number of ministries together in 2018 to create a Multi-sectoral National Plan of Action on Nutrition (MS-NPAN) (GoM, 2018). One goal of this paper is to inform the MS-NPAN by providing empirical analysis of household dietary patterns and the cost and affordability of a nutritious diet in Myanmar. This paper builds on previous empirical work on dietary patterns in Myanmar, as well as a recent approach from a reinvigorated international literature on estimating the cost of a nutritious diet (Masters et al., 2018; Dizon and Herforth, 2018). In this study, we use the Cost of a Recommended Diet (CoRD) approach demonstrated by Dizon and Herforth (2018) and developed by Herforth et al. (2018). This approach estimates the cost of consuming a nutritious recommended diet as defined by a country’s food-based dietary guidelines (FBDG). Because the CoRD method uses only a few lowest-cost food items from each recommended food group to estimate the cost of acquiring a recommended diet, it likely underestimates this cost compared to the cost if local tastes and preferences are taken into account. In order to estimate the cost of consuming a recommended diet using a set of foods that reflect these preferences, we propose a modification to the CoRD method called the Food Preferences CoRD (CoRD-FP). The CoRD-FP method estimates the cost of a recommended diet using prices from a wider range of foods that reflect current food consumption patterns and preferences, as observed in household survey data. In this paper, we apply these methods to household food expenditure survey data from Myanmar (2010 and 2015) to demonstrate the utility of these methods for evaluating economic constraints on nutrition, and to characterize those constraints in the specific and complex setting of Myanmar. Our objectives are to: a) Analyze household food consumption patterns in Myanmar relative to local and international definitions of a recommended diet; b) Use the CoRD method to estimate regional minimum costs of a recommended diet in Myanmar; c) Develop and demonstrate the CoRD-FP method to better reflect consumer preferences; d) Assess the affordability of the CoRD and CoRD-FP relative to household food expenditure; and e) Investigate the key drivers of the costs of the recommended diet using both the CoRD basket of minimum-cost foods and the CoRD-FP basket of preferred foods. Our key findings are summarized below. We find that, relative to recommended diet guidelines, a majority of households in Myanmar considerably under-consume all food groups except staples. In 2015, only 38 percent of the population lived in households that consumed the recommended quantity of proteinrich foods, 38 percent fats and oils, 16 percent vegetables, 9 percent fruits, and less than one percent consumed the recommended quantity of dairy products. These consumption patterns also vary considerably by region. For example, 47 percent of those in the Delta agro-zone consume the recommended quantity of protein, compared to 28 percent in the Hills and Mountains agro-zone. With the exception of staples, consumption of each of the other five food groups increases considerably as total household expenditure increases. For example, only 8 percent of those in the poorest total household expenditure quintile consume the recommended quantity of proteindense foods compared to 66 percent of those in the wealthiest quintile. Yet, even mean consumption per adult equivalent (AE) for households in the highest quintile falls below the recommended diet quantities for dairy, vegetables and fruit. This implies that income is not the only constraint to consuming a nutritious diet. Consumption of the recommended number of servings of protein foods, vegetables, fruit, and fats increased from 2010 to 2015. This dietary shift is consistent with the 7.2 percent per year increase in Myanmar’s GDP per capita between 2010 and 2015 (World Bank, 2019). However, even with increases in consumption of non-staple foods, many individuals lived in households that overconsumed staples relative to the recommended quantity, yet significantly under-consumed each of the other five recommended diet food groups. The results above beg the question of why so many Myanmar households tend to over-consume staples and under-consume all non-staple food groups. While factors such as food preferences and nutritional knowledge affect household dietary choices, relative food costs also play an important role in these choices, especially for poorer households. Consistent with recent research from countries throughout South and Southeast Asia (Headey et al. (2018)), we find that prices per calorie of the most micronutrient-dense foods in Myanmar are considerably higher than those of staple foods such as rice, which are calorie-dense yet relatively low in micronutrients. These results suggest that a key factor leading many Myanmar households to vi over-consume staples such as rice and under-consume more nutrient-dense foods is their inability to afford the latter. For example, the price per calorie of chicken and pork are 24 and 8 times higher, respectively, than the price per calorie of rice, while the average for a number of fish and seafood items is 18 times higher. Likewise, other perishable foods like eggs, fresh milk, and certain fruits and vegetables have high prices per calorie relative to rice. Next, we estimate the CoRD for Myanmar, develop and estimate a modification to this method – the CoRD-FP – and also estimate the cost of meeting caloric needs based on the lowest cost staple food (CoCA). We find that the CoRD and CoRD-FP are 2.5 and 3.7 times more expensive, respectively, than the CoCA, at the national level. We also find that the CoRD-FP is 47 percent more expensive than the CoRD. This implies that meeting the recommended diet using foods that reflect observed food preferences (i.e. the CoRD-FP) costs more than doing so using a relatively small number of minimum-cost foods (CoRD). The CoRD-FP thus captures a “preference premium” – the additional cost of acquiring a recommended diet based on a set of foods that reflect preferences within each food group. Differences in the cost of the protein and vegetable food groups explain nearly all of the gap between the total cost of the CoRD-FP and the CoRD, at the national level. For example, the recommended diet quantity of protein foods costs 3.5 times more for the CoRD-FP than the CoRD, and accounts for about three-quarters of the preference premium. The reason for this is the cost of the CoRD-FP protein food group is based on a combination of meat (chicken, pork, and/or beef), fish, eggs, and legumes. By contrast, the CoRD is based almost entirely on legumes, which are considerably less expensive per serving than animal-source foods. In addition, the recommended diet quantity of vegetables costs 46 percent more for the CoRD-FP than the CoRD and accounts for about a fifth of the preference premium. Half of the population lives in a household that cannot afford the CoRD-FP relative to actual household food expenditure, and about one quarter cannot afford the CoRD. However, the affordability of CoRD and CoRD-FP improved compared to 2010, when 70 percent of the population lived in a household that could not afford the CoRD-FP and 32 percent could not afford the CoRD. This improvement is consistent with a 24 percent decline in the poverty headcount from 42 to 32 percent over the same time period (MOPF and World Bank 2017b). For households that cannot afford the estimated cost of the diet, the average deficiency in food expenditure relative to the CoRD or the CoRD-FP is 6 and 16 percent, respectively. There are three main policy implications from these results. First, our results suggest that Myanmar’s food security and agricultural policies should focus on diversification of farm enterprises through improvements in farm-level productivity and reductions in the marketing costs of protein- and micronutrient-dense foods, such as animal-source foods, vegetables and fruits. A focus on diversification will increase farm incomes and increase the availability and affordability of nutritious foods. For many decades, food security and agricultural policies in Myanmar have primarily focused on increasing national production levels of rice (Robertson et al., 2018). For example, in recent years up to an estimated 85 percent of the annual budget for the agricultural sector in Myanmar has focused on rice production (GoM, 2018). In addition, the Myanmar Agricultural Development Bank (MADB) provides larger loans for the production of rice relative to other crops (Robertson et al., 2018), although current rice-based vii farming systems generate significantly less income for smallholders compared to most other production systems, such as those based on beans, pulses, oilseeds, aquaculture, and a wide range of other smallholder cash crops (GoM, 2018). Likewise, in some contexts, modifications to land use legislation could facilitate farm diversification. For example, there is a need to reduce administrative and legal barriers to enable smallholders to convert paddy land into permanent high value enterprises like aquaculture or floriculture. Second, different regions have different levels of agro-ecological and market access potential for production of protein- and/or micronutrient-rich foods. This implies that region-specific strategies are needed to overcome supply side (availability and cost) and demand side (household incomes, particularly for poorer households) constraints to increased household consumption of protein and micronutrients. For example, the CoRD-FP is highest in the Hills and Mountains, followed by the Delta. However, strategies to reduce supply and demand-side constraints to improving the quality of diets in these two areas are likely to be quite different. For example, the types of high value agricultural enterprises that can generate additional income are quite different in hilly and mountainous states compared to the Delta. Finally, though the relatively high cost of many micronutrient-dense foods is a key constraint to consuming a nutritious diet, dietary preferences also play an important role. This point is clearly illustrated by consumption choices of households in the highest expenditure quintile. Though 88 percent of households in the highest expenditure quintile have household food expenditure levels sufficient to afford the CoRD-FP, only 19 and 36 percent of these households consume the recommended diet quantities of vegetables and fruits, respectively. This highlights the need for nutrition education to encourage increased consumption of nutrientdense foods. We find that consumption of the CoRD-FP food basket in Myanmar meets the average macronutrient needs for adult men and women and the requirements for most micronutrients. Most notably, the CoRD-FP food basket meets average nutrient requirements for protein, iron, and vitamins A and B1, nutrients which the government of Myanmar has identified as problem areas requiring targeted intervention (MoHS, 2019). This indicates that efforts to encourage the population of Myanmar to consume a recommended diet could significantly reduce the prevalence of health conditions resulting from insufficient nutrient intake, such as anemia in women and children. Thus, creation of national FBDG containing a recommended diet specific to Myanmar could be a powerful tool for increasing public awareness of ways to overcome known dietary shortfalls. Both greater use of the FBDG as well as development of a recommended diet specific to Myanmar (which includes recommended consumption quantities for various food groups) could help improve the effectiveness of nutrition policy. Efforts to promote consumption of a more nutritious diet would need to address both the economic constraints to eating more nutrient-dense yet relatively expensive protein foods, fruits and vegetables, as well as nutrition education and promotion of healthy diets.
    Keywords: Food Security and Poverty
    Date: 2019–06–30
  5. By: Nguyen, V.C.
    Abstract: After 32 years since “Doi moi” in 1986, Vietnam has become a good destination, attracting many foreign direct investments (FDIs) in Southeast Asia. End of 2018, the country has more than 27.353 valid projects with a total registered capital of USD 340 bn while accumulated disbursement of FDIs is estimated at USD 191.4 bn, which is an important contribution to the economy and economic restructuring.
    Date: 2020–04–18
  6. By: Nguyen, V.C.
    Abstract: On November 12th 2018, the Vietnamese National Assembly ratified joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), which has 11 members. Regarding investment attraction, commitments in CPTPP are expected to have positive effects in improving investment environment, attracting foreign investment and expanding domestic investment. The article analyzes some results of FDI attaction in Viet Nam during the past time as well as the spillover effects of FDI capital, raises several measures to increase FDI efficiency in the context of CPTPP implementation.
    Date: 2020–04–18
  7. By: Nguyen, V.C.
    Abstract: Over 30 years since “Doi moi”, Vietnam has grown at nearly 7% on an average and become a low-middle-income economy. However, the biggest problems Vietnamse economy are facing can be named: the limitations in growth quality economy-wide productivity growth labor productivity, economic structure shifting at a slow pace, limitations in development levels of science and technology. To become a dragon, Vietnam needs to renovate growth model, attract more investment in science and technology as well as restructure the whole economy.
    Date: 2020–04–19
  8. By: Putra, M.Yoevan Elvino
    Abstract: Penelitian ini membahas tentang perkembangan konstitusi di Indonesia yang telah ditetapkan sejak tanggal 18 Agustus 1945. Pendekatan yang digunakan adalah yuridis normatif, sedangkan sumber datanya berupa data sekunder, analisisnya menggunakan diskriptif kualitatif. Hasil yang diperoleh menunjukkan bahwa konstitusi di Indonesia telah mengalami perubahan beberapa kali, diantaranya adalah UUD 1945, UUD RIS, UUDS 1950 dan kembali lagi ke UUD 1945 hingga mengalami perubahan sampai ke 4 (empat) kalinya dan berlaku hingga saat ini. Perubahan konstitusi di Indonesia disebabkan oleh faktor eksternal dan faktor internal serta dipengaruhi oleh kondisi politik hukum yang ada kemudian berdampak pula pada berubahnya sistem ketatanegaraan di Indoensia.
    Date: 2020–04–21
  9. By: Sjöholm, Fredrik (Department of Economics, Lund University)
    Abstract: The effect of minimum wages on employment is a matter of debate, and the existing empirical literature contains mixed results. One reason for this is the methodological difficulties involved where changes in minimum wages are endogenous to other important economic changes. To overcome this problem, we examine exogenous changes to local minimum wages in Indonesia between 1989 and 1994. Our natural experiment results from a national policy change: from minimum wages being determined by local guidelines and criteria to minimum wages being harmonized and set according to nationwide criteria. We examine how these changes in minimum wages affect employment, considering the effect both on employment within plants and on exit of plants. Our results show no evidence of an effect of minimum wages on employment in Indonesian plants. One explanation found in the data is that higher minimum wages force plants to increase productivity, which in turn enables them to retain their labor force, despite higher wage costs.
    Keywords: Minimum wages; Employment; Plants; Indonesia
    JEL: J21 J23 J38
    Date: 2020–04–07
  10. By: Zhou, Mi.; Hantyanto, Arezka.
    Abstract: It is also intended to assist the ILO’s social dialogue partners, including workers and employers, to understand the current and comprehensive national legislative framework in the Philippines in respect of working and living conditions in fishing.
    Date: 2019
  11. By: Dünhaupt, Petra; Herr, Hansjörg; Mehl, Fabian; Teipen, Christina
    Abstract: In traditional trade theory, it is generally assumed that the development of export-oriented industries in the Global South can create the conditions for technological spillover effects, productivity increases and social welfare gains. However, based on the results of comparative case studies in four sectors (apparel, automotive, electronics and IT services) and six emerging and developing countries (Bangladesh, Brazil, China, India, South Africa, Vietnam), successful economic integration into global value chains is not necessarily associated with better working conditions, nor with positive employment and welfare effects. It also becomes clear that the country-specific context of a particular industry plays a greater role in determining these effects than is often assumed. Here the decisive factors are in particular the national system of industrial relations and the power of trade unions. At the same time, it can be asserted from this study that without coherent industrial policy strategies it is not possible to realize the opportunities for development that arise as a product of deeper integration into the global economy.
    Keywords: Trade Theory,Economic Development,Global Value Chains,EconomicUpgrading,Social Upgrading
    JEL: F10 F63 O57
    Date: 2020
  12. By: Liew, Chee Yoong; Devi, S.Susela
    Abstract: This paper examines the relationship between the number of domestic banks that the firm engages with and firm value and how this relationship is moderated by ownership concentration at low and very high level on a sample of Malaysian family and non-family firms. We find that there is a significant negative relationship between the number of domestic banks engaged by family firms, operating in industries where these firms do not have absolute monopoly, and firm value. However, there is no evidence that this significant negative firm value effect is stronger in family firms compared to non-family firms. Furthermore, the significant positive moderating effect of ownership concentration on this relationship within family firms in such industries is evident only at low level of ownership concentration. Interestingly, at very high level of ownership concentration, this significant positive moderating effect becomes negative. There is no evidence that these significant moderating effects are stronger in family firms compared to non-family firms. An implication of this research is that there is a need for the capital market regulators to introduce appropriate policies to deter family firms from having a close relationship with domestic banks as well as monitor the number of domestic banks engaged by such firms. There may be policy implications for consideration by the Central Bank of Malaysia as well.
    Keywords: corporate governance, banks, family firms, agency problems
    JEL: G30 G32 G39
    Date: 2020–02–22
  13. By: Joshua Aizenman; Yothin Jinjarak; Donghyun Park; Huanhuan Zheng
    Abstract: We analyze the sovereign bond issuance data of eight major emerging markets (EM) - Brazil, China, India, Indonesia, Mexico, Russia, Turkey and South Africa - in 1970-2018. Our analysis suggests EMs are more likely to issue local-currency sovereign bonds if their currencies appreciated before the global financial crisis of 2008 (GFC). Inflation-targeting monetary policy regime increases the likelihood of issuing local-currency debt before GFC but not after. EMs that offer higher yields are more likely to issue local-currency bond after GFC. EM bonds which are smaller in size, shorter in maturity, or lower in coupon rate are more likely to be issued in local currency. Future data will allow us to test and identify structural changes associated with the COVID-19 pandemic and its aftermath.
    JEL: F21 F31
    Date: 2020–04
  14. By: Nguyen, V.C.
    Abstract: Vietnam has officially joined the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP); the agreement is expected to have positive effects on attracting FDI and increasing investment in the agriculture, forestry and seafood and rural economic development, where has nearly 40% workforce in Vietnam.
    Date: 2020–04–19
  15. By: Duncan Boughton; Su Su Win
    Abstract: Agriculture, forestry and fishing accounted for 26.2% of Myanmar’s $69.3 billion Gross Domestic Product (GDP) in 2017 (World Bank, 2018). An improvement of just one percentage point in Myanmar’s agriculture sector growth rate would add more than $180 million per year to the economy, amounting to almost an additional $2 billion over a decade. Furthermore, a high proportion of these gains will accrue to low income rural households and urban consumers, with important multiplier effects for the rural economy. Yet, Myanmar has one of the smallest, most underfunded, agricultural research systems in Southeast Asia. According to the World Bank’s Agricultural Public Expenditure Review, Myanmar invested the equivalent of only 0.04 % of agricultural GDP in agricultural research. Other Asian countries invest 0.60 % of their agricultural GDP in research, more than ten times as much as Myanmar (World Bank 2017). Countries with advanced research systems spend 40 times as much as Myanmar when measured as a share of agriculture’s contribution to their economies. An example of the consequences of underinvestment in agricultural research over a prolonged period is that, even for rice, some of Myanmar’s most widely grown varieties are over 40 years old. The justification for high rates of investment in agricultural research is the strong historical evidence of its contribution to high rates of agricultural growth, poverty reduction and improved nutrition outcomes. An extensive review of returns to research and extension found average annual rates of return in excess of 60% (Alston et al., 2000). The returns to investment in Myanmar could be even higher than average given the country’s agricultural potential. Failure to address the current gaps in research capacity, organization and funding will have negative consequences. Myanmar farmers and agribusinesses will face lower incomes and higher climate-related losses, Myanmar consumers will pay more for their food, while a higher share will be imported from the international market. The high cost of the nutrient-rich components of a healthy diet (e.g., meat, fish, eggs, fruits and vegetables) relative to consumer purchasing power is already a major constraint to improved nutrition outcomes in Myanmar, especially in hilly regions and urban areas (Mather and Mahrt, 2019). Myanmar has critical gaps in research capacity. Myanmar has well-trained and highly dedicated agricultural scientists, but they are very few in number. Despite enormous growth potential in aquaculture and livestock production, for example, Myanmar has very limited research capacity for these sectors beyond laboratory research conducted by universities or government departments. Even the main research organization for crop production, Department of Agricultural Research (DAR), has only 100 graduate staff (25 PhD level and 75 MSc level). While crop variety improvement is the largest component of DAR activities, there are very few crop breeders on staff. Modern breeding approaches require strong support from biotechnology, and Myanmar’s biotechnology laboratories have very limited staff and equipment. Besides crop breeding and biotechnology, research capacity is lacking in aquaculture and fisheries, livestock production, forage production, cropping systems agronomy, soil and water management, pest and disease management, agricultural mechanization and socio-economic analysis. Myanmar’s agricultural research capacity is highly fragmented. There are more personnel with PhD training in the Department of Agriculture (DOA) than DAR. For example, the DOA’s Plant Biotechnology Centre outside Yangon has 12 PhDs compared with only 2 PhDs in DAR’s v Biotechnology Research section in Yezin. Consequently, the DAR staff responsible for crop improvement programs do not have access to the necessary biotechnology capacity to support efficient breeding programs. Furthermore, many PhD level staff in DOA are not undertaking research. Instead they are assigned to management tasks or as counterparts to international projects because of the English language skills acquired through advanced degree training. The current organization of DAR’s research programs does not facilitate a problem solving approach. Research programs are developed at the administrative sub-unit level on the basis of individual crops or disciplines, making it difficult to design and implement multi-disciplinary approaches to problems farmers encounter in the country’s diverse production systems. DAR’s 25 research stations have specific crop mandates that are not always well matched to the predominant cropping systems in their location. A large part of the land area and budget of DAR research stations is devoted to seed multiplication rather than to research, often multiplying seed of outdated varieties rather than new ones. Linkages between research and extension at the local level are very weak, limited to extension participation at research station field days. Most research stations lack graduate leadership as 75% of DAR’s MSc level staff and 90% of PhD level staff are located at the Head Quarter (HQ) station in Yezin. The lack of incentives for researchers discourages lifetime productivity. Myanmar’s public sector salaries are extremely low. An individual with a Bachelor’s degree in agriculture can earn more in an entry-level position with a Non-Governmental Organization (NGO)/International NonGovernmental Organization (INGO) or donor project than as a senior researcher with a PhD in government service. More than 85% of Myanmar’s scientists are women because men do not think they can support a family if they stay in research. Promotion to higher grades is a very slow process, typically through transfer to a position with administrative responsibilities. There is no dedicated research career ladder for researchers to achieve the equivalent grade of a senior administrator. Retention of young scientists can be difficult if they return from advanced training overseas with skills they cannot apply on their return due to lack of facilities, budget and continued mentoring. The lack of an overall strategy for the development of Myanmar’s agricultural research and extension system results in the inefficient use of international partnerships. Large, well-meaning, bilateral initiatives focused on a specific crop or research area, often accompanied by significant investment in new buildings, run the risk of undermining existing programs if scarce qualified personnel have to be transferred to implement the new high-profile initiatives. One solution to this is to require international projects to include funding for Myanmar researchers to undergo advanced degree training, and to provide temporary resident qualified international staff for the period of training as well as to mentor newly returned graduates. The new Agricultural Development Strategy (ADS) and investment plan for MOALI, launched on June 7, 2018, provides a timely opportunity to overcome the constraints and system weaknesses identified above. As part of the Productivity Pillar, the ADS proposes a unified National Agricultural Research and Extension System (NARES). The NARES should include research and extension activities implemented by the private sector, NGOs/INGOs, universities and CGIAR centers, as well as MOALI. The Regional Research Centre (RRC) concept, currently being piloted in Sagaing Region, provides a decentralized model for MOALI research and extension staff to work together with farmers to identify problems and test solutions. The RRC model should vi be expanded to include participation by private sector stakeholders (e.g., traders, processors, input suppliers) and NGOs. The current underinvestment and lack of research capacity is a significant threat to Myanmar’s agricultural productivity and the future wellbeing of Myanmar citizens, especially in rural areas. The following actions can be taken immediately by MOALI to improve public sector research effectiveness in ways that are consistent with the development of the NARES: 1) Establish an agricultural research and extension strategy leadership team comprised of Director Generals of all MOALI units with research mandates and activities. Initial tasks will include: Prepare an inventory of human resources with advanced research degree training across MOALI and their current functions; Re-assign staff with recently completed advanced research degrees who are currently performing administrative or project management functions to research activities; Develop a consolidated advanced research degree training program and budget; Develop a performance-based research career progression with financial and non-financial incentives to retain trained capacity in research functions; Ensure that the Technical Seed Committee and National Seed Committee meet regularly to evaluate submissions for the release of improved varieties; . Explore potential for expanded licensing of publicly owned hybrids and Open Pollinated Variety (OPV)/Self-Pollinated Varieties (SPV) to the private seed sector to accelerate commercialization and access by farmers. Undertake a preliminary analysis of the potential increase in value of agricultural output from research on majors crops, livestock, aquaculture and farming systems to guide research investment allocation; Publish a single MOALI five year agricultural research and extension plan and budget with specific targets for improved technology release/dissemination and adoption; Publish an annual report on agricultural science accomplishments and impact at farm level. 2) Organize research planning, budgeting and Monitoring and Evaluation (M&E) according to three main programs: 1) Genetic Improvement; 2) Production Systems Management and 3) Farming Systems Development. The purpose of the Genetic Improvement program is to identify or develop improved varieties or breeds adapted to Myanmar’s markets and agroecologies. The purpose of the Production Systems Management Program is to identify or develop more efficient production and post-harvest management practices for integrated cropping systems, livestock and aquaculture. The purpose of the Farming Systems program is to engage farmers and agribusinesses working on all major farming systems in the country in the identification of problems, testing of improved technologies together with farmers and agribusinesses, and develop plans for scale-up with extension services. Each of the three main programs would have sub-programs that collaborate on shared objectives with efficient use of shared resources (e.g., biotechnology); 3) Undertake expert technical reviews for each major research program and sub-program to identify priority genetic or production management improvements, as well as potential pest and disease threats to be countered, for each of Myanmar’s major production systems over the next five years; 4) Accelerate progress in crop breeding by forming a critical mass of researchers and facilities in breeding and biotechnology working together across Departments on priority crops or species in combination with international advanced research institutes (one MOALI department should be given lead responsibility for managing joint programs for each crop or species); 5) Finalize a biotechnology policy, law and safety framework to maximize the potential for the safe acquisition and deployment of biotechnology innovations that can benefit farmers and consumers; 6) Accelerate and expand geographical coverage for the testing and dissemination of improved varieties/species and/or management practices at farm level through collaboration between research and extension resources of MOALI at regional level (Regional Research Centre model) and focusing seed multiplication effort on early generation multiplication of prelease materials; 7) Strengthen Regional Research Centre research and extension activities through multidisciplinary teams, including socio-economists to help monitor the impact of adoption of improved genetic materials and techniques; 8) Engage local private sector operators, such as seed companies, agricultural traders and processors, in the identification and promotion of promising genetic materials and techniques; 9) Accelerate variety and product registration and release procedures for public and private sector technology providers; and 10) Privatize and ensure independent quality control of non-research functions such as tissue culture, non-early generation seed multiplication, breeding stock production, or production of soil health materials.
    Keywords: Food Security and Poverty, International Development
    Date: 2019–05–09
  16. By: horison, calvin
    Abstract: Tells a Review About how Can we make Indonesia Tourism Grow at this Point Where Global Pandemic Is happening
    Date: 2020–04–21
  17. By: Zhou, Mi.; Hantyanto, Arezka.; Irvandi, Jeffry.
    Abstract: This paper considers the impact of the new and existing legislation including Law 39/2003 on Manpower; Law 17/2008 on Shipping; regulations issued by the MMAF, the Ministry of Manpower (MoM) and the Ministry of Transport (MoT); as well as various other laws of broad application such as social security legislation and occupational health and safety (OSH) laws. It is also intended to assist the ILO’s social dialogue partners, including workers and employers, to understand the current and comprehensive national legislative framework in Indonesia in respect of working and living conditions in fishing.
    Date: 2019
  18. By: Hayafuji, Masahiro
    Abstract: This paper reviews the main developments of trade and related policies and measures in the Asia and Pacific region during the 30 years since establishment, in 1989, of the Trade Policy Review Mechanism (TPRM). The objectives of the TPRM include facilitating the smooth functioning of the multilateral trading system by enhancing the transparency of WTO Members' trade policies. Reviews take place in the General Council, operating as the Trade Policy Review Body as peer-group assessments. This paper aims to identify the main trade liberalization/reform measures adopted over the 30 years and, to the extent possible, their developments, including adoption and abolition. The main source of information is the documentation used for the WTO trade policy reviews (TPRs) of 30 Members within the Asia-Pacific region, in particular, the reports by the Secretariat. Between 1989 and August 2019, 132 reviews for these Members were conducted; all documents used for the TPRs are available in the public domain.
    Keywords: trade policy review,trade policies,trade restrictions,trade facilitation
    JEL: F13 F14 F61
    Date: 2020
  19. By: Satoshi Mizobata (titute of Economic Research, Kyoto University); Nguyen Thi Ngoc Anh (National Economics University); Pham Quoc Trung (Ho Chi Minh City University of Technology)
    Abstract: Knowledge transfer effectiveness is considered one of the most important factors for ensuring the success of any enterprise, especially for multinational enterprises which have foreign employees. However, in the case of Japan, the effectiveness of knowledge transfer between Japanese managers and foreign employees is not high. This limited effectiveness is understood as linked to the cultural distance between Japanese managers and foreign employees. The main goal of this study is to explore the impact of organizational culture on knowledge transfer in Japanese enterprises. This research project examines a range of organizational cultural factors, including cultural background, communication ability, perceived cultural distance, learning style, and cultural openness. Quantitative survey research was conducted with 365 respondents, who are Vietnamese labourers working in Japan. Analysis showed that two factors had a positive impact on the effectiveness of knowledge transfer: cultural openness; and managers’ communication ability. The study draws on these results to make recommend improvements in the knowledge transfer process between Japanese managers and Vietnamese employees.
    Keywords: organizational culture, knowledge transfer, cultural openness, communication ability, Japan.
    JEL: L14 M14 M16 M54 O32
    Date: 2020–04
  20. By: Jiranyakul, Komain
    Abstract: Using monthly data from 1979M1 to 2019M12, this paper employs the AR(p)-EGARCH model and quantile regression to examine the linkages between inflation and inflation uncertainty in nine Asian countries. The results show that inflation positively causes inflation uncertainty in all economies regardless whether economies are inflation or non-inflation targeting. The Friedman-Ball hypothesis is thus supported. In addition, inflation uncertainty positively causes inflation in most economies. Therefore, the Cukierman-Meltzer likely to be supported. The findings signal the possibility of the real cost of inflation for these economies.
    Keywords: Inflation, inflation uncertainty, GARCH, quantile regression, Asian economies
    JEL: C22 E31
    Date: 2020–04
  21. By: Wolfgang Britz (University of Bonn); Yaghoob Jafari (University of Bonn); Alexandr Nekhay (Loyola Andalusia University, Seville); Roberto Roson (Department of Economics, University Of Venice Cà Foscari; Loyola Andalusia University, Seville; GREEN Bocconi University, Milan)
    Abstract: This paper presents an empirical exercise, aimed at investigating the implications on poverty and income distribution of a reference scenario (SSP2) of economic development. It does so by coupling a dynamic general equilibrium model of the global economy, specifically designed to capture structural change dynamics in the medium and long run, with detailed micro data on household income in six countries: Albania, Bolivia, Ethiopia, Malawi, Nicaragua and Vietnam. We also consider an alternative scenario of accelerated international trade integration, with a higher degree of trade openness. We found that long run structural change widens income inequality in all six developing countries. Accelerated trade integration amplifies the effect further, but most of it is already generated in the baseline scenario. A decrease in the relative value of land property and an increase in the relative value of capital ownership appear as key determinants. We decompose income differentials in three dimensions. Structural change worsens the income gap between male and female headed households, but the additional impact of trade is minimal. The effect of structural change is not uniform across countries when income of rural households is contrasted with the one of urban households, yet more trade reduces the relative rural income. Relative poverty increases in both the baseline and the larger trade volume case. However, we found that absolute poverty would be eradicated in almost all countries by the year 2050.
    Keywords: Shared socioeconomic pathways, dynamic computable general equilibrium models, structural change, development scenarios, Albania, Bolivia, Ethiopia, Malawi, Nicaragua, Vietnam, income inequality, microsimulation, poverty
    JEL: C68 E17 F17 I32 O11 O15 O41
    Date: 2020
  22. By: Hsu, Wen-Tai (School of Economics, Singapore Management University); Lu, Yi (Tsinghua University); Luo, Xuan (INSEAD); Zhu, Lianming (Osaka University)
    Abstract: This paper studies the effect of foreign direct investment (FDI) on industrial ag-glomeration. Using the differential effects of FDI deregulation in 2002 in China on different industries, we find that FDI actually affects industrial agglomeration neg-atively. As FDI brings technological spillovers and various agglomeration benefits, other forces must be at work to drive our empirical finding. We propose a simple theory that FDI may discourage industrial agglomeration due to fiercer competition pressure. We find various evidence on this competition mechanism. We also examine an alternative theory based on spatial political competition, but find no evidence sup-porting it. On industrial growth, we find that FDI deregulation is conducive, but the dispersion induced by FDI deregulation reduces the positive effect of FDI on growth rate by 16 to 19%.
    Keywords: FDI; deregulation; industrial agglomeration; competition; industrial growth; WTO; China
    Date: 2020–04–01
  23. By: Avishek Bhandari; Bandi Kamaiah
    Abstract: This study investigates the efficiency of some select stock markets. Using an improved wavelet estimator of long range dependence, we show evidence of long memory in the stock returns of some emerging Asian economies. However, developed markets of Europe and the United States did not exhibit long memory thereby confirming the efficiency of developed stock markets. On the other hand, emerging Asian markets are found to be less efficient as long memory is more pronounced in these markets.
    Date: 2020–04
  24. By: Liew, Chee Yoong; Devi, S.Susela
    Abstract: This chapter analyses the relationship between related party transactions (RPT) and firm value and whether independent directors' tenure (IDT) strengthens or weakens this relationship. Further, it examines ownership concentration's role on this moderating effect of IDT in Malaysian family and non-family corporations. It is found that that IDT weakens the relationship between RPT and firm value. However, ownership concentration strengthens this moderating effect of IDT. Interestingly, family corporations are more likely to show a stronger impact of ownership concentration which we allude to concerns of maintaining reputation. The research results remain after controlling for technology corporations. The findings' have important implications for policy makers, practitioners and regulators, especially in emerging economies globally
    Keywords: Agency Conflict, Corporate Financial Valuation, Independent Directors' Term in the Office, Corporate Governance, Family Corporations, Emerging Markets
    JEL: G0 G00 G30 G32 G34 G39
    Date: 2020–03–31
  25. By: Eric Abaidoo; Ben Belton
    Abstract: The report presents analysis of data from a survey of the 37 agricultural supply businesses in Shan State, Myanmar. The patterns reported are broadly consistent with the rapid growth of agricultural machinery supply businesses in Myanmar’s Dry Zone and Delta, and with demand side surveys of agricultural machinery use in Shan. The following points stand out: The growth and spread of machinery suppliers over the past decade has been dramatic. The total number of machinery supply outlets nationally jumped 338% from 2008 to 2018, from 72 to 315, while the number of townships served by machinery dealerships increased from 36 to 88 A total of 44 machinery supply businesses are operational in Shan, accounting for 19% of the national total in 2018. Three-quarters of all machinery supply enterprises currently operating in Shan were established after 2010. Growth in business numbers accelerated particularly rapidly from 2012 to 2016, but slowed somewhat in 2017-2018. The variety of machinery supplied by these businesses has diversified rapidly since 2012. Engines, two-wheel tractors, and trawlerji are the best selling items. Total annual sales of these items remained fairly constant from 2014 to 2018. The number of businesses selling machinery jumped 76% over this period, suggesting that new entrants have secured a diminishing market share. Sales growth in recent years has been driven by larger machines. Annual sales of four-wheel tractors jumped from 53 to 463 (an increase of 773%) while annual sales of combine harvesters climbed from zero to thirty. Combine harvester sales started later in Shan than in the Delta and or Dry Zone, beginning in 2016. Access to hire purchase loans for machinery is less widespread in Shan than in the Dry Zone. Two-thirds of machinery suppliers in Shan offer some form of hire-purchase credit, as compared to 94% in the Dry Zone Banks play a smaller role in financing agricultural machinery sales in Shan than in the Dry zone. Hire-purchase finance from banks account for a smaller share of sales than hire purchase loans from machinery suppliers or sales made without finance. This is the inverse of the situation to the Dry Zone Access to finance may be less common in Shan than the Dry Zone because fewer farmers in Shan possess land-use certificates that machinery dealerships often require as a guarantee for loans.
    Keywords: Food Security and Poverty, International Development
    Date: 2019–09–13
  26. By: Kunimoto, Takashi (School of Economics, Singapore Management University); Saran, Rene (University of Cincinnati)
    Abstract: A social choice function (SCF) is robustly implementable in rationalizable strate-gies if every rationalizable strategy profile on every type space results in outcomes consistent with it. First, we establish an equivalence between robust implementation in rationalizable strategies and “weak rationalizable implementation”. Second, using the equivalence result, we identify weak robust monotonicity as a necessary and al-most sufficient condition for robust implementation in rationalizable strategies. This exhibits a contrast with robust implementation in interim equilibria, i.e., every equilib-rium on every type space achieves outcomes consistent with the SCF. Bergemann and Morris (2011) show that strict robust monotonicity is a necessary and almost sufficient condition for robust implementation in interim equilibria. We argue that strict robust monotonicity is strictly stronger than weak robust monotonicity, which further implies that, within general mechanisms, robust implementation in rationalizable strategies is more permissive than robust implementation in interim equilibria. The gap between robust implementation in rationalizable strategies and that in interim equilibria stems from the strictly stronger nonemptiness requirement inherent in the latter concept.
    Keywords: Ex post incentive compatibility; rationalizability; interim equilibrium; robust implementation; weak rationalizable implementation; weak robust monotonicity
    JEL: C72 D78 D80
    Date: 2020–04–14

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