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on South East Asia |
| By: | Wei Luo; Siyuan Kang; Sheng Hu; Lixian Su; Rui Dai |
| Abstract: | The trade tension between the U.S. and China since 2018 has caused a steady decoupling of the world's two largest economies. The pandemic outbreak in 2020 complicated this process and had numerous unanticipated repercussions. This paper investigates how U.S. importers reacted to the trade war and worldwide lockdowns due to the COVID-19 pandemic. We examine the effects of the two incidents on U.S. imports separately and collectively, with various economic scopes. Our findings uncover intricate trading dynamics among the U.S., China, and Southeast Asia, through which businesses relocated portions of their global supply chain away from China to avoid high tariffs. Our analysis indicates that increased tariffs cause the U.S. to import less from China. Meanwhile, Southeast Asian exporters have integrated more into value chains centered on Chinese suppliers by participating more in assembling and completing products. However, the worldwide lockdowns over pandemic have reversed this trend as, over this period, the U.S. effectively imported more goods directly from China and indirectly through Southeast Asian exporters that imported from China. |
| Date: | 2023–09 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2309.02271&r=sea |
| By: | S. Nyasha (University of South Africa); N.M. Odhiambo (University of South Africa) |
| Abstract: | In this study, the key determinants of tourism development in three study countries – South Africa, Brazil and Vietnam – have been examined for the period from 1995 to 2018. Despite the growing empirical literature on the determinants of tourism development from a number of countries, these countries have remained understudied. The study uses two proxies, namely: tourism revenue (TR) and the number of international tourist arrivals (TA), to measure the level of tourism development. Using the ARDL bounds-testing approach, the findings of the study have shown that the determinants of tourism development differ from country to country and over time. In addition, the study shows that the determinants depend on the proxy used to measure the level of tourism development. Overall, the study found that the positive drivers of tourism in these countries are tourist disposable income, financial development, trade openness and political stability, while the negative drivers include exchange rate, price level and carbon emissions. |
| Date: | 2021–11 |
| URL: | http://d.repec.org/n?u=RePEc:afa:wpaper:aesri-2021-24&r=sea |
| By: | naryono, endang (STIE PASIM SUKABUMI) |
| Abstract: | Population growth, industrialization, mining and plantations which are developing at a very high rate have had a very extraordinary impact on human survival, one of which is the clean water crisis, with the reason that economic development green lands have become settlements and offices, mountains have been dredged for minerals to be used as mines and what's sad is that forests are being burned to open plantations and what's worse is that forest burning is being carried out by big companies not by small communities and the impact is being felt now, the rivers are black because of industrial waste, the sea is filled with household waste and fog. the excruciating smoke caused by forest fires has resulted in losses for the community. One of the impacts that is currently being felt is the crisis of clean water for consumption. The long drought resulted in reduced water absorption as a result of which farmers could not plant rice or even failed their crops due to drought. Overlapping inter-sectoral regulations, indecisive laws and low public awareness of the environment have resulted in incalculable environmental pollution and natural damage. |
| Date: | 2023–08–24 |
| URL: | http://d.repec.org/n?u=RePEc:osf:osfxxx:c8spf&r=sea |
| By: | Mayra Buvinic (Center for Global Development); James C. Knowles; Firman Witoelar (Crawford School of Public Policy, Australian National University) |
| Abstract: | This paper analyzes a rich pre-pandemic data set on both men and women business owners from 401 mainly rural villages in five regencies (kabupaten) of East Java province, Indonesia. There are some similarities but mostly large gender differences in characteristics and resources in this random sample of Indonesian businesswomen and businessmen. Similarities include years worked in the business and cognitive ability of businesspeople. Large differences include proportionately more women business owners operating ‘consumer facing’ restaurants and retail shops hard hit by the COVID-19 pandemic and sharp gender gaps favoring men in the total value of business capital and savings and in all sources of monthly earned income. Multivariate analysis (propensity score matching) finds that much of the observed gender gaps in earned income and savings remain after business owners are effectively matched on the basis of their pre-existing characteristics and resources (endowments) suggesting that underlying discrimination may be an important driver. The findings further suggest that discrimination by customers and gender rigidities in women’s work time allocation likely contribute to gender inequalities in business outcomes. In the absence of effective interventions, there is a risk of a vicious cycle in which women’s low earnings lead to low savings (unexplained by gender differences in saving behavior), limited capital formation and risk-taking, and to even lower earnings. The paper uses these and other findings to discuss ways for gender-informed economic recovery programs to strengthen micro and small businesses, especially by addressing household and community factors that tilt business environments in favor of men. |
| Keywords: | gender, women’s entrepreneurship, women’s business outcomes, financial inclusion |
| JEL: | J16 L26 B54 D91 |
| Date: | 2021–12–17 |
| URL: | http://d.repec.org/n?u=RePEc:cgd:wpaper:603&r=sea |
| By: | Khuong Vu (National University of Singapore, Singapore); Simplice Asongu (Johannesburg, South Africa) |
| Abstract: | The financial sector in advanced economies has undergone significant evolution driven by restructuring, globalization, and the digital revolution, which have profoundly shaped its developmental dynamics. This study investigates the forces behind the growth and convergence of the financial sector across 13 advanced economies from 2000 to 2015, focusing on the effects of digital transformation. The investigation unveils several noteworthy findings concerning the financial sector. First, most nations experienced substantial growth in value-added, coupled with a significant decrease in employment and robust advancements in labor productivity. Next, the primary drivers of labor productivity growth and convergence across many economies were driven by total factor productivity, labor quality, and digital transformation. Lastly, digital transformation not only directly contributed to the augmentation of labor productivity, as quantified through growth accounting estimation, but also wielded a considerable impact on the expansion of total factor productivity and the streamlining of the workforce. |
| Keywords: | financial sector; productivity; digital transformation; innovation; catchup; industrialized economies |
| JEL: | O16 O30 O40 O57 |
| Date: | 2023–01 |
| URL: | http://d.repec.org/n?u=RePEc:agd:wpaper:23/049&r=sea |
| By: | Yun, Jeonghwan (KOREA INSTITUTE FOR INTERNATIONAL ECONOMIC POLICY (KIEP)); CHEONG, Jaewan (KOREA INSTITUTE FOR INTERNATIONAL ECONOMIC POLICY (KIEP)); SHIN, Mingeum (KOREA INSTITUTE FOR INTERNATIONAL ECONOMIC POLICY (KIEP)); KIM, Jegook (KOREA INSTITUTE FOR INTERNATIONAL ECONOMIC POLICY (KIEP)) |
| Abstract: | The Mekong subregion has emerged as a key hub in the global value chain (GVC), driven by a surge in foreign direct invest-ment (FDI). This development is rooted in the Mekong subregion's robust economic growth, positioning it strategically amid the ongoing competition between the United States and China for global hegemony. The RoK recognizes the strategic significance of the Mekong subregion and has embarked on cooperative efforts in this context. We delve into the potential of harnessing the Mekong subregion to enhance RoK's supply chain diversity. While it may pose challenges for the Mekong subregion to promptly function as a target for RoK's supply chain diversifi-cation due to its developmental and infra-structural status, we proactively explore po-tential avenues of RoK-Mekong cooperation to determine feasibility. |
| Keywords: | Mekong; Supply Chains |
| Date: | 2023–08–11 |
| URL: | http://d.repec.org/n?u=RePEc:ris:kiepwe:2023_029&r=sea |
| By: | Khuong Vu (National University of Singapore, Singapore); Simplice Asongu (Johannesburg, South Africa) |
| Abstract: | The financial sector in advanced economies has undergone significant evolution driven by restructuring, globalization, and the digital revolution, which have profoundly shaped its developmental dynamics. This study investigates the forces behind the growth and convergence of the financial sector across 13 advanced economies from 2000 to 2015, focusing on the effects of digital transformation. The investigation unveils several noteworthy findings concerning the financial sector. First, most nations experienced substantial growth in value-added, coupled with a significant decrease in employment and robust advancements in labor productivity. Next, the primary drivers of labor productivity growth and convergence across many economies were driven by total factor productivity, labor quality, and digital transformation. Lastly, digital transformation not only directly contributed to the augmentation of labor productivity, as quantified through growth accounting estimation, but also wielded a considerable impact on the expansion of total factor productivity and the streamlining of the workforce. |
| Keywords: | financial sector; productivity; digital transformation; innovation; catchup; industrialized economies |
| JEL: | C20 R00 Q40 Q52 L52 N57 |
| Date: | 2023–01 |
| URL: | http://d.repec.org/n?u=RePEc:exs:wpaper:23/049&r=sea |
| By: | Agarwal, Vikas; Jiang, Wei; Luo, Yuchen; Zou, Hong |
| Abstract: | Using the recent AAPI Hate around 2020-2021 as an exogenous shock, we show that sociopolitical racial animus impairs the performance of mutual funds managed by at least one Asian female manager, the most targeted group by the Hate-induced violence. The decline in performance is greater in states with higher levels of anti-Asian animus, when the portfolio is more actively managed, has an aggressive investment objective, or when the Asian female manager plays a more influential role in fund management. The poor fund performance is not attributed to fund investors' redemption, low managerial quality, increased childcare burden, concerns for the pandemic situation of family members in home countries, or solely workplace discrimination. Placebo tests show that the same performance decline is absent among funds managed by non-Asian-looking minority and index funds. Taken together, the evidence is consistent with perceived vulnerability to the AAPI Hate crimes inducing distraction and stress and leading to impaired performance. Corroborating this view, we only find some limited evidence in a subset of Asian male managers that they suffer from a performance decline when they are based in states with higher levels of anti-Asian animus. Our study contributes to the scarce evidence on the impact of sociopolitical racial animus on productivity and explores racial animus beyond the workplace and marketplace. |
| Keywords: | Racial Animus, Mutual Funds |
| JEL: | G23 J15 |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:cfrwps:2305&r=sea |
| By: | Quang Minh Nguyen (Universitat de Valencia) |
| Abstract: | This study contributes to the empirical literature on the effects of privatization on the financial and operating performance of former state-owned enterprises (SOEs) and offers evidence on the heterogeneity of these effects across multiple dimensions. Utilizing a sample comprising 770 privatized SOEs and 2, 154 non-privatized SOEs in Vietnam from 2006 to 2010, I conduct a staggered diff-in-diff estimation to identify the causal impact of privatization on firm's performance. The results reveal that, on average, privatizaion led to an increase of 5% in sales per worker, a 23-27% increase in profitability measures, and 8% decrease in debt ratio, and a 5% decline in total employment. However, little changes in post-privatization performance are observed for large SOEs, strategic SOEs, and service SOEs. |
| Keywords: | Privatization, firm performance, staggered difference-in-differences, heterogeneous treatment effects |
| JEL: | N25 G34 L33 P31 |
| Date: | 2023–09 |
| URL: | http://d.repec.org/n?u=RePEc:bci:wpaper:2303&r=sea |
| By: | Stamer, Vincent |
| Abstract: | Deutschland exportiert deutlich weniger Waren nach China als das Wirtschaftswachstum der Länder vermuten lässt. Die Studie legt nahe, dass erwartete Handelswerte 28 Prozent höher gelegen hätten als tatsächlich beobachtete Warenströme. Dies entspricht einer potenziellen Exportlücke von bis zu 30 Mrd. Euro. Der sprunghafte Anstieg der Primäreinkommen aus China und die reinvestierten Gewinne deutscher Unternehmen deuten darauf hin, dass deutsche Firmen vermehrt in China produzieren, statt dorthin zu exportieren. China steigert zudem seinen Anteil an heimischer Wertschöpfung an Gütern, was die Importquote Chinas im Beobachtungszeitraum um die Hälfte verringert hat. Deutschland konnte lange seinen Anteil an chinesischen Importen aufrechterhalten, im Gegensatz zu Südkorea und Japan. Andere Länder wie Vietnam hingegen liefern zunehmend Vorprodukte nach China und profitierten von neuen Importtrends der Volksrepublik weg von Kapitalgütern hin zu Vorleistungen. Deutschlands komparativer Vorteil in der Produktion von Maschinen entspricht nicht mehr dem Bedarf Chinas, daher liegen zukünftige Wachstumsmärkte für deutsche Exportfirmen eher in Südostasien und Indien. |
| Keywords: | China, Deutschland, Internationaler Handel, Lieferketten, China, Germany, international trade, global value chains |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:ifwkpb:167&r=sea |
| By: | Chattaraj, Saheli (Somaiya Vidyavihar University) |
| Abstract: | South Korea officially launched the Indo-Pacific Strategy on 28 December 2022 highlighting the importance of the region and its significance in the current era. The detailed report on South Korea’s Indo-Pacific Strategy is based on the fundamental principles of cooperation with an emphasis on tolerance, trust and mutual benefit. The strategy emphasised the promotion of freedom, peace and prosperity in the Indo-Pacific region through the joint establishment of a rule-based order and cooperation on human rights (MOFA 2022). The Indo-Pacific Strategy proposed by the South Korean government is a 37-page document that is considered to be the country’s comprehensive regional strategy and will shape the future foreign policy towards the Indo-Pacific region. The target areas of the Indo-Pacific Strategy can be understood as the North Pacific, Southeast Asia, South Asia, Oceania, African countries along the Indian Ocean, Europe and Central and South America as highlighted in the report. |
| Keywords: | Koreas Indo-Pacific Strategy; Implications for Bilateral Cooperation between India and South Korea |
| Date: | 2023–07–19 |
| URL: | http://d.repec.org/n?u=RePEc:ris:kiepwe:2023_024&r=sea |
| By: | Benedict Clements (Universidad de Las Americas); Sanjeev Gupta (Center for Global Development); João Tovar Jalles (University of Lisbon-Lisbon School of Economics and Management (ISEG); Universidade de Lisboa-ISEG; Universidade Nova de Lisboa-Nova School of Business and Economics IPAG Business School) |
| Abstract: | This paper discusses the determinants of inclusive growth in developing Asia, with a focus on government expenditures. We find that higher levels of fiscal redistribution (through income taxes and direct transfers) increase the probability of achieving inclusive growth, as well as the level of government spending on health and education. To spur inclusive growth in the aftermath of the COVID pandemic, countries with limited fiscal space will need to focus on improving efficiency and reallocate existing outlays to activities that benefit low-income groups. Reallocating health spending toward primary care, and education spending toward primary and secondary education, would help lead to more equitable growth. There is also scope to better target social benefits to the poor. |
| Keywords: | income inequality, economic growth, inclusive growth, binary choice models, health expenditure, education, social protection |
| JEL: | H5 H11 I14 |
| Date: | 2023–08–30 |
| URL: | http://d.repec.org/n?u=RePEc:cgd:wpaper:653&r=sea |
| By: | Commander, Simon (IE Business School, Altura Partners); Estrin, Saul (London School of Economics) |
| Abstract: | Much of the debate about Asia's economic success has focussed on the respective roles of the market and state. It has been argued that industrial policy has helped address market failures and achieve critical coordination of development planning and process. Yet, starkly contrasting market and state ignores the way that both have been closely intertwined. Indeed, across the different economic and political systems in Asia, a common feature has emerged in which government and big, diversified and mostly family-owned business groups work in close connection to support their mutual interests. Through such ties, Asia has found a solution to many of the problems of economic development by a different type of coordination. Whilst highly effective in a phase of extensive growth, such connections carry less beneficial consequences. Not least, the accumulation of market power and the restraint of competition that result from preferential ties between business groups and political power. At the same time, the lock-hold of business groups limits growth in the formal economy, in employment whilst also stoking inequality. Further, as Asia searches for greater innovation to drive progress, such close ties are far more likely to stand in the way, deterring new entrants and holding back the creation of more broad-based innovation. Breaking down the entrenched power of connected business groups will require new policies that address head-on the distortions that these connections create. These include measures to deter recourse to the business group format itself. |
| Keywords: | Asia growth, industrial policy, business groups |
| JEL: | L5 L22 O25 O53 |
| Date: | 2023–09 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izapps:pp202&r=sea |
| By: | Yeboah, Samuel |
| Abstract: | This analysis delves into the diverse landscape of Foreign Direct Investment (FDI) policies within developing nations and their profound implications for entrepreneurial ecosystems. Through comparative analysis, the study uncovers a range of strategies countries employ, from liberal to restrictive FDI approaches, which significantly impact interactions between foreign investors and local startups, ultimately shaping innovation, growth, and competitiveness in entrepreneurial ecosystems. In some developing nations, liberal FDI policies play a pivotal role, strategically designed to attract foreign capital, technology, and expertise. For instance, Singapore and Ireland have implemented proactive, incentive-driven measures, particularly in high-tech sectors, resulting in thriving entrepreneurial ecosystems integrated into global value chains. These policies foster collaborative environments, granting local startups improved access to capital, markets, and invaluable knowledge from foreign investors. Conversely, other nations adopt more restrictive FDI policies to safeguard strategic sectors and protect domestic enterprises from undue foreign influence. India and China exemplify this approach, erecting regulatory barriers in industries like telecommunications and banking to retain policy autonomy and nurture domestic capabilities. While preserving local interests, these policies inadvertently limit access to FDI benefits, including advanced technologies, skills, and global market connectivity. Governments often utilize incentive schemes such as tax breaks and subsidies to attract FDI, making their countries appealing to foreign investors and providing local startups with essential resources and mentorship, significantly contributing to their growth. However, ownership restrictions, particularly in strategically significant sectors, serve to protect domestic control but may discourage potential investors and hinder collaboration between startups and foreign entities. Striking a balance between preserving sovereignty and promoting global integration becomes a pivotal challenge for these nations. The regulatory environment plays a central role in shaping the relationship between FDI policies and entrepreneurial ecosystems. Favourable regulatory frameworks that encourage competition, safeguard intellectual property and simplify business registration drive innovation and attract FDI, which subsequently benefits startups. Transparent regulations that reduce uncertainty and risks bolster investor confidence, making FDI a potential lifeline for local startups. |
| Keywords: | Entrepreneurial Ecosystems; Comparative Analysis; Liberal FDI Policies; Restrictive FDI Policies; Incentive Schemes; Ownership Restrictions; Regulatory Environment; Innovation; Investor Confidence; Ease of Doing Business; Policy Alignment |
| JEL: | F21 F23 G38 L26 |
| Date: | 2023–07–18 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:118473&r=sea |
| By: | Ajmani, Manmeet |
| Abstract: | Every nation strives to establish its competitiveness in the global agri-food trade. However, defining and quantifying this concept remains a challenge, lacking a universally accepted description or a consolidated metric. Among the prevalent gauges in international research are the Balassa index and its adaptations (such as revealed trade advantage, revealed competitiveness, normalized revealed comparative advantage, and revealed symmetric comparative advantage), alongside diverse indicators tied to exports and imports (like the Grubel-Lloyd index or trade balance index). This comprehensive literature review identifies these metrics and highlights key determinants for bolstering competitiveness in agri-food trade. Foremost among these factors is the presence of supportive legislation and effective trade policies, followed by the production of higher value-added and more sophisticated goods, as well as efficient and profitable manufacturing processes. While the European Union (EU) and its member states feature prominently in the studied materials, the analysis extends to encompass candidate countries and significant EU trade partners including Canada, China, and ASEAN nations. As such, several of these insights could potentially be applied more broadly. |
| Keywords: | Agri-food trade, trade competitiveness, international trade |
| JEL: | F13 F17 O32 |
| Date: | 2023–08–27 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:118396&r=sea |
| By: | Miguel Niño-Zarazúa; Alma Santillán Hernández |
| Abstract: | This study conducts an international comparative analysis of the recent evolution of social protection systems in sub-Saharan Africa (SSA), Latin America and the Caribbean (LAC), and Asia-Pacific (APAC) regions, paying particular attention to the role of foreign aid in these dynamics. It asks: Has foreign aid contributed to the development of social protection systems? If so, what actors have driven this process? What modalities and financial instruments have been used to support social protection systems? |
| Keywords: | Foreign aid, Social protection, Global south, Instrumental variable |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:unu:wpaper:wp-2023-110&r=sea |
| By: | Zunaidah Sulong (Universiti Sultan Zainal Abidin, Malaysia); Mohammad Abdullah (Universiti Sultan Zainal Abidin, Malaysia); Emmanuel J. A. Abakah (University of Ghana Business School, Accra Ghana); David Adeabah (University of Ghana Business School, Accra Ghana); Simplice Asongu (Yaoundé, Cameroon) |
| Abstract: | War-related expectations cause changes to investors’ risks and returns preferences. In this study, we examine the implications of war and sanctions sentiment for the G7 countries’ debt markets during the Russia-Ukraine war. We use behavioral indicators across social media, news media, and internet attention to reflect the public sentiment from 1st January 2022 to 20th April 2023. We apply the quantile-on-quantile regression (QQR) and rolling window wavelet correlation (RWWC) methods. The quantile-on-quantile regression results show heterogenous impact on fixed income securities. Specifically, extreme public sentiment has a negative impact on G7 fixed income securities return. The wavelets correlation result shows dynamic correlation pattern among public sentiment and fixed income securities. There is a negative relationship between public sentiment and G7 fixed income securities. The correlation is time-varying and highly event dependent. Our additional analysis using corporate bond data indicates the robustness of our findings. Furthermore, the contagion analysis shows public sentiment significantly influence G7 fixed income securities spillover. Our findings can be of great significance while framing strategies for asset allocation, portfolio performance and risk hedging. |
| Keywords: | Russia-Ukraine war, economic sanctions, G7 debt, fixed income securities, quantile approaches |
| Date: | 2023–01 |
| URL: | http://d.repec.org/n?u=RePEc:exs:wpaper:23/057&r=sea |
| By: | Tri, Nguyen Phuong |
| Abstract: | Cuộc khủng hoảng COVID-19 rất đáng chú ý vì không có mô hình suy thoái toàn cầu nào có thể dự đoán được hoặc đưa ra cảnh báo sớm về thời điểm đại dịch COVID-19 sẽ xảy ra và gây thiệt hại cho toàn cầu kinh tế. Khả năng phục hồi trước các cú sốc tài chính là rất quan trọng đối với các hộ gia đình trước các cuộc khủng hoảng trong tương lai như COVID-19 là không thể tránh khỏi. Do đó, nghiên cứu hiện tại nhằm mục đích kiểm tra tác động của hiểu biết về tài chính và khả năng tiếp cận thông tin tài chính về khả năng phục hồi tài chính của các hộ gia đình Việt Nam thông qua lăng kính của một quan điểm xử lý thông tin |
| Date: | 2023–08–13 |
| URL: | http://d.repec.org/n?u=RePEc:osf:osfxxx:5b84r&r=sea |