nep-sea New Economics Papers
on South East Asia
Issue of 2024‒02‒19
33 papers chosen by
Kavita Iyengar, Asian Development Bank

  1. Making Broadband Universal: A Review of Philippine Policies and Strategies By Serafica, Ramonette B.; Francisco, Kris A.; Oren, Queen Cel A.
  2. How Energy Secure is the Philippines? By Navarro, Adoracion M.; Ortiz, Ma. Kristina P.; Camara, Jethro El L.
  3. Macroeconomic Outlook of the Philippines in 2023–2024: Prospects and Perils By Debuque-Gonzales, Margarita; Ruiz, Mark Gerald C.; Miral, Ramona Maria L.
  4. Resurgence of the Social Clause?: A critical analysis of labor provisions in RTAs in the Asia-Pacific region By NAKAGAWA Junji
  5. The Need for a National Land Use Act in the Philippines By Navarro, Adoracion M.
  6. Inclusivity of Factor Flows in a Labor-Surplus Economy: Experience of the Philippines By Tullao, Tereso Jr. S.; Rivera, John Paolo R.
  7. Measuring the Contribution of International Remittances to Household Expenditures and Economic Output: A Micro–Macro Analysis for the Philippines By Kikkawa, Aiko; Gaspar, Raymond; Kim, Kijin; Mariasingham, Mahinthan J.; Zamora, Christian Marvin
  8. Study on Circular Economy Pathways for Waste Management in the Philippines By Domingo, Sonny N.; Manejar, Arvie Joy A.; Bueta, Gregorio Rafael P.
  9. Subnational Infrastructure Development and Internal Migration in the Philippines By Navarro, Adoracion M.
  10. Who Gets Monitored among Philippines’ 4Ps Children and Why It Matters for Their Nonmonitored Siblings By Melad, Kris Ann M.; Abrigo, Michael R.M.; Alicante, Kean Norbie F.
  11. Men's premarital migration and marriage payments: Evidence from Indonesia By H. Champeaux; E. Gautrain; K. Marazyan
  12. Long-Term Effects of Labor Migration in the Philippines: “Napakasakit, Kuya Eddie!†By Albert, Jose Ramon G.; Tabuga, Aubrey D.; Vizmanos, Jana Flor V.; Muñoz, Mika S.; Hernandez, Angelo C.; Habitan, Ma. Teresa
  13. Quantifying the Short-Run Macroeconomic Impacts of the COVID-19 Pandemic: A Macroeconometric Approach By Debuque-Gonzales, Margarita; Corpus, John Paul P.
  14. Women's Empowerment and Husband's Migration: Evidence from Indonesia By Olivier Bargain; Jordan Loper; Roberta Ziparo
  15. Does FTA Import Utilization Enhance Firm Performance? An Assessment of the Philippine Manufacturing Sector By Quimba, Francis Mark A.; Andrada, Abigail E.; Moreno, Neil Irwin S.
  16. The Right to Benefit: Using Videos to Encourage Citizen Involvement in Resource Revenue Management By Christa Brunnschweiler; Nanang Kurniawan; Päivi Lujala; Primi Putri; Sabrina Scherzer; Indah Wardhani; Christa N. Brunnschweiler
  17. Analyzing the Resilience of Farming Households in Upland Areas By Tabuga, Aubrey D.; Vargas, Anna Rita P.; Baino, Madeleine Louise S.
  18. Choice of Invoice Currency and Exchange Rate Risk Management: FY2022 questionnaire survey with Japanese overseas subsidiaries (Japanese) By SATO Kiyotaka; KOIBUCHI Satoshi; ITO Takatoshi; SHIMIZU Junko; YOSHIMI Taiyo
  19. Green and Digital: Managing the Twin Transition toward Sustainable Development By Serafica, Ramonette B.; Quimba, Francis Mark A.; Bayudan-Dacuycuy, Connie; Andrada, Abigail E.; Moreno, Neil Irwin S.
  20. Like, Comment, and Share: Analyzing Public Sentiments of Government Policies in Social Media By Albert, Jose Ramon G.; Siar, Sheila V.; Vizmanos, Jana Flor V.; Hernandez, Angelo C.; Sarmiento, Janina Luz C.
  21. A Randomized Evaluation of an On-Site Training for Kindergarten Teachers in Rural Thailand By Weerachart Kilenthong; Sartja Duangchaiyoosook; Wasinee Jantorn; Varunee Khruapradit
  22. A Review of the Impact of Climate Change on Food Security and Co-Benefits of Adaptation and Mitigation Options in Thailand By Attavanich, Witsanu
  23. From Complaints to Opportunities: Analyzing Grievance Trends and Responsiveness in the 4Ps By Melad, Kris Ann M.
  24. School Closures and Parental Labor Supply By Epetia, Ma. Christina F.; Ocbina, John Joseph S.; Librero, Kimberly R.
  25. Learning from Labor Market Outcome Changes Overtime: A Study of a Panel of 4Ps Beneficiaries By Orbeta, Aniceto Jr. C.; Tabuga, Aubrey D.; Vargas, Anna Rita P.
  26. Đo lường kỳ vọng của doanh nghiệp Logistics về cấu trúc hệ thống logistics By , Le Thai Son; Giao, Ha Nam Khanh; Hằng, Nguyễn Thu; Anh, Huynh Diep Tram; Quý, Vũ Quốc; Thắng, Võ Chí; Toàn, Nguyễn Quốc
  27. 2021 RIETI Survey on Currency Risk Management and Invoice Currency Choice of Japanese Listed Manufacturing Firms (Japanese) By ITO Takatoshi; KOIBUCHI Satoshi; SATO Kiyotaka; SHIMIZU Junko; YOSHIMI Taiyo
  28. Determinant Factors of Teaching Performance in COVID-19 Context By Bachir El Murr; Genane Youness; Rola Assaf
  29. Unlocking VB-SEM: Practical PLS-SEM Tutorial Using JASP for Variance-Based Structural Equation Modeling By Rogers, Pablo; Barboza, Flavio
  30. Unraveling the Determinants of Platform Economy Adoption in Developing Countries: An Extended Application of the UTAUT2 Model with a Privacy Calculus Perspective By Mounir Dahmani; Adel Ben Youssef
  31. Eight lessons learned from comparing ocean economy measurement strategies across countries By James Jolliffe; Claire Jolly
  32. Kahramanmaras Depremleri Sonrasi Bölgesel Ýhracattaki Toparlanma Egilimi By Ufuk Can
  33. Behavioral lock-in: aggregate implications of reference dependence in the housing market By Badarinza, Cristian; Ramadorai, Tarun; Siljander, Juhana; Tripathy, Jagdish

  1. By: Serafica, Ramonette B.; Francisco, Kris A.; Oren, Queen Cel A.
    Abstract: Accelerating digitalization is one of the cross-cutting strategies identified in the Philippine Development Plan 2023-2028. To ensure that the benefits of digitalization benefit everyone, widespread adoption of the internet is essential. This study provides an overview of the concepts and strategies that have been employed to increase broadband adoption. It then presents the state of broadband services in the Philippines and discusses the policies and strategies at the national and community level, including initiatives to provide relevant online services and content. The government has in place a National Broadband Plan, a a coherent set of proposed policy, regulatory, and infrastructure interventions to ensure the delivery of universal, fast, reliable, affordable broadband internet services. While significant reforms have been introduced in recent years and additional measures are planned, the implementation of government programs has been less than satisfactory. There is a need to revisit the design of Free Wi-Fi for All to ensure that the country’s flagship universal access program will fulfill its objectives, given the substantial public funding that is being allocated for internet services in public places. Moreover, with satellite technologies and service providers now available, connecting GIDAs to the internet is no longer insurmountable. To better understand the development of broadband in the Philippines, a broadband map should be developed. More comprehensive data will also help uncover digital connectivity disparities among specific sectors or groups and guide the development of more targeted solutions. Comments to this paper are welcome within 60 days from the date of posting. Email
    Keywords: broadband;internet;universal access and service
    Date: 2023
  2. By: Navarro, Adoracion M.; Ortiz, Ma. Kristina P.; Camara, Jethro El L.
    Abstract: Energy security is a comprehensive concept, and pursuing it as a developmental goal entails, first and foremost, a clearer understanding of what it means. This study proposes six broad elements in assessing energy security: sufficiency, reliability, resilience, affordability, accessibility, and sustainability. In assessing the energy security situation in the Philippines, the study employs an indicators-based assessment. Based on existing literature, the method involves defining specific energy security indicators (ESIs) corresponding to the six broad elements mentioned, running some calculations, and conducting trend analysis using available data. The analyses of ESI trends over time and comparisons with other Southeast Asian countries reveal notable findings, most of which point to the current energy insecurity of the Philippines. The study then offers recommendations to improve energy security in the country and suggests that each element of energy security be considered an area of future research. As a demonstration of further scrutiny of an aspect of energy security, the study further examines energy sufficiency by forecasting electric power demand and comparing the forecasts with the government’s outlook on generating capacity up to 2028. The results highlight the necessity of timely investments in additional generating capacity and an efficient government permitting system. Comments to this paper are welcome within 60 days from the date of posting. Email
    Keywords: energy security;energy self-sufficiency;energy reliability;energy system resilience;energy affordability;access to energy;energy sustainability;electricity demand forecasting;error correction model;elasticity-based model
    Date: 2023
  3. By: Debuque-Gonzales, Margarita; Ruiz, Mark Gerald C.; Miral, Ramona Maria L.
    Abstract: This paper, which will be released as the lead chapter of the 2022–2023 PIDS Economic Policy Monitor, examines the economic performance of the Philippines for 2022 and the first half of 2023. It presents conditions shaping the global and regional outlook, projections on growth and consumer prices, and prospects coming into 2024. Carried by post-pandemic momentum but moderated by continued headwinds, the economy grew by 7.6 percent in 2022. For 2023, GDP growth is expected to weaken to 5.2 percent, and inflation is estimated to average at about 6 percent. As for 2024, growth is anticipated to register between 5.5 to 6 percent, while inflation is expected to fall to the center of the target band. These projections consider the steady stream of income from abroad, an improved jobs picture, benign financial conditions, a less restrictive public budget, and a possible resurgence and/or rising business expectations in some sectors. On top of the issues listed in the previous edition, the current one draws attention to risks related to inflation, the country’s fiscal position, and the newly created national investment fund. Comments to this paper are welcome within 60 days from the date of posting. Email
    Keywords: Philippine economy;growth;inflation;forecast
    Date: 2023
  4. By: NAKAGAWA Junji
    Abstract: The discussion on the social clause, which repeatedly took place under the GATT/WTO, was finally settled in 1996 by the WTO Singapore Ministerial Declaration, which consigned the ILO to deal with core labor standards. The 1998 Declaration on Fundamental Principles and Rights at Work and its Follow-up (the Declaration) commissioned ILO members to respect, promote, and realize the four core labor rights and forbade the use of trade sanctions to enforce them. However, an increasing number of regional trade agreements (RTAs) came to refer to the Declaration and obliged parties to secure core labor rights. This phenomenon is referred to as the resurgence of the social clause. This study analyzes this treaty practice in the Asia-Pacific region, focusing on the domestic labor law reforms of Korea, Vietnam, and Japan under their RTAs with the US and EU. Korea and Vietnam carried out their labor law reform by implementing their treaty obligations to respect, promote, and realize freedom of association under the Declaration, which was incorporated into their RTAs with the US and EU. Japan voluntarily conducted its labor law reform and ratified ILO Convention No.105; however, the reference to the core ILO Conventions under the Japan-EU EPA put political pressure on carrying out the reform. Now that these countries have ratified the core ILO Conventions, the ILO will monitor their implementation, but RTAs will also monitor their implementation in parallel with the ILO.
    Date: 2024–01
  5. By: Navarro, Adoracion M.
    Abstract: Land use misgovernance in the Philippines arises due to the non-institutionalization of a national-level framework for land use and the lack of harmonization of sector-specific laws on land resources. But the effort to push for a National Land Use Act (NaLUA) is almost three decades old, and advocates are finding it hard to hurdle the legislative mill. This study establishes that to strengthen the push to enact a NaLUA, advocates need to employ a transdisciplinary approach and deepen, through updated data and evidence, the appreciation by policymakers and stakeholders of the arguments for having this legislation. The review of the theoretical foundations for land use analysis explains the evolution of land use analysis and the principles for land use governance. It also implies that a transdisciplinary approach is needed in advocating for a NaLUA. The assessment of data and pieces of evidence on conflicting land uses, land use misgovernance, and inadequacies of existing mechanisms for dealing with land use problems bolster the case for having a NaLUA. Insights of stakeholders during focus group discussions and key informant interviews confirm the findings from the assessment of data. Thus, the study concludes that enacting a NaLUA and ensuring it is implemented through an appropriate institutional mechanism can help resolve land use conflicts in the country. In addition, it can support greater and sustainable value addition in the economy through land use optimization. Comments to this paper are welcome within 60 days from the date of posting. Email
    Keywords: land use;land use analysis;land use changes;land use conflicts;land use planning;land use governance;National Land Use Act
    Date: 2023
  6. By: Tullao, Tereso Jr. S.; Rivera, John Paolo R.
    Abstract: Under the assumption of full employment, this study probed the impact of labor emigration on wages, employment, and production in the capital- and labor-intensive sectors of the Philippines, represented by manufacturing and agriculture, respectively. It investigated whether deployment, remittances, and foreign direct investment (FDI) flows are inclusive, given the consequential employment opportunities for unemployed resources left behind, specifically unskilled workers that are biased towards the employment of labor and the production of labor-intensive goods. Subjecting Philippine data from 1991 to 2021 to Vector Autoregression (VAR), the authors generated Orthogonal Impulse-Response Function (IRF) and Forecast Error Variance Decomposition (FEVD) to capture the response of wages, employment, and production in the capital- and labor-intensive sectors on impulses emanating from deployment, remittances, and FDI flows. Empirical results revealed the following key findings: (1) deployment, remittances, and FDI flows are not inclusive because they worsen the situation in the agricultural sector; (2) although deployment and FDI flows increase employment in the manufacturing sector, production does not increase due to limited capital inputs; (3) the capital-intensive sector benefits more from FDI flows than the labor-intensive sector. Despite such results, both sectors have potential inclusivity, provided critical constraints in the labor-sending economy are addressed. This study explains how development strategies that rely on labor emigration and FDI can be recalibrated and made sufficient to achieve inclusive growth. It also augmented literature on the impacts of labor emigration on the sending economy, particularly the Philippines. Comments to this paper are welcome within 60 days from the date of posting. Email
    Keywords: agriculture;employment;FDI;labor emigration;manufacturing;production;remittances;wages;foreign direct investment
    Date: 2023
  7. By: Kikkawa, Aiko (Asian Development Bank); Gaspar, Raymond (Asian Development Bank); Kim, Kijin (Asian Development Bank); Mariasingham, Mahinthan J. (Asian Development Bank); Zamora, Christian Marvin (Asian Development Bank)
    Abstract: The macroeconomic studies that assess the contribution of international remittances to the origin countries of migrants use a different definition of remittances than the microeconomic literature that examines the impact at the household and community levels. This study overcomes this difference in definition by integrating household expenditure data into the input-output analysis. Using the 2018 Family Income and Expenditure Surveys (FIES) of the Philippines, we find that remittance-financed household consumption and investment totaled ₱742.2 billion ($14.1 billion) and contributed 3.5% of the country’s total output, 3.4% of gross domestic product (GDP), and 3.7% of total employment in 2018. We note that the largest value added is accruing to the manufacturing sector as it accounts for more than a third of remittance recipients’ spending basket followed by the trade and agriculture, forestry, and fisheries sectors, which are closely linked to the manufacturing industry. The international remittances income reported by households is less than half (43.8%) of the ₱1.7 trillion ($32.2 billion) aggregate international remittances reported by the central bank in the same year based on the balance of payments definition.
    Keywords: international remittance; household expenditure; micro–macro analysis; Philippines
    JEL: C67 D12 F24
    Date: 2024–02–02
  8. By: Domingo, Sonny N.; Manejar, Arvie Joy A.; Bueta, Gregorio Rafael P.
    Abstract: Solid waste management has been a complex and evolving challenge for the Philippines. Since its passage more than two decades ago, Republic Act No. 9003, or the Ecological Solid Waste Management Act of 2000, has anchored the country’s waste management initiatives. However, challenges persist in the policy’s implementation at both the national and subnational levels. The passage of the Extended Producer Responsibility (EPR) Act of 2022 is a positive step towards improving waste management and achieving a circular economy (CE). Moreover, issues remain, including the need for clarity in the scope and definition of CE, operationalization of PROs, setting of costs and fees, the role of NGAs and LGUs, program targets, and informal sector participation. Nevertheless, recent policy and institutional developments present avenues for better stakeholder cooperation and collaboration and the application of technological solutions and innovations. The government needs to focus on bridging critical institutional and implementation gaps, including the creation and/or operationalization of the NEC and local solid waste management or environment offices, provision of technology, facilities, and waste management resources, and facilitation of public-private partnerships for capital and infrastructure needs. Comments to this paper are welcome within 60 days from the date of posting. Email
    Keywords: circular economy;solid waste management;extended producer responsibility
    Date: 2023
  9. By: Navarro, Adoracion M.
    Abstract: Making a comprehensive comparison of subnational levels of infrastructure development in the Philippines is difficult due to the uneven availability of data on infrastructure indicators across geo-political areas. This study shows this is possible at the regional level by developing a demonstration composite subnational infrastructure development index. The study constructed a regional infrastructure development index by picking indicators based on representativeness in the infrastructure subsectors and the uniform availability of data across regions. It also presents one useful application of the index: analyzing the link between subnational infrastructure development and internal migration through a Poisson regression. It then uses the Balik Probinsya Bagong Pag-asa Program, a program engineering the return migration of low-income Filipino families from cities to provinces, to illustrate the usefulness of the regression results in conducting an evidence-based policy analysis. The relationships established through econometric regression and the trends in inter-regional migration show that migration is a phenomenon. Filipino migrants vote with their feet based on demographic and economic factors, including the level of infrastructure development in their origin and destination. Engineering the return to destinations that Filipino migrants left in the first place does not guarantee that they will stay there, given the determinant demographic and economic factors. The resources spent on such engineering can be used instead for programs that minimize spatial development inequities, such as by improving infrastructure to attract investments and jobs. Comments to this paper are welcome within 60 days from the date of posting. Email
    Keywords: infrastructure;regional development;internal migration;return migration;Balik Probinsya Bagong Pag-Asa;Poisson regression
    Date: 2023
  10. By: Melad, Kris Ann M.; Abrigo, Michael R.M.; Alicante, Kean Norbie F.
    Abstract: Which children benefit from conditional cash transfers (CCT)? Using a sample of poor and near-poor households in the Philippines, this study shows that children in households that receive cash transfers from 4Ps, the country’s flagship antipoverty program, have parents with relatively low educational attainment. Within CCT-recipient households, children of heads are more likely to be enrolled for education monitoring. No evidence was found that households select children for education monitoring to maximize 4Ps cash payout. While children’s ranking based on birth timing and an earlier 4Ps prioritization rule predict child monitoring status, these instruments are, at best, weak, which may effectively limit their use in impact assessments. This study confirmed earlier findings that 4Ps raise school enrollment on average, which is likely driven by its impact on boys and older children. It also corroborates earlier results of the perverse effects on nonmonitored children, which worsen with age, are more severe for boys, and appear to be universal across household compliance types. Contrary to expectations, it was found that children in households who select out of 4Ps even when eligible (i.e., never treated) are likely to benefit greatly from the program. In contrast, those from households that select into the program even when ineligible based on proxy means tests (i.e., always treated) are not necessarily better off as a result of the program. Comments to this paper are welcome within 60 days from the date of posting. Email
    Keywords: poverty;4Ps;education;marginal treatment effect;Philippines;Pantawid Pamilyang Pilipino Program
    Date: 2023
  11. By: H. Champeaux; E. Gautrain; K. Marazyan
    Abstract: Bride price customs are widespread in many developing countries. While the economic literature has widely investigated the implications of such transfers on women's welfare, little is known about their consequences on men's premarital behavior. In this paper, we exploit a quasi-natural experiment of a school-building program in Indonesia (INPRES) to investigate the relationship between marriage norms and the internal migrations of young men in age to marry. Based on empirical and theoretical settings of the literature, we rely on the effects of the INPRES program on girls' education and the parents' expectations on their daughters' bride price. Combining anthropological, administrative, and individual-based datasets, we implement a triple-difference approach. We find that men with bride price customs were more likely to migrate to areas more economically attractive than their district of origin. In contrast, no evidence exists of such behavior for men from ethnic groups without marriage payments. We interpret these results as evidence for the fact that men migrate to accumulate resources at destination to meet the parents' bride price expectations and marry at home. We also highlight that these migration strategies are implemented by the less advantaged males in their origin marriage market (latter-borns or from lower social class). These findings suggest that the interaction between marital norms and policies can result in unintended consequences, such as increasing premarital migration.
    Keywords: migration;marriage market;cultural norms;Indonesia;marriage payments
    Date: 2024
  12. By: Albert, Jose Ramon G.; Tabuga, Aubrey D.; Vizmanos, Jana Flor V.; Muñoz, Mika S.; Hernandez, Angelo C.; Habitan, Ma. Teresa
    Abstract: As the country witnesses a steady export of its human resources, it becomes imperative to explore not only the immediate impacts of labor migration on the Philippine economy but also its long-term consequences on both the overseas Filipino workers and the families they leave behind. This study examines the various effects of labor migration on OFWs and their families, including the economic benefits and social costs (e.g., family dynamics, child outcomes in terms of labor, health, education) of the diaspora, and what the government has done to assist these modern-day heroes. Remittances sent home by OFWs have become a major contributor to the Philippine economy, representing around 10 percent of gross domestic product. This provides income for families and supports consumer spending. However, labor migration has led to divided families and complex transnational relationships between OFWs and their families in the Philippines. While remittances support loved ones, being miles away from loved ones can cause psychic pains. Findings from interviews with OFWs and their families also suggest that young OFWs dream of retiring early but may not be provided systematic support for financial literacy. The paper calls for strengthening the reinforcement of legal frameworks, enhancing the labor market, improving social protection programs for OFWs and their families, equipping them with the necessary skills to achieve financial sustainability, and regularly monitoring OFW conditions for evidence-informed policymaking. Comments to this paper are welcome within 60 days from the date of posting. Email
    Keywords: labor migration;overseas Filipino workers;OFW;labor export;diaspora
    Date: 2023
  13. By: Debuque-Gonzales, Margarita; Corpus, John Paul P.
    Abstract: While the COVID-19 pandemic’s effects on the Philippine economy have been widely chronicled, there has not been an effort at an ex-post quantification of the pandemic’s impacts using counterfactual analysis. This paper aims to fill this gap. Using a modified version of the PIDS small macroeconometric model, forecasts for 2020 and 2021 are generated to serve as counterfactual paths of key economic indicators in the pandemic’s absence. The gap between the actual and counterfactual trajectories is interpreted as comprising the pandemic’s impact. The impact estimates lend further evidence to the pandemic’s severe and lasting effects on the real economy, with real output, private domestic spending (particularly investment), and the employment rate suffering significant negative deviations from their counterfactual levels. Model simulations also clarify the extent of the deterioration of public finances triggered by the pandemic, particularly on tax revenues, fiscal balance, and government debt. On the other hand, the pandemic’s estimated impacts on inflation and key domestic interest rates are less evident. Comments to this paper are welcome within 60 days from the date of posting. Email
    Keywords: macroeconometric model;COVID-19 pandemic;Philippine economy
    Date: 2023
  14. By: Olivier Bargain (BSE - Bordeaux Sciences Economiques - UB - Université de Bordeaux - CNRS - Centre National de la Recherche Scientifique, IUF - Institut Universitaire de France - M.E.N.E.S.R. - Ministère de l'Education nationale, de l’Enseignement supérieur et de la Recherche); Jordan Loper (CERDI - Centre d'Études et de Recherches sur le Développement International - IRD - Institut de Recherche pour le Développement - CNRS - Centre National de la Recherche Scientifique - UCA - Université Clermont Auvergne); Roberta Ziparo (AMU - Aix Marseille Université)
    Abstract: Migration is an important risk-coping mechanism for poor households in developing countries. However, migration decisions may be sub-optimal in the presence of limited commitment between spouses. In this paper, we examine the link between the distribution of power in marriage and the decision to split-migrate (one spouse migrates alone) in Indonesia. We exploit a national policy experiment that exogenously increased women's bargaining power among ethnic groups of matrilocal tradition - the couple lives with the bride's relatives - relative to patrilocal groups. The propensity of matrilocal husbands to split-migrate, relative to patrilocal husbands, increases by 2-3.4 percentage points, i.e. a rise of 41-76%, following the reform. We suggest that empowered women may have gained control ex ante over outcomes that are costlier to monitor for husbands once they migrate. Hence, empowerment restores some efficiency in migration decisions by reducing the anticipated information asymmetry and the moral hazard associated with migration. Consistently, we show that households with empowered women are more able to cushion shocks due to natural disasters and, among all households experiencing split-migration, matrilocal women are better off than their patrilocal counterparts. We provide a theoretical framework that rationalizes the intra-household mechanisms behind these intuitions.
    Keywords: Migration, Female empowerment, Intra-household decision-making, Ethnic norms, Gender, Natural experiment
    Date: 2024–01–22
  15. By: Quimba, Francis Mark A.; Andrada, Abigail E.; Moreno, Neil Irwin S.
    Abstract: This study assessed how utilizing free trade agreements (FTAs) in imports affects the performance of Philippine manufacturing firms. It used recent developments in differences-in-differences (DID) estimation with multiple time periods and variations in treatment timing. This DID method was applied to a rich Philippine microdata set that integrates the annual firm surveys/censuses with import transaction data. The empirical analysis reveals that the FTA import utilization effects varied across different groups and periods; some estimates did not have the expected signs. Overall, productivity gains were limited for importers who started to use FTAs. However, the productivity losses observed from quitting FTA use suggest potential long-run productivity gains obtained by consistent FTA users. The results also confirm the trade-facilitating effects of FTAs, as FTA starters consistently experienced substantial import growth. Meanwhile, quitting use only generated short-term adverse effects on firm imports, implying that some importers might have eventually increased their imports from non-FTA partners. Among others, policymakers must prioritize easing FTA procedures, intensifying firm support mechanisms, and improving data access and monitoring. The country’s ongoing effort in monitoring import surges could also be leveraged to identify sectors that heavily rely on imported intermediate inputs. This could facilitate their participation and upgrading in global value chains. Comments to this paper are welcome within 60 days from the date of posting. Email
    Keywords: free trade agreements;firm performance;import facilitation;difference-in-differences;doubly robust;FTA
    Date: 2023
  16. By: Christa Brunnschweiler; Nanang Kurniawan; Päivi Lujala; Primi Putri; Sabrina Scherzer; Indah Wardhani; Christa N. Brunnschweiler
    Abstract: The governance of natural resource wealth is a key factor in promoting strong institutions and economic development in resource-rich countries. In this paper, we explore how individuals’ engagement in local natural resource revenue (NRR) management can be enhanced and encouraged. We focus on Indonesia, which is a large gold and petroleum producer, among other natural resources, with local challenges such as underdevelopment of resource-rich areas and corruption. We run a randomized survey experiment among 807 local community members in an oil-rich district using videos with three information treatments that give citizens salient and easily understandable information on local NRR and additional motivation to use this information to engage in NRR management. Our outcomes include survey questions on stated behavior and citizen rights perception regarding NRR management, and two incentive-compatible measures. We find that providing easily understandable information increases respondents’ sense of the right to personally influence how NRR are used and the propensity to donate to an anti-corruption NGO. Our positive-example treatment was able to increase respondents’ sense of their right to benefit from NRR and their right to influence NRR management, while our negative-example treatment had no impact on our outcomes. We also explore intervening mechanisms and heterogeneous effects. Providing the population of resource-rich areas with easily understood information on NRR management that is relevant to the local context offers an encouraging avenue for combating NRR-related mismanagement and corruption.
    Keywords: accountability, survey experiment, video, Indonesia, petroleum revenues, information treatment
    JEL: Q35 Q38 H41 H23 D80
    Date: 2024
  17. By: Tabuga, Aubrey D.; Vargas, Anna Rita P.; Baino, Madeleine Louise S.
    Abstract: The challenges faced by farming communities, such as typhoons, floods, droughts, volcanic eruptions, and pest infestations, can pose significant costs to their livelihoods. This study examines the resilience of upland farming households using a small yet novel survey conducted in the municipality of Atok in Benguet. To analyze resilience, the study explores indicators based on the conceptual framework Schipper and Langston (2015) put forward, namely learning, options, and flexibility. Principal Components Analysis (PCA) was applied for index creation, while ordered logistic regression was employed to assess recovery levels of farming households. The findings show that factors contributing to the learning dimension of resilience include wealth/assets, strategic positioning within social networks, and access to transportation proxied by vehicle ownership. The study recommends targeted interventions for households in lower-income brackets, peripheral network positions, and those lacking their own means of transportation, especially focusing on enhancing learning capacities. Comments to this paper are welcome within 60 days from the date of posting. Email
    Keywords: resilience;upland farming;recovery;agricultural sector
    Date: 2023
  18. By: SATO Kiyotaka; KOIBUCHI Satoshi; ITO Takatoshi; SHIMIZU Junko; YOSHIMI Taiyo
    Abstract: This study presents summary results from the FY2022 RIETI Questionnaire Survey where 22, 529 Japanese overseas subsidiaries were surveyed. Our main findings based on survey answers from 1, 390 respondent firms are as follows: First, in intra-firm trade between Japanese subsidiaries operating in Asia and Japanese head offices, the Asian currencies including renminbi (RMB) are often used as invoice currency, but the share of Asian currency-invoiced trade did not increase compared to the result of the FY2018 Survey. Second, RMB-invoiced transactions grow only in intra-firm trade with Japanese head offices. Intriguingly, RMB is not commonly used in intra-Asian trade: while other Asian currencies are more commonly used. Third, Japanese sales subsidiaries tend to have large currency mismatches between procurements of products invoiced in yen and the US dollar, and sales of products invoiced in local currencies, which calls for efficient foreign exchange risk management of Japanese subsidiaries.
    Date: 2024–01
  19. By: Serafica, Ramonette B.; Quimba, Francis Mark A.; Bayudan-Dacuycuy, Connie; Andrada, Abigail E.; Moreno, Neil Irwin S.
    Abstract: The global shift toward sustainability and increased digitalization is evident. Nations are integrating renewable energy, carbon emission reduction, and advancements in green technologies into their development plans. Simultaneously, Industry 4.0 has revealed the diverse ways technology influences human life. Rather than separate factors, these dual forces are interconnected elements that countries must navigate for sustainable progress. As countries pursue development strategies, taking a closer look at this twin phenomenon is important. This study assesses how investments, labor, science, technology, innovation, and artificial intelligence contribute to this dual transformation. Through desk reviews and synthesized data, this paper highlights relevant initiatives, technology-related risks, and recommendations for addressing existing gaps. The study acknowledges existing government initiatives aligned with green transition and digitalization. However, it identifies persistent issues, such as inadequate investment in clean climate technologies, shortage of skilled workers in green sectors, and uncertainties regarding the sustainability of AI. To overcome these challenges, the paper proposes directions to bridge gaps, remove barriers to participation, and enhance capabilities, aiming to harness this combined transition's potential fully. Comments to this paper are welcome within 60 days from the date of posting. Email
    Keywords: Green transition;digitalization;labor;artificial intelligence;green investments;science;technology and innovation
    Date: 2023
  20. By: Albert, Jose Ramon G.; Siar, Sheila V.; Vizmanos, Jana Flor V.; Hernandez, Angelo C.; Sarmiento, Janina Luz C.
    Abstract: Social media has become an increasingly important tool for gauging public sentiment, offering real-time insights that can guide policy decisions. This study focuses on analyzing sentiments expressed on the Philippine Institute for Development Studies (PIDS) Facebook page, providing a window into public opinion on various development issues and governmental policies. By conducting opinion mining and sentiment analysis on comments from the top three viral Facebook posts of PIDS, which discuss education, the middle class, and social protection policies, the study reveals a range of public perspectives and highlights the challenges faced by the populace. Additionally, an online survey targeting PIDS' social media followers was conducted to understand their demographics and preferences in accessing development research. The findings demonstrate the effectiveness of social media analytics in capturing genuine public opinion, which can be instrumental in refining policies based on evidence. The study recommends enhancing analytics capabilities, systematically incorporating these insights while safeguarding data privacy, and continuously updating strategies to reflect changing public sentiments. This policy research study underscores the value of social media data in making governance more responsive and inclusive. Comments to this paper are welcome within 60 days from the date of posting. Email
    Keywords: public sentiments;opinion mining;social media
    Date: 2023
  21. By: Weerachart Kilenthong; Sartja Duangchaiyoosook; Wasinee Jantorn; Varunee Khruapradit
    Abstract: This study evaluates the effectiveness of intensive and hands-on on-site training for preschool teachers using a randomized controlled trial in rural Thailand. The main finding is that the intervention led to an increase in the effectiveness of the classroom in terms of children’s cognitive skills by almost 50 percent relative to the control group. The on-site training intervention is cost-effective, costing 32.7 USD per student. Further investigation reveals that its specificity regarding the teaching approach or curriculum and detailed weekly teaching plans could be critical to its success.
    Keywords: Teacher training; Teacher professional development; Early childhood; School readiness; On-site training; Randomized controlled trial
    JEL: I21 I25 J24
    Date: 2024–02
  22. By: Attavanich, Witsanu
    Abstract: This paper aims to review previous studies exploring the impact of climate change on Thailand’s food security and measure the co-benefits of climate change adaptation and mitigation options. For the impact of climate change, most of the studies focused on crop production. They are mainly important cash crops such as paddy rice, cassava, and maize. Overall, climate change is projected to have a negative impact on the production of these crops. As a result, Thailand’s food security will not only be negatively affected by climate change, but global food security will also be sensitive to reductions in Thai crop production because Thailand is the world’s major exporter of these food crops. To reduce the impact of climate change, there are limited past studies that assessed cost of production and benefits of adaptation and mitigation options. Some options require temporary government support to encourage farmers to change their practices because it provides enormous co-benefit to society and environment. Several policies have been proposed to reduce the impact of climate change and promote adaptation and mitigation options across the country.
    Keywords: Climate change, Food security, Co-benefit, Impact, Adaptation, Mitigation, Thailand
    JEL: Q01 Q18 Q54
    Date: 2023–01–08
  23. By: Melad, Kris Ann M.
    Abstract: The 4Ps grievance redress system (GRS) is designed to facilitate due process in resolving the concerns and complaints about the program of beneficiary households, program stakeholders, and the general public. As with other social programs globally, the 4Ps GRS serves as a social accountability measure in response to risks of error, fraud, corruption, and leakages due to the intensive requirements and complexity of its operations. This study investigates the 4Ps GRS by analyzing grievance case data from 2010 to 2022. Key patterns and challenges emerged, with a notable increase in grievance volume following procedural guideline upgrades and calamitous events, while cases declined due to malfunctioning Management Information Systems (MIS). Payment-related issues topped grievances in terms of volume, reflecting challenges in cash transfer distribution as expected since the payment of grants is a key feature of a conditional cash transfer. In-person modes dominated grievance filing, emphasizing the importance of direct interaction and capacity building of staff to manage grievances effectively. Grievance resolution rates were generally high, but a decline in 2021-2022 highlighted a need to review procedures. Regression analysis indicated factors influencing timely resolution, including mode of submission and regional disparities. Interviews from previous studies revealed limited beneficiary awareness, cases of delayed resolutions, and a need for better access to case updates. Recommendations include strengthening data management, improving staff capabilities, promoting beneficiary awareness, and implementing regular evaluation and monitoring. These findings underscore the necessity of targeted approaches for grievance resolution in the 4Ps program. Comments to this paper are welcome within 60 days from the date of posting. Email
    Keywords: grievance redress;4Ps;cash transfer;resolution timeline;survival analysis;pantawid pamilyang pilipino program
    Date: 2023
  24. By: Epetia, Ma. Christina F.; Ocbina, John Joseph S.; Librero, Kimberly R.
    Abstract: This study explores the potential impact of school closures on in-person learning and parents’ labor supply in terms of paid employment and hours of work. Using a probit model, it finds that regardless of educational attainment, women with school-age children face a lower probability of being on paid employment, but the same cannot be observed among men with school-age children. The Heckman model was applied to estimate the log of hours of work. Conditional on employment, it was observed that school closures do not significantly determine the log of hours of work for both men and women with school-age children. However, further disaggregating the estimates by education reveals that female college graduates—and, to some extent, male college graduates—with school-age children tend to work more hours during school closures. In contrast, school closures do not affect the work hours of less educated men and women with children. Overall, the results suggest that school closures have a negative effect on employment at the extensive margin for women, but there is no evidence of reduced labor supply at the intensive margins. Policies aimed at preserving employment and mitigating human capital deterioration can thus address the cost of school closures on women’s labor supply. Comments to this paper are welcome within 60 days from the date of posting. Email
    Keywords: labor supply;COVID-19 pandemic;school closures;gender differentials
    Date: 2023
  25. By: Orbeta, Aniceto Jr. C.; Tabuga, Aubrey D.; Vargas, Anna Rita P.
    Abstract: This study analyzes the dynamic labor market outcomes of 4Ps beneficiaries, utilizing panel data from three waves of a Randomized Controlled Trial (RCT) cohort (2011, 2013, and 2017). Employing the categorization of Tabuga et al. (2021), labor market states were classified into stable, improving, worsening, and chronic categories. The study focused on four key labor market outcomes: work status, permanent work, full-time employment based on work hours, and full-time employment based on the desire for additional work. Ordered logistic regression was used to identify the correlates of these outcomes, considering individual, household, and community characteristics. The study found that nearly half of the 4Ps beneficiaries consistently held jobs, but less than a third were in permanent employment. Most worked over 40 hours per week, and a significant majority were not seeking additional work. Key correlates influencing these outcomes included age, education, household head status, gender, solo parenthood, marital status, hunger experience, indigenous group membership, IRA per capita, and poverty incidence. Based on these findings, the study recommends targeted interventions for vulnerable groups, enhanced education and skill development, broader economic and community development strategies, income improvement strategies, better public services support, addressing poverty and population density issues, and continuous monitoring and adaptation of policies. These recommendations aim to improve employment stability and overall economic well-being for 4Ps beneficiaries. Future research comparing these dynamics with the broader labor force could provide further insights. Comments to this paper are welcome within 60 days from the date of posting. Email
    Keywords: 4Ps;labor market outcomes;Philippines;Pantawid Pamilyang Pilipino Program
    Date: 2023
  26. By: , Le Thai Son; Giao, Ha Nam Khanh; Hằng, Nguyễn Thu; Anh, Huynh Diep Tram; Quý, Vũ Quốc; Thắng, Võ Chí; Toàn, Nguyễn Quốc
    Abstract: Nghiên cứu nhằm điều tra ảnh hưởng của cấu trúc hệ thống logistics ảnh hưởng đến kỳ vọng của doanh nghiệp trong lãnh vực này. Két quả nghiên cứu cho thấy cấu trúc hệ thống được hình thành từ các yếu tố chính sách, thị trường, công nghệ, mạng lưới kết nối và môi trường để ảnh hưởng đến kỳ vọng cho doanh nghiệp logistics hoạt động hiệu quả. Cuối bài viết, ý nghĩa lý thuyết và các hàm ý quàn trị được thảo luận dựa trên kết quà nghiên cứu và hướng nghiên cứu trong tương lai cũng được đề xuất.
    Date: 2024–01–18
  27. By: ITO Takatoshi; KOIBUCHI Satoshi; SATO Kiyotaka; SHIMIZU Junko; YOSHIMI Taiyo
    Abstract: This paper reports the main results of the RIETI survey conducted in FY2021 regarding the choice of invoice currency and currency risk management efforts of Japanese exporters. We sent the questionnaire items to the 929 manufacturing companies that are engaged in overseas operations and listed on the Tokyo Stock Exchange (TSE). Based on the survey results, we report various aspects of respondent firms regarding the choice of invoice currency, currency risk management, and price revisions under exchange rate fluctuations. The main results are as follows. First, in terms of exports from Japan to the world, the share of the US dollar in exports by Japanese exporters remains around 50 percent while the share of the Japanese yen marginally increased to 41 percent; second, the share of other currencies, which mainly includes Asian currencies, reached 6 percent, and surpassed the share of the euro for the first time in our surveys; third, regarding currency risk management, the percentage of firms using currency risk hedging through the market, including currency forward contracts and currency options, significantly declined to 80 percent from above 90 percent in previous surveys; fourth, the survey confirms that firms are more reluctant to change their price when anticipating yen depreciation than when anticipating yen appreciation; and fifth, by using the data of invoice currency choice by destination, we observe a steep increase in the usage of Asian currencies in exports and imports, especially the Chinese yuan, Thai baht and Indian rupee.
    Date: 2024–01
  28. By: Bachir El Murr (Université Libanaise); Genane Youness (LINEACT - Laboratoire d'Innovation Numérique pour les Entreprises et les Apprentissages au service de la Compétitivité des Territoires - CESI - CESI : groupe d’Enseignement Supérieur et de Formation Professionnelle - HESAM - HESAM Université - Communauté d'universités et d'établissements Hautes écoles Sorbonne Arts et métiers université, CEDRIC - MSDMA - CEDRIC. Méthodes statistiques de data-mining et apprentissage - CEDRIC - Centre d'études et de recherche en informatique et communications - ENSIIE - Ecole Nationale Supérieure d'Informatique pour l'Industrie et l'Entreprise - CNAM - Conservatoire National des Arts et Métiers [CNAM] - HESAM - HESAM Université - Communauté d'universités et d'établissements Hautes écoles Sorbonne Arts et métiers université); Rola Assaf
    Abstract: COVID-19 pandemic still impact higher education system, stakeholders and environment all around the world. Students, teachers, academic institutions and education decision makers were shocked by an atypical new context they promptly put in face, asking drastic change in behavior and procedures at individual, familial and institutional levels. Full lockdown and closing campuses enforced students and teachers staying and sticking home, fronting unusual domestic for work atmosphere and unacquainted online learning and teaching technologies. Consequent back to classroom framework also imposes new sanitary and social distancing conditions leading to new teaching and learning habits that affected in many ways the performance of teaching. The aim of this paper is to apprehend all the challenges that may arise in similar critical situations to make convenient decisions helping to avoid the education system shutdown or to benefit from the previous experience to adapt future behaviors and perform tools and practices. For such purpose, the present paper reviews all the determinant factors of the teaching performance in both alternative online and classroom modes of dispensing courses in the COVID-19 Lebanese context, using Partial Least Squares Structural Equation Modeling approach (PLS-SEM). It appears that all manifest variables corresponding to latent variables have a reflective measurement model. After the convergence of the algorithm of Partial Lest Square (PLS), the structural path significance test of both inner and outer model is verified by a bootstrap procedure with 1000 subsamples.
    Keywords: COVID-19 Impact Online and Classroom Teaching Performance Partial Least Squares -Structural Equation Modeling Bootstrap Goodness of Fit, COVID-19 Impact, Online and Classroom Teaching Performance, Partial Least Squares -Structural Equation Modeling, Bootstrap, Goodness of Fit
    Date: 2024–01–11
  29. By: Rogers, Pablo (Universidade Federal de Uberlândia); Barboza, Flavio
    Abstract: This tutorial provides an in-depth exploration of Variance-Based Structural Equation Modeling (VB-SEM) through Partial Least Squares Structural Equation Modeling (PLS-SEM) using the open-source software JASP. Different from commercial tools, it holds intuitive drag-and-drop interface, accessible menus, minimalist outputs, and real-time computation offer a compelling alternative for basic modeling. Hence, we focus on guiding users through the adjustment of a PLS-SEM model, covering reflective and composite measurement models (outer models) and a sophisticated structural model (inner model) using real data. Software windows are illustrated, providing guidance on crucial decision criteria, and an annotated file with analyses is included. The didactic approach addresses challenges faced by novice social scientists in adjusting PLS-SEM models, with supplementary videos proposed for enhanced learning . The primary aim is to position JASP as a free and accessible platform for VB-SEM model adjustments, advocating its adoption within the research community, and showcasing its usability, reproducibility, and acceptability.
    Date: 2024–01–23
  30. By: Mounir Dahmani (GREDEG - Groupe de Recherche en Droit, Economie et Gestion - UNS - Université Nice Sophia Antipolis (1965 - 2019) - CNRS - Centre National de la Recherche Scientifique - UCA - Université Côte d'Azur, UGAF - Université de Gafsa - Sidi Ahmed Zarroug); Adel Ben Youssef (UCA - Université Côte d'Azur)
    Abstract: The platform economy has emerged as a transformative force in various industries, reshaping consumer behavior and the way businesses operate in the digital age. Understanding the factors that influence the adoption of these platforms is essential for their continued development and widespread use. This study examines the determinants of economic platform adoption in Tunisia by extending the widely used unified theory of acceptance and use of technology 2 (UTAUT2) model with a privacy calculus model. By applying the partial least squares structural equation modeling (PLS-SEM) technique, the research provides significant insight. The results highlight the critical influence of factors such as performance expectancy, habit formation, trust in technology, perceived risk, privacy concerns, and price value on users' behavioral intentions and actual usage of the platforms. These findings provide a deeper understanding of the dynamics surrounding the adoption of the platform economy in developing countries and offer valuable insight for stakeholders. By leveraging this knowledge, stakeholders can foster an inclusive digital ecosystem, drive economic growth, and create an environment conducive to the widespread adoption and use of the platform economy in developing countries.
    Keywords: economic platforms, user behavior, UTAUT2 model, privacy calculus model, PLS-SEM, Tunisia
    Date: 2023–06–15
  31. By: James Jolliffe; Claire Jolly
    Abstract: Many ocean economic activities are not readily visible in official statistics, hindering policymakers' access to crucial information for decision making. The OECD ocean economy measurement project aims to address this by aligning ocean economy statistics with broader economic data and ensuring international consistency. This paper compares the measurement strategies of eight OECD member countries using principles from the system of national accounts. It also highlights the ocean economy thematic accounts of four countries and summarises their methods. The paper concludes with recommendations for integrating ocean economy measurements with national accounting standards, a vital step for improving the evidence base for ocean policymaking.
    Keywords: measurement, ocean economy, policymaking, statistics
    JEL: O1 O44
    Date: 2024–02–02
  32. By: Ufuk Can
    Abstract: [TR] 6 subat 2023 tarihinde Kahramanmaras’ta art arda meydana gelen ve “Asrin Felaketi” olarak da nitelenen buyuk depremler sonucunda 11 ilimiz buyuk zarar gormus ve bu iller afet bolgesi ilan edilmistir. Bu calismada, Kahramanmaras depremlerinin bolgesel ihracat uzerindeki etkisi sentetik kontrol metodu ile analiz edilmekte, bulgular Turkiye Cumhuriyet Merkez Bankasi bunyesinde reel sektor temsilcileriyle yapilan saha gorusmeleri isiginda detaylandirilmaktadir. 2023 yili subat ile Eylul aylarini kapsayan donemde bolge genelindeki deprem kaynakli ihracat kaybi yaklasik 2, 1 milyar ABD dolari olarak tahmin edilmektedir. Ýhracattaki daralma oransal olarak siralandiginda, yuzde 43, yuzde 33, 8, yuzde 31, 9 ve yuzde 30 ile Adiyaman, Kahramanmaras, Osmaniye ve Hatay; hacimsel olarak siralandiginda ise, 925, 6 milyon ABD dolari, 750, 9 milyon ABD dolari ve 300, 8 milyon ABD dolari ile Gaziantep, Hatay ve Kahramanmaras on plana cikmaktadir. Ayni donemde Mersin’in ihracatinin yuzde 19, 5 artmasinin bolge icerisinde kayan talebin bir yansimasi oldugu degerlendirilmektedir. [EN] On 6 February 2023, Kahramanmaraþ experienced major consecutive earthquakes, also described as the “Disaster of the Century”, as of a result of which 11 provinces suffered significant damage and were declared a disaster area. In this study, the impact of Kahramanmaraþ earthquakes on regional exports is analyzed by the synthetic control method, and the findings are detailed in the light of onsite interviews of the Central Bank of the Republic of Türkiye with real sector representatives. The earthquake-induced export loss in the region between February and September 2023 is estimated to be around USD 2.1 billion. When the contraction in exports is listed proportionally, Adýyaman, Kahramanmaraþ, Osmaniye and Hatay are at the top with 43 percent, 33.8 percent, 31.9 percent and 30 percent, respectively; and when it is listed by volume, Gaziantep, Hatay and Kahramanmaraþ are at the top with USD 925.6 million, USD 750.9 million and USD 300.8 million, respectively. It is evaluated that the 19.5 percent increase in Mersin’s exports in the same period is the result of the shift in demand within the region.
    Date: 2024
  33. By: Badarinza, Cristian (National University of Singapore); Ramadorai, Tarun (Imperial College Business School and CEPR); Siljander, Juhana (Imperial College Business School); Tripathy, Jagdish (Bank of England)
    Abstract: We study the aggregate implications of reference dependent and loss averse preferences in the housing market. Motivated by micro evidence, we embed optimizing homeowners with these preferences into a dynamic search and matching equilibrium model with rich heterogeneity and realistic constraints. We assess the model using large and granular administrative data tracking buyers and sellers in the UK housing market; the predictions match regional and time variation in price growth and transaction volumes. The model shows that behavioral frictions in a decentralized market can link nominal quantities with real outcomes; and reveals that the distribution of potential nominal gains in the housing market is a key policy-relevant statistic.
    Keywords: Reference dependence; behavioral frictions; housing
    JEL: D12 D91 G51 R21 R31
    Date: 2024–01–12

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