|
on South East Asia |
| By: | Lee, Jin-Myon (Korea Institute for Industrial Economics and Trade); Kang, Ji Hyun (Korea Institute for Industrial Economics and Trade) |
| Abstract: | Indonesia is becoming a more and more important player in the global economy due to its large and growing population, abundant natural resources, strategic location, emerging market potential, investment in infrastructure, and membership in key regional economic blocs. Bilateral trade between this new regional player and South Korea has been steadily growing, encompassing a wide range of goods and services, and Indonesia offers attractive investment opportunities for Korean businesses across various sectors. Korean President Yoon Suk-Yeol, attending the Korea-Indonesia Business Roundtable held in Indonesia in 2023, presented a development strategy for a new 50-year partnership between the two countries. Yoon stressed the potential for fruitful cooperation between Indonesian and Korean companies in advanced industries, including the electric vehicle (EV) and battery sectors, given Indonesia’s status as the largest ASEAN economy and its vast reserves of critical minerals. However, despite the two country’s longstanding economic relationship, key challenges remain, such as stagnation and instability. In this paper, we analyze major trends and core features of the economic cooperation between Korea and Indonesia, focusing on trade and investment. We then address some of the strengths and weaknesses of the cooperative relationship. Based on this, conclude the paper by describing the implications for a more sustainable economic partnership. |
| Keywords: | Korea-Indonesia relationship; natural resources; critical mineral resources; economic cooperation; Korea-Indonesia trade; Foreign Direct Investment; FDI; industrial development; industrial cooperation; strategic collaboration; supply chain stability; Korea; KIET |
| JEL: | F00 F10 F13 F15 F20 F21 F23 |
| Date: | 2024–04–30 |
| URL: | https://d.repec.org/n?u=RePEc:ris:kieter:2024_008&r= |
| By: | PHAM PHUONG NGOC (Diplomatic Academy of Vietnam, Hanoi, Vietnam); DAINN WIE (National Graduate Institute for Policy Studies, Tokyo, Japan) |
| Abstract: | This study investigates trade diversion in Vietnam, driven by the US-China trade war, which provided Vietnamese firms with relatively favorable access to the US market. Analyzing US import data, we observe a substantial rise in imports of targeted goods from Vietnam due to the trade war. Utilizing microdata from Vietnamese firms, we establish empirical evidence that tariff hikes on Chinese products augmented the likelihood of Vietnamese firms in targeted industries becoming exporters. Employing tariff wedges as an instrumental variable, our findings indicate that firms transitioning into exporters witnessed a significant increase in productivity. |
| Keywords: | trade diversion, trade war, export, foreign direct investment |
| Date: | 2023–06 |
| URL: | http://d.repec.org/n?u=RePEc:ngi:dpaper:23-06&r= |
| By: | Rodgers, Yana van der Meulen (Rutgers University); Zveglich, Jr., Joseph (Asian Development Bank); Ali , Khadija (Asian Development Bank); Xue , Hanna (Rutgers University) |
| Abstract: | Demographics in Malaysia and Viet Nam are evolving rapidly, potentially disrupting traditional family support to older people. We estimate a set of Poisson random effects models with panel data from the Malaysia Ageing and Retirement Survey and the Viet Nam Aging Survey to analyze how living arrangements, marital status, and support from children influence the mental and physical health of older people. In Malaysia, having living children plays an important protective role for both mental and physical health, while living with a son appears to have a protective effect for physical health. Results are similar for Viet Nam, except older women, who are at greater risk of mental and physical health problems, appear to enjoy a greater protective effect for their mental health from a child living nearby than do men. Our analysis underscores the importance of social safety nets for the health of senior citizens living alone. |
| Keywords: | mental health; well-being; physical health; depression; gender; women; aging |
| JEL: | I14 J16 O53 |
| Date: | 2024–06–21 |
| URL: | https://d.repec.org/n?u=RePEc:ris:adbewp:0730&r= |
| By: | Vuong, Bui Nhat (Vietnam Aviation Academy) |
| Abstract: | Mục đích của nghiên cứu này là kiểm tra đóng góp của trí tuệ văn hóa đối với hiệu quả phục hồi dịch vụ trong ngành hàng không. Bên cạnh đó, vai trò trung gian của hiệu quả giao tiếp đa văn hóa và sự gắn kết công việc cũng được xem xét. Dữ liệu khảo sát thu thập từ 182 tiếp viên hàng không phục vụ các chuyến bay quốc tế của các hãng hàng không Việt Nam (Vietnam Airlines, Pacific Airlines, Vietjet Air, Bamboo Airways và Vietravel Airlines) được phân tích để cung cấp bằng chứng. Kết quả từ mô hình phương trình cấu trúc bình phương nhỏ nhất từng phần (PLS-SEM) sử dụng chương trình SmartPLS 4 chỉ ra rằng trí tuệ văn hóa làm cải thiện hiệu quả phục hồi dịch vụ; mối quan hệ này được trung gian một phần thông qua hiệu quả giao tiếp đa văn hóa và sự gắn kết công việc. Hơn nữa, nghiên cứu này là bước đầu để nâng cao hiểu biết về tác động của nguồn lực cá nhân trong lý thuyết JD – R. Cuối cùng, tác giả cũng đã đề xuất một số hàm ý quản trị cho các hãng hàng không cải thiện hiệu quả phục hồi dịch vụ thông qua nâng cao trí tuệ văn hóa của tiếp viên hàng không. |
| Date: | 2024–06–10 |
| URL: | https://d.repec.org/n?u=RePEc:osf:osfxxx:69uja&r= |
| By: | Haibo Wang; Lutfu S. Sua; Jun Huang; Jaime Ortiz; Bahram Alidaee |
| Abstract: | The COVID-19 pandemic has compelled multinational corporations to diversify their global supply chain risk and to relocate their factories to Southeast Asian countries beyond China. Such recent phenomena provide a good opportunity to understand the factors that influenced offshore decisions in the last two decades. We propose a new conceptual framework based on econometric approaches to examine the relationships between these factors. Firstly, the Vector Auto Regression (VAR) for multi-way cointegration analysis by a Johansen test as well as the embedding Granger causality analysis to examine offshore decisions--innovation, technology readiness, infrastructure, foreign direct investment (FDI), and intermediate imports. Secondly, a Quantile Vector Autoregressive (QVAR) model is used to assess the dynamic connectedness among Southeast Asian countries based on the offshore factors. This study explores a system-wide experiment to evaluate the spillover effects of offshore decisions. It reports a comprehensive analysis using time-series data collected from the World Bank. The results of the cointegration, causality, and dynamic connectedness analyses show that a subset of Southeast Asian countries have spillover effects on each other. These countries present a multi-way cointegration and dynamic connectedness relationship. The study contributes to policymaking by providing a data-driven innovative approach through a new conceptual framework. |
| Date: | 2024–06 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2406.07525&r= |
| By: | Khanh Ngoc, Quach Thi (Faculty of Economics, Nha Trang University, Nha Trang, Vietnam); Xuan, Bui Bich (Faculty of Economics, Nha Trang University, Nha Trang, Vietnam); Nam, Pham Khanh (School of Economics, Law and Government Management, University of Economics Ho Chi Minh City, Vietnam) |
| Abstract: | Small-scale fisheries, are crucial to support the welfare of coastal communities. Nonetheless, in Vietnam prolonged overexploitation and inadequate management have led small-scale fisheries into an uncertain future, leaving fishing households vulnerable to poverty and food insecurity. This study examines the role of small-scale fisheries in Vietnam in promoting food security and alleviating poverty within fishing households. Utilizing latent profile analysis, we categorize fishing households based on dimensions of poverty and food insecurity as well as explore the potential of fisheries management measures in eradicating poverty and improving food security. Our findings reveal that, overall, small-scale fisheries in Vietnam have significantly contributed to the well-being of fishing households, enhancing both income and food security. However, we found two distinct groups of fishers. One group, representing 65 percent of households in our sample, is characterized by higher incomes and greater food security, is denoted in the study as “protected households”. The second group, comprising 35 percent of our sample, is challenged in both dimensions, and is denoted as “vulnerable households”. Protected households are more likely to be located in areas where access limitations are enforced, often accompanied by livelihood enhancement opportunities. These results imply that future policies for small-scale fisheries should foster synergies among various interventions aimed at conserving fisheries resources, alleviating poverty, and ensuring food security. |
| Keywords: | Poverty; food security; small-scale fisheries; Vietnam fisheries |
| JEL: | Q22 |
| Date: | 2024–06–05 |
| URL: | https://d.repec.org/n?u=RePEc:hhs:gunefd:2024_007&r= |
| By: | Johannes S Kunz (Monash University); Carol Propper (Imperial College London, Monash University); Trong-Anh Trinh (Monash University) |
| Abstract: | Digital access may bring important health gains, particularly where physical infrastructure is limited. We examine the impact of internet access in Indonesia on health outcomes using the COVID-19 pandemic as a health shock. We utilize sub-national data on mobile broadband, COVID-19 spread, and an instrumental variable approach using lightning strikes as an exogenous shock to connectivity. Access to 3G internet significantly reduced the transmission of COVID-19. Areas with internet access had approximately 45% fewer cases. Regions with higher literacy and capacity for telework benefited significantly more. These findings offer novel insights into how digital infrastructure affects public health outcomes. |
| Keywords: | Health emergencies, Internet access, Information, COVID-19 Spread, Indonesia |
| JEL: | I12 I15 I31 O18 L96 H41 |
| Date: | 2024–05 |
| URL: | https://d.repec.org/n?u=RePEc:mhe:chemon:2024-07&r= |
| By: | Adrian Gheorghe (Center for Global Development); Peter Baker (Center for Global Development) |
| Abstract: | In this policy paper we summarise what is known about healthcare disinvestment and outline documented experiences in low- and middle-income countries (LMICs) to draw insights on what has worked, to what extent, and under what conditions. We reviewed the published literature on documented experiences of attempted healthcare disinvestment in LMICs. We identified two common scenarios when disinvestment initiatives were attempted, namely “one-off” and “systematic” initiatives, and characterised them in terms of objectives, resources and political will. We found four documented examples of one-off disinvestment initiatives—Iran, Malaysia, Romania, and Vietnam, two documented examples of systematic disinvestment initiatives by health technology assessment (HTA) agencies in LMICs—Brazil and China, as well as a range of countries like Thailand, India, and Ghana that carry out systematic disinvestment through routine HTA processes. We conclude that disinvestment is costly, time-consuming, and rarely as successful as policymakers intend. Key considerations to improve the chances of success include whether strong pre-existing health prioritisation systems exist (such as an HTA agency) and whether the design of initiatives are tightly matched to the level of political will, the policy objective, and available resources. |
| Date: | 2024–04–15 |
| URL: | https://d.repec.org/n?u=RePEc:cgd:ppaper:327&r= |
| By: | Datt , Gaurav (Centre for Development Economics and Sustainability); Wellappuli, Ravisha (Monash University); Nguyen, John (Monash University); Martinez, Jr., Arturo (Asian Development Bank); Bulan , Joseph Albert Nino (Asian Development Bank) |
| Abstract: | In this paper, we make two contributions to the literature on inequality of opportunity (IOP). First, we use longitudinal data for two developing countries, Thailand and Viet Nam, to study the evolution of absolute and relative IOP in the income and consumption space over a 10-year period, thus adding to the relatively limited evidence on changes in IOP over time. Second, we propose and estimate “circumstance” elasticities as measures of the responsiveness of current income and consumption to pre-existing circumstances. Our analysis finds that inequalities of opportunity are enduring in both countries. We also find that the circumstance elasticities for the vast majority of household types identified by their baseline circumstances are not significantly different to unity and non-declining over time. Our evidence points to long-duration effects of circumstances on welfare outcomes. |
| Keywords: | inequality of opportunity; circumstance elasticity |
| JEL: | D31 D63 O15 |
| Date: | 2024–06–14 |
| URL: | https://d.repec.org/n?u=RePEc:ris:adbewp:0728&r= |
| By: | Lan, Trần Thị Ngọc; Trung, Tran Thanh |
| Abstract: | The aim of this research is to show a theoretical review of studies on psychosocial factors affecting the evaluation and willingness to purchase foreign goods in the past; Identify research gap related to evaluation and willingness to consume foreign goods; Propose a conceptual framework for Vietnamese consumers' willingness to consume foreign goods. The results of this research show that psychosocial factors affecting the willingness to consume foreign goods of consumers in previous studies are classified into six groups of factors: consumer affinity, consumer animosity, consumer ethnocentrism, patriotism, consumer cosmopolitanism, and product judgments. Besides, this study is to help local business managers identify a few factors affecting the willingness of Vietnamese consumers to buy foreign products and understand them. Clearly understand the level and direction of impact of each factor. On that basis, it is possible to make marketing policies to help improve the competitiveness of enterprises in the domestic market compared to products imported. Based on social identity theory, cognitive dissonance theory, realistic group conflict theory, and related studies, the research topic has built a research model of psychological factors. Social impact on the evaluation and willingness to consume foreign products. |
| Date: | 2023–03–17 |
| URL: | https://d.repec.org/n?u=RePEc:osf:osfxxx:khjv2&r= |
| By: | Lee, Christopher M. |
| Abstract: | Business Process Outsource (BPO) emerged as one of the successful companies in the Philippines more than twenty years ago. It was way back then but still considered to be one of the backbone income generated resources in the country. The research investigation merely discussed on Quality Assurance (QA) and Customer Satisfaction (CSAT) score cards give us inference research information that have been generated to all service agents, and how this KPIs index metrics maintains its stability by every BPO employers in the community. It also explains how the company runs their operative and resource management by using these BPO metrics to facilitate their business development metrics and evaluations towards call center employees. This research study will serve to any future developmental research goals relative to business strategy planning and other contact center outsourcing practices. |
| Date: | 2023–05–17 |
| URL: | https://d.repec.org/n?u=RePEc:osf:osfxxx:9k2wv&r= |
| By: | Gupta, Pralok (Indian Institute of Foreign Trade); Das, Sanchita Basu (Asian Development Bank); Sharma, Saarthak (Commonwealth Secretariat, London); Domingo, Ma. Veronica (Asian Development Bank) |
| Abstract: | Pacific developing member countries (DMCs) depend heavily on international tourism, which can promote merchandise exports by reducing trade costs. This paper empirically analyzes tourist inflows as a determinant of merchandise exports for Pacific DMCs by deploying a gravity model technique. Other relevant variables that augment the model are trade agreements, language affinity, visa policies, etc. The paper finds that inbound tourism to Pacific DMCs significantly increases merchandise exports: a 1% increase in tourist inflows is associated with a 0.17% rise in merchandise exports in the region. This relationship is along expected lines, as international tourist arrivals can help reduce trade costs, increasing such exports. If international tourists come from countries with a shared language and that have formed an economic partnership through free trade agreements and easy visa policies, the increase is bigger. Based on the findings, the paper recommends that inbound tourism be used to develop other industries such as garments or souvenir-related manufacturing in countries in the region. These products hold good export potential, provided they can be customized to the tastes and preferences of international tourists. |
| Keywords: | tourism; international trade; Pacific developing member countries |
| JEL: | C33 F14 L83 Z38 |
| Date: | 2024–06–28 |
| URL: | https://d.repec.org/n?u=RePEc:ris:adbewp:0732&r= |
| By: | Phitawat Poonpolkｌ (Puey Ungphakorn Institute for Economic Research, Bangkok, Thailand); Ponpoje Porapakkarm (National Graduate Institute for Policy Studies, Tokyo, Japan); Nada Wasi (Puey Ungphakorn Institute for Economic Research, Bangkok, Thailand) |
| Abstract: | We use an overlapping generations model to study the challenge in developing countries with a large informal sector and aging populations. We use Thailand as a case study and incorporate its labor market structure and its public pension system into the calibrated model. Unlike developed countries, workers in developing countries commonly transit from the formal sector to the informal sector, which can be in the early stage of their working life. This labor market feature crucially limits the coverage of the contributory social security system. We find that 66% of Thai elderly (aged 60 years old or over) are ineligible for social security annuity benefits because of an insufficient number of years paying into the social security fund. In addition, we use our model to evaluate two schemes to raise the existing universal basic pension income to the poverty line; namely, uniform benefits and pension-tested benefits. We find that pension-testing effectively improves the targeting efficiency, and non-trivially lower the cost of the basic pension income program. |
| Keywords: | Overlapping generations model, Fiscal sustainability, Pension, Social Security, Thailand |
| Date: | 2023–03 |
| URL: | http://d.repec.org/n?u=RePEc:ngi:dpaper:22-14&r= |
| By: | Minh Ha-Duong (CIRED - Centre International de Recherche sur l'Environnement et le Développement - Cirad - Centre de Coopération Internationale en Recherche Agronomique pour le Développement - EHESS - École des hautes études en sciences sociales - AgroParisTech - ENPC - École des Ponts ParisTech - Université Paris-Saclay - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | This article discusses the proposed introduction of a two-part tariff in Vietnam's electricity markets. A two-part tariff in the electricity sector refers to a billing mechanism where consumers are charged based on two distinct components: capacity and consumption. The capacity charge is determined by the maximum power capacity (in kilowatts, kW) that a consumer can draw from the system at any given moment. This is akin to paying a rental fee for accessing power up to a certain limit. The consumption charge, on the other hand, is based on the actual amount of electricity used by the consumer over a period, measured in kilowatt-hours (kWh). It examines how a two-part tariff, including capacity payments, could be applied to Vietnam's wholesale electricity market to support investment in dispatchable generation like gas power plants. These plants are needed to complement the growing share of variable renewable energy sources like wind and solar. The article will draw on international experiences, such as the recent introduction of capacity payments for coal power plants in China, to explore the potential benefits and design considerations for such a mechanism. |
| Keywords: | capacity payments, Vietnam, electricity market |
| Date: | 2024–05–20 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-04607117&r= |
| By: | Heo, Jaichul (KOREA INSTITUTE FOR INTERNATIONAL ECONOMIC POLICY (KIEP)); Kim, Joo-Hye (KOREA INSTITUTE FOR INTERNATIONAL ECONOMIC POLICY (KIEP)); Choi, Jae-Hee (KOREA INSTITUTE FOR INTERNATIONAL ECONOMIC POLICY (KIEP)); Choi, Jiwon (KOREA INSTITUTE FOR INTERNATIONAL ECONOMIC POLICY (KIEP)); Kim, Sung-Hae (KOREA INSTITUTE FOR INTERNATIONAL ECONOMIC POLICY (KIEP)); Kim, Seung-Soo (Chulalongkorn University) |
| Abstract: | 본 연구는 국제사회에서 형성되고 있는 중국 담론에 대한 분석을 통해 변화된 환경 속에서 새로운 대중국 전략 및 정책을 수립하기 위한 시사점을 도출하고자 한다. 또한 중국을 둘러싸고 전개되는 복잡한 국제정세의 변화를 정확히 이해하고, 이에 대처할 수 있는 범사회적 능력(China literacy)을 향상하는 데 기여하고자 한다. This study began with the idea that the international community’s discourse on China may not be produced, distributed, and utilized separately in each country, but may be formed within a huge global network. So this study tried to examine what the content of the discourse on China is; who produces it; how it is being distributed and utilized in the international community. And it also tries to examine the political dynamics under which the international community’s discourse on China is produced. This study first selected the issues of the 2019–2020 Hong Kong protests, the Belt and Road Initiative (BRI), and the COVID-19 pandemic and conducted a case analysis of the international community’s discourse on China, focusing on these issues. As a result, many interesting facts were discovered. In particular, it was found that political images of the BRI seemed to have a stronger influence than direct experience toward it in shaping the international community’s discourse on the BRI. Through the analysis of three cases, it was possible to identify countries, regions, and organizations that play an important role in shaping the international community’s discourse on China. Among countries or regions, the United States and the United Kingdom appeared to be the most prominent actors in shaping the international community’s discourse on China. In addition, Japan and Taiwan, which are China’s neighbors and have a tense relationship with China in establishing order in the Asian region at the same time, also emerged as important actors. Accordingly, this study analyzed in more depth the mechanisms of how the discourse on China is being formed within the relevant countries and regions, targeting the US, EU (UK), Taiwan, and Japan. At the same time, it also analyzes the formation of the discourse on China in Korea, along with ASEAN, which is becoming increasingly important geopolitically, as can be seen from the U.S. “Free and Open Indo-Pacific” (FOIP) Strategy and China’s BRI. (the rest omitted) |
| Keywords: | China; Discourse on China; International society; China literacy |
| Date: | 2023–12–29 |
| URL: | https://d.repec.org/n?u=RePEc:ris:kieppa:2023_031&r= |
| By: | Boccia, Marinella; Iammarino, Simona; Sean, Chanmony; Veung, Naron |
| Abstract: | This paper explores the factors affecting firms’ perception on how important barriers to innovation are in the case of Cambodia. In particular, the study aims to bring the characteristics of Cambodian enterprises to the fore, shedding light on two issues: what the characteristics associated with firm’s perceptions of barriers to their economic and business operations are, and whether differences among their geographical location exist in relation to their assessment of how important such obstacles are. By using data from the World Bank Enterprise Survey 2016 in Cambodia, as well as information drawn from the previous wave of the same survey, the econometric analysis considers the complementarity among different types of obstacles highlighted in the empirical literature as being important from drawing policy implications. |
| Keywords: | obstacles to business firms; economic development policy; firm perceptions; World Bank survey; Cambodia |
| JEL: | R14 J01 L81 |
| Date: | 2024–05 |
| URL: | https://d.repec.org/n?u=RePEc:ehl:lserod:123702&r= |
| By: | Hoskins, Stephen (Singapore Management University); Johnston, David W. (Monash University); Kunz, Johannes S. (Monash University); Shields, Michael A. (Monash University); Staub, Kevin E. (University of Melbourne) |
| Abstract: | Despite being widely used in health economics, dynamic models of health and healthcare typically assume that the persistence in these outcomes is the same for every individual. Understanding the extent and drivers of heterogeneity in persistence is essential for the design and evaluation of health interventions because persistence determines the dynamics and overall long-run effects of such interventions. This paper explores individual-level heterogeneity in the persistence of health outcomes. Using simple regression methods that do not place any restriction on the distribution of the heterogeneity in persistence, the paper documents substantial heterogeneity in health, medical expenditures, and healthcare use. We show that neglecting this heterogeneity leads to estimates that overstate the average persistence and can bias the coefficients of covariates. We find that between 75% and 87% of individuals display persistence and that this persistence is related to the individuals' personality and socio-economic characteristics. |
| Keywords: | self-reported health, healthcare utilisation, dynamic panel data, state dependence, heterogeneity |
| JEL: | I10 I12 C23 |
| Date: | 2024–05 |
| URL: | https://d.repec.org/n?u=RePEc:iza:izadps:dp17023&r= |
| By: | Stephen Hoskins (Singapore Management University, ROSA); David W. Johnston (Monash University); Johannes S. Kunz (Monash University); Michael A. Shields (Monash University); Kevin E. Staub (University of Melbourne) |
| Abstract: | Despite being widely used in health economics, dynamic models of health and healthcare typically assume that the persistence in these outcomes is the same for every individual. Understanding the extent and drivers of heterogeneity in persistence is essential for the design and evaluation of health interventions because persistence determines the dynamics and overall long-run effects of such interventions. This paper explores individual-level heterogeneity in the persistence of health outcomes. Using simple regression methods that do not place any restriction on the distribution of the heterogeneity in persistence, the paper documents substantial heterogeneity in health, medical expenditures, and healthcare use. We show that neglecting this heterogeneity leads to estimates that overstate the average persistence and can bias the coefficients of covariates. We find that between 75% and 87% of individuals display persistence and that this persistence is related to the individuals’ personality and socio-economic characteristics. |
| Keywords: | self-reported health, healthcare utilisation, dynamic panel data, state dependence, heterogeneity |
| JEL: | I10 I12 C23 |
| Date: | 2024–05 |
| URL: | https://d.repec.org/n?u=RePEc:mhe:chemon:2024-06&r= |
| By: | Sara Ain Tommar (NEOMA - Neoma Business School); Serge Darolles (DRM - Dauphine Recherches en Management - Université Paris Dauphine-PSL - PSL - Université Paris Sciences et Lettres - CNRS - Centre National de la Recherche Scientifique); Emmanuel Jurczenko (EDHEC BS - EDHEC Business School [Nice]) |
| Abstract: | We construct a novel and comprehensive dataset to formally explore the returns of private equity funds in non-North American focused markets. We investigate a range of stylized facts on private equity performance and persistence, and compare the findings to the extensive evidence on North American funds. We find that European private equity funds have performed at least similarly to their North American peers throughout the sample period. European funds' performance declines over time even though funds continued to deliver above par with a range of public market indices. Funds focused on Asia Pacific, or Latin America, Middle East and North Africa, and other parts of the world have outperformed in only a few of the sample vintages, both relative to the broad US public market and other regional equity markets. Inconsistent with the "money chasing deals" hypothesis, fund performance does not seem to be driven by the capital infusions into the industry, but by a rather maturing market for profitable deals. Non-North American funds show evidence of return persistence in Europe only, as does a sample of US-backed funds that are diversified globally. Persistence is random outside the European and Global groups, and declines over time, with some variation across regions and investment styles. |
| Keywords: | private equity funds, international markets, performance, return persistence |
| Date: | 2023–06 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-04581106&r= |
| By: | Roongkiat Ratanabanchuen; Kanis Saengchote; Voraprapa Nakavachara; Thitiphong Amonthumniyom; Pongsathon Parinyavuttichai; Polpatt Vinaibodee |
| Abstract: | Analyzing investors' trading behavior in cryptoasset markets provides new evidence supporting the theory that retail investors likely exhibit behavioral biases. We investigate the price discovery process between Thailand's most highly liquid exchange and the global exchange. Under the no-arbitrage assumption, bid-offer quotes in the local exchange should quickly move to match the new price levels in the global exchange, as the price process of cryptoassets in the local exchange does not contain new information that can lead the price dynamic in the global exchange. We analyze intraday bid-offer quotes and investors' portfolio positions and find that investors exhibit the disposition effect by attempting to sell their profitable positions during market upturns. The rate of bid-offer movement is significantly slow to match a new global price level only in situations when most investors in the market are in profit. These insights are crucial as they suggest that the risk-return characteristics of asset prices between the bull and bear market may differ, resulting from investors' behavioral biases. |
| Date: | 2024–06 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2406.02878&r= |
| By: | Michelle Escobar Carías (The University of Melbourne, Department of Economics); Nicole Black (Monash University, Monash Business School, Centre for Health Economics); David Johnston (Monash University, Monash Business School, Centre for Health Economics); Rohan Sweeney (Monash University, Monash Business School, Centre for Health Economics); Fiona S. Barker (Monash University, School of Public Health and Preventive Medicine, Faculty of Medicine, Nursing and Health Sciences); Rosnaena (RISE Program Indonesia); Syaidah Syamsul (RISE Program Indonesia); Taniela Waka (RISE Program Fiji) |
| Abstract: | We document gender differences in children’s time investments in education, labour, and leisure in an understudied population of children living in urban informal settlements. Using within-settlement and within-sibling comparisons, we find that boys spend significantly less time than girls on schooling and homework and more time on leisure activities. We also find that caregivers invest less time in helping their sons with reading and homework than their daughters. One possible explanation is that girls spend more time on domestic work. As a result, as the share of girls in the household increases, primary caregivers spend less time on domestic work and more time on other activities such as teaching children. We find that the gender gaps in time use are more pronounced among children whose parents have lower schooling and more financial constraints. |
| Keywords: | Gender gap, Time Use, Education, Informal Settlements |
| JEL: | I24 I25 I30 J22 |
| Date: | 2024–06 |
| URL: | https://d.repec.org/n?u=RePEc:mhe:chemon:2024-10&r= |
| By: | Stephen Hoskins (Center for Research on Successful Ageing, Singapore Management University); David W. Johnston (Monash University); Johannes S. Kunz (Monash University); Michael A. Shields (Monash University); Kevin E. Staub (University of Melbourne) |
| Abstract: | Using a high-frequency panel survey, we examine the sensitivity of estimated self-reported well-being (SWB) dynamics to using monthly, quarterly, and yearly data. This is an important issue if SWB is to be used to evaluate policy. Results from autoregressive models that account for individual-level het- erogeneity indicate that the estimated persistence using yearly data is near zero. However, estimated persistence from monthly and quarterly data is substantial. We estimate that persistence to shocks typically lasts around six months and has a net present value of 75–80 per cent of the contemporaneous effect. Estimates are similar for different domains of SWB. |
| Keywords: | well-being, life satisfaction, dynamic panel data, adaptation, panel autoregression |
| JEL: | I10 I30 I31 |
| Date: | 2024–04 |
| URL: | https://d.repec.org/n?u=RePEc:mhe:chemon:2024-05&r= |
| By: | AMBASHI Masahito; IWASAKI Fusanori |
| Abstract: | The policy term “industrial cooperation†has long been positioned as a tool of trade strategy in Japan; mainly by the Ministry of International Trade and Industry (and now currently as the Ministry of Economy, Trade and Industry). In the context of international industrial policy, industrial cooperation is interpreted as a commitment to reciprocal cooperation in the field of industry among countries. Our paper analyzes what post-war Japanese international industrial policy in relation to industrial cooperation was intended to accomplish, by quantitatively evaluating a series of minutes of the National Diet proceedings in which the policy term “industrial cooperation†appears, based on the text-analysis method. According to our analysis, while this term has been used in debates at the National Diet since the 1960s, its use became prominent in the 1980s when Japanese industrial competitiveness was conspicuous. Through detailed analysis of the texts, our paper finds that the international industrial policy issues where industrial cooperation was used as a policy tool evolved from the initial response to the trade conflicts with the United States and the European Commission to issues such as procurement of global natural resources and gain of economic benefits from the rapidly growing ASEAN economies. As suggested by the analysis of industrial cooperation in this paper, it is important to understand policy tools of international industrial policy within the context of the historical background and circumstances of their implementation, even if they are seemingly similar. |
| Date: | 2024–06 |
| URL: | https://d.repec.org/n?u=RePEc:eti:rpdpjp:24007&r= |
| By: | Hanol Lee (Research Institute of Economics and Management, Southwestern University of Finance and Economics, Sichuan, China); Dainn Wie (National Graduate Institute for Policy Studies, Tokyo, Japan); Eunbi Song (Department of Economics, School of Business, Monash University, Selangor, Malaysia) |
| Abstract: | Bangladesh has long been exposed to climate-induced disasters, and the literature has paid little attention to their impact on child marriage. This study empirically explores the gendered impact of extreme rainfall on child marriage in Bangladesh and provides a comprehensive yet detailed analysis using high-resolution weather data and nationally representative rural household survey. The duration analysis in this paper shows that women exposed to one standard deviation more extreme rainfall are at an increased risk of child marriage by 5.5%. However, we find no evidence that child marriages driven by extreme rainfall lead to early childbirth in women. We also report that extreme rainfall has no statistically significant impact on men’s child marriages. The main finding is consistent across several decades of cohort and robust to migration, which might threaten internal validity. We also highlight that our main findings are driven by households living in non-coastal regions, with significant heterogeneity across divisions. |
| Keywords: | Bangladesh, child marriage, extreme rainfall, survival analysis, weather shock |
| Date: | 2022–11 |
| URL: | http://d.repec.org/n?u=RePEc:ngi:dpaper:22-10&r= |
| By: | Ryuichiro Izumi (Department of Economics, Wesleyan University); Yang LI (Singapore University of Social Sciences) |
| Abstract: | The banking turmoil of 2023 highlighted how technological advancements have significantly accelerated the speed of bank runs. This paper investigates the impact of these faster bank runs on the effectiveness of policy interventions by interpreting them as a constraint on the relative speed of policy responses. Using a model of bank runs and ex-post policy responses, we examine how delays caused by this constraint affect financial fragility and welfare. We find that while delays exacerbate welfare loss by distorting allocations, they may also decrease fragility by making banks more cautious. We explore the optimal level of structural delay, balancing the trade-off between distributional distortions and financial fragility. |
| Keywords: | Bank runs, Delayed Intervention, Speed of Bank Runs |
| JEL: | G21 G28 E58 |
| Date: | 2024–06 |
| URL: | https://d.repec.org/n?u=RePEc:wes:weswpa:2024-006&r= |
| By: | Van-Quy Nguyen (Faculty of Mathematical Economics, National Economics University, Hanoi, Vietnam); Jean-Marc Bonnisseau (Université Paris 1 Panthéon-Sorbonne, Centre d'Economie de la Sorbonne, Paris School of Economics); Elena L. Del Mercato (Université Paris 1 Panthéon-Sorbonne, Centre d'Economie de la Sorbonne, Paris School of Economics) |
| Abstract: | We consider a pure exchange economy with consumption externalities in preferences. We study commodity taxes and lump-sum transfers schemes, which lead to equilibrium allocations where all individuals are strictly better off. We extend the result of Geanakoplos and Polemarchakis (2008) on the generic existence of Pareto improving policies with uniform taxes and equal transfers to general non-separable preferences, when the number of individuals is strictly smaller than the number of commodities. We also overcome this limitation by considering either uniform taxes with personalized lump-sum transfers, or personalized taxes with uniform lump-sum transfers. As in Geanakoplos and Polemarchakis (2008), we mainly use utility perturbations but we also provide a sufficient condition for ensuring the existence of Pareto improving policies without perturbing utilities |
| Keywords: | Consumption externalities; commodity taxes; lump-sum transfers; Pareto improvement |
| JEL: | D50 D60 D62 |
| Date: | 2024–06 |
| URL: | https://d.repec.org/n?u=RePEc:mse:cesdoc:24007&r= |