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on Transition Economics |
| By: | Karoly Attila Soos (Institute of Economics, Centre for Economic and Regional Studies, Hungarian Academy of Sciences) |
| Abstract: | Statistical data display a high level of sectorial and geographical concentration in the exports of three Central European new member states of the European Union: the Czech Republic, Hungary and Slovakia. All the three export huge quantities of the products of certain sectors of engineering industries, and the main destination of their exports are the partner countries in the European Union. In this article, we discuss these issues in a comparative perspective, including into the analysis some other Central–Eastern European (CEE) new EU member states and also some other (non-CEE) EU member states. With more thorough examination we find that both kinds of concentration (which are also interrelated) are at lower levels than it appears in foreign trade statistics, and still rather high in international comparison. Concentration has both positive and negative (dangerous) sides. |
| Keywords: | External trade, international value chains, clustering, industrial structure, European Union, Central–Eastern Europe, Hungary, Czech Republic, Slovakia, mechanical engineering, automotive industry |
| JEL: | F13 F15 F23 F43 H25 J24 |
| Date: | 2015–09 |
| URL: | http://d.repec.org/n?u=RePEc:has:discpr:1548&r=tra |
| By: | Kashcheeva, Mila; Nabeshima, Kaoru |
| Abstract: | In this study we evaluate innovative performance of the economies of Central and Eastern Europe (CEE) based on the available statistics of innovation processes. We compare such country-level indicators as educational levels, investments in R&D, FDI, trade and licensing flows, patents and scientific articles, and find that the most developed CEE economies are also the most innovative. At the same time, as supported by the results of the interviews in Czech Republic, one of the top performers in the CEE region, its economy is facing a number of challenges that are similar to other middle-income countries around the world. We suggest addressing these challenges from the prospective of the Middle Income Trap, when a middle-income economy to sustain growth must learn to compete with advanced economies in high-skill innovation. Development of effective innovation policy should be a priority for the CEE countries to escape from the middle income trap. |
| Keywords: | Czech Republic, East Europe, Economic growth, Technological innovations, Innovation policy, Middle income trap, Central and Eastern Europe |
| JEL: | O31 O10 O20 |
| Date: | 2015–03 |
| URL: | http://d.repec.org/n?u=RePEc:jet:dpaper:dpaper506&r=tra |
| By: | Xing Li; Tian Qiu; Guang Chen; Li-Xin Zhong; Xiong-Fei Jiang |
| Abstract: | Geography effect is investigated for the Chinese stock market, based on the daily data of individual stocks. Companies located around the stock markets are found to greatly contribute to the markets in the geographical sector. A geographical correlation is introduced to quantify the geography effect on the stock correlation, which is observed to approach steady as the company location moves to the northeast China. Stock distance effect is further studied, where companies are found to more likely set their headquarters close to each other. In the normal market environment, the stock correlation decays with the stock distance, but is independent of the stock distance in and after the financial crisis. |
| Date: | 2016–01 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:1601.01753&r=tra |
| By: | Sylvie Démurger (Université de Lyon, Lyon, F-69007, France ; CNRS, GATE Lyon St Etienne,F-69130 Ecully, France); Xiaoqian Wang (Université de Lyon, Lyon, F-69007, France ; CNRS, GATE Lyon St Etienne,F-69130 Ecully, France) |
| Abstract: | This paper investigates how private transfers from internal migration in China affect the expenditure behaviour of families left behind in rural areas. Using data from the Rural-Urban Migration in China (RUMiC) survey, we assess the impact of remittances sent to rural households on consumption-type and investment-type expenditures. We apply propensity score matching to account for the selection of households into receiving remittances, and estimate average treatment effects on the treated. We find that remittances supplement income in rural China and lead to increased consumption rather than increased investment. Moreover, we find evidence of a strong negative impact on education expenditures, which could be detrimental to sustaining investment in human capital in poor rural areas in China. |
| Keywords: | remittances, labour migration, expenditure behaviour, left-behind, propensity score matching, China |
| JEL: | O15 J22 R23 D13 O53 |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:gat:wpaper:1601&r=tra |
| By: | Gulnara I. Abdrakhmanova (National Research University Higher School of Economics); Galina G. Kovaleva (National Research University Higher School of Economics); Natalia V. Bulchenko (Ministry of Telecom and Mass Communications of the Russian Federation) |
| Abstract: | Structural changes influenced by ICT are having an impact on production processes and the release of products in the information and communication technology (ICT) sphere and content (on the level of individual enterprises) and are resulting in the pursuit of new approaches to socio-economic development, to increase the competitiveness of the country and to participate in the international division of labour. In order to identify development priorities and prospects in the information industry we therefore need a clear understanding of what the information industry is, what its boundaries are, what forms of economic activity make up this economic segment, and which products form the corresponding market. This working paper summarizes the results of a study to ‘measure’ the information industry as a segment of the economy producing goods and services linked to ICT and content. Methodological approaches are proposed to establish the ‘Information industry’ definitions based on the Russian Classification of Economic Activities (OKVED) and the Russian Classification of Products by Economic Activities (OKPD) in line with international standards and recommendations by the Organization for Economic Cooperation and Development (OECD). Key indicators of the development of the information industry are also tentatively calculated for Russia and compared with countries abroad. The content of this paper is based on research results commissioned by the Ministry of Telecom and Mass Communications of the Russian Federation and the outcome of evaluations and testing at a round table on the subject ‘IT industry: problems of classification and application’ round table (2014) and a session of the statistics section of the Central House of Scientists at the Russian Academy of Sciences on the subject of ‘Developing the “Information industry” and “IT industry” definitions based on the OKVED2 and OKPD2’ (http://www.gks.ru/free_doc/new_site/rosstat/sec/tez-abdr.doc). The paper was also supported by the Basic Research Program at the National Research University Higher School of Economics (HSE) and the subsidy granted to the HSE by the Government of the Russian Federation for the implementation of the Global Competitiveness Program. |
| Keywords: | Content and Media sector, ICT sector, information and communication technology (ICT), information industry |
| JEL: | C1 C5 C83 L63 L81 L82 L86 L96 M2 O14 |
| Date: | 2015 |
| URL: | http://d.repec.org/n?u=RePEc:hig:wpaper:56sti2016&r=tra |
| By: | Asian Development Bank (ADB); Asian Development Bank (ADB) (East Asia Department, ADB); Asian Development Bank (ADB) (East Asia Department, ADB); Asian Development Bank (ADB) |
| Abstract: | This report looks into the many challenges that agriculture in the People’s Republic of China (PRC) faces and how stakeholders are meeting the challenges head-on with the establishment of farmer–enterprise partnerships. It offers case studies and an in-depth look into several enterprises in the PRC and highlights the experiences of these companies which can be used as guidelines for farmer–enterprise partnerships. This report represents the Asian Development Bank’s efforts in pursuing its Finance++ strategy to promoting development. While the study was conducted in the context of the PRC, other developing economies could also benefit through proper generalization and customization of experience and cases learned. |
| Keywords: | farmer enterprise partnerships, prc, china, contract farming, sustainable agriculture, farming, dryland agriculture, agricultural modernization, agricultural management, agricultural production, agricultural development |
| Date: | 2015–05 |
| URL: | http://d.repec.org/n?u=RePEc:asd:wpaper:rpt157250&r=tra |
| By: | Merike Kukk; Karsten Staehr |
| Abstract: | This paper uses panel data estimations on annual data from 10 Central and Eastern European countries to assess the effect of different macroeconomic variables on the dynamics of corporate and household saving. The analyses reveal that changes in the macroeconomic environment are important for the saving rates in both sectors, but with marked differences across the sectors. The differences are most pronounced for the output gap, the real interest rate, the inflation rate and the current account balance. Some variables such as the unemployment rate and changes in the real exchange rate are unimportant in both sectors. The differences across the sectors underscore the importance of analysing corporate and household saving separately |
| Keywords: | sectoral saving rates, Central and Eastern Europe, macroeconomic variables |
| JEL: | E21 E32 E44 |
| Date: | 2015–12–30 |
| URL: | http://d.repec.org/n?u=RePEc:eea:boewps:wp2015-5&r=tra |
| By: | Tomas Havranek; Zuzana Irsova; Jitka Lesanovska |
| Abstract: | An important component of monetary policy transmission is the pass-through from financial market interest rates, directly influenced or targeted by central banks, to the rates that banks charge firms and households. Yet the available evidence on the strength and speed of the pass-through is mixed and varies across countries, time periods, and even individual banks. We examine the pass-through mechanism using a unique data set of Czech loan and deposit products and focus on bank-level determinants of pricing policies, especially cost efficiency, which we estimate employing both stochastic frontier and data envelopment analysis. Our main results are threefold: First, the long-term pass-through was close to complete for most products before the financial crisis, but has weakened considerably afterward. Second, banks that provide high rates for deposits usually charge high loan markups. Third, cost-efficient banks tend to delay responses to changes in the market rate, smoothing loan rates for their clients. |
| Keywords: | Bank pricing policies, cost efficiency, data envelopment analysis, monetary transmission, stochastic frontier analysis |
| JEL: | E43 E58 G21 |
| Date: | 2015–11 |
| URL: | http://d.repec.org/n?u=RePEc:cnb:wpaper:2015/09&r=tra |
| By: | Hashiguchi, Yoshihiro |
| Abstract: | This paper develops a quantitative measure of allocation efficiency, which is an extension of the dynamic Olley-Pakes productivity decomposition proposed by Melitz and Polanec (2015). The extended measure enables the simultaneous capture of the degree of misallocation within a group and between groups and parallel to capturing the contribution of entering and exiting firms to aggregate productivity growth. This measure empirically assesses the degree of misallocation in China using manufacturing firm-level data from 2004 to 2007. Misallocation among industrial sectors has been found to increase over time, and allocation efficiency within an industry has been found to worsen in industries that use more capital and have firms with relatively higher state-owned market shares. Allocation efficiency among three ownership sectors (state-owned, domestic private, and foreign sectors) tends to improve in industries wherein the market share moves from a less-productive state-owned sector to a more productive private sector. |
| Keywords: | China, Productivity, Business enterprises, Economic growth, Macroeconomics, Misallocation, Firm-level productivity, Structural estimation |
| JEL: | D24 O47 |
| Date: | 2015–11 |
| URL: | http://d.repec.org/n?u=RePEc:jet:dpaper:dpaper544&r=tra |
| By: | Małgorzata Pawłowska |
| Abstract: | The aim of this study is to examine the impact of banking-sector structure and macroeconomic changes on bank profitability in the Polish banking sector over the past fifteen years (i.e., prior to and during the global financial crisis of 2008). The model developed in this paper incorporates the Structure-Conduct-Performance (SCP) hypothesis, as well as the Relative Market Power (RMP) hypothesis created by Smirlock (1985). Furthermore, this paper also examines the overall effect of financial structure and macroeconomic conditions to determine whether financial development and business cycles affect the profit of Polish banks. Finally, t his paper tests the impact of foreign capital on the profitability of Polish banks and attempts to determine if there is a link between the context of the parent banks and the profitability of their affiliates. Empirical results based on two panel data sets describing both micro-level and the macro-level data are ambiguous, and find evidence of the RMP hypothesis, as well as the traditional SCP, in the Polish banking sector. This paper also finds that increased foreign ownership and intermediation have a positive effect on bank profitability. Furthermore, this paper finds a positive correlation between the context of parent banks and the profitability of their affiliates. Also, the profitability of commercial banks in Poland are contingent upon the business cycle. |
| Keywords: | bank profitability, foreign–owned banks, concentration, market power, market structure, Lerner index, Polish banks, business cycle. |
| JEL: | F36 G2 G21 G34 L1 |
| Date: | 2015 |
| URL: | http://d.repec.org/n?u=RePEc:nbp:nbpmis:229&r=tra |
| By: | Juan Carlos Cuestas; Karsten Staehr; Fabio Filipozzi |
| Abstract: | This paper examines the empirical validity of the hypothesis of uncovered interest parity (UIP) using data from five Central and Eastern European countries with floating exchange rates for the period 2003–2014. The analysis includes forward-looking as well as static expectations and also allows for different types of structural breaks. The variable representing the deviation from UIP is stationary when expectations are forward-looking, ruling out persistent divergences from UIP. The deviation from UIP is however typically not stationary when expectations are static, even when structural breaks are incorporated, and this leads to the rejection of the UIP hypothesis in this case. The results underscore the importance of the expectations assumptions when the UIP hypothesis is tested |
| Keywords: | uncovered interest parity, carry trade, expectations, structural breaks, Central and Eastern Europe |
| JEL: | C32 F15 |
| Date: | 2015–12–30 |
| URL: | http://d.repec.org/n?u=RePEc:eea:boewps:wp2015-4&r=tra |
| By: | Kadri Männasoo; Jaanika Meriküll |
| Abstract: | This paper studies financing constraints on R&D over the most recent boom and bust episode in Central and Eastern Europe (CEE). Given that financial and venture capital markets in CEE are thin in comparison to those in high-income economies and that many of CEE countries experienced a credit crunch during the last recession, it is proposed that financing constraints have a significant adverse effect on R&D activity in these countries. The paper uses two complementary firm-level data-sources from ten CEE countries. We find that financing constraints have a substantial effect on R&D expenditures, as the probability of credit constrained firms undertaking R&D activities is around 70% lower than for other firms and firms’ R&D expenditure sensitivity to cash flow is very high. Despite the severity of the crisis, the adverse effect of financing constraints for R&D did not increase during the financial crisis. We also find that, conditional on credit constraints, firms’ R&D activity is higher during a recession |
| Keywords: | R&D financing constraints, credit constraints, business cycle, Central and Eastern Europe |
| JEL: | O16 O32 O52 E32 P23 |
| Date: | 2015–12–30 |
| URL: | http://d.repec.org/n?u=RePEc:eea:boewps:wp2015-3&r=tra |
| By: | Zsofia Benedek (Institute of Economics - Centre for Economic and Regional Studies - Hungarian Academy of Sciences); Bálint Balazs (Environmental Social Science Research Group) |
| Abstract: | There is an increasing political interest in Hungary to relocalize food. A Policy Intervention for Food Relocalization Index is introduced to quantitatively reveal how rural development programme measures should be allocated efficiently to promote local food production. Results show that present level of food activity and future prospects mismatch. Eastern Hungary has the highest potential for further development as it has relatively high level of food activity and food production capacity. The few small-scale farmers operating in Budapest area have been already engaged in short food supply chains to enjoy the various benefits (and higher profit). |
| Keywords: | Policy Intervention for Food Relocalization Index; Rural Development Programme; local food systems; small-scale farmers; regional differences; quantitative analysis |
| JEL: | Q18 R12 R58 |
| Date: | 2015–10 |
| URL: | http://d.repec.org/n?u=RePEc:has:discpr:1551&r=tra |
| By: | Ivan Todorov (Market regulation department of Communications Regulation Commission) |
| Abstract: | The purpose of this study is to analyze the effectiveness of government spending and net taxes in Bulgaria for the period after the recent crisis. An empirical evaluation is based on two approaches. First, the ARDL analysis based on the Index of industrial production monthly data shows that the long term multiplier effects are valued 1.35 for spending, and close to 0.7 for net taxes. Second, using SVAR robust check based on GDP data the estimated values of the first-year multipliers are respectively 0.5 and 0.2 while the cumulative impact effect reaches up to 0.8 and 0.4. |
| Keywords: | Fiscal Policy, Economic Growth, Fiscal multipliers, SVAR, ADRL |
| JEL: | C32 E62 |
| Date: | 2015–10 |
| URL: | http://d.repec.org/n?u=RePEc:sko:wpaper:bep-2015-07&r=tra |
| By: | Andres Kuusk; Karsten Staehr; Uku Varblane |
| Abstract: | This paper assesses the extent of structural or sectoral change and its importance for aggregate productivity growth during times of boom, bust and recovery. The analysis covers 10 EU countries from Central and Eastern Europe over the years 2001–2012. The reallocation of labour across sectors was substantial during the boom, very extensive in 2009 at the depth of the crisis and modest in the subsequent recovery period. The contribution of sectoral change to aggregate productivity growth is computed using various decomposition methods. Changes in labour productivity within sectors play the dominant role for aggregate productivity growth, while reallocation of labour between sectors is less important. This pattern is found through most of the sample period despite large differences in the extent of sectoral change during the boom, crisis and recovery |
| Keywords: | labour productivity, structural change, reallocation, productivity decomposition |
| JEL: | L16 E32 P23 |
| Date: | 2015–12–30 |
| URL: | http://d.repec.org/n?u=RePEc:eea:boewps:wp2015-2&r=tra |
| By: | Michał Markun; Anna Mospan |
| Abstract: | The present paper examines the term premia in the interbank money market in Poland. We use analyst surveys to proxy interest rate expectations and forward rate agreement (FRA) market data to construct term premia. We consider the term premia at shorter and longer horizons. Both premia follow autoregressive, stationary processes of low orders. The longer term premium is higher and more volatile than the shorter one; moreover, it is also characterized by substantially higher persistence. Our findings provide direct evidence against the efficient markets hypothesis (EMH) at the short end of the Polish yield curve and indicate areas of potential ineffectiveness of the monetary policy transmission mechanism. |
| Keywords: | short-term interest rate, expectations, term premium, persistence, surveys,Poland |
| JEL: | C83 E43 E58 G23 |
| Date: | 2015 |
| URL: | http://d.repec.org/n?u=RePEc:nbp:nbpmis:227&r=tra |
| By: | Ilya Khankov (National Research University Higher School of Economics, Moscow); Henry Penikas (National Research University Higher School of Economics, Moscow) |
| Abstract: | Research is devoted to examination of the classifier, based on copula discriminant analysis (CODA). Performance of the classification of this algorithm was assessed. On samples, modelled with some typical features of corporate default data, sensitivity of the classifier was tested, to sample size, to default rate and to different patterns of variables’ interdependence. Alternative copula families’ selection method is proposed based on certain performance metric optimization. Difference in classification performance of different algorithms are investigated. On real data of Russian corporate defaults, CODA classifier was built. It was supported by single factor analysis, based on discriminant analysis too. Final model demonstrates better classification performance than Linear Discriminant Analysis and Random Forest algorithm, and is comparable to Quadratic Discriminant Analysis. Another experiment was set on data of Russian banks. Single factor analysis was assessed via standard procedure. CODA performance appeared to be lower than of Random Forest here, it was similar to QDA |
| Date: | 2015–12 |
| URL: | http://d.repec.org/n?u=RePEc:pav:demwpp:demwp0113&r=tra |
| By: | Andrey Ivanov, Sheena Keller, and Ursula Till-Tentschert |
| Abstract: | Reliable data and robust conceptual framework are two necessary preconditions for anti-poverty measures need to be effective and achieve their goals Ð bringing people out of poverty. Both preconditions are far from met in the case of Roma Ð one of the biggest minorities in Europe. Data on the absolute number and distribution of Roma population in the EU is patchy, incomparable Ð or does not exist at all. Thus addressing the data challenge is a necessary precondition for populating indicators that reflect the true face of Roma poverty Ð are ultimately, for the efforts to take Roma out of poverty to succeed. In its first part, the paper provides an overview of the available approaches and the possible sources of information that can generate the data necessary for monitoring different aspects of Roma inclusion process. The authors point out that different sources have their strengths and weaknesses and using them in complementary manner is desirable. How to use the data (what indicators to apply) is equally important. In its second part the paper proposes a multidimensional poverty index that is better reflecting the specifics of Roma poverty and exclusion than traditional poverty or vulnerability indicators. However two critically important dimensions remains insufficiently covered Ð namely ÔagencyÕ and ÔaspirationsÕ. The authors call for reflecting these dimensions through the thematic components in the standardized European social surveys. |
| Date: | 2015–07 |
| URL: | http://d.repec.org/n?u=RePEc:qeh:ophiwp:ophiwp096.pdf&r=tra |
| By: | Liu , Ju (CIRCLE, Lund University); Lema , Rasmus (Department of Business and Management, Aalborg University) |
| Abstract: | This paper is a comparative case study investigating the roles of TFDIs in the learning processes for innovation in two leading Chinese wind turbine companies. It develops a dynamic and contextual analytical framework from a learning-based view to understand the firms’ learning processes for innovation. Based on the analysis and a comparison of the learning dynamics and learning contexts of the two case firms’ learning processes for innovation, the paper contextually theorises the different roles of the case firms’ TFDIs in their learning processes for innovation. The paper identifies two different roles of the TFDIs – the accelerator and the starter – in different contexts of the learning processes. We argue that for developing countries that have the ambition of tapping into the global knowledge and technology pool, domestic industrial capability-building should not be overlooked. |
| Keywords: | Foreign direct investment; Emerging multinational companies; Technology; Innovation; Wind energy; China; Europe |
| JEL: | D22 F23 O32 |
| Date: | 2015–12–30 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:lucirc:2015_050&r=tra |
| By: | Van Q. Tran, Sabina Alkire and Stephan Klasen |
| Abstract: | There has been a rapid expansion in the literature on the measurement of multidimensional poverty in recent years. This paper focuses on the longitudinal aspects of multidimensional poverty and its link to dynamic income poverty measurement. Using panel household survey data in Vietnam from 2007, 2008, and 2010, the paper analyses the prevalence and dynamics of both multidimensional and monetary poverty from the same dataset. The results show that the monetary poor (or non-poor) are not always multidimensionally poor (or non-poor) - indeed the overlap between the two measures is much less than 50%. Additionally, monetary poverty shows faster progress as well as a higher level of fluctuation than multidimensional poverty. We suggest that rapid economic growth as experienced by Vietnam has a larger and more immediate impact on monetary than on multidimensional poverty. |
| Date: | 2015–08 |
| URL: | http://d.repec.org/n?u=RePEc:qeh:ophiwp:ophiwp097.pdf&r=tra |
| By: | Yeongjun Yeo (College of Engineering, Seoul National University); Dongnyok Shim (College of Engineering, Seoul National University); Jeong-Dong Lee (College of Engineering, Seoul National University); Jorn Altmann (College of Engineering, Seoul National University) |
| Abstract: | The main objective of this paper is to identify and analyze the key drivers behind changes of CO2 emissions in the residential sectors of the emerging economies, China and India. This paper also aims to draw policy implications in terms of finding challenges and opportunities to reduce residential CO2 emissions in both countries. For the analysis, we investigate to what extent changes in residential emissions are due to changes in energy emissions coefficients, energy consumption structure, energy intensity, households’ income, and population size. We decompose the changes in residential CO2 emissions in China and India into these five contributing factors from 1990 to 2011 by applying the Logarithmic Mean Divisia Index (LMDI) method. According to our results, the increase in per capita income level is the biggest contributor to the increase of residential CO2 emissions, while the energy intensity effect had the largest effect on CO2 emissions reduction in the residential sectors in both countries. This implies that investments for energy savings, technological improvements, and energy efficiency policies were effective in mitigating CO2 emissions. It is also found that the change in CO2 emission coefficients for fuels, which is the ratio of CO2 emissions arising from consumption of fuels to the consumption level slowed down the increase of residential emissions. In addition, results demonstrate that changes in the population and energy consumption structure drove the increase in CO2 emissions. |
| Keywords: | CO2 Emissions, Emerging Economy, Residential Sector, Logarithmic Mean Divisia Index (LMDI) Method. |
| JEL: | C02 C15 C43 C65 O32 O33 Q01 Q48 Q55 Q56 R11 R22 |
| Date: | 2015–12 |
| URL: | http://d.repec.org/n?u=RePEc:snv:dp2009:2015128&r=tra |
| By: | Makhkamov Bakhtiyor Shukhratovich |
| Abstract: | In article the role and value of information and communication technologies in Uzbekistan, as engine of all economy, investments promoting attraction to the country, to creation of new workplaces, introduction of progressive technologies in production and management, that is finally – to the stable economic growth and increase of a standard of living are researched. Questions of formation and development of National information system which main objectives is development of telecommunication technologies, networks and infrastructure of communication, creation of information systems of automation of activity of government bodies and the centralized databases in the republic are also considered. Key words: information and communication technologies (ICT), legislative base of ICT, National information system |
| Date: | 2015–12 |
| URL: | http://d.repec.org/n?u=RePEc:vor:issues:2015-12-12&r=tra |
| By: | Zhongxing Wang; Yan Yan; Xiaosong Chen |
| Abstract: | There are more than eight hundred interest rates published in China bond market every day. Which are the benchmark interest rates that have broad influences on most interest rates is a major concern for economists. In this paper, multi-variable Granger causality test is developed and applied to construct a directed network of interest rates, whose important nodes, regarded as key interest rates, are evaluated with inverse Page Rank scores. The results indicate that some short-term interest rates have larger influences on the most key interest rates, while repo rates are the benchmark of short-term rates. It is also found that central bank bills'rates are in the core position of mid-term interest rates'network, and treasury bond rates are leading the long-term bonds rates. The evolution of benchmark interest rates is also studied from 2008 to 2014, and it's found that SHIBOR has generally become the benchmark interest rate in China. In the frequency domain we detect the properties of information flows between interest rates and the result confirms the existence of market segmentation in China bond market. |
| Date: | 2016–01 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:1601.00263&r=tra |
| By: | Wen-Tai Hsu (Singapore Management University); Yi Lu (National University of Singapore); Guiying Laura Wu (Nanyang Technological University) |
| Abstract: | This paper provides a quantitative analysis of gains from trade for China over the period of 1995-2004, which was when Chinas openness drastically improved. We decompose gains from trade in two ways. First, we disentangle pro-competitive effects from a traditional Ricardian effect. Second, we separate the effect due to tariff reductions from that due to reductions in non-tariff trade costs. Our quantitative analysis shows that the pro-competitive effects account for 25:4% of the total welfare gains from trade, whereas the allocative efficiency alone accounts for 22:3%. We also fi nd that tariff reductions account for about 31:6% of reductions of overall trade costs, whereas the associated relative contribution to overall gains is slightly larger at 39:6%. In our multi-sector analysis, we find that when a sectoral markup is higher in 1995, there tends to be a larger reduction in the respective sectoral trade cost between 1995 and 2004, a tendency that is generally welfare improving. One methodological advantage of this papers quantitative framework is that its application is not constrained by industrial or product classi cations, and so it can be applied to countries of any size. |
| Date: | 2015–12 |
| URL: | http://d.repec.org/n?u=RePEc:siu:wpaper:13-2015&r=tra |
| By: | Konstantins Benkovskis (Bank of Latvia); Olegs Tkacevs (Bank of Latvia) |
| Abstract: | We provide a set of stylised facts about Latvia's firms engaging in service exports, using detailed firm-level datasets for 2006–2013. We show that the fraction of firms involved in service exports is small, but the numbers of service exporters are on average bigger than of non-exporters and goods exporters. Service exporters also appear more productive than non-exporters and goods exporters, although this finding may be attributed mainly to innovative, knowledge-based sectors of the economy. We have also shown tentative evidence in favour of self-selection of productive firms in service exporting which warrants further investigation. The study suggests that it might be more difficult to enter the pool of service exporters than goods exporters, since the service market has historically been highly regulated in Latvia's major trading partners, and efforts necessary to become a service exporter are larger than those needed to become a goods exporter.In a nutshell, the study enhances understanding of the relationship between trade behaviour and performance of service providers; likewise, it presents insight into how service and goods exporters compare. It complements the existing sparse set of empirical firm-level studies on service trade with evidence of a small open euro area economy. |
| Keywords: | service trade, productivity, firm performance, micro data |
| JEL: | D22 F10 F14 |
| Date: | 2015–12–30 |
| URL: | http://d.repec.org/n?u=RePEc:ltv:wpaper:201506&r=tra |