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The Impact of e-commerce on Local Retail Employment: Examining Heterogeneous Impacts by Employment and Regional Types* Global Economic Review (IF 1.843) Pub Date : 2024-02-29 Chung Choe, Dongwoo Kang, Heesun Lee
This paper examines the impact of e-commerce on local retail employment and its heterogeneity by employment and regional types, using Korean retail survey. Our findings reveal that the positive imp...
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Breaking the Vicious Circle: Macroeconomic Perspectives on Policy Interventions for Female Labor Supply and the Gender Wage Gap Global Economic Review (IF 1.843) Pub Date : 2024-02-23 Youngjae Lee
This paper examines the interplay between the female labour supply and wages through human capital accumulation in South Korea, highlighting the significant gender wage gap and low female labor par...
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Transmissions of Structural Oil Shocks to Core Prices Global Economic Review (IF 1.843) Pub Date : 2024-02-06 Sangheon Ahn, Soojin Jo
This paper investigates how structural oil market shocks transmit through real oil price changes to the U.S. core prices. Separating out the sources of oil price increases reveals that supply shock...
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The Impact of Geopolitical Risk on Trade Costs Global Economic Review (IF 1.843) Pub Date : 2024-01-23 Yulin Hou, Wenjun Xue, Xin Zhang
This paper investigates the impact of geopolitical risk on trade costs across 43 countries from 1995 to 2019. The results show that geopolitical risk enters trade costs regressions positively and s...
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The Impact of Armed Conflict on Inward Foreign Direct Investment (FDI): An Analysis of Conflict Over Government, Conflict Over Territory, and FDI Global Economic Review (IF 1.843) Pub Date : 2024-01-23 Miao Grace Wang, M.C. Sunny Wong, Hong Zhuang, Reinhard Cate
We examine the relationship between armed conflict and foreign direct investment (FDI) in host countries. With data from 113 nations from 1984 to 2014, system GMM and macro-panel CCEMG estimators s...
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The Well-Being of Cities: Estimating Migration Attractiveness From Internal Migration Across Korean Cities Global Economic Review (IF 1.843) Pub Date : 2023-12-26 Hyoungchul Kim, Seung Hoon Lee, Ji Sub Park
We adopt the methodology proposed by Lee, Lee and Lin [2021. “The Well-Being of Nations: Estimating Welfare from International Migration.” International Economic Review 62:1111-1130] to estimate th...
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Exports, Irreversible Investments and Product Market Uncertainty: The Role of Trade Intermediaries Global Economic Review (IF 1.843) Pub Date : 2023-12-26 Marco Di Cintio, Sucharita Ghosh, Emanuele Grassi
This paper uses the theoretical underpinnings of the real options theory framework to investigate whether uncertainty affects a firms’ decision to directly export versus indirectly export and to de...
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Health and Labour Market Outcomes of North Korean Refugees in South Korea Global Economic Review (IF 1.843) Pub Date : 2023-12-26 Hyeseung Wee, Daehwan Kim
This study utilises the National Health Insurance Service of Korea (NHIS) data which include the results of annual and bi-annual health screening of North Korean refugees together with indicators o...
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Did Republican-Led States Perform Better at Protecting Jobs Against COVID-19 in the United States? Global Economic Review (IF 1.843) Pub Date : 2023-10-26 Changkyu Choi, Hojin Jung
This study investigated the short-term effects of partisan control by state governments on employment during the 2020 COVID-19 pandemic in the United States. Specifically, we examined whether Repub...
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The Impact of COVID-19 Outbreak on the RMB Exchange Rate: Evidence from TVP-SV-VAR Model Global Economic Review (IF 1.843) Pub Date : 2023-09-07 Guangdong Yu, Zhibin Zhou, Jingwen Niu, Jing Xu
Using the Time-Varying Parameter-Stochastic Volatility-Vector Auto Regression model, this study examines the dynamic relationship between Non-deliverable Forwards, Stock Index Gap, Interest Rate Ga...
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Do Financial Analysts Herd? Global Economic Review (IF 1.843) Pub Date : 2023-07-07 Jin Yeub Kim, Yongjun Kim, Myungkyu Shim
Financial analysts may have strategic incentives to herd or to anti-herd when issuing forecasts of firms' earnings. This paper develops and implements a new test to examine whether such incentives ...
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Redistributive Capacity and International Trade: A Cross-Country Analysis Global Economic Review (IF 1.843) Pub Date : 2023-06-09 Yize Xie, Penglong Zhang, Zhusong Yang, Wenyin Cheng
ABSTRACT Existing studies have shown that the deterioration of domestic income distribution is an important cause for the decline in international trade. This paper investigates whether alleviating domestic income inequality could promote international trade. From the redistribution perspective, this study examines the relationship between state redistributive capacity and international trade by using
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Does COVID-19 Affect the Growth of the Fourth Industrial Revolution? Global Economic Review (IF 1.843) Pub Date : 2023-06-03 Eunju Hwang
The COVID-19 pandemic might accelerate Fourth Industrial Revolution such as FinTech, AI and Robotics. This study explores impact of the COVID-19 on Fourth Industrial Revolution by quantifying such ...
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The Role of the Domestic Market Scale in Enhancing Self-Resilience: Analysis based on the PageRank centrality of RCEP and G7 Countries Global Economic Review (IF 1.843) Pub Date : 2023-05-24 Lei Wang, Xinya Gao, Thomas Stephen Ramsey, Geoffrey J. D. Hewings
ABSTRACT How emerging economies could improve their self-resilience is our focus. This paper employs the hypothetical extraction method, PageRank algorithm and the 2005–2019 Comtrade database to analyse the impacts of domestic market scale on the economy’s resilience in the value chains and conditions under which it is affected. The empirical results show that expanding the scale of the domestic market
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Digital Financial Coverage, Depth of Usage, and Financial Efficiency Global Economic Review (IF 1.843) Pub Date : 2023-03-20 Yueyang Zhao, Jinbao Yang, Qian Wang, Yung-ho Chiu, Tai-Yu Lin
ABSTRACT This research analyses the improvement and differences of digital financial coverage and depth of usage on financial efficiency using the SBM dynamic DEA method. The results show that digital finance’s depth of usage having bigger influence on improving the financial system efficiency. The breadth of digital financial coverage is more conducive to improving input efficiency, while its depth
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Mental Health Consequences of Working from Home during the Pandemic Global Economic Review (IF 1.843) Pub Date : 2023-03-15 Jun Hyung Kim, Yu Kyung Koh, Jinseong Park
ABSTRACT This paper examines the effects of working from home on mental health, with particular attention to the role of home environments. Using unique real-time survey data from South Korea collected during the COVID-19 pandemic, we find that working from home negatively affects the mental health of workers, with greater effects on women and those who are primarily responsible for housework while
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Interlocking Network, Banker Interlocking Director and Cost of Debt Global Economic Review (IF 1.843) Pub Date : 2023-02-09 Hyun-Jung Nam, Yohan An
ABSTRACT This study examines whether the cost of debt decreases when a banker interlocking director sits on the boards and exists within interlocking directors' network using a panel dataset during the period from 1998 to 2014. This study finds that the interlocking directors' network in Korea has gradually increased each year, and Korean firms' cost of debt is reduced when a banker interlocking director
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The Effect of COVID-19 on Foreign Direct Investment Global Economic Review (IF 1.843) Pub Date : 2023-01-31 Hyun-Hoon Lee, Kazunobu Hayakawa, Cyn-Young Park
ABSTRACT This study empirically examines how the coronavirus disease (COVID-19) has impacted foreign direct investment (FDI), using the quarterly data on bilateral FDI flows from 173 home to 192 host economies from the first quarter of 2019 to the second quarter of 2021. The severity of COVID-19 in host economies adversely affected FDI in the manufacturing sector regardless of the entry mode, but the
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Correction Global Economic Review (IF 1.843) Pub Date : 2022-12-21
Published in Global Economic Review: Perspectives on East Asian Economies and Industries (Vol. 52, No. 1, 2023)
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Strategic Alliances between Foreign-Owned Firms and Local Firms: The Role of Partner and Industry Types Global Economic Review (IF 1.843) Pub Date : 2022-12-09 Yunok Cho, Jungho Kim
ABSTRACT This article investigates how a firm’s foreign equity share affects its likelihood of strategic alliances with local firms, discussing the benefits and costs of such strategic alliances. Analysing a panel dataset of Korean firms, we find the inverted U-shaped relationship between foreign equity share and the likelihood of alliance involvement. We also find that the relationship depends on
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Institutional Investors and Earnings Management in the Korean Stock Market Global Economic Review (IF 1.843) Pub Date : 2022-11-26 Chune Young Chung, Amirhossein Fard
ABSTRACT This study investigates whether the effectiveness of institutional monitoring varies depending on the economic conditions of emerging capital markets. By analysing the Korean context, we find that the proportion of institutional trading negatively correlates with income smoothing. This finding indicates that, given the Korean market’s structural characteristics (high ownership concentration
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Macroeconomic Impacts of COVID-19 and Universal Transfer Programs: The Case of Korea Global Economic Review (IF 1.843) Pub Date : 2022-11-14 Kwangyong Park
ABSTRACT In this paper, we analyse the impacts of COVID-19 and the policy response to it in Korea based on a version of a Macro-SIR model with labour friction, and with multiple types of jobs and households. Due to substantial uncertainty in the model and parameters that govern the interaction between epidemiological and macroeconomic developments, we rely on a prior predictive analysis when simulating
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Macroeconomic Impacts of COVID-19 and Universal Transfer Programs: The Case of Korea Global Economic Review (IF 1.843) Pub Date : 2022-11-09 Kwangyong Park
ABSTRACT In this paper, we analyse the impacts of COVID-19 and the policy response to it in Korea based on a version of a Macro-SIR model with labour friction, and with multiple types of jobs and households. Due to substantial uncertainty in the model and parameters that govern the interaction between epidemiological and macroeconomic developments, we rely on a prior predictive analysis when simulating
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Analysis of Export Diversification and Impact of Globalisation on Income Inequality: Evidence from Asian Countries Global Economic Review (IF 1.843) Pub Date : 2022-10-27 Dan Li, Xinyao Wang, Yubing Xu, Yutian Ren
ABSTRACT Due to the importance of product and geographical diversification of exports, the gravity equation was used to predict export diversification for 19 Asian countries from 2004 to 2017 and the System Generalised Method of Moments was used to analyse the dynamic impact of globalisation at the disaggregated level of the diversification of sectoral exports and the goods specialisation on income
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Effects of Financial Soundness on Export Activities: Evidence from Firm-Level Data of Korea Global Economic Review (IF 1.843) Pub Date : 2022-09-26 Yeonjin Shin, Jung Hur
ABSTRACT We examine effects of financial soundness on various export activities of manufacturing firms in South Korea. The main results are as follows. First, the export-starters prepared to have a better financial soundness a few years before becoming export-starter. Second, the better financial soundness at a given year increases a probability for a firm to become a new exporter at the following
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How Mobiles Affect International Trade, FDI and Economic Growth: Comparative Analysis of Income Level Global Economic Review (IF 1.843) Pub Date : 2022-09-26 Chang Hwan Choi, Narantsetseg Chinzorigt, Noori Park
ABSTRACT Mobile is a key sector promoting international trade, FDI and economic growth in the modern era. The objective of this paper is to examine the dynamic nexus between Mobile, trade, FDI and economic growth by employing a panel vector error correction model. Empirical results suggest that Mobile has more positively contributed to international trade in the low income country group than other
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Transmission of Monetary Policy Impulses to a Firm’s Profitability: An Empirical Analysis of Manufacturing Firms Global Economic Review (IF 1.843) Pub Date : 2022-07-22 Ajaya Kumar Panda, Swagatika Nanda, Satyananda Sahoo
ABSTRACT The study aims to examine the evidence of transmission of monetary policy impulses to a firm’s profitability and highlights that short-term financing decision fails to enhance the profitability of the firms during tight monetary policy except for the firms with high quantile of profitability. During tight monetary policy, the profitability of firms from median quantiles of profitability and
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Financial Stress in the Foreign Exchange Market and its Real Effect on Firm Investments: Evidence from South Korea Global Economic Review (IF 1.843) Pub Date : 2022-05-27 Deokki Ko
ABSTRACT This study proposes an exogenous financial stress index for South Korea’s foreign exchange market (EXO-FSIFX) and explores its effect on firm investments using panel data on manufacturing firms listed on the Korea Exchange from 2000 to 2019. The empirical results show that EXO-FSIFX negatively affects firm investments on average, and the strength of this relationship varies by firm characteristics
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Illegal Immigration, Labour Supply, and Fiscal Policies Global Economic Review (IF 1.843) Pub Date : 2022-02-21 Kyu Y. Lee, Hyun Park
ABSTRACT This paper explores the economic impact of illegal immigration in a dynamic general equilibrium model when the domestic labour supply is elastic and the fiscal policies include various taxes and income transfers. We first find that despite the mixed effects of illegal immigration on endogenous leisure-labour and saving-investment decisions, illegal immigration improves the welfare of domestic
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A Quasi-Natural Experiment: Product Market Competition and Stock Price Crash Risk Global Economic Review (IF 1.843) Pub Date : 2022-02-18 Jia Li, Zhengying Luo
ABSTRACT This paper uses the sample companies in China, taking the promulgation and implementation of the <> as an external event shock, and studies the impact of product market competition on stock price crash risk. The result shows that product market competition significantly reduces stock price crash risk, which is quite different from the conclusion under the American economic environment. Further
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Collective Proofreading and the Optimal Voting Rule Global Economic Review (IF 1.843) Pub Date : 2022-02-16 Duk Gyoo Kim, Jinhyuk Lee, Euncheol Shin
ABSTRACT Policy decisions often involve a repeated proofreading process before implementation. We present a dynamic model of proofreading decisions by a heterogeneous committee before implementing a risky policy. The proofreading process is necessary because the risky policy contains an unknown number of errors. Proofreading continues as long as a qualified majority votes for continuation. Once the
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IPO Underpricing Analysis Using a Selection Model: Korean Evidence Global Economic Review (IF 1.843) Pub Date : 2021-12-17 Hyunsoo Joo, Hyunjin Lee
ABSTRACT Using IPO and external audit companies’ data in Korea from 2001 to 2020, we used an empirical test to understand which factors can explain underpricing in Korean stock markets. Our conclusions are as follows: first, selection bias is important in the IPO analysis and the sample selection model shows the best results. Second, we find that nonlinear relationships between explanatory variables
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A Unique and Robust Social Contract: An Application to Negotiations with Probabilistic Conflicts Global Economic Review (IF 1.843) Pub Date : 2021-11-29 Jin Yeub Kim
ABSTRACT This paper considers social contracts (or mechanisms) in negotiations with incomplete information in which an outside option is a probabilistic conflict and a peaceful agreement is ex ante efficient. I compute the set of interim incentive efficient mechanisms, the ex ante incentive efficient mechanism, as well as the neutral bargaining solution. I numerically illustrate that the focus on the
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Modelling Healthcare Demand Count Data with Excessive Zeros and Overdispersion Global Economic Review (IF 1.843) Pub Date : 2021-11-23 Myung Hyun Park, Joseph H. T. Kim
ABSTRACT In healthcare economics count datasets often exhibit excessive zeros or right-skewed tails. When covariates are available, such datasets are typically modelled using the zero-inflated (ZI) or finite mixture (FM) regression models. However, neither model performs adequately when the dataset has both excessive zeros and a long tail, which is often the case in practice. In this paper we combine
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Global Financial Risk Thresholds and Business Cycle Fluctuations: A Dynamic Heterogeneity Model Approach Global Economic Review (IF 1.843) Pub Date : 2021-11-19 Fan Shi, Leyi Chen
ABSTRACT This study constructs a dynamic heterogeneity threshold model using unbalanced panel data from 146 countries/regions (1984–2017). The findings show that (1) financial risk has a non-linear effect on business cycle fluctuations and a significant global financial risk threshold effect; (2) the threshold of financial risk is significantly lower in emerging market economies than in developed and
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The Effect of Multinationals’ Downsizing on the Domestic Labour Market Global Economic Review (IF 1.843) Pub Date : 2021-06-28 Hyelin Choi, Danbee Park
ABSTRACT This study examines the effect of foreign-owned firms’ downsizing on the domestic labour market using Korean firm-level data during 2006–2017. We identify horizontal and vertical effects of foreign firms on the domestic employment within the region and across regions. Empirical results support that foreign firms’ downsizing leads to a decrease in domestic firms’ employment in the same industry
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Corporate Governance and the Efficiency of Government R&D Grants Global Economic Review (IF 1.843) Pub Date : 2021-04-07 Illoong Kwon, Chan-Young Park
ABSTRACT Using the unique grant level data, this paper shows that government R&D grants to private firms lead to more innovation when independent monitoring (e.g. outside directors) in the grant receiving firms is stronger, but to less innovation when chaebol influence (e.g. affiliated ownership) is stronger. However, the direct effect of independent monitoring on reported innovation is negative, while
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Measuring the Impact of ICT-driven Product and Process Innovation on the Korean Economy Global Economic Review (IF 1.843) Pub Date : 2021-02-10 Won-Sik Hwang, Dongnyok Shim
ABSTRACT This study analyses the impact of information and communication technology (ICT)-driven product and process innovation on productivity and economic output growth at the sectoral level in Korea. A traditional growth accounting framework is applied with a quality-adjusted price index on ICT capital and ICT intermediate goods. In the productivity analysis, the impact of ICT-driven process innovation
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Family Formation and Dissolution During the COVID-19 Pandemic: Evidence From South Korea Global Economic Review (IF 1.843) Pub Date : 2021-01-13 Jinho Kim, Taehoon Kim
ABSTRACT This study explores the short-term effects of COVID-19 on marriage and divorce rates in Korea. We document a 9.6–13.9% reduction in the provincial crude marriage rate in March-June 2020 after the surge in COVID-19 cases. On top of this overall decline, a one-unit increase in the number of confirmed cases per 1,000 people in a given province decreased the marriage rate by 3.8–6.2%. The crude
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The Macroeconomic Consequences of Stimulating Offline Consumption during COVID-19 Global Economic Review (IF 1.843) Pub Date : 2021-01-19 Dawis Kim, Minseung Kim, Myungkyu Shim
ABSTRACT This paper analyses the macroeconomic consequences of a fiscal policy implemented in South Korea during COVID-19, ‘Korean Economic Impact Payment (KEIP)’ program, that aims to stimulate offline consumption. In doing so, we modify a SIR-macro model by explicitly distinguishing online- and offline consumption goods. Benchmark analysis predicts that (1) there are positive effects on key macro
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The Impact of Covid-19 Induced Decline in Consumer Durables and Mobility on NO2 Emission in Europe Global Economic Review (IF 1.843) Pub Date : 2021-01-26 Syed Hasanat Shah, Waqar Ameer, Guo Wei Jiao, Azka Amin
ABSTRACT This study explores links between NO2 emission and Covid-19 induced decline in consumption and mobility in Europe by using satellite images and various indices. This study discovered that strict lockdown in the wake of Covid-19 reduced consumption and mobility and thus, paved way for decline in NO2 emission in Europe. Satellite images show that NO2 emission is low in countries with strict
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How Main Stock Exchange Indices React to Covid-19 Pandemic: Daily Evidence from East Asian Countries Global Economic Review (IF 1.843) Pub Date : 2020-12-31 Mustafa Tevfik Kartal, Serpil Kiliç Depren, Özer Depren
ABSTRACT This study investigates whether the Covid-19 and the financial indicators affect the main stock exchange indices of East Asian countries. Number of cases and deaths caused by Covid-19, uncertainty, volatility, foreign exchanges, and mobility are examined by using Quantile Regression and comparing the pre-pandemic and the pandemic periods. The results shows that (i) the indicators have a significant
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Local Multipliers in New Firm Creation: Inter-Sectoral Spillovers of Entrepreneurship and Startup Agglomeration Global Economic Review (IF 1.843) Pub Date : 2021-01-18 Jungho Kim
ABSTRACT This paper investigates the local multiplier effects in new firm creation by analysing a unique panel dataset of new firms and patents at the regional level in Australia. It finds that new firms in the tradable sector such as low-technology manufacturing and knowledge-intensive services industries have local multiplier effects on new firm creation in the non-tradable sector such as other services
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Family Formation and Dissolution During the COVID-19 Pandemic: Evidence From South Korea Global Economic Review (IF 1.843) Pub Date : 2021-01-13 Jinho Kim, Taehoon Kim
ABSTRACT This study explores the short-term effects of COVID-19 on marriage and divorce rates in Korea. We document a 9.6–13.9% reduction in the provincial crude marriage rate in March-June 2020 after the surge in COVID-19 cases. On top of this overall decline, a one-unit increase in the number of confirmed cases per 1,000 people in a given province decreased the marriage rate by 3.8–6.2%. The crude
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Is Job Polarisation ICT-Driven? Evidence from the US Global Economic Review (IF 1.843) Pub Date : 2020-12-29 Hye Rim Yi, Myungkyu Shim, Hee-Seung Yang
ABSTRACT This paper investigates the effects of automation on job polarisation. Automation has been claimed to be one of the main causes for the job polarisation observed in many countries such as the US since the mid-1980s. Using the US Census data, we show that between 1980 and 2007 the increase in the usage of ICT capital is not statistically associated with changes in the employment and wage bill
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Household Inequality and Risk Sharing in Australia Global Economic Review (IF 1.843) Pub Date : 2020-12-29 Youjin Hahn, Stephen Matteo Miller, Hee-Seung Yang
ABSTRACT This study presents estimates of multidimensional household inequality in Australia from 2001 to 2017. Earnings inequality declines through the sample, while disposable income, non-durable consumption expenditures, food expenditures and net worth inequality exhibit relatively flat trends. The relatively flat trend for non-durable expenditures inequality, even over the life cycle, suggests
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Special Publication by the R. K. Cho Economics Prize Recipient Global Economic Review (IF 1.843) Pub Date : 2020-11-03
(2020). Special Publication by the R. K. Cho Economics Prize Recipient. Global Economic Review: Vol. 49, No. 4, pp. 349-349.
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Determination of Strategic Spreads in East Asia Global Economic Review (IF 1.843) Pub Date : 2020-12-18 Heeho Kim, Hongxia Zhang
ABSTRACT This study develops a simple spread model to explain whether market dealers behave strategically when using electronic broking services. Our spread model stresses the role of an unexpected liquidity imbalance and its volatility for inventory risk, which contrasts sharply with previous studies that emphasised price volatility as the inventory risk. To capture a dealer’s strategic behaviour
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The Effect of Non-Tariff Measures on Global Value Chain Participation Global Economic Review (IF 1.843) Pub Date : 2020-12-18 Upalat Korwatanasakul, Youngmin Baek
ABSTRACT This study takes a novel approach by using an additional compliance requirement indicator as a relative proxy for non-tariff measures (NTMs) to measure the impact of NTMs on global value chain (GVC) participation. We conduct a cross-sectional analysis at the industry level, spanning 30 countries with 19 industrial sectors in the year 2015. Our analysis finds that both NTMs and tariffs have
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Changes in Demographic, Social, and Economic Structure in North Korea and Policy Direction for Improving Residential Environment Global Economic Review (IF 1.843) Pub Date : 2020-12-16 Jiseob Kim, Minji Kwak
ABSTRACT This paper analyses structural changes in demographic, social, and economic conditions in North Korea and draws policy implications on housing supply and residential environment. Demographic and social structures in North Korea, such as population aging, low fertility rate, and increases in nuclear families, are changing, just as many developed countries have experienced. At the same time
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Cooperation in Revision Games and Some Applications Global Economic Review (IF 1.843) Pub Date : 2020-10-01 Yuichiro Kamada, Michihiro Kandori
ABSTRACT The present paper provides some examples that illustrate how cooperation is achieved among rational and selfish agents when (i) they prepare their actions in advance and (ii) they have some opportunities to revise their actions. Specifically, we use the framework of revision games introduced by Kamada and Kandori [(2020). “Revision Games.” Econometrica 88: 1599–1630]. To judge the sustainability
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Empirical Analysis of Investors’ Herding Behaviours during the Market Structural Changes and Crisis Events: Evidence from Thailand Global Economic Review (IF 1.843) Pub Date : 2020-09-30 Benjamas Jirasakuldech, Riza Emekter
ABSTRACT This study investigates herding behaviour of investors in Thailand under different market conditions, crisis periods, and major market structural changes. The results show that herding behaviour occurs during an extreme market movement of negative or positive returns, in the declining market environment, on days with high trading volume, and during economic downturn as measured by negative
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Trade Liberalisation, Technology Import, and Indian Manufacturing Exports Global Economic Review (IF 1.843) Pub Date : 2020-07-25 R. Rijesh
ABSTRACT The study examines the impact of embodied (capital goods) and disembodied (royalties, technical fees etc.) technology import on Indian manufacturing exports during 1995-2016. The panel econometric analysis based on OLS, RE, FGLS, and Tobit regression revealed a significant impact of both forms of technology purchase on overall manufacturing exports. The use-based classification of manufacturing
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Do Institutional Investors Improve Corporate Governance Quality? Evidence From the Blockholdings of the Korean National Pension Service Global Economic Review (IF 1.843) Pub Date : 2020-07-22 Chune Young Chung, Dongnyoung Kim, Junyoup Lee
ABSTRACT Institutional investors dissatisfied with weak firm governance can directly or indirectly intervene in management to maximise profits. However, no study has investigated the effects of such interventions on corporate governance. This study therefore examines the effect of Korean National Pension Service blockholdings on firms’ corporate governance quality in the Korean market. This setting
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Asset Ownership, Investor Protection and Technology Adoption Global Economic Review (IF 1.843) Pub Date : 2020-04-02 Yong Kim
ABSTRACT In market economies, agents who provide labour are distinct from investors who own assets. This paper highlights how such an ‘investor ownership’ arrangement mitigates an external finance problem, especially when new ideas and technologies are adopted in production. When agents are credit constrained, assigning asset ownership to investors, and hold up can be seen as a commitment device that
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Exclusionary Effects of Internal Transactions of Large Business Groups Global Economic Review (IF 1.843) Pub Date : 2020-03-26 Yangsoo Jin
ABSTRACT Antitrust law in Korea regulates internal transactions by the owner and his family, or ‘Person with Special Interest (PSI)’ of a large business group. Its regulatory grounds, however, are not well-established. This paper analyses internal transactions from the perspective of competition policy, particularly, exclusionary effects. Internal transactions between the upstream- and downstream-affiliates
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Productivity Growth in Dynamic Factor Adjustment for the Japanese Manufacturing Industry Global Economic Review (IF 1.843) Pub Date : 2020-03-23 Sangho Kim
ABSTRACT By utilising a dynamic adjustment-cost framework, this study analyses dynamic productivity growth in the Japanese manufacturing industry. Empirical results show that labour and capital are very slow in converging toward the long-run equilibrium, and that output supply and factor demand elasticities vary greatly, depending on the time horizon considered. The results also show that disequilibrium
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A Study on the Relationship between the Investment of Institutional Investors and Macroeconomic Prudence Global Economic Review (IF 1.843) Pub Date : 2020-01-02 Jong-Hee Kim
ABSTRACT This paper analyses the financial assets of institutional investors and pension funds to estimate how the change in portfolio affects returns and whether the realisation of returns can improve macroeconomic prudence. From the analysis, this paper offers several findings. First, the increase in the weighted return rates of institutional investors and pension funds lowers GDP volatility and
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Labour Share and Economic Growth in OECD Countries Global Economic Review (IF 1.843) Pub Date : 2019-12-11 Yong Min Kim, Ki Seong Park
ABSTRACT We propose a theoretical model that economic growth rate is a strictly concave function of labour share: Growth rate increases with labour share and decreases after reaching the peak. If wage rates are determined through bargaining between labour unions and employers instead of competition in markets, the labour share deviates from the competitive equilibrium level. When this occurs, the economic
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Implications of Quality of Schooling on Economic Growth and Convergence – A System Dynamics Perspective Global Economic Review (IF 1.843) Pub Date : 2019-12-10 Meeta Keswani Mehra, Swati Saini
ABSTRACT This paper formulates a growth model to study the interlinkages among quality of schooling, human capital and technical progress of a stylised developing economy such as India. The simulation results reveal that under the technology regimes of innovation and imitation, the quality of schooling triggers a child quantity–quality trade-off wherein parents invest in educating their children and