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Table of Content 期刊目录
1. Introduction
Jong-Wha Lee, Shujiro Urata & Yiping Huang
Page 107
2. Inclusive institutions and economic growth: comparative perspective and policy implications for China
Tianyang Xi
Pages: 108-127
3. The political economy of preferential trade arrangements: The case of Japan
Arata Kuno & Fukunari Kimura
Pages: 128-146
4. How chaebol restructuring after the 1997 crisis has affected corporate decision and performance in Korea: debt financing, ownership structure, and investment
Taeyoon Sung & Doyeon Kim
Pages: 147-161
5. Competition policy vs. industrial policy as a growth strategy
Tatsuo Hatta
Pages: 162-174
6. From world factory to world investor: the new way of China integrating into the world
Bijun Wang & Xiang Li
Pages: 175-193
7. Effects of government spending shocks in China, Japan, and Korea
Minju Jeong, Jihye Kang & Soyoung Kim
Pages: 194-225
8. Capital flow reversals during the taper tantrum in 2013: causes and consequences
Kwanho Shin
Pages: 226-243
9. Determinants of demand for technology in relationships with complementary assets among Japanese firms
Masayo Kani & Kazuyuki Motohashi
Pages: 244-262
Article Abstract 文章摘要
IntroductionJong-Wha Lee, Shujiro Urata & Yiping Huang
Page: 107
Abstract: This special issue of China Economic Journal originates from a project by the China-Japan-Korea Economic Experts Forum, which was led by three coordinators from Korea University (Jong-Wha Lee), Peking University (Yiping Huang), and Waseda University (Shujiro Urata). The objective of the forum was to bring together renowned economists from China, Japan, and Korea to present their academic and policy-oriented researches related to the prospects and challenges for the three economies as well as for the Asian and world economy. The forum organized two conferences at Seoul in May 2015 and at Beijing in May 2016, which were co-hosted by the Asiatic Research Institute at Korea University, the National School of Development at Peking University, and Waseda University.
Link to the original text:
http://www.tandfonline.com/doi/full/10.1080/17538963.2017.1321222
2. Inclusive institutions and economic growth: comparative perspective and policy implications for China
Tianyang Xi
Pages: 108-127
Abstract: This paper examines the empirical relationship between the presence of inclusive institutions and the pattern of economic growth in a cross-country setting. We find evidence that the presence of inclusive institutions, indicated by political democracy, positively affects consumption share. In turn, the increase of the latter in the preceding year is associated with a significantly higher rate of total factor productivity (TFP) growth. The link from democracy to TFP growth via consumption is stronger for countries of higher levels of income. These findings suggest that institutional inclusiveness may have become increasingly important for economic growth when the level of income rises. We also provide preliminary evidence that consumption may have facilitated productivity growth via the channels of increasing innovations and reducing social conflicts. The findings shed lights on the structural transformations toward a more inclusive and sustainable model of growth in China today.
Link to the original text:
http://www.tandfonline.com/doi/full/10.1080/17538963.2017.1321212
3. The political economy of preferential trade arrangements: The case of Japan
Arata Kuno & Fukunari Kimura
Pages: 128-146
Abstract: Support for open trade regimes varies. We analyze Japanese survey data on individuals' preferences for TPP, unilateral import liberalization, and East Asian economic integration, and compare factors influencing policy preferences. First, despite the massive negative campaigns against TPP, 42.8% of individuals support Japan’s participation in TPP, vs. 21.1% against. Second, economic factors do matter for an individual in determining his/her policy preference over TPP. Third, noneconomic factors such as gender, age, access to accurate information, and attachment to hometown also feature as determinants. Fourth, although preferences over TPP and other policy options are positively correlated, some factors decrease TPP support but do not undermine support for two other less-politicized policy options: lack of access to accurate information and some industry and regional TPP-specific factors. Criticism impacts negatively on FTA policy preferences. Finally, we discuss economic policy implications for relationships between China, Japan, and Korea.
Link to the original text:
http://www.tandfonline.com/doi/full/10.1080/17538963.2017.1321884
4. How chaebol restructuring after the 1997 crisis has affected corporate decision and performance in Korea: debt financing, ownership structure, and investment
Taeyoon Sung & Doyeon Kim
Pages: 147-161
Abstract: Korean chaebol firms, characterized by excessive debt financing and overinvestment, experienced restructuring after the 1997 crisis. By reducing debt financing and thus overinvestment, they tried to reorganize financing structure and ownership structure. Chaebols’ debt reduction turns out to have improved performance. However, polarization between chaebol and non-chaebol firms has become more significant. Even after the crisis, firms that give higher cash flows to a controlling shareholder take more capital investment, indicating that agency problems still exist within chaebols. Chaebol-affiliated firms continue to be more active in R&D than non-chaebol firms. However, the pattern is limited to the group of top 10 chaebols after the crisis.
Link to the original text:
http://www.tandfonline.com/doi/full/10.1080/17538963.2017.1319630
5. Competition policy vs. industrial policy as a growth strategy
Tatsuo Hatta
Pages: 162-174
Abstract: This paper shows that competition policy, rather than industrial policy, generated the rapid economic growth in post-war Japan. It also reveals that Japan’s growth rate was lowered from the mid-1970s due to newly introduced industrial policies and paucity of further competition policy. The current Abe government recognises the need for competition policies in Japan to recover from the low-growth period. The paper describes the types of competition policy carried out under Abenomics, especially in National Strategic Special Zones.
Link to the original text:
http://www.tandfonline.com/doi/full/10.1080/17538963.2017.1321216
6. From world factory to world investor: the new way of China integrating into the world
Bijun Wang & Xiang Li
Pages: 175-193
Abstract: This paper argues that outward direct investment (ODI) is replacing international trade as the new way China integrates into the world. Based on two complementary datasets, we document the pattern of Chinese ODI. We argue that the rapid growth of China’s ODI is the result of strong economic development, increasing domestic constraints, and supportive government policies. Compared with trade integration, investment integration involves China more deeply in global business. As a new global investor, China’s ODI in the future is full of opportunities, risks, and challenges. The Chinese government should improve bureaucracy coordination and participate more in designing and maintaining international rules to protect ODI interests.
Link to the original text:
http://www.tandfonline.com/doi/full/10.1080/17538963.2017.1320047
7. Effects of government spending shocks in China, Japan, and Korea
Minju Jeong, Jihye Kang & Soyoung Kim
Pages: 194-225
Abstract: This study investigates the effects of government spending shocks on various key macro variables in China, Korea, and Japan using structural VAR models. The main empirical findings are as follows. Government spending multipliers of all three countries are far larger than 1 in recent years. The effectiveness of fiscal expansion has not changed markedly in China but substantially increased in Korea (after the Asian financial crisis) and Japan (during zero lower bound period). Increases in the effectiveness of fiscal expansion are associated with changes in the monetary and exchange rate policy regimes and institutions of these countries. Among the three countries, the government spending multiplier is relatively large in China but relatively small in Japan in recent years. Although the effects on exchange rate and trade balance vary across countries and sample periods, real exchange rate tends to depreciate, whereas trade balance tends to improve under flexible exchange rate regimes. Some empirical findings are consistent with standard theory, but others are not.
Link to the original text:
http://www.tandfonline.com/doi/full/10.1080/17538963.2017.1321880
8. Capital flow reversals during the taper tantrum in 2013: causes and consequences
Kwanho Shin
Pages: 226-243
Abstract: Quantitative easing (QE) conducted by the US Fed during 2009 Q1 to 2013 Q2 expanded capital flows into emerging economies. The possibility of tapering to reduce QE caused the taper tantrum in 2013 that was characterized by sudden capital reversals and drastic exchange rate depreciation in a subset of developing countries. In this paper we investigated factors that drove capital reversals and drastic exchange rate depreciation in the developing countries. We find that actual capital inflows during the QE periods were most responsible for capital reversals thereafter. However, we do not find evidence that capital flow reversals actually contributed to the drastic exchange rate depreciation during the taper tantrum or lowered real GDP growth afterwards. Consistent with previous studies Our findings suggest that pre-emptive measures to prevent excessive capital inflows are crucial to promote the resilience of the economy. The recent experience of Korea that introduced a series of macroprudential measures shows supporting evidence for this view.
Link to the original text:
http://www.tandfonline.com/doi/full/10.1080/17538963.2017.1319634
9. Determinants of demand for technology in relationships with complementary assets among Japanese firms
Masayo Kani & Kazuyuki Motohashi
Pages: 244-262
Abstract: There has been growing interest in open innovation by firms creating new value by combining internal and external ideas. Technology insourcing, however, has not been satisfactorily investigated compared to technology outsourcing in empirical literature. In this paper, we examine the determinants of external technology sourcing by types of the counterpart in new product development (NPD). We use a novel dataset at the product level, conducted by RIETI in 2011. We highlight cases in which a technology partner is also a business partner, such as a supplier or customer, from those where this is not the case. In contrast, in cases when a technology partner is not a business partner, patents play an important role in moderating transaction costs in partnerships. In contrast, in cases when a technology partner is also a business partner, we found a pattern of co-specialization of managerial resources with the partner firm.
Link to the original text:
http://www.tandfonline.com/doi/full/10.1080/17538963.2017.1320048
