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Singapore Economic Review, The
Journal Prestige (SJR): 0.26  Citation Impact (citeScore): 1 Number of Followers: 4  Hybrid journal (It can contain Open Access articles)ISSN (Print) 0217-5908 - ISSN (Online) 1793-6837 Published by World Scientific  [121 journals]
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- SPECIAL ISSUE: IN MEMORIAM PROFESSOR JACK L. KNETSCH ON ENVIRONMENTAL
ECONOMICS AND COST-BENEFIT ANALYSIS: EDITOR’S INTRODUCTION-
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Authors: Euston Quah
Pages: 1313 - 1314
Abstract: The Singapore Economic Review, Volume 69, Issue 04, Page 1313-1314, June 2024.
Citation: The Singapore Economic Review
PubDate: 2024-07-26T07:00:00Z
DOI: 10.1142/S0217590824020028
Issue No: Vol. 69, No. 04 (2024)
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- CHICAGO CLIMATE EXCHANGE (CCX): THE ORIGIN AND EVOLUTION OF VOLUNTARY
EFFORTS TO ESTABLISH CARBON MARKETS-
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Authors: RICHARD L. SANDOR, PAULA DIPERNA
Pages: 1315 - 1360
Abstract: The Singapore Economic Review, Volume 69, Issue 04, Page 1315-1360, June 2024.
The Chicago Climate Exchange (CCX), which operated from its launch in 2003 to its sale to the Intercontinental Exchange (ICE) in 2010, was the world’s first and still only cap-and-trade system covering all six major greenhouse gases (GHGs) Membership in CCX was voluntary, but all emissions reduction commitments, auditing and trading rules were mandatory via a legally binding civil contract, a first in history. The goal was to use a market-based solution to reduce carbon emissions at the lowest possible cost, and CCX drew more than 400 members to its system at the time when there were no mandatory greenhouse gas reduction policies in place in the United States or abroad. The question is why did major emitters, market participants, cities, states and other entities choose to act to use emissions trading to mitigate climate change when there was no requirement for them to do so' This paper examines the question, suggesting that the CCX model embodied aspects of theories put forward by economists such as Knetsch, Buchanan and Coase and that CCX could serve as a bridge between theory and practice for economists interested in further study of markets and public goods. The paper also highlights the influence of CCX as a rules-based single coherent entity that significantly influenced the development of what has become known as the “voluntary carbon market” (VCM), while being quite different from the VCM. In the process of building its operations, CCX also generated a number of firsts, including creating the world’s first GHG registry, and inventing the world’s first carbon-based tradeable unit, the carbon financial instrument (CFI), equivalent to one hundred metric tonnes of CO2e, and spearheaded a landmark joint venture in China that created China’s first pilot carbon market, the Tianjin Climate Exchange (TCX). Given the start-up nature of CCX, its significant global membership and international coverage is notable. The paper suggests the evolution and growth of CCX represents perhaps the largest ever experiment in behavioral economics relevant to contemporary climate change and environmental issues, yet one of the least understood and studied other than by those who had been involved. The paper will explore the origins, rationale, structure, framework, rules and legacy of CCX, including recommendations based on lessons learned, as the world faces the compounding crisis of climate change and the urgency of meeting the objectives of the Paris Agreement to stem climate change, the myriad of disparate Net Zero pledges to reduce emissions, and additional international environmental agreements aimed to protect biodiversity and other natural systems and processes.
Citation: The Singapore Economic Review
PubDate: 2024-07-26T07:00:00Z
DOI: 10.1142/S0217590824450048
Issue No: Vol. 69, No. 04 (2024)
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- BOOK REVIEW — Risk and Resilience in the Era of Climate Change
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Authors: JUBO YAN
Pages: 1307 - 1312
Abstract: The Singapore Economic Review, Volume 69, Issue 03, Page 1307-1312, June 2024.
Citation: The Singapore Economic Review
PubDate: 2024-07-10T07:00:00Z
DOI: 10.1142/S0217590824800018
Issue No: Vol. 69, No. 03 (2024)
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- SINGAPORE: A SOCIAL DEMOCRACY FOR THE 21ST CENTURY'
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Authors: JACOB HJORTSBERG
Pages: 1 - 22
Abstract: The Singapore Economic Review, Ahead of Print.
One of the key challenges that globalization poses to the project of social democracy is that, by allowing capital to move production anywhere that suits its interests, the ability of labor to organise in opposition to capital is threatened, as capital can simply move production to other places as soon as labor starts making uncomfortable demands. In this article, I argue that Singapore is best understood as a social democracy adapted to the conditions of globalization. As such, Singapore's form of social democracy looks very different from most traditional/Western social democracies. Nevertheless, I argue, Singapore's form of social democracy is based on the same underlying principle of class compromise as traditional social democracy, only applied to very different circumstances. To make this argument, I begin by outlining what I mean by the term “social democracy”, and why we should care about whether Singapore fits that label. I then describe the nature of Singapore's class compromise, as well as its underlying social contract, which I argue has a distinctly corporate character — one that is based on getting the citizens to invest as shareholders in the state-as-a-corporation, rather than on accepting high taxes in exchange for a generous public sector in which goods and services are offered in a “de-commodified” form. Lastly, I address the question of why it makes sense to view Singapore as a social democracy, given that the country is not very “socialistic”, nor very “democratic”.
Citation: The Singapore Economic Review
PubDate: 2024-08-26T07:00:00Z
DOI: 10.1142/S0217590824500292
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- THE IMPACT OF ENTERPRISE DIGITAL TRANSFORMATION ON GREEN TECHNOLOGY
INNOVATION IN MANUFACTURING: A FACTOR FLOW PERSPECTIVE-
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Authors: DA LV, XIAOXIA LIU, GUANGSHENG CAO
Pages: 1 - 36
Abstract: The Singapore Economic Review, Ahead of Print.
Harnessing enterprise digital transformation to drive green technological innovation and achieve carbon reduction goals is an inevitable trend amid carbon reduction efforts. This study analyzed the impact of digital transformation on green technological innovation and the mediating role of innovation factors through a regression analysis model. The results indicate that digital transformation impacted the quantity of green technology innovation significantly more than quality. This impact was mediated by knowledge capital, human capital, physical capital, and innovation consciousness. The positive influence of digital transformation on green technology innovation varied based on corporate ownership nature and geographical location. Furthermore, the negative impact of green technology innovation on corporate value diminished over time. It is imperative for multiple stakeholders, including governments and enterprises, to collaborate in promoting innovation mobility. They should fully leverage the impact of digital transformation to enhance the quality and quantity of green technological innovation.
Citation: The Singapore Economic Review
PubDate: 2024-08-24T07:00:00Z
DOI: 10.1142/S0217590824470167
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- GOVERNMENT INSTITUTIONS AND FIRMS’ ENVIRONMENTAL INNOVATION: THE
MODERATING ROLE OF CONFUCIAN CULTURE-
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Authors: ZHONGJU LIAO, XIAODIE LIU
Pages: 1 - 15
Abstract: The Singapore Economic Review, Ahead of Print.
Against the backdrop of the increasingly deteriorating global ecological environment, government institutions play an important role in promoting environmental innovation and achieving sustainable development. Based on institutional theory and cultural theory, this study explores the impact of two types of government institutions on firms’ environmental innovation, as well as the moderating role of Confucian culture. This study selected heavily polluting firms listed on the Shanghai and Shenzhen A-shares in China from 2015 to 2021 as the research sample. The results indicate that both environmental regulations and green taxes have a significant positive impact on firms’ environmental innovation. The impact of green taxes on firms’ environmental innovation is positively moderated by Confucian culture, while the impact of environmental regulations on firms’ environmental innovation is negatively moderated by Confucian culture. After robustness testing, this conclusion holds. This study provides a useful reference for the government to formulate reasonable policies based on the level of Confucian culture in various regions to promote firms’ environmental innovation.
Citation: The Singapore Economic Review
PubDate: 2024-08-24T07:00:00Z
DOI: 10.1142/S0217590824470179
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- DYNAMIC VOLATILITY SPILLOVERS BETWEEN CURRENCIES OF ASEAN MEMBER COUNTRIES
AND CHINA: EVIDENCE FROM TVP-VAR APPROACH-
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Authors: MIN LIU, HONG-FEI LIU, SHUAI LIU
Pages: 1 - 25
Abstract: The Singapore Economic Review, Ahead of Print.
Driven by the importance of analyzing interregional volatility spillover effects, this study investigates dynamic volatility spillovers between the currencies of China– ASEAN Free Trade Area (FTA) member countries by applying the time-varying parameter vector autoregressive (TVP-VAR) connectedness approach to a sample spanning January 1, 2006, to October 31, 2022. The results show that (1) dynamic volatility connectedness varies over time and reaches peaks due to economic events, such as the 2008 global financial crisis (GFC) and the COVID-19 pandemic; (2) the Chinese yuan (CNY) market assumes more of a net receiving role for volatility spillovers after the 811 exchange rate reform, while the Singapore dollar (SGD) market assumes more of a net transmitting role for volatility spillovers in the whole sample period and (3) negative spillovers are dominant during the study period, except during the European debt crisis. Our findings can help China and ASEAN establish an exchange rate coordination mechanism to prevent the cross-country transmission of exchange rate risk.
Citation: The Singapore Economic Review
PubDate: 2024-08-24T07:00:00Z
DOI: 10.1142/S021759082450036X
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- DIGITALIZATION, SERVITIZATION STRATEGY AND BUSINESS MODEL INNOVATION OF
SMALL AND MEDIUM ENTERPRISES-
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Authors: XUAN-MEI CHENG, SHENG-XI BAN, DARIA ESINA, KAN-XIANG CHEN
Pages: 1 - 20
Abstract: The Singapore Economic Review, Ahead of Print.
This study explores the influence mechanisms of digitalization, servitization strategy and the business model innovation and performance of small and medium enterprises (SMEs). It incorporates the three into the research framework of “innovation support–innovation strategy–innovation process” and presents corresponding research hypotheses. Using a quantitative approach, 468 valid questionnaires were obtained. The empirical results show that digitalization positively affects the service-oriented strategy and business model innovation, and the service-oriented strategy partially mediates the relationship between digitalization and business model innovation. This study guides the digital- and service-oriented transformation of SMEs in China.
Citation: The Singapore Economic Review
PubDate: 2024-08-19T07:00:00Z
DOI: 10.1142/S021759082449002X
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- THE IMPACT OF THE USE OF DIGITAL FINANCIAL SERVICES ON HOUSEHOLD
VICTIMIZATION BY CYBER-TELECOM FRAUD-
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Authors: YUAN LI, SIYUAN WANG
Pages: 1 - 22
Abstract: The Singapore Economic Review, Ahead of Print.
While digital finance has made financial services more accessible, it has also increased the risk of personal information leakage, which may make households more vulnerable to cyber-telecom fraud. Using data from the 2015 China Household Finance Survey (CHFS), this paper investigates the impact of the use of digital financial services on household victimization by cyber-telecom fraud. This paper finds that the use of digital financial services significantly heightens the risk of households falling victim to cyber-telecom fraud, as evidenced by an increased likelihood of encountering such fraud, experiencing financial losses and suffering greater monetary losses as a result. The sub-dimensional analyses show that using digital payments increases the risk of households falling victim to cyber-telecom fraud, and engaging in digital wealth management increases the likelihood of households experiencing cyber-telecom fraud losses and the amount of money lost. Further interactive analysis shows that financial literacy moderates the situation. Specifically, as households’ level of financial literacy increases, the likelihood of encountering cyber-telecom fraud through digital finance, experiencing related losses and the amount of losses incurred decreases. After overcoming the endogeneity problem and performing robustness tests, the conclusions remain consistent.
Citation: The Singapore Economic Review
PubDate: 2024-08-14T07:00:00Z
DOI: 10.1142/S0217590824500334
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- DOES IMPROVING TECHNICAL EFFICIENCY INCREASE FOOD PRODUCTION' AN ANALYSIS
OF WHEAT FARMS IN AFGHANISTAN-
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Authors: SAYED ALIM SAMIM, XIANGZHENG DENG, SAYED YOUNUS AMINI, ZHIQUAN HU, WEI CHENG, ZIYUE YU, TOBA STEPHEN OLASEHINDE
Pages: 1 - 25
Abstract: The Singapore Economic Review, Ahead of Print.
Afghanistan faces serious challenges in terms of food security, which highlights the importance of agricultural productivity growth. This study assessed the impact of technical efficiency (TE) of wheat production on farmers’ household food security by improving food production using ex-post non-experimental data from Takhar Province, Afghanistan. Our empirical approach is based on the Cobb–Douglas stochastic frontier model and the Household Food Insecurity Access Scale (HFIAS). We found that farmers’ TE significantly improved farmers’ households’ food security by improving food production. Furthermore, the average TE score of food-secure farmers was 72.0%, whereas that of food-insecure farmers was 66.2%, and the difference was statistically significant. In conclusion, our findings underscore the essential role of improving farmers’ TE in enhancing food security in farming households in Afghanistan.
Citation: The Singapore Economic Review
PubDate: 2024-08-05T07:00:00Z
DOI: 10.1142/S0217590824470155
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- CARBON CREDITS: NEW INSIGHTS, PARADIGM SHIFTS AND DIRECTIONS FOR FUTURE
RESEARCH-
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Authors: PRAVEEN KUMAR, RAKESH KUMAR, MOHAMMAD FIROZ
Pages: 1 - 25
Abstract: The Singapore Economic Review, Ahead of Print.
We identified the principal areas and momentum of the carbon credits research and proposed a future investigation course. Using a bibliometric examination, we analyze a sample of 546 research papers from the ISI Web of Science database to analyze research studies on carbon credits between 2000 and 2019. We found the most persuasive papers and authors based on their publications, citations, region and importance inside the carbon credit framework. We look at the present scenario, discover obstacles to development in the literature on carbon credits and recommend roads for future research. Even though carbon credits research happens universally, an absence of joint exertion exists across country lines, especially between the European and Asian economies. Research on carbon credits centers around Emission trading/Carbon trading under clean development mechanisms and Cap and trade, with relatively less attention on certified emission reductions, emission rights and verified emissions. We conclude by recommending that the research scope of carbon credit research can be enhanced using five potential research headings. Finally, this research would help the firms and management handle “carbon credits” effectively and efficiently.
Citation: The Singapore Economic Review
PubDate: 2024-07-23T07:00:00Z
DOI: 10.1142/S0217590824470143
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- ENVIRONMENTAL NON-TARIFF MEASURES AND TRADE IN APEC MEMBER ECONOMIES
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Authors: HEA-JUNG HYUN
Pages: 1 - 25
Abstract: The Singapore Economic Review, Ahead of Print.
This study examines how environmental non-tariff measures (NTMs) affect trade in Asia-Pacific Economic Cooperation (APEC) member economies. Using product-level panel data spanning 2009–2020, we find that stringent environmental NTMs reduce trade in APEC member economies, whereas no significant effect exists when exporting is destined to non-APEC economies. The trade-impeding effect of NTMs is prominent in exports of dirty goods from economies with high-intensity greenhouse gas emissions through additional adaptation costs to meet environmental standards set by high-income importing countries with the high-intensity imposition of the measure. Results imply that APEC economies need to enhance effective environmental regulations by taking the heterogeneous effects of NTMs on trade across industries and types of measures into account.
Citation: The Singapore Economic Review
PubDate: 2024-07-20T07:00:00Z
DOI: 10.1142/S0217590824500310
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- PRODUCTIVITY AND THE GAINS FROM TAKEOVERS IN CHINA: THE ROLE OF OWNERSHIP
STRUCTURE AND INSTITUTIONS-
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Authors: LEWIS H. K. TAM, SHAOHUA TIAN, BAIBING HUANG, KA MAN HOI
Pages: 1 - 30
Abstract: The Singapore Economic Review, Ahead of Print.
This paper examines the extent that takeovers of large, non-listed target firms create value in China. The baseline result shows that an average target’s productivity improves and output increases after being acquired. Further evidence shows that the bidder’s and target’s ownership structure, economic development of the target’s location and the bidder CEO’s foreign experience all affect the target’s post-takeover productivity. Our study sheds light on the merger and acquisition (M&A) literature in China that mainly focuses on the performance of bidders. It also has significant implications for the Chinese government to further reform and restructure its remaining state-owned assets.
Citation: The Singapore Economic Review
PubDate: 2024-07-19T07:00:00Z
DOI: 10.1142/S021759082350056X
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- LABOR OUTSOURCING AND THE COST OF DEBT
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Authors: YING WU
Pages: 1 - 21
Abstract: The Singapore Economic Review, Ahead of Print.
Using the Chinese A-share listed enterprises from 2015 to 2022, this paper investigates the impact of labor outsourcing on the cost of debt. I find that labor outsourcing reduces the cost of debt. The research conclusion is still valid after a series of robustness tests. In terms of economic significance, labor outsourcing reduces the cost of debt by 9.43%. The mechanism tests suggest that labor outsourcing can reduce the cost of debt by improving corporate performance and information transparency. Further analyses find that the relationship between labor outsourcing and the cost of debt is more prominent for non-state-owned enterprises and firms located in regions with lower banking competition. This paper is the first empirical study on the impact of labor outsourcing on the cost of debt, which has important theoretical and practical significance.
Citation: The Singapore Economic Review
PubDate: 2024-07-19T07:00:00Z
DOI: 10.1142/S0217590824500322
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- INVITED PAPER: MACHINE LEARNING AND ECONOMETRICS
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Authors: CHENG HSIAO
Pages: 1 - 16
Abstract: The Singapore Economic Review, Ahead of Print.
The fundamental methodologies of machine learning and econometrics are reviewed. We also discuss the challenges of integrating the data-driven and model-based causal approaches and conjecture how it may yield new insights to empirical economic studies.
Citation: The Singapore Economic Review
PubDate: 2024-07-12T07:00:00Z
DOI: 10.1142/S0217590824450127
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- HOW DOES THE GOVERNMENT PLAY A ROLE IN THE DEVELOPMENT OF THE BIG DATA
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Authors: HONGQIAO CUI, HUANWEN WU, YU ZHU
Pages: 1 - 25
Abstract: The Singapore Economic Review, Ahead of Print.
This study employs fuzzy set qualitative comparative analysis to explore factors influencing the development of the big data industry in 31 provinces and municipalities in China. By analyzing eight representative variables across four dimensions—new infrastructure construction, data resources and applications, government services, and resource input—the study aims to uncover configurations and pathways that affect industry growth. The results reveal four effective strategies: combining infrastructure with data application, integrating government services with data application, coupling infrastructure with resource investment, and focusing solely on government services. Core variables such as optical cable length, policy environment, and service environment require governmental intervention to foster development. Therefore, continuous enhancement of new infrastructure construction, supporting the development of small and medium-sized Enterprises in big data, strengthening the big data industry and government service environment, and increasing investments in talent and capital are recommended to drive industry progression.
Citation: The Singapore Economic Review
PubDate: 2024-07-06T07:00:00Z
DOI: 10.1142/S0217590824490018
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- INVITED PAPER — INTER-GENERATIONAL IMPACTS OF SINGAPORE’S BUDGETARY
RESPONSES TO COVID-19: GENERATIONAL ACCOUNTING FRAMEWORK-
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Authors: CHIA NGEE CHOON, DYON DONG
Pages: 1 - 34
Abstract: The Singapore Economic Review, Ahead of Print.
Singapore’s rapidly aging population poses significant challenges to the government’s long-term fiscal sustainability as it structurally affects government revenue and expenditure. Amidst the demographic trends, total government spending has skyrocketed to unprecedented amounts in 2020 in response to the COVID-19 pandemic. This paper evaluates Singapore’s fiscal sustainability and intergenerational fiscal impacts through the lens of generational accounting and actuarial analyses, before and after COVID-19. Our model predicts a pre-COVID absolute intergenerational gap of S$512 thousand between future generations and current newborns, implying that there is considerable intergenerational inequity. This gap increases by a further S$67 thousand after factoring in COVID-19’s impact on government net spending and short-term fertility rates. Fiscal balance can be restored in the short term and intergenerational equity in the long term, after incorporating key policy changes such as Goods and Services Tax (GST) hike and carbon tax increases.
Citation: The Singapore Economic Review
PubDate: 2024-07-03T07:00:00Z
DOI: 10.1142/S0217590824450061
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- INVITED PAPER — COMPARISON OF VARIOUS FISCAL POLICIES IN THE FACE OF
DIFFERENT DEMOGRAPHIC STAGES-
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Authors: NAOYUKI YOSHINO, KEIGO KAMEDA, HIROAKI MIYAMOTO, ZHENKUN LU
Pages: 1 - 25
Abstract: The Singapore Economic Review, Ahead of Print.
This study examines the impact of aging on the effectiveness of various fiscal expenditures, including government consumption, one-time government transfers to households, public investment and R&D spending, using a dynamic stochastic general equilibrium model. Our findings reveal that (1) Aging enhances the effects of the transfer on augmenting GDP. (2) Regardless of aging, R&D expenditure consistently stands out over all time spans, with younger society benefiting more. (3) Public investment ranks second among for different fiscal policies in the long run, while shows bigger impact in younger society. (4) One-time transfer has only a temporary effect and is the least effective in boosting GDP in both young and old societies. (5) Multipliers for public investment and R&D expenditure increase with the accumulation of public capital and TFP. Their multiplier of young society is larger than old society because impact on consumption is much more effective.
Citation: The Singapore Economic Review
PubDate: 2024-07-03T07:00:00Z
DOI: 10.1142/S0217590824450097
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- IS CHINA REALLY A “POLLUTION HAVEN”: HOW FOREIGN DIRECT INVESTMENT
SHAPE CARBON EMISSION IN CHINA' EVIDENCE FROM 265 CHINESE PREFECTURE-LEVEL
CITIES-
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Authors: XIAO YU, WEICHENG YANG, YING ZHOU, WANTING JI
Pages: 1 - 32
Abstract: The Singapore Economic Review, Ahead of Print.
This paper explores the applicability of the well-known “Pollution Haven” hypothesis and “Pollution Halo” hypothesis at the city-level in contemporary China. The fixed effect model and the threshold effect model are employed to investigate the relationship between foreign direct investment (FDI) and carbon emission in 265 Chinese prefecture-level cites. Based on the entire sample, the results of fixed effect model support the applicability of “Pollution Haven” hypothesis, while the hypothesis is substantiated primarily in eastern and western China. In contrast, the central part of China does not conform to either hypothesis, suggesting that the emergence of a distinct “Pollution Haven Basin” within the country. Unlike the inverted “U-shaped” curve commonly posited in the existing literature, the threshold effect model unveils a “U-shaped” connection between FDI and carbon emission. Specifically, we find that the turning point is at around $52.93 million, which implies that FDI needs to surpass a certain threshold to actively drive carbon emission in the presence of a “Pollution Haven Engine”. Accordingly, in the context of more in-depth international trade and China’s carbon neutralization commitment, it would be wise for the Chinese local governments to control the FDI scale, and encourage FDI to tilt toward the clean sectors.
Citation: The Singapore Economic Review
PubDate: 2024-07-03T07:00:00Z
DOI: 10.1142/S0217590824470131
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- DOES THE NEW URBANIZATION POLICY PROMOTE RESIDENTS’ CONSUMPTION
EQUALITY IN CHINA'-
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Authors: XIAOLU ZHAO
Pages: 1 - 18
Abstract: The Singapore Economic Review, Ahead of Print.
The aim of this study is to explore the policy of new urbanization proposed by the 18th National Congress of the Communist Party of China on consumption equality between rural migrants and the urban population. This study adopts the data of the 2010, 2012, 2014, 2016 and 2018 China Family Panel Studies (CFPS) and uses the difference-in-differences (DID) method to find that the new urbanization policy significantly promotes the consumption equality of residents and that the degree of consumption equality of residents participating in urbanization increases by about 1.5% after the implementation of the new policy. In addition, this study finds that household income equality is the channel of the new urbanization policy that affects household consumption equality. The conclusions are found to be robust and effective after several tests are conducted.
Citation: The Singapore Economic Review
PubDate: 2024-07-03T07:00:00Z
DOI: 10.1142/S0217590824500279
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- THE SIGNALING EFFECTS OF DIFFERENT TYPES OF R&D GRANTS ON CORPORATE
EXTERNAL FINANCING: EVIDENCE FROM CHINESE LISTED FIRMS-
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Authors: HAIZHEN JIN, JONGMIN LEE
Pages: 1 - 23
Abstract: The Singapore Economic Review, Ahead of Print.
In this study, we investigate the heterogeneous signaling effects of government research and development (R&D) grants on corporate bank financing regarding various types of grants. While the literature primarily focuses on the information asymmetry between banks and receivers, this study focuses on the more fundamental aspect of disparate signals sent from various types of subsidies. We categorize public R&D subsidies into three types: project-based, special grants and general subsidies. By using data from Chinese listed firms between 2008 and 2018, we find that R&D projects have positive certification effects on corporate external financing, special funds do not have significant effects, and general subsidies send negative signals regarding firm quality, resulting in the reduction of long-term bank loans of recipients. However, the negative signaling effects of general subsidies are found to be counteracted by political connections, suggesting that the signal associated with political capital could be greater than that associated with firm quality.
Citation: The Singapore Economic Review
PubDate: 2024-07-03T07:00:00Z
DOI: 10.1142/S0217590824500309
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- VOLATILITY SPILLOVER BETWEEN CHINA’S CRUDE OIL FUTURES AND SECTORAL
STOCK MARKETS FROM A FREQUENCY DYNAMICS PERSPECTIVE-
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Authors: JIANLI WANG, HUIDI ZHU, HONGXIA WANG, MINGHUA DONG
Pages: 1 - 24
Abstract: The Singapore Economic Review, Ahead of Print.
This work investigates the dynamic volatility spillovers between China’s crude oil future market and sectoral stock markets. We demonstrate that the overall risk transmission is predominantly driven by long-term spillovers. Several major events, such as the COVID-19 pandemic and the Russia–Ukraine conflict, increase the time-varying connectedness. Moreover, we find that the role of the crude oil futures market shifts from a net receiver to a risk contributor under the impacts of these events. We also clarify the heterogeneity in the net pairwise spillovers between the crude oil future market and different sectors. Our finding on volatility spillovers is helpful for both policymakers and investors to understand the systematic risk.
Citation: The Singapore Economic Review
PubDate: 2024-06-28T07:00:00Z
DOI: 10.1142/S021759082447012X
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- INVITED PAPER — DIRTY INPUTS IN POWER PRODUCTION AND ITS CLEAN UP: A
SIMPLE MODEL-
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Authors: PARTHA SEN, SIDDHARTHA MITRA
Pages: 1 - 16
Abstract: The Singapore Economic Review, Ahead of Print.
This paper develops a model in which a country, which only has access to a dirty technology for producing electric power in the short run, looks to expand its production in the long run by only permitting new power plants based on clean technology. The model mimics current reality in which major developing countries are being pushed by factors, such as the Paris Climate agreement of 2015 and the large burden of mortality and morbidity resulting from use of fossil fuels, to rely more on clean technologies. Our model shows how emissions and emission intensity of power output after the adoption of clean technologies are increasing in the targets for power production set by the government before availability of such technology and supply variables such as the wage rate and expenses on fixed capital, and decreasing in the tax on power production before the availability of clean technologies. Finally, it is seen that for low enough cost of the clean resource input, a country with a higher demand is able to set a higher target for production with the dirty technology when the clean technology is not available and yet achieves lower emissions and emission intensity in the long run.
Citation: The Singapore Economic Review
PubDate: 2024-06-25T07:00:00Z
DOI: 10.1142/S0217590824450115
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- MAINTAINING THE BALANCE BETWEEN PRODUCTION ACTIVITIES AND ENVIRONMENTAL
CONSERVATION IN ECOLOGICAL EFFICIENCY ASSESSMENT: EVIDENCE FROM OECD
COUNTRIES-
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Authors: XIAOXING LIANG, ZHIXIANG ZHOU, YUMENG WU
Pages: 1 - 25
Abstract: The Singapore Economic Review, Ahead of Print.
Enhancing ecological efficiency stands out as a crucial avenue to realize carbon emission reduction without compromising economic and social development. This study introduces a fairness-concern ecological efficiency evaluation model to address the overestimation of efficiency values in traditional models with maintaining the balance between production activities and environmental conservation during the process of ecological efficiency measurement. The theoretical model is applied to 28 OECD countries, and reveals a general ecological efficiency for them during 2013 to 2017. The efficiency value assessments presented herein offer policymakers valuable insights for enhancing efficiency based on diverse preferences.
Citation: The Singapore Economic Review
PubDate: 2024-06-21T07:00:00Z
DOI: 10.1142/S0217590824470118
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- CAN THE DIGITAL ECONOMY REVITALIZE ZOMBIE ENTERPRISES'
-
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Authors: JIJIAN ZHANG, YI XU, XUHUI DING
Pages: 1 - 26
Abstract: The Singapore Economic Review, Ahead of Print.
The impact and operational mechanisms of the digital economy on China’s zombie firms cannot be ignored. From the theoretical perspectives of advanced industrial structure and rational industrial organization, this paper empirically tests the effects of the digital economy on zombie firms using data from China’s A-share listed companies from 2013 to 2020. The baseline regression results indicate that the digital economy significantly revitalizes zombie firms. Heterogeneity studies show that the revitalizing effect is more pronounced for zombie firms in the western region, larger zombie firms, and state-owned zombie enterprises. Mechanism tests reveal that the digital economy revitalizes zombie firms by promoting rational industrial organization, advancing industrial structure, and alleviating financing constraints. The conclusions of this paper not only offer new ideas for the transformation of China’s zombie firms but also provide insights for other developing countries undergoing digital transformation.
Citation: The Singapore Economic Review
PubDate: 2024-06-21T07:00:00Z
DOI: 10.1142/S0217590824500267
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- INVITED PAPER — THE ATTITUDE–BEHAVIOR DICHOTOMY IN THE TIME OF
COVID-19: AN EXPLORATION USING GENERALIZED STRUCTURAL EQUATION MODELING-
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Authors: RICHARD T. CARSON, W. MICHAEL HANEMANN, DOHYEONG KIM, HANNA SHIN, DALE WHITTINGTON
Pages: 1 - 29
Abstract: The Singapore Economic Review, Ahead of Print.
The COVID-19 pandemic brought the need to quickly deploy non-pharmaceutical measures like facemasks to reduce transmission rates into sharp focus. Factors influencing this behavior are examined through the classic attitude–behavior lens of Fishbein and Ajzen [Belief, Attitude, Intention, and Behavior: An Introduction to Theory and Research. Reading, MA: Addison-Wesley] cast in the language of property rights and social norms. Behavior is operationalized as wearing a facemask (or not) and attitude in terms of supporting a mandatory mask mandate. This yields targetable segments of the population as they are referred to in a marketing context: wearing/supporting, wearing/not supporting, not wearing/supporting, not wearing/not supporting [Kim, D, RT Carson, D Whittington and WM Hanemann (2022). Support for regulation versus compliance: Face masks during COVID-19. Public Health in Practice, 5, 100324]. Membership in each segment is predicted using a generalized structural equation modelling (GSEM) approach focused on three broad factors. The first includes political and demographic variables, which represent exogenous taste parameters. The second is a set of knowledge variables characterizing the COVID-19 information a person possesses. These are potentially influenceable by health officials. The third relates to risk cast in the form of knowing someone who had tested positive for COVID-19, been hospitalized or died from it. The GSEM results paint a rich picture of how our factor sets interact with the four targetable segments of the population in a critical situation where high but not perfect compliance is needed.
Citation: The Singapore Economic Review
PubDate: 2024-06-19T07:00:00Z
DOI: 10.1142/S0217590824450073
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- ROLE OF GOVERNANCE IN TRANSITION FROM MIDDLE-INCOME TRAP
-
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Authors: JAYADEVAN CM, NAM TRUNG HOANG, SUBBA REDDY YARRAM
Pages: 1 - 33
Abstract: The Singapore Economic Review, Ahead of Print.
This study examines the role of governance in transitioning from middle-to high-income status in 20 countries. All the growth models indicate that the rule of law plays a significant role. Significant interactions among government effectiveness were observed in the post-transition period. A significant effect of political stability and corruption control and a significant interaction effect of government effectiveness were also observed in the transition to high income, using extended Cox regression. The probit regression revealed that the interaction of low government effectiveness, low insurance, heavy reliance on agriculture, high fertility rates, high inflation, limited foreign investment and excessive public debt posed obstacles to achieving high-income status. The weak rule of law, corruption control and regulatory quality also affected the failure of the 42 upper-middle-income countries to reach a high-income level.
Citation: The Singapore Economic Review
PubDate: 2024-06-19T07:00:00Z
DOI: 10.1142/S0217590824500255
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- BOARD FINANCIAL EXPERIENCE AND EFFICIENCY-BASED EARNINGS MANAGEMENT IN
PRE- AND POST-INTERNATIONAL FINANCIAL REPORTING STANDARDS-
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Authors: QIAN LONG KWEH, MOHAMMAD NOURANI, WEN-MIN LU, IRENE WEI KIONG TING
Pages: 1 - 26
Abstract: The Singapore Economic Review, Ahead of Print.
The study examines whether the board of directors with financial experience can effectively constrain earnings management pre- and post-International Financial Reporting Standards (IFRS). For a large balanced panel dataset of Taiwanese electronics companies over 2007–2017, we replace returns on assets in an augmented modified Jones model with efficiency scores derived using data envelopment analysis (DEA). Using DEA as an innovative adaptation in the accrual-based earnings management model, we aim to provide an accurate measure of earnings management. The results of our panel-estimated generalized least square (EGLS) regression models, which account for heteroskedasticity and auto-correlation problems, indicate that the proportion of board of directors with financial and/or accounting experiences reduces earnings management pre-IFRS. However, their ability turns weaker post-IFRS. Overall, this study thus not only has important theoretical significance in that a board of directors with financial experience might and might not curb earnings management but also has an important practical contribution to decision-makers in companies regarding the effectiveness of board financial experiences in the IFRS era.
Citation: The Singapore Economic Review
PubDate: 2024-06-15T07:00:00Z
DOI: 10.1142/S0217590824500280
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- INVITED PAPER: AN INTEGRATED THEORY OF HOUSEHOLD BEHAVIOR
-
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Authors: HIROAKI HAYAKAWA
Pages: 1 - 26
Abstract: The Singapore Economic Review, Ahead of Print.
This paper presents an integrated model of household behavior, in which households derive utility not only from flow choices (of goods and leisure activities) but also from stock variables representing the status in health, psychological stress, social standing/reputation, political affiliation, religious identity, and any other status deemed relevant for their well-being. To attain the status in any of these dimensions, proper investment is necessary in accordance with a suitable mediating function that connects flow choices to the status in question. We depart from the position that statuses activate motivation, thereby affecting the efficiency of activities including working time. In particular, health not only yields utility of its own kind but also affects the productivity of households, thereby expanding their budget sets and raising the utility they attain now and in the future. Health, however, must be attained and maintained, and this has to be accomplished in accordance with a plausible health-production function defined on the space of goods and leisure activities. The same can be said about knowledge and skill acquisition, which requires investment of certain activities and goods through an appropriate mediating function. Similar relationships also hold for social, psychological, and other statuses, which can only be acquired through proper mediating functions. While the utility calculus appears complex, we demonstrate that the optimum choice of goods and leisure activities is guided by the rationality principle that requires that the composite marginal utility, defined as the total of all marginal utilities from the entire sources of utility, direct or mediated, be balanced with properly measured cost of acquiring it, which is shown to equal, the price or the wage rate on the market adjusted for a change in the efficiency of working time mediated through health enhancement and/or an increase in the productive efficiency of working hours due to knowledge and technology acquisition. Because our model includes utility arising from status-orientation in multiple dimensions, and because the extent and the range of such utility are socio-cultural-regime-specific while also being shaped by the household-specific receptivity and orientation to this regime, our model can potentially explain a diverse range of choice behavior some of which appear anomalous or even counter-intuitive to the rationality principle in the traditional sense. This added explanatory power helps close a gap between economics and other social sciences.
Citation: The Singapore Economic Review
PubDate: 2024-06-12T07:00:00Z
DOI: 10.1142/S0217590824450085
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- INVITED PAPER: INDIVIDUALLY RATIONAL DYNAMIC VOTE TRADING
-
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Authors: PARKASH CHANDER
Pages: 1 - 12
Abstract: The Singapore Economic Review, Ahead of Print.
In this paper, we characterize dynamic trading in a voting model. We show that a dynamic trading process, called the Pivot algorithm, may converge from an initial vote allocation to an allocation which (though Pareto optimal) is not individually rational even in the weakest sense. Then, we propose an intuitive dynamic process which, unlike the Pivot algorithm, always converges from any initial vote allocation to an individually rational Pareto optimal allocation, is Condorcet consistent, and avoids unnecessary vote trading (i.e. trading that does not change the outcome). From a policy perspective, our analysis implies that a vote trade may be permitted only if no voter has objection to the trade. Without such a policy, myopic voters may participate in vote trades that are either unnecessary or eventually make them worse-off.
Citation: The Singapore Economic Review
PubDate: 2024-06-10T07:00:00Z
DOI: 10.1142/S0217590824450103
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- MODELING SINO–US POLITICAL RELATION: EVIDENCE FROM GEOPOLITICAL ECONOMIC
AND TECHNOLOGICAL ASPECTS-
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Authors: LINGLAN ZHANG, KAI-HUA WANG, HONG-WEN LIU, XIANGYU PAN
Pages: 1 - 18
Abstract: The Singapore Economic Review, Ahead of Print.
This paper investigates Sino–US political relation (SUR) from global economic policy uncertainty (EPU), geopolitical risk (GPR), and technological innovation progress (TIP), using time-varying parameter-stochastic volatility-vector auto-regression (TVP-SV-VAR) model. The empirical results show that the relationship between SUR and the other three variables is unstable and time-varying. In detail, both EPU and TIP exert negative impacts on SUR, reflecting the US’s apprehension regarding its leading position in both economic and technological domains. Conversely, GPR shows a positive correlation with SUR, attributed to the necessity for China and the US to collaborate in international security events such as terrorism. A significant contribution lies in the development of a multi-dimensional theoretical framework centered on the Sino–US relationship. This framework effectively captures the dynamic nature of their relations across various time frequencies and points in time. Further, this paper provides advice that China should independently develop its technology and enhance economic strength, and is willing to compete with the US, while also seeking cooperation amidst competition.
Citation: The Singapore Economic Review
PubDate: 2024-06-07T07:00:00Z
DOI: 10.1142/S0217590824500243
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- INVITED PAPER: ADOPTION OF ELECTRIC VEHICLES IN MALAYSIA — CONSUMER
PREFERENCES AND COST-BENEFIT CONSIDERATIONS-
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Authors: SANTHA CHENAYAH, EVELYN S. DEVADASON, GOH LIM THYE
Pages: 1 - 20
Abstract: The Singapore Economic Review, Ahead of Print.
The electric vehicles (EVs) market in Malaysia, though growing remains relatively small. Previous related studies on Malaysia focused mainly on consumer preferences and the country’s readiness towards a higher adoption of environmentally friendly alternative vehicles. This study extends previous work to examine consumer preferences towards EVs through a market survey conducted in Klang Valley. Then follows a comparative economic and environmental cost-benefit analysis of EVs relative to conventional vehicles and hybrid vehicles to provide some understanding on the market diffusion of the former. The key findings from the survey suggest that pricing and the maintenance costs of EVs negatively influence the uptake of EVs despite the positive environmental attitudes of consumers. The cost-benefit analysis, in turn, implies that the EV transition will accelerate with rising petrol prices and falling battery costs. The study concludes with some implications for sustainability based on the adoption of EVs.
Citation: The Singapore Economic Review
PubDate: 2024-06-07T07:00:00Z
DOI: 10.1142/S021759082445005X
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- HOW DOES UNCONVENTIONAL MONETARY POLICY GUIDE ENTERPRISES’ GREEN
TRANSITION'-
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Authors: WEN LI, JING-PING LI
Pages: 1 - 23
Abstract: The Singapore Economic Review, Ahead of Print.
This study investigates the capacity of unconventional monetary policy (UMP) to facilitate enterprises’ transition towards environmentally sustainable practices. It posits that UMP can enhance financing conditions, support the economic viability of green activities and promote investments with a long-term environmental focus. We assess green transitions by measuring enterprises’ green total factor productivity (GTFP) using the slacks-based model. Additionally, we leverage the expansion of the collateral framework in China as a quasi-natural experiment to explore the nuanced effects of UMP on green transitions. Employing a difference-in-differences (DID) approach, our findings reveal that UMP significantly encourages enterprises, especially non-state-owned ones, to adopt greener practices. However, its impact is less pronounced for state-owned enterprises (SOEs) and those in capital-intensive sectors. To ensure the robustness of our results, we conducted various tests, confirming the reliability of our findings. This study demonstrates the effectiveness of UMP in green transitions, emphasizing its role in guiding enterprises toward preventive environmental strategies and offering key insights for policymakers.
Citation: The Singapore Economic Review
PubDate: 2024-05-31T07:00:00Z
DOI: 10.1142/S0217590824470106
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- THE ROLE OF FINANCIAL DEVELOPMENT ON THE SHARE OF RENEWABLE ENERGY IN
JAPAN: A COMPREHENSIVE TIME-SERIES ANALYSIS-
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Authors: ADEM GÖK, CANER DEMIR
Pages: 1 - 23
Abstract: The Singapore Economic Review, Ahead of Print.
The purpose of this study is to analyze the effect of financial development (FD) on the share of renewable energy (RE) usage in Japan. The existing theoretical literature and empirical analyses covering different country cases reveal that FD might have positive, negative, or insignificant effect on RE use. Since there is no empirical investigation of the issue for Japan, the study aims to contribute to the literature. To that end, we used several time-series techniques to detect the association between RE usage and FD in Japan over the 1970–2020 period. The results obtained from the ARDL, Hatemi-J, Maki, Tsong et al. and NARDL cointegration tests showed that there is a significant cointegrated relationship between the share of RE use, FD, GDP per capita and trade openness. As for the long-run coefficients obtained from the ARDL, FMOLS, CCR and NARDL estimators revealed that increases in FD and trade openness raise the share of RE usage while increases in GDP per capita reduce it. Briefly, for the Japan case, we may suggest that improving the financial market structure of the country will bear fruit in terms of the share of cleaner and sustainable energy usage.
Citation: The Singapore Economic Review
PubDate: 2024-05-28T07:00:00Z
DOI: 10.1142/S0217590824450036
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- UNCERTAINTY, ANTICIPATION AND MACROECONOMIC FLUCTUATIONS
-
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Authors: ZHENYU MA, JUNBO WANG
Pages: 1 - 38
Abstract: The Singapore Economic Review, Ahead of Print.
This paper examines the effects of anticipated and unanticipated uncertainty on macroeconomic fluctuations and investigates the optimal macroeconomic policy portfolio. Our empirical findings indicate that both anticipated and unanticipated uncertainty shocks result in a reduction in gross corporate output, while the negative impact of the former is relatively smaller. By developing a multi-sector DSGE model, we further find that anticipated uncertainty shocks lead to a relatively smaller rise in the risk premium for corporate lending, and a smaller decrease of corporate lending, investment, and output. The policy analysis reveals that monetary policy can effectively dampen the fluctuations of macroeconomic variables like output, but its impact on financial variables such as risk premiums and asset prices is limited. On the other hand, macroprudential policy can directly tackle the root causes of uncertainty shocks and alleviate their adverse effects. The combination of these two policies facilitates a balance between the policy objectives of managing systemic risks and mitigating macroeconomic fluctuations.
Citation: The Singapore Economic Review
PubDate: 2024-05-28T07:00:00Z
DOI: 10.1142/S021759082450022X
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- STOCK MARKET REACTIONS TO PUBLIC RELEASE OF ENVIRONMENTAL RANKINGS OF
HEAVY POLLUTERS: THE ROLE OF ULTIMATE CONTROLLERS-
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Authors: HUA XU, XIN DENG, JIE SHEN
Pages: 1 - 22
Abstract: The Singapore Economic Review, Ahead of Print.
Adopting the event study method, this paper examines how the stock market reacts to the public release of environmental performance rankings of heavy polluters. Specifically, we explore the impact of the public release of the 100 best and 100 worst companies in terms of environmental performance on the stock prices of companies involved, and the potential moderation of ultimate controllers. We find that the stock prices of the companies on the lists were negatively affected by the event. However, stock price changes are not significantly related to the relative rankings on the list. Furthermore, companies whose ultimate controllers possess a larger control–ownership wedge experienced a less severe fall in stock prices than did their counterparts. This study sheds light on the nuances of the financial implications of negative environmental publicity.
Citation: The Singapore Economic Review
PubDate: 2024-05-25T07:00:00Z
DOI: 10.1142/S0217590824420062
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- INVITED PAPER: EMOTION EXPRESSION AND INDIRECT RECIPROCITY
-
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Authors: HUI XU, DANIEL HOUSER
Pages: 1 - 22
Abstract: The Singapore Economic Review, Ahead of Print.
This study explores how emotion expression (EE) can help promote positive indirect reciprocity while also breaking chains of negative indirect reciprocity. We report data from a two-stage dictator game and compare the decisions subjects make towards a third party both with and without the chance to express emotion. Standard economic models suggest opportunities to express emotion should have no impact on behavior. In sharp contrast to these predictions, we find that subjects who are treated unkindly behave more generously towards others in subsequent interactions if they have the opportunity to convey their emotions to a third party. Our findings have important welfare implications. In particular, they suggest that opportunities to express emotion can break negative reciprocity chains and promote generosity and social well-being even among those who have not themselves been previously well-treated. We argue that reference-dependent valuations can help to explain our results.
Citation: The Singapore Economic Review
PubDate: 2024-05-25T07:00:00Z
DOI: 10.1142/S0217590824450024
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- GOVERNMENT INVESTMENT IN NATURAL CAPITAL BOOSTS ECONOMIC GROWTH: EVIDENCE
FROM CHINA’S TRANSFER PAYMENT POLICY FOR NATIONAL KEY ECOLOGICAL
FUNCTIONAL AREAS-
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Authors: XI LUO, LINLING ZHANG, YONGMIN LUO, MIN GAO
Pages: 1 - 34
Abstract: The Singapore Economic Review, Ahead of Print.
This paper studies the impact of the transfer payment policy for national key ecological functional areas (TPPNKEFA) on economic growth. As the most representative and extensive vertical ecological compensation policy in China, the TPPNKEFA plays an important role in protecting and restoring natural capital. Using the county-level TPPNKEFA data disclosed according to the application, we constructed a multi-stage DID model to identify the economic growth effect of TPPNKEFA. The results show that TPPNKEFA effectively improves the level of county economic development, which is more prominent in the counties located in the central and western regions, water conservation functional areas, low economic development level, large fiscal gap, and the counties where TPPNKEFA has been implemented for a long time. A mechanism analysis shows that industrial ecologization and ecological industrialization are important paths. The extension analysis shows that the original intention of TPPNKEFA to promote the restoration of natural capital and the improvement of people’s livelihoods has been well implemented. This study provides important evidence to support efforts to protect and restore natural capital, highlighting the need for governments to invest in natural capital and thus facilitate the transition to a low-carbon economy.
Citation: The Singapore Economic Review
PubDate: 2024-05-25T07:00:00Z
DOI: 10.1142/S0217590824470052
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- PUBLICITY, FACILITIES DIVERSITY AND WILLINGNESS TO PAY FOR HOUSEHOLD WASTE
SORTING: NEW EVIDENCE FROM HETEROGENEITY REGRESSION-
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Authors: XINGLE LONG, QINGLIN WANG
Pages: 1 - 31
Abstract: The Singapore Economic Review, Ahead of Print.
Household waste sorting is important to actively promote the construction of beautiful countryside and beautiful city via household waste reduction or recycling. The Law of China on the Prevention and Control of Solid Waste Environmental Pollution indicates that household waste treatment fee system follows the principle of “who produces, who pays”, reflecting differentiated management such as classified pricing and metering fees. This research mainly investigates the determinants of willingness to pay (WTP) for household waste sorting in China. This study mainly compares different effects of the waste sorting information publicity, waste sorting facilities diversity, perceived convenience and reference group behavior on WTP via multiple and logistic regression. It also explores gender and regional heterogeneity for WTP of household waste sorting in China. This study also analyzes how individuals respond to different levels of WTP fees of household waste sorting via logistic regression. The empirical results reveal that the facilities diversity of waste sorting has the highest effect on WTP for household waste sorting, followed by perceived convenience, publicity and reference group behaviors. Females have relatively lower WTP than males. Education has significant positive effects on males’ waste sorting WTP. In logistic regression, reference group has larger effect on WTP compared with other antecedents. It is important to enhance facilities and publicity of household waste sorting. This research is of great significance to increase the household waste sorting behavior, enhance the governance system of household waste sorting via the collaboration of government, medias, communities and individuals.
Citation: The Singapore Economic Review
PubDate: 2024-05-23T07:00:00Z
DOI: 10.1142/S0217590824500218
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- THE HOLIDAY EFFECTS ON AMUSEMENT AND THEME PARK COMPANIES’ STOCK
PRICES-
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Authors: CHIA-NING CHIU
Pages: 1 - 18
Abstract: The Singapore Economic Review, Ahead of Print.
This study offers further evidence of the holiday effect on excess stock returns and volatility, and additional insights into its impact on the amusement park and attractions industry in the United States. The generalized auto-regressive conditional heteroscedasticity (GARCH) model and dummy variables are adopted to investigate pre- and post-holiday excess returns and volatility. Empirical results suggest the following: (1) both excess returns and excess volatility happen more frequently in pre-holidays than post-holidays; (2) the frequency of excess volatility is higher than excess returns for the holiday effect; and (3) nearly all significant excess volatilities are negative. We, therefore, conclude that the holiday effect exists in publicly traded amusement and theme parks.
Citation: The Singapore Economic Review
PubDate: 2024-05-22T07:00:00Z
DOI: 10.1142/S0217590824500139
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- ASSOCIATING HIGHWAY DENSITY WITH ASTHMA: UNRAVELING THE LINK BETWEEN
TRAFFIC-RELATED POLLUTION AND HEALTH IN U.S. NON-CALIFORNIA METROPOLITAN
AREAS-
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Authors: JING GAO, Z. Y. SHEN, DALIA ŠTREIMIKIENĖ, TOMAS BALEŽENTIS, YOU ZHOU
Pages: 1 - 24
Abstract: The Singapore Economic Review, Ahead of Print.
This study delves into the influence of traffic-related pollution on respiratory diseases within the United States. While prior research has established a connection between air pollution and mortality or morbidity in sensitive age groups, this association has been predominantly observed in highly polluted areas, particularly in California. In this paper, we extend this line of investigation by examining adult patients with asthma symptoms across various metropolitan areas throughout the country. To address potential endogeneity concerns in our empirical framework, we adopt highway density as an instrumental variable (IV) for NO2 concentrations. This approach allows us to gain a more robust understanding of the relationship between traffic-related pollution and respiratory health outcomes. Our findings indicate that NO2 does not have a significant impact on patients with asthma symptoms in the overall sample. However, we observed that it can exacerbate asthma conditions in patients residing in warm areas. A back-of-the-envelope calculation estimates a $6.758 billion economic loss due to increasing asthma attack on adults in the selected study area. This regional disparity outside of California underscores the necessity for adjusting current regulations on vehicle emissions based on unique regional characteristics. Such adjustments could help mitigate adverse health effects associated with traffic-related pollution in different parts of the United States.
Citation: The Singapore Economic Review
PubDate: 2024-05-14T07:00:00Z
DOI: 10.1142/S0217590824470064
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- THE CONTRIBUTION OF NATURAL CAPITAL ON CARBON TOTAL FACTOR PRODUCTIVITY IN
CHINA-
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Authors: MAOYU GONG, JIANGLI YU, FANBIN KONG
Pages: 1 - 13
Abstract: The Singapore Economic Review, Ahead of Print.
This study focuses on the contribution of natural capital to achieving carbon neutrality in China based on the provincial data from 1998 to 2019. This paper first measures the natural capital of each province by ecological footprint (EF), then explores the contribution of natural capital on carbon total factor productivity (CTFP) through a global non-radial Luenberger productivity indicator (GLPI), and decomposes the new CTFP into efficiency change (EC) and technical change (TC). We find that the contribution of natural capital to CTFP is relatively small, mainly due to the negative impact of infrastructure land and energy footprint and the decline of the marginal effect of natural capital and environmental carrying capacity. Second, technology innovation is still a main driver of promoting the CTFP of EF. Third, the contribution of natural capital to CTFP varies greatly with different types of natural capital and regions. We provide corresponding policy implications based on the main conclusions.
Citation: The Singapore Economic Review
PubDate: 2024-05-14T07:00:00Z
DOI: 10.1142/S0217590824470088
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- CORPORATE FINANCIALIZATION AND GREEN TECHNOLOGY INNOVATION: EVIDENCE FROM
CHINESE-LISTED MANUFACTURING COMPANIES-
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Authors: LIN TONG, JUAN HU, ZHEN YANG, ZHONGMO LIU, SHULIN XU
Pages: 1 - 22
Abstract: The Singapore Economic Review, Ahead of Print.
We examine the relationship between corporate financialization and green technological innovation using data on manufacturing companies during 2007–2020. We find that corporate financialization reduces the level of green technology innovation. Heterogeneity analysis demonstrates that financialization’s impact on green technological innovation varies across different enterprise types, especially for private enterprises, high-tech enterprises, and enterprises in eastern and western regions. Moreover, financial constraints will strengthen the influence of financialization on green technological innovation while managerial myopia will weaken the influence of financialization. The empirical insights advance our understanding of the relationship and mechanisms between financial asset investment behavior and green technological innovation in manufacturing enterprises.
Citation: The Singapore Economic Review
PubDate: 2024-05-14T07:00:00Z
DOI: 10.1142/S021759082447009X
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- CROSS-BARGAIN-EEF EVALUATION APPROACH FOR CO2 EMISSION EFFICIENCY IN
CHINA’S CONSTRUCTION INDUSTRY WITH FIXED-SUM UNDESIRABLE OUTPUT-
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Authors: XIAOQI ZHANG, CHENYAN WU, BENGANG GONG, JIUMEI CHEN
Pages: 1 - 22
Abstract: The Singapore Economic Review, Ahead of Print.
The rapid urbanization in China has led to a substantial expansion of construction activities, causing notable energy consumption and a consequent rise in CO2 emissions. This study proposes an approach to assess CO2 emission efficiency in China’s construction industry by integrating data envelopment analysis cross-efficiency and the Nash bargaining game, considering CO2 as a fixed-sum undesirable output. The study identifies Jiangsu and Beijing as top performers, establishing benchmarks for other provinces. In contrast, Inner Mongolia displays the lowest efficiency. Generally, most provinces exhibit room to improve environmental efficiency in the construction sector. The study provides policy implications and tailored suggestions for specific provinces.
Citation: The Singapore Economic Review
PubDate: 2024-05-10T07:00:00Z
DOI: 10.1142/S0217590824470076
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- SON PREFERENCE, FAMILY CONTROL AND FAMILY MEMBER SELECTION BIAS: EVIDENCE
FROM CHINESE LISTED FAMILY FIRMS-
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Authors: XIAODONG YU, SHIZE SUN, XIAOYUAN LIU, XIRONG CHENG
Pages: 1 - 29
Abstract: The Singapore Economic Review, Ahead of Print.
This study investigates the influence of regional culture on local family firms from the perspective of son preference. By analyzing a sample of all 604 family firms listed on the China Shenzhen Stock Exchange, this study finds that in areas where son preference is pervasive, local family firms will give priority to introducing sons rather than daughters into the firm, and are more likely to hire a family CEO and hold more control of the firm in order to strengthen family control. Meanwhile, family firms in areas where there is a high preference for sons over daughters are also more inclined to choose close rather than distant relatives, and blood rather than affinity relatives into firms. This study contributes to this research by exploring the influence of local culture on family firms and verifying that family members are not a group with consistent interests; some family members are always given higher priority within the family. In addition, most research assumes that family firms in China are homogeneous; we demonstrate heterogeneity across China within different regions.
Citation: The Singapore Economic Review
PubDate: 2024-05-08T07:00:00Z
DOI: 10.1142/S0217590824500188
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- HAS THE SUBSTITUTABILITY OF MILK PRODUCTS IN KOREA CHANGED' EVIDENCE FROM
THE PRICE ANALYSIS AMONG DOMESTIC FRESH, IMPORTED STERILIZED AND SOYBEAN
MILK-
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Authors: DAE HEE CHUNG, JUN HO SEOK
Pages: 1 - 20
Abstract: The Singapore Economic Review, Ahead of Print.
This study investigates the price relationship between domestic fresh milk, imported sterilized milk and soybean milk in Korea to analyze the possible substitutable relationship among them. We divided the periods into 2012–2017, 2018–2021 and 2012–2021 (total sample) and utilized the Granger causality test and Geweke’s (1982) method to capture the recent increase in milk import trends in Korea. Our results show that the price causal relationship has changed by comparing 2012–2017 and 2018–2021 periods. While we did not find any Granger causal relationship in 2012–2017, our results show that fresh milk prices are directly and indirectly affected by soybean milk and imported sterilized milk prices, respectively. Our results also present bidirectional Granger causation between imported and soybean milk; however, causal dominance exists in the direction of soybean to imported milk prices based on the Geweke (1982) approach. Our findings imply that the consumption substitutability of fresh milk has changed, and the government of Korea should consider this changed substitutability to reconstruct the volume of the milk production quota to support Korean milk farmers.
Citation: The Singapore Economic Review
PubDate: 2024-05-01T07:00:00Z
DOI: 10.1142/S0217590824500231
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- THE DIFFERENTIAL EFFECTS OF CREDIT POLICY ON REAL ESTATE PRICES FROM THE
PERSPECTIVE OF CLUB CONVERGENCE-
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Authors: XIAOYU ZHANG, QINYI HUANG
Pages: 1 - 28
Abstract: The Singapore Economic Review, Ahead of Print.
This study investigates the differential effects of credit policy in the context of real estate price convergence in China. First, we analyze the real estate price convergence of 35 large and medium-sized cities in China using [math] convergence and club convergence methods. Subsequently, based on the convergence situation, we use panel models to compare the heterogeneous effects of the credit policy regulation of different clubs. The findings are as follows. (1) In terms of overall convergence, the findings confirm that there is no [math] convergence in China’s real estate prices. Prices in each city do not show a trend of convergence to the total mean. (2) There are currently four convergence clubs and one divergence group in terms of regional convergence. Cities with similar initial price levels have similar structural characteristics and tend to converge to their respective local steady states. GDP per capita and population density are the main driving forces for the formation of a real estate price convergence club. (3) We show that the credit scale has a statistically positive impact on the real estate price, and the credit scales of various convergence clubs have different effects on real estate prices. Clubs with more developed real estate and financial markets are more sensitive to changes in credit policy.
Citation: The Singapore Economic Review
PubDate: 2024-04-30T07:00:00Z
DOI: 10.1142/S0217590824500140
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- ORDERED SEARCH, INTRAPLATFORM COMPETITION AND AN INVISIBLE MARKET
BOUNDARY—EVIDENCE FROM CHINESE E-COMMERCE PLATFORMS-
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Authors: CHUANG QU, HANZHEN LIU, SAI WANG
Pages: 1 - 35
Abstract: The Singapore Economic Review, Ahead of Print.
Using data from three leading e-commerce platforms in China, we study the impact of the dispersion of sellers’ ranking positions on the price dispersion of homogeneous commodities. The major findings are as follows: The dispersion of the ranking positions of sellers weakens market competition and intensifies price dispersion. The dispersion of ranking positions has a heterogeneous effect on sellers’ pricing strategies with different ranking positions. In addition, under the combined action of search costs and long-tail effects in e-commerce markets, there is an invisible market boundary in online markets.
Citation: The Singapore Economic Review
PubDate: 2024-04-11T07:00:00Z
DOI: 10.1142/S021759082450019X
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- DO RURAL STUDENTS PERFORM AS WELL AS THEIR URBAN CLASSMATES' EVIDENCE
FROM URBAN CHINA-
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Authors: BIN XU, QIANBIN YU, YUEMEI YUAN
Pages: 1 - 29
Abstract: The Singapore Economic Review, Ahead of Print.
We investigate the academic performance gap between students with local rural and urban identities at the same schools in China. We find that in urban public schools, rural students achieve lower test scores than their urban counterparts. Evidence suggests that compared to their urban counterparts, rural students are recorded with lower personality traits, engaging in fewer teacher–student interactions, and receiving unfriendly attitudes from their urban peers, even though they appreciate the role of education as much as their urban counterparts do. To promote the human capital accumulation of rural students at local urban schools, we need to solve the above problems by enhancing their social integration.
Citation: The Singapore Economic Review
PubDate: 2024-04-11T07:00:00Z
DOI: 10.1142/S0217590824500206
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- MACRO AND MICRO: TRADE FRICTION AND WEALTH INEQUALITY IN TWO-COUNTRY HANK
-
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Authors: CHENXING ZHANG, YUJIE YANG, WENWEN HOU
Pages: 1 - 41
Abstract: The Singapore Economic Review, Ahead of Print.
This paper develops the Two-Country HANK model to analyze the impact of tariffs on economic variables and wealth distribution from both macro and micro perspectives. In Macro analysis, trade wars are likely to only exist in situations of asymmetry between the two countries. In Micro analysis, differences in consumption, investment, and labor decisions between the poor and the rich, resulting from different capital stocks, reshape the wealth structure. In a symmetric economy, on the investment side, the rigid constraint imposed by the level of capital stock leads to inconsistent investment behavior in illiquid assets between the poor and the rich. On the consumption side, tariff increases primarily suppress the consumption of imported goods by the poor, while their impact on the consumption of the rich is limited. In an asymmetric economy, the widening gaps in consumption and labor resulting from differential tariff sensitivity between the rich and the poor exacerbate wealth distribution. This paper suggests the implementation of differentiated policies to navigate the economy out of recession.
Citation: The Singapore Economic Review
PubDate: 2024-04-09T07:00:00Z
DOI: 10.1142/S0217590824500097
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- AN EMPIRICAL TAKE ON THE “PLUCKING” MODEL
-
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Authors: JING LIAN SUAH
Pages: 1 - 40
Abstract: The Singapore Economic Review, Ahead of Print.
Traditional estimates of potential output based on the symmetric business cycle (boom–bust) view are prone to large retrospective revisions. The plucking view, which is supported by empirics, offers possible respite. Serious attempts to estimate the output ceiling in the plucking view, analogous to potential output in the traditional view, are scarce. This paper has three parts. The first estimates the output ceiling in a computationally simple approach. The second analyzes the relationship of the resultant output gap with inflation and with the unemployment rate. A comparison is made against output gap estimates based on prevailing methods. The third uses a vector autoregression (VAR) to analyze responses to supply and demand shocks. The paper finds that the plucking model offers three points of improvement over prevailing methods based on the boom–bust view. First, boom–bust estimates are prone to large retrospective revisions when two-sided filters are used, while the plucking estimates are not. Second, output gap estimates from both views do not correlate well with core inflation. This absence of evidence for a Phillips curve is problematic for the boom–bust view. The plucking estimates correlated well with the unemployment rate but the boom–bust estimates did not. Third, the output ceiling from the plucking model responded only to supply (oil price) shocks and not demand (interest rate) shocks, hence fits the description of a supply measure. This paper provides a template to estimate the output ceiling of the plucking model in other countries using publicly available macroeconomic data.
Citation: The Singapore Economic Review
PubDate: 2024-04-09T07:00:00Z
DOI: 10.1142/S0217590824500176
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- A NARRATIVE ON OVERSEAS LISTINGS BY CHINESE FIRMS
-
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Authors: QU FENG, SHANG-JIN WEI, GUIYING LAURA WU, MENGYING YUAN
Pages: 1 - 34
Abstract: The Singapore Economic Review, Ahead of Print.
Overseas listings by domestic firms are one of the ways for a country to attract foreign capital. China leads the world in the number and value of overseas listings. This paper documents the evolution of Chinese firms’ initial public offerings outside mainland China. We pay special attention to the role of the listing criteria of various exchanges in this evolution. We discuss important reforms of the listing requirements in both mainland and Hong Kong and their effects on the listing location choices by Chinese firms. Finally, we examine the delisting pressure on Chinese stocks from the US exchanges from both the Chinese and US authorities.
Citation: The Singapore Economic Review
PubDate: 2024-04-03T07:00:00Z
DOI: 10.1142/S0217590824420025
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- CONTACT-INTENSITY, DISRUPTIONS IN THE CULTURAL SECTOR AND WAGE INEQUALITY:
A MODEL OF COVID-19 CRISIS AND ITS IMPACT-
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Authors: SUGATA MARJIT, GOURANGA G. DAS
Pages: 1 - 26
Abstract: The Singapore Economic Review, Ahead of Print.
COVID-19 has adverse impacts on contact-intensive sectors, viz., manufacturing, tourism, and the entertainment sector (ES). In a general equilibrium (GE) model with online, entertainment and informal sectors employing skill, unskilled, and capital, we show that COVID-19 could cause polarization pushing contact-intensive entertainment industry on the brink of collapse while the other two survive. Dual roles of factor intensity and contact intensity (CI) contribute to such finite changes, triggering inter-skill wage inequality. This is the first of its kind to offer a theoretical mechanism capturing the contractionary effects on contact-intensive sectors and wage inequality. These results match with the literature emphasizing the hardships faced by the cultural sector.
Citation: The Singapore Economic Review
PubDate: 2024-04-03T07:00:00Z
DOI: 10.1142/S0217590824420049
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- CAPITAL FLOWS VOLATILITY AND SYSTEMIC RISK IN EMERGING MARKETS: A CASE OF
TÜRKİYE-
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Authors: SEYID AMJAD ALI, SEYID FAHRİ MAHMUD, MURAT ALİ YÜLEK, FATİH FURKAN AKOSMAN
Pages: 1 - 28
Abstract: The Singapore Economic Review, Ahead of Print.
US sub-prime crisis in 2008–09 led the central banks undertake unconventional monetary policies. In turn, short-term and volatile capital flows into emerging markets surged significantly, reigniting an intense academic debate on the ability of the central banks in EMs to protect their financial markets from external shocks. This paper develops a partially integrated System Dynamics Model to simulate the impact of the capital flows on the dynamics of the nominal exchange rate in Türkiye. The results support the contention that several recent episodes of excessive depreciation of the Turkish Lira as well as the currency crisis of 2018 can be linked to the reversals of stocks of short-term FX liabilities. The model also integrates policy rate sub-module into the main model, allowing responses of the central bank to inflation and exchange rate as a feedback mechanism. The results of the module indicate that external factors may cause the central bank to loose monetary independence in order to maintain financial stability.
Citation: The Singapore Economic Review
PubDate: 2024-04-03T07:00:00Z
DOI: 10.1142/S0217590824500127
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- THE EFFECTS OF THE EU ANTI-DUMPING MEASURES ON CHINESE-LISTED
EXPORTERS — A MESOECONOMIC PERSPECTIVE-
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Authors: SHUYING WANG, YILING YOU, CHAO WANG, XIYA ZUO
Pages: 1 - 24
Abstract: The Singapore Economic Review, Ahead of Print.
Based on outcomes derived from a mesoeconomic model, this study examines the impact of European Union (EU) anti-dumping (AD) measures on listed Chinese exporters using the Propensity Score Matching with Difference-in-Differences (PSM-DID) method. Using yearly transaction data covering all Chinese listed exporters over 2000–2015, our findings indicate that EU AD measures result in a reduction in export volume and an increase in export prices for Chinese listed exporters at the product level. This trade-dampening effect is attributed to a significant decrease in export volume per exporter rather than the exit of listed exporters from the EU market. Additionally, we find that the effects of AD measures on the export volume and price of Chinese-listed exporters do not persist beyond the first year of the imposition of AD duties.
Citation: The Singapore Economic Review
PubDate: 2024-04-02T07:00:00Z
DOI: 10.1142/S0217590824420050
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- INVESTOR ATTENTION AND ENTERPRISE FINANCIALIZATION FROM THE PERSPECTIVE OF
INSTITUTIONAL INVESTOR CORPORATE SITE VISITS-
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Authors: YOUZE ZHANG, SHIWEI WEI, JINHENG LIANG, SONGQIN YE
Pages: 1 - 20
Abstract: The Singapore Economic Review, Ahead of Print.
This study investigates the impact of institutional investor site visits on enterprise financialization using Shenzhen Stock Exchange A-share listed companies’ data from 2013 to 2022. Findings reveal that such visits drive companies, especially those with high financing constraints, to reduce financial asset allocation. This reduction is facilitated through enhanced information disclosure and lowered financing costs. Notably, site visits effectively mitigate financialization in highly constrained private and high-tech enterprises. The study offers a theoretical guide for regulatory bodies, advocating for enterprises to prioritize core operations, minimize financial asset allocation and fortify financial services for the real economy.
Citation: The Singapore Economic Review
PubDate: 2024-04-02T07:00:00Z
DOI: 10.1142/S0217590824470040
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- TRANSITION TO A GREEN ECONOMY: THE LINK BETWEEN POLITICAL UNCERTAINTY AND
CARBON EMISSIONS-
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Authors: HONGHONG WEI, UTTAM KHANAL
Pages: 1 - 22
Abstract: The Singapore Economic Review, Ahead of Print.
This paper investigates the environmental consequences of political uncertainty due to terrorism using a panel dataset of 158 economies from 1995 to 2020. The empirical findings show that terrorist activities lead to lower levels of carbon dioxide emissions, with severe terrorist activities having quantitatively larger impacts. This paper further analyzes the heterogeneity of impact across economies from two distinct perspectives, involving disaggregation by the level of democracy and by the political stability of economies. Results suggest that economies with a low democracy level and fragile situation are characterized by a significant impact of terrorism on carbon emissions. However, the impact on democratic and politically stable economies is insignificant.
Citation: The Singapore Economic Review
PubDate: 2024-04-02T07:00:00Z
DOI: 10.1142/S0217590824500164
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- MONETARY POLICY AND WEALTH INEQUALITY: EVIDENCE FROM CHINA
-
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Authors: RUIHUI XU, KUANJU LAI, YANG ZHANG
Pages: 1 - 29
Abstract: The Singapore Economic Review, Ahead of Print.
Given the scarce empirical evidence on the distributional consequence of monetary policy, this paper draws on detailed data at microlevel to investigate the impact of China’s monetary policy on households’ wealth and wealth distribution using information from the China Family Panel Studies (CFPS) during 2012–2018. Our results confirm the following: (1) Household wealth is affected more by real interest rate adjustments than unexpected inflation and there are heterogeneities across the wealth level; (2) The impacts of monetary policy loosening and tightening cycles on household wealth are not neutral. During 2012–2018, while monetary easing had an equalizing effect, the unexpected inflation channel had a dis-equalizing effect; (3) Financial development amplifies the wealth effect of monetary policy adjustments. Our findings have important implications on the conduct of central bank policies.
Citation: The Singapore Economic Review
PubDate: 2024-03-27T07:00:00Z
DOI: 10.1142/S0217590824500115
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- DYNAMIC LINKAGES BETWEEN ECONOMIC POLICY UNCERTAINTY AND STOCK MARKET
INTEGRATION: EMPIRICAL EVIDENCE FROM SAARC REGION-
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Authors: MUHAMMAD RAMZAN KALHORO, SURESH KUMAR, KHALID AHMED, AMEET KUMAR
Pages: 1 - 27
Abstract: The Singapore Economic Review, Ahead of Print.
This study attempts to empirically test whether the economic policy uncertainty (EPU) in developed economies affects stock market integration across developed and developing countries. We find that the correlations appear to be time-varying and are being influenced by financial crises. The EPU of the developed economies has a negative impact on their stock market interdependence with Pakistan, but a positive impact on stock market correlations between India and the US, India and the UK, Bangladesh and the EU, Sri Lanka and the EU, and no impact on correlations between India and the EU, Bangladesh, and the US. Additional robustness tests reveal that the global financial crisis (GFC) has a substantial influence on all stock market correlation pairs, apart from any pairs with India, whereas the Asian financial crisis (AFC) only has a significant impact on the Sri Lanka–EU relationship. Finally, the study suggests that the EPU in the US, UK and EU has a great influence on the interdependence of the stock markets between South Asian Association for Regional Cooperation (SAARC) and developed nations.
Citation: The Singapore Economic Review
PubDate: 2024-03-19T07:00:00Z
DOI: 10.1142/S0217590824500061
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- CAN GREEN BONDS DIVERSIFY ECONOMIC AND CLIMATE POLICY UNCERTAINTY'
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Authors: CHI WEI SU, KUN LI, RAN TAO, MENG QIN, MUHAMMAD UMAR
Pages: 1 - 23
Abstract: The Singapore Economic Review, Ahead of Print.
The severe challenges posed by the environmental crisis and climate change have stimulated the development of the green bonds (GB) market aimed at providing bridging financing for carbon reduction. This investigation employs the wavelet-based quantile-on-quantile method to probe the asymmetric impacts among economic policy uncertainty (EPU), climate policy uncertainty (CPU) and GB. The empirical findings demonstrate that EPU and CPU have time-varying impacts on GB across different time scales. In the short term, the negative effects of EPU and CPU predominantly influence the GB market. In the long term, EPU and CPU have positive effects on the GB market during bullish market conditions but negative effects during bearish market conditions. These outcomes indicate that GB cannot always be deemed a diversifier for EPU and CPU shocks. These outcomes deviate from the Intertemporal Capital Asset Pricing Model (ICAPM) model’s conclusions, which emphasize uncertainties’ positive influence on the GB market. Policymakers can incorporate these findings into policy design to mitigate risks stemming from uncertainty and promote the GB market growth. Furthermore, investors should consider the effects of uncertainty to optimize their investment strategy and obtain higher returns.
Citation: The Singapore Economic Review
PubDate: 2024-03-15T07:00:00Z
DOI: 10.1142/S0217590824470039
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- THE SPATIAL SPILLOVER EFFECT OF INNOVATIVE CITY POLICY ON CARBON
EFFICIENCY: EVIDENCE FROM CHINA-
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Authors: DA GAO, HAO FENG, YANJUN CAO
Pages: 1 - 23
Abstract: The Singapore Economic Review, Ahead of Print.
The strengthening of the deep integration of innovation and green is a necessary measure for sustainable urban development. Based on the improved Global-EBM, this study regards the innovative city policy as a quasi-natural experiment and evaluates its spatial spillover effects and potential impact channels. The results show that (1) The innovative city policy enhances the urban total factor carbon emission efficiency (TFCEE) and has positive spatial spillover effects on surrounding regions. (2) The mechanism test shows that the effective channels for innovative city policies to enhance TFCEE and generate spatial spillover effects come from improving the degree of green technology and resource allocation. (3) The spillover effect of innovation city policy is more significant for developed, coastal and advanced industrial structures. This study strengthens the theoretical foundation for promoting cross-regional green coordinated development and provides valuable suggestions for policymakers.
Citation: The Singapore Economic Review
PubDate: 2024-03-15T07:00:00Z
DOI: 10.1142/S0217590824500024
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- THE EFFECT OF PARENTAL EDUCATION ON CHILDREN’S EDUCATION AND SKILLS
IN THAILAND-
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Authors: SASIWIMON WARUNSIRI PAWEENAWAT
Pages: 1 - 33
Abstract: The Singapore Economic Review, Ahead of Print.
This study proposes evidence of the effect of parental education on children’s education and skills in Thailand, using data from the Thailand Labor Force Survey of 1985–2017. Employing the instrumental variable (IV) approach using Thailand’s compulsory educational reform of 1978 as the IV to minimize the bias caused by the endogeneity of parental education, this study reaffirms the conventional positive link between parental education and children’s education. New and intriguing evidence is put forth on the negative link between parental education and the child’s brawn skill, based on industry and occupation used in the labor market. The influence of paternal education outweighs maternal education, in contrast to the evidence found in developed countries. The high intergenerational educational persistence indicates unequal opportunities in the country, as individual welfare is primarily tied to parental background. Therefore, weakening this linkage is a policy recommendation for the government to improve equality in the country.
Citation: The Singapore Economic Review
PubDate: 2024-03-15T07:00:00Z
DOI: 10.1142/S021759082450005X
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- TIME-VARYING FREQUENCY CONNECTEDNESS ANALYSIS ACROSS CRUDE OIL,
GEOPOLITICAL RISK, ECONOMIC POLICY UNCERTAINTY AND STOCK MARKETS-
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Authors: JIN SHANG, SHIGEYUKI HAMORI
Pages: 1 - 69
Abstract: The Singapore Economic Review, Ahead of Print.
As the world is currently in turmoil, geopolitical crises and economic policy uncertainties are increasing significantly. This study aims to provide insight into the dynamics of time–frequency spillovers in the domains of crude oil, geopolitical risk, economic policy uncertainty and stock markets. It represents the first investigation analyzing the time-varying frequency connectedness across the aforementioned domains by adopting the time-varying parameter vector autoregression connectedness combined with the time-varying frequency connectedness measurement [Chatziantoniou et al., 2023]. The study covers the period from January 2004 to February 2023, including the 2008 financial crisis, the COVID-19 pandemic and the turmoil caused by the 2022 Russian–Ukrainian conflict. The analysis finds that short-term frequencies dominate return connectedness, indicating a rapid information processing mechanism responsive to short-run shocks. The stock market indices of oil-exporting countries, the US and the UK act as the primary transmitters of return spillovers. Volatility connectedness is driven by long-term frequencies, with Russia, Canada and the UK serving as the primary volatility spillover transmitters. Economic policy uncertainty is primarily influenced by oil-importing countries. Geopolitical risk mostly serves as the spillover receiver from crude oil, while it primarily transmits spillovers to economic policy uncertainty during major events such as terror attacks, conflicts and wars. The 2022 Russian–Ukrainian conflict amplifies spillovers to economic policy uncertainty. Intriguingly, conflicts deepen economic policy uncertainty, and prior to the conflict, stock market volatility had assimilated the influence of geopolitical risk shocks. The study also employs network topology to visualize spillover transmission mechanisms during the 2022 Russian–Ukrainian conflict.
Citation: The Singapore Economic Review
PubDate: 2024-03-13T07:00:00Z
DOI: 10.1142/S0217590824500085
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- EFFECT OF GENDER EQUALITY ON HUMAN CAPITAL ACCUMULATION: RELATIONSHIP
BETWEEN MATERNAL FAMILY STATUS AND CHILDREN’S ACADEMIC PERFORMANCE IN
CHINA-
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Authors: XUE-QING XIA, MING-BAO ZHU, YUN-YAN HU
Pages: 1 - 22
Abstract: The Singapore Economic Review, Ahead of Print.
Although the academic performance of children is directly related to the long-term accumulation of human capital, there is limited empirical evidence on how gender equality affects children’s academic performance. Based on the Third Survey of Chinese Women’s Social Status in 2010, from the perspective of gender equality in the family field, this study examines the influence of maternal family status on children’s academic performance. We find that higher maternal family status can improve children’s academic performance. This conclusion is robust after alternative measures of maternal family status and children’s academic performance, adjusting the analysis sample, controlling for family incomes and instrumental variable estimation. The mechanism analysis reveals that mothers with higher maternal family status increase the spending on education and nutrition, while provide more psychological support for children. The role of the maternal family status is more important for boys and children in non-compulsory education, also in the case where mothers value children’s studies but fathers don’t. This paper sheds light on the impact of gender equality in families on human capital accumulation, which provides an empirical basis for promoting gender equality.
Citation: The Singapore Economic Review
PubDate: 2024-03-13T07:00:00Z
DOI: 10.1142/S0217590824500103
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- IS POLITICAL CONNECTION ASSOCIATED WITH CORPORATE RISK-TAKING'
MALAYSIAN EVIDENCE-
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Authors: WAI-YAN WONG, CHEE-WOOI HOOY
Pages: 1 - 30
Abstract: The Singapore Economic Review, Ahead of Print.
This study explores how political connection is associated with the corporate risk-taking of non-financial firms in Malaysia using the dataset from the years 2002 to 2017. The findings indicate that government ownership negatively influences corporate risk-taking, and this effect is more evident when the percentage of ownership is high. Meanwhile, other types of politically connected firms do not undertake higher corporate risk-taking, even when the connection is expected to generate more resources for these firms. Further analysis showed that firms connected via the family members of the leading politician to be negatively associated with risk-taking, indicating that a closer tie to the government’s top leadership inhibits risky investment choices. Our results contradict past literature where scholars showed that the establishment of connection increases a firm’s incentive to undertake higher corporate risk-taking. This contradiction suggests that the risk behavior of connected firms in emerging countries in Asia differs from those of developed countries and therefore, demands further investigation to improve our understanding of this underdeveloped topic.
Citation: The Singapore Economic Review
PubDate: 2024-03-11T07:00:00Z
DOI: 10.1142/S0217590824500048
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- MACROPRUDENTIAL POLICIES AND BANK RISK: DOES LANGUAGE MATTER'
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Authors: SAIBAL GHOSH
Pages: 1 - 28
Abstract: The Singapore Economic Review, Ahead of Print.
The role of macroprudential policies (MPPs) in influencing bank behavior has expanded significantly in recent years. However, the evidence regarding the impact of MPPs in influencing bank behavior across countries with different Future time reference (FTR) of languages has not been adequately examined. To inform this debate, utilizing bank-level data during 2010–2019, we examine how MPPs affect bank return and risk across countries with varying FTR of languages. The findings show that using MPPs lowers risk in countries with strong FTR. This is manifest in baseline regressions as well as in robustness tests that incorporate additional dimensions of a country’s economic and institutional environment. Over and above, the results show that although borrower- and lender-focused macroprudential measures are equally effective, their efficacy differs, with the former set of instruments being more useful in Emerging Market and Developing Economies (EMDEs). In contrast, the latter holds greater traction in advanced economies.
Citation: The Singapore Economic Review
PubDate: 2024-03-09T08:00:00Z
DOI: 10.1142/S0217590824500036
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- PROBABLE CHANGE OF PRODUCTION CHAINS WITH INDUSTRIAL NETWORKS AND CLUSTERS
BASED ON SPECIALIZATION AND DIVISION OF LABOUR AFTER THE PANDEMIC-
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Authors: LI KE
Pages: 1 - 19
Abstract: The Singapore Economic Review, Ahead of Print.
After the COVID-19 pandemic, the whole world will operate remarkably differently over its global production chain. This paper develops a general equilibrium model with endogenous industrial cluster and endogenous industrial network based on the division of labor and specialization to formalize and explore the interrelationship and rules of industrial cluster, network of division of labor, the economies of specialization and agglomeration under the new era of post-pandemic global economy. The model suggests that institutional efficiency of mutual trust, and competition among countries and industries will facilitate important circular effects, which will propel and shape the arrangement and allocation of industrial clusters, the position located at the production chain, and consequently the status of economic growth. In particular, the improvements in institutional efficiency of mutual trust over economic and technology systems will expand the demand for transactions and network size, which in turn will determine the development of cluster and network scope, as well as the position of the network. It offers a partially economic explanation of the current concern of de-globalization, decoupling and de-risking after the pandemic.
Citation: The Singapore Economic Review
PubDate: 2024-03-09T08:00:00Z
DOI: 10.1142/S0217590824420037
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- BOARD GENDER DIVERSITY AND FINANCIAL INCLUSION: EVIDENCE FROM THE GLOBAL
MICROFINANCE INDUSTRY-
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Authors: SUNIL SANGWAN, SANJEEV KUMAR, MD ASLAM MIA, SWATI CHAUHAN, ADAMU JIBIR
Pages: 1 - 30
Abstract: The Singapore Economic Review, Ahead of Print.
This study examines the effect of board gender diversity within Microfinance Institutions (MFIs) on their ability to acquire new borrowers, a key indicator of progress toward achieving the financial inclusion agenda of the Sustainable Development Goals (SDGs). Utilizing an unbalanced panel dataset consisting of 1,450 unique MFIs operating in 106 countries over the period of 2010–2018, this study deployed various econometric models, including the Pooled Ordinary Least Squares (POLS), Random Effects Model (REM), and Fixed Effects Model (FEM). Rigorous measures, including endogeneity-corrected techniques, alternative proxies for board gender diversity such as the BLAU index and sub-sample analyses were applied to ensure the reliability and robustness of our results. The study’s findings indicated a positive association between board gender diversity and financial inclusion within MFIs. However, the statistical significance of these outcomes varied depending on the specific analytical techniques, sub-samples, and alternative proxies used during the research. Overall, this study offers implications for practitioners and policymakers, encouraging women’s participation in the boardrooms of MFIs to advance the financial inclusion agenda of the SDGs.
Citation: The Singapore Economic Review
PubDate: 2024-03-09T08:00:00Z
DOI: 10.1142/S021759082443001X
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- AN ASSESSMENT OF THE FELDSTEIN–HORIOKA PUZZLE FOR INDIA: A MARKOV
REGIME SWITCHING APPROACH-
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Authors: ARCHANA KULKARNI, RAJENDRA N. PARAMANIK
Pages: 1 - 20
Abstract: The Singapore Economic Review, Ahead of Print.
The study aims to examine the Feldstein–Horioka puzzle in the Indian context during 2002Q2 to 2019Q4 to unearth nonlinear patterns in the data. Findings from an augmented Markov regime-switching model reveal two distinct, yet random regimes for correlations between savings and investment-GDP ratios, with higher correlation between the variables persisting for a longer duration. In the low correlation regime, trade-related factors, policy uncertainty and global shocks have a significant impact on the correlation. Fiscal shocks and trade costs explain high correlations in regime 2, while global shocks act to decrease the correlation in this regime. The high correlation regime dominates the study period and indicates that the Feldstein–Horioka puzzle of limited capital mobility persists in India. Economic agents appear to respond rapidly to changing domestic and global policy conditions, besides being affected by incomplete integration of goods markets, explaining the pattern of correlations.
Citation: The Singapore Economic Review
PubDate: 2024-03-09T08:00:00Z
DOI: 10.1142/S0217590824500073
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- THE ROLE OF ENVIRONMENTAL REGULATION, HETEROGENEOUS TECHNOLOGICAL PROGRESS
ON MUNICIPAL INDUSTRIAL WASTEWATER DISCHARGES: EVIDENCE FROM YANGTZE RIVER
ECONOMIC BELT IN CHINA-
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Authors: YAN LI, ZHUJIE CHU, XIAODONG YANG, HAITAO WU, WEI-CHIAO HUANG
Pages: 1 - 25
Abstract: The Singapore Economic Review, Ahead of Print.
The large amount of industrial wastewater discharges has significantly limited the sustainable development of China’s resources and posed hazards to human health. In order to contain industrial wastewater discharges, the government has formulated a series of environmental control policies, but the effectiveness of these policies remains a controversial issue. With the rapid development of science and technology, how likely can China rely on technological progress to achieve a win-win outcome for both economic growth and environmental protection' This paper uses data from 105 cities in the Yangtze River Economic Belt over the period 2005–2020 to investigate the effects of environmental regulation and heterogeneous technological progress on industrial wastewater discharges. The results show that environmental regulation and technology introduction effectively reduce industrial wastewater discharges, and independent innovation aggravates industrial wastewater pollution. The interaction analysis reveals that under the influence of environmental regulation, independent innovation will significantly alleviate industrial wastewater discharges in the Yangtze River Economic Belt. In addition, this study also reveals spatial and temporal heterogeneity in the effects of environmental regulations and different types of technological advances on industrial wastewater discharges.
Citation: The Singapore Economic Review
PubDate: 2024-03-07T08:00:00Z
DOI: 10.1142/S0217590823460049
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- UTILITARIANISM: OVERCOMING THE DIFFICULTY OF INTERPERSONAL COMPARISON
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Authors: YEW-KWANG NG
Pages: 1 - 12
Abstract: The Singapore Economic Review, Ahead of Print.
Argenziano and Gilboa () obtain a very important result “that consumer choice data alone are sufficient … [to] provide a microfoundation for a weighted utilitarian social welfare function that reflects common moral intuitions about interpersonal comparisons of utilities”. This paper compares this result with my 1975 Review of Economic Studies paper and examines the sense in which consumer data alone are sufficient. A way to dispense with interpersonal comparisons of utility in specific issues by following efficiency supremacy is also discussed. The suspicion of interpersonal comparison and utilitarianism may be based on misunderstandings.
Citation: The Singapore Economic Review
PubDate: 2024-03-07T08:00:00Z
DOI: 10.1142/S0217590824450012
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- GREEN BONDS AND CORPORATE ENVIRONMENTAL, SOCIAL, AND GOVERNANCE
GREENWASHING: EVIDENCE FROM CHINA-
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Authors: FANG LING, SHUAI ZHEN, CHAO LIANG, ZHIYONG ZHAO
Pages: 1 - 29
Abstract: The Singapore Economic Review, Ahead of Print.
In this paper, we examine the relationship between green bond issuance and corporate environmental, social, and governance (ESG) greenwashing using Chinese A-share listed companies between 2011 and 2021. The findings indicate that issuance of green bonds effectively mitigate enterprises’ tendencies toward ESG greenwashing, affirming the stability of China’s green bond market. The analysis of the mechanism demonstrates that the issuance of green bonds can effectively mitigate ESG greenwashing by enhancing information transparency and alleviating financing constraints. Further analysis reveals that the issuance of green bonds effectively mitigates E information greenwashing and S information greenwashing, while it does not significantly impact G information greenwashing. Heterogeneity analysis reveals that the inhibitory impact of green bond issuance on ESG greenwashing is more pronounced within subgroups characterized by high environmental protection subsidies, elevated environmental protection taxes and fees, executives lacking prior experience in environmental protection, and enterprises with limited social responsibility. The findings provide theoretical supplementation of ESG consequences resulting from green bond issuance and elucidate the mechanism for curbing corporate ESG greenwashing. Practically, it will facilitate other countries to enhance their top-level design of green bonds and contribute to achieving carbon neutrality and peak carbon goals.
Citation: The Singapore Economic Review
PubDate: 2024-03-07T08:00:00Z
DOI: 10.1142/S0217590824470027
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- HEALTH SYSTEM PERFORMANCE, DISASTER RESPONSE AND POLITICAL IDENTITIES
DURING THE COVID-19 PANDEMIC: THEORETICAL AND EMPIRICAL EVIDENCE-
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Authors: SZU-HSIEN HO, LUKE OKAFOR, ERIC YAN
Pages: 1 - 21
Abstract: The Singapore Economic Review, Ahead of Print.
In this paper, we developed a model to assess the government’s disaster response during the COVID-19 pandemic, exploring variations across jurisdictions dominated by different political identities in the United States. The model defines an individual’s payoff as a positive function of his/her income and the government’s disaster response. The individual is more prone to wear a mask if the government is more responsive to the disaster during the pandemic, and there can be a lower income loss for the individual during the pandemic when he/she has higher compliance to the government’s order of face mask. Utilizing this model, we derive the government’s disaster response to be positively correlated with the impact of COVID-19 deaths on masking behavior and negatively correlated with the change of the death toll relative to income. This allows us to evaluate the unobserved disaster response of the government explicitly using regression results. We compare the government’s disaster response across jurisdictions dominated by different political identities in the United States. The results highlight a more resilient disaster response in Democratic states, translating into superior health system performance compared to their Republican counterparts. These findings emphasize the crucial role of policies designed to strengthen disaster response, especially in addressing collective action problems such as those posed by the COVID-19 pandemic and climate crises.
Citation: The Singapore Economic Review
PubDate: 2024-03-05T08:00:00Z
DOI: 10.1142/S0217590824420013
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- URBAN LIVEABILITY AND CEO TURNOVER: EVIDENCE FROM CHINESE FIRMS
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Authors: SAJID ANWAR, BEIBEI HU, LIPING LI, KAI WANG
Pages: 1 - 23
Abstract: The Singapore Economic Review, Ahead of Print.
Using data from 2,744 listed non-financial firms located in 273 Chinese cities and municipalities during the period spanning 2003 to 2017, this paper examines the impact of changes in urban liveability on the voluntary turnover of CEOs. Employing the panel probit methodology, we find that enhancements in urban liveability result in a reduction in CEO turnover. Moreover, such enhancements also serve to partially mitigate the performance sensitivity of CEO turnover. In a disaggregated analysis, we find that improvements in urban liveability likewise decrease the likelihood of CEO turnover for foreign-owned firms, companies facing stronger external rivals, and those lacking government industrial policy support. Our work extends existing literature on the factors influencing CEO turnover within the framework of incomplete contract theory. Additionally, this paper offers a policy foundation for urban planners to effectively decrease the CEO turnover rate by enhancing urban liveability.
Citation: The Singapore Economic Review
PubDate: 2024-03-05T08:00:00Z
DOI: 10.1142/S0217590824500012
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- EXPLORING THE DEVELOPMENT OF GREEN TOTAL FACTOR PRODUCTIVITY IN LOGISTICS:
EVIDENCE FROM BEIJING–TIANJIN–HEBEI REGION-
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Authors: XIAO LEI, XUEYING LIANG, XUELI CHEN, HUIHUI DING
Pages: 1 - 18
Abstract: The Singapore Economic Review, Ahead of Print.
This study scientifically assesses the level of green growth in logistics in the Beijing–Tianjin–Hebei region under the background of integration, and explores the change in green total factor productivity (GTFP) in logistics. The global Malmquist–Luenberger (GML) index model was developed to assess the GTFP of logistics in 13 prefecture-level cities in the region between 2010 and 2020. The research examined changes in productivity, decomposition of the index, regional disparities, and convergence. The main findings are as follows: The growth of GTFP remains stable, the cumulative increase of green technology progress is about 10.63%, and the cumulative decline of green technology efficiency is about 23.33%. Green technology progress is the main driving force for the growth of logistics GTFP in the Beijing–Tianjin–Hebei region. However, green technology efficiency shows a significant decline. Notably, the development effects and models of GTFP in logistics differed significantly among Beijing, Tianjin, and Hebei. Only Hebei achieved an improvement in both efficiency and progress, with the growth rate of progress as high as 25.18%. In particular, Zhangjiakou, Xingtai, Hengshui, and Qinhuangdao achieved dual-driven of technology efficiency and progress during the 13th Five-Year Plan. The GTFP of Beijing’s logistics has rebounded and significantly enhanced, but the efficiency remains at a low level in recent years. Conversely, the efficiency and progress index in Tianjin decreased to varying degrees. Grouped urban agglomerations all passed the [math] convergence test for GTFP. However, the convergence rate was affected by administrative barriers, resulting in the slowest convergence rate observed in the Beijing–Tianjin–Hebei city group.
Citation: The Singapore Economic Review
PubDate: 2024-02-26T08:00:00Z
DOI: 10.1142/S0217590824470015
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- GREEN TOTAL FACTOR PRODUCTIVITY MISMEASUREMENT WITHOUT CONSIDERING
INTANGIBLES: EVIDENCE FROM CHINA-
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Authors: QING LI, KEXING YU, YANRUI WU
Pages: 1 - 31
Abstract: The Singapore Economic Review, Ahead of Print.
This paper aims to re-estimate green total factor productivity (GTFP) with the consideration of intangible capital in Chinese provinces between 2003 and 2017. Intangible capital is broadly defined and categorized into computerized information, innovative property and economic competency property. The finding suggests that the conventional GTFP is underestimated especially during the post-financial crisis period in China. It is also found that technical efficiency, which shows the trend of deterioration without capitalizing intangibles, improves steadily and jointly with technological progress contributing to the improvement of productivity. The mismeasurement of GTFP is more severe in developed regions in China where intangible investment is more emphasized. Furthermore, regional GTFP shows the trend of convergence after intangible capital is incorporated and the rate of convergence turns to be faster in coastal regions than that in the interior.
Citation: The Singapore Economic Review
PubDate: 2024-02-16T08:00:00Z
DOI: 10.1142/S0217590823500649
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- DOES STRICTER ENVIRONMENTAL REGULATION PROMOTE PRODUCTIVITY' EVIDENCE FROM
THE RISING OF POLLUTION DISCHARGE FEE IN CHINA-
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Authors: WEIBING LI, NAN CHEN
Pages: 1 - 25
Abstract: The Singapore Economic Review, Ahead of Print.
Environmental pollution has become a serious problem in the past decades, especially in developing countries with rapid economic growth. As the world’s largest developing country with incredible speed of development, China provides a unique perspective to investigate the productivity effect of environmental regulations. The main finding of this study supports the Porter hypothesis, that stricter environmental regulations significantly promote productivity in China. We also explore three potential impact channels leading to this productivity improvement, including rising technical innovation, optimizing financial management and reducing resource misallocation. The latter two mechanisms are rarely discussed in relevant studies. However, these two additional effects are of great importance since they can help establish a more comprehensive market environment and a more optimized industrial structure, especially in developing countries. Overall, this study proves that China has achieved dual goals of protecting the environment and economic growth by implementing stricter environmental regulations, which is worthy of reference for other developing countries facing similar problems.
Citation: The Singapore Economic Review
PubDate: 2024-02-16T08:00:00Z
DOI: 10.1142/S0217590823500650
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- THE TRANSFORMATION TO SUSTAINABLE DEVELOPMENT AND ECONOMIC GROWTH:
EVIDENCE FROM CHINA-
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Authors: RUI LI, LITIAN YU, JUN ZHANG
Pages: 1 - 29
Abstract: The Singapore Economic Review, Ahead of Print.
This paper studies how the transformation to sustainable development affects short-term economic growth. In late 2013, the Chinese central government proposed a sustainable development transformation (SDT) program for resource-based regions, mainly targeted at improving environmental quality, promoting alternative industries, and improving social well-being. With the use of a difference-in-differences (DID) framework, our estimation shows that this program significantly reduces GDP per capita in resource-based counties by 5.1%. Mechanism analysis indicates that local governments implementing stricter environmental regulation, the failure of alternative industry strategies and the decline of officials’ economic growth incentive with the appraisal shift are the main channels through which the SDT program negatively impacts short-term economic growth. Further analysis indicates that this program improves environmental quality, but the employment and income of residents are negatively affected. Our findings provide valuable policy implications for developing countries to better balance economic growth and sustainable development.
Citation: The Singapore Economic Review
PubDate: 2024-02-06T08:00:00Z
DOI: 10.1142/S0217590823420031
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- DOES AIR POLLUTION REDUCE SUBJECTIVE WELL-BEING' EVIDENCE FROM
CHINA’S MICRO SURVEY DATA-
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Authors: YUNJIANG YU, XING SHU, JIAWEN ZHOU, SAJID ANWAR, SIBO YANG, YUTING ZHANG
Pages: 1 - 20
Abstract: The Singapore Economic Review, Ahead of Print.
Previous studies have not paid much attention to the heterogeneous effects of air pollution on subjective well-being. By matching the 2018 China Labor-Force Dynamics Survey data (CLDS2018) with urban air pollution data, we empirically examine the impact of air pollution on subjective well-being across pollution levels, income levels, gender, age, education as well as city size and region. Empirical analysis shows that an increase in air pollution has a negative and statistically significant impact on the well-being and the effect varies considerably across pollution levels, income levels, age, gender, education level, city size and region. Re-estimation using air pollution data released by the US embassy in China shows that the empirical results presented in this paper are robust. After accounting for potential endogeneity, PM2.5 continues to have a significant negative impact on the well-being of residents. Air pollution can affect an individual’s mental health, social networks and economic status, which in turn affects their subjective well-being. Our analysis shows that air pollution is an important contributor to the Easterlin paradox, and (in the process of air pollution control) attention needs to be paid to both individual heterogeneity and urban differences.
Citation: The Singapore Economic Review
PubDate: 2024-02-06T08:00:00Z
DOI: 10.1142/S0217590823500625
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- ENVIRONMENTAL REGULATION AND INDUSTRIAL STRUCTURE UPGRADING: EVIDENCE FROM
CHINA-
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Authors: XIN XIE, MIN ZHONG, LONGFEI DING
Pages: 1 - 18
Abstract: The Singapore Economic Review, Ahead of Print.
This paper investigates the spatial correlation between environmental regulation and industrial structure upgrading. As the main means of government environmental protection, environmental regulation policies have a significant impact on industrial structure upgrading. Based on the environmental frequency mentioned in the government work report, this paper constructed environmental regulation intensity data for 285 cities in China and matched it with data on industrial structure upgrading. We found that without considering the spatial spillover of environmental regulations, the industrial structure upgrading effect of environmental regulations is significant. Incorporating the spatial spillover of environmental regulation into the model, it was found that environmental regulation not only promotes the upgrading of local industrial structure, but also to a greater extent promotes the upgrading of industrial structure in neighboring areas. Further decomposition of spatial effects shows that indirect effects are higher than direct effects, indicating that the improvement of environmental regulations has a greater driving force on the upgrading of industrial structures in neighboring regions than on local ones. The findings provide corresponding references for the government to implement environmental policies.
Citation: The Singapore Economic Review
PubDate: 2024-01-29T08:00:00Z
DOI: 10.1142/S0217590823470112
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- THE IMPACT OF FOREIGN DIVESTMENT ON CHINESE FIRMS’ EXPORT QUALITY
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Authors: RAN XIONG, HUI ZHANG, CHENGCHENG ZHANG, GUANGYUAN MU, PING WEI
Pages: 1 - 28
Abstract: The Singapore Economic Review, Ahead of Print.
Divestment by multinational corporations is a significant yet poorly understood phenomenon. We focus on divestments, that is, affiliates that have been divested by their foreign owners and then acquired by domestic owners. Using a combination of difference-in-differences and propensity score matching methods, we investigate the impact of foreign divestment on export quality. Results show that foreign divestment significantly negatively impacts the quality of firms’ export. Furthermore, “productivity effect” and “fixed cost effect” are two mechanisms by which foreign divestment influences export quality. Our findings provide a deeper understanding of benefits from foreign direct investment and economic consequences of foreign divestment.
Citation: The Singapore Economic Review
PubDate: 2024-01-29T08:00:00Z
DOI: 10.1142/S0217590823500637
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- EFFECT OF ESG PERFORMANCE ON CORPORATE GREEN TECHNOLOGY INNOVATION: THE
MEDIATING ROLE OF FINANCIAL CONSTRAINTS AND DIGITAL TRANSFORMATION-
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Authors: HONG WANG, YING ZHANG, ABD ALWAHED DAGESTANI, LINGLI QING
Pages: 1 - 26
Abstract: The Singapore Economic Review, Ahead of Print.
There is little research on the intrinsic mechanisms between environmental, social, and governance (ESG) performance and green technology innovation among firms in developing countries. Utilizing a dataset comprising Chinese A-share listed companies in Shanghai and Shenzhen for 2015–2020, this study employs a two-way fixed-effects modeling approach, accounting for industry- and time-specific effects. The results demonstrate an affirmative relationship between firms’ ESG performance and green technology innovation, which is reinforced by state-owned enterprises and firms with dual CEO positions. This study offers a scholarly foundation for the broader transition toward a greener economy and society in China.
Citation: The Singapore Economic Review
PubDate: 2024-01-27T08:00:00Z
DOI: 10.1142/S0217590823470124
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- NATURAL CAPITAL INVESTMENT STRATEGIES AND ECONOMIC GROWTH: AN EXTENDED
ECONOMIC GROWTH ANALYSIS MODEL-
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Authors: LIANGPENG WU, YIRONG SUN, CAI SUO, XINGCHEN LI
Pages: 1 - 19
Abstract: The Singapore Economic Review, Ahead of Print.
The main focus of this study is to determine suitable strategies for investing in natural capital to ensure steady economic growth. In this research, we categorize natural capital into three main areas: investment in energy and mineral resources development, investment in non-energy and mineral resources development and investment in the protection of natural resources. Subsequently, these three types of investment strategies are integrated into economic growth models, and we construct extended economic growth models that consider both exogenous and endogenous natural resources investment rates. Theoretical models indicate that in order to maintain stable economic growth, the growth rates of the three types of investments should be aligned. Furthermore, the optimal balanced growth rate of natural capital investment is influenced not only by the output elasticity of each input factor and the time discount rate, but also by the production efficiency of the research and development (R&D) sector, as well as the level of human capital invested in the R&D sector. These findings are in line with empirical evidence. Lastly, based on our research, we provide recommendations to maximize the overall potential of the local economy, society and environment. These recommendations aim to optimize the utilization of natural capital, leading to sustainable economic development.
Citation: The Singapore Economic Review
PubDate: 2024-01-26T08:00:00Z
DOI: 10.1142/S0217590823470100
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- ESG RATING AND BANK FINANCING — EMPIRICAL EVIDENCE FROM THE CHINESE
CAPITAL MARKET-
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Authors: TENGYUN REN, JIANMEI HE, XIAOLING WANG, HANYU CHEN
Pages: 1 - 35
Abstract: The Singapore Economic Review, Ahead of Print.
This study examines how banks perceive companies’ environmental, social and governance (ESG) performance. Using a sample of Chinese listed corporations for the period 2009–2019, we find that banks value the ESG performance of emerging market companies. The higher a company’s ESG rating, the more likely it is to receive a loan. Moreover, it is easier to obtain long-term bank loans with a lower cost. Compared with state-owned enterprises (SOEs), ESG rating among private companies is more helpful for enterprises to obtain bank loans. Additionally, the positive effect of an ESG rating on obtaining bank loans is stronger in regions with greater banking competition landscape.
Citation: The Singapore Economic Review
PubDate: 2024-01-09T08:00:00Z
DOI: 10.1142/S0217590823500583
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- AN EMPIRICAL ANALYSIS OF THE RELATIONSHIP BETWEEN ECONOMIC GROWTH AND
POPULATION AGING IN MALAYSIA-
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Authors: TIEN-MING YIP, SIOW-LI LAI, WEE-YEAP LAU
Pages: 1 - 22
Abstract: The Singapore Economic Review, Ahead of Print.
Malaysia is approaching the aging society status, raising concern about whether population aging is a challenge or an opportunity for Malaysia to attain higher economic growth. Using state-level data from 2011 to 2021, the results show that population aging is negatively associated with economic growth. The economic impact of population aging is substantial and larger than the conventional determinant of economic growth. Further analysis reveals that the growth-deteriorating effect of population aging is transmitted through the labor force and productivity growth channels. The findings urge policymakers to recognize the scope of the new demographic reality and adjust policies to address the economic implications of population aging.
Citation: The Singapore Economic Review
PubDate: 2024-01-09T08:00:00Z
DOI: 10.1142/S0217590823500601
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- A KNETSCH PROPOSITION AND A DUE PROCESS FOR THE EVALUATION OF MINING
PROJECTS IN ECOLOGICALLY SENSITIVE AREAS: AN ILLUSTRATION THROUGH TWO
AUSTRALIAN CASE STUDIES-
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Authors: IFTHIKAR A. LODHI, DODO J. THAMPAPILLAI
Pages: 1 - 18
Abstract: The Singapore Economic Review, Ahead of Print.
Drawn on some Knetsch observations, this paper illustrates a due process for the economic evaluation of mining projects that impact sensitive and irreversible ecological assets. Towards this end, two case studies of coal mining projects in Australia are considered — one on the Liverpool Plains in New South Wales and the other on the Galilee Basin in Central Queensland. The adverse environmental and social externalities of these projects are well known — especially the impacts on the Gunnedah and the Great Artesian Basins. Notwithstanding these impacts, which are exceedingly difficult to value, private financial analyses demonstrate significant revenue gains. Mining firms find such gains difficult to ignore. Nevertheless, economic analyses illustrate that the net benefits to Australia are possibly absent even without accounting for the costs of environmental social externalities. Given that the property rights of the mineral reserves are vested with the State, the Resource Rent Tax (RRT) becomes a legitimate fiscal policy tool. The paper argues that the assessment of mining decisions must account for the depreciation of the Mineral asset. When this depreciation is measured alongside the Hartwick–Rule, the mining projects demonstrate monetary viability only when the RRT is enforced and is invested in its entirety on options that generate annual returns in excess of 3% to 4%. If recognized, the costs of environmental and social externalities could readily wipe out this, and for that matter any, monetary viability owing to the irreversible nature of the natural social endowments.
Citation: The Singapore Economic Review
PubDate: 2024-01-08T08:00:00Z
DOI: 10.1142/S0217590823450017
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- THE EFFECT OF SUSTAINABLE DEVELOPMENT PLANNING ON NATURAL CAPITAL:
EVIDENCE FROM CHINA-
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Authors: HONGSHAN AI, XIAOQING TAN
Pages: 1 - 27
Abstract: The Singapore Economic Review, Ahead of Print.
Coordinating ecological protection and economic development is a dilemma for resource-based cities to achieve sustainable development. This paper is the first study to estimate the causal impact of sustainable development planning on natural capital. We take the release of the Sustainable Development Plan for Resource-based Cities (SDPRC) as an exogenous shock and find that the SDPRC significantly increases the Normalized Difference Vegetation Index (NDVI) in resource-based counties. Heterogeneous analyses suggest that the impact is larger in counties with better economic performance, larger scale, and located in western and northeastern regions. Moreover, the effects of the SDPRC in different types of counties on natural capital are heterogeneous. This paper underscores the importance of policies aiming for promoting sustainable development, which increases natural capital and coordinates economic development and ecological protection in resource-based counties.
Citation: The Singapore Economic Review
PubDate: 2024-01-08T08:00:00Z
DOI: 10.1142/S0217590823470094
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- MODELING THE ASYMMETRIC EFFECTS OF EXCHANGE RATE, FINANCIAL DEVELOPMENT,
AND OIL PRICES ON ECONOMIC GROWTH-
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Authors: MICHAEL APPIAH, BRIGHT AKWASI GYAMFI, OJONUGWA USMAN, FESTUS VICTOR BEKUN
Pages: 1 - 30
Abstract: The Singapore Economic Review, Ahead of Print.
Recent studies on the relationship between exchange rates, oil prices, and economic growth in developing countries like Ghana have used linear methods, but do not account for potential asymmetries. This research investigates the intricate asymmetric effects of exchange rates, financial development, and oil prices on Ghana’s growth from 1990–2017 using a nonlinear model. The findings indicate that global oil price has asymmetric effects on short- and long-term growth, with positive price changes having different impacts than negative changes. However, there is no evidence for asymmetric long-term effects of exchange rates and financial development on growth, only short-term asymmetries. The cumulative effects of exchange rates and financial development outweigh oil prices. Recommendations include modernizing fuel efficiency, investing in renewable energy and public transit to address oil price shocks, and increasing market transparency and collaboration between major consumer and producer countries. The nonlinear model provides an evidence-based analysis of the intricate asymmetric relationships between these factors and developing country growth.
Citation: The Singapore Economic Review
PubDate: 2024-01-08T08:00:00Z
DOI: 10.1142/S0217590823500595
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- THE IMPACT OF ECONOMIC POLICY CHANGE ON OUTWARD FOREIGN DIRECT INVESTMENT:
EVIDENCE FROM CHINA’S INVESTMENT IN CANADA-
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Authors: SHI LI, CALEB HUANYONG CHEN, DI FAN, LONG ZHAO
Pages: 1 - 19
Abstract: The Singapore Economic Review, Ahead of Print.
The resurgence of anti-globalization has made multinational companies concerned about the impact of host countries’ economic policy change on outward foreign direct investment (OFDI). However, existing studies mainly focus on improving a host country’s institutional environment but ignore the impact of anti-globalization policies. This paper aims to complement this line of research by considering the effect of one-time economic policy shock on OFDI. In particular, using a unique dataset, this paper empirically investigates the effect of Canada’s review policy on investments by Chinese state-owned enterprises (SOEs). The results suggest that an intensified review policy effectively discouraged Chinese SOEs from investing in Canada. However, as a coping strategy to the review policy, Chinese SOEs continued to invest in Canada by adding more funding to the existing projects, establishing new businesses or investing in small-scale deals.
Citation: The Singapore Economic Review
PubDate: 2024-01-08T08:00:00Z
DOI: 10.1142/S0217590823500613
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- SPIRITUALITY, RELIGIOSITY AND HAPPINESS: IDENTIFYING THE NEXUS
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Authors: HO LOK SANG
Pages: 1 - 26
Abstract: The Singapore Economic Review, Ahead of Print.
Using data from 52 countries in Wave 5 of the World Value Survey conducted during 2004 and 2008, we test two alternative approaches in spirituality measures. The first is based on the more traditional understanding that spirituality is associated with meanings, God, prayers/meditation and formal religions. The second is based on the common spiritual teachings of all the major religions that are summarized by the LIFE (Love, Insight or Wisdom, Fortitude and Engagement) framework proposed by Ho, LS (2014). Psychology and Economics of Happiness: Love, Life and Positive Living. Oxford: Routledge. It was found that this alternative approach, which focuses on the spiritual teachings rather than theology, offers better explanatory power for Total Life Satisfaction (TLS). An interesting finding is that under this specification the coefficient on meaning turned negative, suggesting that those whose lives are weak in Love, Insight, Fortitude and Engagement have yet to find meaning and are less happy. Through a series of stepwise regressions, we conclude that more spiritual people are indeed happier (H1); that religious people indeed tend to be happier mainly because religious people tend to be more spiritual (H2); that the essence of spirituality and meaning lies in Love, Insight, Fortitude and Engagement (H3). These virtues are all grounded on transcending the narrow self and on a “reverence for Life” as propounded by Schweitzer. Finally, religious attendance does promote happiness. The effect is small but stable and statistically significant. It may have to do with the social network this offers (H4).
Citation: The Singapore Economic Review
PubDate: 2024-01-02T08:00:00Z
DOI: 10.1142/S021759082342002X
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