JournalTOCs

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]

LEARNING TO BE OVERCONFIDENT AND UNDERCONFIDENT
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  Authors: YUANZHU LU, JINMING HU, YAXIAN GONG
  Pages: 1815 - 1827
  Abstract: The Singapore Economic Review, Volume 68, Issue 05, Page 1815-1827, September 2023.
  This paper analyzes the overconfident and underconfident trading behavior simultaneously in the context extended from Gervais and Odean () [Learning to be overconfident. Review of Financial Studies, 14(1), 1–27]. We find that the overconfidence level will be first decreasing, then increasing and finally decreasing as the number of the successful predictions increases when the underconfident behavior is sufficiently prominent and the expected trading volume in the future will first decrease then increase and finally decrease as the number of successes increases. Furthermore, the insider’s expected profits in the future are a monotonically increasing function of the number of successes when the number of successes is sufficiently small or large but monotonically decreasing function of this number when it is in the intermediate range. This completes the analysis of the investors’ biased behavior.
  Citation: The Singapore Economic Review
  PubDate: 2023-01-06T08:00:00Z
  DOI: 10.1142/S0217590822500801
  Issue No: Vol. 68, No. 05 (2023)
PRICING THE NATURAL CAPITAL SCARCITY UNDER CARBON NEUTRALITY IN CHINA
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  Authors: YU ZHAO, NING ZHANG
  Pages: 1 - 21
  Abstract: The Singapore Economic Review, Ahead of Print.
  Pricing the natural capital is very critical for the achievement of carbon neutrality. This paper uses the Shephard input distance function to derive the shadow price of natural capital under regulatory constraints, which corrects the biased estimates without these constraints of previous studies. We relax the assumption of cost-minimizing behavior at market price and incorporate the price inefficiency in our model. This model is applied to the Chinese provincial dataset from 2004 to 2017. We observe that the average shadow prices of mineral, water, woodland and forest are 391[math]CNY/metric tons of coal equivalent (tce), 0.13[math]CNY/m3, 772[math]CNY/hm2 and 344[math]CNY/hm2, respectively. For the dynamic effect, the shadow prices of natural capital rise sharply between 2004 and 2014. By testing the price efficiency, we demonstrate that regulatory constraints have an impact on shadow prices of natural capital in practice.
  Citation: The Singapore Economic Review
  PubDate: 2023-11-22T08:00:00Z
  DOI: 10.1142/S0217590823470057
NEW ENERGY DEMONSTRATION CITY CONSTRUCTION AND HIGH-QUALITY ECONOMIC
DEVELOPMENT
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  Authors: BINGNAN GUO, YU FENG, XU WANG, JI LIN
  Pages: 1 - 22
  Abstract: The Singapore Economic Review, Ahead of Print.
  Environmental pollution and energy shortage are prominent global issues that severely hinder high-quality economic development (HQED). This not only concerns the common interests of the international community, but also relates to the planet’s future. Although scholars have studied the impact of the New Energy Demonstration City (NEDC) on environmental pollution and energy efficiency, empirical evidence on the impact of this policy on HQED is insufficient. Therefore, we propose three research hypotheses based on theoretical analysis and test them using a series of models. First, we use a difference-in-differences (DID) model to test the effect of NEDC on HQED. Second, we group the observed objects to verify the heterogeneity of policy effects among characteristic subjects. Finally, we adopt a moderating effect model to explore the mechanism of technological innovation. The empirical tests confirm our three hypotheses. This study identifies not only the contribution of NEDC to HQED at the theoretical and empirical levels, revealing the positive moderating effect of technological innovation, but also provides a theoretical framework for new energy utilization and high-quality economic growth in China.
  Citation: The Singapore Economic Review
  PubDate: 2023-11-22T08:00:00Z
  DOI: 10.1142/S0217590823470069
ESTIMATING THE EFFECTS OF PRICE LIBERALIZATION IN CHINA’S AVIATION
INDUSTRY
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  Authors: JIAHUI CHEN, LIMIN DU, JINCHUAN SHI
  Pages: 1 - 33
  Abstract: The Singapore Economic Review, Ahead of Print.
  China’s domestic aviation industry has undergone price liberalization reform via the deregulation of airfare since 2004. However, the impact of this policy has not been scientifically evaluated. This paper aims to analyze the effect of the 2017 price liberalization reform on airfares and identify the primary cause of this effect from the perspective of competition within the industry. Empirical results show that the liberalization of airfares leads to a significant increase in the average price of tickets. And the concentration of route markets plays a role in raising fares above the equilibrium level, which diminishes social welfare. Furthermore, heterogeneity analysis demonstrates that the liberalization policy has a greater impact on fares for long-haul routes, nonleisure routes and routes operated by carriers other than low-cost carriers (LCCs).
  Citation: The Singapore Economic Review
  PubDate: 2023-11-17T08:00:00Z
  DOI: 10.1142/S0217590823500492
DOES CLIMATE CHANGE INFLUENCE HUMAN MIGRATION' EVIDENCE FROM THE SIXTH
NATIONAL POPULATION CENSUS IN CHINA
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  Authors: JIANMING FENG, LINJIA YANG, ZHIWEI SHENG, FAN ZHANG
  Pages: 1 - 19
  Abstract: The Singapore Economic Review, Ahead of Print.
  This research estimates the climate change in mainland China between 1951 and 2010, and empirically analyzes the mechanism of climate change’s impact on population migration in mainland China using individual micro-data from China’s 2010 census. The study found that temperature has a significant positive effect on population migration, as the higher the temperature increases, the more likely people are to make the decision to migrate; on the contrary, rainfall has a significant negative impact on population migration, as the more the rainfall decreases, the more likely people are to make the decision to migrate. Conversely, the interaction term results show that when facing increasing temperature, females, ethnic minorities, married individuals and rural residents are more likely to migrate, while highly educated people will tend not to move out. In terms of rainfall, females, highly educated people and ethnic minorities are more likely to make migration decisions; while married individuals and rural residents are less likely to make migration decisions. The couple-matching model found that the migration decisions between couples are significantly influenced upon climate change. With the continuous rise of the Chinese government’s rural revitalization strategy, how to maintain rural residents becomes a focal issue. Rural residents are more vulnerable to climate change than urban residents, so how to effectively reduce the impact of climate change and stabilize rural residents’ production and life have become a policy-challenging issue.
  Citation: The Singapore Economic Review
  PubDate: 2023-11-17T08:00:00Z
  DOI: 10.1142/S0217590823500546
THE IMPACT OF R&D ON THE SINGAPOREAN ECONOMY OVER 1978–2019
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  Authors: POH-KAM WONG, YUEN-PING HO, ANNETTE SINGH
  Pages: 1 - 27
  Abstract: The Singapore Economic Review, Ahead of Print.
  There has been a pronounced increase in research and development (R&D) expenditure in Singapore since the late 1990s, with government spending accounting for a sizeable share. This increase has been spurred by increasing public policy emphasis on research and innovation as engines of economic growth. Building upon earlier work (Ho et al., ; Ho and Wong, ), this paper provides an updated analysis of the impact of R&D on the economic performance of Singapore over four decades from 1978 to 2019 through the use of time series analysis. The Cobb–Douglas production function-based analysis shows a long-run equilibrium relationship between total factor productivity (TFP) and R&D investments. We found that in both long- and short-run productivity of R&D, Singapore tends to lag behind the Organization for Economic Cooperation and Development (OECD) nations. This suggests leakage of value capture and low absorptive capacity of local firms. Possibility of R&D productivity improvements induced by major policy changes over the last two decades was examined, but no evidence of significant structural breaks was found. Lastly, Granger causality analysis reveals that public sector R&D augments private sector R&D capital, thus playing an important role in generating externalities and spillover effects. Policy implications of our findings for Singapore are discussed.
  Citation: The Singapore Economic Review
  PubDate: 2023-11-11T08:00:00Z
  DOI: 10.1142/S0217590823500480
DIALECT ABILITY, CULTURAL DIVERSITY AND MIGRANT ENTREPRENEURSHIP ACTIVITY
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  Authors: JUN LI, HAN-JIN XIE, SHUANG QU
  Pages: 1 - 23
  Abstract: The Singapore Economic Review, Ahead of Print.
  The impact of dialects on entrepreneurship is an emerging research field, but what is the role of urban cultural diversity in the impact of dialects on migrants’ entrepreneurship is still unclear. Using the Chinese Migrant Dynamics Monitoring Survey, this paper studies the impact of dialect ability on the entrepreneurship activity of migrants in China and the role of cultural diversity in this relationship. We find that improving dialect ability can increase the probability of migrants to start an undertaking. However, dialect ability cannot improve the quality of entrepreneurship, as mastering dialects makes migrants’ entrepreneurship activities mainly concentrated in low-end industries. Heterogeneity analysis finds that urban cultural diversity has a negative moderating effect on the influence of dialect ability on the migrants’ entrepreneurship. The effect of dialect ability on migrants’ entrepreneurship is more pronounced for migrants who live on the urban fringe, towns, rural areas and migrate across provinces. The impact of dialect ability on migrants’ entrepreneurship is more pronounced in the provinces with low entrepreneurial vitality where migrants come from and in the provinces with high entrepreneurial vitality where migrants move in. The mechanism analysis reveals that dialect ability promotes entrepreneurship by expanding social networks and promoting social integration.
  Citation: The Singapore Economic Review
  PubDate: 2023-11-11T08:00:00Z
  DOI: 10.1142/S0217590823500534
THE IMPACT OF THE AGRICULTURAL PRODUCTIVE SERVICE INDUSTRY ON THE INCOME
GAP BETWEEN URBAN AND RURAL RESIDENTS: EVIDENCE FROM 276 CHINESE
PREFECTURE-LEVEL CITIES
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  Authors: RONG DU, JUN QIAO, YOU-SHUAI FENG
  Pages: 1 - 24
  Abstract: The Singapore Economic Review, Ahead of Print.
  Based on the panel data of 276 prefecture-level cities in China from 2009 to 2018, this paper explores the impact of the agricultural productive service industry on the income gap between urban and rural residents by constructing the spatial econometric model and threshold regression model. The results show that the development of the agricultural productive service industry has a significant spatial spillover effect, which has a significant restraining effect on widening the income gap between urban and rural residents in the neighboring areas. Developing the agricultural productive service industry in the eastern and central regions significantly narrows the income gap between urban and rural residents. There is a significant urbanization threshold effect on the impact of the agricultural productive service industry on the income gap between urban and rural residents. When the urbanization level crosses the threshold of 3.7469, the role of the agricultural productive service industry in reducing the income gap between urban and rural residents increases significantly. Therefore, this paper proposes accelerating the development of the agricultural productive service industry, improving the urban–rural integration mechanism, strengthening the coordinated development between regions and playing the external effects of the agricultural productive service industry.
  Citation: The Singapore Economic Review
  PubDate: 2023-11-03T07:00:00Z
  DOI: 10.1142/S0217590823500522
FACTORS AFFECTING BRANDS AND COMPETITIVENESS OF TOURISM DESTINATIONS: AN
ANALYSIS OF THE MEKONG DELTA
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  Authors: NGUYEN THANH LONG, DANG KHOA TRAN
  Pages: 1 - 20
  Abstract: The Singapore Economic Review, Ahead of Print.
  International travel is one of the fastest-expanding links, connecting countries worldwide and bringing them closer together. Since 1990, many Southeast Asian countries have opened their doors to international integration and have become attractive destinations for international tourists by promoting tourism development, typically Singapore, Thailand and Malaysia. The study of brands and competitiveness for tourism destinations in Vietnam is essential. However, there is no research done yet to study the brands and competitiveness of destinations in Mekong Delta. This research aims to define factors affecting the brand and competitiveness of a tourism destination; its foundation is a synthesis of qualitative and quantitative research methods and it focuses on a case study in the Mekong Delta. Group conversations with specialists were held to conduct qualitative research. Research directly interviewed 650 tourists in Mekong Delta tourist areas and was used to conduct quantitative research. The research will show which specific factors affect the brand and destination competitiveness in the Mekong Delta that other researchers have not shown. The research results show that: (i) brand of a destination is affected by eight factors (tourism infrastructure, natural environment, destination adaptation, culinary culture, safety and security in tourism, hospitality, service costs and local folk music); (ii) competitiveness of a destination is affected by nine factors (tourism infrastructure, natural environment, destination adaptation, culinary culture, safety and security in tourism, human service costs, local folk music and brand). From the results, this research suggests some managerial implications for expanding brands and strengthening the destination competitiveness in the Mekong Delta.
  Citation: The Singapore Economic Review
  PubDate: 2023-11-03T07:00:00Z
  DOI: 10.1142/S0217590823500510
BANK RISK, BANK COMPETITION AND MONETARY POLICY IN THE INDIAN BANKING
INDUSTRY: A PANEL QUANTILE REGRESSION APPROACH
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  Authors: SALVA, SUNNY KUMAR SINGH
  Pages: 1 - 41
  Abstract: The Singapore Economic Review, Ahead of Print.
  This study examines the relationship between monetary policy (MP), bank competition and risk-taking behavior for 69 commercial banks in India between 2005 and 2022. To the best of our knowledge, ours is the first study to examine the combined and differential effects of MP and bank competition on the risk-taking behavior of Indian banks. Furthermore, we extend our analysis by re-examining this relationship after the COVID-19 crisis. Based on the panel quantile regression model, our main findings suggest that increased concentration in the Indian banking system weakens the risk-taking channel of MP. Furthermore, the COVID-19 crisis has significantly impacted the relationship between MP, bank competition and bank risk. Finally, we also find that the effect of MP and bank competition on banks’ risk-taking behavior differs between high- and low-risk banks. Our findings are robust to alternative measures of bank risk and MP.
  Citation: The Singapore Economic Review
  PubDate: 2023-10-31T07:00:00Z
  DOI: 10.1142/S0217590823500479
DOES CARBON EMISSION TRADING PROMOTE THE APPLICATION OF PATENTS RELATED TO
CLIMATE CHANGE' — EVIDENCE FROM 820,000 PATENTS IN CHINA
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  Authors: XIANHUA WU, DONGYU XI
  Pages: 1 - 24
  Abstract: The Singapore Economic Review, Ahead of Print.
  In order to cope with climate change, many countries and regions implement carbon emission reduction through market transaction and technological innovation. However, there are only few empirical studies on the relationship between these strategies. This paper uses 820,000 pieces of patent application data from 2005 to 2018 in China, and takes the region and time point of whether to implement carbon emissions trading as the demarcation point. It studies the impact of carbon emissions trading on climate change patent application based on the double difference model. The results demonstrate the following: (1) The implementation of carbon trading in China has a negative impact on the quantity and quality of climate change patent application and authorized patents. (2) The application entities and the number of applicants are affected by heterogeneity. Individuals, enterprises and colleges have all been negatively affected, and the negative impact on separate application is greater than that on the cooperative application. In view of this, we propose some suggestions as follows: (1) Various strategies should be designed properly, so that they each have their own emphasis and promote emission reduction in coordination. (2) Different regions adopt different strategies according to their emission reduction targets and their real conditions. (3) It is necessary to enhance public opinion guidance and publicity, and encourage emission reduction through technological innovation. This study can deepen the understanding of the relationship among various emission reduction strategies, and provide reference for the practical work of carbon emission reduction.
  Citation: The Singapore Economic Review
  PubDate: 2023-10-30T07:00:00Z
  DOI: 10.1142/S0217590823470045
EXAMINATION OF THE IMPACTS OF CRYPTOCURRENCY UNCERTAINTY ON
EXCHANGE-TRADED FUNDS
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  Authors: IMEN OMRI, OGUZHAN OZCELEBI
  Pages: 1 - 26
  Abstract: The Singapore Economic Review, Ahead of Print.
  In this paper, we use quantile-based analysis and nonlinear conditional autoregressive value-at-risk (CAViaR) model to investigate how cryptocurrency price and policy uncertainty indexes affect exchange traded funds (ETFs) investing in equity securities of companies operating in various disruptive innovation sectors and related to digital assets and blockchain technology. Results of the quantile-on-quantile (QQ) estimates and quantile regression reveal that cryptocurrency price and policy uncertainty generally have a negative impact on the globally traded ETFs suggesting that the changes in cryptocurrency uncertainty lead to destabilizing effects in the ETF market. Moreover, we find that the impact of cryptocurrency uncertainty is asymmetric depending on each quantile of ETF returns even though each ETF is influenced in the same way by each uncertainty index, indicating that cryptocurrency price uncertainty and cryptocurrency policy uncertainty have common effects on the ETF market. A linear quantile causality analysis indicated that there is evidence of a significant causality running from the considered uncertainty indexes to the ETF returns, revealing that cryptocurrency price and policy uncertainty have a significant information value in explaining expected ETF returns. On the other hand, we find that linear quantile models outperform nonlinear CAViaR models in quantiles that are only moderate.
  Citation: The Singapore Economic Review
  PubDate: 2023-10-30T07:00:00Z
  DOI: 10.1142/S0217590823500509
THE EFFECT OF CARBON MARKET POLICY UNCERTAINTY ON THE SHARE PRICES OF
COVERED FIRMS: EVIDENCE FROM CHINA
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  Authors: WEI LIU, XIAOQI HUANG, YINING WANG, XIUJIE TAN
  Pages: 1 - 26
  Abstract: The Singapore Economic Review, Ahead of Print.
  With the development of the carbon market, extensive attention has been paid to the relationship between the carbon market and the stock market. In this paper, we employ the event study method and fixed-effects model to investigate the effect of carbon market policy adjustments (CMPAs) on the share prices of covered firms. The main findings are as follows: First, CMPA can trigger abnormal fluctuations in the share prices of covered firms, which is reinforced by a series of sensitivity tests. Second, heterogeneity checks suggest that this kind of positive effect is more significant for non-state-owned firms, firms on China’s Main Board (MB) and firms in active carbon pilots. Besides, there are two potential influence channels between carbon market policy and share price of covered firms, including affecting carbon prices (CPs) and releasing important signals. Our findings indicate that there is a joint effect between the carbon market and the stock market. Therefore, policymakers should fully consider the impact of CMPAs on covered firms’ share prices when formulating new carbon market policies.
  Citation: The Singapore Economic Review
  PubDate: 2023-10-13T07:00:00Z
  DOI: 10.1142/S0217590823500418
THE IMPACT OF DIGITAL ECONOMY DEVELOPMENT ON CARBON EMISSION INTENSITY
REDUCTION: EVIDENCE FROM CHINA
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  Authors: YIZHENG HU, HUANYU ZHENG, JINYANG CAI, HUIHUI DING
  Pages: 1 - 21
  Abstract: The Singapore Economic Review, Ahead of Print.
  Digital economy development is important for promoting industrial upgrades and high-quality economic growth. As excessive carbon emissions are a threat to sustainable economic growth, whether digital economy development contributes to reducing carbon emission intensity has gained attention. This study employs the fixed effects model and spatial Dubin model to examine the effect of digital economy development in 275 cities in China on the reduction of carbon emissions intensity. The results show effectiveness in reducing carbon intensity with a spatial spillover effect to neighboring areas. Urban economic primacy plays a positive modulating role in carbon reduction. Policy implications are discussed.
  Citation: The Singapore Economic Review
  PubDate: 2023-10-11T07:00:00Z
  DOI: 10.1142/S0217590823470021
IS THE ASSOCIATION BETWEEN FDI AND INFLATION SYMMETRIC OR ASYMMETRIC'
EVIDENCE FROM ARDL AND NARDL TECHNIQUES
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  Authors: SADDAM HOSSAIN, MOSHARROF HOSEN, HASSANUDIN MOHD THAS THAKER, GAGAN DEEP SHARMA, MANSUR MASIH, CHUEN-KHEE PEK
  Pages: 1 - 27
  Abstract: The Singapore Economic Review, Ahead of Print.
  Based on the demand-pull and cost-push theory, this study examines the relationship between foreign direct investment (FDI) and inflation nexus by using time series technique of Autoregressive Distributed Lags (ARDL). Asymmetry assumption was investigated by employing relatively advanced Nonlinear Autoregressive Distributed Lag (NARDL) method. Annual data from 1973 to 2017 has been collected from the World Bank database and DataStream. The results revealed that Bangladesh’s FDI inflow has a significant impact on the inflation rate, which augurs well for the economy. In addition, we also discover an asymmetric relationship in the long run and symmetric relationship in the short run. Several policy recommendations of these findings are provided.
  Citation: The Singapore Economic Review
  PubDate: 2023-10-11T07:00:00Z
  DOI: 10.1142/S0217590823500455
VERTICAL SEPARATION REVISITED
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  Authors: MASAKI NAKABAYASHI
  Pages: 1 - 17
  Abstract: The Singapore Economic Review, Ahead of Print.
  A differentiated product is commoditized over time. We investigate the impacts of product commoditization and a change in bargaining power between upstream and downstream firms on the choice between vertical separation and integration. We demonstrate first that vertical separation by the upstream firm dominates vertical integration if and only if the upstream firm’s bargaining power is below a certain threshold. Second, the upstream firm’s gain from vertical separation decreases with its own bargaining power and the degree of product commoditization. Third, however, product commoditization marginally diminishes the loss in the gain from vertical separation due to a higher bargaining power of the upstream firm.
  Citation: The Singapore Economic Review
  PubDate: 2023-10-11T07:00:00Z
  DOI: 10.1142/S0217590823500467
PRICES, POLITICS AND PERSUASION: THE CASE OF POLLUTION CONTROL AND CLEAN
TECHNOLOGY ADOPTION
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  Authors: WENLI CHENG, DINGSHENG ZHANG
  Pages: 1 - 11
  Abstract: The Singapore Economic Review, Ahead of Print.
  This paper presents three simple models to study how prices, politics and persuasion may each play a role in environmental policy-making. Our conclusions are twofold. First, in the absence of increasing returns, requiring the polluting industry to purchase pollution permits can internalize the negative externality of pollution, and the optimal price of pollution permits should increase with the disutility of pollution. Second, with increasing returns in the industry using clean technologies, it is welfare enhancing to complement the pollution permits policy with a tax-funded subsidy to the clean industry, or with a tax-funded public campaign to persuade consumers to move away from pollution-generating goods.
  Citation: The Singapore Economic Review
  PubDate: 2023-10-07T07:00:00Z
  DOI: 10.1142/S0217590823420018
EMISSION-MITIGATION-DRIVEN EXPORT TAX REBATE POLICY: AN EVOLUTIONARY GAME
ANALYSIS
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  Authors: ZHEN ZHOU, JIAPEI HUANG, XINKUN WANG, RUINING ZHANG, HUI LI, CHENGAN ZHAO
  Pages: 1 - 22
  Abstract: The Singapore Economic Review, Ahead of Print.
  Export tax rebates are a common policy in global trade. With improvements to manufacturing techniques and economic development levels, export tax rebate policies are transitioning from being driven by economic objectives to being driven by environmental objectives through the alignment of export performance with environmental protection. However, existing studies lack the consideration of trade-offs between environmental objectives and economic objectives, and rarely analyze the relationship between production strategies of enterprises and export rebate rates. To formulate an efficient export tax rebate policy, an evolutionary game model is established to reveal the game relationship between the government and enterprises when export tax rebates with different policy goals are implemented. Furthermore, the impacts of export tax rebates on social welfare under different evolutionary strategies are analyzed. According to the results, enterprises fail to produce clean products in the case where economic objectives have priority. In the case where environmental objectives have priority, the output of clean products is directly related to the export tax rebate rate. In addition, the optimal tax rebate rate depends on the environmental benefits and the weights on the environmental and economic objectives. The innovation of this study lies in using the optimal dynamic response mechanism and the replication dynamic equation evolution mechanism to analyze the government-enterprise game problem in the export tax rebate mechanism according to different learning ability of the government and the enterprise. Meanwhile, we consider the influence of the weight of economic and environmental goals on both strategic choice and social welfare. The findings provide a valuable reference for designing and optimizing export tax rebate policies, especially for countries that implement export tax rebate policies and desire to improve the environment urgently.
  Citation: The Singapore Economic Review
  PubDate: 2023-10-07T07:00:00Z
  DOI: 10.1142/S0217590823470033
ENTERPRISES AND OWNERSHIP REFORM IN CHINA
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  Authors: ZHIKAI WANG, SIMIN ZHANG, BRUNO DALLAGO, XUEFAN WANG
  Pages: 1 - 23
  Abstract: The Singapore Economic Review, Ahead of Print.
  In spite of remarkable results obtained, China requires more sophisticated economic structure and flexible institutions to foster its development in a more difficult context. Particularly important are the integration of public and private sectors, proper division of labor between them, and cooperative distinction of roles. The expansion of the private sector and entrepreneurship have been leading factors in China’s economic miracle. However, despite the numbers of new private enterprises increasing, their dynamic innovation slowed down in recent years. This negatively affects the sustainability of China’s economic growth. This paper considers several reasons for the attenuation of Chinese entrepreneurship and considers that it requires the revival of enterprise and ownership reform together with support to their innovative role. The latter should complement innovation in the public sector to counterbalance the biased structure and nature of Chinese innovation and afford new international challenges. This paper contributes to identifying solutions for reversing the deterioration of entrepreneurship in the frame of enterprises and ownership reform. Solutions lie in institutional innovation, like accelerating the pace of market-oriented reform, improving corporate governance for state-owned enterprises and commercial banks, strengthening domestic competitions, and deepening the mixed ownership reform.
  Citation: The Singapore Economic Review
  PubDate: 2023-10-07T07:00:00Z
  DOI: 10.1142/S0217590823500431
IMPACT OF DIGITAL ECONOMY DEVELOPMENT ON CARBON EMISSIONS IN CHINA
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  Authors: YIXIANG ZHANG, MEIWEI TANG
  Pages: 1 - 24
  Abstract: The Singapore Economic Review, Ahead of Print.
  This study uses the panel quantile regression model and conducts path analysis to examine the impact of inter-provincial digital economy development in China on carbon emission reduction. Results reveal several key points: First, the impact of digital economy development on carbon emission reduction varies significantly across quantiles; it can promote or inhibit emissions and shows an inverted “U” relationship. Second, the inhibition effect of the digital economy on carbon emissions is significantly stronger than the growth effect. Third, more than half of the studied regions show an inhibitory effect of the digital economy on carbon emissions, primarily through indirect impact paths. Among these paths, the three most significant ones are the improvement of urbanization level, resident affluence level, and per capita gross domestic product (GDP). Policy recommendations are discussed.
  Citation: The Singapore Economic Review
  PubDate: 2023-10-07T07:00:00Z
  DOI: 10.1142/S0217590823500443
EXPLORING THE IMPACT OF FISCAL POLICIES ON ECONOMIC EFFICIENCY AND FISCAL
EFFECTIVENESS: EVIDENCE FROM TAIWANESE LOCAL GOVERNMENTS
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  Authors: WEN-MIN LU, IRENE WEI KIONG TING, DAY-YANG LIU, HSIN-HSIN YAO
  Pages: 1 - 27
  Abstract: The Singapore Economic Review, Ahead of Print.
  This paper utilizes network data envelopment analysis and the second-order cone programming approach to evaluate the performance of 20 Taiwanese local governments (which consist of 6 municipal governments and 14 non-municipal governments). We first explore the fiscal policies in local governments using non-parametric methods. Second, this study develops an innovative two-stage process to measure the effects of fiscal policies to economic efficiency and fiscal effectiveness of 20 local governments for from 2010 to 2016. Several findings are summarized as follows. (1) Non-parametric results reveal that current and capital expenditures, as well as tax and non-tax revenue of municipal governments, were higher than non-municipal governments. (2) The municipal governments have a higher economic efficiency level and fiscal effectiveness yearly and on average based on the two-stage efficiency scores. Overall, empirical results provide insights to local governments on the efforts to integrate resources that will exert a synergistic effect on governance performance. To mitigate economic problems arising from increasing fiscal deficits, it is recommended to implement forward-looking policies and allocate government funds wisely during the early expansion stage. This can be achieved by analyzing tax systems and adopting fiscal policies that boost tax revenue and enhance overall fiscal effectiveness.
  Citation: The Singapore Economic Review
  PubDate: 2023-09-22T07:00:00Z
  DOI: 10.1142/S021759082350042X
LOCATION AND GEOGRAPHICAL CONCENTRATION PATTERNS OF INDIAN MANUFACTURING
INDUSTRIES: EVIDENCE FROM THE RURAL AND URBAN AREAS
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  Authors: SUGAM AGARWAL, SMRUTI RANJAN BEHERA
  Pages: 1 - 45
  Abstract: The Singapore Economic Review, Ahead of Print.
  This paper explores the spatial distribution and dependence of employment of workers and geographical concentration of 71 manufacturing industries by capturing the neighborhood effects across 637 districts in India, covering 10.54 million establishments using Economic Census () data. Empirical results validate the spatial dependence of employment in rural and urban areas. However, results indicate substantial evidence of rural–urban employment disparity, especially in the northern states of India. Further, empirical results show that the effect of geographical concentration on highly localized industries seems to diverge in rural and urban areas. Besides, results exhibit that the higher employment industry has a low employment-to-establishment ratio (EER) at the establishment level in rural and urban areas. Nevertheless, using cartograms, we find that the spatial concentration of highly employable industries and the EER is highly skewed and asymmetrically concentrated in a few districts of only four to five states in India. Therefore, the results suggest that policymakers could focus mainly on industries with massive potential for employment opportunities at the regional level.
  Citation: The Singapore Economic Review
  PubDate: 2023-08-23T07:00:00Z
  DOI: 10.1142/S0217590823500388
HOW DOES U.S. REDUCE THE FOOD WASTE BY PREDICTING FOOD AWAY FROM HOME AND
FOOD AT HOME'
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  Authors: SOO-EUN KIM, JUN HO SEOK
  Pages: 1 - 15
  Abstract: The Singapore Economic Review, Ahead of Print.
  This study examines the relationship among consumer confidence, food away from home (FAFH) and food at home (FAH) in the U.S. to figure out the high potential food sector for reducing food waste. Specifically, this paper uses the monthly data from January 2010 to December 2020 and the threshold vector error correction model (TVECM) for the analysis. Our test results of Johansen cointegration and threshold cointegration show that pairs of consumer confidence–FAFH and consumer confidence–FAH have a nonlinear long-run relationship. According to TVECM results, consumer confidence has a positive long-run Granger causation on FAFH approximately 93% (regimes 2 and 3), and on FAH over 5.4% (regime 3). About 7% of periods (regime 1) not included for a long-run Granger causation of consumer confidence on FAFH, and 5.4% period on FAH pertain to the COVID-19 period. Therefore, we conclude that a positive long-run Granger causation of consumer confidence on food consumption in the U.S. exists only in the FAFH. Based on our results, the policy implication is that the U.S. should focus on the FAFH to reduce food waste by predicting food demand to manage food stock.
  Citation: The Singapore Economic Review
  PubDate: 2023-08-23T07:00:00Z
  DOI: 10.1142/S021759082350039X
POLITICAL LEADER AND ODA: EFFECTS OF THE OVERSEAS PRESIDENTIAL VISIT ON
BILATERAL OFFICIAL DEVELOPMENT AID IN SOUTH KOREA
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  Authors: HOYONG JUNG
  Pages: 1 - 18
  Abstract: The Singapore Economic Review, Ahead of Print.
  Overseas presidential visits are an essential diplomatic activity that support official development aid (ODA) for humanitarian and strategic purposes worldwide. This study examines the effects of such visits on bilateral ODA allocation by focusing on South Korea, which achieved economic development through foreign aid, subsequently becoming a donor country. We find that presidential diplomatic visits abroad increase ODA agreements in visiting countries, confirmed through multiple robustness checks. ODA is increased through several aid delivery channels (concessional loans, public institutions and summit meetings in recipient countries) with heterogeneous effects across regions. Thus, political leaders’ diplomatic visits are crucial to ODA allocation.
  Citation: The Singapore Economic Review
  PubDate: 2023-08-23T07:00:00Z
  DOI: 10.1142/S0217590823500406
HOW DOES BANK BRANCH SUPPLY SPUR RURAL INCOME GROWTH' EVIDENCE FROM
COUNTIES IN CHINA
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  Authors: YIPENG WANG, YAXIONG ZHAO, LIQIONG LIN
  Pages: 1 - 36
  Abstract: The Singapore Economic Review, Ahead of Print.
  In this paper, we investigate how bank branch supply affects rural income growth by analyzing a panel dataset of 1,542 counties in China between 2006 and 2019. We discover that enhancing bank branch supply fosters rural income growth through financial utilization and economic growth, and the process is also negatively moderated by rural financial utilization and economic levels. We then prove the inverted U-shaped relationship between bank branch supply and rural income growth, indicating that the marginal effect of bank branch supply increases at the earlier stage where rural bank branch supply lags behind the bank branch demand in boosting regional economic growth, and decreases at the later stage where the rural bank branch supply has exceeded the “optimal point” of bank branch supply. Further, bank branch expansion is more efficient than FinTech development in accelerating rural income growth, particularly in impoverished counties. The findings imply the necessity of enhancing bank branch supply in rural areas, especially in underdeveloped rural areas, to accelerate rural income growth.
  Citation: The Singapore Economic Review
  PubDate: 2023-08-15T07:00:00Z
  DOI: 10.1142/S0217590823500352
WORKFORCE AGING AND INDUSTRY-LEVEL PRODUCTIVITY
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  Authors: E. YOUNG SONG
  Pages: 1 - 24
  Abstract: The Singapore Economic Review, Ahead of Print.
  This paper investigates the relationship between the age structure of workforce and industry-level productivities using international panel data. We find that when the growth rate of prime-age workforce (aged between 30 and 49) falls, the growth rate of total factor productivity in industries that are highly dependent on prime-age workers tends to fall relative to that in other industries. We also present a simple general equilibrium model based on industry-level external economies of scale. We show that our empirical findings are consistent with the hypothesis that there are industry-level externalities coming from prime-age workers.
  Citation: The Singapore Economic Review
  PubDate: 2023-08-14T07:00:00Z
  DOI: 10.1142/S0217590823500364
RUSSIAN DOLL OF SUSTAINABILITY: FACTOR ENDOWMENTS, DEMOCRATIC POLITICAL
EQUALITY AND INCOME INEQUALITY IN THE POST-COMMUNIST CENTRAL AND EASTERN
EUROPEAN COUNTRIES
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  Authors: ANNA AUZA, JOSÉ ALBERTO FUINHAS
  Pages: 1 - 22
  Abstract: The Singapore Economic Review, Ahead of Print.
  The Russian doll of sustainability framework is applied to find income inequality determinants in transition countries. Land endowment effects on institutions and economic outcomes are analyzed using the autoregressive distributed lag approach on ten Central and Eastern European countries (CEE) from 1995 to 2021. Findings suggest land endowment has an income inequality-widening effect, and trade openness reduces inequalities. However, various democratic measures affect inequality differently, depending on the time horizon. For example, while participatory democracy (PARTID) increases inequality, egalitarian democracy (EGALD) decreases it, but a more rural-biased public service provision is associated with higher inequality in the short run and decreased inequality in the long run. Lastly, we do not confirm a robust Kuznets curve over the development path, and we do not find financial development statistically significant in explaining income inequality.
  Citation: The Singapore Economic Review
  PubDate: 2023-08-05T07:00:00Z
  DOI: 10.1142/S0217590823500376
EXPRESSWAYS AND POVERTY REDUCTION: EVIDENCE FROM RURAL CHINA
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  Authors: WUKE ZHANG, QINGEN GAI, XI ZHU, QINGHUA SHI
  Pages: 1 - 30
  Abstract: The Singapore Economic Review, Ahead of Print.
  Combining rural household data and China’s expressway network, this paper estimates the causal effect of expressway access on rural household income using propensity score matching and difference-in-differences method. Our empirical results showed that access to expressways does not, on average, benefit rural households, but further evidence revealed a heterogeneous effect. Improved expressway access can promote poor rural households’ per capita net income by 23.0%, in comparison to the non-poor. Supporting evidence suggests that expressway access encourages rural–urban migration, especially for the poor rural workers, which ultimately leads to higher income for this group. These findings highlight the effects of expressway access on the reduction of rural poverty.
  Citation: The Singapore Economic Review
  PubDate: 2023-08-04T07:00:00Z
  DOI: 10.1142/S0217590823500315
THE IMPACT OF DECENTRALIZATION ON AIR POLLUTION: THE EVIDENCE FROM THE
TERRITORIAL REFORMS POLICY IN CHINA
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  Authors: CHEN YOU
  Pages: 1 - 24
  Abstract: The Singapore Economic Review, Ahead of Print.
  How decentralization influences environmental governance is vital in tackling environmental challenges. The literature focuses on whether decentralization is a better choice for environmental governance, but mixed findings exist. This study examined the relationship between decentralization and air pollution by exploiting China’s county-to-city upgrade (CCU) policy from 2006 to 2019. Upgrading empowers new cities in fiscal, administrative and economic matters without changing the political hierarchy. Under the cadre evaluation system, the new county-level city government has a stronger will to control land transactions by directing more land resources toward expanding industrial firms. They attract more polluting firms to promote economic development. This results in the concentration of production and emission activities, worsening air pollution. Heterogeneity tests find that decentralization will induce more stringent air pollution when the new city is located on an administrative border. In sum, decentralization without a supplementary incentive rule has a negative effect on air pollution.
  Citation: The Singapore Economic Review
  PubDate: 2023-08-04T07:00:00Z
  DOI: 10.1142/S0217590823500327
INTELLECTUAL CAPITAL AND CORPORATE PERFORMANCE IN MALAYSIA: EXPLORING
NONLINEARITY AND SYNERGY EFFECTS
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  Authors: JAWAD ASIF, IRENE WEI KIONG TING, HOOI HOOI LEAN, QIAN LONG KWEH
  Pages: 1 - 26
  Abstract: The Singapore Economic Review, Ahead of Print.
  Inconsistent results of the impacts of intellectual capital (IC) investments on firm performance have raised question regarding the pros and cons of IC investments. However, analyzing the relationship between IC and firm performance from a nonlinear perspective remains under-researched. Hence, this paper aims to examine whether IC investments have a nonlinear relationship with firm performance. This study also examines the interaction effects of IC components on firm performance. We undertake the data that ranges from 2009–2022 on Malaysian public listed firms. The study separates the data into two periods, one without COVID-19 impact (2009–2018) and the other with COVID-19 impact (2019–2022), to examine the potential impact of IC to firm performance with and without the presence of COVID-19 pandemic. The study utilizes panel data regression method to analyze the hypothesized relationships. The results indicate that the relationship between IC components and firm performance is nonlinear when COVID-19 is not present, but this relationship changes in the presence of COVID-19 impact. That is, although continuous IC investments can be a safe investment strategy, their positive impacts on firm performance lose initial strength after a certain critical level of IC investments. Based on the findings, Malaysian public listed firms need to have skilled and intellectual labor force to support the transition from labor intensive industries to knowledge-intensive industries. Moreover, tangible investments play a contributing role in intangible investments. Managers should be careful in investing both physical and financial resources as their marginal costs may outweigh marginal benefits. Overall, this study is helpful to the managers and policy makers in deciding the optimal level of IC investments. The advice can also be taken with respect to combinations of elements of IC.
  Citation: The Singapore Economic Review
  PubDate: 2023-08-04T07:00:00Z
  DOI: 10.1142/S0217590823500340
INVESTIGATING RACIAL SALARY DISCRIMINATION AND THE ROLE OF BARGAINING
POWER: EVIDENCE FROM THE NBA
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  Authors: WENZE LI
  Pages: 1 - 28
  Abstract: The Singapore Economic Review, Ahead of Print.
  This paper investigates racial salary discrimination by analyzing an NBA dataset from 1985 to 2022. My findings reveal that non-white players receive around 10% lower remuneration than their white counterparts, after accounting for the player, team and consumer attributes. I investigate this salary gap, indicative of discrimination against black players, by studying the salary contracts under which players possess different levels of bargaining power. I find that this earning shortfall is strongly persistent under contracts where employers have monopsony and oligopsony power, suggesting that slight relaxation of the competition in the contracting environment cannot alleviate the discrimination. Nevertheless, discrimination is eliminated when players are signed under contracts that are protected by the collective power of a union. In addition, I discover that a negative demand shock (proxied by COVID-19) and a negative supply shock (proxied by lockouts) amplify this racial discrimination.
  Citation: The Singapore Economic Review
  PubDate: 2023-07-18T07:00:00Z
  DOI: 10.1142/S0217590823500303
DO INSTITUTIONAL QUALITY AND POLITICAL RISK MATTER FOR FINANCIAL
DEVELOPMENT' EVIDENCE FROM THE SELECTED EMERGING ECONOMIES
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  Authors: ABDUL KHALIQUE, KHALID AHMED, RAHMANA GADHI
  Pages: 1 - 24
  Abstract: The Singapore Economic Review, Ahead of Print.
  Institutional quality and political risk have emerged as critical factors for financial development in emerging countries. If the financial markets in emerging economies are to progress further, they require strong institutional support. Following the argument, this study examines the role of institutional quality and political risk on financial development in selected eight emerging countries. The study covers the yearly data from 2000 to 2019 and applies the dynamic panel data estimation technique to reach the overall objective. The results conclude that institutional quality and political stability are significant factors for financial development in the panel countries. Furthermore, our results find that institutional quality has emerged as a stronger determinant than political risk that promotes financial development. Policymakers need to devise and implement policies that promote voice and accountability and help to control corruption. The improved situation of rule of law and stable political environment increase investor confidence at home and abroad, thereby increasing the financial development in emerging countries. Since the financial institutions of emerging countries rapidly integrate with a global financial system, there are opportunities for inheriting good governance practices from technologically advanced countries. This would create a win–win situation.
  Citation: The Singapore Economic Review
  PubDate: 2023-07-18T07:00:00Z
  DOI: 10.1142/S0217590823500339
IN QUEST FOR POLICY “SILVER BULLETS” TOWARDS TRIGGERING A
V-SHAPED RECOVERY
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  Authors: SOUMYA BHADURY, SAURABH GHOSH, PAWAN GOPALAKRISHNAN
  Pages: 1 - 23
  Abstract: The Singapore Economic Review, Ahead of Print.
  In view of the interaction between demand and supply shocks and the nature of the disparity in business cycles between Advanced Economies (AEs) and Emerging Market Economies (EMEs), we reinvigorate policy “silver bullets” that ascertain a sustainable growth revival in the aftermath of the COVID-19 shock. Using a novel business cycle dating algorithm, we identify up-cycle and down-cycle phases in India’s gross domestic product growth rate and use dynamic factor analysis using several high-frequency indicators for tracking private investment activity in India. On the demand side, our empirical results indicate that a boost to private investment can arrest a growth deceleration during a down-cycle, via consumption and output channels. We also observe that both the quantum and quality of public expenditure play an important role in arresting the growth deceleration. On the supply side, however, global supply chain disruptions could dampen the pace of investment during the post-COVID investment-led recovery. For both channels to work, credit offtake is necessary for a bank-dominated EME like India. Finally, despite low-capacity utilization rates, we draw several policy conclusions to jump-start economic activity levels.
  Citation: The Singapore Economic Review
  PubDate: 2023-07-12T07:00:00Z
  DOI: 10.1142/S0217590823500285
DOES ANTI-CORRUPTION FACILITATE OR HINDER TECHNOLOGICAL INNOVATION'
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  Authors: Qian Zhao, Chi-Wei Su
  Pages: 1 - 19
  Abstract: The Singapore Economic Review, Ahead of Print.
  Innovation is a major economic growth contributor, which is often hindered by corruption. However, this relationship is not always supported. This study analyzes the interrelation between anti-corruption (AC) and technological innovation (TI) in China by applying the bootstrap rolling-window full-sample and subsample Granger causality test. The results confirm that the influence of AC on TI is two-fold. On the one hand, AC positively influences TI, indicating that it facilitates TI. This finding supports the “sanding-the-wheels” hypothesis, which postulates that corruption impedes innovation. On the other hand, there is a negative influence from AC to TI, which is mainly caused by the COVID-19 pandemic. Further, the results show that TI positively influences AC, implying that TI can affect government’s AC-related decisions. Based on these findings, governments should coordinate their efforts toward innovation and AC, while firms should adopt innovation-driven strategies for long-term growth.
  Citation: The Singapore Economic Review
  PubDate: 2023-07-11T07:00:00Z
  DOI: 10.1142/S0217590823500297
IMPACTS OF CONSUMER EXPENDITURE PATTERNS ON SUBJECTIVE WELL-BEING IN
CHINA: EVIDENCE FROM MICROSURVEY DATA
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  Authors: XURONG QIU, MAOXIA ZENG, MINGMING SHI
  Pages: 1 - 22
  Abstract: The Singapore Economic Review, Ahead of Print.
  The purpose of this study is to investigate the influence of consumer expenditure patterns, rather than categories, on subjective well-being (SWB) in China. This study adopts microsurvey data from the China Family Panel Studies (CFPS) and performs cluster analysis to form household consumer expenditure patterns for five burdens. The primary finding is that consumer expenditure patterns as well as consumer characteristics can significantly affect Chinese people’s SWB. However, the results from using consumer expenditure categories as explanatory variables are not reliable due to inconsistent results from using the amount and ratio of consumption expenditure. The conclusions regarding the influences of consumer expenditure patterns on Chinese people’s SWB are, nevertheless, robust.
  Citation: The Singapore Economic Review
  PubDate: 2023-06-20T07:00:00Z
  DOI: 10.1142/S0217590823400027
BOARD EFFECTIVENESS AND FIRM VALUE: A MEDIATING ROLE OF STOCK LIQUIDITY
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  Authors: RAMIZ UR REHMAN, MUHAMMAD AKRAM NASEEM, MUDASSAR HASAN, MUHAMMAD ISHFAQ AHMAD, ENDER DEMIR
  Pages: 1 - 21
  Abstract: The Singapore Economic Review, Ahead of Print.
  We test whether an effective board affects firm value (FV) in Pakistan and whether stock liquidity (LIQ) mediates this relationship. To test this conjecture, we introduce an effective board index (EBI) using board size, board independence, board diversity and CEO duality. By employing the fixed effect model, we find that an effective board reduces agency costs and thus increases FV. An effective board may signal investors positively regarding reduced information asymmetry, thereby increasing stock LIQ. Furthermore, stock LIQ partially mediates the relationship between the effective board and FV. However, only Amihud illiquidity mediates this relationship, which suggests the stock liquidity’s estimation matters.
  Citation: The Singapore Economic Review
  PubDate: 2023-06-13T07:00:00Z
  DOI: 10.1142/S0217590823500261
GLOBAL CONNECTEDNESS AND NETWORKS OF AGRICULTURAL PRODUCTION
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  Authors: TURKER ACIKGOZ
  Pages: 1 - 23
  Abstract: The Singapore Economic Review, Ahead of Print.
  In this paper, we investigate global connectedness and networks of agricultural production on continental and subregional levels. Using per capita agricultural production indices (API) from the United Nations Food and Agriculture Organization, we applied the spillover index method and network analysis. Continental-level analysis shows that global agricultural production is mainly connected to production in Europe and Asia. The subregional analysis also confirms that most subregions are connected to Europe and Asia regarding agricultural production. Agricultural production shocks occurring in Western Asia, Western Europe, Southern Europe, Southeast Asia and Eastern Asia regions have highly spread to other regions. This study demonstrates that worldwide agricultural production is highly interconnected and integrated. Based on these results, our study showed that global agricultural production has been converging. The findings of this study can be used by policymakers as well as national or international institutions shaping and regulating national and regional agricultural and economic policies.
  Citation: The Singapore Economic Review
  PubDate: 2023-05-30T07:00:00Z
  DOI: 10.1142/S0217590823500248
DIFFERENT MOMENTS CREATE DIFFERENT SPILLOVERS: A STUDY OF COMMODITY
MARKETS
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  Authors: XIE HE, SHIGEYUKI HAMORI
  Pages: 1 - 22
  Abstract: The Singapore Economic Review, Ahead of Print.
  Although the spillover effects of return and volatility risk across commodity markets have been demonstrated, evidence of extreme risk spillovers is limited. Using an autoregressive conditional density model, this study estimates the conditional skewness of nine S&P Goldman Sachs Commodity indices and then applies the Diebold–Yilmaz TVP-VAR-based approach to investigate the higher moment spillovers across commodity markets. Our findings provide evidence of extreme risk transfers from one commodity index to another. Among three energy indices including crude oil, natural gas and gasoil, crude oil transmits the most return, volatility risk and extreme risk to the agricultural indices and precious metal indices. Furthermore, our results confirm that spillovers in all three moments were significantly strengthened by extreme events such as the September 11 attacks, the global financial crisis, the food price crisis, the violent shock of international oil prices and the coronavirus disease of 2019. However, different events may have different impacts on spillovers. Finally, the results indicate that return spillover and skewness are affected by extreme events with almost the same intensity and direction for most periods.
  Citation: The Singapore Economic Review
  PubDate: 2023-05-30T07:00:00Z
  DOI: 10.1142/S021759082350025X
INTERGENERATIONAL INCOME MOBILITY ACROSS THREE GENERATIONS: THE CASE OF
TAIWAN
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  Authors: ZHI-XIAO JIA
  Pages: 1 - 33
  Abstract: The Singapore Economic Review, Ahead of Print.
  This research analyzes intergenerational income mobility over three generations in Taiwan by estimating intergenerational income elasticity (IGE). Results indicate that IGE between fathers and sons is 0.349, and IGE between fathers and grandsons is 0.139. Fathers’ death during grandsons’ early ages does not affect IGE between them, and the independent effect of fathers’ income on grandsons’ income is weak. Roughly, 65% of IGE between fathers and grandsons is explained by sons’ couples’ income. Quantile results show that IGE between fathers and grandsons is stronger at upper tail of fathers’ income distribution, and it is especially strong for extremely rich grandsons.
  Citation: The Singapore Economic Review
  PubDate: 2023-05-30T07:00:00Z
  DOI: 10.1142/S0217590823500273
HOW DOES ENVIRONMENTAL REGULATION AFFECT FIRM’S SHARE OF DOMESTIC
VALUE-ADDED IN GROSS EXPORTS IN CHINA'
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  Authors: LIANG DING, FENG YU, YINGNA WU, SHIHAO WEN
  Pages: 1 - 21
  Abstract: The Singapore Economic Review, Ahead of Print.
  This study aims at investigating the intensity of environmental regulation on firm’s share of domestic value-added in gross exports in China. An unbalanced firm-level panel data from 2000 to 2014 is adopted to estimate 10 two-way fixed effects models suggested by Hausman test for the entire sample of 648,801 and subsamples of three trade patterns, three types of ownership and three regions. The primary finding of this study is that for the entire sample and subsamples of general trade, mixed trade, non-state-owned and foreign-owned enterprises and enterprises in the eastern region, the intensity of environmental regulation has a “U-shaped” influence on firm’s share of domestic value-added in gross exports in China, meaning that this influence is negative first and then turns to positive after the intensity of environmental regulation reaches a certain level. This conclusion is reasonable and consistent with our expectation.
  Citation: The Singapore Economic Review
  PubDate: 2023-05-19T07:00:00Z
  DOI: 10.1142/S0217590823400015
THE EFFECTS OF ENERGY SUPPLY SHOCKS AND INTEREST RATE LIBERALIZATION IN
CHINA
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  Authors: YIHAO XUE, QIAOYU LIANG, BING TONG
  Pages: 1 - 35
  Abstract: The Singapore Economic Review, Ahead of Print.
  Based on a New Keynesian model with a transient interest rate peg and energy inputs in production, we examine the impact of China’s interest rate liberalization on the transmission of energy supply shocks. Theoretical analysis shows that in the face of negative supply shocks, output decreases less or even increases while inflation rises more under a fixed interest rate compared with a flexible interest rate. We construct the Divisia energy index based on Chinese data to test the model predictions. We identify energy supply shocks following the strategy of Kilian () and obtain impulse responses using the local projection (LP) method proposed by Jordà (). The empirical results are generally consistent with our model predictions.
  Citation: The Singapore Economic Review
  PubDate: 2023-05-19T07:00:00Z
  DOI: 10.1142/S0217590823500224
PERCEPTION OF UNCERTAINTY AND GREEN INNOVATION: MACHINE LEARNING EVIDENCE
FROM PUBLICLY LISTED FIRMS IN CHINA
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  Authors: ZHEN YANG, DONGWEI SU, SHULIN XU
  Pages: 1 - 34
  Abstract: The Singapore Economic Review, Ahead of Print.
  Using a unique panel dataset consisting of 2997 Chinese manufacturing firms publicly listed in the A-share market between 2003 and 2020, we examine whether and to what extent a firm’s perception of uncertainty affects green innovation. After integrating textual analysis with a machine learning approach to measure perception of uncertainty, we find that a firm’s perception of environmental uncertainty negatively affects the number of green patents submitted or approved. The negative effect is weaker for firms followed by more professional analysts, operating in more competitive markets, or located in regions with better institutional settings. In addition, there is significant heterogeneity in the negative effect between non-state-owned versus state-owned firms as well as polluting versus non-polluting firms. The results are robust to different measures of green innovation and perception of uncertainty, and after addressing for potential endogeneity problem. Our study contributes to the literature on behavioral environmental economics by demonstrating that it is not only the environment uncertainty but also how firms perceive the uncertainty matters for green innovation and corporate social responsibility.
  Citation: The Singapore Economic Review
  PubDate: 2023-05-13T07:00:00Z
  DOI: 10.1142/S0217590823460025
THE SPATIAL-TEMPORAL DIFFERENTIATION IN AIR POLLUTION AND INDUSTRY
STRUCTURE — EVIDENCE FROM THE METROPOLITAN AREA OF
BEIJING–TIANJIN–HEBEI URBAN IN CHINA
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  Authors: YING HUI, HONGWEI DAI, ZHONGZE CHANG, PEI MAO
  Pages: 1 - 25
  Abstract: The Singapore Economic Review, Ahead of Print.
  In developing countries, environmental problems are often intertwined with industrial spatial distribution and migration. This paper is the first in this field to apply the standard deviational ellipse (SDE) method to the analysis of spatial agglomeration and spatiotemporal evolution of air pollution in 13 cities in the Beijing–Tianjin–Hebei region (BTH). According to the industrial classification, each industry could be further divided into five sub-industries: labor-intensive, capital-intensive, technology-intensive, pollution-intensive, and the mining industry. The discussion includes an exploration of the relationship between environmental quality and the spatial distribution of different sub-industries, along with their dynamic changes in migration. This paper also describes the innovative use of the geographically weighted regression (GWR) to study the impact of the whole industry and sub-industries on the environment. The main conclusions of this paper are as follows: (i) Both air pollution and the industry have obvious spatial agglomeration characteristics. (ii) The spatial difference coefficients between the secondary industry and environmental pollution and between various sub-industries and environmental pollution are small, and there is spatial consistency. (iii) Capital-intensive industries represent a primary source of air pollution. In addition to the slowdown of the tertiary industry, the contribution of various types of sub-industries to environmental pollution displays an increasing trend.
  Citation: The Singapore Economic Review
  PubDate: 2023-05-13T07:00:00Z
  DOI: 10.1142/S0217590823500212
MARKET-ORIENTED REFORMS AND FIRMS’ INNOVATION: EVIDENCE FROM CHINA
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  Authors: WEN YUE, MENGJIE ZHU, JINGYAN ZHAO
  Pages: 1 - 21
  Abstract: The Singapore Economic Review, Ahead of Print.
  Based on a micro dataset of Chinese manufacturing firms, we examined the effect of market-oriented reforms on innovation of Chinese manufacturing firms and its mechanisms. Results show the following. (1) The market-oriented reforms significantly improved the innovation performance of Chinese manufacturing firms. Among the various components of the market-oriented process, the development of the product markets had the greatest effect on promoting firms’ innovation. (2) Alleviating the financial constraint of firms and triggering the “competition effect” were important ways for market-oriented reforms to improve innovation performance. (3) The effect of market-oriented reforms on the innovation of various types of firms (different industry types, scale types, ownership types, regional types, exporters and non-exporters) was not the same, and significant heterogeneity was observed. This study enriches the research literature on market-oriented reforms and firms’ innovation and provides new micro evidence for understanding the effect of market-oriented reforms on firms’ innovation performance.
  Citation: The Singapore Economic Review
  PubDate: 2023-05-13T07:00:00Z
  DOI: 10.1142/S0217590823500236
ASSESSING IMPACTS OF ENERGY TRANSITION ON ENERGY SECURITY OF CHINA:
STRATEGIES AND CHALLENGES
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  Authors: YUWEI YIN, JASMINE SIU LEE LAM
  Pages: 1 - 30
  Abstract: The Singapore Economic Review, Ahead of Print.
  This study pioneers in quantitatively evaluating policies and commercial strategies of China to facilitate its coal-to-gas transition, concerning their impacts on energy security, especially for Liquefied Natural Gas (LNG) import dependency and cost-effectiveness. An econometric approach is developed to examine the impacts of natural gas domestic production expansions, pipeline import expansions, and LNG price volatilities on LNG import. Empirical evidence reveals two challenges: (1) insufficient growth in domestic gas production to substitute and reduce import volumes via LNG shipping; (2) under increased import prices from major spot markets, LNG import volumes continued increasing, which implies cost ineffectiveness.
  Citation: The Singapore Economic Review
  PubDate: 2023-05-04T07:00:00Z
  DOI: 10.1142/S0217590823500157
IMPACT OF IMPORTED INTERMEDIATE GOODS ON ENERGY-ENVIRONMENTAL EFFICIENCY:
FIRM-LEVEL EVIDENCE FROM CHINA
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  Authors: SU LIU, CYPRIEN DAKOUO, RONGBO WANG, HANYU XIONG
  Pages: 1 - 24
  Abstract: The Singapore Economic Review, Ahead of Print.
  Improving energy-environmental efficiency (EEE) is an important way to achieve China’s carbon peak, carbon-neutral goals and green transformational development. The scale of imports of intermediate goods has been increasing rapidly with the deepening of China’s opening up to the outside world, which has played a positive role in promoting high-quality development. Considering that enterprises are the main players in transforming energy consumption patterns and high-quality development, we investigated the impact of imported intermediate goods on EEE from a microfield perspective. The empirical results showed that imported intermediate goods significantly contributed to EEE and that firms’ innovation capacity and productivity are the corresponding influencing mechanisms. The effects of importing intermediate goods in foreign-invested enterprises, enterprises in the eastern and coastal regions and capital-intensive enterprises are more obvious in improving EEE. Further expansion of imports of intermediate goods, enhancement of enterprises’ capacity for independent innovation, deepening structural reforms and accelerated development of the digital economy can help enhance the promotional effect of imports of intermediate goods on enterprises’ EEE.
  Citation: The Singapore Economic Review
  PubDate: 2023-04-29T07:00:00Z
  DOI: 10.1142/S021759082347001X
MONETARY POLICY AND ASSET PRICES: THE CASE OF PAKISTAN
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  Authors: WASIM SHAHID MALIK, SIDRA MARIYAM, HINA SHAFIQ
  Pages: 1 - 23
  Abstract: The Singapore Economic Review, Ahead of Print.
  This paper sets the objective of estimating the mediating role of asset prices in the transmission of monetary policy. Vector autoregressive model comprising short-term interest rate, output, inflation and asset prices has been estimated using data of Pakistan economy for the period 2000m01 to 2019m06. We find significant role of asset prices in transmission of monetary policy to target variables, especially when individual asset prices are taken instead of asset price index. Stock prices are found important mediator of transmission from interest rate to output while exchange rate is so for inflation rate; role of house prices remains moderate.
  Citation: The Singapore Economic Review
  PubDate: 2023-04-28T07:00:00Z
  DOI: 10.1142/S0217590823500200
CAN THE NARROW AND BROAD MONEY SUPPLY GAP BE USED AS AN INVESTMENT
INDICATOR FOR THE STOCK MARKET'
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  Authors: YUAN-MING LEE, KUAN-MIN WANG
  Pages: 1 - 23
  Abstract: The Singapore Economic Review, Ahead of Print.
  This study uses the golden cross and death cross formed by the gap between the narrow and broad money growth rates as threshold variables to estimate the threshold model and test the causal relationship between money supply and stock prices in eight emerging market economies (EMEs) in Asia; the sample periods are from January 2000 to December 2020. The results show a high-positive, bi-directional relationship between the money supply and stock prices in the golden cross regime. On the other hand, the money supply has a negative, one-way causality on stock prices in the death cross regime. We also conducted a robustness test during the COVID-19 spread, and the result shows that the mechanism still applies, but the effectiveness is reduced. Thus, our contribution is discovering the golden cross and death cross information formed by narrow and broad money, informing stock market investment.
  Citation: The Singapore Economic Review
  PubDate: 2023-04-14T07:00:00Z
  DOI: 10.1142/S0217590823410011
DO SMART PEOPLE PREFER TO CONSUME' THE ROLE OF COGNITIVE ABILITIES IN
HOUSEHOLD CONSUMPTION
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  Authors: DONGWEI SU, SHULIN XU, ZHEN YANG, XIN XIE
  Pages: 1 - 38
  Abstract: The Singapore Economic Review, Ahead of Print.
  Extant research has established that psychological factors such as risk attitude and peer effect are important antecedents of household consumption. In this paper, we investigate whether and to what extent cognitive ability affects household consumption expenditure. Using survey data in 2018 from the China Family Panel Studies (CFPS), we find that cognitive ability of the head of the household is positively related to overall consumption and non-durable consumption, i.e., smart people in China are more willing to consume. Our results are robust to controlling for level of education and accounting for potential endogeneity issues. In addition, the positive relationship between cognitive ability and household consumption is stronger for medium-income, elderly, urban and male-headed households. Moreover, wealth, information and social network play important mediating roles in the positive relationship between cognitive ability and household consumption. Overall, our study implies that broadening investment and consumption channels and enhancing information accessibility in the long term are important in stimulating household consumption.
  Citation: The Singapore Economic Review
  PubDate: 2023-04-11T07:00:00Z
  DOI: 10.1142/S0217590823500194
NONLINEAR AND TIME-VARYING HETEROGENEITY OF THE SPATIAL EFFECT OF G20
COUNTRIES’ MONETARY POLICIES
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  Authors: SONGYAO GAO, BAISHENG CUI
  Pages: 1 - 42
  Abstract: The Singapore Economic Review, Ahead of Print.
  This study examines how nonlinear and time-varying heterogeneity of the spatial spillover effects of price-based and quantitative monetary policy instruments affect G20 countries’ economic growth by building spatial panel smooth transition models with a trade geography weight matrix. We find spatial dependence between economic growth and monetary policy in G20 countries. Then, we use G7+Spain and BRICS to represent developed and emerging economies, respectively, and re-estimate the spatial fixed effect. G7 countries’ quantitative monetary policy is not significant, and reduced interest rates do not improve GDP; however, both increased money supply and reduced interest rates improve BRICS countries’ GDP. Furthermore, lower interest rates in G7 countries cannot improve GDP during bad times, but during good times, price-based monetary policy effectiveness is improved. Although economic conditions do not affect BRICS countries’ quantitative regulation, they do influence price-based monetary policy’s effects. Neighboring countries’ price-based regulation brings different degrees of spillovers to domestic GDP using both linear and nonlinear models.
  Citation: The Singapore Economic Review
  PubDate: 2023-04-07T07:00:00Z
  DOI: 10.1142/S021759082350011X
DOES INTERNET USAGE TIME PROMOTE HOUSEHOLD CONSUMPTION' — MICRO
EVIDENCE FROM CHINA
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  Authors: FAN FENG, KUO FENG, JING JIAN XIAO
  Pages: 1 - 17
  Abstract: The Singapore Economic Review, Ahead of Print.
  Adopting an instrumental-variable (IV) approach, this paper explored the potential effects of internet usage time on household consumption with data from the 2014, 2016, and 2018 China Family Panel Studies (CFPS). After completing mechanism tests, we found that longer internet usage time was linked to greater household consumption through increased engagement with online shopping, more frequent retrieval of online information, and more online socializing. Moreover, the results suggested that families living in rural areas, and central and western regions tended to consume more as their internet usage time increased.
  Citation: The Singapore Economic Review
  PubDate: 2023-04-06T07:00:00Z
  DOI: 10.1142/S0217590823500182
U.S. MONETARY POLICY AND SOVEREIGN CDS MARKETS
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  Authors: SHAOJIE LAI, MICHAEL ELLIS, DANDAN LIU, XIAOLING PU
  Pages: 1 - 26
  Abstract: The Singapore Economic Review, Ahead of Print.
  This paper analyzes the effects of U.S. monetary policy on sovereign credit default swap (CDS) markets in a total of 66 countries including both advanced and emerging market economies at the monthly time horizon from 2001 to 2016. We employ a four-variable vector autoregression (VAR) model to estimate the monetary policy shock and examine the pass-through of U.S. monetary policy shocks to sovereign CDS markets. We find that the effect of monetary policy shocks on CDS markets is strong, especially during the European sovereign debt crisis and the period the U.S. monetary policy rate was near zero. Our analysis indicates that expansionary U.S. monetary policy leads to the widening of the sovereign credit spreads and the heightening of the CDS market volatility.
  Citation: The Singapore Economic Review
  PubDate: 2023-04-04T07:00:00Z
  DOI: 10.1142/S0217590823500169
CAN CONSUMER CREDIT STIMULATE CONSUMER CONFIDENCE' EVIDENCE FROM THE
TIME-VARYING ASPECT
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  Authors: CHI-WEI SU, ADELINA DUMITRESCU PECULEA, KAI-HUA WANG
  Pages: 1 - 16
  Abstract: The Singapore Economic Review, Ahead of Print.
  This study discusses the nexus between consumer credit (CC) and consumer confidence (CF) in the case of China with a bootstrap rolling-window causality test. The new empirical results demonstrate that CC improves CF in specific periods by loosening liquidity constraints and increasing consumer power temporarily. Meanwhile, a negative link is also found, which can be explained by policy adjustment and financial instabilities. On the contrary, CF negatively influences CC in some periods, reflecting consumers’ attitudes toward the future would change borrowing behaviors. But this relationship would be disrupted by government intervention and public events such as the COVID-19 pandemic. The contribution is that time-varying, multiple-directional and dynamic causalities are captured, which enriches the theoretical framework between CC and CF. Therefore, the government must design and adjust loaning policies against specific circumstances and transmit positive signs to consumers. Future study needs to pay attention to different types of CC and try to reveal their heterogeneous influences on CF. In addition, the effect evaluation for CC policy is also another focus in the next research.
  Citation: The Singapore Economic Review
  PubDate: 2023-04-04T07:00:00Z
  DOI: 10.1142/S0217590823500170
NEW EVIDENCE ON THE HUMAN CAPITAL DYNAMICS WITHIN CHINA: IS THERE A HUMAN
CAPITAL TRAP'
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  Authors: LINDA GLAWE, HELMUT WAGNER
  Pages: 1 - 45
  Abstract: The Singapore Economic Review, Ahead of Print.
  This paper investigates the human capital convergence dynamics within China over the period 1985–2018 using a nonlinear dynamic factor model. Our results indicate that there exist multiple human capital clubs, and the heterogeneity between those clusters is increasing over time. Moreover, we detect a core–periphery division with several provinces located in Western, Northeastern, and Southern China being located in lower human capital clubs. Population and transportation density as well as the initial level of human capital appear to be most decisive for determining whether a province is on a high or low human capital development trajectory.
  Citation: The Singapore Economic Review
  PubDate: 2023-03-28T07:00:00Z
  DOI: 10.1142/S0217590823500145
Do Internships Matter': the Impact of Internship Participation on
Employability
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  Authors: Chung Choe, Yoo Bin Kim, Koangsung Choi
  Pages: 1 - 18
  Abstract: The Singapore Economic Review, Ahead of Print.
  This study aims to analyze the effect of internship participation on university graduates’ overall employability and uses Korea’s Graduate Occupational Mobility Survey data in order to track university graduates’ employment prospects. Our findings reveal that participation in internships increases the employability of young adults, and that this impact is slightly greater for male college graduates than for female college graduates. Meanwhile, in order to supplement the reliability of our results, we conducted additional analytical tests, including a placebo test and an intensive sensitivity analysis test. It turns out that the estimated treatment effects on the placebo outcomes are of a small magnitude, with no statistical significance. In the analysis which includes simulated confounders, it appears that the risk of omitting relevant confounders does not threaten the baseline estimates.
  Citation: The Singapore Economic Review
  PubDate: 2023-03-21T07:00:00Z
  DOI: 10.1142/S0217590823500133
EXPLORING RESIDENTS’ PREFERENCES FOR E-WASTE RECYCLING SCENARIOS IN
VIETNAM — A CHOICE EXPERIMENT STUDY
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  Authors: HONG THI THU NGUYEN, CHUN-HUNG LEE, RERN-JAY HUNG
  Pages: 1 - 24
  Abstract: The Singapore Economic Review, Ahead of Print.
  Increasing levels of waste from electrical and electronic devices (e-waste) not only harms human health and the environment but also hampers the achievement of the Sustainable Development Goals (SDGs). In response to such threats, emphasis should be placed on improving waste collection rate, which requires a great deal of resident participation. This research adopts a choice experiment analysis regarding the residents’ preferences toward some proposed e-waste recycling services in Vietnam. Using a sample of 531 respondents, the empirical analysis derived from multinomial logit (MNL) models and random parameter logit (RPL) models yields estimates of the residents’ willingness to pay for the two modes of e-waste collection and three levels of environmental benefit. The findings pinpoint that residents have preferences for the door-to-door pick-up and the higher percentage of waste reduction and material conservation. Of socio-demographic variables, only age and location are significant factors in the choice of e-waste recycling scenarios in the extended RPL model. Estimations of marginal willingness to pay for future recycling options show that on average residents are willing to pay the additional fees that are equal to 2.620% and 0.173% on top of the new product value per purchase in return for convenience of pick-up collection services and an improved percentage of waste avoided as well as materials recovered, respectively. The findings showing the residents’ demand for future e-waste recycling scheme provide crucial information for both government and stakeholders in strategizing implementable and acceptable e-waste recycling policies, thereby progressively achieving the SDGs.
  Citation: The Singapore Economic Review
  PubDate: 2023-03-18T07:00:00Z
  DOI: 10.1142/S0217590823460013
MODULATION OF CARBON EMISSIONS AND CLEAN ENERGY SOURCES: A NONPARAMETRIC
GRANGER CAUSALITY-BASED EVIDENCE FROM ASEAN ECONOMIES
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  Authors: XIAOXI LIU, FANGZE CHENG, ISHTIAQ AHMAD, JAHANZAIB HAIDER, ABDULLAH BIN OMAR
  Pages: 1 - 18
  Abstract: The Singapore Economic Review, Ahead of Print.
  This study uses a dataset from 1990 to 2020 to investigate the impact of renewable energy sources in preventing further environmental degradation in the Association of Southeast Asian Nations (ASEAN) economies. This research aims to investigate using renewable energy sources to lower CO2 emissions in the area. In this investigation, a unique method known as nonparametric Granger causality was employed by using the quantiles approach. The findings showed a strong causal influence of green energy on the returns of CO2 emission at high quantiles of conditional distribution in six ASEAN countries. In addition, the results demonstrated a substantial causal connection between the use of green energy and the erratic levels of CO2 emission across the board, except in Indonesia. Because of this, this study suggested that the administration and officials introduce private and public investment toward green energy to lessen the environmental collapse occurring in ASEAN countries.
  Citation: The Singapore Economic Review
  PubDate: 2023-03-14T07:00:00Z
  DOI: 10.1142/S0217590823500029
ENVIRONMENTAL EXTERNALITIES OF URBAN AGGLOMERATION IN CHINA: NEW EVIDENCE
FROM THE PERSPECTIVE OF ECONOMIC DENSITY
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  Authors: CHANGYI LIANG, XIUYAN LIU, CHRISTOPHE TAVERA
  Pages: 1 - 25
  Abstract: The Singapore Economic Review, Ahead of Print.
  In order to capture the environmental externalities of urban agglomeration, we use an agglomeration indicator referred to as economic density, which can be decomposed into the average population density and the concentration of population distribution. Our benchmark regressions use the ordinary least squares method and grid-level panel data for China and for the period 2000–2016. We find that economic density is positively correlated with PM2.5 concentration, and the effects of the two components of economic density are opposite. To address the endogeneity issues, the causal effect of economic density on PM2.5 concentration is estimated with an instrumental variable method. Empirical results show that the PM2.5 concentration increases with economic density, and the associated elasticity is between 0.045 and 0.079. The findings of our benchmark regressions are also supported by a variety of robustness checks. Moreover, while economic growth, the development of secondary industry, and the presence of coal-driven power plants explain why cities with more dense population are more polluted, residential energy use is an opposite channel through which cities with higher economic density can reduce air pollution. Overall, the total effect is a trade-off, and the negative environmental externalities of agglomeration are larger than positive environmental externalities.
  Citation: The Singapore Economic Review
  PubDate: 2023-03-14T07:00:00Z
  DOI: 10.1142/S0217590823500108
DYNAMICS OF OPTIMUM MONETARY POLICY IN A SMALL OPEN-ECONOMY: A
NEW-KEYNESIAN DSGE MODEL FOR TURKISH ECONOMY
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  Authors: MUSTAFA DEMIROK, SERHAT HASANCEBI, VEYSEL ULUSOY
  Pages: 1 - 22
  Abstract: The Singapore Economic Review, Ahead of Print.
  The purpose of this paper is to investigate the sources of business cycle fluctuations in a small open economy (SOE) using dynamic stochastic general equilibrium (DSGE) models and to assess the path of optimal policy decisions taken by the Central Bank of the Republic of Turkey (CBRT). To that purpose, the SOE-DSGE model is estimated using the Bayesian technique with Turkish data spanning the quarters 2003Q2–2020Q1. Based on the estimated model, the study finds that the explanatory power of the SOE-DSGE model for household, firm and central bank behavior decreases when consumer habit formation, price indexation and exchange rate sensitivity are included. Furthermore, technology, preferences, and risk premium shocks all have a significant impact on the Turkish economy. The CBRT, on the other hand, was principally concerned with price stabilization, interest rate smoothing, output and output growth stabilization, and nominal exchange rate stabilization, respectively. More importantly, the optimal monetary policy function implies that output growth should be better stabilized if exchange rate sensitivity target is ignored.
  Citation: The Singapore Economic Review
  PubDate: 2023-03-11T08:00:00Z
  DOI: 10.1142/S021759082350008X
CAN A NEW INFRASTRUCTURE PLAN REALLY PROMOTE THE DUAL CIRCULATION STRATEGY
IN CHINA'
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  Authors: YING WANG, WENJIE PAN, WANHAO DONG, KAO-JEN LIN
  Pages: 1 - 19
  Abstract: The Singapore Economic Review, Ahead of Print.
  This study aims to provide an answer to the question: “Can a new infrastructure plan promote the Dual Circulation Strategy in China'” Using provincial-level panel data for 31 provinces from 2005 to 2020, this study estimates a five-variant panel vector autoregressive model for the national level, eastern region, central region and western region, respectively, and conducts panel Granger-causality tests and impulse response analysis. The primary finding of this study is that there is a bi-directional Granger-causal relationship between the growth rate of new infrastructure investment and each of two variables representing internal circulation and each of two variables representing external circulation at the national level. According to the impulse response analysis, all variables representing either internal or external circulation have a positive impulse response to an increase in the growth rate of new infrastructure investment, except for trade openness. This study thus confirms that the new infrastructure investment can promote the Dual Circulation Strategy that has been a new guide for China as it moves toward a high-quality economic development stage.
  Citation: The Singapore Economic Review
  PubDate: 2023-03-08T08:00:00Z
  DOI: 10.1142/S0217590823500042
ASSOCIATION BETWEEN STATE OWNERSHIP PARTICIPATION AND RENT-SEEKING
BEHAVIOR OF PRIVATE FIRMS IN CHINA
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  Authors: LIUZHEN ZHANG, FENG NIU, WUNHONG SU
  Pages: 1 - 37
  Abstract: The Singapore Economic Review, Ahead of Print.
  The rent-seeking behavior of firms in economic society destroys the fair market order and hinders the sustainable development of the economy. In the context of the mixed-ownership reform, this study examines whether and how state ownership participation affects the rent-seeking behavior of private firms using Chinese-listed private firms from 2010 to 2019. The findings suggest that state ownership participation significantly eliminates the rent-seeking behavior of private firms. However, the eliminating effect of state ownership participation on private firms’ rent-seeking behavior is weakened by high economic policy uncertainty and government intervention where private firms operate. The findings of this study enrich the characteristics and influencing factors of rent-seeking behavior of private firms, expand the literature on Chinese mixed-ownership participation, provide empirical evidence that is inconsistent with Western theoretical predictions, construct a new theory based on practices with Chinese characteristics and further reveal the characteristics of Chinese accounting practices.
  Citation: The Singapore Economic Review
  PubDate: 2023-03-08T08:00:00Z
  DOI: 10.1142/S0217590823500091
WHY DOES A RULER TOLERATE CORRUPTION AND HOW CAN CORRUPTION POSSIBLY BE
ELIMINATED'
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  Authors: YUANZHU LU, MINBO XU, XUNDONG YIN, HAI ZHONG
  Pages: 1 - 18
  Abstract: The Singapore Economic Review, Ahead of Print.
  There is a fundamental conflict of interests between the ruler and most citizens in non-democracies. When the ruler maximizes his benefit from taxation, the major constraint is that citizens might make attempts to overthrow the existing regime. The continuity and stability of regime are crucially related to the degree of support to the existing political regime by the bureaucracy. In this paper, we use a simple model to argue that, when the ruler maximizes his benefit and faces exogenous restriction on wage setting, toleration of corruption is necessary to induce the required support and effort from the bureaucracy. We then relax the exogenous restriction on wages and study the case in which the ruler may eliminate corruption by setting efficiency wage. We also explore the possibility that the ruler may use an audit device to check corruption.
  Citation: The Singapore Economic Review
  PubDate: 2023-03-01T08:00:00Z
  DOI: 10.1142/S0217590823500121
CLAN CULTURE AND CORPORATE SOCIAL RESPONSIBILITY IN CHINESE FAMILY FIRMS
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  Authors: GUANGLI ZHANG, HUILI XUE, HAO GAO, XIAOYUAN LIU
  Pages: 1 - 21
  Abstract: The Singapore Economic Review, Ahead of Print.
  The clan cultural heritage accumulated over thousands of years is crucial for understanding corporate social responsibility (CSR) behaviors in Chinese family firms. This paper uses city-level genealogy density data to examine the impact of clan culture on family firms’ CSR behavior. Findings show that clan culture can significantly improve family firms’ CSR behavior, even considering the endogeneity. For the influence mechanism, we find that clan culture’s spirit of solidarity and mutual benefit and moral restraint effect are important influence mechanisms. We also analyze the moderating effects of ultimate shareholder experience, family involvement, and institutional environment on the relationship between clan culture and family firms’ CSR and find that clan culture shows a much larger impact on family firms’ CSR behavior in those firms with higher family involvement, lower government intervention, or whose ultimate shareholder has Cultural Revolution experience or lacks overseas experience.
  Citation: The Singapore Economic Review
  PubDate: 2023-02-23T08:00:00Z
  DOI: 10.1142/S0217590823500054
AN ANALYSIS OF THE INITIAL PRESALE RATE IN HOUSING PROJECTS USING A
REGIME-SWITCHING MODEL
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  Authors: MYEONG HYEON KIM, DOO WON BANG, HYUCK SHIN KWON
  Pages: 1 - 22
  Abstract: The Singapore Economic Review, Ahead of Print.
  We analyzed to identify the determinants affecting the presale rate in the housing projects and verified whether there are differences in the determinants of that by regimes. We found that the effects of determinants, such as the ratio of the new apartments’ sales price to existing apartments’ prices, educational environment, the number of unsold houses, and the interest rate of a mortgage on the initial presale rate, could have been different depending on which regime the housing market belongs to. This suggests that the government in Korea and Asian countries should consider the differentiation in effects of the determinants depending on the regime when the government tries to make housing policies.
  Citation: The Singapore Economic Review
  PubDate: 2023-02-21T08:00:00Z
  DOI: 10.1142/S0217590823500078
DOES CARBON EMISSION, ENERGY CONSUMPTION AND INCOME MATTER' INVESTIGATING
FACTORS AFFECTING HEALTHCARE EXPENDITURE AMONG 61 NATIONS
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  Authors: SABINA AMPON-WIREKO, LULIN ZHOU, LAMINI DAUDA, XINGLONG XU, EBENEZER LARNYO, EDMUND NKRUMAH NANA KWAME
  Pages: 1 - 17
  Abstract: The Singapore Economic Review, Ahead of Print.
  Empirical studies on the effects of carbon emissions on population health are still in their infancy and its true implications have not yet been fully understood. The purpose of this study is to conduct a comparative analysis on the relationship between carbon emissions, energy consumption, income and public healthcare expenditure in Organisation for Economic Co-operation and Development (OECD) and non-OECD countries. The empirical research employs the dynamic common correlated effects of mean group (DCCEMG) and two-stage least square estimators. The findings indicate that carbon emissions increase healthcare spending only in non-OECD countries. The relationship between energy consumption and health expenditure varies significantly between OECD and non-OECD countries. Income increases health expenditure; however, the correlation is more robust in the OECD than in non-OECD countries. As a result, the findings recommend that non-OECD governments implement strategic environmental management policies that prioritize clean and healthy air to reduce healthcare costs.
  Citation: The Singapore Economic Review
  PubDate: 2023-02-14T08:00:00Z
  DOI: 10.1142/S0217590823500030
HOW DOES THE WTO DISPUTE SETTLEMENT MECHANISM WORK FOR WTO MEMBERS' A
COMPARATIVE ANALYSIS OF DEVELOPED AND DEVELOPING COUNTRIES
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  Authors: JIE WU, JACOB WOOD, ZECHU LUO, SHENGLAN CHEN
  Pages: 1 - 22
  Abstract: The Singapore Economic Review, Ahead of Print.
  The WTO dispute settlement mechanism (DSM) is now facing a crisis of paralysis. Given such a challenging environment, this study examines factors affecting the participation of the WTO DSM by using bilateral data of WTO members from 1995 to 2017. Moreover, we provide a comparative analysis of the factors affecting the filing of cases at the WTO DSM between developed and developing countries across this period. By conducting the rare-event logistic regression method, we find that the export intensity, retaliation capability, economic power and economic threat are the main factors determining the initiation of trade disputes by WTO members. Moreover, the results from seemingly unrelated regressions suggest that economic power, proxied by the complainant country’s gross national income, is not a vital issue of importance that developed countries need to consider when deciding to initiate trade disputes; however, in contrast, developing countries still see it as an important factor affecting the use of DSMs, especially when the target countries are developed countries. Nonetheless, it is worth noting that in the later stage of the WTO, the impact of economic power no longer has any differential influence. On balance, these results reflect the efforts of the WTO to build a fair and rule-based DSM while also highlighting the urgent practical significance of maintaining a solid and effective mechanism for handling international trade disputes.
  Citation: The Singapore Economic Review
  PubDate: 2023-02-08T08:00:00Z
  DOI: 10.1142/S0217590823500066
DO IMPORT TECHNOLOGY SPILLOVERS IMPACT ECO-EFFICIENCY IN MANUFACTURING
INDUSTRIES: A SPILLOVER DECOMPOSITION ANALYSIS
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  Authors: JIAN CHEN, DI ZHAO, TAIMOOR HASSAN, YANG ZHAO
  Pages: 1 - 24
  Abstract: The Singapore Economic Review, Ahead of Print.
  Technology spillovers in an open economy, a source of innovation, potentially contribute to reducing environmental pollution and improving environmental quality; however, few studies have explored this issue in detail. Based on the heterogeneous industrial R&D expenditure data issued by the OECD structural analysis database and the trade data collected from statistics on international trade by commodity in the OECD, this study evaluates the diversified channels of the import-related technology spillovers in manufacturing industries in China. Moreover, the study empirically investigates the eco-efficiency impact of technology spillovers via decomposed diversified spillover channels. The findings show that import-related technology spillovers positively affect the eco-efficiency of manufacturing industries. Inter-industrial technology spillovers, rather than intra-industrial technology spillovers, contribute more to aggregate technology spillovers and, accordingly, have played a more prominent role in promoting eco-efficiency.
  Citation: The Singapore Economic Review
  PubDate: 2023-01-31T08:00:00Z
  DOI: 10.1142/S0217590823500017