Subjects -> PUBLIC ADMINISTRATION (Total: 284 journals)
    - MUNICIPAL GOVERNMENT (9 journals)
    - PUBLIC ADMINISTRATION (248 journals)
    - SECURITY (27 journals)

PUBLIC ADMINISTRATION (248 journals)            First | 1 2     

Showing 201 - 357 of 357 Journals sorted alphabetically
Revue Gouvernance     Open Access  
Risk, Hazards & Crisis in Public Policy     Hybrid Journal   (Followers: 5)
Rivista trimestrale di scienza dell'amministrazione     Full-text available via subscription  
RP3 : Revista de Pesquisa em Políticas Públicas     Open Access  
RUDN Journal of Public Administration     Open Access   (Followers: 1)
School of Public Policy Publications     Open Access  
Sinergia : Revista do Instituto de Ciências Econômicas, Administrativas e Contábeis     Open Access  
Singapore Economic Review, The     Hybrid Journal   (Followers: 4)
Social Policy & Administration     Hybrid Journal   (Followers: 30)
Social Service Review     Full-text available via subscription   (Followers: 12)
Social Work Education: The International Journal     Hybrid Journal   (Followers: 13)
Sosyoekonomi     Open Access  
South Asian Journal of Macroeconomics and Public Finance     Hybrid Journal   (Followers: 1)
Sri Lanka Journal of Development Administration     Open Access  
Stat & Styring     Full-text available via subscription  
State and Local Government Review     Hybrid Journal   (Followers: 7)
Statistics and Public Policy     Open Access   (Followers: 4)
Studi Organizzativi     Full-text available via subscription  
Studia z Polityki Publicznej     Open Access  
Surveillance and Society     Open Access   (Followers: 7)
Teaching Public Administration     Hybrid Journal   (Followers: 7)
TEC Empresarial     Open Access  
Tendencias     Open Access   (Followers: 1)
Territory, Politics, Governance     Hybrid Journal  
The Philanthropist     Open Access   (Followers: 1)
The Review of International Organizations     Hybrid Journal   (Followers: 16)
Transylvanian Review of Administrative Sciences     Open Access  
Visión de futuro     Open Access   (Followers: 1)
WEDANA : Jurnal Kajian Pemerintahan, Politik dan Birokrasi     Open Access  
Wroclaw Review of Law, Administration & Economics     Open Access  

  First | 1 2     

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Singapore Economic Review, The
Journal Prestige (SJR): 0.26
Citation Impact (citeScore): 1
Number of Followers: 4  
 
  Hybrid Journal Hybrid journal (It can contain Open Access articles)
ISSN (Print) 0217-5908 - ISSN (Online) 1793-6837
Published by World Scientific Homepage  [120 journals]
  • THE EXCHANGE RATE SYSTEM REFORM IN CHINA: SOME IMPORTANT RESULTS

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      Authors: PAUL S. L. YIP, YIU-KUEN TSE, YINGJIE DONG
      Pages: 1 - 23
      Abstract: The Singapore Economic Review, Ahead of Print.
      We provide a review and empirical study on the exchange rate system reform in China. In the initial stage of the reform the Chinese central bank PBoC’s implicit promise of gradual appreciation helped to contain the appreciation rate and volatility of the renminbi. Subsequently, under US pressure for faster appreciation and hence the PBoC’s moderate violation of the implicit promise, there was a significant rise in the appreciation rate and the volatility of the renminbi. The moderate violation deteriorated further, forming a vicious cycle of speculative flows and faster exchange rate changes. Upon the onset of the global financial crisis in 2008, the threatening appreciation and volatility alleviated when the PBoC returned to the implicit stance of gradual appreciation or stable renminbi. We found that in the first ten years of the reform the PBoC did not shift its monitoring target from the RMB–USD rate to the nominal effective exchange rate. This may be one of the underlying causes of the renminbi crisis in 2015.
      Citation: The Singapore Economic Review
      PubDate: 2022-08-13T07:00:00Z
      DOI: 10.1142/S0217590822500576
       
  • DOES DIGITAL INCLUSIVE FINANCE PROMOTE ENTREPRENEURSHIP' EVIDENCE FROM
           CHINESE CITIES

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      Authors: YUQIANG GAO, YUCHEN LU, JUNRONG WANG
      Pages: 1 - 24
      Abstract: The Singapore Economic Review, Ahead of Print.
      There is a significant interest among policymakers and academics about whether or not digital inclusive finance (DIF) has achieved its intended effect in promoting entrepreneurship in China. This paper addresses this question from both the theoretical and empirical perspectives. Based on the panel data of 284 prefecture-level cities from 2011 to 2019 in China, this paper empirically explores the influence and mechanism of DIF on urban entrepreneurship by employing the fixed effect model and the interactive fixed effects model. The results show that the aggregate index of DIF, coverage breadth index (CBI), usage depth index (UDI) and digitization-level index (DLI) of DIF do significantly promote entrepreneurship. Moreover, further tests of robustness and endogenous treatment also have proved incentive effect. DIF can promote entrepreneurship through three mechanisms: increasing government infrastructure investment, stimulating resident consumption and motivating enterprise innovation. Heterogeneity analysis shows that the effect of DIF in promoting entrepreneurship is more obvious in medium-sized enterprises, the western regions and regions with low levels of entrepreneurship. Therefore, the government needs to vigorously accelerate the development of DIF and create a good external environment for entrepreneurship. DIF policies should be regionally differentiated to more effectively achieve the entrepreneurial targets.
      Citation: The Singapore Economic Review
      PubDate: 2022-08-12T07:00:00Z
      DOI: 10.1142/S0217590822500618
       
  • CHEAP TALK WITH OUTSIDE OPTIONS: A LAB EXPERIMENT

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      Authors: KAIWEN LEONG, DAN LI, HUAILU LI, HAIBO XU
      Pages: 1 - 28
      Abstract: The Singapore Economic Review, Ahead of Print.
      This paper provides experimental evidence for the theory of Che et al. (2013, Pandering to persuade, American Economic Review, 103(1), 47–79). Basic communication games with outside options developed by Che et al. (2013, Pandering to persuade, American Economic Review, 103(1), 47–79) are tested in the experiments, and experimental variations with additional conflicts over projects and with private information about outside options are also investigated. Moreover, in these games, strategies concerning delegation have been discussed as well. In general, the experimental results are aligned with the theoretical predictions. As the value of the outside options increases, communication becomes less informative and the experts may pander toward the conditionally better-looking project, the decision makers take their outside options more often and retain their decision rights with higher frequencies.
      Citation: The Singapore Economic Review
      PubDate: 2022-08-04T07:00:00Z
      DOI: 10.1142/S0217590822500552
       
  • INFRASTRUCTURE-FDI CURSE AND INSTITUTIONAL QUALITY IN BELT AND ROAD HOST
           COUNTRIES

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      Authors: ASIF RAZZAQ, HUI AN, QAISAR ABBAS, HUANG YANG
      Pages: 1 - 27
      Abstract: The Singapore Economic Review, Ahead of Print.
      Most of the Belt and Road host Countries (B&RCs) have weak infrastructure and gained investor’s attention in infrastructure financing. This potential is mainly tapped by Chinese outward foreign direct investment (FDI) under the Belt and Road Initiative (BRI). Therefore, this study analyzes the role of institutions in explaining the infrastructure-FDI framework across the B&RCs from 2004 to 2019. Initially, it constructs composite infrastructure development and institutional quality indices to integrate their multidimensional attributes. Later, System Generalized Method of Moments estimator is employed, and it proposes three key findings. First, infrastructure development of the host country crowd-out Chinese outward FDI, indicating the presence of the infrastructure-FDI curse. Second, the host country’s institutional quality contributes to stimulating Chinese outward FDI and helps to mitigate the infrastructure-FDI curse. Third, the infrastructure-FDI curse (does not) holds in Post (Pre) Belt and Road period. These results offer valuable policy suggestions for participating B&RCs and highlight the region’s prevailing infrastructure gaps.
      Citation: The Singapore Economic Review
      PubDate: 2022-08-02T07:00:00Z
      DOI: 10.1142/S0217590822500539
       
  • A TALE OF TWO POLICIES: THE DISTRIBUTIONAL IMPACTS OF MIGRATION AND LAND
           POLICY IN CHINA

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      Authors: XIAOLU LI, YANG TANG
      Pages: 1 - 20
      Abstract: The Singapore Economic Review, Ahead of Print.
      In this paper, we study the distributional impacts of regional land and migration policies on housing, land markets and resource re-allocation in the context of the Chinese economy. The distribution of both housing prices and population is endogenously determined in a general equilibrium framework. We calibrate the model into the Chinese economy during 2010–2015 to match certain key moments regarding migration flow and land supply policies among 278 prefectural cities. Counterfactual exercises suggest that a uniformly tightened land policy distracts population from flowing into large to median-size cities; hence, housing price growth slows down in large cities. A uniformly tightened migration policy leads to more population recipient cities at an overall smaller scale, which causes housing prices to grow in most cities. Housing and population distribution become less dispersed under both exercises. If land supply distribution becomes less dispersed, housing and land prices become lower in most cities, and land price distribution becomes more even.
      Citation: The Singapore Economic Review
      PubDate: 2022-08-02T07:00:00Z
      DOI: 10.1142/S0217590822500564
       
  • BIRTH ORDER, GENDER AND THE PARENTAL INVESTMENT GAP AMONG CHILDREN

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      Authors: KEI SAKATA, COLIN MCKENZIE, WATARU KUREISHI, MIDORI WAKABAYASHI
      Pages: 1 - 25
      Abstract: The Singapore Economic Review, Ahead of Print.
      Using panel data from the 2001 cohort of the Japanese Longitudinal Survey of Newborns in the 21st Century, this paper examines whether financial investments in children differ by child’s birth order and gender. This study is one of a few studies that use information on actual expenditures on the child under study to infer birth order and gender effects rather than using child outcomes such as educational attainment and health. Moreover, we examine specific types of expenditure on children such as expenditure on regular schooling, extra-curricular activities, extra-educational activities, and pocket money. It is found that in Japan, parents spend more money on (a) their first-born child; (b) their male children when they are of preschool age; and (c) their female children when they are of school age. In contrast, parents’ spending on education-related activities outside regular schools is higher for their first-born child and for girls. However, this gender effect is limited to three children families. Spending on extra-curricular activities and regular schooling is higher for girls and for first-born children. Interestingly, girls receive more pocket money than boys, whereas a first-born child receives less pocket money compared to a later-born child of the same age. With a few exceptions, overall, we observe mostly first-born preference and more of a ‘daughter preference’ than ‘son preference’ in parental investments among Japanese children.
      Citation: The Singapore Economic Review
      PubDate: 2022-07-22T07:00:00Z
      DOI: 10.1142/S0217590822500515
       
  • AIR POLLUTION AND OUTWARD FOREIGN DIRECT INVESTMENT — A
           CROSS-COUNTRY EMPIRICAL STUDY

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      Authors: JR-TSUNG HUANG, HE-SHUN HSU
      Pages: 1 - 16
      Abstract: The Singapore Economic Review, Ahead of Print.
      The purpose of this study is to examine the role of air pollution in foreign direct investment (FDI) outflows. Using PM[math] concentration as an index of air pollution and a panel data of 102 economies from 2011 to 2020, several specifications of a dynamic panel spatial autoregressive model justified by several diagnostic tests and that considers the potential endogeneity problem have been estimated. The primary finding is that air pollution has a positive impact on a country’s FDI outflows. It is also found that air pollution is a more important and robust factor affecting outward investment than the effective corporate tax rate, political risk and the level of economic development. Moreover, outward FDI exhibits a positive spatial dependence among countries and regions and has a positive dynamic process. All these conclusions are consistent with our expectations and are robust for different model specifications.
      Citation: The Singapore Economic Review
      PubDate: 2022-07-08T07:00:00Z
      DOI: 10.1142/S0217590822500382
       
  • ON THE EFFECTS OF OIL PRICE SHOCKS ON KOREA’S TRADE BALANCE WITH ITS TOP
           THREE PARTNERS: A STRUCTURAL VAR ANALYSIS

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      Authors: SHUANG RAN, JUNGHO BAEK
      Pages: 1 - 19
      Abstract: The Singapore Economic Review, Ahead of Print.
      The primary contribution of this paper is to investigate the impacts that three components of oil shocks – oil supply shocks, aggregate demand shocks, and oil-specific demand shocks – have on three measures of Korea’s trade balances – oil, non-oil, and total trade balances – with its top three trading partners – China, the United States and Japan. We reveal that aggregate demand shocks have the greatest impact on Korea’s trade balances, while oil supply shocks have negligible impacts. Additionally, the overall impact of the three oil shocks on Korea’s trade balances with its top three partners appears to rely on the response of the non-oil trade balance.
      Citation: The Singapore Economic Review
      PubDate: 2022-07-08T07:00:00Z
      DOI: 10.1142/S0217590822500461
       
  • HOUSING MARKET VOLATILITY, SHADOW BANKS AND MACROPRUDENTIAL REGULATION: A
           DYNAMIC STOCHASTIC GENERAL EQUILIBRIUM MODEL ANALYSIS

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      Authors: JINSONG WANG, LUOQIU TANG
      Pages: 1 - 25
      Abstract: The Singapore Economic Review, Ahead of Print.
      Given the risks of shadow banks and their risk contagion with the housing market, this study investigates the necessity, policy transmission mechanism and impact of incorporating shadow banks into a macroprudential regulation framework. It constructs a dynamic stochastic general equilibrium (DSGE) model incorporating housing market volatility and heterogeneous financial intermediation, where housing market volatility transmits to the financial intermediation sector through the collateral channel. Meanwhile, regulatory asymmetry expands the shadow banking scale and leverage indicators driven by the housing market, increasing the shadow banking risk. Moreover, considering shadow banking credit size, the macroprudential regulation framework can mitigate the volatility of economic variables and maintain macro-financial and economic stability under the conditions of tightening monetary policy and strengthening regulation. However, policy effects are limited in curbing shadow banking risks from housing market fluctuations. Thus, it is necessary to crop the source of shadow banking risks from the transmission mechanism, formulate more targeted and specialized regulatory policies to complement housing market control measures, maximize cross-market effects among different policies, and incorporate shadow banking into the regulatory system.
      Citation: The Singapore Economic Review
      PubDate: 2022-07-08T07:00:00Z
      DOI: 10.1142/S0217590822500527
       
  • THE NEXUS OF FINANCIAL DEEPENING AND POVERTY: THE CASE OF BLACK SEA REGION
           ECONOMIES

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      Authors: LU CHENGHUI, AZER DILANCHIEV
      Pages: 1 - 23
      Abstract: The Singapore Economic Review, Ahead of Print.
      This paper analyzes the effect of financial deepening on poverty in the emerging Black Sea market economies with new generation causality analysis techniques utilizing panel data from 1996 to 2020. The econometric method of panel data is applied to the six emerging economies. It can be seen that the causal relationship between domestic loans to the private sector (DPS) and per capita household consumption expenditure (HCE) is significant in Georgia, Turkey and Ukraine. In addition, a bidirectional causality relationship is observed in Georgia. Romania, Georgia, Turkey and Ukraine are countries where the causality between HCE and DPS is significant. It is concluded that DPS increases per capita HCE and thus effectively reduces poverty.
      Citation: The Singapore Economic Review
      PubDate: 2022-06-30T07:00:00Z
      DOI: 10.1142/S0217590822440064
       
  • AN EXAMINATION OF THE RELATIONSHIP BETWEEN CHINA’S FOREIGN DIRECT
           INVESTMENT AND INDUSTRIAL PERFORMANCE IN AFRICA

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      Authors: EUGENE MISA DARKO, XU KANGNING
      Pages: 1 - 23
      Abstract: The Singapore Economic Review, Ahead of Print.
      This paper examined the relationship between Chinese outward foreign direct investment (FDI) and the industrial sector’s performance represented by the industrial sector’s contribution to the gross domestic product for a sample of 49 African countries between 2003 and 2019. The study also examined the moderating effects of Chinese FDI on Africa’s industrial performance. We employed panel fixed-effects and panel-corrected standard errors models to control for country heterogeneities and serial correlation in the disturbance terms, usually present in panel data and may bias the estimates. The results showed that Chinese FDI has moderating effects on industrial performance through industrial employment and natural resources. We also found a significant positive relationship between contemporaneous Chinese FDI and industrial performance, suggesting that Chinese FDI of a given year positively affects the same year’s industrial performance. The study further revealed lingering effects of Chinese FDI on industrial performance, implying the favorable impact of Chinese FDI on industrial performance in a given year may not be immediate. Policymakers are advised to improve the absorptive capacities of industrial workers and direct Chinese FDI towards transforming natural resources into industrial goods.
      Citation: The Singapore Economic Review
      PubDate: 2022-06-30T07:00:00Z
      DOI: 10.1142/S0217590822500357
       
  • RELATIONSHIP BETWEEN FIRM SIZE AND FIRM GROWTH: EVIDENCE FROM KOREAN
           MANUFACTURING FIRMS

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      Authors: TAEWON KANG, WONSUB EUM
      Pages: 1 - 24
      Abstract: The Singapore Economic Review, Ahead of Print.
      This study uses a representative sample of Korean manufacturing firms for the period 2010–2018 to examine the relationship between firm size and growth in various aspects. The main findings are as follows. First, smaller firms have a higher average growth rate and wider growth dispersion (growth variance) across the firms. Second, the growth rates of micro and small firms show negative growth persistence resulting in a volatile growth pattern. In contrast, medium and large firms have a high probability that the growth rates persist over time, indicating a stable growth pattern. Third, the first and second findings are robustly observed regardless of the disaggregated sectors in the manufacturing industry, which are divided based on their technological-intensity levels. The findings imply that (a) it is necessary to analyze and understand differences in growth patterns by firm size and (b) firm growth requires policies tailored to the size of firms.
      Citation: The Singapore Economic Review
      PubDate: 2022-06-30T07:00:00Z
      DOI: 10.1142/S0217590822500424
       
  • POTENTIAL AND INFLUENCING FACTORS OF INTRA-INDUSTRY TRADE BETWEEN CHINA
           AND RCEP PARTNERS: EVIDENCE FROM THE GRAIN INDUSTRY

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      Authors: YOU-SHUAI FENG, BAO-MING CAO, RONG DU
      Pages: 1 - 21
      Abstract: The Singapore Economic Review, Ahead of Print.
      This paper investigates China’s grain trade potential and the influencing factors with RCEP partner countries by using the stochastic frontier gravity and trade inefficiency models and explores the impact of the RCEP negotiations on grain trade cooperation between China and RCEP partner countries. The research results verify that the institutional distance, economic distance, and tariff level hinder the grain trade efficiency between China and RCEP partner countries, where the tariff level has the smallest resistance. The transportation and communication infrastructure level can significantly improve the grain trade efficiency, but the transportation infrastructure level has a greater stimulative effect. China’s grain trade potential with RCEP partner countries is enormous, and there is evident heterogeneity in the grain trade potential of different countries. The grain trade relations between China and RCEP partner countries have been improved after the RCEP negotiations. However, there are still greater trade potential and expansion space for New Zealand and Laos. Therefore, some policy suggestions are put forward, such as establishing the risk assessment and early warning system, implementing the tariff reduction measures in the agreement, and developing grain trade cooperation according to local conditions, which provides practical guidance for expanding the grain trade scale.
      Citation: The Singapore Economic Review
      PubDate: 2022-06-30T07:00:00Z
      DOI: 10.1142/S0217590822500473
       
  • INTERNATIONAL TECHNOLOGY TRANSFER, ENVIRONMENTAL POLLUTION AND DOMESTIC
           WELFARE

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      Authors: RAY-YUN CHANG, PING-SING KUO, YAN-SHU LIN, JIN-LI HU
      Pages: 1 - 23
      Abstract: The Singapore Economic Review, Ahead of Print.
      Licensing of foreign green technologies is not free to the home country, hence causing tradeoffs in the domestic welfare. This paper constructs a two-stage game model to explore the impact of international green technology licensing on the environment and social welfare. Results show that the total amount of pollution under licensing may be larger than that under no licensing whereas the social welfare under licensing may be smaller than that under no licensing. This implies that foreign technology transfer may not be socially preferred and harmful to the domestic environment. In addition, trade liberalization may help reduce the environmental harm when the import tariff is moderate.
      Citation: The Singapore Economic Review
      PubDate: 2022-06-30T07:00:00Z
      DOI: 10.1142/S0217590822500485
       
  • FOREIGN INVESTMENT AND PRODUCTIVITY OF LOCAL CHINESE FIRMS

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      Authors: WEN YUE, JINGYAN ZHAO
      Pages: 1 - 20
      Abstract: The Singapore Economic Review, Ahead of Print.
      In this paper, we examine how foreign investment affects the productivity of local Chinese firms based on data from Chinese manufacturing firms. A series of robustness tests reveal that foreign investment significantly improves the productivity of local Chinese firms. Further analysis shows the varying impacts of foreign investment on the productivity of different types of local firms and indicates significant heterogeneity. We decompose the aggregate productivity growth into components, including the effects of technology progress, resource reallocation, firm entry and firm exit. Results show that foreign investment mainly promotes aggregate productivity growth by improving the resource allocation effect and technology progress effect.
      Citation: The Singapore Economic Review
      PubDate: 2022-06-30T07:00:00Z
      DOI: 10.1142/S0217590822500497
       
  • MINIMUM WAGE AND PRODUCTIVITY GROWTH: EVIDENCE FROM THE CHINESE
           MANUFACTURING SECTOR

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      Authors: PING QI, ZHIFENG WANG
      Pages: 1 - 17
      Abstract: The Singapore Economic Review, Ahead of Print.
      In this paper, we examine how the minimum wage affects firm productivity growth with a representative Chinese manufacturing data. Instrumental variable estimation is employed to deal with the potential endogeneity problem between minimum wage and productivity growth. We find that with a 1% increase in the minimum wage, the productivity growth rate on average decreases by 0.299%. Overall, we find that variations in the minimum wage have a highly heterogeneous effect on productivity growth across regions, time and ownerships. To deal with the continuous increase in the minimum wage, firms will use more capital and intermediate input to replace labor.
      Citation: The Singapore Economic Review
      PubDate: 2022-06-30T07:00:00Z
      DOI: 10.1142/S0217590822500503
       
  • BOOK REVIEW — Albert Winsemius and Singapore: Here It is Going to
           Happen

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      Authors: CHOY KEEN MENG
      Pages: 1 - 6
      Abstract: The Singapore Economic Review, Ahead of Print.

      Citation: The Singapore Economic Review
      PubDate: 2022-06-30T07:00:00Z
      DOI: 10.1142/S0217590822800030
       
  • GOOD LUCK OR GOOD POLICY' A RECENT MACROECONOMIC HISTORY OF NEW
           ZEALAND

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      Authors: ÖMER FARUK AKBAL
      Pages: 1 - 47
      Abstract: The Singapore Economic Review, Ahead of Print.
      The Great Moderation was a global phenomenon marked by stable economic growth and inflation. However, how much monetary policy contributed to its success remained a popular debate in the literature. Answering this question became imperative after the global financial crisis since global conditions became relatively more important than past. I examined the recent macroeconomic history of New Zealand through the lens of a regime-switching structural vector-autoregression model to understand the contributions of domestic monetary policy and global conditions to its macroeconomic stabilization. A small open economy structure is essential to facilitate the identification of structural shocks that spillover from the globe.
      Citation: The Singapore Economic Review
      PubDate: 2022-06-29T07:00:00Z
      DOI: 10.1142/S0217590822500436
       
  • CLIMATE CHANGE, SOCIO-ECONOMIC FACTORS AND BIODIVERSITY LOSS IN MALAYSIA

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      Authors: YAN-LING TAN, THIAN-HEE YIEW, MUZAFAR SHAH HABIBULLAH
      Pages: 1 - 19
      Abstract: The Singapore Economic Review, Ahead of Print.
      Malaysia is recognized as one of the mega biodiversity countries of the world. However, Malaysia’s biodiversity hotspot experiencing a more pronounce biodiversity loss. Accordingly, the objective of this study is to explore the link between climate change, socio-economic factors and biodiversity loss in Malaysia from 1990 to 2016, with a special focus on different climate change indicators namely rainfall, temperature and carbon dioxide (CO[math] emissions. Using the autoregressive distributed lag (ARDL) bounds testing approach, this study provides evidence on long-run relation between each of the indicators of climate change and biodiversity loss. The core threats to biodiversity are growing demand for agricultural land, rapid population, elevated temperature, higher CO2 emissions and rainfall reduction. Interestingly, the biodiversity loss-income nexus is also supportive of the environmental Kuznets curve (EKC) hypothesis; with biodiversity threats increasing with income, beyond a certain level of income, a rise in income reduces the loss of biodiversity. The findings are essential for future studies with a special consideration to reduce the losses of biodiversity.
      Citation: The Singapore Economic Review
      PubDate: 2022-06-27T07:00:00Z
      DOI: 10.1142/S0217590822500400
       
  • CAUSALITY BETWEEN TOURISM AND ECONOMIC DEVELOPMENT: THE
           QUANTILE-ON-QUANTILE ANALYSIS OF EIGHT CENTRAL PROVINCES IN CHINA

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      Authors: TSUNG-PAO WU, HUNG-CHE WU, CHIEN-MING WANG, CHENG-FENG WU, HSIN-PEI HSUEH
      Pages: 1 - 25
      Abstract: The Singapore Economic Review, Ahead of Print.
      This paper aims to examine the relationship between tourism and economic growth in China’s eight central provinces through the annual data from 1995 to 2019 using quantile-on-quantile approaches. Results show a positive relationship between tourism and economic growth for China’s eight central provinces considered with substantial variations across provinces and quantiles within each province. The weakest relationship was noted for Shanxi, possibly because of the limited importance of the tourism sector relative to other major economic activities in this province. For Heilongjiang, Hubei, Hunan and Jilin, the most pronounced relationship between tourism activities and economic growth was observed only during the period of a deep economic upturn. The main reason for the economic downturn is that economic development during the periods of severe acute respiratory syndrome, avian influenza, Middle East respiratory syndrome coronavirus and coronavirus disease 2019 pandemics impacted tourist arrivals. Important provincial-specific policy implications may be drawn from these findings.
      Citation: The Singapore Economic Review
      PubDate: 2022-06-23T07:00:00Z
      DOI: 10.1142/S0217590822500448
       
  • ANALYSIS OF GLOBAL VALUE CHAIN PARTICIPATION AND WORKERS’ WAGES IN
           THAILAND: A MICRO-LEVEL ANALYSIS

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      Authors: UPALAT KORWATANASAKUL, YOUNGMIN BAEK, ADAM MAJOE
      Pages: 1 - 18
      Abstract: The Singapore Economic Review, Ahead of Print.
      This study examines the relationship between global value chain (GVC) participation and workers’ wages and the disparities in wage benefits from GVC participation. It employs a pseudo-panel approach to treat endogeneity biases, utilizing pseudo-panel data constructed from the Thai Labour Force Survey, 1995–2011. The results show that GVC participation, on average, induces higher hourly wages through forward and backward linkages. Although forward linkages inclusively and positively affect workers’ wages, the wage benefits of backward linkages accrue to particular demographic groups. Therefore, government policies must be designed to promote GVC participation, particularly forward linkages, and support disadvantaged demographic groups facing disproportionate wage effects.
      Citation: The Singapore Economic Review
      PubDate: 2022-06-23T07:00:00Z
      DOI: 10.1142/S021759082250045X
       
  • SINGAPORE’S HIGH WAGE POLICY REVISITED

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      Authors: LIM CHONG YAH
      Pages: 1 - 9
      Abstract: The Singapore Economic Review, Ahead of Print.
      The author, now aged 90, reflects on the then highly iconoclastic National Wages Council (NWC) recommendation of a 20% yearly gross wage increase guideline for three years, 1979–1981. He emphasizes the important differences between the negotiable and the non-negotiable recommended wage increases. He also emphasizes the important difference between a pure percentage wage increase and a quantum plus percentage wage increase formula particularly in the integral economic restructuring program. The compulsory payments consisting of the important Central Provident Fund (CPF) increases and the new Restructuring Skills Development Fund (SDF) Levy. The increase in the compulsory CPF led to the formation of the Sovereign Wealth Fund — the Government Investment Corporation (GIC). The restructuring led to the creation of the SDF. The SDF was used to promote labor productivity through the then equally iconoclastic substitution of capital for labor programs. The end result of the restructuring policy was to minimize demand-pull inflationary pressures, increase the gross wages of low-wage and medium-wage workers and increase real Gross Domestic Product (GDP) growth rates, accompanied by an important fall in the Gini Coefficient of income inequality. The anti-cyclical preparedness of the high-wage economic restructuring program is also emphasized and the idea of discussing the high-wage policy in isolation is debunked.
      Citation: The Singapore Economic Review
      PubDate: 2022-06-21T07:00:00Z
      DOI: 10.1142/S0217590822500394
       
  • BOOK REVIEW — Win: How Public Entrepreneurship Can Transform the
           Developing World

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      Authors: TOMOKI FUJII
      Pages: 1 - 2
      Abstract: The Singapore Economic Review, Ahead of Print.

      Citation: The Singapore Economic Review
      PubDate: 2022-06-20T07:00:00Z
      DOI: 10.1142/S0217590822800029
       
  • TRILEMMA ASSOCIATION OF EDUCATION, INCOME AND POVERTY ALLEVIATION:
           MANAGERIAL IMPLICATIONS FOR INCLUSIVE ECONOMIC GROWTH

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      Authors: ZHEN LIU, MOHAMMAD MARUF HASAN, LI XUAN, HAYOT BERK SAYDALIEV, JING LAN, WASIM IQBAL
      Pages: 1 - 24
      Abstract: The Singapore Economic Review, Ahead of Print.
      This study focused on the trilemma association of education, income and poverty alleviation: managerial implications for inclusive economic growth in developing countries in the Asia to establish the proportion of the poor in the population and further identify its determinants. This research utilized secondary data from 1990 to 2016 by using econometric estimation. The results show that education decreases poverty when evaluated through the poverty gap and poverty headcount ratio and employment and increasing rate of economic development in the form of GDP to reducing poverty. GDP the Gini coefficient show the same signs while the magnitudes of the coefficients. Consequently, improvement in an independent variable will decrease poverty while the results have various levels of contributions through static and dynamic panel data methods, that education can reduce poverty. Results indicate that the level of poverty stood at 62.2%. The level of education, poverty headcount ratio, poverty gap and secondary school enrolment were significant in determining a household’s poverty status. However, land ownership and household head’s occupation were not statistically significant in explaining the probability of a household’s poverty status. From the results, this study recommends that all stakeholders work towards reducing poverty in the study to enhance education and family planning.
      Citation: The Singapore Economic Review
      PubDate: 2022-06-16T07:00:00Z
      DOI: 10.1142/S0217590822440052
       
  • THE SPEED AND QUALITY OF CHINA’S ECONOMIC GROWTH DURING THE COVID-19
           PANDEMIC

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      Authors: LINHAI ZHAO, KAO-JEN LIN
      Pages: 1 - 17
      Abstract: The Singapore Economic Review, Ahead of Print.
      The purpose of this study is to understand the speed and quality of China’s economic growth during the COVID-19 pandemic. This study defines high-quality economic growth as a growth rate with a low variance and adopts quarterly time-series data for China’s real GDP growth rate to analyze its regime switches and structural changes by estimating a conditional Markov chain model. The study further utilizes the estimated parameters to predict the smoothed probabilities of each of four joint states for China’s real GDP growth rate from 2021 Q4 to 2025 Q3. The primary finding of this study is that, during the period from 2020 Q1 to 2021 Q3, the outbreak of COVID-19 shocked China’s economy and its economic growth rate fluctuated dramatically, which resulted in its variance being relatively high. However, China’s economic growth rate is very likely to gradually stabilize (as evidenced by a low variance) and to grow at a medium-to-high speed with high quality during the forecast period.
      Citation: The Singapore Economic Review
      PubDate: 2022-06-15T07:00:00Z
      DOI: 10.1142/S0217590822400021
       
  • LIFE SATISFACTION CHANGES AND ADAPTATION IN THE COVID-19 PANDEMIC:
           EVIDENCE FROM SINGAPORE

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      Authors: TERENCE C. CHENG, SEONGHOON KIM, KANGHYOCK KOH
      Pages: 1 - 34
      Abstract: The Singapore Economic Review, Ahead of Print.
      We provide novel evidence on how COVID-19 affected overall life satisfaction using a monthly longitudinal survey of middle-aged and older Singaporeans. We study how the subjective well-being of individuals evolves over the course of 18 months including the outbreak of the pandemic, the implementation of the lockdown and the spike of cases due to the delta variant in a country where COVID-19 is controlled in a sustained manner. Using an event-study design framework, we find large declines in overall life satisfaction in the lead-up to and following the lockdown. Fifteen months after the outbreak of the pandemic, and 13 months out from the end of lockdown, individuals have nearly, though not fully, adapted to living with the virus. We find greater negative well-being impacts of COVID-19 among individuals who report a drop in household income during the COVID-19 outbreak compared to those who do not report any income loss. However, we find little evidence of heterogeneity in the dynamics of the recovery in well-being by individuals’ underlying health status, marital status and education. On personality types, people who are high in neuroticism experience larger dips in well-being during the lockdown, and adapt to living with COVID-19 at a slower rate.
      Citation: The Singapore Economic Review
      PubDate: 2022-06-15T07:00:00Z
      DOI: 10.1142/S0217590822500370
       
  • DOES FINANCIAL GOVERNANCE STEER FINANCIAL DEVELOPMENT TOWARD SUSTAINABLE
           DEVELOPMENT'

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      Authors: KUMAR DEBASIS DUTTA, MALLIKA SAHA
      Pages: 1 - 40
      Abstract: The Singapore Economic Review, Ahead of Print.
      Unbridled financial development (FD) leads to financial crisis and undermines sustainable development (SD), which underscores the need for financial governance (FG). Following this backdrop, we seek to explore the role of FG in shaping the FD–SD nexus for a panel of 122 countries covering the period 2000–2017 using advanced econometric methods. Results reveal that the FD–SD relationship is nonlinear, and FG positively influences SD. The impact of FG–FD confluence on SD depends on specific FG instruments. These findings are valuable for policymakers to set FD and FG policies and to achieve SD. The study, to the best of our knowledge, is the first that explains the role of FG in the FD–SD nexus.
      Citation: The Singapore Economic Review
      PubDate: 2022-06-15T07:00:00Z
      DOI: 10.1142/S0217590822500412
       
  • A FUZZY ANALYSIS OF SPIRITUAL POVERTY ALLEVIATION IN DEEP POVERTY-STRICKEN
           AREAS OF GANSU

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      Authors: WEIWEI GUO, YONGXIANG MA
      Pages: 1 - 13
      Abstract: The Singapore Economic Review, Ahead of Print.
      This paper aims to find the importance and contribution of spiritual poverty alleviation using people’s subjective evaluation data of deeply impoverished areas. The research is conducted according to the method of five-level scale evaluation and the fuzzy comprehensive evaluation, combined with on-site questionnaires with the masses, and interviews with village cadres. The main findings reveal that the spiritual measures are more important than the material measures, and some of the second-level indicators have relatively low recognition of poverty alleviation contribution, which is an important basis for our targeted policies.
      Citation: The Singapore Economic Review
      PubDate: 2022-06-14T07:00:00Z
      DOI: 10.1142/S0217590822440040
       
  • NEXUS OF CORPORATE ENVIRONMENTAL STRATEGY, ENVIRONMENTAL PERFORMANCE, AND
           FINANCIAL PERFORMANCE

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      Authors: SHOAIB ASLAM, RAMIZ UR REHMAN, MUHAMMAD ABUBAKR NAEEM, FARHAD TAGHIZADEH-HESARY
      Pages: 1 - 21
      Abstract: The Singapore Economic Review, Ahead of Print.
      The interrelationships among environmental strategy, environmental performance and financial performance have become a subject of ongoing debate. This study investigates the association between environmental strategies and environmental performance by utilizing the generalized method of moments technique to analyze a dataset of listed firms from 2007 to 2018. From a neo-institutional theory perspective, the findings are four-fold. First, environmental strategies are negatively correlated with financial performance. Second, the environmental performance has inversed relationship with financial performance. Third, there is a significant and positive association between the adoption of environmental management practice and environmental performance. Finally, the environmental expenditure-environmental management practice nexus is positively moderated by environmental audits.
      Citation: The Singapore Economic Review
      PubDate: 2022-05-31T07:00:00Z
      DOI: 10.1142/S0217590822500291
       
  • HIGH-SPEED RAILWAY CONSTRUCTION, INFORMATION ENVIRONMENT AND CORPORATE
           COST STICKINESS: THE CASE OF CHINA

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      Authors: LINZI ZHOU, YUANHUAI PENG, JUN HU, LU YANG
      Pages: 1 - 32
      Abstract: The Singapore Economic Review, Ahead of Print.
      Infrastructure constructions promote the flow of production factors across regions and improve the information environment of the region. This paper investigates the impact of infrastructure construction, proxy as the opening of high-speed railway (HSR), on corporate cost stickiness. The results show that the opening of HSR is beneficial to decreasing corporate cost stickiness, and this positive impact is robust after IV estimations and placebo test. Moreover, we find some evidence that the opening of HSR can promote the frequency and quality of analysts’ survey, and improved the corporate information environment. Further analyses show that the positive impact of HSR on corporate cost stickiness is more pronounced for firms with serious information asymmetry and weaker corporate governance. Then after the effect of the HSR on stickiness of different type corporate cost was tested, the results showed that the impact of the opening of HSR on corporate cost stickiness mainly exists in manager perks and salary-welfare. Based on the introduction of HSR, our findings clarify and highlight the role of infrastructure construction on corporate asymmetric cost management behavior.
      Citation: The Singapore Economic Review
      PubDate: 2022-05-31T07:00:00Z
      DOI: 10.1142/S0217590822500369
       
  • NEXUS BETWEEN ENERGY CONSUMPTION, FINANCIAL MARKET DEVELOPMENT, AND
           URBANIZATION: EVIDENCE FROM EMERGING ECONOMY

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      Authors: MUHAMMAD SHERAZ, DEYI XU, ATTA ULLAH, JALEEL AHMED, QISHENG JIANG
      Pages: 1 - 20
      Abstract: The Singapore Economic Review, Ahead of Print.
      This empirical study contributes to extend the literature on the nexus between energy consumption, financial development, economic growth, and urbanization in Pakistan. We use annual time series data covering the year from 1970 to 2018 and employ the Autoregressive Distributive lag (ARDL) and Granger causality test. The results of the ARDL-bound test confirm cointegration between the variables, as the null hypothesis of no cointegration is rejected. Further, the long-run results show that financial development and urbanization have positive correlation with energy demand. However, economic growth is negatively correlated with energy consumption. Similarly, in the short run, the financial market and urbanization stimulated energy demand. However, economic growth is insignificant with energy consumption. Besides that, a bidirectional relationship is noted between urbanization and energy consumption. Based on the finding, this empirical study suggests that policymakers and government should revisit their policies regarding economic growth, explore alternative sources of energy, and try to shift towards renewable energy, which is cheaper and eco-friendly.
      Citation: The Singapore Economic Review
      PubDate: 2022-05-30T07:00:00Z
      DOI: 10.1142/S0217590822500345
       
  • SUBJECTIVE BELIEFS IN INTERNATIONAL AGREEMENTS

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      Authors: SUNGWOO IM, DORUK İRİŞ, HYEONGGYUN KO
      Pages: 1 - 31
      Abstract: The Singapore Economic Review, Ahead of Print.
      In this paper, we study the impact of countries’ subjective beliefs, i.e., pessimism and optimism, on international agreements to provide global public goods. Under symmetric beliefs, we find that while pessimism (optimism) could decrease (increase) signatories’ efforts, it can also increase (decrease) the coalition size. Under asymmetric beliefs, optimists entering the coalition may crowd out the more pessimistic countries. If a stable coalition exists, then while optimists are willing to participate even at rather small coalition sizes, the participation of more pessimistic types requires the coalition size to be larger. A stable coalition would consist of the most optimists and possibly some other types.
      Citation: The Singapore Economic Review
      PubDate: 2022-05-25T07:00:00Z
      DOI: 10.1142/S0217590822460018
       
  • PRODUCTIVITY AND WAGES IN THE JAPANESE FOOTBALL LEAGUE

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      Authors: YUTA MIURA, YOSHIYUKI NAKAZONO
      Pages: 1 - 20
      Abstract: The Singapore Economic Review, Ahead of Print.
      Using matched performance data and annual salary data of Japanese professional footballers, we examine the discrepancy between productivity and wages. We find that high productivity, as measured by effort and skill, contributes to raising the probability of winning matches in the Japanese professional football league, but that players’ effort and skills are not well reflected in their wages, with wages sometimes even having a negative influence on performance. Furthermore, we find that players’ attributes, such as experience, are larger drivers of wage levels than effort or skill level. The evidence suggests a seniority-based pay scale in a professional football league in the sense that reputation and “names” have market value. This discrepancy between productivity and wages suggests that there may exist inefficiency in payroll even in the professional labor market.
      Citation: The Singapore Economic Review
      PubDate: 2022-05-25T07:00:00Z
      DOI: 10.1142/S0217590822500321
       
  • THE ROLE OF THE INFORMATION TECHNOLOGY IN THE INDUSTRIAL STRUCTURE
           OPTIMIZATION AND UPGRADING IN CHINA

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      Authors: WEICHENG XU, XIAO WANG, ZHENDONG ZHANG
      Pages: 1 - 26
      Abstract: The Singapore Economic Review, Ahead of Print.
      By developing an industrial structure change model, this paper investigates the role of the information technology in explaining the process of industrial structure optimization and upgrading in China from 2001 to 2019. Then, we put forward and discuss the substitution effect and the pervasiveness effect of information technology, and deduce the theoretical propositions from the model. We use the Malmquist index method to estimate the rate of information technology progress, and then choose the genetic algorithm to calibrate the parameters of the model. The research conclusions innovatively explain how the information technology can promote the industrial structure optimization and upgrading in China based on the substitution effect and the pervasiveness effect of information technology in detail. The results point out that when the contribution of information technology to total factor productivity of the tertiary industry is higher than that of the secondary industry, the pervasiveness effect of information technology can promote the upgrading of the industrial structure. Under the comprehensive effect of the pervasiveness effect and substitution effect of information technology, the industrial structure tends to be more optimized. The further heterogeneity analysis shows that the driving effect of information technology on the optimization and upgrading of industrial structure in regions with “servitization” characteristics is more significant. It highlights policy suggestions designed to adopt innovation-driven and technology development strategy, regional industrial structure transformation and economy development strategy.
      Citation: The Singapore Economic Review
      PubDate: 2022-05-25T07:00:00Z
      DOI: 10.1142/S0217590822500333
       
  • Book Review

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      Authors: David Lee
      Pages: 1 - 3
      Abstract: The Singapore Economic Review, Ahead of Print.

      Citation: The Singapore Economic Review
      PubDate: 2022-05-12T07:00:00Z
      DOI: 10.1142/S0217590822800017
       
  • DOES ACCOUNTING COMPARABILITY MATTER TO THE EFFICIENCY OF A FIRM’S
           INVESTMENT' EVIDENCE FROM CHINA’S A-SHARE MARKET

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      Authors: ZHENXING LIN, JINGRAN WANG, CHINTAN HUANG, LIN CHEN, PEIGONG LI
      Pages: 1 - 18
      Abstract: The Singapore Economic Review, Ahead of Print.
      This study aims to investigate the role of accounting comparability in firm investment efficiency of firms in China. Using a sample of listed firms in China’s A-share market from 2005 to 2016, this study empirically categorizes the firms into two groups based on overinvestment and underinvestment. After implementing several tests including those for collinearity and heteroskedasticity, the primary results of the empirical models show that accounting comparability can only improve the efficiency of a company’s investment in terms of reducing the overinvestment and increasing the underinvestment through the impact of a financing constraint on the overinvestment and underinvestment. This study thus suggests that the Chinese authorities should take steps to ensure that firms increase the extent of their accounting comparability with other firms, thereby making their accounting statements more comparable not only in the same industry, but also in different industries in accordance with the official accounting regulations and by adopting the same definitions for accounting indicators.
      Citation: The Singapore Economic Review
      PubDate: 2022-05-11T07:00:00Z
      DOI: 10.1142/S021759082240001X
       
  • PROMOTING COOPERATION IN A PUBLIC GOOD EXPERIMENT THROUGH OSTRACISM AS A
           PUNISHMENT MECHANISM

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      Authors: RAWADEE JARUNGRATTANAPONG
      Pages: 1 - 26
      Abstract: The Singapore Economic Review, Ahead of Print.
      Ostracism is one form of real-life punishment mechanism to penalize uncooperative individuals in many societies. This paper aims to test whether ostracism enhances cooperation in the public good experiment by allowing group members to expel others based on the majority voting rule. The study also employed the modified public good experiment to categorize the contributors. The results showed that introducing ostracism increases contribution level by about 45 percentage points on average. However, some participants punished other members, even they contributed less than others or so-called anti-social punishment, suggesting that a third-party punishment may be another solution to sustain cooperation.
      Citation: The Singapore Economic Review
      PubDate: 2022-05-11T07:00:00Z
      DOI: 10.1142/S021759082246002X
       
  • SPILLOVERS OF GLOBAL LIQUIDITY AND MONETARY POLICY DIVERGENCE FROM
           ADVANCED ECONOMIES TO VIETNAM

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      Authors: CHAU LE, XUAN VINH VO, ANDY MULLINEUX, HUYEN NGUYEN
      Pages: 1 - 29
      Abstract: The Singapore Economic Review, Ahead of Print.
      This paper studies the spillovers of global liquidity and monetary policy divergence from advanced economies to Vietnam. Applying the structural Bayesian Vector Auto-Regressive model with Sims–Zha prior distribution, we find that unconventional monetary policy shocks of major central banks led to a reduction in inflation and short-term interest rate as well as an appreciation of local currency in Vietnam. However, market liquidity provided by surge in the cross-border credit flow led to a temporary upward pressure on inflation, interest and foreign exchange rates. Both types of global liquidity caused an insignificant effect on stock price which evidence the dominance of traditional interest rate and bank-lending over asset price channels in Vietnam. When disintegrating the effects among the monetary shocks from the US, European Union and Japan, the empirical result reveals some evidence of contradictory effects. Accordingly, GDP decreased after Fed’s asset purchase while it slightly increased following the same action from European Central Bank. Quantitative easing shocks also caused a depreciation in USD and Euro, resulting in a decrease in foreign exchange rate but large-scale asset purchase from the Bank of Japan is translated into an upward trend in the exchange rate.
      Citation: The Singapore Economic Review
      PubDate: 2022-05-11T07:00:00Z
      DOI: 10.1142/S0217590822500308
       
  • COLLUSION IN PRIVATE PROCUREMENT: HOW DOES MANDATORY BUILDING REPAIR
           INCREASE RENOVATION PRICES'

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      Authors: TIN CHEUK LEUNG, KWOK PING TSANG, KEVIN K. TSUI
      Pages: 1 - 21
      Abstract: The Singapore Economic Review, Ahead of Print.
      This paper studies a regulatory change that significantly increases the prices of residential building renovation. In Hong Kong, where most people live in high-density condominiums, owners’ corporation arranges tender process to choose contractors on behalf of all homeowners when common areas of a building need maintenance and repair. Since 2012, the government has mandated selected buildings to finish such renovations within a year. Using propensity score matching method, we find that homeowners who received statutory notices to repair their building paid 40% more in bid price compared with those who did it voluntarily. After the mandatory scheme was introduced, all homeowners on average paid 40% more, and those who received the notices paid even higher prices. Moreover, these increases in prices are more pronounced in districts where condominiums are more expensive and residents are more educated. Finally, the major contractors’ bids became more correlated after the introduction of the mandatory scheme, suggesting that the scheme may have helped promote bid-rigging and corruption among contractors and owners’ corporations.
      Citation: The Singapore Economic Review
      PubDate: 2022-05-05T07:00:00Z
      DOI: 10.1142/S0217590822430020
       
  • WHO HAS PRICE LEADERSHIP IN PAPRIKA TRADE BETWEEN KOREA AND JAPAN'
           EVIDENCE FROM THRESHOLD VECTOR AUTOREGRESSIVE MODEL APPROACH

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      Authors: HANPIL MOON, JUN HO SEOK, SUHWAN LEE, MICHAEL R. REED
      Pages: 1 - 18
      Abstract: The Singapore Economic Review, Ahead of Print.
      Korea is not only a top paprika exporter to Japan, but also Japan is the largest Korean paprika importer. In this situation, investigating who has price leadership contributes to fill a gap in previous literature. This study examines paprika price relationships between wholesale prices in Korea, import prices in Japan and wholesale prices in Japan using monthly data from 2007 to 2017. A threshold vector autoregressive model (TVAR) and Granger causality test are used to test the price leadership between Korean exporters and Japanese importers. Moreover, forecasted prices based on TVAR show that Korean exporter’s paprika prices will be lower than Japanese importer’s price in the future. The results show that Japanese importers provide price leadership to wholesalers in Korea and Japan. Our findings suggest that paprika farmers could benefit from policies designed to address the trade situation.
      Citation: The Singapore Economic Review
      PubDate: 2022-05-05T07:00:00Z
      DOI: 10.1142/S021759082250031X
       
  • ARE FAIR, REASONABLE AND NONDISCRIMINATORY (FRAND) COMMITMENTS APPLICABLE
           OUTSIDE THE STANDARD ESSENTIAL PATENTS (SEPS) DOMAIN' — AN ECONOMIC
           PERSPECTIVE

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      Authors: JIA LE NG, MARCEL TAN, WENG LOONG KONG
      Pages: 1 - 33
      Abstract: The Singapore Economic Review, Ahead of Print.
      To date, the Competition and Consumer Commission of Singapore (CCCS) has dealt with two cases that involved fair, reasonable and nondiscriminatory (FRAND) commitments in order to resolve the competition concerns identified. While the application of FRAND commitments outside the standard essential patents (SEPs) domain remains limited globally, we show that the circumstances that give rise to the economic justification for the use of FRAND commitments in SEP cases are not unique. Instead, such circumstances are also present in some non-SEP cases such as those involving vertical effects in mergers and acquisitions, or abuse of dominance conduct such as refusal to supply. Therefore, FRAND commitments remain a viable behavioral remedy in addressing competition concerns.
      Citation: The Singapore Economic Review
      PubDate: 2022-04-30T07:00:00Z
      DOI: 10.1142/S0217590822430019
       
  • MACRO FACTOR, MARKET VOLATILITY, AND STOCK-BOND CORRELATION: A DYNAMIC
           MIXED DATA SAMPLING FORECAST

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      Authors: QIAN CHEN, XIANG GAO, CHEN CHEN, SHUAIRU TIAN, SHIGEYUKI HAMORI
      Pages: 1 - 30
      Abstract: The Singapore Economic Review, Ahead of Print.
      This paper explores how macroeconomic fundamentals affect the long-run dynamics in the volatility of and correlation between the stock and bond market. We use China as a laboratory by employing the GARCH-MIDAS and DCC-MIDAS models, which possess proven ability to capture the long-run component of second-moment market performance in a rapidly-growing economy. With actual data and predictivity evaluation, the finding is that the industrial production growth rate accounts for 32.04% of variations in the total conditional volatility for Chinese stocks, and the industrial production growth volatility drives 29.63% of movements in the total conditional volatility for Chinese bonds. Our proposed model is particularly advantageous in long-run volatility forecasts. Moreover, the present study complements the literature concerning the impacts of macro factors on the time-varying correlations between China’s stock and bond markets. We find weak evidence in this regard, probably due to the absence of multi-market macro-strategy investors that prevail in more developed markets.
      Citation: The Singapore Economic Review
      PubDate: 2022-04-30T07:00:00Z
      DOI: 10.1142/S021759082250028X
       
  • SPECIAL EDITION ON COMPETITION LAW AND ECONOMICS WITH A FOCUS ON ASEAN:
           EDITORS’ INTRODUCTION

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      Pages: 1 - 3
      Abstract: The Singapore Economic Review, Ahead of Print.

      Citation: The Singapore Economic Review
      PubDate: 2022-04-29T07:00:00Z
      DOI: 10.1142/S0217590822030035
       
  • A FREQUENCY-DOMAIN ANALYSIS OF MEDIUM-SCALE DSGE MODELS

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      Authors: JINSHUN WU, TAPS MAITI
      Pages: 1 - 36
      Abstract: The Singapore Economic Review, Ahead of Print.
      This paper employs the local Bayesian likelihood methodology to estimate a medium-scale dynamic stochastic general equilibrium (DSGE) model on different frequencies and uses frequency-domain tools to evaluate the time-varying parameter model and the fixed-parameter model. These techniques yield fresh insights into theoretical and empirical implications conveyed by alternative models beyond what conventional time-domain approaches can offer. We show that parameter estimates are sensitive to frequencies, and goodness-of-fit varies substantially with the frequency bands. Overall, the estimated time-varying parameter model captures the properties of the U.S. data better in the business cycle frequency band, and beyond this band, the fixed-parameter model performs better. Additionally, our study also reveals the importance of structural shocks in improving the fit between models and data. Finally, we utilize the spectral representation of generalized forecast error variance decomposition to investigate the frequency dynamics of volatility connectedness. We find shocks to economic activity have an impact on variables at different frequencies with different strengths, and markets become more connected during crisis periods. Furthermore, this study provides insights into a question policymakers are much concerned with: which shocks are major sources of economic volatilities and which sectors serve as major recipients of shocks'
      Citation: The Singapore Economic Review
      PubDate: 2022-04-29T07:00:00Z
      DOI: 10.1142/S0217590822500229
       
  • WHICH FACTORS MATTER TO DEPOSIT INSURANCE COVERAGE LIMIT' EVIDENCE
           FROM EMERGING MARKETS

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      Authors: YIMING CHANG, XIANGYUAN YU, SHANGMEI ZHAO, HAIJUN YANG
      Pages: 1 - 26
      Abstract: The Singapore Economic Review, Ahead of Print.
      This paper analyzes the effects of the household savings rate, interest rate spread and bank capital to total assets on the relationship between banks’ risk-taking and explicit deposit insurance coverage while controlling for certain macroeconomic factors, bank-level factors and political factors with data from 50 emerging markets. It is found that the U-shaped relationship between banks’ risk-taking and coverage is more apparent in countries with higher household savings rates, lower interest rate spreads or lower bank capital to total assets. The risk-minimizing coverage settings are analyzed and compared with the actual limits for emerging market economies in 2013. For emerging market countries, the effects of the household savings rate, deposit and loan spreads and banks’ capital to assets ratio should be fully considered when setting reasonable deposit insurance coverage, and their interaction with coverage should be emphasized.
      Citation: The Singapore Economic Review
      PubDate: 2022-04-29T07:00:00Z
      DOI: 10.1142/S0217590822500266
       
  • REVISITING THE ROLE OF THE OIL CURSE AND ITS TRANSMISSION CHANNELS IN
           SHAPING PETROSTATES’ GROWTH: AN EVIDENCE FROM A QUANTILE REGRESSION

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      Authors: BASEM ERTIMI, TAMAT SARMIDI, NORLIN KHALID, MOHD HELMI ALI
      Pages: 1 - 35
      Abstract: The Singapore Economic Review, Ahead of Print.
      This paper aims to uncover the oil curse by presenting the distinctive characteristics of petrostates. Furthermore, it also clusters the countries to determine the mechanisms of oil resources by the importance of each transmission channel. Fixed and random effect models are performed, coupled with quantile regression. The results are threefold. First, oil abundance is favorable for economic growth. Second, oil dependence indirectly hinders growth by transmission mechanisms: in petrostates, the effect of indirect channel is the greatest by inhibiting human capital, the Dutch disease effect, which cripples the economic growth and by the increase in government intervention; and the institution effect turns to be positive. However, in non-petrostates, the greatest impact is experienced by different indirect channels. This study has further deepened our perception of the “oil curse” hypothesis and its transmission channels. Transmission channels determine whether natural resources are a curse or a blessing.
      Citation: The Singapore Economic Review
      PubDate: 2022-04-14T07:00:00Z
      DOI: 10.1142/S0217590822500278
       
  • FINANCIAL LIBERALIZATION, DEMOCRATIC INSTITUTIONS, AND INCOME INEQUALITY:
           NEW INSIGHTS FROM PAKISTAN

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      Authors: ABDUL RAHMAN, MUHAMMAD ARSHAD KHAN
      Pages: 1 - 34
      Abstract: The Singapore Economic Review, Ahead of Print.
      This study investigates the relationship between financial liberalization, democratic institutions, and income inequality in Pakistan by using a two-state Markov switching (MS) methodology for the period 1972–2017. The dynamic factor modelling approach is used to construct the financial liberalization index. The impact of the Global Financial Crisis (GFC) of 2007–2008 on financial liberalization–institutions–inequality nexus was checked using the Chow breakpoint test. The result reveals no significant effect of GFC on Pakistan’s economy. Results from the MS model divulge that financial liberalization lessens income inequality in the high-income inequality regime as well as in the low-income inequality regime. The result further discloses that democratic institutions enhance income inequality in high-income inequality regimes while reduce income inequality in the low-inequality regime. While studying the joint role of democratic institutions and financial liberalization, it is observed that the weak role of democratic institutions offsets the benefits of financial liberalization in the high-income inequality regime; however, institutions and financial liberalization are supportive in reducing income inequality in the low-inequality regime. Besides, the results also confirm the existence of Kuznets hypothesis in Pakistan. Therefore, there is a need for further reforms to revamp institutions to reduce income inequality in Pakistan.
      Citation: The Singapore Economic Review
      PubDate: 2022-03-30T07:00:00Z
      DOI: 10.1142/S0217590822500230
       
  • A DIGITAL SERVICES APPROACH TO PPP: THE NETFLIX INDEX

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      Authors: MAXIMILIAN AMBROS
      Pages: 1 - 14
      Abstract: The Singapore Economic Review, Ahead of Print.
      The famous Big Mac Index (BMI) is a popular example of global price differences for a non-tradable good. We analyze the prices of digital goods worldwide to check whether the Law of One Price (LOP) holds. We construct a Netflix Index, i.e., a price comparison of entertainment subscriptions. This Netflix Index compares the affordability of digital goods around the world. While the deviations between countries are smaller than for the BMI in most countries, there are still substantial price variations across countries. There is an empirical evidence that the LOP does not hold for digital goods.
      Citation: The Singapore Economic Review
      PubDate: 2022-03-30T07:00:00Z
      DOI: 10.1142/S0217590822500254
       
  • EXPORT–GROWTH NEXUS IN THE KINGDOM OF SAUDI ARABIA: A NONLINEAR ARDL
           APPROACH

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      Authors: MD. SAIFUL ISLAM, SALEH SAUD ALSAIF, ABDULHAMID FARHAN ALSHAMMARI
      Pages: 1 - 17
      Abstract: The Singapore Economic Review, Ahead of Print.
      The study examines the asymmetric influence of exports on economic growth in the Kingdom of Saudi Arabia using an augmented neoclassical production function incorporating export earnings and oil rent. It uses time-series yearly data from 1985 to 2019 published by the World Bank, employs the nonlinear autoregressive distributed lag (NARDL) approach and Toda–Yamamoto (T–Y) Granger causality test. The outcomes reveal a long-run cointegration among economic growth, exports, oil rents and other variables. Both the exports and oil rents have unveiled asymmetric impacts on economic growth. The overall impact of exports on economic growth remains robust; its positive shock maintains neutrality, while negative shock yields affirmative influence on economic growth in the long run. Similarly, the positive components of oil rents remain neutral, while the negative shocks negatively affect economic growth, with an overall adverse impact. The T–Y causality unleashes that economic growth causes exports negative shocks, and negative shocks cause positive shocks of exports and a feedback relationship between economic growth and positive shock of exports, and thus, validates the NARDL outcomes and verifies their robustness. The outcomes imply that the Kingdom should expand its exports and enhance its nonoil output through product and market diversification measures.
      Citation: The Singapore Economic Review
      PubDate: 2022-03-23T07:00:00Z
      DOI: 10.1142/S0217590822500199
       
  • COMPARATIVE STUDY OF DETERMINANTS OF THE MALAYSIAN HOUSEHOLD NONPERFORMING
           LOANS: EVIDENCE FROM NARDL

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      Authors: MAY-JIN THEONG, WEE-YEAP LAU, AHMAD FARID OSMAN
      Pages: 1 - 19
      Abstract: The Singapore Economic Review, Ahead of Print.
      This study compares the sensitivity of each household nonperforming loans (NPLs) category in Malaysia, allowing asymmetry across different household credit types, credit cards, personal uses, purchase of residential properties and purchase of transport vehicles. Differences in the impact of household debt on the Malaysian household NPLs are found evident. In the sample period from 2006 to 2018, the findings suggest an asymmetric impact of credit card debts on the household NPLs. This linkage is explained by only short-run negative changes in credit card outstanding loans. Besides that, the residential property loans behave asymmetrically in the long and short run, with higher impact sources from the negative changes. In a disaggregated NPL analysis focusing on a different type of loan portfolio, the asymmetry further enhances policy and regulation-making in managing household credit risk.
      Citation: The Singapore Economic Review
      PubDate: 2022-03-23T07:00:00Z
      DOI: 10.1142/S0217590822500242
       
  • IMPACT OF IP PROTECTION ON EXPORT TRADE: EVIDENCE FROM THE ASIA-PACIFIC
           FTAs

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      Authors: LIYING WANG, YUAN LOU, XIANXIN GAO
      Pages: 1 - 27
      Abstract: The Singapore Economic Review, Ahead of Print.
      As intellectual property (IP) rules increasingly occur in the international trade policies, the change of IP rules in the free trade agreement (FTA) shows the trend of TRIPS-plus, leading the trade friction between countries into fierce IP competition. To clarify how the IP rules influence the export trade structure and to provide theoretical and practical advice for reconstructing free trade rules on international protection of intellectual property rights (IPRs), this study applies gap analysis and gravitation modeling on the 63 FTAs signed by significant economies in the Asia-Pacific region during the year 2000–2018. Finally, we find out that the sealing of the FTA IP rules would increase the proportion of IP-intensive and TM-intensive products in the total export trade. Incredibly pointed, enhancing the protection intensity is more significant for optimizing export trade structure in developed countries than in less developed countries.
      Citation: The Singapore Economic Review
      PubDate: 2022-03-17T07:00:00Z
      DOI: 10.1142/S0217590822500175
       
  • THE FISCAL IMBALANCE AND CLIMATE CHANGE OBLIGATIONS: WHAT IS FEASIBLE FOR
           DEVELOPING ECONOMIES'

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      Authors: BEINAN CHENG, ZIQI ZHONG, MAJED ALHARTHI, QAISER ABBAS, ROBINA KOUSER
      Pages: 1 - 25
      Abstract: The Singapore Economic Review, Ahead of Print.
      The developing world is facing multidirectional challenges of socioeconomics in the era of Sustainable Development Goals (SDGs-2030). Fiscal indicators like fiscal imbalance and debt financing are the key hurdles in financing sustainable environment projects. This study attempted to probe the impact of the fiscal indicators on the environmental conditions of the South Asian region. For a comprehensive analysis, the study utilized a dataset of all eight countries of South Asia for 19 years. Per capita greenhouse gas emission has been used as a dependent indicator, while fiscal imbalance anddebt to gross domestic product (GDP) have been taken as independent indicators along with energy consumption, energy intensity and GDP growth rate. The generalized least squares and quantile autoregressive distributive lag methods have been adopted from econometric for this empirical analysis. Both ways confirm that fiscal imbalance and debt financing play a significant role in greenhouse gas emissions accumulation in the entire region of South Asia. Energy consumption and the cost of producing energy (energy intensity) are the other sources of greenhouse gas emissions accumulation in the area. This study suggested that developing economies of South Asia may not be able to fulfill their commitments regarding SDGs-2030 if their issues of fiscal imbalance and debt financing have not been treated initially.
      Citation: The Singapore Economic Review
      PubDate: 2022-03-12T08:00:00Z
      DOI: 10.1142/S0217590822500102
       
  • MEASURING FINANCIAL MARKET RISK CONTAGION BETWEEN CHINESE AND OTHER ONE
           BELT ONE ROAD COUNTRIES’ STOCK MARKETS

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      Authors: HAIFENG XU, JIAWEN ZHANG, ZHEN CHEN
      Pages: 1 - 23
      Abstract: The Singapore Economic Review, Ahead of Print.
      In this paper, we employ the dynamic Markov regime-switching copula model to measure the financial risk contagion among the One Belt One Road (OBOR) countries. To investigate the impact of the OBOR initiative, we divide the sample period into two subsamples and calculate the daily low/high tail dependence by adopting international stock market index data from January 2004 to March 2020. The results provide evidence of financial risk contagion effects, an asymmetric risk spillover and increased tail dependence between the Chinese stock market and those of other OBOR countries.
      Citation: The Singapore Economic Review
      PubDate: 2022-03-04T08:00:00Z
      DOI: 10.1142/S0217590822500187
       
  • FOREIGN DIRECT INVESTMENT AND INNOVATION: EVIDENCE FROM CHINESE
           FIRMS’ PATENT FILINGS

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      Authors: TING CHEN, XIANMENG CHEN, WENJIE LUO, XUNYONG XIANG
      Pages: 1 - 32
      Abstract: The Singapore Economic Review, Ahead of Print.
      One main motivation of attracting inward foreign direct investment (FDI) for emerging economies is to obtain knowledge spillovers from developed countries and promote domestic innovation. The effects of FDI on innovation include both the direct effects from FDI on targeted domestic firms and indirect effects from foreign ownership on other foreign and domestic firms’ innovation. Applying a design with a two-stage randomization procedure that allows for both direct and indirect effects of FDI on innovation and allows these two effects to vary with the share of foreign firms in a well-specified cluster, we empirically investigate the effects of inward FDI on Chinese firms’ innovation using patent filings as a proxy for innovation. Our findings indicate that the potential innovation of firm varies with the share of foreign firms in the cluster. The approach used in this paper can help researchers and policymakers to better understand the benefits of inward FDI promotion programs, agglomeration and regional policy.
      Citation: The Singapore Economic Review
      PubDate: 2022-02-28T08:00:00Z
      DOI: 10.1142/S0217590822500217
       
  • INTRODUCTION — FRONTIERS OF INNOVATION STUDIES AND ISSUES IN EMERGING
           ECONOMIES: A SCHUMPETERIAN PERSPECTIVE

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      Authors: Keun Lee, Xiaobo Wu, Chan-Yuan Wong
      Pages: 1 - 6
      Abstract: The Singapore Economic Review, Ahead of Print.

      Citation: The Singapore Economic Review
      PubDate: 2022-02-11T08:00:00Z
      DOI: 10.1142/S0217590822030023
       
  • AN EVALUATION ON THE OPERATIONAL EFFICIENCY OF TAIWANESE SEMICONDUCTOR IC
           INDUSTRY

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      Authors: HSIANG-HSI LIU, YUNG-HO CHIU
      Pages: 1 - 31
      Abstract: The Singapore Economic Review, Ahead of Print.
      The purpose of this research is to elaborate a three-stage hybrid measure data envelopment analysis (DEA) with meta-frontier model, and then estimate the technical efficiency of Taiwanese semiconductor integrated circuit (IC) companies by using data from 2005 to 2016 on 92 firms. The study divided the Taiwanese semiconductor IC companies into two groups (IC design and IC manufacturing/packaging/testing) based on their different production characteristics and using the concepts of DEA meta-frontier models proposed by [O’Donnell, CJ, DP Rao, GE Battese (2008). Meta-frontier frameworks for the study of firm-level efficiencies and technology ratios. Empirical Economics, 34(2), 231–255] to estimate their efficiencies. The empirical results of this study show that the adjustment range of the average meta-efficiency values of all firms is higher than the adjustment range of the financial turbulent in 2007–2009 and 2011–2013. Second, before and after the adjustment, the distribution of the meta-technology ratio (MTR) changed slightly. The main reason may be that the global economic recession triggered by the 2007–2009 global financial tsunami and the 2011–2013 European debt crisis offset the impact of technological progress. Finally, under the considerations of environmental factors, the ratio of export to total sales, the degree of diversification, research and development spillover effects and the ratio of investment to mainland China are the main determinants influencing the operational performance of Taiwanese semiconductor IC firms and the impacts on MTR.
      Citation: The Singapore Economic Review
      PubDate: 2022-02-11T08:00:00Z
      DOI: 10.1142/S0217590822500138
       
  • BEHAVIORAL HETEROGENEITY IN THE JAPANESE AND US STOCK MARKETS

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      Authors: SOOK-REI TAN, CHANGTAI LI, WAI-MUN CHIA
      Pages: 1 - 26
      Abstract: The Singapore Economic Review, Ahead of Print.
      Using monthly stock prices and exchange rate of Japan and the US from June 1980 to December 2019, we identify episodes of boom/bubble and bust/crash in these stock markets by comparing their market prices with their respective fundamental values. We then examine the price dynamic of the two stock markets and foreign exchange market using a three-market heterogeneous agent model with fundamentalists and chartists. Our results suggest that the degree of behavioral heterogeneity is greater in the boom/bubble regime than that of the bust/crash regime. We also confirm that behavioral heterogeneity and cross market trades prevail only during boom/bubble period which is consistent with existing literature of 1986–1991 Japanese asset price bubble.
      Citation: The Singapore Economic Review
      PubDate: 2022-02-11T08:00:00Z
      DOI: 10.1142/S0217590822500205
       
  • IS THERE ANY DAY-OF-THE-WEEK EFFECT AMID THE COVID-19 PANIC IN THE
           MALAYSIAN STOCK MARKET'

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      Authors: VENUS KHIM-SEN LIEW, RICKY CHEE-JIUN CHIA, SAMINA RIAZ, EVAN LAU
      Pages: 1 - 19
      Abstract: The Singapore Economic Review, Ahead of Print.
      Using daily data from January 2, 2020 to May 31, 2021, this study empirically examines the day-of-the-week effect in the Malaysian stock market during the coronavirus disease 2019 (COVID-19) outbreak. We also test the impact of the lockdown policy and market sentiment index on the stock market. We resort to ordinary least square regression with generalized autoregressive conditional heteroscedasticity specification. The finding shows that the day-of-the-week effect persisted during the COVID-19 outbreak. Monday’s returns on all selected indices were negative except for the access, certainty, efficiency market. The positive impact of the lockdown policy on Bursa Malaysia is identified after accounting for the day-of-the-week effect. This is due to the market expectation that the lockdown policy can stop the spread of COVID-19, which will lead to recovery. Further analysis uncovers that smaller capitalization stocks benefited more from the government lockdown policy announcements, which come with various stimulus packages that are more favorable to smaller companies. We also find that the United States market sentiment index negatively impacts all indices. This study unlocks and validates the contribution on calendar anomalies’ response during the COVID-19 period for Malaysia. The investment opportunity is available even during the pandemic era, leading to sustainable profit in the long term.
      Citation: The Singapore Economic Review
      PubDate: 2022-02-08T08:00:00Z
      DOI: 10.1142/S021759082250014X
       
  • THE IMPACT OF COVID-19 ON TOURIST HOTEL PERFORMANCE AND TOURISM DEMAND:
           

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      Authors: TZONG-HAW LEE, YI-JU SU, HUNG-HAO CHANG
      Pages: 1 - 24
      Abstract: The Singapore Economic Review, Ahead of Print.
      This paper examines the impact of COVID-19 on tourist hotel performance and tourism demand in Taiwan. We use population-based administrative data on tourist hotels and visits with official records of COVID-19 cases to estimate the effect of the disease on the industry. Results show that a 1% increase in the number of confirmed cases of COVID-19 decreased the total revenues, and the room revenues and food and beverage revenues of tourist hotels by 0.33%, 0.47% and 0.26%, respectively. Moreover, the impact of COVID-19 is heterogeneously distributed among tourist hotels of different quality. With respect to mechanism behind the negative effect of COVID-19 on tourist hotel performance, decreases in tourism demand is a driving factor. We find that a 1% increase in the number of confirmed cases of COVID-19 reduces the number of tourist visits by 0.10%.
      Citation: The Singapore Economic Review
      PubDate: 2022-02-08T08:00:00Z
      DOI: 10.1142/S0217590822500151
       
  • UNLICENSED MONEYLENDING MARKETS: RELATIONAL CONTRACTING BETWEEN BORROWERS
           AND GUARANTORS

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      Authors: KAIWEN LEONG, DAN LI, HUAILU LI, HAIBO XU
      Pages: 1 - 24
      Abstract: The Singapore Economic Review, Ahead of Print.
      Unlicensed moneylending is when an unlicensed individual, often called loan shark, lends money to another individual. We model the unlicensed moneylending market to analyze relational contracting between borrowers and guarantors. A guarantor repeatedly decides whether to act as the guarantor for a borrower, whereas the borrower repeatedly chooses a loan shark to borrow from and determines his effort in repaying loans. We show that the borrower starts by trying different loan sharks to learn about their forcefulness in collecting repayments and eventually only trades with those who are less forceful. Inefficient suspension or termination of relationship is necessary to discipline the borrower’s behavior when the parties are still uncertain about the loan sharks’ forcefulness, but can be avoided when the uncertainty is resolved. We also show in extensions that the borrower may increase his efforts over time as the relationship becomes more valuable to him, while the guarantor can resort to direct monitoring of the borrower’s effort as a substitute for the suspension or termination of relationship.
      Citation: The Singapore Economic Review
      PubDate: 2022-02-08T08:00:00Z
      DOI: 10.1142/S0217590822500163
       
  • HOW INFORMATIVE ARE QUANTIFIED SURVEY DATA' EVIDENCE FROM RBI
           HOUSEHOLD INFLATION EXPECTATIONS SURVEY

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      Authors: GAURAV KUMAR SINGH, TATHAGATA BANDYOPADHYAY
      Pages: 1 - 17
      Abstract: The Singapore Economic Review, Ahead of Print.
      Quantification of the ordinal survey responses on inflation expectations is an important preliminary step for undertaking further macroeconomic analysis of the data. In this paper, we briefly describe the standard quantification methods along with the underlying assumptions. We also propose two new methods for quantification. We then apply these methods to quantify the IESH data collected by the Reserve Bank of India. An interesting fact that emerges from this exercise is that simpler quantification methods are found to perform better than more complex methods for IESH data. Also, the methods with time-varying weights or time-varying thresholds, as the case may be, work significantly better.
      Citation: The Singapore Economic Review
      PubDate: 2022-02-04T08:00:00Z
      DOI: 10.1142/S0217590822410028
       
  • THE EFFECTS OF NEWLY INTRODUCED COUNTRY-BY-COUNTRY REPORTING ON AGGRESSIVE
           TAX AVOIDANCE: EVIDENCE FROM EUROPEAN BANKS

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      Authors: SVETLANA SABLJIĆ, BARBARA MÖREC, VLADIMIR VASIĆ
      Pages: 1 - 23
      Abstract: The Singapore Economic Review, Ahead of Print.
      This study investigates the effects of enhanced tax transparency on aggressive tax avoidance using Country-by-Country Reporting (CbCR) as the main instrument of tax transparency for deterring and preventing tax avoidance by multinational companies. We find strong empirical evidence on decreased aggressive tax avoidance by European Union multinational banks in the post-implementation period (2014–2018). We also document that banks with full CbCR implementation are less engaged in aggressive tax avoidance. Our empirical results make a significant contribution to the science, policy makers, Organisation for Economic Co-operation and Development and European Commission in terms of CbCR efficacy and future development of tax avoidance instruments.
      Citation: The Singapore Economic Review
      PubDate: 2022-02-03T08:00:00Z
      DOI: 10.1142/S0217590822500096
       
  • TOURISM DEMAND AND ECONOMIC GROWTH IN VIETNAM: FRESH INSIGHTS BASED ON THE
           PARTIAL AND MULTIVARIATE WAVELET APPROACHES

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      Authors: NGO THAI HUNG, HA MINH HIEU
      Pages: 1 - 22
      Abstract: The Singapore Economic Review, Ahead of Print.
      This study aims to examine the interaction among tourism revenue (TOV), the real exchange rate (REX), and economic development in Vietnam throughout 1995–2019. Using the bivariate and multivariate wavelet frameworks, we examine the lead–lag connectedness, co-movement and dynamic associations between these indicators across various time and frequency domains. By doing so, we employ wavelet transform coherence (WTC), cross-wavelet transform (XWT), partial wavelet coherence (PWC) and multiple wavelet coherence (MWC) frameworks. The findings indicate low covariance but a positive and robust nexus between tourism demand (TOV), economic growth (gross domestic product (GDP)), and the REX in the time–frequency space. In the long run, interdependence between variables is primarily negative and weak. The outcomes of PWC and MWC reveal that REX and GDP determinants affect the TOV–GDP and TOV–REX relationships under different frequencies, respectively. These results are of interest and significance to the Vietnamese government and policymakers as the outcomes have important implications for informing their decision-making.
      Citation: The Singapore Economic Review
      PubDate: 2022-02-03T08:00:00Z
      DOI: 10.1142/S0217590822500126
       
  • LEVERAGING ON ENERGY SECURITY TO ALLEVIATE POVERTY IN ASIAN ECONOMIES

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      Authors: FARHAD TAGHIZADEH-HESARY, ABDULRASHEED ZAKARI, NAOYUKI YOSHINO, IRFAN KHAN
      Pages: 1 - 28
      Abstract: The Singapore Economic Review, Ahead of Print.
      This study examines the role of energy security in poverty reduction in the 12 poorest Asian economies from 2000 to 2019. We postulated an energy security index using principal component analysis. We adopted the system generalized method of a moment technique to manage endogeneity and dynamism in the model. For robustness, we applied a panel-corrected standard error (PCSE). We found a negative relationship between energy security and poverty reduction, suggesting that energy security helps reduce poverty. We conclude that energy security promotes sustainable poverty alleviation and recommends feed-in tariffs, net metering, tax credits, and energy resource diversification away from fossil fuels.
      Citation: The Singapore Economic Review
      PubDate: 2022-01-29T08:00:00Z
      DOI: 10.1142/S0217590822440015
       
  • DOES IMPORTED PRODUCER SERVICE AFFECT MANUFACTURING EXPORT' EVIDENCE
           FROM CHINA

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      Authors: ZHEN YU, YAO XIAO, XIN GU, XUBIN XIE
      Pages: 1 - 30
      Abstract: The Singapore Economic Review, Ahead of Print.
      Based on a panel data of 44 countries and 18 industries spanning 14 years, this paper provides a novel insight into the driving force behind the expanding volume of China’s export. We match the global input–output database with micro-level data from Chinese manufacturing firms and find a positive effect of imported producer service inputs on domestic manufacturing exports. Foreign producer service inputs assist domestic firms in entering foreign markets and maintaining foreign relations, thus contributing to their exporting performance. The results confirm the specialization effect and information cost reduction effect led by imported service inputs.
      Citation: The Singapore Economic Review
      PubDate: 2022-01-29T08:00:00Z
      DOI: 10.1142/S0217590822450011
       
  • HOUSEHOLD ECONOMIC PRUDENCE IN THAILAND

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      Authors: SASIWIMON WARUNSIRI PAWEENAWAT
      Pages: 1 - 19
      Abstract: The Singapore Economic Review, Ahead of Print.
      The countercyclical pattern of saving in Thailand in the 1990s and 2000s raised questions about household saving behaviors in the country. Using constructed pseudo-panel data sets from the Thai Household Socioeconomic Surveys (SESs) from 1992 to 2011, this paper estimates the intensity of the precautionary saving motive, measured by the coefficient of relative prudence of households in Thailand. By using a dynamic pseudo-panel approach to address concerns with regard to individual heterogeneity causing bias in estimation, the estimated relative prudence of Thai households is around 2, which shows a low precautionary saving motive among these households compared to other countries. Estimates based on disaggregation by demographic characteristics show that as a result of the government-assistance policy, older cohorts and those who live in the rural areas show lower prudence.
      Citation: The Singapore Economic Review
      PubDate: 2022-01-29T08:00:00Z
      DOI: 10.1142/S0217590822500114
       
  • HOW DO NATURAL DISASTERS AFFECT ENERGY POVERTY' EVIDENCE FROM A GLOBAL
           PERSPECTIVE

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      Authors: YUE DOU, KANGYIN DONG, QINGZHE JIANG, MUHAMMAD SHAHBAZ
      Pages: 1 - 32
      Abstract: The Singapore Economic Review, Ahead of Print.
      To investigate the impact of natural disasters on energy poverty, this study employs a panel dataset of 113 countries covering the period 2000–2014. We also conduct an asymmetric analysis on the natural disaster–energy poverty nexus. In addition, we analyze the impact mechanism between natural disasters and energy poverty. The main findings indicate that natural disasters deteriorate the energy poverty status, and this impact is asymmetric. Furthermore, technological innovation can reduce the positive impact of natural disasters on energy poverty. Also, renewable energy infrastructure is an important pathway through which natural disasters affect energy poverty.
      Citation: The Singapore Economic Review
      PubDate: 2022-01-28T08:00:00Z
      DOI: 10.1142/S0217590822440039
       
  • DOES PERSISTENT COST INEFFICIENCY EXIST' A MUNICIPAL-LEVEL ANALYSIS OF
           EXPENDITURE IN VICTORIAN LOCAL GOVERNMENT

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      Authors: CAROLYN-THI THANH DUNG TRAN, BRIAN DOLLERY
      Pages: 1 - 22
      Abstract: The Singapore Economic Review, Ahead of Print.
      While a voluminous empirical literature has investigated cost efficiency in local government, until recently no effort has been invested in decomposing municipal performance into its persistent efficiency and transient efficiency components. In this paper, we estimate persistent and transient cost efficiency that might be attributed to managerial and environmental factors in the Victorian state local government system in Australia using stochastic frontier analysis over the period from 2014/2015 to 2018/2019. In addition, we seek to contribute to the empirical literature on local government performance by estimating differences in cost efficiency between urban and rural councils and the relationship between the transient cost efficiency and the overall cost performance of Victorian local councils. We find that the overall cost efficiency (OCE) of local councils is highly correlated with transient (short term) cost efficiency and that urban councils are more cost-efficient than their rural counterparts. Various public policy implications are then considered.
      Citation: The Singapore Economic Review
      PubDate: 2022-01-28T08:00:00Z
      DOI: 10.1142/S0217590822500084
       
 
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