Exchange Rate Pass‐through and Currency Invoicing: Implications for Monetary Integration in East Asia

Exporter's price‐setting behaviour and currency invoicing play a key role in the literature on the new open‐economy macroeconomics. This paper estimates exchange rate pass‐through coefficients for the exports of four ASEAN countries: Indonesia, Malaysia, the Philippines and Thailand. In addition, previous estimates of pass‐through as well as invoicing behaviour in East Asia are discussed in the context of regional integration. The new pass‐through coefficients are estimated under two alternate specifications for up to 34 goods for each of the four ASEAN countries destined for up to 13 major markets. The results suggest: (a) little pass‐through is occurring in Southeast Asia and (b) this lack of pass‐through is more likely attributable to the fact that they are small countries in a relatively integrated market, rather than evidence of pricing to market. The implications for regional monetary integration of this apparently low degree of pass‐through are detailed.     

西北地区精准扶贫典型与经验调查研究——基于宁夏地区的实地调查

党的十八大以来,党中央把脱贫攻坚作为全面建成小康社会的底线任务和标志性指标,作出一系列重大部署。党的十九大以后,党中央把打好精准脱贫攻坚战作为全面建成小康社会的三大攻坚战之一。论文通过对宁夏地区扶贫政策支持力度、脱贫效率、脱贫效果和全面发展能力的调查研究,期望总结出脱贫示范点的成功脱贫经验和存在的不足,并提出可行性建议,为宁夏全面打赢脱贫攻坚战提供帮助。     

2005年中国纺织品贸易回顾

为了遏制中国纺织服装产品出口,早在中国入世谈判期间,美国与欧盟就主张将<中国加入世贸组织工作组报告书>第242条款强加于中国.该条款规定,其他世贸组织成员在2008年12月31日前可对中国纺织服装产品实施特别保障措施.去年,美欧对中国纺织品发起的特保争端就是以第242条款为依据.同时,<中国加入世贸组织议定书>第十五条、第十六条也为进口国借助反倾销和保障措施阻挠中国产品出口提供了便利.除此之外,各类技术性贸易壁垒也会不断对中国出口纺织服装产品提出新的要求.而一些发展中国家担心在纺织品后配额时代,失去原有的欧美纺织出口市场,绞尽脑汁阻止中国纺织品出口.因此,中国的纺织品出口在短期内尚面临诸多挑战.     

人力资源管理与区域经济发展的对策研究

文章首先论述了人力资源与区域经济可持续发展的关系,在深入分析了当前我国人力资源区域协调的障碍与约束的基础上,提出了战略人力资源管理与区域可持续发展的对策。     

Value relevance of proportionate consolidation versus the equity method: Evidence from Hong Kong

Whether proportionate consolidation (PC) or the equity method (EM) provides more informative financial statements is a controversial issue. This study uses data from listed companies in Hong Kong to investigate the value relevance of the EM compared with PC during 2005–2008 when the local word-for-word equivalent HKAS 31 offered the same options. The results of this study provide evidence that PC does not offer higher value relevance than the EM. PC’s horizontal aggregation of a portion of the operations, assets and liabilities of the jointly controlled entities with those of the venturer is less informative to investors than the EM’s vertical aggregation.     

The effect of corruption on the manufacturing sector in India

This article investigates the effects of corruption on the performance of the manufacturing sector at the state level in India. We employ conviction rates of corruption-related cases as an instrument for the extent of corruption, address the underreporting problem, and examine the impact of corruption on the gross value added per worker, total factor productivity, and capital-labor ratio of three-digit manufacturing industries in each state. Our estimation results show that corruption reduces gross value added per worker and total factor productivity. Furthermore, we show that the adverse effects of corruption are more salient in industries with smaller average firm size.     

Does oligopsony power matter in price support policy design? Empirical evidence from the Thai Jasmine rice market

In the oligopsony market, farmers may receive low prices and policy analysis assuming perfect competition can yield serious bias results. In this paper, we estimate oligopsony power between processors and farmers and evaluate the welfare impact of the paddy pledging program (PPP), a generous price support program in the Thai Jasmine rice market, with an imperfect competition model. We develop a model that consists of rice supply equation and derived demand equation. We then simultaneously estimate these equations using system estimation methods to recover oligopsony power parameters. Finally, we use these parameters to assess the welfare impact of the price support program. Using annual panel data running from crop marketing year 2001/2002–2015/2016 and exploiting the institutional feature of the PPP, we find strong evidence of some oligopsony power, a moderate level of oligopsony price distortion, and a negative relationship between price support and oligopsony power. We also find that the PPP is inefficient but effective in income redistribution. Moreover, the program benefits both farmers and consumers. With better policymaking decisions, the PPP can be efficient by setting a suitable support price. Therefore, our results show that in the case of the Thai Jasmine rice market, the generally accepted “wisdom” about agricultural price support policy does not necessarily hold, and price support can be designed to improve the efficiency of the market.     

Event satisfaction,leisure involvement and life satisfaction at a walking event: the mediating role of life domain satisfaction

Given the rising popularity of mass-participant sport, such as walking and running events, research has started to address whether these types of events could promote life satisfaction for participants. Nevertheless, the theoretical link between event participation and life satisfaction has not been fully elaborated. Using bottom-up theory of life satisfaction, this study examined the role of event satisfaction and the three facets of leisure involvement – attraction, centrality and self-expression – in people’s life domain satisfaction and life satisfaction. Participants (N = 236) were recruited from a walking event held in western Japan. The results of the study revealed that event satisfaction had positive, indirect effects on life satisfaction through satisfaction with family life and personal achievement. Attraction in walking also had positive, indirect effects on life satisfaction through satisfaction with family life, personal achievement and social life. In contrast, centrality and self-expression in walking were not associated with satisfaction with any life domains and life satisfaction. Findings from this study highlight the importance of life domain satisfaction in the relationship between event satisfaction, leisure involvement and life satisfaction. These findings also suggest that walking events can promote life satisfaction by providing the enjoyment of walking as physically active leisure.