Measurement of relative welfare poverty and its impact on happiness in China: Evidence from CGSS

Individual or household income has been the conventional yardstick of poverty. Presently, non-income factors are universally accepted as measures of poverty. Attention on the multiple dimensions of poverty and their policy implications has been growing in the past 20 years. However, few studies have analyzed relative multidimensional poverty, especially in China. Moreover, the relationship between relative welfare poverty and happiness has been rarely studied, particularly given that the decline of poverty seemed not bringing a significant increase in happiness in China. This research gap is noteworthy because enhancing the subjective well-being of the people is crucial to a nation's sustainable economic development. On the basis of the micro-level data from China General Social Survey, this study puts forward a welfare approach to analyzing the relative multidimensional poverty and then determines the link between relative welfare poverty and individual happiness. Our results show that 1) relative welfare poverty has not declined significantly and 2) there is a significantly happiness-reducing effect of relative welfare poverty.     

多维视角下农村贫困的测度与分析

近年来,学者和政策制定者逐渐将贫困的研究视角从单一的收入贫困扩展到多维贫困。文章基于CFPS的2010年基线调查数据,采取Alkire和Foster提出的双界限方法,根据《中国农村扶贫开发纲要(2011-2020)》提出的目标任务选取贫困维度,对我国农村的多维贫困进行了测度,并对测度结果进行了稳健性分析。测度结果表明,我国农村多维贫困状况比收入贫困状况恶劣。维度分解结果表明,社会保障和生活质量等维度的剥夺情况比较严重。地区分解结果显示,西部地区被剥夺状况高于中、西部地区。稳健性分析结果显示,测度结果对权重的选取是稳健的。因此,我国在此10年中,应从多维视角识别农村贫困,有针对性地提高扶贫政策的有效性。     

Comparing marginal commodity tax reforms in Japan and Korea

We examine the impact of the marginal commodity tax reforms in Japan and Korea, using data from the official household surveys of the two countries. Based on the estimations of two demand systems (linear expenditure system (LES) and almost ideal demand system(AIDS)), we compare the marginal costs of taxing major commodity groups, examine distributive gains from tax reforms based on concentration curves, and assess the impact on poverty based on consumption dominance curves. In particular, we find that revenue-neutral marginal tax reforms incorporating a reduced tax on food and beverages are more likely to face an efficiency–equity trade-off in Korea than in Japan.     

日韩对东盟的FTA战略及我国的对策

近年来,东亚地区的区域经济一体化发展迅速,中国、日本、韩国和东盟分别制定了各自的战略来应对一体化带来的挑战。目前,东盟已分别同中国、日本和韩国签署了自由贸易协定。文章指出,面对日韩对东盟的FTA战略,我国应该从扩大彼此间贸易、鼓励企业走出去、做好贸易平衡、加强双边的资金和技术合作等方面来促进中国—东盟自由贸易区的发展。     

Exporting National Champions： China＇s Outward Foreign Direct Investment Finance in Comparative Perspective

We examine the extent to which Chinese development banks have financed the globalization of China＇s ＂national champion ＂firms： specifically, through outward foreign direct investment （OFDI）. We create a database of Chinese fnance for OFDI and compare our results to the existing literature and available data on Japan, Korea and other Asian nations. We estimate the total value of China＇s OFDI finance from 2002 to 2012 at US$14Obn. As a percentage of total OFDI, China＇s lending is roughly three times higher than Japan ＇s, the previous global leader in OFDl finance. We identify two major reasons for China＇s high （31 percent） ratio of OFDl lending to total OFDI. First, China has a greater incentive to give OFDI loans than Japan or Korea ever did because its borrowers are statelowned so it can more easily channel funds to targeted areas. Second, China has a greater capacity to give OFDI loans because it has significantly higher savings and foreign exchange reserves than Japan and Korea.     

金融普惠可以提高减贫质量吗?——基于多维贫困的分析

切实提高减贫质量对我国打赢打好脱贫攻坚战和守住脱贫成果至关重要。金融普惠作为当前我国金融改革和脱贫攻坚的重要举措,是否有助于提高减贫质量仍是有待回答的问题。文章基于中国家庭金融调查2015年数据,从多维贫困和多维贫困脆弱性两方面出发研究了金融普惠对我国农村减贫质量的影响。研究发现,金融普惠可以同时降低农村家庭多维贫困和多维贫困脆弱性,并且对多维贫困问题严重的农村家庭有更大的作用;区分不同贫困和不同金融服务发现,金融普惠可以显著降低收入贫困、教育贫困及生活质量贫困,对健康贫困的影响则不显著;银行营业网点与金融服务点渗透、以及储蓄、贷款、保险及数字金融服务使用可以提高减贫质量,而其他金融机构渗透、信用卡使用及银行服务评价的作用相对有限。进一步地,文章研究了金融普惠减贫质量效应的环境条件,发现村庄市场及制度环境和家庭需求环境改善有助于充分发挥金融普惠的积极作用,相反则可能构成一定的制约。最后,文章检验了金融普惠的影响机制,发现促进农村家庭人力与物质资本积累、以及地区经济发展等在其中发挥了重要的中介作用。文章结论为我国提高减贫质量提供了可靠的政策工具,同时也可促进我国全面建成小康社会和经济实现高质量发展。     

The other trade war: Quantifying the Korea–Japan trade dispute

In mid-2019 a new trade war between Korea and Japan started heating up, while the U.S.–China trade war held the spotlight. This paper documents the recent Korea–Japan trade dispute and quantifies its economic impacts. We consider a set of non-tariff distortions—Japanese export controls combined with Korean boycotts of Japanese goods. We simulate the impact of these actions using a multi-region general equilibrium model calibrated to the GTAP version 10 accounts and observed trade responses in the Korea Customs Service data. We find a welfare loss of 0.144% ($1.0 billion) for Korea and 0.013% ($346 million) for Japan. Sectoral impacts include a 0.25% reduction in chemical production in Japan. In Korea the reduction in imports from Japan is offset by increases in domestic production and imports from other countries.     

Early poverty exposure predicts young adult educational outcomes in China

Comparative research suggests that poverty in childhood, and especially in the early years, impedes educational attainment. With longitudinal data from China, we estimate hazard models of dropping out of school in young adulthood with two dynamic measures of childhood poverty: poverty spell indicators that distinguish poverty in early childhood, middle childhood, and adolescence, and poverty indices that measure the depth of poverty and distinguish chronic from transient poverty.Four main results emerge: 1) Children who experience spells in poverty leave school at a higher rate than others, even adjusting for poverty in later periods; 2) Transient poverty is more widespread, and shows a greater negative association with school-leaving, than chronic poverty; 3) Early childhood poverty shows greater negative associations with education outcomes than poverty in later periods; and 4) Girls may be more susceptible than boys to early poverty. We further test two possible mechanisms of impact: early nutrition poverty and school fees. While lower protein intake at an early stage of life is related to poorer educational outcomes in young adulthood, adjusting for nutritional deprivation does not attenuate the associations of early transient income poverty. Results do not suggest that cohorts that experienced school-fee abolishment policies experienced different poverty effects than other cohorts.     

Multidimensional poverty in South Africa in 2001–16

This study uses the Census 2001 and 2011 as well as Community Survey 2007 and 2016 data to derive a multidimensional poverty index in South Africa for each year, before assessing the changes in non-money-metric, multidimensional poverty over time. Both the incidence and intensity of multidimensional poverty decreased continuously, and these declines were more rapid than that of money-metric poverty. The decrease in multidimensional poverty between 2001 and 2016 was most rapid for female Africans residing in rural areas in Eastern Cape and KwaZulu–Natal provinces. Multidimensional poverty was most serious in numerous district councils in these two provinces, despite the fact that poverty decline was also most rapid in these district councils. The results of the multidimensional poverty index decomposition indicated that Africans contributed more than 95% to multidimensional poverty, while unemployment, years of schooling and disability were the three indicators contributing most to poverty.     

持续灾难性卫生支出测度、城乡差异与医疗保险阻断效应评估

以往文献对持续灾难性卫生支出天然属性的研究匮乏,导致相对贫困治理和医疗保障政策长远靶向目标规划缺失。文章将家庭医疗支出连年增加,重复发生灾难性卫生支出的过程定义为持续灾难性卫生支出,并在此基础上构建反映持续灾难性卫生支出发生率、发生深度以及发生时间等指数综合刻画持续灾难性卫生支出程度,利用中国微观数据（CFPS）进行动态测度和城乡分解,最后实证分析基本医疗保险对城乡家庭持续灾难性卫生支出的政策效果。研究发现,家庭持续灾难性卫生支出发生具有较强黏性,持续时间越长,摆脱难度越大,且农村持续灾难性卫生支出程度高于城镇,但城乡差距随持续时间逐渐缩小;与此同时,基本医疗保险能够显著阻断持续灾难性卫生支出,但阻断效应呈现较大的城乡差异,农村基本医疗保险在当期的阻断效应更明显,而长期来看城镇基本医疗保险的阻断效应则更强。文章结论为我国相对贫困治理和医疗保险制度优化提供了实证参考。     

Subjective well-being and its determinants in rural China

A national household survey for 2002, containing a specially designed module on subjective well-being, is used to estimate pioneering happiness functions in rural China. The variables that are predicted by economic theory to be important for happiness prove to be relatively unimportant. Our analysis suggests that we need to draw on psychology and sociology if we are to understand. Rural China is not a hotbed of dissatisfaction with life, possibly because most people are found to confine their reference groups to the village. Relative income within the village and relative income over time, both in the past and expected in the future, are shown to be important for current happiness, whereas current income is less so. Even amidst the poverty of rural China, attitudes, social comparisons and aspirations influence subjective well-being. The implications of the findings for the future and for policy are considered.     

Income inequality and happiness: Which inequalities matter in China?

The effect of inequality on happiness should intrigue social scientists. Of the many dimensions of income inequality, we explore four, analysing a rich data set for China. Does actual or perceived inequality have a greater effect on happiness? We find that perceptions of inequality are the more important. How broad is the reference group with which people compare themselves? They report that it is narrow; and indeed narrowly defined inequality has the greater effect on happiness. Do perceptions of the degree of fairness of inequality matter? They do, as they ameliorate the adverse effect of inequality on happiness, especially for the poorest. Is it self-centred or community-based inequality which affects happiness? Both measures have significant effects, but in opposite directions. The research and policy implications are discussed.     

日韩民营企业发展的历史比较及其启示

日韩两国自战后以来涌现出一大批象丰田、东芝、松下、三星、现代、LG等众多跻身全球500强的巨型民营企业,而中国却没有一家民营企业位列其中。人们可以从各国民营经济发展中找到原因。作者通过对日韩两国民营企业发展的历史回顾和比较,发现了其中有许多有利于其民营经济发展的共性的地方,对中国民营企业的发展有一定的启示。     

美日韩农村公共物品供给的特点与经验借鉴

中国农村公共物品供给不足一直困扰着农村经济的发展,他山之石可以攻玉,实践证明,美国、日本、韩国农村公共物品供给的财政政策比较符合农村公共物品供给及农村经济发展的客观规律,文章在总结美日韩经验的基础上提出了解决中国农村公共物品供给不足的财政政策。     

中日韩经济周期波动及其主要影响因素分析

本文对中日韩三国经济周期波动及其主要影响因素进行比较分析。研究结果表明,美国次贷危机以后中日韩经济周期波动都呈现出衰退的局面,而且经济周期转折点也基本一致,其协动性越来越强。在影响关系方面,日本和韩国的经济周期波动与通货膨胀是双向影响关系,而中国的经济周期波动仅单向影响通货膨胀;中国和韩国的经济周期波动与货币政策和财政政策是双向影响关系,而日本的货币政策和财政政策仅单向影响经济周期波动。在影响强度方面,中国的经济周期波动受到财政政策的影响相对最大,日本和韩国的经济周期波动则受到货币政策的影响相对最大。     

超额货币之谜:基于东亚地区的比较分析

文章分析并比较了东亚中日韩三国货币-产出比的特点及其发展变化的内在推动力,发现从指标水平值看,中日两国一致性较强,都具有较高的货币一产出比,而韩国则差异明显;从指标增长率和主要影响因子看,中日韩三国呈现出互有交叉的共同性.在此基础上,该文认为,中国超额货币现象是中国货币政策独立性缺失和国民收入分配格局变动在货币变量上的现实折射.     

Does Korea follow Japan in foreign aid? Relationships between aid and foreign investment

Korea, an emerging donor country, largely considers its economic relations to recipients when allocating its aid. Such practices were preceded by Japan before the 1990s. We expect those similar practices between the two countries will make resemblance in aid outcomes. On a macro-level, we show similarities in aid allocations by type, region, income, and sector. The similarities are ascertained also at a micro-level by our statistical analysis on the relationships between aid and FDI. The analysis based on the FDI gravity model and panel dynamic system GMM estimation shows that only aids from Korea and Japan create more inflow of FDI into their respective recipient developing countries. Those are contrasted with other donors’ aids, which are not related to FDI or the substitute for FDI.     

A multidimensional analysis of poverty in China from 1991 to 2006

Most studies have reported non negligible improvements for China in terms of poverty during the last three decades. However, this result is potentially hampered by two limitations. First, it may be contingent to the specific choices made regarding the poverty line and the poverty indices used for the analysis. As a consequence, it may collapse if one uses alternative poverty lines or poverty measures. Second, it results from a focus on the sole monetary aspects of poverty. As income does not cover all facets of well-being and since the relationship between these two concepts are quite fuzzy, it may be worth using a broader view of well-being, hence opting for a multidimensional approach of poverty analysis. In the present paper, these two issues are addressed using multidimensional stochastic dominance procedures on the joint distribution of income, education and health in seven Chinese provinces.     

China＇s Import-exchange Rate Linkage： Evidence from the China-bound Exports of Japan and Korea

This paper examines how the China-bound exports of Japan and Korea are related to exchange rates, motivated by the fact that processing trade makes up a large proportion of China＇s trade, and that Japan and Korea are the leading source countries for processing imports. Because processing imports are inputs for exports, the link between such imports and China＇s exchange rates are ambiguous. We estimate export functions that include China＇s RMB real effective exchauge rates （REER） along with bilateral real exchange rates （B RER） using Johausen ＇s cointegration method aud find that the RMB REER significantly affects Japanese and Korean exports to China, even more so than BRER in most cases examined. These two exchange rates appear in the export equations with opposite signs. Subsequently, we use the estimated model to illustrate the importance of accounting for a concurrent change in B RER when analyzing the effects of a hypothetical RMB revaluation on China＇s trade balances despite the apparently weak imports-B RER linkage.     

Aging labor,ICT capital,and productivity in Japan and Korea

This study examines how aging affects labor productivity using industry-level data of Japan and Korea. The analysis shows that, for both Japan and Korea, aging has positive effects on labor productivity when older workers are working in industries with a large share of information and communication technology (ICT) in the capital stock. We also find that, on average, older workers exert positive effects on labor productivity across all industries when they are low-educated in Japan and high-educated in Korea. In addition, a complementary effect between ICT capital and older workers is observed for both high- and low-educated workers in Japan but only for low-educated workers in Korea. The complementarity between ICT and old workers existed in both manufacturing and services industries of Korea and Japan.