Price‐Setting Behavior of Korean Firms†

This paper investigates a pattern of price revision by firms in Korea and sheds light on the cause of price stickiness by providing reliable statistical estimates for calibration of the parameters of the widely‐used macro‐models. Based on firm‐level survey data and using a probit model, we identify the firm characteristics or market conditions that discourage firms from carrying out state‐dependent price adjustment. We also estimate the factors driving firms to engage in state‐dependent adjustment rather than wait until the next scheduled revision under three different shocks: demand, general cost and exchange rate shocks. We find a few interesting features, as follows. First, price revision by Korean firms tends to be time‐dependent rather than state‐dependent, with a sizable dispersion across sectors and firm sizes. Second, the pattern of price revision in Korea is not significantly different from that in selected advanced economies. Third, the reason why firms favor time‐dependent price adjustments appears to be endogenous, accounted for by a number of market institution variables. Fourth, in response to shocks, Korean firms tend to wait until the next periodically scheduled revision rather than make a state‐dependent price adjustment, unless marginal costs are affected significantly by the shock, and state‐dependent revisions are often significantly delayed when they do occur.     

External Shocks and High Volatility in Consumption in Low‐Income Countries

According to the well‐known concept of consumption smoothing, the volatility of consumption is low even when income is volatile; this is confirmed by data from G7 countries. Surprisingly, however, consumption volatility in many low‐income countries is nontrivially higher than income volatility. Here I examine what causes high consumption volatility in low‐income countries. In general, volatile consumption makes consumers worse off. Therefore, understanding the causes of high consumption volatility can contribute to improving welfare in low‐income countries by suggesting measures to assist in the stabilization of consumption. Unlike much previous research, I focus on international factors when explaining high consumption volatility. The results suggest that external shocks, which are far more volatile in low‐income countries than in industrialized countries, strongly swing consumption. By capturing these mechanisms, the model I use successfully accounts for consumption volatility's differences between the sample low‐income country and sample industrialized country.     

Technological Capability and FDI in Asia: Firm‐level Relationships among Japanese Manufacturers*

The present paper reexamines the relationship between technological capabilities and FDI decisions at the firm level. The data cover 118 300 Japanese firms in all manufacturing industries. The R&D of Japanese firms has a noticeably weaker relationship with FDI in Asia than with FDI in industrial countries. This finding is confirmed to be robust even when alternative estimation techniques are used and when R&D expenditure data are replaced by patent data. The estimation results also reveal non‐negligible fixed entry costs for FDI, a finding consistent with the observation that only approximately 2 percent of the firms invest abroad.     

装备制造业数字化转型、服务化水平与企业效益——基于2 445家企业数据的实证研究

数字经济时代制造业数字化转型与服务化水平是促进和衡量制造业高质量发展的关键因素和重要参数.数字化转型是装备制造业的发展方向,可以有效提高企业服务化水平,对于企业的可持续发展具有重要意义.为实证研究企业数字化转型对服务化水平与企业效益的影响,收集了中国装备制造业2445家上市公司2014—2018年的资料数据,运用计量经济学方法进行实证分析.结果表明,装备制造业数字化转型、服务化水平和行业总体效益都逐渐提高,服务化水平起到了完全中介效应,但比较弱.再细分6个分行业进行稳健性检验和比较分析,发现服务化水平的中介作用在6个分行业里只有部分中介效应甚至无中介效应.     

浅析现代服务业集群的成长机制与识别方法

现代服务业集群的成长机制包括动力机制、发展演变机制和形成路径的选择.关于如何判别在一定区域内是否形成了现代服务业集群,文章创新性地提出了由显示性指标和解释性指标构成的识别指标体系,以及量化的与描述性的识别标准,并归纳总结了定量和定性识别的方法.     

金融业国际化发展与经济竞争力——基于浙江视角的实证研究

浙江省金融业国际化通过多种效应对经济产生重要的拉动作用。本文利用2006年1月至2009年12月的月度时间序列数据,对变量进行了Granger因果关系检验,建立了基于VEC模型的脉冲响应函数,对浙江经济竞争力对金融业国际化发展的动态响应结果进行了分析。检验结果表明,浙江省金融业的国际化发展有利于浙江省经济竞争力的提高。基于上述结论,本文提出了浙江金融业国际化发展的对策建议。     

Corporate Venture Capital and Its Contribution to Intermediate Goods Firms in South Korea*

Set by government, corporate, financial and individual sources, venture capitalists in Korea have adapted themselves to the new and uncertain venture capital market through stand‐alone and syndicated investments. The present study raises questions about whether various financial sources contributed differentially to their portfolio firms during the market boom of 2000. Results show that no single capital source showed better performance, and only corporate venture capitalists contributed to intermediate goods firms. The latter finding might reflect the unique ability of corporate venture capitalists to use vertical value‐chain linkages for their investments.     

货币政策对我国证券业产业结构、行为和绩效的作用主辅线分析

本文综述了政策与我国证券产业结构、行为和绩效作用路径方面的研究成果,将货币政策按照作用对象的不同分为两类,对这两类货币政策与证券业结构、行为和绩效进行格兰杰因果检验,进而提出了货币政策对我国证券业产业结构、行为和绩效的作用主辅线。     

Is the Gulf Cooperation Council an Optimum Currency Area?

This article applies the theory of Generalized Purchasing Power Parity (G‐PPP) to assess the potential for an optimum currency area (OCA) for the Gulf Cooperation Council (GCC) countries over the period 1973–2009. Utilizing a multivariate cointegration procedure that allows for up to two predetermined structural breaks, the results suggest that the GCC countries could form an OCA since macroeconomic conditions are in favor of forming an OCA, i.e., real exchange rates share common trends and the parameter stability test indicates that the G‐PPP relationship has been stable for the period analyzed. Moreover, the results suggest that the withdrawal of Oman and/or United Arab Emirates (UAE) from the union has no impact on forming the union. However, based on other OCA criteria, the results suggest that the OCA may be challenged.     

碳泄漏与我国碳密集产业进出口贸易关系研究

分析了碳泄漏发生—传导—影响机制,运用ADF平稳性检验、Johansen协整检验、多元回归分析等方法,检验了碳密集产业相关产品的进出口额与碳泄漏的相互影响关系。研究表明,碳泄漏与碳密集产业相关产品的进出口额存在长期协整关系,矿物燃料、润滑油及有关原料进口对碳泄漏具有替代作用,非食用原料进口、橡胶矿冶产品出口与碳泄漏存在正向的回归关系,化学品及有关产品出口额与碳泄漏呈现负向的回归关系。     

Utilisation par les analystes des informations non financières publiées

L’auteure examine comment les analystes traitent l’information non financière et comment ce traitement est influencé par le profil des entreprises en ce qui a trait à la publication d’informations non financières. Elle se penche plus précisément sur le lien entre les erreurs des analystes dans les prévisions de résultats et la régularité de la publication d’informations non financières, selon des variables de contenu en information et de temps. L’étude est centrée sur les entreprises du secteur de la communication sans fil et la période s’échelonnant de 1997 à 2007. Les résultats révèlent que les analystes ont tendance à réagir de façon trop modérée aux informations contenues dans le coût d’acquisition de clients, le revenu moyen par utilisateur et le nombre d’abonnés. Ces données sont les indicateurs de performance qui ont un pouvoir prédictif important pour ce qui est des résultats futurs des entreprises de communication sans fil. L’établissement de la distinction entre les entreprises en fonction de leur profil de publication d’informations non financières révèle que les constatations qui précèdent touchent principalement les entreprises qui se caractérisent par l’irrégularité de la publication d’informations. Rien ne permet de conclure à l’inefficacité des analystes dans l’évaluation du contenu des indicateurs non financiers fournis par les entreprises qui publient des informations avec régularité. Ces observations signifient que le manque de régularité dans la publication d’indicateurs de performance restreint la capacité des analystes financiers d’analyser en profondeur l’apport de ces indicateurs pour ce qui est des résultats futurs.     

The Effects of Financial Statement Information Proximity and Feedback on Cash Flow Forecasts*

The Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB), in their joint Financial Statement Presentation project, are reconsidering the basic format of financial statements. The Boards’ preliminary discussions related to this joint project indicate that they intend to modify the required financial statements to increase the proximity of performance‐related information for each reported period. We provide evidence related to this potential change by investigating the effects of financial statement information proximity on investors’ ability to learn the forecast‐relevant time series properties of reported cash flows and accruals. We also examine the role feedback plays in this relationship. Our experimental results suggest that nonprofessional investors are able to more quickly learn the relation between current period cash flows and accruals and future cash flow realizations when financial statement information is presented in a single statement rather than separated into two statements. In addition, we find that nonprofessional investors exhibit lower levels of absolute forecast errors and less forecast dispersion when financial statement information is unified into a single statement. Finally, we provide evidence that nonprofessional investors who receive extensive outcome feedback on a single page initially learn more quickly and later, after learning has leveled off, accurately forecast more consistently than do investors who receive extensive or limited feedback spread across two pages. Overall, our results provide evidence on the effectiveness of alternate financial statement presentation formats and the potential usefulness of receiving more extensive feedback.