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81.
In this paper, we estimate structural VAR models with contemporaneous restrictions based on neo-classical and Keynesian theories to investigate whether the cause of current account surpluses for East Asian economies is a “saving glut” or undervalued currencies. Analytical results show that the major determinant of the current account is the real effective exchange rate for all East Asian countries with the exception of China for which the major determinant is domestic GDP. Accordingly, the recently requested revaluation of the Chinese yuan may not be an effective policy for reducing the Chinese current account surplus, and may affect other Asian current accounts. We also investigate whether a Chinese currency revaluation would contribute to the improvement of current account imbalances in East Asia and find that a revaluation would, indeed, improve the current accounts of Japan, Korea, Indonesia, and Thailand. Since the trade structures of major East Asian countries are substitutes with that of China, a Chinese currency revaluation might not lead to a decrease in East Asian current account surpluses. Coordination of currency policy among East Asian countries is, therefore, needed to solve the global current account imbalance. 相似文献
82.
Eiji Yamamura 《Pacific Economic Review》2019,24(5):642-658
The Hakone Ekiden, a university‐level long‐distance relay race, is the premier New Year's sporting event in Japan. It is held immediately prior to the university application period. Using panel data for 2001 to 2015, I examined how this race influences the number of applicants for university entrance examinations. The major finding is that applicants per intake for a particular department in a university was 0.7 points larger when that university participated in the current year's race than when it did not. However, the effect of participating in the previous year's race was not observed. Furthermore, the effect increased when the department of the university was more difficult to enter or was located in Tokyo. This reveals that prestigious universities participating in the race give students a casual motivation to take an entrance examination of the university without regard for their chances of passing. 相似文献
83.
Using a representative sample from Japan and a difference-in-differences strategy, we investigate whether the effect of having grandchildren on the happiness of grandparents varies with the gender of their (own) single child. In line with our expectations, we find that maternal grandmothers have more to lose or less to gain from having grandchildren than paternal grandmothers. In contrast, grandfathers’ changes in happiness do not depend on their own child's gender. This result is explained by the fact that grandmothers are more likely to be involved in childrearing when their daughter has a child. 相似文献
84.
Yasuharu Shimamura Satoshi Shimizutani Eiji Yamada Hiroyuki Yamada 《Review of Development Economics》2023,27(3):1721-1745
This paper explores the heterogeneous impact of a rural road improvement project on the economic activities and living standards of households in Morocco. Road pavement improvements are expected to promote better market access, encourage the transformation of traditional agricultural activities, and create opportunities for new economic activities. However, benefits may not extend evenly across different groups, and the distributional consequences call for careful empirical investigation. We employ a difference-in-differences (DID) estimation using a household-level panel dataset collected under a quasi-experimental setting in the 2010s. We classify households into three groups based on asset holdings (rich, middle, and poor). We provide several new findings. First, there was no significant transformation of agricultural production or sales for all groups. Second, rich households increased hired agricultural labor and began paid employment while middle households started new family businesses. Poor households, however, did not enjoy these new employment opportunities except for a marginal increase in family businesses. Third, due to shifts in employment, the rural road renewal project improved household consumption 3%–4% annually for rich and middle households, an impact not clearly seen among poor households. Thus, our findings show that the economic benefits of rural road improvement might not be well-inclusive. 相似文献
85.
Tajikistan has relied on remittances by international migrants that have exceeded a quarter of annual GDP to date, despite a series of exogenous adverse events in the mid-2010s. We use a nationally representative panel dataset collected in 2013 and 2018 to explore the socio-economic characteristics of households with international migrants and migrants themselves. We provide several new findings. First, the prevalence of households with international migrants is 40%, with a substantial transition in migrant status during the research period. Second, households with international migrants are not poor, have Russian-speaking members, and are supported by an intense migration network. Third, younger, single, and more educated males comprise most of Tajikistan's international migrants. Fourth, households without Russian-speaking members or migration networks in 2013 had begun to send international migrants by 2018, while households in the richest group had exited from migration, suggesting s transition of the socio-economic composition of migrant-sending households during the mid-2010s. 相似文献