Asian Economic Papers

2002 - 2022

Current editor(s): Wing Thye Woo, Sungbae An, Fukunari Kimura and Ming Lu

From MIT Press
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Volume 21, issue 1, 2022

Unconventional Monetary Policy through Open Market Operations: A Principal Component Analysis pp. 1-28

Markus Heckel and Kiyohiko G. Nishimura

Stablecoins and Central Bank Digital Currencies: Policy and Regulatory Challenges pp. 29-46

Barry Eichengreen and Ganesh Viswanath-Natraj

Effects of the Minimum Wage on Small Firms in China: Spillover Effects from Large Firms pp. 47-63

Qiaoyi Chen, Zhao Chen and Lin Guan

Re-examining Gender Earning Differentials in Malaysian Manufacturing pp. 64-91

Jia-Qi Cheong, Suresh Narayanan and Jacqueline Lisa Fernandez

Estimating the Impact of Cumulative Rules of Origin on Trade Costs: An Application to Mega-regional Free Trade Agreements in the Asia-Pacific Region pp. 92-109

Chul Chung, Innwon Park and Soonchan Park

Frontier Technology, Trade, FDI, and TFP in the Electrical and Electronic Industries: Exporting or Processing Trade? pp. 110-132

Noor Aini Khalifah

Volume 20, issue 3, 2021

Trade and Human Capital in Global Value Chain in Developed and Developing Countries pp. 1-15

Wenxiao Wang and Shandre Thangavelu

Wage Differentials in Malaysia: Public Employment, Gender, and Ethnicity pp. 16-34

Robert L. Clark, Naohiro Ogawa, Norma Mansor, Shigeyuki Abe and Mohd Uzir Mahidin

Suresh Narayanan Comment on Wage Differentials in Malaysia: Public Employment, Gender, and Ethnicity pp. 35-39

Suresh Narayanan

International Production Networks Are Overcoming COVID-19 Shocks: Evidence from Japan's Machinery Trade pp. 40-72

Mitsuyo Ando, Fukunari Kimura and Ayako Obashi

The SOE Channel of Monetary Policy Transmission: Evidence from China's Economic Stimulus Package pp. 73-93

Wenbin Chen, Shi-Zhuan Han, Jie Li and Tianhang Zhou

The Vanishing Interest Income of Chinese Banks pp. 94-113

Karlo Kauko

The Efficiency of University Technology Transfer in China pp. 114-137

Dongfu (Franco) Li and Xiaoqing (Maggie) Fu

Decomposing Effects of Population Aging on Economic Growth in OECD Countries pp. 138-159

Hyun-Hoon Lee and Kwanho Shin

Volume 20, issue 2, 2021

The Global Macroeconomic Impacts of COVID-19: Seven Scenarios pp. 1-30

Warwick McKibbin and Roshen Fernando

COVID-19 in Korea: Success Based on Past Failure pp. 41-62

Byeongho Lim, Emma Kyoungseo Hong, Jinjin Mou and Inkyo Cheong

COVID-19:  Malaysia Experience and Key Lessons pp. 73-95

Muhammed Abdul Khalid

COVID-19 in Taiwan: Economic Impacts and Lessons Learned pp. 98-117

Chun-Chien Kuo

Impacts of Lockdown Policies on International Trade pp. 123-141

Kazunobu Hayakawa and Hiroshi Mukunoki

Financial Spillover in Emerging Asia: A Tale of  Three Crises pp. 155-170

Iwan J. Azis, I. G. Sthitaprajna Virananda and Fauzi I. Estiko

Teleworker Performance in the COVID-19 Era in  Japan pp. 175-192

Toshihiro Okubo, Atsushi Inoue and Kozue Sekijima

Volume 20, issue 1, 2021

Saving Lives and Livelihoods in the COVID-19 Pandemic: What Have We Learned, Particularly from Asia? pp. 1-29

Derek Qi Ren Kok and Wing Thye Woo

Comparing COVID-19 Control in the Asia-Pacific and North Atlantic Regions pp. 30-54

Jeffrey D. Sachs

A Note on the Role of  Cultural,  Institutional, and Urbanization Features in the COVID-19 Pandemic pp. 64-74

Pengfei Li, Ming Lu and Yilin Zheng

How China Managed the COVID-19 Pandemic pp. 75-101

Wei Tian

Rethinking “Economic Fundamentals†in an Era of Global Physical Shocks: Insights from the Philippines Experience with COVID-19 pp. 109-140

Toby Melissa C. Monsod and Maria Socorro Gochoco-Bautista

How Did Japan Cope with COVID-19? Big Data and Purchasing Behavior pp. 146-167

Yoko Konishi, Takashi Saito, Toshiki Ishikawa, Hajime Kanai and Naoya Igei

The Paradox of  Thailand's Success in Controlling COVID-19 pp. 175-199

Poum Tangkitvanich

Volume 19, issue 3, 2020

Mobile Payment in China: Practice and Its Effects* pp. 1-18

Yiping Huang, Xue Wang and Xun Wang

Total Factor Productivity Changes in Japanese Small and Medium-Sized Enterprises in 1982–2016: Suggestive Indications of an IT Revolution?* pp. 21-37

Yoko Konishi and Takashi Saito

The Middle-Income Trap 2.0: The Increasing Role of Human Capital in the Age of Automation and Implications for Developing Asia* Abstract: We modify the concept of the middle-income trap (MIT) against the background of the Fourth Industrial Revolution and the (future) challenges of automation (creating the concept of the “MIT 2.0”) and discuss the implications for developing Asia. In particular, we analyze the impacts of automation, artificial intelligence, and digitalization on the growth drivers of emerging market economies and the MIT mechanism. Our findings suggest that improving human capital accumulation, particularly the upgrading of skills needed with the rapid advance of automation, will be key success factors for overcoming the MIT 2.0 pp. 40-58

Linda Glawe and Helmut Wagner

Default Probability by Employment Status in South Korea* pp. 62-84

Hosung Jung and Hyun Hak Kim

Revisiting Complementarity between Japanese FDI and the Import of Intermediate Goods: Agglomeration Effects and Parent-firm Heterogeneity* pp. 90-106

Tadashi Ito, Toshiyuki Matsuura and Chih-Hai Yang

A Framework for Regional Banking Regulation in ASEAN* pp. 111-125

Peter Morgan

Volume 19, issue 2, 2020

Promoting Local Currency Usage in the Region* pp. 1-16

Chalongphob Sussangkarn

Reforms and Crises in Government Statistics: The Case of Japan* pp. 21-37

Masahiro Higo, Kiyohiko G. Nishimura and Yukie Sakuragawa

Financial Integration in Asia: A Systemic View on Currency Markets* pp. 41-58

Dayong Zhang, Wanli Zhao, Fei Wu and Qiang Ji

Toward an Asian Monetary Fund: Ideas for Transition pp. 65-77

Suk Hyun and James F. Paradise

Enhancing Financial Connectivity Between Asia and Europe: Implications for Infrastructure Convergence Between the Two Regions* pp. 84-101

Naoyuki Yoshino, Monzur Hossain and Farhad Taghizadeh-Hesary

Exchange Rates and Firm Exports: The Role of Foreign Ownership and Foreign Subsidiaries* pp. 103-118

Hyelin Choi and Hyo Sang Kim

Volume 19, issue 1, 2020

Assessment of the Trade Integration Pattern Between the Russian Federation and East/Southeast Asian Economies Using the Panel Gravity Framework* pp. 1-14

Ehsan Rasoulinezhad, Farhad Taghizadeh-Hesary and Naoyuki Yoshino

Economic Integration and Network Trade: A Comparison of? East Asia? and the European Union* pp. 19-37

Son Thanh Nguyen and Yanrui Wu

Market Design for Multilateral Trade of Electricity in ASEAN: A Survey of the Key Components and Feasibility pp. 43-60

Yanfei Li, Tsani Fauziah Rakhmah and Junichi Wada

Implications of? the U.S.–China Trade War? for? Taiwan* pp. 61-81

Wen-jen Hsieh

Trump's Trade War: An Indian Perspective pp. 92-109

Prema-chandra Athukorala

Low-Skilled Immigrants and Urban Development? in China: A Labor Market Perspective* pp. 114-128

Chao Liang and Susu Wang

Volume 18, issue 3, 2019

The Politics and Economics of the U.S.-China Trade War pp. 1-28

Deborah Swenson and Wing Thye Woo

The Status of China's Market Economy and Structural Reforms: The Issues Behind the U.S.–China Trade War* pp. 34-51

Miaojie Yu

Trade Wars and the Disarray in the Global Trading System: Implications for the Philippines* pp. 59-75

Maria Joy V. Abrenica, Ricardo Rafael S. Guzman and Maria Socorro Gochoco-Bautista

Defending the Rule-based Trading Regime: The Multilateral Trading System at Risk and Required Responses pp. 78-87

Fukunari Kimura

U.S.–China Trade Tensions on Indonesia's Trade and Investment Our paper describes how the U.S.–China trade tensions affect Indonesia's trade and investment. The direct impacts come through increasing uncertainties, lower world demand, and diverted East Asian regional production networks. The indirect impacts can be observed in trade and investment reallocations. Amidst the tension, in 2018, the Indonesian economy grew 5.17 percent with reserves of 6.7 months of imports. Its trade with the United States and China grew by 7.5 percent and 23.5 percent, respectively. Although creating opportunities for Indonesia in the short run, trade tensions will repress the world economy. Indonesia understands that trade openness will improve productivity and we believe it will continue its reforms to be more open and integrated into the world economy pp. 95-112

Lili Yan Ing and Yessi Vadila

U.S.–China Trade War: Potential Trade and Investment Spillovers into Malaysia* pp. 117-135

Siew Yean Tham, Andrew Kam Jia Yi and Tee Beng Ann

U.S.–China Trade Conflict and the Changing Multilateral Trading System: Korea's Perspective* pp. 142-160

Jin Kyo Suh

Impacts of the U.S.–China Trade War on ASEAN: Case of Thailand pp. 166-188

Bhanupong Nidhiprabha

Volume 18, issue 2, 2019

Heterogeneous Impacts of Free Trade Agreements: The Case of Japan* pp. 1-20

Kenta Yamanouchi

Technical Change, Exports, and Employment Growth in China: A Structural Decomposition Analysis* pp. 28-46

Ha Doan and Trinh Long

Commodity Price Cycles, the Agricultural Trap, and Thailand's Incessant Subsidies* pp. 49-69

Bhanupong Nidhiprabha

Early Life Exposure to Air Pollution, Cognitive Development, and Labor Market Outcome* pp. 77-95

Rashesh Shrestha

Geographical and Strategic Factors in Chinese Foreign Direct Investment in Europe* pp. 102-119

Xavier Richet

The Impacts of Financial Development, Urbanization, and Globalization on Income Inequality: A Regression-based Decomposition Approach* pp. 126-141

Wai Choi Lee, Tsun Se Cheong, Yanrui Wu and Jianxin Wu

A Model of Household Savings and Alternative Investments in Rural China* pp. 145-162

Yuekai Cheng, Hongyi Li, Qi Sun and Yu Wang

Volume 18, issue 1, 2019

Chinese Corporate Debt and Credit Misallocation* pp. 1-34

Ninghua Zhong, Mi Xie and Zhikuo Liu

Push vs.  Pull Factors of Capital Flows Revisited: A Cross-country Analysis* pp. 39-60

Tae Soo Kang and Kyunghun Kim

Impact of Financialization and Financial Development on Inequality:  Panel Cointegration Results Using OECD Data* pp. 69-90

Hochul Shin and Keun Lee

Money Demand in a Dollarized Economy: Evidence from Laos PDR pp. 99-115

Phouphet Kyophilavong, Gazi Uddin, Muhammad Shahbaz, Charles Harvie and Teerawat Charoenrat

Is There an “East Asian Education Model†? A Study on Varieties of Education Regimes* pp. 123-146

Supanutt Sasiwuttiwat and Somkiat Tangkitvanich

The Long-Term Financial Sustainability of the Civil Service Pension Scheme in Malaysia* pp. 155-178

Sheila Rose Darmaraj and Suresh Narayanan

Revisiting the Twin-Hub Trade Pattern in East Asia* pp. 185-199

Chun-Chien Kuo, Deng-Shing Huang and Tzu-Han Yang

Effects of National Science and Technology Programs on Innovation in Chinese Firms* pp. 207-236

Xing Shi, Yanrui Wu, Dahai Fu, Xiumei Guo and Huaqing Wu

Natural Disasters and International Financial Accessibility in Developing Countries* pp. 245-261

Jiyoun An and Bokyeong Park