The Singapore Economic Review (SER)

2001 - 2025

Current editor(s): Euston Quah

From World Scientific Publishing Co. Pte. Ltd.
Bibliographic data for series maintained by Tai Tone Lim ().

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Volume 70, issue 07, 2025

MODULATION OF CARBON EMISSIONS AND CLEAN ENERGY SOURCES: A NONPARAMETRIC GRANGER CAUSALITY-BASED EVIDENCE FROM ASEAN ECONOMIES pp. 1769-1786

Xiaoxi Liu, Fangze Cheng, Ishtiaq Ahmad, Jahanzaib Haider and Abdullah Bin Omar

PRODUCTIVITY AND THE GAINS FROM TAKEOVERS IN CHINA: THE ROLE OF OWNERSHIP STRUCTURE AND INSTITUTIONS pp. 1787-1816

Lewis H.â K. Tam, Shaohua Tian, Baibing Huang and Ka Man Hoi

MARKET-INCENTIVIZED ENVIRONMENTAL REGULATION, INDUSTRIAL AGGLOMERATION AND THE EFFECTS ON CARBON SHADOW PRICE: EVIDENCE FROM CHINA’S LOCAL PILOT POLICIES FOR CARBON MARKET CONSTRUCTION pp. 1817-1840

Jiazhan Gao, Guihong Hua, Baofeng Huo and Abidali Randhawa

RESEARCH ON DIGITAL ECONOMY AND GREEN TOTAL FACTOR PRODUCTIVITY GROWTH OF CHINA’S INDUSTRY AND SPATIAL EFFECTS pp. 1841-1864

Wan Tang and Qingxin Lan

DOES GREEN FINANCE POLICY IMPROVE THE QUALITY OF ENTERPRISES’ GREEN INNOVATION? EVIDENCE FROM CHINA pp. 1865-1893

Wenqi Zhang, Zhenhua Zhang, Bowen Cheng, Yuping Cao and Zuogong Wang

ENVIRONMENTAL REGULATION IMPROVES THE FIRM PERFORMANCE IN THE PAPER INDUSTRY IN CHINA pp. 1895-1926

Yongliang Yang, Lili Ding and Yi Li

DOES STRICTER ENVIRONMENTAL REGULATION PROMOTE PRODUCTIVITY? EVIDENCE FROM THE RISING OF POLLUTION DISCHARGE FEE IN CHINA pp. 1927-1951

Weibing Li and Nan Chen

EMPIRICAL STUDY ON THE EFFECT OF ENVIRONMENTAL, SOCIAL AND GOVERNANCE FACTORS ON SOVEREIGN FUNDING COSTS pp. 1953-1972

Lian Liu and Naoko Nemoto

NEXUS OF CORPORATE ENVIRONMENTAL STRATEGY, ENVIRONMENTAL PERFORMANCE, AND FINANCIAL PERFORMANCE pp. 1973-1993

Shoaib Aslam, Ramiz Ur Rehman, Muhammad Abubakr Naeem and Farhad Taghizadeh-Hesary

IMPACT OF GREEN FINANCE ON GREEN TOTAL FACTOR PRODUCTIVITY: IMPLICATIONS FOR ECONOMIC GROWTH AND SUSTAINABLE ENVIRONMENT pp. 1995-2027

Yongshan Zhang, Cong Peng and Kai Ming

DYNAMIC INTERACTIONS BETWEEN INTELLECTUAL CAPITAL ELEMENTS AND PRODUCTIVITY IN THE KOREAN MANUFACTURING INDUSTRY: A PANEL VECTOR AUTOREGRESSIVE APPROACH pp. 2029-2051

Bongsuk Sung and Sang-Do Park

FOREIGN INVESTMENT AND PRODUCTIVITY OF LOCAL CHINESE FIRMS pp. 2053-2073

Wen Yue and Jingyan Zhao

RELATIONSHIP BETWEEN FIRM SIZE AND FIRM GROWTH: EVIDENCE FROM KOREAN MANUFACTURING FIRMS pp. 2075-2098

Taewon Kang and Wonsub Eum

IS POLITICAL CONNECTION ASSOCIATED WITH CORPORATE RISK-TAKING? MALAYSIAN EVIDENCE pp. 2099-2128

Wai-Yan Wong and Chee-Wooi Hooy

NATURAL RESOURCE RENTS AND INTERNAL CONFLICT: THE ROLE OF INSTITUTIONAL QUALITY pp. 2129-2149

Umaima Arif, Muhammad Usman and Farzana Naheed Khan

ENVIRONMENTAL NON-TARIFF MEASURES AND TRADE IN APEC MEMBER ECONOMIES pp. 2151-2175

Hea-Jung Hyun

IMPACT OF IP PROTECTION ON EXPORT TRADE: EVIDENCE FROM THE ASIA-PACIFIC FTAs pp. 2177-2203

Liying Wang, Yuan Lou and Xianxin Gao

Volume 70, issue 06, 2025

INTRODUCTION TO THE THEMATIC ISSUE ON DEVELOPMENT ECONOMICS pp. 1465-1467

Jun Zhang

VALUE-ADDED TAX AND CORPORATE TAX BURDEN: EVIDENCE FROM CHINA’S VALUE-ADDED TAX RATE REFORM pp. 1469-1495

Xiufen Liu and Hongsheng Fang

ESTIMATING THE EFFECTS OF PRICE LIBERALIZATION IN CHINA’S AVIATION INDUSTRY pp. 1497-1528

Jiahui Chen, Limin Du and Jinchuan Shi

THE EFFECTS OF ENERGY SUPPLY SHOCKS AND INTEREST RATE LIBERALIZATION IN CHINA pp. 1529-1563

Yihao Xue, Qiaoyu Liang and Bing Tong

INCOME-DEPENDENT PARENTAL ALTRUISM AND PERSISTENT INCOME INEQUALITY IN A DEVELOPING ECONOMY pp. 1565-1582

Xiangyun Yin and Tamotsu Nakamura

MACRO AND MICRO: TRADE FRICTION AND WEALTH INEQUALITY IN TWO-COUNTRY HANK pp. 1583-1623

Chenxing Zhang, Yujie Yang and Wenwen Hou

AN ASSESSMENT OF THE FELDSTEIN–HORIOKA PUZZLE FOR INDIA: A MARKOV REGIME SWITCHING APPROACH pp. 1625-1644

Archana Kulkarni and Rajendra N. Paramanik

HIGH-SPEED RAILWAY CONSTRUCTION, INFORMATION ENVIRONMENT AND CORPORATE COST STICKINESS: THE CASE OF CHINA pp. 1645-1676

Linzi Zhou, Yuanhuai Peng, Jun Hu and Lu Yang

REVISITING THE ROLE OF THE OIL CURSE AND ITS TRANSMISSION CHANNELS IN SHAPING PETROSTATES’ GROWTH: AN EVIDENCE FROM A QUANTILE REGRESSION pp. 1677-1711

Basem Ertimi, Tamat Sarmidi, Norlin Khalid and Mohd Helmi Ali

THE FISCAL IMBALANCE AND CLIMATE CHANGE OBLIGATIONS: WHAT IS FEASIBLE FOR DEVELOPING ECONOMIES? pp. 1713-1737

Beinan Cheng, Ziqi Zhong, Majed Alharthi, Qaiser Abbas and Robina Kouser

THE ASYMMETRIC IMPACT OF RER-MISALIGNMENT ON ECONOMIC GROWTH: AN APPLICATION OF HODRICK–PRESCOTT FILTER TECHNIQUE pp. 1739-1767

Ghosia Ayaz Abbasi and D. Javed Iqbal

Volume 70, issue 05, 2025

INTRODUCTION TO THE THEMATIC ISSUE ON URBAN ECONOMICS pp. 1155-1157

Jiankun Lu

HUMAN CAPITAL, WELL-BEING AND GROWTH RATE OF RURAL–URBAN MIGRATION IN CHINA pp. 1159-1192

Jingkui Zhou, Jian Song and Xiong Huang

DIALECT ABILITY, CULTURAL DIVERSITY AND MIGRANT ENTREPRENEURSHIP ACTIVITY pp. 1193-1215

Jun Li, Han-Jin Xie and Shuang Qu

EXPLORING THE RELATIONSHIP BETWEEN RESIDENTIAL LOCATION AND LONG-TERM SETTLEMENT INTENTIONS: A STUDY OF MIGRANT WORKERS IN URBAN CHINA pp. 1217-1245

Weiwu Ding, Chu Liu, Yuting Wu, Peilin Li, Yufeng Wu and Shengjin Wang

DO RURAL STUDENTS PERFORM AS WELL AS THEIR URBAN CLASSMATES? EVIDENCE FROM URBAN CHINA pp. 1247-1275

Bin Xu, Qianbin Yu and Yuemei Yuan

DOES THE NEW URBANIZATION POLICY PROMOTE RESIDENTS’ CONSUMPTION EQUALITY IN CHINA? pp. 1277-1294

Xiaolu Zhao

EXPRESSWAYS AND POVERTY REDUCTION: EVIDENCE FROM RURAL CHINA pp. 1295-1324

Wuke Zhang, Qingen Gai, Xi Zhu and Qinghua Shi

REGIONAL POVERTY PPPS IN CHINA: EXPERIMENTAL ESTIMATION AND APPLICATION pp. 1325-1356

Menggen Chen and D.S. Prasada Rao

HOW DOES BANK BRANCH SUPPLY SPUR RURAL INCOME GROWTH? EVIDENCE FROM COUNTIES IN CHINA pp. 1357-1392

Yipeng Wang, Yaxiong Zhao and Liqiong Lin

THE IMPACT OF THE AGRICULTURAL PRODUCTIVE SERVICE INDUSTRY ON THE INCOME GAP BETWEEN URBAN AND RURAL RESIDENTS: EVIDENCE FROM 276 CHINESE PREFECTURE-LEVEL CITIES pp. 1393-1416

Rong Du, Jun Qiao and You-Shuai Feng

DOES LAND EXPROPRIATION INCREASE HOUSEHOLD CONSUMPTION AND SAVINGS RATE? EVIDENCE FROM RURAL CHINA pp. 1417-1440

Xuecun Zhao and Feng Hu

URBAN LIVEABILITY AND CEO TURNOVER: EVIDENCE FROM CHINESE FIRMS pp. 1441-1463

Sajid Anwar, Beibei Hu, Liping Li and Kai Wang

Volume 70, issue 04, 2025

INTRODUCTION TO THE SPECIAL ISSUE ON ARTIFICIAL INTELLIGENCE (AI) AND ECONOMICS pp. 899-900

Wolfgang Karl Hã„rdle

FINANCIAL RISK METER FOR CRYPTOCURRENCIES AND TAIL RISK NETWORK-BASED PORTFOLIO CONSTRUCTION pp. 901-927

Rui Ren, Michael Althof and Wolfgang Karl Hã„rdle

FORECASTING FOREIGN EXCHANGE RESERVES USING BAYESIAN MODEL AVERAGING-NAÃ VE BAYES pp. 929-951

Belã‰n Salas, David Alaminos, Manuel A. Fernã Ndez-Gã Mez and à Ngela Callejã“n

MULTIPLES AND STOCK PRICE, NEW APPROACH FOR RELATIVE VALUATION THROUGH NEURAL NETWORK pp. 953-971

Saira Yamin and Saqib Gulzar

RESEARCH ON THE APPLICATION OF ARTIFICIAL INTELLIGENCE IN FUND MANAGER IDENTIFICATION pp. 973-1007

Yuping Song, Zhenwei Li, Jing Han and Xiaochen Wang

CUSTOMER PREDICTIVE ANALYTICS USING ARTIFICIAL INTELLIGENCE pp. 1009-1020

Siti Zulaikha, Hazik Mohamed, Masmira Kurniawati, Sulistya Rusgianto and Sylva Alif Rusmita

DIGESTING THREE-FACTOR MODEL pp. 1021-1050

Weige Huang

APPLYING BLOCKCHAIN TECHNOLOGY TO RESHAPE THE SERVICE MODELS OF SUPPLY CHAIN FINANCE FOR SMES IN CHINA pp. 1051-1068

Jingjing Chen, Shiyi Chen, Qingfu Liu and Mi Shen

DEEP NEURAL NETWORKS METHODS FOR ESTIMATING MARKET MICROSTRUCTURE AND SPECULATIVE ATTACKS MODELS: THE CASE OF GOVERNMENT BOND MARKET pp. 1069-1104

David Alaminos, Marã A Belã‰n Salas and Manuel A. Fernã Ndez-Gã Mez

DOES DIGITAL INCLUSIVE FINANCE PROMOTE ENTREPRENEURSHIP? EVIDENCE FROM CHINESE CITIES pp. 1105-1128

Yuqiang Gao, Yuchen Lu and Junrong Wang

DOES EXTERNAL FINTECH COLLABORATION IMPROVE THE PROFITABILITY OF COMMERCIAL BANKS? — MICRO-EVIDENCE FROM CHINA’S LISTED COMMERCIAL BANKS pp. 1129-1154

Chuyu Jiang, Yixiang Zhang and Jianming Zhu

Volume 70, issue 03, 2025

DIFFERENT MOMENTS CREATE DIFFERENT SPILLOVERS: A STUDY OF COMMODITY MARKETS pp. 537-558

Xie He and Shigeyuki Hamori

BEHAVIORAL HETEROGENEITY IN THE JAPANESE AND US STOCK MARKETS pp. 559-584

Sook-Rei Tan, Changtai Li and Wai-Mun Chia

PUBLICITY, FACILITIES DIVERSITY AND WILLINGNESS TO PAY FOR HOUSEHOLD WASTE SORTING: NEW EVIDENCE FROM HETEROGENEITY REGRESSION pp. 585-615

Xingle Long and Qinglin Wang

CORPORATE VENTURE CAPITAL DIVERSIFICATION, PARENT COMPANY VALUE SPILLOVERS AND VALUE CREATION OF START-UPS pp. 617-645

Lei Wang, Ye Yang and Yunbi An

ECONOMIC POLICY UNCERTAINTY AND THE BITCOIN MARKET: AN INVESTIGATION IN THE COVID-19 PANDEMIC WITH TRANSFER ENTROPY pp. 647-673

Toan Luu Duc Huynh, Mei Wang and Vinh Xuan Vo

EVALUATING THE IMPACT OF SANITARY AND PHYTOSANITARY MEASURES ON AGRICULTURAL TRADE: EVIDENCE FROM THAI FRUIT EXPORTS TO CHINA pp. 675-693

Sasiwooth Wongmonta

PEER EFFECTS AND FERTILITY PREFERENCES IN CHINA: EVIDENCE FROM THE CHINA LABOR-FORCE DYNAMICS SURVEY pp. 695-723

Peng Nie, Lu Wang and Alfonso Sousa-Poza

GLOBALIZATION, TECHNOLOGY DISCREPANCY AND SPECIALIZATION pp. 725-737

Shang-Fen Wu and Cheng-Te Lee

THE EFFECT OF INDUSTRIAL REVITALIZATION IN DEVELOPED COUNTRIES ON INDUSTRIAL EXPORTS OF CHINA pp. 739-759

Sizhuo Chen

NEXUS BETWEEN FINANCIAL INNOVATION AND BANKRUPTCY: EVIDENCE FROM INFORMATION, COMMUNICATION AND TECHNOLOGY (ICT) SECTOR pp. 761-782

Fengsheng Chien, Abdurrahman Adamu Pantamee, Muhammed Sajjad Hussain, Supat Chupradit, Muhammad Atif Nawaz and Muhammad Mohsin

DOES PERSISTENT COST INEFFICIENCY EXIST? A MUNICIPAL-LEVEL ANALYSIS OF EXPENDITURE IN VICTORIAN LOCAL GOVERNMENT pp. 783-804

Carolyn-Thi Thanh Dung Tran and Brian Dollery

THE EFFECTS OF NEWLY INTRODUCED COUNTRY-BY-COUNTRY REPORTING ON AGGRESSIVE TAX AVOIDANCE: EVIDENCE FROM EUROPEAN BANKS pp. 805-827

Svetlana Sabljiä†, Barbara Mã–rec and Vladimir Vasiä†

TOURISM DEMAND AND ECONOMIC GROWTH IN VIETNAM: FRESH INSIGHTS BASED ON THE PARTIAL AND MULTIVARIATE WAVELET APPROACHES pp. 829-850

Ngo Thai Hung and Ha Minh Hieu

UNLICENSED MONEYLENDING MARKETS: RELATIONAL CONTRACTING BETWEEN BORROWERS AND GUARANTORS pp. 851-874

Kaiwen Leong, Dan Li, Huailu Li and Haibo Xu

GLOBAL CONNECTEDNESS AND NETWORKS OF AGRICULTURAL PRODUCTION pp. 875-897

Turker Acikgoz

Volume 70, issue 02, 2025

FINANCIAL AVAILABILITY, INCOME GAP AND HOUSEHOLD CONSUMPTION RATE IN TRANSITIONAL CHINA: A THEORETICAL APPROACH AND EMPIRICAL TEST pp. 303-323

Nianzhi Guo, Hai-Tao Tsao and Di Zhao

ECONOMIC POLICY UNCERTAINTY AND FOREIGN HOLDINGS OF US TREASURIES: THE GLOBAL EVIDENCE pp. 325-342

Shan Wu, Yuqin Zhou, Zhenhua Liu and Mu Tong

U.S. TRADE POLICY UNCERTAINTY AND EXPECTED STOCK RETURNS OF CHINESE LISTED COMPANIES pp. 343-366

Yuexiang Jiang, Yiming Dai, Huaigang Long and Yanjian Zhu

STACKELBERG GAME, VERTICAL RELATIONS AND R&D INVESTMENTS: ARE THERE FIRST-MOVER ADVANTAGES? pp. 367-378

Apostolis Pavlou

ENHANCING THE COMPETITIVENESS OF BUSINESS AND MANAGEMENT CONSULTING FIRMS THROUGH THE APPLICATION OF BIG DATA AND ANALYTICS pp. 379-407

Babajide Oyewo and Dang Khoa Tran

NORTH–SOUTH ASYMMETRY IN TARIFF BARGAINING: A BLESSING FOR THE URBAN UNEMPLOYMENT? pp. 409-428

Chen Fang, Shu-Fen Lin and Cheng-Te Lee

LEVEL AND VOLATILITY SPILLOVERS OF ONSHORE AND OFFSHORE RMB EXCHANGE RATE IN GLOBAL AND REGIONAL MARKETS pp. 429-454

Minghua Zhan, Qian Zhou, Yueli Xu and Zhouheng Wu

THE RELATIONSHIPS BETWEEN FOREIGN DIRECT INVESTMENT, STATE-OWNED INVESTMENT, PRIVATE INVESTMENT, IMPORT, EXPORT AND ECONOMIC GROWTH IN VIETNAM pp. 455-485

Do Duc Anh, Yinghua Song and Moxiao Li

DYNAMIC VOLATILITY SPILLOVERS BETWEEN CURRENCIES OF ASEAN MEMBER COUNTRIES AND CHINA: EVIDENCE FROM TVP-VAR APPROACH pp. 487-511

Min Liu, Hong-Fei Liu and Shuai Liu

IMPACT OF VOCATIONAL EDUCATION ON ECONOMIC GROWTH: AN ANALYSIS OF THE INDIAN ECONOMY pp. 513-535

Indrajit Bairagya and Sachin Thomas

Volume 70, issue 01, 2025

EDITOR’S NOTE: 70TH ANNIVERSARY OF THE SINGAPORE ECONOMIC REVIEW pp. 1-2

Euston Quah

TIME-VARYING FREQUENCY CONNECTEDNESS ANALYSIS ACROSS CRUDE OIL, GEOPOLITICAL RISK, ECONOMIC POLICY UNCERTAINTY AND STOCK MARKETS pp. 3-71

Jin Shang and Shigeyuki Hamori

ASSESSING IMPACTS OF ENERGY TRANSITION ON ENERGY SECURITY OF CHINA: STRATEGIES AND CHALLENGES pp. 73-102

Yuwei Yin and Jasmine Siu Lee Lam

THE HETEROGENEOUS INFLUENCE OF EXPORT RELATEDNESS AND IMPORT RELATEDNESS ON COMPLEX PRODUCT DIVERSIFICATION pp. 103-124

Xiaoyi Ding, Ke Ren, Hongyi Li and Tianle Yang

THRESHOLD EFFECTS OF TRADE OPENNESS ON FINANCIAL DEVELOPMENT: THE CASE OF THE ASEAN REGION pp. 125-155

Hyun-Jung Nam, Mehmet Bilgin and Doojin Ryu

MEASURING FINANCIAL MARKET RISK CONTAGION BETWEEN CHINESE AND OTHER ONE BELT ONE ROAD COUNTRIES’ STOCK MARKETS pp. 157-179

Haifeng Xu, Jiawen Zhang and Zhen Chen

MONETARY POLICY AND WEALTH INEQUALITY: EVIDENCE FROM CHINA pp. 181-209

Ruihui Xu, Kuanju Lai and Yang Zhang

AN EXPLORATION OF THE RELATIONSHIP BETWEEN THE QUALITY OF PUBLIC GOVERNANCE AND INCOME INEQUALITY: A CASE STUDY OF VIETNAM pp. 211-225

Phuc van Phan

THRESHOLD EFFECTS OF POPULATION AGING ON ECONOMIC GROWTH: A CROSS-COUNTRY ANALYSIS pp. 227-249

Hail Park and Jong Chil Son

SON PREFERENCE, FAMILY CONTROL AND FAMILY MEMBER SELECTION BIAS: EVIDENCE FROM CHINESE LISTED FAMILY FIRMS pp. 251-279

Xiaodong Yu, Shize Sun, Xiaoyuan Liu and Xirong Cheng

SINGAPORE: A SOCIAL DEMOCRACY FOR THE 21ST CENTURY? pp. 281-302

Jacob Hjortsberg