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Japanese Yen and East-Asian Currencies : Before and After the Asian Financial Crisis
Get PDFThe purpose of this paper is to investigate whether the impact of the Japanese yen on the values of East Asian currencies has increased since the 1997 East Asian financial crisis. In particular, this paper focuses on four crisis-affected countries: Indonesia, the Republic of Korea, the Philippines and Thailand. To this end, this paper estimates the weights of the Japanese yen in the determination of the values of the East Asian currencies using daily exchange rate data sets covering the pre-crisis period from January 1990 to June 1997 and the post-crisis period from January 1999 to December 2000. Empirical test results indicate that the impact of the Japanese yen on East Asian currencies has increased since the 1997 financial crisis. The null hypothesis that the weight of the Japanese yen remains the same is rejected for all the four countries examined supporting the alternative that it has increased since the financial crisis.departmental bulletin pape
Decomposing Regional Income Inequality using Two-Stage Nested Theil Decomposition Method
Get PDFThe objective of this paper is to present an inequality decomposition method, the two-stage nested Theil decomposition method, which is an extension of the ordinary one-stage Theil decomposition method. The method is analogous to a two-stage nested design in the analysis of variance (ANOVA). It considers the three-level hierarchical structure of a country: region-province-district, and decomposes the overall regional inequality, as measured by Theil indices based on district-level mean incomes, into three components: the between-region, between-province, and within-province inequality components. The within-province component is a weighted-average of within-province income inequalities for each province, while the between-province component is a weighted-average of between-province income inequalities within each region. The method uses districts as a basic regional unit to measure regional income inequality, rather than provinces, and thus can analyze the contribution of within-province inequalities as well as between-province and between-region inequalities to the overall regional income inequality in a coherent framework. This paper applies this two-stage nested Theil decomposition method to district-level income and population data in China and Indonesia and explores the factors of regional income inequality in China and Indonesia.departmental bulletin pape
Alfred Schutz and Citizenship: Rethinking Citizenship in a Multinational State
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Strategic Environmental Policy and Environmental Tariffs
Get PDFThis paper uses a three-stage game to analyze how environmental tariffs affect the strategic behavior of a foreign country in designing its environmental policy. The theoretical framework is based on an international duopoly model with detrimental externality in production and asymmetric environmental policies between the two countries. It is shown that the welfare effect of the foreign country's strategic environmental policy on the home country is ambiguous. In the case that the home country would be worse off because of the lenient environmental policy of the foreign country, there exists an optimal environmental tariff. If the home country imposes the optimal tariff on the pollutionintensive imports of the foreign country, any deviation from the first best environmental policy by the foreign country would make the home country better off. In addition, the implementation of the environmental tariff would mitigate the motivation of the foreign country to pursue strategic environmental policy, and drive the lenient environmental standard toward the efficient level. The theoretical results imply that in an open economy with non-harmonized environmental standards imposing a well defined environmental tariff on imports from the lax regulation countries would correct the adverse welfare effect, and more importantly induce the upward harmonization of environmental policy across countries.departmental bulletin pape
An Extended Growth-Factor Decomposition Analysis based on Three-Region Interregional I-O Tables : The Case of Kyushu Region
Get PDFThis paper applies the extended growth-factor decomposition method, which was developed by Akita (1999), to a three-region interregional I-O system consisting of the Kyushu region, the Kanto region, and all other regions in Japan to analyze the effects of regional characteristics and government policies on the growth patterns of the Kyushu region from 1965 to 1990. The Kyushu region, accounting for about 10 percent of the national economy, is regarded as an interesting case in regional economic development in Japan since its economy experienced a drastic structural change corresponding to changes in economic environment and government policies. The use of the three-region I-O system including the Kanto region also allows for an examination of the role of the Kanto region, which generates more than 40 percent of total gross domestic product and has exerted significant effects upon the rest of the nation, in the growth of Japan's regional economies. The extended growth-factor decomposition analysis based on the three-region interregional I-O system thus provides a better picture of the roles of interregional industrial linkages in the growth of Japan's regional economies. This paper analyzes changes in the pattern of regional economic growth over the period 1965-1990.departmental bulletin pape
The Sources of Industrial Growth in Indonesia, 1985-1995 : An Input-Output Analysis
Get PDFThis paper analyzes structural changes and the sources of industrial growth in Indonesia between 1985 and 1995 by using the 1985, 90, and 95 input-output tables. It also investigates the changes in the pattern of industrial growth over the 25-year period from 1971-95. In the past three decades, Indonesia appears to have achieved a successful transition from an inward-looking, government-led industrialization financed by oil exports to an outward-looking, market-oriented industrialization based on non-oil exports, in which the turning period was during the 1980-85 period. During 1985-95, the expansion of household consumption remained the main source of output growth as it accounted for about one-half of total output growth; in contrast, the contribution of government consumption was reduced to a negligible level, signifying the declining role of the government sector in output growth. The expansion of exports was also a key factor in output growth in addition to the rise in export-oriented investments. It is noteworthy that export expansion was made, to a large extent, by non-oil exports, rather than oil exports.departmental bulletin pape
