Showing papers in "Japan and the World Economy in 2012"

TL;DR: In this paper, the authors used a growth accounting framework to find that developing Asia grew rapidly over the past three decades mainly due to robust growth in capital accumulation, and they also made long-run growth projections for developing Asia by combining the growth accounting with growth regression approach.

TL;DR: In this article, the authors present data on trends over time in domestic saving rates in twelve economies in Developing Asia during the 1966-2007 period and analyze the determinants of these trends.

TL;DR: In this paper, the authors investigated the effect of real exchange rate on the trade balance between China and its trading partners over the 2005-2009 period using a panel dataset and found that a real appreciation of RMB has no overall long-run impact on China's trade balance.

TL;DR: This paper investigated the welfare implications of financial integration in emerging Asian economies, such as the People's Republic of China (PRC) and the largest four Association of Southeast Asian Nations (ASEAN) countries.

TL;DR: In this article, the authors make use of the standard gravity model of international trade and show that intra-regional trade of developing Asian economies would increase at an annual rate of 8.2 percent during the next three decades, with a notable convergence of individual countries' rates to the regional average.

TL;DR: In this paper, the authors examined the importance of TFP growth in the long-term past and future economic growth of 12 Asian economies, and analyzed the pattern of past growth based on a calculation of TDP growth.

TL;DR: This paper examined empirically the effect of market competition on firm productivity improvements using data drawn from the Japanese manufacturing sector and found that a non-linear relationship between competition and productivity growth induced by R&D activity as suggested by Aghion et al. (2005) holds for Japanese manufacturing firms.

TL;DR: Using survey data from six Asian-Pacific countries, the authors report that professional forecasters apply the wage Phillips curve, the price Phillips curve and Okun's law when forecasting macroeconomic variables This result is robust when using time-varying coefficients, different forecast horizons and when taking business-cycle asymmetries into account.

TL;DR: In this paper, the authors estimate a gravity model of the determinants of service trade and show that the remaining influence of distance is negligible, after controlling for all non-transport trade costs, including information barriers and multilateral resistance terms.

TL;DR: This article investigated how exchange rates affect Japanese exports and found that an appreciation in the importing country that decreases exports can decrease its imported inputs from Japan, which is difficult because many of Japan's exports are used to produce goods for re-export.

TL;DR: In this paper, the impacts of US monetary shocks on East Asian domestic interest rates and exchange rates were analyzed using structural vector-autoregression (VAR) model, and the authors found that the domestic interest rate does not respond much in countries with fixed exchange rate regimes and capital account restrictions, such as China and Malaysia.

TL;DR: In this article, the authors forecast that Asia's average years of schooling are forecast to increase to 7.6 years by 2030, from 7.0, significantly slower than the increase of 4.1 years from 1970 to 2010.

TL;DR: In this paper, the authors established a firm understanding of the structure and determinants of bilateral portfolio investment among APEC economies and showed that APEC membership has a significantly positive relationship with financial transactions among members.

TL;DR: In this article, a significant decline in household income growth in the late 1990s and early 2000s plays a major role in creating the sharp saving rate decline in the same period.

TL;DR: In this paper, the authors examined the implications of carry trade for stock markets in a few selected target currency countries and found that three alternative proxies for carry trade activity (currency-specific profit measure, currency-specific futures position variable, and the Deutsche Bank G10 Currency Futures Harvest Index) display various degrees of influences on stock returns in Australia, Canada, Britain, Mexico and New Zealand.

TL;DR: This paper applied the Tobit-GARCH model to investigate the intervention function of the Bank of Japan (BoJ) in the JPY/USD exchange market and found that the intervention behavior of the BoJ is affected more by its half-year longterm target than its previous-day short-term target.

TL;DR: In this article, the authors apply a simple and powerful nonlinear unit root test, proposed by Sollis (2009), to test the validity of long-run purchasing power parity (PPP) in a sample of ASEAN countries.

TL;DR: This article examined the effect of realized exchange rate returns on the volatility spill-over between the euro-US dollar and US dollar-yen currency pairs across the five trading regions: Asia, Asia-Europe overlap, Europe, Europe-America overlap and America.

TL;DR: In this article, the authors measure to what extent the real effective exchange rate of the Korean won is misaligned from its equilibrium value by estimating the equilibrium value using the behavioral equilibrium exchange rate approach.

TL;DR: In this article, the authors set out a political economy model of strategic exchange rates, focusing on the importance of external pressures and showed that an exchange rate depreciation is analytically equivalent to an export subsidy and an import tax, thus lobbying for exchange rate policy is akin to lobbying for trade policies.

TL;DR: In this article, the authors established a duopoly model, which considers consumers' preference exhibits the horizontal differentiation and vertical differentiation simultaneously, to investigate how counterfeiting affects firms' market power and consumer's purchasing behavior.

TL;DR: In this paper, the effect of the frequency and size of intervention on the level and volatility of the Yen/Dollar exchange rate was investigated. And the authors found that successful depreciation of the yen has always been achieved at the expense of higher volatility, a result that supports the conflicting outcomes of the Japanese FXI.

TL;DR: In this paper, the authors investigated the sources of fast capital accumulation in East Asia and made projections for the future and found that an economy with a low level of capital stock per capita tends to experience faster accumulation subsequently.

TL;DR: Using high-frequency data on the Euro, Yen and Swiss franc, this article examined whether the permanent component of one currency's variance explains the variances of the other currencies as well.

TL;DR: In this paper, a panel data stationarity test that incorporates multiple structural breaks was employed to investigate whether property-casualty insurance (PCI) premiums per capita among 40 countries are mean-reverting or not.

TL;DR: This paper investigated the determinants of past changes in the labor force of 12 emerging Asian countries, and attempt to make projections of the labor forces in those countries for the period 2010-2030.

TL;DR: In this paper, two structural vector-auto-regression (SVAR) approaches are used to evaluate the relative importance of news shocks among candidate shocks, estimating a structural vector error-correction model.

TL;DR: In this article, the presence of the Japanese government as a large stable investor of JGBs exerted a stabilizing influence on private JGB traders and thus rendered the risk premium for sovereign default negligible.

TL;DR: In this paper, the authors find that a country's affinity with a foreign country has a positive effect on foreign direct investment flows from it to that country, and that a rise in affinity among countries is likely to facilitate international economic integration.

TL;DR: In this article, the authors examined whether the globalization of home-located tradable goods firms provides a benefit to the home country from the perspective of welfare and showed that such an increase of productivity not only induces enterprise relocation, but also improves the welfare of the home countries.