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JournalISSN: 1361-374X

Pacific Economic Review 

Wiley-Blackwell
About: Pacific Economic Review is an academic journal published by Wiley-Blackwell. The journal publishes majorly in the area(s): Exchange rate & Productivity. It has an ISSN identifier of 1361-374X. Over the lifetime, 846 publications have been published receiving 13238 citations.


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Journal ArticleDOI
TL;DR: In this paper, a new technique for measuring productivity growth was introduced, based on a version of Luenberger's shortage function which generalizes Shephard's input and output distance functions.
Abstract: . This paper introduces a new technique for measuring productivity growth and applies it to a sample of APEC countries. The technique is based on a version of Luenberger's shortage function which generalizes Shephard's input and output distance functions.

308 citations

Journal ArticleDOI
TL;DR: In this article, the empirical determinants of China's outward direct investment (ODI) are investigated and it is found that China's investments in developed and developing countries are driven by different sets of factors.
Abstract: . We investigate the empirical determinants of China's outward direct investment (ODI). It is found that China's investments in developed and developing countries are driven by different sets of factors. Subject to the differences between developed and developing countries, there is evidence that: (i) both market-seeking and resource-seeking motives drive China's ODI; (ii) Chinese exports to developing countries induce China's ODI; (iii) China's international reserves promote its ODI; and (iv) Chinese capital tends to agglomerate among developed economies but diversify among developing economies. Similar results are obtained using alternative ODI data. We do not find substantial evidence that China invests in African and oil-producing countries mainly for their natural resources.

294 citations

Journal ArticleDOI
TL;DR: In this paper, the causes of the 2008 financial crisis together with its manifestations, using a Multiple Indicator Multiple Cause (MIMIC) model, are investigated using a cross-section of 85 countries.
Abstract: This paper models the causes of the 2008 financial crisis together with its manifestations, using a Multiple Indicator Multiple Cause (MIMIC) model. Our analysis is conducted on a cross-section of 85 countries; we focus on international linkages that may have allowed the crisis to spread across countries. Our model of the cross-country incidence of the crisis combines 2008 changes in real GDP, the stock market, country credit ratings, and the exchange rate. We explore the linkages between these manifestations of the crisis and a number of its possible causes from 2006 and earlier. The causes we consider are both national (such as equity market run-ups that preceded the crisis) and, critically, international financial and real linkages between countries and the epicenter of the crisis. We consider the United States to be the most natural origin of the 2008 crisis, though we also consider six alternative sources of the crisis. A country holding American securities that deteriorate in value is exposed to an American crisis through a financial channel. Similarly, a country which exports to the United States is exposed to an American downturn through a real channel. Despite the fact that we use a wide number of possible causes in a flexible statistical framework, we are unable to find strong evidence that international linkages can be clearly associated with the incidence of the crisis. In particular, countries heavily exposed to either American assets or trade seem to behave little differently than other countries; if anything, countries seem to have benefited slightly from American exposure.

247 citations

Journal ArticleDOI
TL;DR: This paper used a census-based gravity model of interprovin- cial and international migration and found that interprovincial migration among the Anglophone provinces almost 100 times as dense as that from US states to Canadian provinces, with some evidence of a downward trend since the post-FTA growth in trade between Canada and the USA.
Abstract: The paper conurms a strikingly large effect of national borders on trade patterns. Estimates comparing trade among Canadian provinces with that between Canadian provinces and US states show interprovincial trade in 1988o90 to have been more than 20 times as dense as that between provinces and states, with some evidence of a downward trend since, owing to the post›FTA growth in trade between Canada and the USA. Using approximate data for the volumes and distances of internal trade in OECD countries, the 1988o92 border effect for unrelated OECD countries is estimated to exceed 12. Estimates from a census-based gravity model of interprovin- cial and international migration show a much higher border effect for migration than for trade, with interprovincial migration among the Anglophone provinces almost 100 times as dense as that from US states to Canadian provinces.

243 citations

Journal ArticleDOI
TL;DR: This paper used Chinese micro data to estimate the return to college education for late 20th century China when allowing for heterogeneous returns among individuals selecting into schooling based on these differences, and demonstrated that heterogeneity among people in returns to schooling is substantial.
Abstract: This paper uses newly available Chinese micro data to estimate the return to college education for late 20th century China when allowing for heterogeneous returns among individuals selecting into schooling based on these differences. We use recently developed semiparametric methods to identify the parameters of interest. We demonstrate that heterogeneity among people in returns to schooling is substantial. People sort into schooling on the basis of the principle of comparative advantage, which we document to be an empirically important phenomenon in modern Chinese labor markets. Standard least squares or instrumental variable methods do not properly account for this sorting. Using new methods that do, we estimate the effect on earnings of sending a randomly selected person to college is a 43% increase in lifetime earnings (nearly 11% annually) in 2000 for young people in urban areas of six provinces of China. The effect of college on those who go is 13%. Our evidence, and simple least squares evidence, suggests that after 20-plus years of economic reform with market orientation, the return to education has increased substantially in China, compared to the returns measured in the 1980’s and the early 1990’s. Keywords: Education, Returns to Education JEL Code: C31

212 citations

Performance
Metrics
No. of papers from the Journal in previous years
YearPapers
202316
202231
202141
202030
201932
201834