Kazunobu Hayakawa (Institute of Developing Economies), Hiroshi Mukunoki (Gakushuin University), Chi-hai Yang (National Central University)
"Liberalization for Services FDI and Export Quality: Evidence from China"
Journal of The Japanese and International Economies
Ronaldo Carpio (University of International Business and Economics), Takashi Kamihigashi (Kobe University)
"Fast Value Iteration: An Application of Legendre-Fenchel Duality to a Class of Deterministic Dynamic Programming Problems in Discrete Time"
Journal of The Japanese and International Economies
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We propose an algorithm, which we call "Fast Value Iteration"(FVI), to compute the value function of a deterministic infinite-horizon dynamic programming problem in discrete time. FVI is an efficient algorithm applicable to a class of multidimensional dynamic programming problems with concave return (or convex cost) functions and linear constraints. In this algorithm, a sequence of functions is generated starting from the zero function by repeatedly applying a simple algebraic rule involving the Legendre-Fenchel transform of the return function. The resulting sequence is guaranteed to converge, and the Legendre-Fenchel transform of the limiting function coincides with the value function.
This paper examines the theoretically ambiguous relationship betweenthe volatility of employment growth and the foreign exposure of firms.We employ unique Japanese firm-level data over the period 1994-2012.This allows us to investigate any differences in this relationshipacross multinational firms and trading and nontrading firms,manufacturing and wholesale trade, and intrafirm and interfirm trade.One major finding is that in manufacturing, employment volatilityincreases as the share of intrafirm exports to total sales increases.In contrast, in wholesale trade, employment volatility declines as theshare of intrafirm imports to total imports increases. One possibleinterpretation of these results is that the transmission of foreignsupply and demand shocks could be through not only manufacturing, butalso wholesale trade firms. Further, a higher share of intrafirm tradecould magnify foreign demand shocks in manufacturing, and couldmitigate foreign supply shocks in wholesale trade.
The notion of tradable allowance schemes for biodiversity conservation (conservation banking) has been drawing attention and the number of such schemes has been increasing over the past few decades. An increase in the number of schemes increases the need for institutional designs that incorporate inter-regional or inter-scheme trading; however, this may be difficult because of the heterogeneity of biodiversity and the variation in evaluation methodologies. Focusing on the role of environmental traders as mediators, this study considers inter-scheme or inter-regional transactions of credits experimentally and explores the possibility that mediators simultaneously encourage efficiency and conservation. Experimental results suggest that environmental traders behave as theoretically predicted and enhance efficiency by exporting credits from areas with a higher environmental biodiversity value to those with a lower value. Our results highlight the importance of institutional frameworks in allowing market mechanisms to work effectively under conservation banking schemes.
We examine whether regional trade agreements (RTAs) enhance international technology spillovers using a panel of patent citation data for 114 countries/regions for the period 1990-2007. We use patent citations as a proxy for technology spillovers. The focus of this study is on whether the depth of regional integration matters for technology spillovers among member countries/regions of RTAs. The depth of integration is measured by the extent to which an RTA includes legal obligations outside the current mandate of the World Trade Organization. We find that the depth of integration actually influences technology spillovers and that a deeper integration in a broad sense has a greater impact on technology spillovers than do technology-related provisions.
Using a horizontally differentiated three-firm model, we consider horizontalmergers and antitrust policy in a network products market, where network externalities and compatibilities between products and services areobserved. In particular, we focus on the role of merger-related networkcompatibility. That is, if the degree of the net degree ofmerger-related network compatibility is larger than the degree ofproduct substitutability, consumer surplus is higher than in thepremerger case. In this case, the proposed merger is allowed byantitrust authorities based on a consumer welfare standard. Furthermore, relating to a merger externality on an outsider, we examine theAmerican Online and Time Warner case.
We present a third-market model with a vertical trading structure, in which upstream input suppliers engage in homogeneous price competition. We show that, under downstream Bertrand competition, a non-monotonic export policy may result. Specifically, the optimal policy of the exporting country can turn into a tax--subsidy--tax as the degree of product substitutability rises. We also confirm the conventional result for which the optimal policy is an export subsidy (tax) if there is Cournot (Bertrand) competition downstream, provided that the number of domestic suppliers is at an intermediate level. We further discuss bilateral policy interventions when both exporting countries offer a subsidy/tax to their domestic downstream firms. We show that a non-monotonic export policy (tax--subsidy--tax) can arise even in this extended setting.
This study develops a monetary Schumpeterian growth model with heterogeneous households and heterogeneous firms to explore the effects of inflation on innovation and income inequality. Household heterogeneity arises from an unequal distribution of wealth. Firm heterogeneity arises from random quality improvements. Under endogenous firm entry, inflation has an inverted-U effect on economic growth and income inequality. Calibrating the model for a quantitative analysis, we find that the model can match the growth-maximizing and inequality-maximizing inflation rates that are estimated using cross-country panel data. Finally, we simulate the utility-maximizing inflation rate and explore how it is affected by relative household wealth.
Kozo Kiyota (Keio University, University of Hawaii, and RIETI), Toshiyuki Matsuura (Keio University) and Lionel Nesta (Universite Cote d'Azur, CNRS, Gredeg, OFCE SciencesPoand SKEMA Business School)
"What's Behind the Figures? Quantifying the Cross-Country Exporter Productivity Gap"
Economic Inquiry
Hit by the global financial crisis and a great earthquake followed by a tsunami, Japan's trade balance has turned to deficit, ending its 26 years of trade surplus. However, it is puzzling that Japan's trade balance has remained long in deficit even during the sharp depreciation of the Japanese yen beginning at the end of 2012. As a contribution of this study, we provide consistently constructed indices for price and quantity, decomposed at the country and industry level for Japanese exports and imports between 1988 and 2014. Income elasticity, price elasticity, and pass-through elasticity are estimated at the country and industry disaggregated levels. The estimated results support that Japanese trade experienced a structural change both in income and exchange rate pass-through elasticity. After the crisis, Japanese exports became more unresponsive to exchange rate fluctuations, whereas Japanese import prices rose more proportionately with the depreciation of the Japanese yen, and income elasticity of imports rose sharply. The difference in income elasticity between Japan and the rest of world is reminiscent of the Houthakker-Magee effect and suggests that the trade balance of Japan is likely to deteriorate. The decomposition of Japanese trade revealed that almost every element shifted, resulting in the deterioration of the external balance.
Safety standards, including food safety laws, provide necessary infrastructure to improve market quality. The present study investigates the impact of the revised Chinese Food Safety Law on the quality of China's food market. Using an event study approach, we empirically analyse the impact of nine official news events relating to the new Food Safety Law on the stock prices of companies engaged in food-related businesses. The study demonstrates that three news events have a statistically significant and robust impact, and that all the events have a negative influence on the prices. The results show the possibility of a drop in market quality in the short term in the process of improving quality. 152ee80cbc
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