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For a number of years, the central banks of the major advanced economies have pursued historically unprecedented ultra-low interest rate policies and negative interest rate policies. Facing the zero lower bound problem, they have also implemented various asset purchase programs, known as “quantitative easing,” with the aim of reducing long-term interest rates. There has been growing evidence that advanced countries’ unconventional monetary policies (UMPs) have caused significant spillovers to the financial markets of emerging market economies (EMEs). Read more.
As economies in East Asia and the Pacific (EAP) have developed, they have also become important in international financial transactions, both as sources and destinations of cross-border bank lending, foreign direct investment (FDI), and portfolio investments. But, as we document in a new paper (Didier, Llovet, and Schmukler 2017), the composition of these financial connections has been changing in recent years on at least two fronts: (i) the partners with which EAP countries interact, and (ii) the type of financial transactions conducted. Read more.
By Alisa DiCaprio. Posted May 11, 2017
Electronic documentation in trade has made impressive recent gains in Asia and the Pacific. Up to 38% of banks in the region report progress in digitizing their operations in 2015, and more than a third of countries had partially or fully implemented electronic customs systems by the end of last year. Read more.
By Han Phoumin. Posted May 3, 2017
Some 134 million people in the Association of Southeast Asian Nations (ASEAN) region do not have access to electricity (IEA and ERIA, 2013). At the end of 2015, the ASEAN Community declared that the lack of power and energy access could threaten the region’s economic growth and its economic transition. Read more.
By Wankyo Chung. Posted April 26, 2017
Obesity is a state of excessive body fat accumulation and is difficult to measure. Body mass index (BMI)—defined as weight in kilograms divided by the square of height in meters—has been used traditionally for its simplicity and the availability of data. Although shortcomings of using BMI have been acknowledged, its correlation with body fat percentage and its sensitivity in diagnosing obesity based on the body fat percentage have been verified for Korean people (Chung et al. 2016). Read more.
By Yizhe Daniel Xie. Posted April 19, 2017
The rise of Donald Trump has reignited the debate on the link between exchange rates and trade. The Trump administration has blamed the exchange rate policies of the People’s Republic of China (PRC), Japan, and Germany for the current account deficit in the United States (US), and the president’s Twitter posts have put many major currencies on a roller coaster ride. Now, policy makers around the globe are concerned about the negative impact of exchange rate volatility on world trade. Read more.
By Eva Paus. Posted April 13, 2017
The “middle income trap” captures the situation where a middle income country can no longer compete internationally in standardized, labor-intensive commodities because wages are relatively too high, and it can also not compete in higher value added activities on a broad enough scale because productivity is relatively too low. The result is slow growth, stagnant or falling wages, and a growing informal economy. Read more.
The Fukushima Daiichi nuclear disaster was an energy accident at the Fukushima No. 1 Nuclear Power Plant in Fukushima, Japan, initiated primarily by the tsunami that followed the Tohoku earthquake on 11 March 2011 and led to a nuclear shutdown in the country. Japan substituted the loss of nuclear power with fossil fuels, such as oil, gas, and coal, and became more dependent on their imports and consumption. Read more.
The Bank of Japan (BOJ) announced in September last year that it would be switching the focus of its quantitative easing program from monetary base targeting to controlling the shape of the yield curve (Bank of Japan, 2016). A brief comparison of the two frameworks is as follows. The previous monetary easing framework, Quantitative and Qualitative Monetary Easing (QQE) with a Negative Interest Rate, set out three policy dimensions: quantity, quality, and interest rates. Read more.
Japan and the United States (US) are at similar levels of economic development, yet their income distributions are considerably different. Whereas Japan has a relatively equal income distribution, the US is marked by a high level of income inequality. What are the sources of income inequality in both countries? Our latest research aims to uncover the sources on income inequality in both countries by exploiting detailed household panel survey. Read more.
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