摘要:

The formation of new or geographically expanded regional trading arrangements is one of the dominant trends in the world economy. This paper reviews the changing nature of regional trading arrangements. In the 1980s and 1990s a new generation of arrangements has gone much beyond the removal of border‐trade barriers to the harmonization of non‐border instruments such as national subsidies and commodity taxes, standards, business law regulations and competition policy. They also, in some cases, cover service trade and factor trade. These extensions beyond the scope of traditional customs unions and free trade areas pose new questions about the meaning of regional integration. This paper proposes a new definition of regional integration in terms of price convergence and looks at the extent of regional integration in East A

ISSN:1351-3958    

DOI:10.1111/j.1467-8381.1996.tb00155.x

出版商:Blackwell Publishing Ltd    

年代:1996

数据来源: WILEY

摘要:

Over the past two decades, there has been a decisive shift in trade and industry policy in developing countries (DCs) away from import substitution and towards export‐orientation. As part of this policy shift, an increasing number of DCs have become more receptive to foreign direct investment (FDI). Despite its policy relevance, the literature on the role of FDI in export expansion, employment generation and spillovers in DCs is sparse. This paper attempts to fill this gap through a case study of the role of export‐oriented FDI in Malaysia's rapid industrialization. The overall conclusion of the paper is that export‐oriented FDI has brought significant returns to Malaysia principally because the general economic climate has been favourable for the internationalization of production for a considerable period of

ISSN:1351-3958    

DOI:10.1111/j.1467-8381.1996.tb00156.x

出版商:Blackwell Publishing Ltd    

年代:1996

数据来源: WILEY

摘要:

This study uses a GARCH‐in‐mean model to analyse the impact of Korea's nominal exchange rate volatility on exports and export prices over the current flexible‐rate period. The volatility of Korea's won increases the exchange risk of exporters and leads to changes in export volume and price. This paper provides some evidence that nominal exchange rate volatility has had a statistically significant impact on real exports over the current floating‐rate period. We show that persistence‐in‐variance of exchange rates affects the market for exports in Korea. An important result is that the effect of exchange rate volatility on trade variables is shown to be significant. We find that the GARCH conditional variance has a statistically significant impact on the reduced form equations. The magnitude of the effect is generally stronger for export quantities than prices. This result is contradicts that of Kroner and Lastrapes's analysis. This is explained by the fact that Korean exporters choose the strategy of pricing to maintain market share instead of adjusting export prices to reflect exchange rate changes, even when this cuts pro

ISSN:1351-3958    

DOI:10.1111/j.1467-8381.1996.tb00157.x

出版商:Blackwell Publishing Ltd    

年代:1996

数据来源: WILEY

摘要:

How a fast‐growth country like Taiwan can develop its economy under restrictive energy constraints is an interesting and important research subject. This paper describes the impact of energy pricing policy, such as changes in the prices set by the state for oil or gas, on Taiwan's economy. In order to understand the interrelationships between the energy price shocks and the economy of Taiwan, a computable energy general equilibrium model (EGEM 1.1) is set up to study the problem. In this CGE model, the economy is divided into 13 industrial sectors, 2 primary input sectors, and 4 final demand sectors. There are 16 commodities of interest, 7 of which are major energy commodities. The results in this paper may be useful for providing important recommendations to the government of Taiwan and to other developing countries in Asi

ISSN:1351-3958    

DOI:10.1111/j.1467-8381.1996.tb00158.x

出版商:Blackwell Publishing Ltd    

年代:1996

数据来源: WILEY

摘要:

This study examines the time variations in the Allen‐Uzawa elasticities of substitution (AUES) of Taiwan's aggregate production, emphasizing the demand for imported inputs. A three‐input (L,K,M) and three‐output (C,I,X) translog cost function is set up to estimate the AUES series in 1961–91. A regression model incorporating per capita GNP and spline time variables is used to test the variations in these series. The testing results indicate that while the AUES(L,K) has a negative relation to income level, theAUES(K,M) and AUES(M,L) have positive ones. Structural shifts in these AUES series are detected. The worldwide energy crisis in 1973–74 and industrial policy modification in 1980s are shown to have profound impacts on th

ISSN:1351-3958    

DOI:10.1111/j.1467-8381.1996.tb00159.x

出版商:Blackwell Publishing Ltd    

年代:1996

数据来源: WILEY

摘要:

The decision to establish the ASEAN Free Trade Area (AFTA) by the year 2008 has resulted in producers in all ASEAN countries except Singapore raising concerns relating to potential loss of market share and adjustment pressures. Underlying these concerns is the view that the expected growth in intra‐ASEAN trade will be dominated by inter‐industry or net trade (NT) rather than intra‐industry trade (IIT). If most of the expected growth in trade is intra‐industry, however, then the short‐run resource re‐allocation costs are likely to be lower. In this study, we employ a new methodology to analyse the dynamics of IIT in ASEAN. We overcome problems associated with using movements in the value of the Grubel‐Lloyd (GL) index by deriving a formula that decomposes the growth in trade into the contributions of growth in IIT and NT. Our results suggest that the role of IIT in trade growth has been increasing in importance, and thus much of the recent concern that threatens the viability of AFTA may

ISSN:1351-3958    

DOI:10.1111/j.1467-8381.1996.tb00160.x

出版商:Blackwell Publishing Ltd    

年代:1996

数据来源: WILEY