Kazuo Inaba - Academia.edu (original) (raw)
Papers by Kazuo Inaba
Journal of Economic Structures, 2020
There is a long debate among policymakers and academicians regarding whether assessments of inter... more There is a long debate among policymakers and academicians regarding whether assessments of international financial integration have significant growth benefits and whether such benefits compensate for the accompanied risks. Recent financial crisis has revived this debate. The previous empirical studies have not been able to establish conclusive presumed benefits of financial integration for economic growth. This paper attempts to analyze the financial openness and total factor productivity (TFP) growth nexususing dynamic panel regression models for a substantial sample of countries ranging from year 1970 to 2014. Different measures of financial openness are incorporated in the dataset. We find evidence that financial integration is associated with higher TFP growth. A range of integration measures (both de jure and de facto) shows robust association with financial integration and TFP growth. The result also suggests that financial development might reduce the marginal effects of fi...
Journal of Economic Structures
This paper examines Myanmar’s economic structure and its sources of economic growth during the pe... more This paper examines Myanmar’s economic structure and its sources of economic growth during the period of economic reformation from 2010 to 2015. The study compares the economic performance of Myanmar with that of four other ASEAN countries employing the backward linkage and deviation from proportional growth (DPG) approaches. The data used for the analysis are sourced from the Eora global database and the Asian Development Bank’s database. During 2010–2015, Myanmar experienced significant gross production expansion with the growth rate of 1.84 times, which stands as the highest among the selected countries. Despite its high economic growth, Myanmar lags behind the four other ASEAN countries in terms of industrialization and international trade. Myanmar’s economy mainly relies on domestic market with poor international trade record. The analysis of backward linkages reveals that the transport equipment sector made the largest contribution to output growth in Myanmar. On the other han...
This paper focuses on the Japanese foreign direct investment (FDI) behaviors and their effects on... more This paper focuses on the Japanese foreign direct investment (FDI) behaviors and their effects on the balance of payments. An econometric model which we built enables us to analyze these effects quantitatively. The model consists of the domestic sector and the international sector, and its equations describe Japanese overseas activities and trade between Japanese foreign affiliates and domestic firms by industry. The equations of the international sector explain the displacement and associated effects of Japanese exports and the boomerang effect due to the increased overseas production. Some simulation results tell us that an increase of Japanese FDI did not necessarily contribute to reducing the huge Japanese trade surplus in the 1980's, but suggest that the structural changes of overseas production in the 1990's may have had a great impact on the trade balance.
Table of Contents ઃ．Introduction ．Overview of SMEs in Uzbekistan અ．Literature review આ．Methodolog... more Table of Contents ઃ．Introduction ．Overview of SMEs in Uzbekistan અ．Literature review આ．Methodology of constructing extended input-output tables by firm size આ.ઃ Input-output table by firm size આ. Compiling the input-output tables for Uzbekistan ઇ．Results and interpretations ઇ.ઃ Supply and demand structure ઇ. Backward and forward linkages ઇ.અ Structural decomposition analysis ઈ．Conclusion References APPENDIX 1. Backward linkage of SMEs and LEs by industries APPENDIX 2. Forward linkage of SMEs and LEs by industries APPENDIX 3. The deviation from proportional growth ABSRACT Small and medium enterprises (SMEs) and their contribution to the economy have become one of the most crucial development issues in countries with transition economies. The roles of SMEs in terms of export earnings and shares of domestic production are different from those achieved by their large enterprises (LEs). Nevertheless, the number of previous studies on input-output analysis that have investigated the role of SMEs is limited.
The purpose of this study is to investigate the return to education in Bangladesh. Several previo... more The purpose of this study is to investigate the return to education in Bangladesh. Several previous studies found the rate of return to education was just above 7%, but these studies failed to account for sample selection bias and the endogeneity of education. Compared to the estimated results of other developing countries, the return to education in Bangladesh found to be relatively low. This study uses the recently published Household Income and Expenditure (HIES) survey 2016 data. The dependent variable is wages received daily in kind, in cash and monthly wage. This study applies the 2 step Heckman method to correct sample selection bias. Considering the heterogeneity of return to education across the distribution of the sample, quantile regression method is used to check the return. The ordinary least square estimate is that the rate of return to an additional year of schooling ranges from 4.9% to 9% with an average rate of return at 5.4% for the full sample. After taking sample...
Textile-clothing industry (TCI) of Bangladesh is the second largest industry after agriculture. T... more Textile-clothing industry (TCI) of Bangladesh is the second largest industry after agriculture. This paper attempts to know the backward and forward economic impact of the TCI on the economy and on other individual industries in Bangladesh. To assess the direct and indirect impact, this paper applies input-output analysis technique. The paper finds that the backward multiplier impact is 3.16 times and forward multiplier impact is 3.19 times against one-unit textile-clothing demand changes in 2016. The TCI has backward economic leakage of 1.11 times in the same period. The TCIʼs sub-sectoral analysis reveals that backward impact of handloom subsector is notable, whereas, the forward impact of dyeing and bleaching subsector is the highest. The woven subsector has the highest input leakage (0.59). The paper recommended to improve input sharing among the subsectors.
Journal of Economic Structures, 2014
The developing and least developed countries in the South and Southeast Asia have emerged as dyna... more The developing and least developed countries in the South and Southeast Asia have emerged as dynamic hosts of foreign direct investment; and inbound FDI growth surpassed that of the developing world during the decade 2001-2010. Yet foreign investment continues to flow quite unevenly into individual countries in the region, although majority of the Asian countries do emphasize liberalization unilaterally, bilaterally under the bilateral investment treaty (BIT) and the bilateral trade agreement (BTA), and regionally under the regional trade agreement (RTA). Under such scenarios, this study empirically assesses FDI determinants with a specific focus on the FDI effects of BIT, BTA, and RTA as well as of factors pertaining to institutional quality. Gravity-type econometric results of unbalanced panel data uncover that BIT, BTA, and RTA promote FDI insignificantly. It appears that the role of bilateral instruments in stimulating the inflow of foreign capital diminishes if liberal FDI policies already exist in the host country. Under such circumstances, the quality of the host country's legal and regulatory environment exerts a profound influence on firms' investment decisions. Nonetheless, core gravity variables are found to be important determinants of FDI.
Journal of Industry, Competition and Trade, 2011
As part of its growth strategy, Bangladesh instituted a trade liberalization process in the early... more As part of its growth strategy, Bangladesh instituted a trade liberalization process in the early 1990s which gained momentum in later years. Trade grew from 24.4 to 45% of GDP between 1980-81 and 2007-08, an indicator of increased liberalization as well as the growing importance of the external sector in Bangladesh. Apart from its unilateral liberalization, Bangladesh participates in three different regional trade agreements (RTAs): the South Asian Free Trade Agreement (SAFTA), the Asia Pacific Trade Agreement (APTA) and the Bay of Bengal Initiative for Multisectoral Technical and Economic Cooperation Free Trade Area (BIMSTEC FTA). In addition, Bangladesh signed preferential trade agreements (PTAs) with the member countries of the Developing 8 (D8). Because of the growing importance of RTAs, this study investigates their contribution to the export flows from Bangladesh using the gravity model that has become the primary tool for estimating the trade effects of regional integration. Regression results of bilateral exports for 40 countries from 1992-2009 indicate two crucial aspects. Firstly, all the RTAs consistently maintained statistically significant negative signs, except the BIMSTEC FTA and SAFTA, which showed insignificantly positive and insignificantly negative effects respectively. Secondly, the intensity of negative effects and the level of significance have shown a declining trend as the status of those blocs has changed from political or economic cooperation agreements to preferential agreements and from preferential agreements to free trade agreements. Thus, the intensity of tariff liberalization and the degree of sectoral coverage seem to be the important determinants of the RTAs' performance. Therefore, experts expect that full-fledged implementation of FTA provisions and the elimination of all tariff and non-tariff barriers might result in a higher degree of integration.
This paper aims to examine small and medium-sized firms in transitional countries, which consist ... more This paper aims to examine small and medium-sized firms in transitional countries, which consist of countries in three areas, (Central Asia, Central Europe, and the Balkans), and to show how various constraints affect these firms’ performance. This empirical analysis includes an investigation into the main determinants of the growth of firms in these areas. The empirical model specifies that these small and medium-sized firms’ growth is determined not only by features such as size or age, but also by other specific factors such as an index of financial constraint and the local tax rate. The data are taken from the Business Environment and Enterprise Performance Survey, which was conducted by the World Bank and which covered 12 countries (Uzbekistan, Kazakhstan, Kyrgyzstan, Tajikistan, Bulgaria, Croatia, Czech Republic, Hungary, Poland, Romania, Serbia, and Slovakia) in the period from 2002 to 2013. A dummy is used to investigate whether the small and medium-sized firms in these coun...
Journal of Economic Structures, 2020
There is a long debate among policymakers and academicians regarding whether assessments of inter... more There is a long debate among policymakers and academicians regarding whether assessments of international financial integration have significant growth benefits and whether such benefits compensate for the accompanied risks. Recent financial crisis has revived this debate. The previous empirical studies have not been able to establish conclusive presumed benefits of financial integration for economic growth. This paper attempts to analyze the financial openness and total factor productivity (TFP) growth nexususing dynamic panel regression models for a substantial sample of countries ranging from year 1970 to 2014. Different measures of financial openness are incorporated in the dataset. We find evidence that financial integration is associated with higher TFP growth. A range of integration measures (both de jure and de facto) shows robust association with financial integration and TFP growth. The result also suggests that financial development might reduce the marginal effects of fi...
Journal of Economic Structures
This paper examines Myanmar’s economic structure and its sources of economic growth during the pe... more This paper examines Myanmar’s economic structure and its sources of economic growth during the period of economic reformation from 2010 to 2015. The study compares the economic performance of Myanmar with that of four other ASEAN countries employing the backward linkage and deviation from proportional growth (DPG) approaches. The data used for the analysis are sourced from the Eora global database and the Asian Development Bank’s database. During 2010–2015, Myanmar experienced significant gross production expansion with the growth rate of 1.84 times, which stands as the highest among the selected countries. Despite its high economic growth, Myanmar lags behind the four other ASEAN countries in terms of industrialization and international trade. Myanmar’s economy mainly relies on domestic market with poor international trade record. The analysis of backward linkages reveals that the transport equipment sector made the largest contribution to output growth in Myanmar. On the other han...
This paper focuses on the Japanese foreign direct investment (FDI) behaviors and their effects on... more This paper focuses on the Japanese foreign direct investment (FDI) behaviors and their effects on the balance of payments. An econometric model which we built enables us to analyze these effects quantitatively. The model consists of the domestic sector and the international sector, and its equations describe Japanese overseas activities and trade between Japanese foreign affiliates and domestic firms by industry. The equations of the international sector explain the displacement and associated effects of Japanese exports and the boomerang effect due to the increased overseas production. Some simulation results tell us that an increase of Japanese FDI did not necessarily contribute to reducing the huge Japanese trade surplus in the 1980's, but suggest that the structural changes of overseas production in the 1990's may have had a great impact on the trade balance.
Table of Contents ઃ．Introduction ．Overview of SMEs in Uzbekistan અ．Literature review આ．Methodolog... more Table of Contents ઃ．Introduction ．Overview of SMEs in Uzbekistan અ．Literature review આ．Methodology of constructing extended input-output tables by firm size આ.ઃ Input-output table by firm size આ. Compiling the input-output tables for Uzbekistan ઇ．Results and interpretations ઇ.ઃ Supply and demand structure ઇ. Backward and forward linkages ઇ.અ Structural decomposition analysis ઈ．Conclusion References APPENDIX 1. Backward linkage of SMEs and LEs by industries APPENDIX 2. Forward linkage of SMEs and LEs by industries APPENDIX 3. The deviation from proportional growth ABSRACT Small and medium enterprises (SMEs) and their contribution to the economy have become one of the most crucial development issues in countries with transition economies. The roles of SMEs in terms of export earnings and shares of domestic production are different from those achieved by their large enterprises (LEs). Nevertheless, the number of previous studies on input-output analysis that have investigated the role of SMEs is limited.
The purpose of this study is to investigate the return to education in Bangladesh. Several previo... more The purpose of this study is to investigate the return to education in Bangladesh. Several previous studies found the rate of return to education was just above 7%, but these studies failed to account for sample selection bias and the endogeneity of education. Compared to the estimated results of other developing countries, the return to education in Bangladesh found to be relatively low. This study uses the recently published Household Income and Expenditure (HIES) survey 2016 data. The dependent variable is wages received daily in kind, in cash and monthly wage. This study applies the 2 step Heckman method to correct sample selection bias. Considering the heterogeneity of return to education across the distribution of the sample, quantile regression method is used to check the return. The ordinary least square estimate is that the rate of return to an additional year of schooling ranges from 4.9% to 9% with an average rate of return at 5.4% for the full sample. After taking sample...
Textile-clothing industry (TCI) of Bangladesh is the second largest industry after agriculture. T... more Textile-clothing industry (TCI) of Bangladesh is the second largest industry after agriculture. This paper attempts to know the backward and forward economic impact of the TCI on the economy and on other individual industries in Bangladesh. To assess the direct and indirect impact, this paper applies input-output analysis technique. The paper finds that the backward multiplier impact is 3.16 times and forward multiplier impact is 3.19 times against one-unit textile-clothing demand changes in 2016. The TCI has backward economic leakage of 1.11 times in the same period. The TCIʼs sub-sectoral analysis reveals that backward impact of handloom subsector is notable, whereas, the forward impact of dyeing and bleaching subsector is the highest. The woven subsector has the highest input leakage (0.59). The paper recommended to improve input sharing among the subsectors.
Journal of Economic Structures, 2014
The developing and least developed countries in the South and Southeast Asia have emerged as dyna... more The developing and least developed countries in the South and Southeast Asia have emerged as dynamic hosts of foreign direct investment; and inbound FDI growth surpassed that of the developing world during the decade 2001-2010. Yet foreign investment continues to flow quite unevenly into individual countries in the region, although majority of the Asian countries do emphasize liberalization unilaterally, bilaterally under the bilateral investment treaty (BIT) and the bilateral trade agreement (BTA), and regionally under the regional trade agreement (RTA). Under such scenarios, this study empirically assesses FDI determinants with a specific focus on the FDI effects of BIT, BTA, and RTA as well as of factors pertaining to institutional quality. Gravity-type econometric results of unbalanced panel data uncover that BIT, BTA, and RTA promote FDI insignificantly. It appears that the role of bilateral instruments in stimulating the inflow of foreign capital diminishes if liberal FDI policies already exist in the host country. Under such circumstances, the quality of the host country's legal and regulatory environment exerts a profound influence on firms' investment decisions. Nonetheless, core gravity variables are found to be important determinants of FDI.
Journal of Industry, Competition and Trade, 2011
As part of its growth strategy, Bangladesh instituted a trade liberalization process in the early... more As part of its growth strategy, Bangladesh instituted a trade liberalization process in the early 1990s which gained momentum in later years. Trade grew from 24.4 to 45% of GDP between 1980-81 and 2007-08, an indicator of increased liberalization as well as the growing importance of the external sector in Bangladesh. Apart from its unilateral liberalization, Bangladesh participates in three different regional trade agreements (RTAs): the South Asian Free Trade Agreement (SAFTA), the Asia Pacific Trade Agreement (APTA) and the Bay of Bengal Initiative for Multisectoral Technical and Economic Cooperation Free Trade Area (BIMSTEC FTA). In addition, Bangladesh signed preferential trade agreements (PTAs) with the member countries of the Developing 8 (D8). Because of the growing importance of RTAs, this study investigates their contribution to the export flows from Bangladesh using the gravity model that has become the primary tool for estimating the trade effects of regional integration. Regression results of bilateral exports for 40 countries from 1992-2009 indicate two crucial aspects. Firstly, all the RTAs consistently maintained statistically significant negative signs, except the BIMSTEC FTA and SAFTA, which showed insignificantly positive and insignificantly negative effects respectively. Secondly, the intensity of negative effects and the level of significance have shown a declining trend as the status of those blocs has changed from political or economic cooperation agreements to preferential agreements and from preferential agreements to free trade agreements. Thus, the intensity of tariff liberalization and the degree of sectoral coverage seem to be the important determinants of the RTAs' performance. Therefore, experts expect that full-fledged implementation of FTA provisions and the elimination of all tariff and non-tariff barriers might result in a higher degree of integration.
This paper aims to examine small and medium-sized firms in transitional countries, which consist ... more This paper aims to examine small and medium-sized firms in transitional countries, which consist of countries in three areas, (Central Asia, Central Europe, and the Balkans), and to show how various constraints affect these firms’ performance. This empirical analysis includes an investigation into the main determinants of the growth of firms in these areas. The empirical model specifies that these small and medium-sized firms’ growth is determined not only by features such as size or age, but also by other specific factors such as an index of financial constraint and the local tax rate. The data are taken from the Business Environment and Enterprise Performance Survey, which was conducted by the World Bank and which covered 12 countries (Uzbekistan, Kazakhstan, Kyrgyzstan, Tajikistan, Bulgaria, Croatia, Czech Republic, Hungary, Poland, Romania, Serbia, and Slovakia) in the period from 2002 to 2013. A dummy is used to investigate whether the small and medium-sized firms in these coun...