Multinationals, production efficiency, and spillover effects: The case of the U.S. auto parts industry

1999 ◽  
Vol 135 (2) ◽  
pp. 241-260 ◽  
Author(s):  
Yumiko Okamoto
Keyword(s):  
Production Efficiency ◽  
Spillover Effects ◽  
Auto Parts ◽  
The U.S

scholarly journals The Effects from The U.S. and Japan to Emerging Stock Markets in Asia and Vietnam

2021 ◽  
Author(s):  
SDAG Lab
Keyword(s):  
Emerging Markets ◽  
Stock Prices ◽  
Stock Markets ◽  
Spillover Effect ◽  
Spillover Effects ◽  
The Philippines ◽  
Volatility Spillovers ◽  
Return Effect ◽  
Asian Emerging Markets ◽  
The U.S

The subprime mortgage crisis in the U.S. in mid-2008 suggests that stock prices volatility do spillover from one market to another after international stock markets downturn. The purpose of this paper is to examine the magnitude of return and volatility spillovers from developed markets (the U.S. and Japan) to eight emerging equity markets (India, China, Indonesia, Korea, Malaysia, the Philippines, Taiwan, Thailand) and Vietnam. Employing a mean and volatility spillover model that deals with the U.S. and Japan shocks and day effects as exogenous variables in ARMA(1,1), GARCH(1,1) for Asian emerging markets, the study finds some interesting findings. Firstly, the day effect is present on six out of nine studied markets, except for the Indian, Taiwanese and Philippine. Secondly, the results of return spillover confirm significant spillover effects across the markets with different magnitudes. Specifically, the U.S. exerts a stronger influence on the Malaysian, Philippine and Vietnamese market compared with Japan. In contrast, Japan has a higher spillover effect on the Chinese, Indian, Korea, and Thailand than the U.S. For the Indonesian market, the the return effect is equal. Finally, there is no evidence of a volatility effect of the U.S. and Japanese markets on the Asian emerging markets in this study.

scholarly journals U.S. Monetary Policy, Commodity Prices and the Financialization Hypothesis

2017 ◽  
Vol 10 (2) ◽  
pp. 53-77 ◽  
Author(s):  
Papa Gueye Fam ◽  
Rachida Hennani ◽  
Nicolas Huchet
Keyword(s):  
Monetary Policy ◽  
Commodity Prices ◽  
Spillover Effects ◽  
Commodity Markets ◽  
Bond Markets ◽  
Financial Assets ◽  
Market Prices ◽  
Agricultural Prices ◽  
Policy Measures ◽  
The U.S

AbstractMany studies point out the growing correlations within financial markets, while others highlight the financialization of commodity markets. The purpose of this article is to revisit the relationships between various financial assets and commodity markets by taking into account the U.S. monetary policy and therefore the implementation of non-standard measures. In addition to oil, stock and bond markets, U.S. policy rates and a great deal of agricultural prices have been over time considered through a DCC-GARCH model, between 1995-2015. We find that agricultural markets uphold the financialization hypothesis, implying an increase in market-prices’ correlations and so raises the question of agricultural prices’ drivers. Interestingly, conditional correlations between the U.S. monetary policy and agricultural prices have decreased since 2010, which indicates that the implementation of non-standard monetary policy measures reduces spillover effects on asset prices, especially raw commodities. Such a result in turn highlights changing relationships between monetary, financial and physical markets, in a context of very weak policy rates over a long period.

THE EFFECTS OF U.S. UNCONVENTIONAL MONETARY POLICY ON ASIAN STOCK MARKETS

2017 ◽  
Vol 65 (04) ◽  
pp. 917-945
Author(s):  
CHIEN-CHIANG LEE ◽  
MEI-PING CHEN ◽  
CHUN-CHIE HUANG
Keyword(s):  
Correlation Coefficients ◽  
Spillover Effects ◽  
Market Liquidity ◽  
Time Varying ◽  
Progressive Decline ◽  
Dynamic Correlation ◽  
Volatility Spillovers ◽  
Specific Factors ◽  
Autoregressive Conditional Heteroscedasticity ◽  
The U.S

To assess the spillover effects of quantitative easing (QE) on return and volatility from the U.S. market to the selected Asian markets, this study applies dynamic correlation coefficient-generalized autoregressive conditional heteroscedasticity model to capture the time-varying nature of return and volatility spillovers during non-QE and QE periods of the sample countries. Furthermore, we incorporate the estimated time-varying correlation coefficients and country-specific factors to probe the determinants of the spillover. We find that the U.S. QE policies have significantly affected the correlations between the U.S. and some Asian countries, to which it performs significantly progressive decline in the correlations during the latest QE. Greater stock market liquidity remarkably increases their financial spillovers.

scholarly journals Domestic Lending and the Pandemic: How Does Banks' Exposure to Covid-19 Abroad Affect Their Lending in the United States?

2021 ◽  
Vol 2021 (056) ◽  
pp. 1-45
Author(s):  
Judit Temesvary ◽  
◽  
Andrew Wei ◽  
Keyword(s):  
United States ◽  
Spillover Effects ◽  
The United States ◽  
Registry Data ◽  
Cross Border ◽  
Foreign Countries ◽  
The U.S

We study how U.S. banks' exposure to the economic fallout due to governments' response to Covid-19 in foreign countries has affected their credit provision to borrowers in the United States. We combine a rarely accessed dataset on U.S. banks' cross-border exposure to borrowers in foreign countries with the most detailed regulatory ("credit registry") data that is available on their U.S.-based lending. We compare the change in the U.S. lending of banks that are more vs. less exposed to the pandemic abroad, during and after the onset of Covid-19 in 2020. We document strong spillover effects: U.S. banks with higher foreign exposures in badly "Covid-19-hit" regions cut their lending in the United States substantially more. This effect is particularly strong for longer-maturity loans and term loans and is robust to controlling for firms’ pandemic exposure.

scholarly journals Managed Trade

2019 ◽  
Vol 19 (251) ◽  
Author(s):  
Eugenio Cerutti ◽  
Shan Chen ◽  
Pragyan Deb ◽  
Albe Gjonbalaj ◽  
Swarnali Hannan ◽  
...  
Keyword(s):  
European Union ◽  
Bilateral Trade ◽  
International System ◽  
Trade Diversion ◽  
Spillover Effects ◽  
Domestic Demand ◽  
The European Union ◽  
The World ◽  
Managed Trade ◽  
The U.S

The trade discussions between the U.S. and China are on-going. Not much is known about the shape and nature of a potential agreement, but it seems possible that it would include elements of managed trade. This paper attempts to examine the direct, first-round spillover effects for the rest of the world from managed trade using three approaches. The results suggest that, in the absence of a meaningful boost in China’s domestic demand and imports, bilateral purchase commitments are likely to generate substantial trade diversion effects for other countries. For example, the European Union, Japan, and Korea are likely to have significant export diversion in a potential deal that includes substantial purchases of U.S. vehicles, machinery, and electronics by China. At the same time, a deal that puts greater emphasis on commodities would put small commodity exporters at a risk. This points to the advantages of a comprehensive agreement that supports the international system and avoids managed bilateral trade arrangements.

scholarly journals The effects from the United States and Japan to emerging stock markets in Asia and Vietnam

2020 ◽  
Author(s):  
AISDL
Keyword(s):  
United States ◽  
Emerging Markets ◽  
Stock Prices ◽  
Stock Markets ◽  
Spillover Effect ◽  
Spillover Effects ◽  
The United States ◽  
The Philippines ◽  
Asian Emerging Markets ◽  
The U.S

The subprime mortgage crisis in the United States (U.S.) in mid-2008 suggests that stock prices volatility do spillover from one market to another after international stock markets downturn. The purpose of this paper is to examine the magnitude of return and volatility spillovers from developed markets (the U.S. and Japan) to eight emerging equity markets (India, China, Indonesia, Korea, Malaysia, the Philippines, Taiwan, Thailand) and Vietnam. Employing a mean and volatility spillover model that deals with the U.S. and Japan shocks and day effects as exogenous variables in ARMA(1,1), GARCH(1,1) for Asian emerging markets, the study finds some interesting findings. Firstly, the day effect is present on six out of nine studied markets, except for the Indian, Taiwanese and Philippine. Secondly, the results of return spillover confirm significant spillover effects across the markets with different magnitudes. Specifically, the U.S. exerts a stronger influence on the Malaysian, Philippine and Vietnamese market compared with Japan. In contrast, Japan has a higher spillover effect on the Chinese, Indian, Korea, and Thailand than the U.S. For the Indonesian market, the return effect is equal. Finally, there is no evidence of a volatility effect of the U.S. and Japanese markets on the Asian emerging markets in this study.

scholarly journals Spatio-Temporal Variation of Health Production Efficiency Considering Environmental Pollution in China Based on Modified EBM and Spatial Econometric Model

2021 ◽  
Vol 9 ◽  
Author(s):  
Fan Liu ◽  
Gen Li ◽  
Ying Zhou ◽  
Yinghui Ma ◽  
Tao Wang
Keyword(s):  
Temporal Variation ◽  
Production Efficiency ◽  
Econometric Model ◽  
Spillover Effects ◽  
Eastern Region ◽  
Health Production ◽  
Spatial Econometric ◽  
Average Efficiency ◽  
Spatial Econometric Model ◽  
Spatio Temporal

In order to strengthen the construction of China's health industry and improve the health of the people, based on the data of 31 provinces and cities in China from 2009 to 2019, the improved EBM model is used to measure the health production efficiency of each region, and Moran index is used to study the Spatio-temporal variation of health production efficiency of each province. Finally, the spatial econometric model is applied to study the influencing factors of the Spatio-temporal variation of health production efficiency. The results show that generally speaking, the average efficiency of 31 provinces and cities is above 0.7, and the average efficiency of some regions is above 1. From the perspective of time variation, the average efficiency value in the eastern region and the middle region increases from 0.816 to 0.882 and from 0.851 to 0.861, respectively. However, the average efficiency value in the western region and northeast region decreases from 0.861 to 0.83 and from 0.864 to 0.805, respectively. From the perspective of spatial distribution, HH agglomeration and LL agglomeration exist in most regions. By comparing Moran scatter plots in 2009 and 2019, it is found that the quadrants of most regions remain unchanged, and LL agglomeration is the main agglomeration type in local space. There is a significant spatial dependence among different regions. From the perspective of spatial empirical results, Pgdp, Med, and Pd have a positive effect on health production efficiency. The direct effect and indirect effect of Pgdp, Med, and Gov all pass the significance test of 1%, indicating that there are spatial spillover effects of the three indicators. Each region should reasonably deal with the spillover effect of surrounding regions, vigorously develop economic activities, carry out cooperation with surrounding regions and apply demonstration effect to accelerate the development of overall health production.

Bringing Light to the DOJ’s Cartel Fine Methodology with the Auto Parts Plea Agreements

2018 ◽  
Vol 63 (4) ◽  
pp. 379-398
Author(s):  
Michelle Burtis ◽  
Daniel K. Oakes ◽  
Mary Beth Savio
Keyword(s):  
Antitrust Policy ◽  
Department Of Justice ◽  
Auto Parts ◽  
The Government ◽  
The U.S ◽  
Sentencing Outcomes

It has been acknowledged by both practitioners and the government that transparency in the calculation of criminal antitrust fines by the U.S. Department of Justice (DOJ) is important for the continued success of criminal antitrust policy. Recent auto parts investigations provide a large and diverse set of plea agreement observations that are compared to gain a better understanding of DOJ’s criminal fining policy for corporations and to assess whether the sentencing outcomes are consistent, both across the investigations and with DOJ’s stated policies. The analysis shows that with regard to certain inputs into the fine calculations, the DOJ provided additional transparency in the auto parts plea agreements, although in other areas the methods used to determine inputs remain opaque.

scholarly journals How Bargaining Alters Outcomes: Bilateral Trade Negotiations and Bargaining Strategies

2006 ◽  
Vol 11 (3) ◽  
pp. 399-429 ◽  
Author(s):  
Deborah Elms
Keyword(s):  
South Korea ◽  
Bilateral Trade ◽  
Final Outcome ◽  
Trade Negotiations ◽  
Trade Disputes ◽  
Negotiation Strategies ◽  
Market Opening ◽  
Auto Parts ◽  
Value Claiming ◽  
The U.S

AbstractThis article considers bargaining strategies used by government negotiators in the context of bilateral trade disputes. I argue that trade officials reach the most durable agreements by using an integrative, or value-creating, strategy and avoiding the use of threats. By contrast, a highly distributive, value-claiming strategy coupled with loud public threats is unlikely to result in a durable agreement and frequently leads to deadlocked negotiations. The irony, however, is that American officials use the latter approach more frequently than the former in bilateral trade disputes. These strategies are usually chosen unconsciously in response to perceptions of losses that drive negotiators to select risky approaches to resolve disputes.By examining bargaining strategies in the U.S. disputes with Japan and South Korea over automobiles and auto parts in the 1990s, this article identifies shifts in negotiation strategies. These shifts in approach closely track the outcomes in these two deeply contentious disputes. After protracted and contentious negotiations with Japan, the final outcome represented a failure to achieve the Americans' most important goals. A less confrontational strategy with South Korea ultimately resulted in greater market opening.

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