ADB Economics Working Paper Series

Jiaqi Yang

Kotaro Takahashi

Satoru Yamadera

Shu Tian

ADB economics working paper series

Environmental, Social, and Governance Materiality in XBRL Disclosures and its Performance Predictability:

环境、社会和治理在XBRL披露中的实质性及其绩效预测能力：

The provision of infrastructure and related services in developing Asia via public-private partnership (PPP) increased rapidly during the late 1990s.Theoretical arguments support the potential economic benefits of PPPs, but empirical evidence is thin.This paper develops a framework identifying channels through which economic gains can be derived from PPP arrangement.The framework helps derive an empirically tractable specification that examines how PPPs affect the aggregate economy.Empirical results suggest that increasing the ratio of PPP investment to GDP improves access to and quality of infrastructure services, and economic growth will potentially be higher.But this optimism is conditional, especially on the region's efforts to further upgrade its technical and institutional capacity to handle complex PPP contracts.

Minsoo Lee

Xuehui Han

Raymond Gaspar

Emmanuel Alano

Deriving Macroeconomic Benefits from Public�Private Partnerships in Developing Asia

从发展中亚洲的公私合作伙伴关系中获得宏观经济效益

In this study, we attempt to understand the role of greater access to finance, i.e., stocks, bonds, and bank loans, in public-private partnership (PPP) investment in developing countries.Most developing countries still depend heavily on fiscal financing for infrastructure projects.Our empirical results reconfirm the fact that banks remain the major source of finance for infrastructure projects.The domestic bond market should be further developed to have depth and liquidity enough to provide longterm funding for private sector investors.Interestingly, we find a negative impact of bond market development on PPP investment.A possible interpretation is that financing through government bonds, which dominates bond markets in developing countries, discourages private sector participation by reducing financing access to the corporate bond market.Our evidence underlines the importance of a well-functioning corporate bond market in developing countries, which can offer long-term financing to private sector participation in infrastructure investments.

Suk Hyun

Donghyun Park

Determinants of Public�Private Partnerships in Infrastructure in Asia:

亚洲基础设施公私合作伙伴关系的决定因素：

We investigate the claim that national labor markets have become more globally interconnected in recent decades.We do so by deriving estimates over time of three different notions of interconnection: (i) the share of labor demand that is export induced (i.e., all labor demand created by foreign entities buying products exported by the home country)-we provide estimates for 40 countries; (ii) the share of workers employed in sectors producing tradable goods or services-68 countries; and (iii) the ratio of the number of jobs that are either located in a tradable sector, or that are involved in producing services that are required by these tradable sectors, to all jobs in the economy, which we call the trade-linked employment share-40 countries.Our estimates lead to the conclusion that the evidence of a large increase in the interconnections between national labor markets is far weaker than commonly asserted: levels of interconnectivity, and the direction of changes over time, vary across notions of interconnection and countries.The main reasons for this are labordisplacing productivity growth in tradable sectors of each economy and the diminishing fraction of national labor forces hired into manufacturing jobs worldwide.We also discuss the implications of our results for different policy debates that each of the three measures is associated with: international coordination of macroeconomic policies (export-induced labor demand), currency devaluations (share of workers producing tradables), and education and labor protection (trade-linked share).

Liming Chen

Jesus Felipe

Andrew Kam

Aashish Mehta

Is Employment Globalizing?

就业正在全球化吗？

This paper analyzes a critical aspect of expanding private finance to infrastructure by examining the role of bank lending to public–private partnership (PPP) projects through the project finance modality.

Vivek Rao

An Empirical Analysis of the Factors that Influence Infrastructure Project Financing by Banks in Select Asian Economies

亚洲部分经济体基础设施项目银行融资影响因素的实证分析

Examining the impact of trade credit usage on comovement between sectors, this paper finds that trade credit linkage is an influential channel for domestic and cross-border shocks and can profoundly affect industries around the globe.

Hsiao-Hui Lee

S. Alex Yang

Yuxuan Zhang

Kijin Kim

Credit Chain and Sectoral Comovement:

信用链与行业联动：

This study evaluates the impact of "group subsidies," a policy intervention to repair and reinstall damaged capital goods and facilities of small and medium-sized enterprises after the Great East Japan earthquake and tsunami.In addition to their direct effect on firms that received the subsidies, we estimate their indirect effect on firms that did not receive the subsidies but were linked with recipient firms through supply chains.Employing a propensity score matching and analysis of variance approach, we find a positive effect of the subsidies on small recipient firms' postdisaster sales and employment.We also find a positive indirect effect of the group subsidies on firms in disaster-hit prefectures that did not receive any group subsidy but were linked through supply chains with a recipient firm.Our results indicate the propagation of postdisaster policy effects through supply chains, which are often ignored in the academic literature and the policymaking arena.

Yuzuka Kashiwagi

Yasuyuki Todo

Propagation of Positive Effects of Postdisaster Policies through Supply Chains:

灾后政策积极效应通过供应链的传播：

Rapid technological development makes skills depreciate faster than in the past while new technologies generate gaps in workers' skills and call for the acquisition of proper skills and lifelong learning.Proper skill mixes for future jobs include strong cognitive skills, basic information and communication technology, and analytical skills, as well as a range of noncognitive skills such as creativity, problem-solving, critical thinking, and communication.Retraining and reskilling workers is also crucial.All these changes lead to a major rethinking of education and skill training throughout a person's life.This paper reviews the recent studies on human capital and skill formation in the era of rapid technological progress.Findings from these studies particularly in labor economics can shed light on new directions for lifelong education policies.

Jinyoung Kim

Cyn-Young Park

Education, Skill Training, and Lifelong Learning in the Era of Technological Revolution:

技术革命时代下的教育、技能培训与终身学习：

Since the launch of Bitcoin in 2009, the spectacular rise and fall of cryptocurrencies and the underlying blockchain technology have attracted global attention.While the application of distributed ledger technology presents great economic and business potential, significant volatility and speculative trading of cryptocurrencies have raised concerns over investor and consumer protection and prompted government interventions within their respective jurisdictions.This study focuses on the six Bitcoin trading markets comprising 99% of global trading volume as of February 2018.Adopting the event study methodology to newly compiled information about local regulation events, we find that the effect of government regulations on the Bitcoin price is only short-lived, but regulations discourage trading activities for a longer term in local markets.Interestingly, however, the repressive effect of domestic regulations on trading activities can be mitigated by the domestic financial market openness.Together, these findings are consistent with the view that Bitcoin markets are globally integrated and that, to uphold market integrity, international cooperation would be essential.

Bo Zhao

Global Bitcoin Markets and Local Regulations:

全球比特币市场与地方监管：

出版信息	出版商: Asian Development Bank，出版周期: ，期刊类型: book-series，开源期刊: 否
基本数据	创刊年份: 2008，原创研究文献占比: ，自引率:， Gold OA占比:

ADB Economics Working Paper Series

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Environmental, Social, and Governance Materiality in XBRL Disclosures and its Performance Predictability:

Deriving Macroeconomic Benefits from Public�Private Partnerships in Developing Asia

Determinants of Public�Private Partnerships in Infrastructure in Asia:

Is Employment Globalizing?

An Empirical Analysis of the Factors that Influence Infrastructure Project Financing by Banks in Select Asian Economies

Environmental, Social, and Governance Materiality in XBRL Disclosures and its Performance Predictability:

Credit Chain and Sectoral Comovement:

Propagation of Positive Effects of Postdisaster Policies through Supply Chains:

Education, Skill Training, and Lifelong Learning in the Era of Technological Revolution:

Global Bitcoin Markets and Local Regulations: