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Economics Letters


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Document on Subject : "Economics Letters"— Transcript:

1 ␭㘵Ĕ㜵ⴱ⤵㔁‧ⰲ㈯ԁ∱ⴸ⤴
␭㘵Ĕ㜵ⴱ⤵㔁‧ⰲ㈯ԁ∱ⴸ⤴㔭㘺 ㈪ĶⰩĤⴶ㤥㘩㐵㐥ㄨԁᨲⰥㄱ⤵☷㐫ԁ′㜶Ⰱጪ㐭✥ԁ ᘩ㌥㐶〩ㄶIJ⨁ᜧ㈱㈰ⴧ㔅Ę⤨⤴┯Ģㄭ㠩㐵ⴶ㨁㈪ē⬴ⴧ㜯㘷㐩ԁ ᘩ㌥㐶〩ㄶIJ⨁ጧ✲㜱㘭ㄫԁᠩ⠩㐥⼁∱ⴸ⤴㔭㘺 ㈪ē⬴ⴧ㜯㘷㐩ԁጦ⤲⸷㘥ԁᴭ⬩㐭━ ᬩ㨹㈴⠵ᄁ┵ⴥس┧ⴻ✁〥㐮⤶㔅ħ㈱ㄩ✶⤨ㄩ㔵ԁㄲㄯⴱ⤥㐭㘺ԁ⤧㈱㈰ⴧij㈯ⴧ㨁㜱✩㐶┭ㄶ㨁 ⰹ㩄 䄲䄶䌁t䤲㸺㼶䐁䔹㘁㘷u䔁䀷 „⤭ 䀿 䔹㘁r 㘵㼶䑄 ㌶䕈㘶㼁䔹㘁䔹㘁ᩄ㨲㼁㸲㽆㜲r䕆䌺㼸 㸲䌼㙅ਁḴ 㽀㸺㐁䅀㴺㑊 䘿r䨁Ԟ⤭؁䌶u㙃䐁䕀 㡀㙃㼾㘿䔁䅀㴺 㙃䑎 r䀿䕃㨳䙅㩀㼁䕀 䔹㘁䘿r䨁䌶㠲䌵㨿㠁兄㐲㴈 ࠁ䁃 㹀㼶䔲r䨁䅀㴺㑊 ԡ䁂䘶 Ёㄲ㨵㨈 ฌഔ6 ਁḩⴁ 㨾䄽㨶䐁䔹㉅ 䔹㘁㝆䕆䌶 䁆䔽䁀㰁u䁃 䔹㘁㘴䀿䀾䨁㩄 䘿䅃t 䔲㌽㘊 ⼹㘿 䔹㩄 䀴㑆䍄ࠁ䔹㙃㘁㩄 ㈁㤺㠹 㴺㰀㘽㨹䁀㔁䀷 ㈵ ⡆䌁䑅䘵䨁㩄 䌶㴶䜲㽅 ㌶㐲䙄㘁„⤭ 㩄 ㈁㸲㭀䌁䌺䐼 㜲r 㨿 㠽䀳㈽ 儿㈿㐺㈽ 㸲䌼㙅 䄶䌷㘁㈿㔁㸲䨁㼶㠲䔺v 䔁㉄䐶䔁䌶䕆䌿䐊 ⰹ㙀䌶䔺㐲㴽䨀ࠁ䑁㨽㵀㙃䐁㨿 㸲㽆㜲r 㨿㠁㸲䌼㙅䐁㐲㼁㈽䑀 ㌶ 㨿剆㘿r㘵 p䨁䘿r䨁䔹䍀䘸㤁 㩅䐁㨾䄲r䕄 䀿 䔹㘁䑆䅁㵊 䀷 㴲㍀䙃ࠁ䄶䍄䀿㈽ r ㈿㔁㨿v㙄䔾㘿䔁㔶㐺䐺䀿䐊 ᨽ䑀ࠁ䅀㴺㑊㘵 䘿r 㤲䐁㔺v㙃䐶 㨾䄲r䕄 䀿 r䁃䅀䌲䔶 㘿䔺䔺㙄ࠁ㨿v㙄䕀䍄ࠁ㈿㔁 䀿䑆㸶䍄 ㉄ 㩅 㐲㼁㔺䐴䁆䌲㠶 㼶䠁㨿v㙄䔾㘿䕄 ㈿㔁㨿㕆r 㘁䑁㘿㔺㼸 ㌶㤲䜺䁆䍄 ㈾䀿㠁r䀿䑆㸶䍄ਁⰹ䙄ࠁ 㩅 㩄 㽀䔁䁆䔁䀷 䐴䁁㘁䕀 ㉄䐶䍅 䔹㉅ 䔹㘁㘷u䕄 䀷 ḩⴁ䀿 䔹㘁 ࠁ䑀㸶 㨿㕆䑅䌺㙄 ㉃㘁㹀䌶 䐶㽄㩅㩇㘁䕀 㔶㐺䐺䀿䐁 㘿 p䨁䅀㴺䔺㐲㴁t㘿䕄 䔹㈿ o䔹㙃䐈 㨾䄽䨺㼸 䔹㉅ ḩⴁ 㙄 㵀㼸ृ䘿 v䀽㉅㨽㩅㨶䐁䀷 䑁㘴㩑㐁㨿㕆䑅r㘽 䑅䀴㰁 㙅䐁㨿 㔺㜷㙃㘿䔁䠲䩄 䘁㙅 ㈽਀ࠁฌഔ6 ਁⰹ㩄 䑅䘵䨁t ㈾㨿㙄 䔹㘁㘷u䔁䀷 „⤭ 䀿 䔹㘁ᩄ㨲ऩ㈴㩑㐁㸲㽆㜲r 䕆䌺㼸 㸲䌼㙅ࠁ㈁䠺㔶㵊 䌶r㘵 w䁃㴵 㸲㽆㜲r 㥆㌊ ⰹ㙃㘷䁃㘈 䔹㩄 䑅䘵䨁㩄 䙄㘷䘽 㨿 䅃o䜺㔺㼸 㨿䐺㠹䕄 u 㙃䐁䕀 䘿㔶䍄䔲㼵 䔹㘺䌁㔶㐺䐺䀿䑎 䕃㈿䐾㩄䐺䀿 ᨁu䠁䑅䘵㨶䐁㤲v㘁㉅䔶㔁䕀 t䥁㴲㨿 䔹㘁㨿䔶䌲r 㘶㼁„⤭ ㈿㔁儿㈿㐺㈽ 㸲䌼 䘁㙅 ㈽ਁԎ఍ᐆ 䔹㉅ „⤭ 㩄 䅀䐺䔺v㘽䨁䌶㴲䔶㔁䕀 儿㈿㐺㈽䐁㈿㔁r 䨁㨿㕆䑅䌺㙄丁㵀㼸ृ䘿 v䨁㈿㔁㼶㠲䔺v 䌶㴲䔶㔁䕀 㨿u䁃㸲䔺䀿 䔶㐹㽀㵀㡊ࠁ㸲䔶䌺㈽䐈 䔶㴶r 㼺㐲䔺䀿 䐶r㙄 ㈿㔁㘿㙃㡊 ṃ䐲㼁㙅 ㈽ਁԎ఍ᐆ 儿㔁䔹㉅ 䔹 Ṇ䍀䄶㈿ ㈿㔁㠽䀳㈽ ḩⴁ㤲v㘁䐺㠿㩑㐲㽅 㼶㠲䔺v㘁㘷 䕄 䀿 䕃㉇㘽 ㈿㔁

2 㩄䙃㘁r䀾䄲㼺㙄丁䑅䀴㰁䌶
㩄䙃㘁r䀾䄲㼺㙄丁䑅䀴㰁䌶䕆䌿䐊 Ёㄲ㨵㨁Ԏ఍ᐆ 䀿㐽䘵㘁䔹㉅ 䔹㘁☲䌼䑈㩅㐹㨿㠁㹀㔶㴁 䤹㨳㩅䐁䐺㠿㩑㐲㽅 㘷u䕄 䀷 „⤭ 䀿 㹀䑅 䐶r䕀䌲㴁䑅䀴㰁 䌶䕆䌿䐁㨿 䔹㘁㐲䐶 䀷 ☲㴲䩄㨲ਁ⅀ࠁ㩅 㩄 䑅㨽㴁䘿㰿o 䕀 䠹㉅ t䥅㘿䔁„⤭ ㈷u䕄 䔹㘁ᩄ㨲ऩ㈴㩑㐁㸲㽆㜲r ⰹ㩄 䄲䄶䌁t䥅㘿㕄 䔹㘁㴺䔶䌲䕆䌶 p䨁t䤲㸺㼺㼸 䔹㘁㘷u 䀷 „⤭ 䀿 v䨁r䔶㔿㙄䐁䀷 䔹㘁ᩄ㨲ऩ 䕆䌺㼸 㸲䌼㙅ਁἺ䍄䔈 w㘁t䤲㸺㼶 v䨁㨿䔶䌲r 䔺䀿䐁䠺䔹㨿 䔹㘁㸲䌼㙅 ㌶㐲䙄㘁㨿䔶㡃㉅㩀㼁㨿㔺㐲䔶䐁㴺㰀 㘁䀷 䅀䔶㽅㨲㴁㔺v㙃䐺儴㉅㩀㼁䁁䅀䍅䘿㩅㨶䐈 䅀䐺㼸 䥁䁄䙃㘁䕀 䌺䐼䐁㈿㔁㸲㰺㼸 䔹㘁㸲䌼㙅 㹀䌶 䑆䐴 䕀 㡃㘲䔶䌁㵀䑄 㨿 ㈁㑃㩄㩄ਁⰀ䀁㈴㤺t㘁䔹㩄ࠁw㘁㈵䁁䔁䔹㘁 䨺㼸 䄲䌲㸶䔶䌁v䕀䌁㉆䕀䌶㡃㙄䐺䀿䐁Ԭ⸩ ㉁䅃䀲㐹 䀷 ᨿ䕀㼲㰲㰺䐁㙅 ㈽ਁԎఎఆ ࠁ䠹㨴㤁㐹䁄㙄 ㈿ 䁁 䔺㸲㴁䍀㴽㨿㠁䠺㼵o䠁䐺䬀㘁㈿㔁䅃t㘿䕄 㵀䑄 䀷 䀳䐶r 㕆䌺㼸 㙄䔺㸲䔺䀿 Ն㼽㨼㘁䔹㘁ᴺ㘳䀽㔉〺㴾㉋ ㉁䅃䀲㐹؊ 䀿㔈 w㘁㨿v㙄䔺㠲䔶 䔹㘁㐲䙄㈽ 㘷u䔁䀷 „⤭ 䀿 v 䨁㨿䔶䌲r䔺䀿䐁䠺䔹㨿 䔹㘁㸲䌼㙅 p䨁䙅㨽㩋㨿㠁䔹㘁㽀㽁㉃o 㸶䕃㨴 㐲䙄㈽㩅ऺ㼉䉆㈿䔺㴶䐁㉁䅃䀲㐹 䀷 ᬲ㴴㨽㉃ 㙅 ㈽ਁ ࠁ䠹㨴㤁䔶䑅䐁䔹㘁㽀㼽㨿㘲䌁㐲䙄㈽㩅䨁䀷 䔹㘁 k 䔹 䁃㔶䌁 ㈴䍀䑄 ㈽㴁䉆㈿䔺㴶䐁䀷 䔹㘁㘿䔺䌶 㔺䑅䌺㍆䔺䀿 䀷 ㉄䐶䔁䌶 䕆䌿䐁㈿㔁㩄 䍀㍆䑅 䕀 䔹㘁䅃㙄㘿r㘁䀷 㸺䑄䄶㐺儴㉅㩀㼁㙃 䍀䍄ࠁ䑅䍆r䕆䌲㴁㍃㘲㱄ࠁ㈿㔁㝃㙂䘶㽅 䁆䔽㨶䍄ࠁ䠹㨴㤁㉃㘁 ⰹ㘁䌶䑅 䀷 䔹㘁䄲䄶䌁㩄 䑅䍆r䕆䌶㔁㉄ u䡄ਁ⬶r ∢ 㔶䐴䌺㌶䐁䔹㘁㸶䔹䀵䀽䀸䨀ਁ⬶r䔺䀿 ∢∁䅃㙄㘿䕄 䔹㘁㔲䔲 ᠥ㔥ㄺ┅ļ܁ḇԁḺ⤹㈯⤅Ğ܁ᨇԁȁጫ☥㘲⬷ㄅ ℇăଉଊЇę㈹Ė㈩㔁ᜧ㈱㈰ⴧğ㈯ⴧ㨀 ∱✩㐶┭ㄶ㨁ᔲㄱ⤧㘁␭㘬ĶⰩģ㈯┶⴯ⴶ㨁″⴯⼲㠩㐵ĭ㄁ጵⴥ؟┧ⴻ✁ᰥ㐮⤶㔒 Asian Economics Letters 2 ⰹ㘁㘾䄺䌺㐲㴁㈿㈽䩄㩄 㩄 㔺䜺㔶㔁㨿䕀 䕈䀁䄲䍅䐊 ⰹ㘁元䑅 䄲䍅 t䤲㸺㼶䐁䔹㘁r䔶㔿㙄䐁㸶㉄䙃㙄 ㌶䕈㘶㼁䔹㘁 ㈴㩑㐁㸲㽆㜲r䕆䌺㼸 㸲䌼㙅䐁䙄㨿㠁䔹㘁Ⱞe 䠹㨽㘁䔹㘁䐶r䀿㔁䄲䍅 t䤲㸺㼶䐁䔹㘁㐲䙄㈽ 㘷u䕄 䀷 „⤭ 䀿 䔹㘁㸲䌼㙅 㕊㼲㸺㑄 䜺㈁䜲䌺䁆䐁㴺㼶㉃ ㈿㔁㽀㼽㨿㘲䌁 ᨿ䕀㼲㰲㰺䐁㙅 ㈽ਁԎఎఆ ࠁw㘁㐲㴴䘽㉅㘁䔹㘁㠶㼶r 㘵 㨾䅆㵄㘁䌶䑁䀿䐶 㝆㼴䔺䀿䐁Ԡ∪ἆ ㈿㔁㠶㼶䌲㴺䬀 䁃㘴㉄䔁㙃䍀䌁䜲䌺㈿r㘁㔶r䀾䅀䐺䔺䀿䐁Ԡ἞⸝؈ 䠹㨴㤁㉃㘁 㑃䘴㨲㴁㨿 㙄䔺㸲䔺㼸 䔹㘁㕊㼲㸺㐁r䔶㔿㙄䐈

3 ㉄ u ∿ Ṃ䘲䔺䀿 ԍ؈ 䔹㘁㽆
㉄ u ∿ Ṃ䘲䔺䀿 ԍ؈ 䔹㘁㽆㸶䌲䕀䌁㩄 䔹㘁㑆㹆㴲䔺v㘁㘷u䔁䀷 ㈁䐹䀴㰁㨿 䜲䌺㈳㴶 i, 䠹㨽㘁䔹㘁㔶㽀㸺㼲䕀䌁㩄 䔹㘁㑆㹆㴲 㘁㘷u䔁䀷 ㈽㴁䐹䀴㱄ਁⰹ㙃㘲uࠁw㘁㔶㕆r㘁䔹㘁䕀䔲㴁r ∿ 䔹㘁㼶䥅 䄹㉄㘁䀷 䔹㘁㙄䔺㸲䔺䀿ࠁw㘁u䠁䔹㘁 㙅 ㈽ਁԎ఍ᐆ 㸶䔹䀵䀽䀸䨁䔹㉅ t䥅㘿㕄 䔹㘁㝃㈾t䁃㱄 䀷 ✺䐹㩊㈾㈁㙅 ㈽ਁԎ఍ആ ⌶䀿㠁㙅 ㈽ਁԎ఍ฆ 䨁㔶 ㈁䔶䑅 u䁃 䔹㘁䐶r䀿㔁㹀㸶㽅 䕀 㔶䔶r䔁㽀㼽㨿㘲䌁㐲䙄㈽㩅 ᩄ 㽀䔶㔁p ⌶䀿㠁㙅 ㈽ਁԎ఍ฆ ࠁ䔹㘁䜲䌺㈳㴶 Ԡḩⴆ 㕀㙄 䔁㐲䙄㘁 ㈴㩑㐁㸲㽆㜲r䕆䌺㼸 㸲䌼㙅䐆 㨿 䔹㘁 䠺䔹 䌶䑁㘴䔁䕀 䔹㘁㴲㠉v䕀䌁䀷 㨿 䔹㘁 䉆㈿䔺㴶 䠺䔹 䌶䑁㘴䔁䕀 ⰹ䙄ࠁ䔹t䨁㈵䁁䔁䔹㘁㽀㽁㉃㈾㙅䌺㐁⁃㈿㠶r 䨁㉁䅃䀲㐹 ㉄ 䑆㠸㙄䔶㔁p ✺䐹㩊㈾㈁㙅 ㈽ਁԎ఍ആ 䀁㨽㵆䑅䌲䔶 䔹㘁㐲䙄㈽㩅䨁㨿 㤺㠹㙃ी䌵㙃 㹀㸶㽅䐈 䔹t 㩄 䔹㘁䠹㩅㘁㽀㩄㘁䅃䀴㙄䐈 ㈿㔁 䔹㘁䘿㰿o䠿 㝆㼴䔺䀿䐁䔹㉅ 䐲䔺䐷䨁䄶䍅㨿㘿䔁r䀿㔺䔺䀿䐁u ਁᨽ䔹䁆㠹 䔹㩄 䑁㘴㩑㐲䔺䀿 ㈽㵀䡄 㽀㼁 䩁㘁㐲䙄㈽㩅䨁䔶䑅㨿㠁㝃䀾 ᜁ㩅 r䁆㴵 㔶 䔁䔹㘁伀㘁䅀㙃倁㝃䀾 㩄 ㈁ 㠶㼶䌲㴁㽀㼽㨿㘲䌁㝆㼴䔺䀿ਁⰹ䙄ࠁṂ䘲䔺䀿 ԑ؁㩄 䌶u 㴲䔶㔁䕀 ㈴䁆㽅 u䁃 䔹㘁㽆㴽 ㈿㔁㈽䔶䌿㉅㩇㘁㥊䅀䔹㙄㩄 u 㘁㨿 Ṃ䘲䔺䀿䐁Ԓ؁㈿㔁ԓ؈ 䌶䑁㘴 㘁䀳䔲㨿 䔹㘁u㘲䐺㌽㘁䔶䑅 䑅㉅㩄䔺㐁u䁃 䔶䑅㨿㠁䔹㘁㽆㴽 㥊 䔹㙄㩄 㨿 Ṃ䘲䔺䀿 Ԓ؊ ⼺䔹 䔹㘁㨿㐽䙄㩀㼁䀷 䔹㘁 㙅 ㈽ਁԎ఍ฆ ᬲ㴴㨽㉃ 㙅 ㈽ਁԎ఍ᐆ 䀾㘁䔹㘁 㩄䑆㘁䔹㉅ 㐲䙄㈽㩅ऺ㼉㸶㈿ 㨾䄽㨶䐁㐲䙄㈽㩅 ࠁ䔹t䨁㨿䔶䍁䌶䔁䔹㘁㐲䙄㈽㩅䨁㨿 㤺㠹㙃 㙃㈽㴈 w㘁䔶䑅 䔹㉅ ⁃㈿㠶䌁㐲䙄㙄 䉆㈿䔺㴶 䙁 k ⰹ㩄 䄲䄶䌁㘾䄽o䩄 㹀㽅㤽䨁䀳䐶r䜲䔺䀿䐁䀿 䔹㘁㨿㕆s 䕃㨲㴁䐶r䕀䌁䑅䀴㰁㨿㔺r㙄 䀷 ഌ ᩄ㨲ऩ㈴㩑㐁r䁆㽅䌺㙄ᘁᩆs 䕃㈽㨲ࠁ᰹㨿㈈ ⅀㼸 W䀿㠈 ∿㔺㈈ ∿㕀㼶䐺㈈ ⌲䄲㼈 W ⬺㼸㉁䁃㘈 Ⰰ㈺䠲㼈 ㈿㔁ⰹ㈺㴲㼵 u䁃 䔹㘁䄶䌺䀵 ἶ㍃䘲r കᔓ 䕀 ⠴䕀㌶䌁ฌฌਁᴲ䔲 䀿 䔹㘁㨿㕆䑅䌺㈽ 䐶r䕀䌁䑅䀴㰁 㙄 ㉃㘁䀳䔲㨿㘵 㝃䀾 䔹㘁ⰹ䀾䑀㼁⨀㙆䔶䍄 ᴲ䔲⬀ 䕃㘲㸈 ㈿㔁„⤭ ∿㔶䤁䠲䐁㔶㘽䁁㘵 p 㙃 㙅 ㈽ਁԎఎఆ ㈿㔁㉃㘁㕀䠿㵀㈵㘵 㝃䀾 ㈳㴶 ഀ ࠁw㘁㽀䔶 䅀䐺䔺v㘁䌶䕆䌿s 㨿 䔹㘁㉇ 䜲㵆㙄 ㈴䍀䑄 ㈽㴁䐶䌺㙄 t䔁⅀㼸 W䀿㠈 䠹㨴㤁㩄 㼶㠲䔺v ԉȌ਌എ؊ ℺㠹 䑅㈿㔲䌵 㔶䜺㉅㩀㼁䜲㵆㙄 㼶r㙄䐺䔲䔶 ㈿ 䬺㼸 䔹㘁v䨁䕃㈿䐾㩄䐺䀿 ㌶䕈㘶㼁䔹㙄㘁㸲䌼 ㈿㔁㸲䨁㨿㔺㐲䔶 䅃

4 㘿r㘁䀷 䁆䔽㨶䍄ਁⰹ㩄 㸲
㘿r㘁䀷 䁆䔽㨶䍄ਁⰹ㩄 㸲䨁㽀䔁㌶ 䘿 䌶㴲䔶㔁䕀 䔹㘁䌶r㘿䔁䐶㙃㘁㨾䄲r䔁䀷 䔹㘁ᰀ⸢ᴉക 䄲㼀 㔶㸺㐊 ὆䍅㤶䌾䁃㘈 ㈽㴁䐶䌺㙄 ㉃㘁䅀䐺䔺v㘽䨁䐼㘵 t 㨿 䔹㘁㐲䐶 䀷 ⅀㼸 W䀿㠈 ∿㔺㈈ ⌲䄲㼈 ㈿㔁⬺㼸㉁䁃㘈 䠹㨴㤁㉃㘁㼶㠲䔺v㘽䨁䐼㘵ਁⰹ㘁㱆䍅䁄㩄 䑅㉅㩄䔺㑄 䌶 ㈽㴁䐶䌺㙄 ㉃㘁㴶p䕀㱆䍅㨴ࠁ㈿㔁⌲䍂䘶छ㙃㈁䑅㉅㩄䔺㐁r ࠁ䑆㠸㙄䔺㼸 䔹㘁䅃㙄㘿r㘁䀷 㽀㼽㨿㘲䌺t䨁㈿㔁 䕆䌲㴁䐹㨷䕄 ㈽䀿㠁䔹㘁䔺㸶 䄲䔹䐁䀷 䔹㘁䐶䌺㙄 䑆㐹 䔹㉅ 䔹㘁䙄㘁䀷 㴺㼶㉃ 䁃 r䀿䑅㈿䔁䄲䌲㸶䔶䌁㹀㔶㵄 w ㍃㨿㠁㈳䁆䔁䑁䙃㩀䙄 䌶䑆㵅䐊 ℶ㼴㘈 䁆䌁㐹䀺r㘁䀷 䉆㈿ 䔺㴶䐉㌲䐶㔁㐲䙄㈽㩅䨁䔶䑅ਁⴿ㩅 䍀o䔁䔶䑅 䌶䑆㵅䐁Ձ䌶䐶㽅㘵 㨿 e㈿㘽 ᬆ ㈽䑀 䌶㘲㴁㈽㴁䐶䌺㙄 ㉃㘁䑅㉅㩀㼲r䨁㉅ 䔹㘁ഃ 㘁㴶㘽ਁ⅀ࠁ䔹㘁 ⭀㴽㩄 Ԏఌᔆ 㽀㼽㨿㘲䌁䘿㩅 ㈳㴶 ฀ 䅃㙄㘿䕄 䔹㘁㉇㙃㈸㘵 r䔶㔿㙄䐁㸶㉄䙃㙄ਁ 㙄䘽䕄 䑆㠸㙄䔁㨿㑃㘲䐶㔁r䔶㔿㙄䐁㌶䕈㘶㼁䔹㘁㸲r 㙅䐁㉄ Ⰰᰢ 䜲㵆㘁䀷 ሌਓ́㨿㔺㐲䔶䐁䀿 ㉇㙃㈸㘈 ሌਓ́䀷 䔹㘁u䁃㘴㉄䔁㙃䍀䌁䜲䌺㈿r㘁㨿 䀿㘁r䐁㨿㕆䑅䌺㈽ 䐶r Asian Economics Letters Panel A: Summary Statistics Panel B: Unit Root Results Mean Std. Dev. Skewness Kurtosis Jarque-Bera ADF Sollis (2009) GEPU 122.379 66.489 1.664 5.838 227.192 -3.7395 c** 2.015 Australia 0.172 5.254 -1.011 6.119 164.131 -15.5582 c*** 1.827 China 0.11 9.783 -0.007 5.622 81.621 -15.2353 c*** 3.607* Hong Kong -0.012 7.738 -0.297 5.62 85.703 -15.4318 c*** 4.011* India 0.858 9.72 -0.558 4.356 36.641 -15.1720 c*** 2.975 Indonesia 1.478 8.847 1.539 14.178 1596.143 -14.5621 c*** 3.244 Japan 0.238 6.288 -0.628 4.056 32.001 -14.5949 c*** 0.6 Korea 0.702 9.711 0.562 6.27 141.988 -15.0020 c*** 0.1301 Singapore 0.205 6.199 -0.228 4.774 39.861 -14.7782 c*** 1.22 Taiwan 0.272 8.853 0.08 4.338 21.57 -14.9315 c*** 2.42 Thailand 0.797 10.608 0.069 6.605 154.534 -16.6897 c*** 9.763*** 㐲㼁㌶ ㉅䕃㨳䙅㘵 䕀 䔹㘁㨿㽀䜲䔺䀿䐁㨿 ㈽㴁o䔹㙃䐊 ⬶r 㘁䀳䔲㨿 䔹㘁㼶䔁㔺䌶r䔺䀿㈽ 䑁㨽㵀㙃 p䨁䑆p䔺㼸 䔹㘁䕀 䔲㴁r䀿䕃㨳䙅㩀㽄 䌶r㘵 p䨁㈁r䨁Ἢ⠦ o䔹㙃䐁㝃䀾 䔹㘁䕀䔲㴁r䀿䕃㨳䙅㩀㽄 㩅 㠺v㙄 Ⰰ⠁o䔹㙃䐊 e㘁Կ㘸o 㘆 䜲㵆㙄 㨿㔺㐲䔶 䔹㘁㉄䐶䔁㨿 䉆㙄䔺䀿 ㉄ ㈁㼶䔁䐹䀴㰁 ⡆䌁䌶䑆㵅䐁䌶㘲㴁㈁䑅䍀㼸 䑁㨽㵀㙃 㘷u䔁㈴䍀䑄 㸲r 㙅䐈 䠺䔹 ㈽㴁䀷 䔹㘾 䐺㠿㩑㐲㽅㵊 㠺䜺㼸 ㈿㔁䌶r 䐹䀴㱄ਁ⠿ ㉇㙃㈸㘈 W䁃㘲 ㈿㔁⬺㼸㉁䁃㘁㉃㘁䔹㘁㤺㠹㙄䔁 㼶䔁㠺v

5 䐁䀷 䐹䀴㱄 䠺䔹 䜲㵆㙄 ㌶
䐁䀷 䐹䀴㱄 䠺䔹 䜲㵆㙄 ㌶㨿㠁ณਏ́㈿㔁ฎਏ̈ 䌶 ࠁ䠹㨽㘁ᩆ䑅䌲㴺㈁ԉต਎̆ ㈿㔁⌲䄲㼁ԉഐ̆ ㉃㘁 䔹㘁㤺㠹㙄䔁㼶䔁䐹䀴㰁䌶r㙃䐈 㨾䄽䨺㼸 䔹t䨁䌶r㘁㹀䌶 䔹㈿ 䔹t䨁䕃㈿䐾㩅ਁⰹ㙄㘁䌶䑆㵅䐁䑅䍀㼸㵊 ㈽㨸㼁䠺䔹 t 䔲䔺䀿䐁㈿㔁r䁃䍀㍀䌲䔶 䔹㘁㔶䐴䌺p㘁䌶䑆㵅䐁㨿 ㈳㴶 ഀ 㘁䅃䀴㘶㔁䕀 t䤲㸺㼶 䔹㘁䍀㴶 䀷 „⤭ 䀿 䔹㘁r 㘵㼶䑄 ㌶䕈㘶㼁䔹㙄㘁㸲䌼㙅䐁p䨁㨿v㙄䔺㠲䔺㼸 䔹㘁㐲䙄㈽ 䔁䀷 „⤭ 䀿 䕀䔲㴁㈿㔁㼶䔁䑁㨽㵀㙃 u䁃 㘲㐹 r 㝃䀾 ㈁㴺㼶㉃ 䄶䍄䄶r㘊 ⨀㙄䘽䕄 Մ㘶 ㈳㴶 ༀ ؁䌶㘲㴁䔹㉅ 䐁㘷u䔁㩄 䐺㠿㩑㐲㽅 㨿 㴶䑄 䔹㈿ 㤲㴷 䀷 䔹㘁㐲䐶䐁㉅ 䔹㘁ഌ́䐺㠿㩑㐲㼴㘁㴶㘽ਁⰹ㩄 㸲䨁㴺㰀㘽䨁㌶ ㉅䕃㨳䙅㘵 䕀 䔹㘁䅃㙄㘿r㘁䀷 㽀㼽㨿㘲䌺t䨁㨿 䔹㘁䐶䌺㙄ਁ∿ ㈵㔺䔺䀿ࠁw 䔁䔹㘁 ᭃ䁀㐼 㙅 ㈽ਁԍᔕሆ ᬝ⬁䔶䑅 ࠁ䠹㨴㤁㙄䔲p 㴺䐹㙄 㽀㼽㨿㘲䌺t䨁㨿 䔹㘁䐶䌺㙄ਁⰹ㙃㘷䁃㘈 䌶㴺㈿r㘁䀿 䔹㘁 㴺㼶㉃ ⁃㈿㠶r䨁䔶䑅 㸲䨁㴶㈵ 䕀 䑁䙃㩀䙄 r 㘿 䔹㘁䑅䍀㼸 t㘁䀷 㽀㼽㨿㘲䌺tࠁw㘁䕆䌿 䕀 䔹㘁 䌶䑆㵅䐁䀷 䔹㘁䉆㈿䔺㴶䐉㌲䐶㔁㐲䙄㈽㩅䨁䔶䑅䐊 Ἲ㡆䌶 ഀ 㙄 䔹㘁䌶䑆㵅 䀷 䔹㘁㐲䙄㈽㩅ऺ㼉䉆㈿䔺㴶䐁䔶䑅 r 䔶㔁u䁃 ㍀䔹 r䀿㔺䔺䀿㈽ा㘲㼁㈿㔁䜲䌺㈿r㘊 ⡇㙃㈽㴈 w 儿㔁䑅䍀㼸 t㘁䑆䅁䁃䔺㼸 䔹㘁䌶㬶r䔺䀿 䀷 䔹㘁㽆㴽 䔹㙄㩄 䀷 㽀 ⁃㈿㠶rਁⰹ㘁㐲䙄㈽ t㘁㩄 㹀䑅㵊 䐺㠿㩑㐲㽅 ㉅ 䔹㘁㸺㔵㴶 䉆㈿䔺㴶䐈 㨾䄽䨺㼸 䔹㉅ 㠽䀳㈽ ḩⵄ 䔶㼵 䕀 ㌶ ㈁䑅䍀㼸 䅃㘵㨴䕀䌁u䁃 䔹㘁v 㨿 䔹㘁ᩄ㨲ऩ㈴㩑㐁㸲㽆㜲r䕆䌺㼸 㸲䌼㙅ࠁ㙄䄶㐺㈽㵊 䠹㘿 䔹㘁㸲䌼㙅 䄶䌷䁃㹄 㽀䌾㈽㵊ਁⰹ㘁㸲䌼㙅 㸲䨁㌶ 㨿剆 㘵 p䨁䘿r䨁䔹䍀䘸㤁㩅䐁㨾䄲r䕄 䀿 䔹㘁䑆䅁㵊 䀷 ࠁ䄶䍄䀿㈽ r䔺䀿ࠁ㈿㔁㨿v㙄䔾㘿䔁㔶㐺䐺䀿䐁㉄ 㩅 㐲㼁㔺䐴䁆䌲㠶 㼶䠁㨿v㙄䔾㘿䕄 ㈿㔁㨿㕆r㘁r 㘁䑁㘿㔺㼸 ㌶㤲䜺䁆䌁㈾䀿㠁r䀿䑆㸶䍄ਁ⅀ࠁ䔹㘁 䨁㌶r䀾㙄 w㘲㰁㉅ 䔹㘁t䥅䌶㸶 䉆㈿䔺㴶䐈 䑆㠸㙄t 㨿㠁䔹㉅ 䔹㘁㘷u䔁䀷 ḩⴁ䀿 䔹㘁r䔶㔿㙄䐁䠺䔹㨿 䔹㘁 㙅 㩄 䐶㽄㩅㩇㘁䕀 䔹㘁㔶㡃㘶 䀷 䔹㘁㸲䌼㙅䑎 䄶䌷 㘊 ⼹㘿 䔹㘁㸲䌼㙅䐁㉃㘁䄶䌷䁃㸺㼸 ㉅ 䔹㘺䌁䄶㈼ࠁ㘴 㽀㸺㐁䅀㴺㑊 䐶㘾䐁䕀 ㌶ w㘲㰁㨿 ㈷u䔺㼸 䔹㘺䌁㨿䔶䌲r 㘁t䤲㸺㼶 v䨁䕃㈿䐾㩄䐺䀿䐁㌶䕈㘶㼁䔹㘁ᩄ㨲0 ㈴㩑㐁㸲㽆㜲r䕆䌺㼸 㸲䌼㙅 ㈿㔁㨿v㙄䔺㠲䔶 䔹㘁㐲䙄㈽ 㘷 䔁䀷 „⤭ 䀿 䔹㩄 䌶㴲䔺䀿䐹㩁ਁ⼀㘁儿㔁䑅䍀㼸 r 㘵㼶䑄 ㌶䕈㘶㼁䔹㘁㸲䌼㙅䐈 ㈿㔁䁆䌁

6 䑆㵅䐁䑅䍀㼸㵊 䑆䅁䁃䔁㈁
䑆㵅䐁䑅䍀㼸㵊 䑆䅁䁃䔁㈁㽀㼽㨿㘲䌁㐲䙄㈽ 䌶㴲䔺䀿䐹㩁 ㌶䕈㘶㼁„⤭ ㈿㔁 䔹㘁㸲㽆㜲r䕆䌺㼸 㸲䌼㙅ࠁ㹀䑅㵊 ㉅ 㸶㔺㈿ 䉆㈿䔺㴶䐊 ⰹ㩄 䌶制r䕄 䔹㘁㔺䑅䙃㌺㼸 㘷u䕄 䀷 ḩⴈ 䠹㨴㤁㸲t 䕀 䔹㘁u䁃㹆㴲䔺䀿䐁䀷 䅀㴺㐺㙄 䔹㉅ ㈺㸁䕀 ㈴㤺t㘁䑅㈳㨽㩅 ⡆䌁r䀿㐽䙄㩀㼁r䀾䄽㘾㘿䕄 䔹㘁㘾㙃㠺㼸 㴺䔶䌲䕆䌶 䀿 䔹㘁 䨁䀷 䔹㘁㸲㽆㜲r䕆䌺㼸 㸲䌼㙅䐁䕀 㠽䀳㈽ 䅀㴺㑊 Asian Economics Letters Australia China Hong Kong India Indonesia Japan Korea Singapore Taiwan Thailand From Australia 39.700 4.000 9.000 8.600 8.100 14.100 2.600 9.400 1.700 2.800 60.300 China 2.000 68.500 2.900 3.300 1.600 2.600 2.600 8.000 6.000 2.500 31.500 Hong Kong 3.500 1.300 28.700 4.100 4.500 6.000 10.700 17.500 9.400 14.300 71.300 India 5.300 4.300 5.600 37.800 2.200 6.700 12.500 12.100 3.700 10.000 62.200 Indonesia 4.600 3.500 6.200 1.800 56.800 1.000 7.900 4.700 8.500 5.100 43.200 Japan 9.000 6.200 7.900 7.700 2.200 44.700 3.400 12.700 3.200 3.000 55.300 Korea 0.900 1.900 5.700 7.000 3.700 1.500 30.500 11.100 12.600 25.100 69.500 Singapore 3.900 3.800 14.000 8.700 3.500 6.200 12.800 23.300 11.100 12.500 76.700 Taiwan 1.200 5.000 5.000 5.500 3.900 1.100 19.200 12.200 32.900 14.100 67.100 Thailand 0.700 1.000 8.800 6.200 2.700 2.000 25.200 11.300 12.300 29.800 70.200 Contribution to others 31.100 31.000 65.000 52.900 32.500 41.200 96.800 99.000 68.400 89.400 607.200 Net directional connectedness -29.200 -0.500 -6.400 -9.300 -10.800 -14.000 27.300 22.300 1.300 19.200 TCI=60.7% GEPU does not cause: F -statistic P -value Total Spillover 2.771** 0.064 Net Australia 5.004*** 0.007 Net China 1.362 0.258 Net Hong Kong 0.992 0.372 Net India 8.265*** 0.000 Net Indonesia 7.950*** 0.000 Net Japan 1.203 0.302 Net Korea 0.567 0.568 Net Singapore 4.465** 0.012 Net Taiwan 1.524 0.220 Net Thailand 0.114 0.893 This is an open-access article distributed under the terms of the Creative Commons Attribution 4.0 International License ( CCBY-SA-4.0 ). View this licenses legal deed at https://creativecommons.org/licenses/by-sa/4.0 and legal code at https://cre - ativecommons.org/licenses/by-sa/4.0/legalcode for more information. Asian Economics Letters Journal of Risk and Financial Management 13 National Bureau of Economic Research, Working Paper 26983 The European Journal of Finance 24 Econometric Reviews 15 Tourism Economics 20 International Journal Financial Economics 5 Asian Economics Letters 1 Econometric Theory 28 Journal of Econometrics 165 Economic Modelling 26 PLoS ONE 13 Asian Economics Letter