The Pacific Economic Review (PER) publishes high-quality articles in all areas of economics, both the theoretical and empirical, and welcomes in particular analyses of economic issues in the Asia-Pacific area. Published five times a year from 2007, the journal is of interest to academic, government and corporate economists. The Pacific Economic Review is the official publication of the Hong Kong Economic Association and has a strong editorial team and international board of editors. As a highly acclaimed journal, the Pacific Economic Review is a source of valuable information and insight. Contributors include Nobel Laureates and leading scholars from all over the world.

The Pacific Economic Review (PER) is a high-quality journal that publishes articles in all areas of economics, both theoretical and empirical, with a particular emphasis on analyses of economic issues in the Asia-Pacific region. Since its inception in 2007, the journal has been published five times a year and is of interest to academic, government, and corporate economists. The Pacific Economic Review is the official publication of the Hong Kong Economic Association and boasts a strong editorial team and an international board of editors. As a highly regarded journal, it serves as a valuable source of information and insights, featuring contributions from Nobel Laureates and leading scholars from around the globe.

《Pacific Economic Review》是一本高质量的经济学期刊，涵盖理论和实证研究，特别欢迎对亚太地区经济问题的分析。自2007年起，每年出版五期，期刊受到学术界、政府和企业经济学家的关注。《Pacific Economic Review》是香港经济学会的官方出版物，拥有强大的编辑团队和国际编辑委员会。作为一本备受推崇的期刊，《Pacific Economic Review》提供了宝贵的信息和见解，贡献者包括诺贝尔奖获得者和来自世界各地的知名学者。

Pacific Economic Review

Abstract Regional trade policy uncertainty is an important factor affecting enterprises' outward foreign direct investment (OFDI). This paper uses the China−ASEAN Free Trade Area as the research object. The research uses the “China Industrial Firm Database” from 2001 to 2013 and the “List of Chinese Overseas Investment Enterprises (Institutions)” to match micro‐enterprise data. Using the difference‐in‐difference (DID) approach to construct quasi‐natural experiments, we study the impact of the reduction in regional trade policy uncertainty on Chinese enterprises' OFID. The results show that the free trade agreement strategy implemented by China has reduced the regional trade policy uncertainty, which has had a significant positive impact on Chinese enterprises' OFDI. The establishment of the China−ASEAN Free Trade Area has significantly increased Chinese enterprises' OFID in ASEAN countries. The study further finds that enterprises of different ownership types, in different regions and of different factor intensities display heterogeneous effects in this process. The empirical results of the paper provide new ideas for promoting OFDI from the standpoint of reducing regional trade policy uncertainty, and also provide a new perspective for explaining the increase in foreign investment in China in recent years.

Lin Sun

Kexuan Zhou

Linhui Yu

Does the reduction of regional trade policy uncertainty increase Chinese enterprises' outward foreign direct investment? Evidence from the China−ASEAN Free Trade Area

区域贸易政策不确定性降低是否促进了中国企业对外直接投资？来自中国—东盟自由贸易区的证据

Charles Yuji Horioka

Akihisa Shibata

Editor's introduction to the special issue on ‘intergenerational linkages in <scp>Asia</scp>’

《亚洲代际联系特刊》编辑引言

Abstract Our study investigates how the legacies of Vietnamese imperial elites continue to affect top‐ranking politicians in Vietnam. The study compares a list of people who passed the imperial examination (1075–1919) at the national level with a list of currently active top‐ranking politicians in Vietnam (1930–2022) by matching their home districts. Using an instrumental variable approach, we find that those living in the same home districts as imperial elites are more likely to be top‐ranking communists. Possible mechanisms for these strong and persistent legacies based on home district connections include a historical culture of striving to reach the upper echelons of Vietnamese society, a belief in meritocracy, and using graduate degrees to signal one's talent.

Tien Manh Vu

Hiroyuki Yamada

The persisting legacies of imperial elites among contemporary top‐ranking <scp>Vietnamese</scp> politicians

当代越南高层政治人物中帝国精英的持久遗产

Abstract This study examines the macroeconomic effects of family business inheritance tax reduction in South Korea using a theoretical model that addresses the problem of a family member's occupational choice decision between being a worker and being an entrepreneur. In contrast with previous studies, the model considers the distribution of firm size. The effect of the reduction in the family business inheritance tax rate on the macroeconomy is positive in this model, whereas it is negative in a model in the literature that does not consider the distribution of firm size when addressing the occupational choice decision. Calibrated results obtained using data for South Korea show that a 50% reduction in the family business inheritance tax rate increases the total labour demand, total real investment, and total sales by 0.13%, 1.88%, and 0.15%, respectively.

Jung Joo La

Macroeconomic effects of family business inheritance tax reduction: Evidence from <scp>South Korea</scp>

家族企业继承税减免的宏观经济效应：来自<scp>韩国</scp>的证据

Abstract This study investigates how leadership by married couples affects the firm value of family businesses in the institutional context of the Chinese capital market. Marital leadership is found to significantly decrease firm value compared with other family firms, which is supported by a battery of estimation strategies. Aggravating the principal–principal problem, tunnelling behaviour and financial fraud are confirmed as potential economic mechanisms. Moreover, monitoring from the internal corporate governance and external institution environment helps marital leadership focus on shareholder wealth beyond family interest. Our findings indicate that marital leadership implies more of a collusion effect than a collaboration effect in China.

Na Wu

Xinping Xia

Yuguo Li

Leadership and firm value among couples in charge: Evidence from Chinese listed family firms

领导与企业价值在夫妻共同掌权中的体现：来自中国上市家族企业的证据

Abstract This study tests the influential hypothesis of strategic uncertainty (HSU) on the topic of bubble formation. We argue that if HSU holds, it shall apply to a stricter situation in which subjects in the market are rational, but none of them know the rationality distribution of others. The research strategies of exclusion and analogy are adopted to create a market that satisfies the two prerequisites of HSU. Briefly, a cohort of 24 participants in the same group is separated equally into three small groups using a pre‐determined rule within a 20‐period treatment. Group #1 is our primary concern, and its members comprise participants whose units of assets are zero with an auxiliary criterion by subjects' performance at the end of Period 5. Across sessions, we determine whether the regrouping criteria and group tags are displayed to subjects to control how hard it is for a trader to judge the distribution of others in his/her group. We observe that mispricing generally vanishes in both the experimental and control groups. This result delivers a negative judgement of HSU at the aggregate level. Observations at the individual level and the robustness experiments deliver the same judgement.

Bin Li

Meng Wang

Tingyu Xu

An experimental test on the hypothesis of strategic uncertainty

战略不确定性假设的实验检验

Abstract This article proposes a 2‐period model featuring jointly habit formation, consumption externalities and asymmetric information to investigate their impacts on optimal labour and saving taxes. Regarding the effect of habit formation only, our model suggests that both labour taxation in the first period and a capital subsidy between the first and second period are used to deter consumption in the first period. However, when the impact of consumption externalities alone is considered, consumption externalities advocate for higher labour taxation for all agents. Finally, our quantitative results show that with the rising degree of consumption externalities, the discrepancy between marginal capital tax rates under full information and their values under asymmetric information falls, so does the change in the gap between the marginal labour income tax rates of the skilled and the unskilled. Conversely, as the degree of habit formation increases, the change in marginal capital tax rates under full information and under asymmetric information expands, so does the change in the gap between the marginal labour income tax rates of the skilled and the unskilled.

Yunmin Chen

Dongmeng Ren

Consumption externalities, habit formation and optimal dynamic non‐linear income taxation under asymmetric information

消费外部性、习惯形成与非对称信息下的最优动态非线性所得税

Abstract Bans on child labour as mitigating measures to avoid the abuse of child labour have now been widely recognized to be ineffective and may be costly for low‐ and middle‐income countries. Evaluations of different social programmes and efforts by international organizations to reduce child labour provide the same conclusion. This paper explores how the existence of immigrant workers, a common economic condition for many of these countries, can be effectively used as a novel and cheap mechanism to mitigate the employment of child labour. I show that when immigrant workers are available at discounted wages, profit‐maximizing firms will switch from child labour to immigrant workers. From a policy standpoint, this suggests that conditions can be generated to move the economy to a no‐child‐labour equilibrium. Although the solution may be a second‐best for immigrant workers, it may help avoid the undesirable social consequences of child labour and at the same time ease the economic and non‐economic concerns about immigration.

Abbreviation	Pac. Econ. Rev.
Journal Impact	1.15
Quartiles(Global)	ECONOMICS(Q3)

ISSN	1361-374X, 1468-0106
h-index	37

Publication Information	Publisher: Wiley-Blackwell Publishing Ltd，Publishing cycle: ，Journal Type: journal，Open Access Journals: No
Basic data	Year of publication: 1996，Proportion of original research papers: 100.00%，Self Citation Rate:0.00%， Gold OA Rate: 6.85%

Pacific Economic Review

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Does the reduction of regional trade policy uncertainty increase Chinese enterprises' outward foreign direct investment? Evidence from the China−ASEAN Free Trade Area

Editor's introduction to the special issue on ‘intergenerational linkages in Asia’

The persisting legacies of imperial elites among contemporary top‐ranking Vietnamese politicians

Macroeconomic effects of family business inheritance tax reduction: Evidence from South Korea

Leadership and firm value among couples in charge: Evidence from Chinese listed family firms

The persisting legacies of imperial elites among contemporary top‐ranking Vietnamese politicians

Editor's introduction to the special issue on ‘intergenerational linkages in Asia’

An experimental test on the hypothesis of strategic uncertainty

Consumption externalities, habit formation and optimal dynamic non‐linear income taxation under asymmetric information

Can immigrant workers help to solve the child labour problem?