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This research investigates how subsidy programs in Vietnam's residential electricity market affect consumers' well-being.

Two perspectives are employed: cash transfer and quantity-based subsidy. The effectiveness of cash transfer is measured in three ways: benefit incidence, beneficiary incidence and materiality. The quantity-based subsidy is established under the increasing block rate pricing, with the first two block rates being lower than the marginal cost. To improve the quantity-based subsidy, the research examines the consumer surplus under four proposals.

The results show that both types of subsidies are ineffective in supporting the poor.

In order to achieve a more equal distribution among households, the subsidy program should remove all subsidized blocks and reflect the full marginal cost. Changes should be made to the price structure regarding both marginal price and intervals.

To mitigate the impact of the quantity-based subsidy, the government should improve the cash transfer by reducing extortion and improving targeting efficiency, especially for poor households living in rented houses.

This paper is the first to discuss the welfare effect of the electricity subsidy in Vietnam. First, it comprehensively evaluates the cash transfer subsidy in Vietnam. Second, it suggests a modification in the residential electricity tariff.

This policy paper compares the performance of state-owned enterprise (SOEs) versus private firms in selected emerging economies in Asia, focusing on a number of performance indicators. The indicators are internationally recognized quality innovation, product and/or service innovation, financing of operations, dealing with government regulations and labor performance. To the best of the authors’ knowledge, there has been no such comparative study for these indicators between SOEs and private firms and across countries. Most studies of SOEs have been national case studies. As such, they give us little knowledge of how a country compares with other countries at similar stages of economic development. A cross-country comparative analysis can help us identify broader trends and patterns.

The authors compare and discuss the performance of SOEs versus private firms in a number of emerging Asian countries, namely China, India, Indonesia, Malaysia and Vietnam. To do so, the authors use data from the 2018 World Bank Enterprise Survey (which is the latest available) for the period 2012–2015. The authors focus on a number of key performance indicators, namely internationally recognized quality innovation, product and/or service innovation, financing of operations, dealing with government regulations and labor performance.

The comparative analysis uncovers some interesting differences between the two types of firms. For example, somewhat surprisingly, SOEs tend to innovate more than private firms. However, the single most significant pattern the authors find is that in middle-income Asia both types of firms face formidable challenges with respect to doing business – e.g. scarcity of relevant training programs for employees. Therefore, the priority of policymakers must be to improve the overall business environment for all firms, regardless of their ownership structure.

The nature of this paper is a policy paper. This is because the data used in this study is survey data, conducted every four–five years (or more) for each country in the study and available for very few countries. As the data are not available for a continuous period of time, The authors could not conduct empirical research for this topic and thus made it a policy paper that presents a comparison across Asian countries as case studies.

The five selected Asian countries are interesting case studies for a comparative analysis since they are middle-income countries where SOEs play a significant role in the economy. Furthermore, state ownership is an important institutional dimension in emerging markets, and strong ties with the government can influence the performance of SOEs through various market and non-market channels. Despite the potential importance of the research theme, there is very little existing research on cross-country comparisons of the performance of SOEs vis-à-vis private firms. This could be explained by scarce data availability. With this in mind, the study attempts to shed some light on SOEs' performance and add to the rather limited literature.

This study examines the co-integration relationships between Association of Southeast Nations (ASEAN) stock indices as a way to assess the feasibility of policy initiatives to strengthen market integration in ASEAN and identify implications for portfolio investors.

The authors employ threshold co-integration tests and a non-linear autoregressive distributed lag (NARDL) model to study the asymmetric dynamics of ASEAN equity markets. The study’s data cover the 2009–2022 period for seven member states: Cambodia, Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam.

The authors find evidence supporting co-integration relationships; adjustment toward equilibrium is asymmetric in the short run and symmetric in the long run for these countries. While co-movement in ASEAN equity markets seems encouraging for initiatives seeking to foster financial integration in regional economies, the benefits for international portfolio diversification appear to be neutralized.

The issue of stock market integration is important among policymakers, investors and academics. This study examines the level of stock market integration in ASEAN during the 2009–2022 period. For this purpose, advanced co-integration techniques are applied to different frequencies of data (daily, weekly and monthly) for comparison and completeness. The empirical analysis of this study is conducted using the Enders and Siklos (2001) co-integration and threshold adjustment procedure. This advanced co-integration technique is superior compared to other co-integration techniques by permitting asymmetry in the adjustment toward equilibrium.

The research analyzes the convergence of several socioeconomic indicators in a sample of 137 countries over the period 1990–2019. Applying log t-convergence tests, it finds that socioeconomic indicators’ convergence is divergent. Measuring seven different indicators, there are only two indicators of life expectancy and access to the internet converging at the global level, while the remaining indicators of gross domestic product per capita (GDPP), foreign direct investment (FDI) inflow, urbanization, fertility, and CO₂ emissions do not. An extension to sub-sample analysis by levels of income and clustering convergence clubs is employed to confirm the heterogeneity and complexity of development pathways among countries. There are several insights for researchers and governments regarding future research and policies, especially for the development of developing countries.

This research examines the relationship between market power and liquidity creation in the specific context of bank profitability in the Vietnamese banking sector.

The study applies the methodology proposed by Berger and Bouwman (2009) to demonstrate the creation of bank liquidity through a three-step procedure for investigating the relationship between market power and liquidity creation. The three steps include non-fat liquidity (NFLC), fat liquidity (FLC) and system generalized method of moments estimation for panel data.

This study finds that liquidity creation increases when a bank has high market power. Further, highly profitable banks positively impact the market power of banks with regard to liquidity creation, relative to less profitable banks. Moreover, bank size, capital, economic growth and interest rate negatively influence bank liquidity creation, while credit risk positively relates to bank liquidity creation.

Measurements used in this study are based on the works of Berger and Bouwman (2009). There are specific variations, relative to Basel III. In addition, other variables significantly impact bank liquidity creation that have not been considered in the models, and a quadratic model should have been considered to measure market power and bank liquidity creation.

This study suggests that managers should control the liquidity of their banks by supervising vulnerable characteristics that have been mentioned herein and emphasizing improvements in profitability. Further, the government may consider encouraging banks to generate more liquidity by modifying regulations concerned with market power or reinforcing policies about improving the transparent business environment.

This study characterizes an attempt to examine the influence of market power on the liquidity creation of banks in Vietnam, which represents one of the most dynamic systems in Asia, with several varied participating banks. The current study also examines the same within the specific context of the modifying impact of the profitability of banks.

This paper aims to examine the relationship between tourism development and income inequality, closely linked to the Sustainable Development Goals, for the case of a large sample of 83 countries (and subsamples) over the period 1990–2019.

This study uses rigorous dynamic panel data analysis, namely, a Panel Vector Autoregressive Error Correction model, which takes into account both dynamic and endogenous relationships in the tourism-inequality nexus.

The results provide strong support that tourism development has an income inequality reducing effect (albeit relatively small with a reported elasticity of 0.05). Subsamples analysis reveals that the impact of tourism on income inequality varies and is relatively larger in developing economies and those tourist-dependent economies, as compared to developed economies. In fact, it is reported that a 1% increase in tourism development reduces income inequality by 0.46% for developing and 0.56% for tourist-dependent economies as compared to only 0.02% in developed economies. It is further observed that tourism may affect income inequality indirectly via economic growth.

This paper attempts to supplement the dearth literature on the tourism-inequality nexus by analyzing subsamples from a large data set while also using a dynamic panel data framework. The potential indirect effect of tourism on inequality via the economic growth channel is also explored.

该研究采用了严格的动态面板数据分析, 即面板向量自回归误差修正模型（PVEM）, 该模型考虑到了旅游业不平等关系中的动态和内生关系。

本文以1990–2019年期间83个国家（及其子样本）的大样本为例, 研究旅游业发展与收入不平等之间的关系。

本研究结果证明, 旅游业发展具有减少收入差距的作用（尽管相对较小, 报告的弹性为0.05）。子样本分析显示, 与发达经济体相比, 旅游业对收入不平等的影响在发展中经济体和那些依赖游客的经济体中存在差异且相对较大。事实上, 据报道, 旅游业发展每增加1%, 发展中经济体的收入差距就会缩小0.46%, 依赖旅游的经济体会缩小0.56%, 而发达经济体的差距仅缩小0.02%。本研究进一步观察到, 旅游业可能通过经济增长间接影响收入差距。

本文试图通过分析大型数据集的子样本, 同时采用动态面板数据框架, 来补充关于旅游与不平等关系的文献的不足。本文还探讨了旅游业通过经济增长渠道对不平等的潜在间接影响。

El estudio emplea un riguroso análisis dinámico de datos de panel, concretamente un modelo de corrección de errores autorregresivo vectorial de panel (PVEM), que tiene en cuenta tanto las relaciones dinámicas como las endógenas en el nexo turismo-desigualdad

Este documento examina la relación entre el desarrollo del turismo y la desigualdad de ingresos, estrechamente vinculada a los Objetivos de Desarrollo Sostenible, para el caso de una amplia muestra de 83 países (y submuestras) durante el periodo 1990-2019.

Los resultados apoyan firmemente que el desarrollo turístico tiene un efecto reductor de la desigualdad de ingresos (aunque relativamente pequeño, con una elasticidad declarada de 0,05). El análisis de submuestras revela que el impacto del turismo en la desigualdad de ingresos varía y es relativamente mayor en las economías en desarrollo y en aquellas economías dependientes del turismo, en comparación con las economías desarrolladas. De hecho, se informa de que un aumento del 1% en el desarrollo del turismo reduce la desigualdad de ingresos en un 0,46% en las economías en desarrollo y en un 0,56% en las economías dependientes del turismo, frente a sólo un 0,02% en las economías desarrolladas. Se observa además que el turismo puede afectar indirectamente a la desigualdad de ingresos a través del crecimiento económico.

El artículo intenta complementar la escasa bibliografía sobre el nexo entre turismo y desigualdad analizando submuestras de un gran conjunto de datos y empleando un marco dinámico de datos de panel. También se explora el posible efecto indirecto del turismo sobre la desigualdad a través del canal del crecimiento económico.