Kazunobu Hayakawa

Keio University, Tokyo, Tokyo-to, Japan

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Publications (38)0.85 Total impact

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    Kazunobu Hayakawa, Fukunari Kimura, Tomohiro MACHIKITA
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    ABSTRACT: Recent empirical studies which utilize plant- or establishment-level data to examine globalization's impact on productivity have discovered many causal mechanisms involved in globalization's impact on firms' productivity. Since these pathways have been broad, there have been few attempts to summarize the several and detailed mechanisms of self-selection and learning at the same time. This paper examines seven pathways so that the clear-cut consequences of the broad picture of globalization become visible. This strategy is useful for detecting missing links within and across the existing studies as well as for finding possible synergy effects among different mechanisms. Insightful policy implications may be derived from the comprehensive comparisons between the seven different pathways of globalization.
    04/2012;
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    Kazunobu Hayakawa, Toshiyuki Matsuura
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    ABSTRACT: In this paper we statistically test the validity of the mechanics of complex VFDI in Japanese machinery FDI to East Asia; we do this by estimating a multiple-spatial lag model. From the theoretical point of view, in complex VFDI, the production activity of affiliates in a given country is positively related to that in neighboring countries which have large differences in factor prices with the given country. Our empirical results show that such mechanics of complex VFDI work in Japanese FDI to East Asia, and that they work more strongly in the MNEs with higher productivity. These results have an important implication for the policies of developing countries in attracting FDI.
    09/2011;
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    Kazunobu Hayakawa, Fukunari Kimura, Hyun-Hoon Lee
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    ABSTRACT: In this paper, we aim to identify the political and financial risk components that matter most for the activities of multinational corporations. Our paper is the first paper to comprehensively examine the impact of various components of not only political risk but also financial risk on inward FDI, from both long-run and short-run perspectives. Using a sample of 93 countries (including 60 developing countries) for the period 1985-2007, we find that among the political risk components, government stability, socioeconomic conditions, investment profile, internal conflict, external conflict, corruption, religious tensions, democratic accountability, and ethnic tensions have a close association with FDI flows. In particular, socioeconomic conditions, investment profile, and external conflict appear to be the most influential components of political risk in attracting foreign investment. Among the financial risk components, only exchange rate stability yields statistically significant positive coefficients when estimated only for developing countries. In contrast, current account as a percentage of exports of goods and services, foreign debt as a percentage of GDP, net international liquidity as the number of months of import cover, and current account as a percentage of GDP yield negative coefficients in some specifications. Thus, multinationals do not seem to consider seriously the financial risk of the host country.
    03/2011;
  • KAZUNOBU HAYAKAWA, ZHENG JI, AYAKO OBASHI
    The Developing Economies 01/2011; 49(4):363-381. · 0.15 Impact Factor
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    Kazunobu Hayakawa, Kiyoyasu Tanaka, Yasushi Ueki
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    ABSTRACT: We examine transport modal decision by multinational firms to shed light on the role of freight logistics in multinational activity. Using a firm-level survey in Southeast Asia, we show that foreign ownership has a significantly positive and quantitatively large impact on the likelihood that air/sea transportation is chosen relative to truck shipping. This result is robust to the shipping distance, cross-border freight, and transport infrastructure. Both foreign-owned exporters and importers also tend to use air/sea transportation. Thus, our analysis presents a new distinction between multinational and domestic firms in their decision over transport modes.
    01/2011;
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    Kazunobu Hayakawa
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    ABSTRACT: In this paper, by employing the threshold regression method, we estimate the average tariff equivalent of fixed costs for the use of a free trade agreement (FTA) among all existing FTAs in the world. It is estimated to be 3.2%. This global estimate serves as a reference rate in the evaluation of each FTA’s fixed costs.
    01/2011;
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    Kazunobu Hayakawa, Zheng Ji, Ayako Obashi
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    ABSTRACT: Inspired by the observed contrasting patterns of geographical distribution of the electric machinery industry in East Asia and Europe, this paper conducts an empirical clarification of the difference in spatial relationships in the industry sizes among countries within a region by use of spatial econometric technique. The results indicate that, while the size of the electric machinery industry in a country is positively correlated with that of neighboring countries in East Asia, there is no significant spatial correlation in Europe. Such a difference in spatial interdependence has important implications for economic development in those regions.
    01/2010;
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    Kazunobu Hayakawa, Zheng Ji, Ayako Obashi
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    ABSTRACT: Inspired by the observed contrasting patterns of industrial distribution in East Asia and Europe, this paper conducts an empirical clarification of the difference in spatial relationships among countries within a region for the electric machinery industry by use of spatial econometric analysis. The results indicate that, while production in the electric machinery industry in a country is positively correlated with that of neighboring countries in East Asia, there is no significant spatial correlation in Europe. Such a difference in spatial interdependence has important implications for economic development in those regions.
    09/2009;
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    Kazunobu Hayakawa, Fukunari Kimura, Toshiyuki Matsuura
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    ABSTRACT: The unprecedented development of production networks in East Asia has been investigated, both theoretically and empirically, employing the conceptual framework of fragmentation theory and its extensions. However, the benefits of production fragmentation at the firm level, particularly benefits deriving from different location advantages, have never been directly measured empirically. This paper presents the very first attempt, to the authorsf knowledge, to empirically capture the benefits of fragmentation. Specifically, using Japanese firm-level data, we find that the larger the gap in the capital-labor ratios between fragmenting firmsf home and overseas activities, the more greatly their cost efficiency improves.
    Institute of Economic Research, Hitotsubashi University, Global COE Hi-Stat Discussion Paper Series. 01/2009;
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    ABSTRACT: It is noted that utilization of ASEAN Free Trade Agreements (FTAs) is low by international standards. In order to clarify the reasons for such low utilization, this paper investigates what kinds of Japanese affiliates in ASEAN are more likely to use FTAs in their exporting, by employing unique affiliate-level data. Our findings are as follows. First, the larger the affiliate is, or the more diversified the origins of its procurements, the more likely it is to utilize an FTA scheme in its exporting. Second, affiliates that export actively to countries with higher general tariffs are more likely to use FTAs. Third, there are clear differences in FTA utilization depending affiliates’ locations and sectors.
    Economic Research Institute for ASEAN and East Asia, Papers. 01/2009;
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    ABSTRACT: Focusing on firms from the electrical machinery and electronics industry, this paper investigates the impact of foreign direct investment (FDI) on home productivity using activity-level data rather than, as most previous studies have done, firm-level data. Distinguishing between horizontal and vertical FDI (HFDI and VFDI), it is argued that VFDI changes the activities that firms are engaged in at home after the relocation of production, altering firmsfproduction function. This means that a direct comparison of productivity at the firm-level before and after the relocation of production is inappropriate. Instead, in order to assess the impact of FDI on home productivity, it is necessary to use activity-level data. Doing so, we obtain results that are consistent with theoretical predictions: HFDI does not necessarily have a significant positive effect on home productivity in activities that parallel those conducted by affiliates abroad. On the other hand, VFDI significantly enhances productivity in activities that have an input-output relationship with the activity relocated abroad.
    Keio/Kyoto Joint Global COE Program, Keio/Kyoto Joint Global COE Discussion Paper Series. 01/2009;
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    Kazunobu Hayakawa, Fukunari Kimura
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    ABSTRACT: In this paper, we empirically investigate the relationship between exchange rate volatility and international trade, focusing on East Asia. Our findings are summarized as follows: first, intra-East Asian trade is discouraged by exchange rate volatility more seriously than trade in other regions. Second, one important source of the discouragement is that intermediate goods trade in international production networks, which is quite sensitive to exchange rate volatility compared with other types of trade, occupies a significant fraction of East Asian trade. Third, the negative effect of the volatility is greater than that of tariffs and smaller than that of distance-related costs in East Asia.
    Journal of the Japanese and International Economies 01/2009; 23(4):395-406. · 0.40 Impact Factor
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    Kazunobu Hayakawa, Fukunari Kimura, Tomohiro MACHIKITA
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    ABSTRACT: This paper extensively reviews empirical studies that analyze the various impacts of the globalization phenomenon on corporate activities by using micro data. First, we set up a flow chart describing how globalization leads to national productivity enhancement. Secondly, we summarize the hypotheses and the methods explored in 13 lines of literature on globalization, which this flow chart maps. Thirdly, we discuss further possible avenues for micro data analysis. Finally, we provide some suggestions on statistics-related policies.
    Economic Research Institute for ASEAN and East Asia, Papers. 01/2009;
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    Kazunobu Hayakawa
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    ABSTRACT: [eng] Transportation costs and monopoly location in presence of regional disparities. . This article aims at analysing the impact of the level of transportation costs on the location choice of a monopolist. We consider two asymmetric regions. The heterogeneity of space lies in both regional incomes and population sizes: the first region is endowed with wide income spreads allocated among few consumers whereas the second one is highly populated however not as wealthy. Among the results, we show that a low transportation costs induces the firm to exploit size effects through locating in the most populated region. Moreover, a small transport cost decrease may induce a net welfare loss, thus allowing for regional development policies which do not rely on inter-regional transportation infrastructures. cost decrease may induce a net welfare loss, thus allowing for regional development policies which do not rely on inter-regional transportation infrastructures. [fre] Cet article d�veloppe une statique comparative de l'impact de diff�rents sc�narios d'investissement (projet d'infrastructure conduisant � une baisse mod�r�e ou � une forte baisse du co�t de transport inter-r�gional) sur le choix de localisation d'une entreprise en situation de monopole, au sein d'un espace int�gr� compos� de deux r�gions aux populations et revenus h�t�rog�nes. La premi�re r�gion, faiblement peupl�e, pr�sente de fortes disparit�s de revenus, tandis que la seconde, plus homog�ne en termes de revenu, repr�sente un march� potentiel plus �tendu. On montre que l'h�t�rog�n�it� des revenus constitue la force dominante du mod�le lorsque le sc�nario d'investissement privil�gi� par les politiques publiques conduit � des gains substantiels du point de vue du co�t de transport entre les deux r�gions. L'effet de richesse, lorsqu'il est associ� � une forte disparit� des revenus, n'incite pas l'entreprise � exploiter son pouvoir de march� au d�triment de la r�gion l
    Institute of Developing Economies, Japan External Trade Organization(JETRO), IDE Discussion Papers. 01/2009;
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    Kazunobu Hayakawa, Kuo-I Chang
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    ABSTRACT: Abstract: By means of a GTAP based-CGE model, we investigate the impact of the elimination of import tariffs and non-tariff policy barriers (NTPBs) on agricultural trade towards East Asian FTAs. To do that, we first measure the NTPBs by employing a widely-used method derived from the literature on border effects. Next, by adding into the GTAP database our estimates on the NTPBs, which the original GTAP database by its nature does not succeed in incorporating, we compute the impact of the entire elimination of policy barriers (the complete reduction of import tariffs and of NTPBs) on GDP.
    07/2008;
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    Kazunobu Hayakawa
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    ABSTRACT: This paper investigates Japanese trade by mode of transport, i.e., air transport versus maritime shipping. Some facts about Japanese machinery exports by mode of transport in the 1990s are examined first. Then it will be shown that products of the machinery sector where international fragmentation prevails are more likely to be exported by air.
    06/2008;
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    Fukunari Kimura, Kazunobu Hayakawa, Zheng Ji
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    ABSTRACT: This paper constructs a firm-level data set of manufacturing firms in the Province of Shandong and examines whether the corporate performance, e.g., labor productivity, of foreign-owned firms, particularly of Korean firms, is superior to that of domestically-owned firms. In the regression analysis, we found the following: first, foreign-owned firms achieve significantly better performance. Second, the differences in corporate performance between domestically-and foreign-owned firms are particularly large in chemical and machinery sectors. Third, small sized Korean firms and Korean firms in fabricated materials and machinery sectors have relatively high performance among foreign-owned firms.
    THE JOURNAL OF THE KOREAN ECONOMY. 05/2008; 9:63-88.
  • Fukunari Kimura, Kazunobu Hayakawa, Zheng Ji
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    ABSTRACT: It is well established in the published literature that international fragmentation has dramatically developed in East Asia since the 1990s, particularly in machinery industries, including general machinery, electric machinery, transport equipment and precision machinery. However, how far has international fragmentation developed in sectors other than the machinery sector, such as textiles or chemicals? To answer this question, we empirically investigate whether features of international fragmentation appear in other sectors by examining intraregional trade in East Asia. The results indicate that, although some features of international fragmentation can be observed in some other sectors, particularly in the chemical sector, they are most distinctive in the general/electric machinery sector. Copyright 2008 The Authors. Journal compilation 2008 East Asian Economic Association and Blackwell Publishing Ltd.
    Asian Economic Journal 02/2008; 22(4):343-358. · 0.30 Impact Factor
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    Kazunobu Hayakawa, Fukunari Kimura
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    ABSTRACT: This paper calculates indices of central bank autonomy (CBA) for 163 central banks as of end-2003, and comparable indices for a subgroup of 68 central banks as of the end of the 1980s. The results confirm strong improvements in both economic and political CBA over the past couple of decades, although more progress is needed to boost political autonomy of the central banks in emerging market and developing countries. Our analysis confirms that greater CBA has on average helped to maintain low inflation levels. The paper identifies four broad principles of CBA that have been shared by the majority of countries. Significant differences exist in the area of banking supervision where many central banks have retained a key role. Finally, we discuss the sequencing of reforms to separate the conduct of monetary and fiscal policies. IMF Staff Papers (2009) 56, 263–296. doi:10.1057/imfsp.2008.25; published online 23 September 2008
    Institute of Developing Economies, Japan External Trade Organization(JETRO), IDE Discussion Papers. 01/2008;
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    Kazunobu Hayakawa, Toshiyuki Matsuura
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    ABSTRACT: In literature related to firm location choice, estimation equations are derived from the model of finished goods producers, but producer types are generally not considered. Research presented in this paper shows that the use of equations derived from such models against intermediate goods producers results in several problems.
    Institute of Developing Economies, Japan External Trade Organization(JETRO), IDE Discussion Papers. 01/2008;