Chun-Hsuan Wang’s research while affiliated with Ming Chuan University and other places

As one of largest exporting countries in the world, China has experienced a large amount of trade surpluses for the past decade. However, a growing criticism has been focused on the manipulation of Chinese Yuan (RMB) exchange rate by the Chinese government. While China implemented the exchange rate reform policy in July 2005, the question, whether its currency is undervalued remains as a debatable issue. Different from previous studies by focusing on individual trading partners, this paper tests the short-run J-Curve hypothesis and long-run trade balance effect of real exchange rate between China and its eighteen major trading partners using a panel dataset over the 2005–2009 period. We adopt the methodologies of panel cointegration test, fully modified OLS for heterogeneous cointegrated panel (panel FMOLS) and panel error correction model (panel ECM) to investigate the above examination. Our empirical results lend support to the inverted J-curve hypothesis between China and its trading partners. However, we find that a real appreciation of RMB has a decreasing long-run effect on China's trade balance in only three of the eighteen trading partners, while it has an increasing long-run effect in five of the eighteen trading partners. These mixed findings, therefore, lead to the empirical evidence that the real appreciation of RMB has no overall long-run impact on China's trade balance.

This paper investigates the role of regions to the outcomes of Taiwan's labour market over the period 1994-2007 using panel data on average annual wage and unemployment across the country's 23 regions. While wage inequality is rising within regions, there is a wage convergence between regions, although the speed is very low. The analysis on the degree of persistence of regional unemployment in Taiwan's regional labour market is also provided. Furthemore, the existence of a wage curve in Taiwan is somewhat controversial, although its pattern has been found in more than 40 countries. Using a panel two-stage least squares method, we find that there is no significantly negative relationship between wage and unemployment in Taiwan.

Many recent studies have focused on the relationship between American Depository Receipts (ADRs) and their foreign underlying stocks, because of the price interaction and arbitrage opportunities provided by the dual listings. The cointegration and its corresponding error correction model employed in some recent studies assume that the tendency to move towards a long-run equilibrium is present all the time. However, the presence of costs of adjustments may prevent economic agents from adjusting continuously. As an extension of previous studies, this paper applies the threshold cointegration model that allows for asymmetric adjustment towards a long-run equilibrium to inspect the linkage between Taiwanese ADRs and their underlying shares. By employing the threshold error correction model, the short-term adjustments also are examined. We find some evidence of asymmetric adjustments in our data. The tests for asymmetries are also implemented with the maximum likelihood estimation for the complete multivariate threshold cointegration model instead of the univariate model. Copyright 2005 Economic Society of South Africa.

This paper, based on data from Survey of Family Income and Expenditure of Taiwan, shows that the recent trends of job match in Taiwan labor market have been marked by increasing proportion of overeducated workers due to the higher education expansion policy, while the incidence of undereducation continues to decline. Furthermore, workers¡¯ economic position is not completely determined by their educational levels. Working experience also plays an important role in workers¡¯ job placement and their wages. Workers with relatively less working experience are more likely to be overeducated, while workers with relatively more working experience are more likely to be undereducated. Overeducated (Undereducated) workers would earn more (less) than their co-workers with adequate education but less (more) than the workers having the same educational level with adequate education for jobs. However, the rewards (penalties) to adequate education and overeducation (undereducation) decline as more experience accumulated. Evidence also shows effect of bumping down from overeducation on the wages and employment of lower educated workers.

This paper investigates the long-run purchasing power parity hypothesis when exchange rate returns and inflation rates are assumed to be heavy-tailed stochastic processes. More specifically, residual-based and likelihood-ratio-based cointegration tests of PPP that explicitly allow for infinite-variance innovations are applied to monthly data (1973:1-1999:12) for Belgium, Canada, Denmark, France, Germany, Italy, Japan, the Netherlands, Norway, Spain, Sweden, and the United Kingdom. Our test results are marginally less supportive of PPP when the innovations are assumed to be infinite-variance, α-stable processes. Copyright © 2003 John Wiley & Sons, Ltd.

Results from this and other studies have shown a clear association between pork production systems that are accessible to Toxoplasma gondii vectors, such as cats, and seropositivity of hogs for T. gondii. Sows and market hogs in pork production systems that had total confinement facilities in phases (farrowing, nursery, finishing) were significantly less likely to be seropositive for T. gondii. Of the market hogs tested, 4.4% from nonconfinement facilities were positive compared with 2.3% of the hogs from all confinement facilities. Pigs produced in systems that used bait and/or traps as the only method of rodent control had significantly fewer animals seropositive for T. gondii. Reducing the level of toxoplasmosis can have a direct impact on consumers. Given this, and the lack of direct economic incentives for pork producers, industry programs would be helpful in assisting consumer and producer benefits to better match. Moreover, consumer assurance of the safety of pork is vital to continued and enhanced demand for pork, both domestically and internationally. Moreover, there is an increased consumer awareness of foodborne pathogens. The demand for safe food products is increasing. A T. gondii food-safety incident related to pork would erode the consumer image, potentially leading to reduced demand, at least in the short term. The industry needs to evaluate methods of reducing cat accessibility to pig production systems.