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The purpose of this study is to explore the interplay of language policy & ethnic politics in the context of the Native/Mainlander competition in Taiwan. First of all, languages will be examined as an instrument of group solidarity, be it a national or ethnic one. Second, we will examine how the seemingly simply selection of a phonetic system of street signs initially embarked upon in Taipei, the capital of Taiwan, has evolved into a national controversy involving heated debate within not only the National Language Promotion Committee but also the National Legislature, & eventually led to the disgraceful dismissal of the Minister of Education. Third, the focus will be on the recent call by sonic, national legislators for the adoption of Hoklo as a second national language in addition to Mandarin. 13 References. Adapted from the source document.

Income inequality in China has become increasingly serious since the beginning of the economic reform period in the 1970s, with urban–rural income inequality playing a large role. Urbanization policy and monetary policy are currently important economic policy tools for the Chinese government. In order to investigate the influence of inequality on the economy and to provide recommendations for ensuring the sustainability of growth, we study the effect of urban–rural income inequality on economic growth in the context of urbanization and monetary policy in China between 2002 and 2021. Using a flexible time-varying parametric structural vector auto-regression (TVP-VAR) model and a robust Markov chain Monte Carlo (MCMC) algorithm, our empirical results show that the effect is time-varying, with inequality promoting growth in the early years but affecting it adversely at later stages. Currently, urbanization mitigates inequality and promotes growth simultaneously, while easy monetary policy worsens inequality and affects growth adversely in the long term. We suggest that the authorities need to consider the implementation of policy rebalancing to ensure that the sustainability of economic development is not jeopardized because of worsening income disparity. Proactive urbanization policy and prudent monetary policy are viable rebalancing options.

This article examines how the native Taiwanese identity has been formulated in the 20th century, and how this identity affects the relations between the native Taiwanese and Mainlander minorities. During the Kuomintang's (KMT) authoritarian rule on Taiwan, Mainlanders considered themselves distinct and enjoyed more privileges than the natives. The 2-28 Massacre of 1947 and the following oppressive policies toward the natives by the KMT regime reinforced the distrust and animosity between native Taiwanese and Mainlanders. This article finds that it is very difficult to achieve reconciliation and rebuild a common identity among all groups in Taiwan, as neither the KMT nor the following government of the Democratic Progressive Party was able to build a new Taiwanese identity on the basis of ethnic reconciliation. Yet efforts by both sides to uncover the truth and seek justice about the Massacre have made progress. Taiwan's attainment of "transitional justice" appears in the later part of the article. (Asian Perspect/GIGA)

ABSTRACTThis paper proposes a bootstrap procedure for the covariate point optimal tests (CPT) of Elliott and Jansson. Although the covariate tests enjoy large power gains over the traditional univariate unit root tests, our simulations show that they still suffer from severe size distortions at finite samples. Through simulations, we demonstrate the superiority of the bootstrap procedure in the sense that it can yield desirable size and power properties for the CPT tests when the Akaike's information criterion is used. Moreover, we show the empirical relevance of the bootstrap tests by applying them to inflation in the G‐10 countries, and then obtain strong evidence against the unit root hypothesis for most countries at the 5% significance level.

PurposeThe purpose of this paper is to analyze whether a convergent behavior exists in the price indexes of the seven Asian Real Estate Investment Trust (REIT) markets.Design/methodology/approachThe authors investigate the convergent behavior in Asian REIT indexes against Japan and the USA by conducting the unit‐root testing procedure.FindingsResults show that the Asian REIT markets are more connected with the US REIT market than with that of Japan. The convergent behavior was more obvious since 2007.Practical implicationsThe underlying assets of real estate securities in different countries are usually not directly related; hence, there should be segmentation to a certain extent between international REIT markets as well. If the performances of Asian REIT markets are converged, this linkage can be viewed as a contagion effect.Originality/valueThe results of this paper indicate that the risk of REITs might be underestimated and the benefit that investors may acquire from adding REITs to their portfolios might be overestimated.

ABSTRACTPrevious studies applying traditional unit root tests generally have difficulty providing widespread evidence supporting the real interest rate parity hypothesis (RIPH). This paper aims to analyse the empirical fulfilment of RIPH for 17 OECD countries by employing many recently developed unit root tests. Power of the tests is raised by taking different approaches, such as using cross‐sectional information, accounting for non‐linear adjustment towards the equilibrium and allowing for structural changes. The combined results of the tests using panel information show that broad evidence in favour of RIPH prevails for 13 of the 17 countries. By contrast, univariate tests fail to make widespread rejections of the unit‐root hypothesis. Our evidence reveals a high degree of market integration for developed countries, and the effect of monetary policies as a stabilization tool might be limited at least in the long run.

AbstractThis paper re‐examines the empirical finding that international real interest rates usually have a unit root. This conclusion is put forth in Rapach and Weber (2004), using the Ng and Perron (2001) tests. We use Rudebusch's (1993) approach to construct the small sample distributions of the Ng and Perron tests, and calculate their asymptotic sizes, size‐adjusted powers and rejection rates. These numbers show that the lack of power in the Ng and Perron tests might account for the findings of Rapach and Weber (2004): that the unit root null cannot be rejected for most OECD countries. Size distortions are mild in the case of Ng and Perron tests for two series, but are serious for the Phillips and Perron Z‐test on inflation rates. We then apply a powerful covariate augmented Dickey–Fuller unit root test to examine the series for which stationarity cannot be determined with the Ng and Perron tests. The bootstrap technique is also used to control possible size distortions. In contrast to the results of Rapach and Weber (2004), the bootstrap covariate augmented Dickey–Fuller test yields striking evidence that real interest rates are stationary for 14 of 16 OECD countries, because nominal interest rates are stationary for the 14 countries, while inflation rates are stationary for all countries.