Updated on 2024/02/15

写真a

 
ZHANG Shajuan
 
Organization
Faculty of Economics Assistant Professor
Contact information
The inquiry by e-mail is 《here》
External link

Degree

  • Ph.D. in Economics ( Yokohama National University )

  • M.A. in Economics ( Yokohama National University )

Education

  • 2015.3
     

    Yokohama National University   Graduate School of International Social Sciences   Global Economics   doctor course   completed

  • 2012.3
     

    Yokohama National University   Graduate School of International Social Sciences   International Economics   master course   completed

Research History

  • 2019.4 - 　

    "Assistant professor, Faculty of Economics, Chuo University"

  • 2018.4 - 2019.3

    "Assistant professor, Faculty of Business Administration, Department of Accounting and Finance, Toyo University"

  • 2013.10 - 2018.3

    "Part-time Lecturer, Department of Economics, Yokohama National University"

  • 2017.9 　 　

    "Part-time Lecturer, Department of Economics, Fukushima University"

  • 2014.10 - 2015.2

    "Part-time Lecturer, Graduate School of International Social Sciences, Yokohama National University"

  • 2014.10 - 2015.2

    Part-time Lecturer, Graduate School of International Social Sciences, Yokohama National University

  • 2014.2 - 2014.3

    "Internship, World Bank, Washington DC, USA"

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Research Interests

  • exchange rate

  • exports

  • Global Value Chain

  • 国際金融の実証研究

  • "empirical international economics, global value chain, trade, exchange rate"

Research Areas

  • Humanities & Social Sciences / Economic policy  / Economic policy

Papers

  • New empirical assessment of export price competitiveness: Industry-specific real effective exchange rates in Asia

    Kiyotaka Sato, Junko Shimizu, Nagendra Shrestha, Shajuan Zhang

    NORTH AMERICAN JOURNAL OF ECONOMICS AND FINANCE   54   2020.11

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    Language：English   Publishing type：Research paper (scientific journal)   Publisher：ELSEVIER SCIENCE INC  

    This study constructed the industry-specific real effective exchange rate (I-REER) as a new measure of export competitiveness by industry. By aggregating I-REERs to a country-level I-REER for nine Asian economies, we assess the effect of REER appreciation on real exports by employing both static common-correlated effects (CCE) estimator and cross-sectionally augmented distributed lag (CS-DL) estimator (a dynamic version of the CCE estimator) to control for heterogeneity in the impact of unobservable common factors. The degree of REER's negative effect is found to have declined in recent years, which may imply that growing global value chains (GVCs) tend to mitigate the negative effect of REER appreciation on exports. As is well known that Asia is characterized as active regional trade and investment through GVCs, further regional integration would make Asian economies have less concern about policy coordination for regional exchange rate stability in Asia.

    DOI： 10.1016/j.najef.2020.101262

    Web of Science

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  • Business cycle synchronisation in East Asia: The role of value-added trade

    Jiang, Wei, Li, Yunong, Zhang, Shajuan

    WORLD ECONOMY   42 ( 1 )   226 - 241   2019.1

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    Language：English  

    DOI： 10.1111/twec.12668

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  • Industry-specific Exchange Rate Fluctuations, Japanese Exports and Financial Constraints: Evidence from Panel Vector Autoregressive Analysis

    Shajuan Zhang

    Asian Economic Journal   32 ( 2 )   125 - 145   2018.6

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    Language：English   Publishing type：Research paper (scientific journal)   Publisher：Blackwell Publishing Ltd  

    Using a panel vector autoregression approach and industry breakdown data for financial constraints obtained from the Bank of Japan's Tankan (Short-Term Economic Survey of Enterprises in Japan) database, this study empirically investigates whether and how Japanese firms' financial constraints (internal and external) influence the response of Japanese sectoral exports to an exchange rate shock. Furthermore, we use the industry-specific real effective exchange rate data developed by to allow for different movements of real effective exchange rates across industries. It is found that financial constraints have a significant influence on Japanese exports in response to exchange rate shocks. Japanese exporters with either lower internal financial constraints or external financial constraints are less affected by the yen's appreciation. In addition, if firms face high external financial constraints, only reducing the internal financial constraints cannot help them mitigate the impact of the yen's appreciation on their exports. Thus, an accommodative financial environment also plays an important role in alleviating the impact that the yen's appreciation has on Japanese exports.

    DOI： 10.1111/asej.12145

    Scopus

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  • Business Cycle Synchronization in East Asia: The role of Value Added Trade Reviewed

    Wei Jiang, Li Yunong, Shajuan Zhang

    The World Economy   2018

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  • Industry-specific Exchange Rate Fluctuations, Japanese Exports and Financial Constraints: Evidence from Panel VAR Analysis Reviewed

    Shajuan Zhang

    Asian Economic Journal   2018

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    Language：English   Publishing type：Research paper (scientific journal)  

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  • Exchange Rate Volatility, Exports and Global Value Chains

    Sato, Kiyotaka, Junko Shimizu, Nagendra Shrestha, Shajuan Zhang

    RIETI Discussion Paper Series   2018

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    Language：English   Publishing type：Research paper (other academic)  

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  • INDUSTRY-SPECIFIC EXCHANGE RATE VOLATILITY AND INTERMEDIATE GOODS TRADE IN ASIA Reviewed

    Kiyotaka Sato, Junko Shimizu, Nagendra Shrestha, Shajuan Zhang

    SCOTTISH JOURNAL OF POLITICAL ECONOMY   63 ( 1 )   89 - 109   2016.2

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    Language：English   Publishing type：Research paper (scientific journal)   Publisher：WILEY-BLACKWELL  

    This study empirically analyses the impact of industry-specific real exchange rate volatility on intra-Asian trade of intermediate goods at an industry level. In contrast to the recent studies, our empirical results reveal that the exchange rate volatility has significantly negative effect only on two industries: general machinery and electrical machinery. However, no significant effects are found on the intermediate goods trade of other machinery industries. Such different impacts of the exchange rate volatility across industries reflect the growing intra-firm trade and the choice of invoice currency, which is related to the characteristics of the traded goods.

    DOI： 10.1111/sjpe.12112

    Web of Science

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  • Industry-specific Real Effective Exchange Rates in Asia

    Sato, Kiyotaka, Junko Shimizu, Nagendra Shrestha, Shajuan Zhang

    RIETI Discussion Paper Series   2015.6

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    Language：English   Publishing type：Research paper (other academic)  

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  • Business Cycle Co-movements in Asia

    章 沙娟

    エコノミア   65 ( 1 )   1 - 16   2014.5

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    Language：Japanese   Publisher：横浜経済学会  

    近年のアジア域内貿易・投資の拡大によって，アジア諸国間の経済的なリンケージはますます緊密になっている．実体面での経済統合が一段と深化し，通貨同盟や域内通貨協調への関心も高まっている．最適通貨圏の理論は通貨同盟形成のための複数の経済的条件を提示しているが，それら条件の中で最も重視されているのが各国間の景気循環の連動性である．これまで数多くの研究が景気循環の連動性という指標を用いて最適な通貨圏の地理的範囲を特定する実証分析を行っている．さらに，最近注目を集めているのは景気循環の連動性の決定要因を分析する実証研究である．先行研究では複数の決定要因が分析の対象となっているが，その中で最も重視されているのが産業間貿易，産業内貿易，産業構造の類似性，そして金融統合の4 つである．本論文はアジア諸国を対象として，2 国間の景気循環の連動性を決定する要因をより全面的に検証するために，従来の要因である産業間貿易

    CiNii Books

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  • Industry-specific Real Effective Exchange Rates and Export Price Competitiveness: The Cases of Japan, China, and Korea Reviewed

    Kiyotaka Sato, Junko Shimizu, Nagendra Shrestha, Shajuan Zhang

    ASIAN ECONOMIC POLICY REVIEW   8 ( 2 )   298 - 321   2013.12

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    Language：English   Publisher：WILEY-BLACKWELL  

    This paper constructs a new dataset of the industry-specific real effective exchange rate, based on the producer price indices, for Japan, China, and Korea on a monthly basis from January 2001 to February 2013 in order to provide a better indicator for export price competitiveness. By conducting simulation analysis, we found that Korean electrical machinery firms substantially improved their cost competitiveness by lowering their production costs during the Korean won appreciation period, while Japanese firms' large plant investment caused by management misjudgments led to excessive production capacity, which resulted in the deterioration of Japanese export competitiveness. A structural vector autoregression analysis also reveals that industry differences of cost competitiveness as well as nominal exchange rate changes have significant impact on export performances of Japan and Korea.

    DOI： 10.1111/aepr.12032

    Web of Science

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  • Industry-specific Real Effective Exchange Rate: A Comparison between China and Japan Reviewed

    Sato, Kiyotaka, Junko Shimizu, Nagendra Shrestha, Shajuan Zhang

    The Journal of World Economy   417   3 - 20   2013.5

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    Language：Chinese   Publishing type：Research paper (scientific journal)  

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  • The Construction and Analysis of Industry-specific Effective Exchange Rates in Japan

    Sato, Kiyotaka, Junko Shimizu, Nagendra Shrestha, Shajuan Zhang

    RIETI Discussion Paper Series   2012.7

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    Language：English   Publishing type：Research paper (other academic)  

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  • Industry-specific Real Effective Exchange Rates for Japan

    Sato, Kiyotaka, Junko Shimizu, Nagendra Shrestha, Shajuan Zhang

    RIETI Discussion Paper Series   2012.6

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    Language：English   Publishing type：Research paper (other academic)  

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Presentations

  • Exchange Rate Volatility, Exports and Global Value Chains International conference

    Shajuan Zhang

    32nd Annual Congress Of The European Economic Association 70th European Meeting Of The Econometric Society  ( Lisbon, Portugal )   2017.8  The Econometric Society

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    Language：English   Presentation type：Oral presentation (general)  

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  • Exchange Rate Volatility, Exports and Global Value Chains International conference

    Shajuan Zhang

    32nd Annual Congress Of The European Economic Association 70th European Meeting Of The Econometric Society  ( Lisbon, Portugal )   2017.8  The Econometric Society

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    Language：English   Presentation type：Oral presentation (general)  

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  • Exchange Rate Volatility, Exports and Global Value Chains International conference

    Shajuan Zhang

    The 2017 Asian Meeting of the Econometric Society  2017.6 

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    Language：English   Presentation type：Oral presentation (general)  

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  • Exchange Rate Volatility, Exports and Global Value Chains

    Shajuan Zhang

    the Japan Society of Monetary Economics Spring Annual Meeting  2017.5 

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    Language：Japanese   Presentation type：Oral presentation (general)  

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  • Exchange Rate Volatility, Exports and Global Value Chains International conference

    Shajuan Zhang

    RIETI-CASS-CESSA Joint Workshop " Exchange Rates and International Currency: Perspective from China and Japan"  2016.11 

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    Language：English   Presentation type：Oral presentation (general)  

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  • Effects of Exchange Rate Volatility on Exports in Global Value Chains International conference

    Shajuan Zhang

    the 15th International Convention of the East Asian Economic Association  2016.11 

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    Language：English   Presentation type：Oral presentation (general)  

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  • Industry-specific Exchange Rate Fluctuations, Japanese Exports and Financial Constraints: Evidence from Panel VAR Analysis

    Shajuan Zhang

    the Japan Society of Monetary Economics Spring Annual Meeting  2015.5 

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    Language：Japanese   Presentation type：Oral presentation (general)  

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  • Industry-specific Exchange Rate Fluctuations, Japanese Exports and Financial Constraints: Evidence from Panel VAR Analysis International conference

    Shajuan Zhang

    the Asia-Pacific Business Conference  2014.11 

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    Language：English   Presentation type：Oral presentation (general)  

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  • Industry-specific Exchange Rate Fluctuations, Japanese Exports and Financial Constraints: Evidence from Panel VAR Analysis International conference

    Shajuan Zhang

    the 14th International Convention of the East Asian Economic Association  2014.10 

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    Language：English   Presentation type：Oral presentation (general)  

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  • Industry-Specific Real Effective Exchange Rates in Asia

    Shajuan Zhang

    the Japan Society of Monetary Economics Spring Annual Meeting  2014.5 

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    Language：Japanese   Presentation type：Oral presentation (general)  

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  • Exchange Rate Fluctuations and Firm Exports under Credit Constraints International conference

    Shajuan Zhang

    the Singapore Economic Review Conference (SERC)  2013.8 

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    Language：English   Presentation type：Oral presentation (general)  

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  • New Evidence of Export Competitiveness between Asia and Europe International conference

    Shajuan Zhang

    the CESSA-wiiw Joint International Workshop on “New Industry-Level Analysis in Asia and Europe: Integration, Value Chains and Competitiveness”  2013.6 

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    Language：English   Presentation type：Oral presentation (general)  

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  • Business Cycle Co-movements and Economic Integration in East Asia

    Shajuan Zhang

    the Japan Society of Monetary Economics Spring Annual Meeting  2013.5 

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    Language：Japanese   Presentation type：Oral presentation (general)  

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  • Industry-specific Exchange Rate Volatility and Intermediate Goods Trade in Asia International conference

    Shajuan Zhang

    the 10th Biennial Pacific Rim Conference (WEAI)  2013.3 

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    Language：English   Presentation type：Oral presentation (general)  

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  • Business Cycle Co-movements and Economic Integration in East Asia International conference

    Shajuan Zhang

    RIETI-CASS-CESSA Joint Workshop "Establishing Surveillance Indicators for Monetary Cooperation Between China and Japan"  2012.10 

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    Language：English   Presentation type：Oral presentation (invited, special)  

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  • Industry-specific Exchange Rate Volatility and Intermediate Goods Trade in Asia International conference

    Shajuan Zhang

    the 13th International Convention of the East Asian Economic Association  2012.10 

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    Language：English   Presentation type：Oral presentation (general)  

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Research Projects

  • Institutional Distortions and Trade Elasticity of Exchange Rate: Micro-level Evidence from China

    Grant number：21K13294  2021.4 - 2024.3

    Japan Society for the Promotion of Science  Grants-in-Aid for Scientific Research Grant-in-Aid for Early-Career Scientists  Grant-in-Aid for Early-Career Scientists  Chuo University

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    Grant amount： \4420000 （ Direct Cost: \3400000 、 Indirect Cost： \1020000 ）

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  • How Japanese Firms Accommodate to Yen Appreciation? Exchange Risk Management and Pricing Strategy under Global Value Chains

    Grant number：19H01504  2019.4 - 2023.3

    Yokohama National University  Grants-in-Aid for Scientific Research  Grant-in-Aid for Scientific Research (B)  Yokohama National University

    佐藤 清隆

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    Grant type：Competitive

    Grant amount： \17160000 （ Direct Cost: \13200000 、 Indirect Cost： \3960000 ）

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  • Global Value Chains and Optimal Exchange Rate Policy: Resilience against Economic and Exchange Rate Shock

    Grant number：16H03638  2016.4 - 2019.3

    Japan Society for the Promotion of Science  Grants-in-Aid for Scientific Research Grant-in-Aid for Scientific Research (B)  Grant-in-Aid for Scientific Research (B)  Yokohama National University

    SATO Kiyotaka, SHRESTHA Nagendra, ZHANG Shajuan, OKAYAMA Kaori

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    Grant amount： \16640000 （ Direct Cost: \12800000 、 Indirect Cost： \3840000 ）

    This project made empirical analysis on the effect of economic shock on production and trade in the context of global value chains. Feasibility of optimum currency area in Asia was also investigated. Possible effect of exchange rate changes on trade imbalances and firms' export competitiveness is empirically examined. Effect of free trade agreement on Japan and Asian economies was also assessed. We held international symposiums five times during the project period, and issued the special issue of refereed journals as a research achievement of this project.

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Teaching Experience

  • macroeconomics

    Institution：toyo university

  • international trade

    Institution：toyo university

  • international economics

    Institution：toyo university

  • international finance

    Institution：fukushima university

  • applied econometrics

    Institution：yokohama national university

  • microecomics

    Institution：toyo university

  • ミクロ経済学

    Institution：東洋大学

  • マクロ経済学

    Institution：東洋大学

  • 貿易論

    Institution：東洋大学

  • 国際経済学

    Institution：東洋大学

  • 国際金融論

    Institution：福島大学

  • applied econometrics

    Institution：横浜国立大学

  • advanced lecture on applied microeconometrics

    Institution：yokohama national niversity

  • 応用ミクロ計量分析特論

    Institution：横浜国立大学

  • データ解析演習

    Institution：横浜国立大学

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