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Editorial Board Journal of the Japanese and International Economies (IF 1.985) Pub Date : 2024-02-19
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Prediction machines, insurance, and protection: An alternative perspective on AI’s role in production Journal of the Japanese and International Economies (IF 1.985) Pub Date : 2024-02-10 Ajay Agrawal, Joshua S. Gans, Avi Goldfarb
Recent advances in AI represent improvements in prediction. We examine how decision-making and risk management strategies change when prediction improves. The adoption of AI may cause substitution away from risk management activities used when rules are applied (rules require always taking the same action), instead allowing for decision-making (choosing actions based on the predicted state). We provide
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Obsolete housing equipment, weak renovation, and rapid depreciation of Japanese condominiums Journal of the Japanese and International Economies (IF 1.985) Pub Date : 2024-01-28 Masatomo Suzuki, Chihiro Shimizu
Employing a novel dataset on Tokyo condominium resales with details regarding their equipment and renovation status, this study provides a background for the rapid depreciation of Japanese condominiums, particularly due to obsolete housing equipment and weak renovation. Condominiums over the age of 20 years tend to lack contemporary equipment and exhibit severe economic obsolescence. This is measured
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Effects of bank branch/ATM consolidations on cash demand: Evidence from bank account transaction data in Japan Journal of the Japanese and International Economies (IF 1.985) Pub Date : 2024-01-10 Kozo Ueda
This study considers the retrogression event of convenience for bank users as a natural experiment and analyzes the effect of this event on cash demand. Using bank account transaction data, we find that branch/ATM consolidations reduce the amount of cash withdrawals by past users considerably. Particularly, older or less wealthy users were severely affected by the discontinuation of branches. However
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Inequalities in student learning and screen time due to COVID-19: Evidence from Japan Journal of the Japanese and International Economies (IF 1.985) Pub Date : 2023-12-30 Masaya Nishihata, Yohei Kobayashi
We examine the impact of COVID-19-related school closures on student learning and screen time. We find that between January 2020 (pre-COVID-19) and May 2020, as the length of a COVID-19-related school closure increased, there was a decrease in learning time and an increase in screen time. These adverse effects tend to be more pronounced for students in low-income households, low academic achievers
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The effects of large-scale equity purchases during the coronavirus pandemic Journal of the Japanese and International Economies (IF 1.985) Pub Date : 2023-12-21 Shin-ichi Fukuda, Mariko Tanaka
This study examines the effects of the Bank of Japan's (BOJ) large-scale equity purchases on the Nikkei 225 during the coronavirus (COVID-19) pandemic. Although the BOJ started equity purchases in 2010, the purchased amount reached unprecedented levels when the pandemic broke out. The large-scale purchases provide a natural experiment to examine how effective the central bank's equity purchases were
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Stock market response to public investment under the zero lower bound: Cross-industry evidence from Japan Journal of the Japanese and International Economies (IF 1.985) Pub Date : 2023-12-19 Tomomi Miyazaki, Kazuki Hiraga, Masafumi Kozuka
This study examines the effects of public investment on the stock market between the zero lower bound (ZLB) and the non-ZLB periods using Japanese sectoral panel data. The empirical results first show that while public investment shocks have stimulating effects on stock returns during the ZLB period, this is not the case outside of the ZLB. Furthermore, the impulse responses for the manufacturing industry
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Worker flows by gender and industry in Japan Journal of the Japanese and International Economies (IF 1.985) Pub Date : 2023-12-18 Tetsuaki Takano
After the late 2000s, there were substantial fluctuations in unemployment during the Global Financial Crisis (GFC), Abenomics, and COVID-19 crisis, and their impact was uneven by gender and industry. This study examines the property of worker flows in Japan by focusing on gender and industry perspectives using monthly data from the Labour Force Survey. During the COVID-19 crisis, the transition probability
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Assessing monetary policy surprises in Japan by high frequency identification Journal of the Japanese and International Economies (IF 1.985) Pub Date : 2023-12-06 Fumitaka Nakamura, Nao Sudo, Yu Sugisaki
The use of changes in short-term interest rates (STIRs) within 30 min before and after monetary policy announcements, or so-called high-frequency identification (HFI), has been attracting attention as a method of extracting monetary policy surprises. In this paper, we use the Japanese data during the 2000s and 2010s, which includes periods when interest rates hovered around the ELB, to construct an
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Tackling the risks in crypto: Choosing among bans, containment and regulation Journal of the Japanese and International Economies (IF 1.985) Pub Date : 2023-11-20 Matteo Aquilina, Jon Frost, Andreas Schrimpf
The high-profile failures of a number of crypto firms have re-ignited the debate on the appropriate policy response to address the risks in crypto. The “shadow financial” functions enabled by crypto markets share many of the vulnerabilities of traditional finance and risks are often exacerbated by specific features of crypto. Authorities may consider different, and not mutually exclusive, lines of
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Potential benefits and determinants of remote work during the COVID-19 pandemic: Evidence from Japanese Household Panel Data Journal of the Japanese and International Economies (IF 1.985) Pub Date : 2023-09-16 Kayoko Ishii, Isamu Yamamoto, Mao Nakayama
This study examines the impact of remote work on subjective well-being, such as subjective productivity, work engagement, and health condition, during the COVID-19 pandemic. It also identifies the characteristics of workers and jobs that contribute to the continuous implementation of remote work, using data from the “Japan Household Panel Survey (JHPS)” and “JHPS Special Survey for COVID-19 (Waves
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Impact of studying abroad on language skill development: Regression discontinuity evidence from Japanese university students Journal of the Japanese and International Economies (IF 1.985) Pub Date : 2023-08-29 Yuki Higuchi, Makiko Nakamuro, Carsten Roever, Miyuki Sasaki, Tomoko Yashima
The importance of English communication skills has increased with globalization, and governments in various countries have encouraged students to go abroad. However, the causal impact of studying abroad has rarely been investigated, particularly in non-European countries. This study adopted a fuzzy regression discontinuity design (RDD) for the flagship scholarship program of the Japanese government
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Information effects of monetary policy Journal of the Japanese and International Economies (IF 1.985) Pub Date : 2023-08-09 Yusuke Tanahara, Kento Tango, Yoshiyuki Nakazono
This study assesses two central bank announcements about monetary policy and the central bank’s assessment of the economic outlook. We examine whether these two components influence macroeconomic and financial variables under the effective lower bound (ELB) of short-term nominal interest rates in Japan. We identify two shocks: a surprise policy tightening that raises interest rates and reduces stock
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Cross-regional heterogeneity in health and economic outcomes during the COVID-19 pandemic: An analysis of Japan Journal of the Japanese and International Economies (IF 1.985) Pub Date : 2023-07-26 Shotaro Beppu, Daisuke Fujii, Hiroyuki Kubota, Kohei Machi, Yuta Maeda, Taisuke Nakata, Haruki Shibuya
Health and macroeconomic outcomes varied substantially across prefectures in Japan during the COVID-19 crisis. Using an estimated macro-epidemiological model as well as the idea of revealed preference, we compute the marginal rate of substitution (MRS) and the conditional trade-off curve between health and economic outcomes in each prefecture. We find that there is a large heterogeneity in the MRS
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Unconventional monetary policy and debt sustainability in Japan Journal of the Japanese and International Economies (IF 1.985) Pub Date : 2023-07-08 Enrique Alberola, Gong Cheng, Andrea Consiglio, Stavros A. Zenios
We adapt to the Japanese case a model of stochastic debt sustainability within a monetary policymaking framework. The model incorporates the effects of unconventional monetary policy and its potential unwinding on sovereign debt dynamics. A scenario tree represents stochastic and correlated macroeconomic and fiscal variables, and a coherent risk measure allows to draw probabilistic inferences on sustainability
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A field experiment on discrimination against foreigners in the rental housing market in Japan examining the 23 wards of Tokyo Journal of the Japanese and International Economies (IF 1.985) Pub Date : 2023-06-28 Takeru Sugasawa, Kei Harano
Discrimination against foreigners in rental housing markets has been recognized mainly in the U.S. and European countries. In Japan, the difficulties experienced by foreigners who move into rental housing have been reported only by media or government questionnaire surveys, and there is little quantitative evidence. We conduct a correspondence study to observe discrimination against foreigners in rental
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Domestic and international effects of economic policy uncertainty on corporate investment and strategic cash holdings: Evidence from Japan Journal of the Japanese and International Economies (IF 1.985) Pub Date : 2023-05-18 Ryosuke Fujitani, Masazumi Hattori, Yukihiro Yasuda
We empirically examine the effects of economic policy uncertainty (EPU) of which measurement methodology Baker, Bloom & Davis (2016) propose on the investment and cash holding behaviors of Japanese firms. We also examine spillover effects of EPU of the United States on them. We find that Japanese firms invest less and accumulate more cash when domestic EPU increases. Impacts of subcategories of domestic
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Aging and the real interest rate in Japan: A labor market channel Journal of the Japanese and International Economies (IF 1.985) Pub Date : 2023-04-25 Shigeru Fujita, Ippei Fujiwara
This paper explores a causal link between aging of the labor force and the declining trend in the real interest rate in Japan. We develop a search and matching model that features heterogeneous workers with respect to their ages and firm-specific skills. Using the model, we examine the long-run implications of the sharp drop in labor force entry in the 1970s. We show that the changes in the demographic
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Fiscal capacity and commercial bank lending under COVID-19 Journal of the Japanese and International Economies (IF 1.985) Pub Date : 2023-03-31 Joshua Aizenman, Yothin Jinjarak, Mark M. Spiegel
We investigate the implications of government indebtedness for the efficacy of expansionary government spending in encouraging commercial bank lending growth during the COVID-19 pandemic. Our sample is a large cross-section of over 3000 banks from 71 countries. To address the likely endogeneity of government assistance, we instrument for extra-normal spending using disparities in pre-existing national
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Debt issuance incentives and creative accounting: Evidence from municipal mergers in Japan Journal of the Japanese and International Economies (IF 1.985) Pub Date : 2023-03-23 Tsuyoshi Goto, Genki Yamamoto
Creative accounting has been a considerable problem in the field of governance and has caused serious economic issues. However, how governments determine the scale of creative accounting is unknown in the existing literature. We study whether a difference in the usage and the scale of creative accounting is determined by the intensity of the incentive to issue excessive debt. To study this, we focus
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The impact of the COVID-19 pandemic on global GDP growth Journal of the Japanese and International Economies (IF 1.985) Pub Date : 2023-03-22 Joseph E. Gagnon, Steven B. Kamin, John Kearns
This paper describes one of the first attempts to gauge the effect of the COVID-19 pandemic on the global trajectory of real GDP over the course of 2020 and 2021. It is also among the first efforts to distinguish between the role of domestic variables and global trade in transmitting the economic effects of COVID-19. We estimate panel data regressions of the quarterly growth in real GDP on pandemic
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COVID-19 and the employment gender gap in Japan Journal of the Japanese and International Economies (IF 1.985) Pub Date : 2023-03-09 Taiyo Fukai, Masato Ikeda, Daiji Kawaguchi, Shintaro Yamaguchi
This paper examines how the COVID-19 pandemic affected female employment in Japan. Our estimates indicate that the employment rate of married women with children decreased by 3.5 percentage points, while that of those without children decreased by only 0.3 percentage points, implying that increased childcare responsibilities caused a sharp decline in mothers’ employment. Further, mothers who left or
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Does inheritance taxation reform promote to build inexpensive rental housing? Journal of the Japanese and International Economies (IF 1.985) Pub Date : 2023-02-19 Naoto Mikawa, Shohei Yasuda, Norifumi Yukutake
The inheritance taxation reform of 2015 in Japan substantially increased the amount of tax levied on large inheritances. This potentially served as a good incentive for people to build inexpensive low-rise apartments for tax savings, which increased the number of low-cost apartments. Therefore, this study investigates the effect of inheritance taxation reform on housing rents. Using the difference-in-differences
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Editorial Board Journal of the Japanese and International Economies (IF 1.985) Pub Date : 2023-02-10
Abstract not available
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Cross-country evidence on the allocation of COVID-19 government subsidies and consequences for productivity Journal of the Japanese and International Economies (IF 1.985) Pub Date : 2023-01-22 Tommaso Bighelli, Tibor Lalinsky, Juuso Vanhala
We study the consequences of the Covid-19 pandemic and related policy support on productivity. We employ an extensive micro-distributed exercise to access otherwise unavailable individual data on firm performance and government subsidies. Our cross-country evidence for five EU countries shows that the pandemic led to a significant short-term decline in aggregate productivity and the direct support
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How the new fed municipal bond facility capped municipal-treasury yield spreads in the Covid-19 recession Journal of the Japanese and International Economies (IF 1.985) Pub Date : 2022-12-24 Michael D. Bordo, John V. Duca
For over two centuries, the municipal (muni) bond market has been a source of systemic risk, which returned early in the Covid-19 downturn when borrowing from securities markets became costly for many private and public entities, and some found it difficult to borrow at all. Indeed, just before the Fed announced its unprecedented intervention into the muni market, spreads of muni over Treasury yields
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Do the self-employed underreport their income? Evidence from Japanese panel data Journal of the Japanese and International Economies (IF 1.985) Pub Date : 2022-12-17 Takeshi Niizeki, Junya Hamaaki
This paper examines to what extent self-employed households underreport their income to tax authorities in Japan. To this end, we employ the so-called expenditure-based approach, which essentially compares the current expenditure of self-employed and wage earner households while controlling for their income, net worth, and household characteristics. Using Japanese household-level panel data for the
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Labor market concentration and heterogeneous effects on wages: Evidence from Japan Journal of the Japanese and International Economies (IF 1.985) Pub Date : 2022-12-12 Atsuko Izumi, Naomi Kodama, Hyeog Ug Kwon
This study provides empirical evidence of the impact of labor market concentration on wages. We find that (1) wages are suppressed in more concentrated labor markets, (2) labor rigidity is associated with wage responsiveness to labor market concentration, (3) the impact of labor market concentration on wages is smaller for firms with more competitive downstream product markets, and (4) greater job
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Determinants and effects of the use of COVID-19 business support programs in Japan Journal of the Japanese and International Economies (IF 1.985) Pub Date : 2022-12-01 Tomohito Honda, Kaoru Hosono, Daisuke Miyakawa, Arito Ono, Iichiro Uesugi
Using a survey of and financial data for Japanese small- and medium-enterprises (SMEs), this paper examines the determinants of firms’ use of the business support programs provided by the Japanese government during the COVID-19 pandemic and their effect. With respect to the determinants, we obtain the following three findings: First, firms were more likely to have obtained subsidized loans, grants
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The effects of credit lines on cash holdings and capital investment: Evidence from Japan Journal of the Japanese and International Economies (IF 1.985) Pub Date : 2022-11-26 Tomohito Honda
This study examines how credit lines affect corporate cash holdings and capital investment using a hand-collected data on publicly traded Japanese firms from 2006 to 2017. The study compares firms with and without credit lines to investigate the effects of credit lines. The empirical results are as follows: (1) Firms with credit lines hold smaller cash reserves than those without; (2) Firms with credit
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Employers’ stereotypes and taste-based discrimination Journal of the Japanese and International Economies (IF 1.985) Pub Date : 2022-11-26 Hiroki Yasuda
Studies founded on Becker's theory of employers’ taste-based discrimination show that discrimination arises not from “taste” but from “prejudice,” “belief,” and “stereotype.” However whether the “employer” is the source of discrimination remains unanswered. Thus, survey research using employers as a sample is indispensable to address this issue. In this study, we use a unique data set that employers
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Editorial Board Journal of the Japanese and International Economies (IF 1.985) Pub Date : 2022-11-18
Abstract not available
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Impacts of firm's GVC participation on productivity: A case of Japanese firms Journal of the Japanese and International Economies (IF 1.985) Pub Date : 2022-10-26 Shujiro Urata, Youngmin Baek
This article examined the effect of participation in global value chains (GVCs) on productivity for Japanese manufacturing firms by using firm-level data obtained from the Basic Survey of Japanese Business Structure and Activities [Kigyo Katsudo Kihon Chosa], Ministry of Economy, Trade and Industry. We define a firm engaged in both importing and exporting as a GVC firm. Our analysis is conducted for
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The effect of aging on the age–wage profile in Japan Journal of the Japanese and International Economies (IF 1.985) Pub Date : 2022-09-13 Toshikatsu Inoue
This paper argues that aging of the workforce is an important factor causing the flattening of the age–wage profile of the Japanese economy that has been observed over the past two decades. Assuming imperfect substitution between older and younger workers, we derive the labor demand function from the firm’s optimization problem. We estimate the elasticity of substitution between different aged workers
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Can child benefit reductions increase maternal employment? Evidence from Japan Journal of the Japanese and International Economies (IF 1.985) Pub Date : 2022-09-13 Shinsuke Asakawa, Masaru Sasaki
This study estimates the policy impacts of the resumption of income thresholds for receiving child benefits (CB), in April 2012, on maternal labor market participation, childcare services use, and child health outcomes in Japan. Using data from the Longitudinal Survey of Newborns in the 21st Century and employing a regression discontinuity design, we found that the reduction of CB payments in higher-earning
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Bank–firm relationship and loan maturity: Evidence from Japanese SMEs June 2022 Journal of the Japanese and International Economies (IF 1.985) Pub Date : 2022-08-15 Islam Kachkach, Hirofumi Uchida
We use unique data on Japanese SMEs to investigate how the bank-firm relationship affects the loan maturity of SMEs in Japan. We apply Diamond's (1991) model on the firms’ choice of long- versus short-term debt to the context of SME lending and test a prediction in a manner faithful to the applied model. We find that the ratio of long-term loans decreases with the strength of bank-firm relationships
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Quantifying the impact of the Tokyo Olympics on COVID-19 cases using synthetic control methods Journal of the Japanese and International Economies (IF 1.985) Pub Date : 2022-08-15 Taro Esaka, Takao Fujii
This paper uses a synthetic control method (SCM) and a Ridge Augmented SCM to estimate the impact of holding the Tokyo Olympic games on the number of newly confirmed COVID-19 cases in Tokyo (Japan). Our analysis with these methods enables us to estimate the causal impact of the Tokyo Olympics on COVID-19 cases by constructing counterfactual COVID-19 cases for Tokyo (Japan) as the optimal weighted average
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Erratum to ‘Political conflict and angry consumers: Evaluating the regional impacts of a consumer boycott on travel services trade’ [Journal of the Japanese and International Economies 65 (2022) Article Number 101216] Journal of the Japanese and International Economies (IF 1.985) Pub Date : 2022-08-12 JaeBin Ahn, Theresa M. Greaney, Kozo Kiyota
Abstract not available
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Displacement effects of public libraries Journal of the Japanese and International Economies (IF 1.985) Pub Date : 2022-08-08 Kohei Kawaguchi, Kyogo Kanazawa
If free lending in public libraries is displacing sales in bookstores, some compensation may be needed to maintain incentives for authors to create new works. To determine whether this is indeed the case, we created a novel dataset that integrated bookstore sales data with public library copy data in Japan and quantified the displacement effects of public libraries. Controls for title-municipality
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Decreasing wage returns to human capital: Analysis of wage and job experience using micro data of workers☆ Journal of the Japanese and International Economies (IF 1.985) Pub Date : 2022-08-03 Taro Kimura, Yoshiyuki Kurachi, Tomohiro Sugo
Recent literature reports a decrease in wage returns to skills since the 2000s. This paper contributes additional evidence that this trend is also occurring with skills that accumulate through job experience. We use micro data of Japanese workers to analyze this phenomenon by taking advantage of unique Japanese employment practices that emphasize skills acquired through tenure and on-the-job training
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The financial health of “swing hospitals” during the first COVID-19 outbreak Journal of the Japanese and International Economies (IF 1.985) Pub Date : 2022-07-29 Reo Takaku, Izumi Yokoyama
The hospitals in Japan have hitherto had complete autonomy in deciding whether to admit COVID-19 patients. In fact, they were “swinging” between admitting or not COVID-19 patients, especially during the initial COVID-19 outbreak. To address endogenous decision making, we estimated the effect of admitting COVID-19 patients on hospital profits using instrumental variable (IV) regression. We derived the
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Political conflict and angry consumers: Evaluating the regional impacts of a consumer boycott on travel services trade Journal of the Japanese and International Economies (IF 1.985) Pub Date : 2022-07-01 JaeBin Ahn, Theresa M. Greaney, Kozo Kiyota
Political conflict between nations sometimes leads to consumer boycotts. We examine the regional impacts of bilateral boycott activity by investigating the 2019 Korean consumer boycott of travel to Japan. Employing triple- and double-differences designs, we find that the impact of the boycott is large and regionally heterogeneous. Japanese prefectures with high (i.e., 75th percentile) pre-boycott dependency
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Effects of financial frictions on employment: Evidence from Japan during the Global Financial Crisis Journal of the Japanese and International Economies (IF 1.985) Pub Date : 2022-06-18 Akira Fukuda
This study examines the impact of a large credit shock on employment in Japan during the Global Financial Crisis in 2008–2009. To identify which firms faced a serious credit shock, we used variations in the long-term debt that must be repaid in the crisis. Because long-term debt takes more than one year to mature, it was determined independently of employment adjustments during the crisis. Therefore
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Effect of the utilization of non-reciprocal trade preferences offered by the QUAD countries on beneficiary countries' economic complexity Journal of the Japanese and International Economies (IF 1.985) Pub Date : 2022-06-18 Sèna Kimm Gnangnon
This article aims to contribute to the nascent literature on the effect of non-reciprocal trade preferences (NRTPs) on economic complexity in beneficiary countries. It investigates the effect of NRTPs (Generalized Systems of Preferences - GSP - and other trade preferences) offered by the QUAD countries (Canada, the European Union, Japan, and the United States) on the beneficiary countries' levels of
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Like father, like son: Who creates listed subsidiaries? Journal of the Japanese and International Economies (IF 1.985) Pub Date : 2022-04-02 Hichem Boulifa, Konari Uchida
Equity carve-outs and spin-offs generate listed subsidiaries that embrace conflicts of interests between controlling and minority shareholders. We find robust evidence that long-tenure managers tend to conduct these asset divestitures, especially when the divesting firm has a concentrated ownership structure. The result suggests that managers with the opportunity to extract private benefits establish
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Nelson–Siegel decay factor and term premia in Japan Journal of the Japanese and International Economies (IF 1.985) Pub Date : 2022-03-22 Junko Koeda, Atsushi Sekine
This study examines the low–interest rate environment in Japan from mid-1990 to the end of 2020, using a dynamic Nelson–Siegel framework emphasizing the role of the decay factor. A regime-switching model estimates that the regime with low decay factor and bond yield volatility (“low” regime) has persisted since the early years of Bank of Japan's quantitative and qualitative monetary easing (QQE) policy
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The impact of science-intensive drugs on longevity and cure rate: Evidence from new prescription drugs launched in Japan Journal of the Japanese and International Economies (IF 1.985) Pub Date : 2022-02-21 Junichi Nishimura, Sadao Nagaoka, Mariko Yoneyama-Hirozane
This paper examines how new science-intensive drugs improve the longevity of the population and the cure rate of hospitalized patients (inpatients). We develop a comprehensive longitudinal-disease-level panel data set, matched with drugs with a new molecular entity (NME) launched in Japan and classified by science intensity. Estimates suggest that the increase in the diversity of science-intensive
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Lessons from mergers and acquisitions of regional banks in Japan: What does the stock market think? Journal of the Japanese and International Economies (IF 1.985) Pub Date : 2022-02-16 Ayami Kobayashi, Marc Bremer
Japanese regional banks are now facing an existential crisis. Their traditional business model has been devastated by the hollowing out of regional economies, technological change, declining populations and the rapid aging of Japan's non-urban areas. These banks must either go out of business or make significant changes. Reorganizations are a potential change that might solve the problem. Reorganizations
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COVID-19 infection spread and human mobility Journal of the Japanese and International Economies (IF 1.985) Pub Date : 2022-02-12 Masahiko Shibamoto, Shoka Hayaki, Yoshitaka Ogisu
Given that real-world infection-spread scenarios pose many uncertainties, and predictions and simulations may differ from reality, this study explores factors essential for more realistically describing an infection situation. It furnishes three approaches to the argument that human mobility can create an acceleration of the spread of COVID-19 infection and its cyclicality under the simultaneous relationship
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Wealth, Financial Literacy and Behavioral Biases in Japan: the Effects of Various Types of Financial Literacy Journal of the Japanese and International Economies (IF 1.985) Pub Date : 2022-01-06 Shizuka Sekita, Vikas Kakkar, Masao Ogaki
This paper considers the relationship between wealth, financial literacy and several other variables using data from Japan's first large-scale survey on financial literacy. Using an instrumental variables approach to account for possible endogeneity of financial literacy, we find that financial literacy has an economically large and positive impact on wealth accumulation. We also decompose financial
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Policy uncertainty in Japan Journal of the Japanese and International Economies (IF 1.985) Pub Date : 2022-01-23 Elif C. Arbatli Saxegaard, Steven J. Davis, Arata Ito, Naoko Miake
We develop new economic policy uncertainty (EPU) indices for Japan from January 1987 onwards, building on Baker et al. (2016). Each index reflects the frequency of newspaper articles that contain certain terms pertaining to the economy, policy matters, and uncertainty. Our overall EPU index co-varies positively with implied volatilities for Japanese equities, exchange rates, and interest rates and
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The effect of public-sponsored job training in Japan Journal of the Japanese and International Economies (IF 1.985) Pub Date : 2022-01-04 Hiromi Hara
This study investigates the short-term effects of public-sponsored job training (PJT) for the unemployed on their subsequent working status and income using a large-scale Japanese government survey and the propensity score matching technique. We find a significantly positive effect on the probability of working for both men and women; however, the point estimate is larger for women than for men. We
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Population aging, government policy and the postwar Japanese economy Journal of the Japanese and International Economies (IF 1.985) Pub Date : 2022-01-25 Keisuke Otsu, Katsuyuki Shibayama
This paper analyzes the Postwar Japanese economy with a parsimonious neoclassical growth model that incorporates the demographic transition in Japan. We find that i) the increase in the aged population share can account for most of the decline in employment and reduced output by 8%, ii) workweek shortening policy led to a 20% reduction in output from its potential level by reducing hours worked over
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How does the impact of the COVID-19 state of emergency change? An analysis of preventive behaviors and mental health using panel data in Japan Journal of the Japanese and International Economies (IF 1.985) Pub Date : 2022-01-31 Eiji Yamamura, Yoshiro Tsutsui
This study applies the difference-in-difference method on panel data collected from internet surveys to investigate changes in the preventive behaviors and mental health of individuals as influenced by the COVID-19 state of emergency declaration between March and June 2020. The key findings are: (1) The declaration led people to exhibit preventive behaviors but also generated negative emotions; (2)
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Welfare gains through globalization: Evidence from Japan's manufacturing sector Journal of the Japanese and International Economies (IF 1.985) Pub Date : 2022-01-31 Takahide Aoyagi, Tadashi Ito, Toshiyuki Matsuura
Welfare gains achieved through international trade are a cornerstone of the literature on international economics. However, the data and research methods needed to empirically assess these welfare gains have only recently become available. Building on recently developed methodologies for estimating the elasticity of substitution and computing welfare gains from trade, we estimate Japan's welfare gains
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The effects of a megabank merger on firm-Bank relationships and loan availability☆ Journal of the Japanese and International Economies (IF 1.985) Pub Date : 2022-01-05 Taisuke Uchino, Iichiro Uesugi
We examine the effects of the largest-ever bank merger in the world at the time on unlisted firms through their firm-bank relationships to find the following: (1) Firms that transacted with both of the merged banks prior to the merger saw their borrowing costs increase by 13 bps relative to those that transacted with only one of them. (2) Firms that transacted with only one of the two merged banks
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The impact of firms’ international trade on domestic suppliers: The case of Japan Journal of the Japanese and International Economies (IF 1.985) Pub Date : 2021-12-23 Masahiro Endoh
This study revisits the propagation of trade effects through inter-firm transactions with upstream domestic firms on five types of business indices. It uses Japanese buyer–seller relationship data constructed by applying more suitable criteria for sampling firms. The results show that upstream manufacturing firms lower the probability of closing by selling their products to downstream manufacturing
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The effects of employment support programs on public assistance recipients: The case of a Japanese municipality program Journal of the Japanese and International Economies (IF 1.985) Pub Date : 2021-12-10 Kodai Matsumoto
In Japan, the number of households targeted by employment support programs has increased rapidly since the Great Recession of 2008. This study analyzes whether these programs induce public assistance recipients to work. Drawing on a unique dataset for a representative Japanese municipality X, I estimate the program effects by using propensity score matching to address the selection bias. The analysis
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Property tax and farmland use in urban areas: Evidence from the reform in the early 1990s in Japan Journal of the Japanese and International Economies (IF 1.985) Pub Date : 2021-12-10 Tomomi Miyazaki, Motohiro Sato
It is often said that farmland conservation in urban areas (i.e., cities and inner suburbs) is not desirable because it hinders the conversion of farmland into residential areas, thereby deterring urbanization. To solve such a problem, the Japanese government rectified the property tax preferential treatment of urban farmland in the 1990s. We utilize this reform as a natural experiment and examine
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Lerner meets Metzler: Tariff pass-through of worldwide trade Journal of the Japanese and International Economies (IF 1.985) Pub Date : 2021-11-10 Kazunobu Hayakawa, Tadashi Ito, Hiroshi Mukunoki
In this study, we quantify the worldwide tariff pass-through, that is, the impact of tariff reductions on trade prices. Some estimations show that a one-percentage-point reduction in tariffs decreases trade prices by approximately 0.1% (Lerner paradox). To determine the mechanism underlying this result, we decompose trade prices into product quality and quality-adjusted trade prices. We find that a