{"title":"Liquidity, Trends and the Great Recession","authors":"Pablo A. Guerrón-Quintana, Ryo Jinnai","doi":"10.2139/ssrn.2494398","DOIUrl":"https://doi.org/10.2139/ssrn.2494398","url":null,"abstract":"We study the impact that the liquidity crunch in 2008-2009 had on the U.S. economy’s growth trend. To this end, we propose a model featuring endogenous growth a la Romer and a liquidity friction a la Kiyotaki-Moore. A key finding in our study is that liquidity declined around the demise of Lehman Brothers, which lead to the severe contraction in the economy. This liquidity shock was a tail event. Improving conditions in financial markets were crucial in the subsequent recovery. Had conditions remained at their worst level in 2008, output would have been 20 percent below its actual level in 2011.","PeriodicalId":196604,"journal":{"name":"Tokyo Center for Economic Research (TCER) Research Paper Series","volume":"69 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-02-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115061041","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Educational Credentialism and Elite Formation in Japan: A Long-Term Perspective","authors":"Daiji Kawaguchi, Hiroshi Ono","doi":"10.2139/ssrn.2287883","DOIUrl":"https://doi.org/10.2139/ssrn.2287883","url":null,"abstract":"In spite of the significant restructuring of the university system in the postwar period, national universities continue to occupy the top end of the prestige hierarchy of universities in Japan. In this paper, we examine long-term trends in the educational credentials of Japanese corporate executives. We use high-quality data from the directory of corporate executives to assess whether the mechanisms of elite production has changed over time. We find that the fraction of corporate executives graduating from private universities increased significantly, in accordance with the massive expansion of private universities in the postwar period. At the same time, our cohort-based analysis finds that private university graduates are being recruited into executive positions at a pace that exceeds its natural growth rate. Our findings weaken the view that certain prestigious universities are stable institutions to reproduce the nation's elites. The improved access to university education results in greater educational diversity and heterogeneity among the nation's elites.","PeriodicalId":196604,"journal":{"name":"Tokyo Center for Economic Research (TCER) Research Paper Series","volume":"15 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132455338","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Managing Competency Creating R&D Subsidiaries: Evidence from Japanese Multinationals","authors":"K. Motohashi","doi":"10.2139/ssrn.2247175","DOIUrl":"https://doi.org/10.2139/ssrn.2247175","url":null,"abstract":"Globalization of business activities is imperative for Japanese manufacturers, as an international market, particularly in emerging economies, grows much faster than domestic market. In this regards, the relative importance of their overseas subsidiaries to home base headquarter become greater. One of strategic roles of overseas subsidiary is that of competence creation, not only for its host country, but for a whole company wide activity in the world. In this paper, the shift of overseas ’subsidiary role to competence creation is analyzed by the dataset from the METI ’s Survey on Overseas Business Activities (SOBA) from 1999 to 2008. It is found that a balance between control of headquarter and autonomy of subsidiary is required to make this shift. In addition, it is important for a headquarter to accumulate experiences at host country operation to manage competence creating overseas subsidiary, particularly in emerging economies such as China, where a local business context is much different from Japan.","PeriodicalId":196604,"journal":{"name":"Tokyo Center for Economic Research (TCER) Research Paper Series","volume":"23 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125875357","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}