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Japan and the World Economy最新文献

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Impact of the 2011 earthquake on the real estate market in Tokyo
IF 1.3 4区 经济学
Japan and the World Economy Pub Date : 2025-02-06 DOI: 10.1016/j.japwor.2025.101298
Naoto Mikawa
{"title":"Impact of the 2011 earthquake on the real estate market in Tokyo","authors":"Naoto Mikawa","doi":"10.1016/j.japwor.2025.101298","DOIUrl":"10.1016/j.japwor.2025.101298","url":null,"abstract":"<div><div>After the 2011 Great East Japan Earthquake, seismic activity in Japan changed drastically, affecting people’s response to earthquakes even outside the affected area. This change may be heterogeneous depending on where they live, especially if the area is prone to seismic hazards. To measure seismic hazards, the nature of the ground on which a building stands was used as a source of people’s assessment of disaster. Using real estate transaction data and the hedonic approach, this study investigates the heterogeneous impact of the Great East Japan Earthquake on the real estate market in undamaged areas. The analysis of ground classification revealed that the Great East Japan Earthquake led to about 3 % reduction in both land prices and housing prices in the lowland areas in the Tokyo Special Zone, where ground was soft and experienced stronger shaking compared with other areas. The reduction lasted for 5 years before recovering to the pre-disaster level. However, the 2016 Kumamoto Earthquake did not impact land prices in the Tokyo Special Zone.</div></div>","PeriodicalId":46744,"journal":{"name":"Japan and the World Economy","volume":"73 ","pages":"Article 101298"},"PeriodicalIF":1.3,"publicationDate":"2025-02-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143420646","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Investigating how inflation expectations affect precautionary wealth
IF 1.3 4区 经济学
Japan and the World Economy Pub Date : 2025-01-02 DOI: 10.1016/j.japwor.2024.101295
Tomohide Mineyama , Kiichi Tokuoka
{"title":"Investigating how inflation expectations affect precautionary wealth","authors":"Tomohide Mineyama ,&nbsp;Kiichi Tokuoka","doi":"10.1016/j.japwor.2024.101295","DOIUrl":"10.1016/j.japwor.2024.101295","url":null,"abstract":"<div><div>This study examines how inflation expectations affect precautionary wealth by focusing on the period of zero or low-interest rates in Japan and using Japanese household survey data during this period. The key finding of this paper is that experienced inflation as a proxy for inflation expectations has a positive impact on the target ratio of precautionary wealth to permanent income. This is consistent with the prediction of the buffer stock (Carroll, 1997) that given the nominal interest rate (as has been observed in Japan), higher inflation expectations raise the target ratio when households expect higher inflation to translate into their nominal income in a limited way. This study also confirms that actual liquid wealth gradually converges to the target level of precautionary wealth over the years, which is consistent with the implications of the buffer stock model.</div></div>","PeriodicalId":46744,"journal":{"name":"Japan and the World Economy","volume":"73 ","pages":"Article 101295"},"PeriodicalIF":1.3,"publicationDate":"2025-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143150365","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Effect of income-increasing deduction in personal income tax on the burden reduction and income redistribution: Evidence from Japan
IF 1.3 4区 经济学
Japan and the World Economy Pub Date : 2024-12-27 DOI: 10.1016/j.japwor.2024.101296
Taro Ohno , Tomotsugu Imahori , Daizo Kojima
{"title":"Effect of income-increasing deduction in personal income tax on the burden reduction and income redistribution: Evidence from Japan","authors":"Taro Ohno ,&nbsp;Tomotsugu Imahori ,&nbsp;Daizo Kojima","doi":"10.1016/j.japwor.2024.101296","DOIUrl":"10.1016/j.japwor.2024.101296","url":null,"abstract":"<div><div>Deduction system is an important element for fulfilling the purposes of the personal income taxation. Designing an ideal system of deductions requires understanding the burden reduction effect and its impact on income redistribution due to taxes. In this study, we use Japanese household microdata (1994–2019) to empirically evaluate the burden reduction and redistributive effects of income-increasing deductions on personal income tax. In addition, we separate the changes in the redistribution effect of the deductions into system and non-system reforms. The higher the income bracket, the more effective the deductions in reducing the tax burden due to the impact of the income-increasing part of the deductions. The burden reduction effect of deductions is found to have declined over the sample period of 25 years, mainly due to the impact of system reforms. Moreover, Unlike the other parts that enhance the redistributive effects, the income-increasing part of deductions reduces the redistributive effects.</div></div>","PeriodicalId":46744,"journal":{"name":"Japan and the World Economy","volume":"73 ","pages":"Article 101296"},"PeriodicalIF":1.3,"publicationDate":"2024-12-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143150363","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
The anchoring of inflation expectations in Japan: A learning-approach perspective
IF 1.3 4区 经济学
Japan and the World Economy Pub Date : 2024-12-11 DOI: 10.1016/j.japwor.2024.101293
Yoshihiko Hogen, Ryoichi Okuma
{"title":"The anchoring of inflation expectations in Japan: A learning-approach perspective","authors":"Yoshihiko Hogen,&nbsp;Ryoichi Okuma","doi":"10.1016/j.japwor.2024.101293","DOIUrl":"10.1016/j.japwor.2024.101293","url":null,"abstract":"<div><div>This paper uses a learning model to jointly estimate long-term inflation expectations and the degree of anchoring in Japan since the 1960s. We find that in the 1970s, Japan had higher long-term inflation expectations than the U.S. during the first oil shock, but much lower inflation expectations after the second oil shock. This contrast between Japan and the U.S. is consistent with many studies that attribute the differences in the inflation dynamics between Japan and the U.S. to the monetary policy stance in Japan during the 1970s and early 1980s. Long-term inflation expectations fell to around 2 percent in the late 1980s and remained anchored until the mid-1990s. They fell below 2 percent in the late 1990s, resulting in a low degree of anchoring until the early 2010s. Since early 2013, inflation expectations have risen but are not yet been anchored to the target. Further VAR analysis suggests that declining markups could be a primary source for hindering the anchoring of inflation expectations in Japan.</div></div>","PeriodicalId":46744,"journal":{"name":"Japan and the World Economy","volume":"73 ","pages":"Article 101293"},"PeriodicalIF":1.3,"publicationDate":"2024-12-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143150364","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Determinants of family firm IPO underpricing: Evidence from Japan
IF 1.3 4区 经济学
Japan and the World Economy Pub Date : 2024-12-08 DOI: 10.1016/j.japwor.2024.101294
Kenta Funaoka , Zhihua Yao
{"title":"Determinants of family firm IPO underpricing: Evidence from Japan","authors":"Kenta Funaoka ,&nbsp;Zhihua Yao","doi":"10.1016/j.japwor.2024.101294","DOIUrl":"10.1016/j.japwor.2024.101294","url":null,"abstract":"<div><div>This study analyzes 94 firms that were listed on the JASDAQ between 2015 and 2021, with a specific focus on identifying the determinants of underpricing in family firms during their initial public offering (IPO). In Japan, over 90 % of enterprises are family-owned, with even half of the publicly listed companies falling into this category. The findings revealed that, ceteris paribus, firms with founding CEOs experienced less underpricing at the time of going public compared to those without. This difference was more significant in companies with higher management ownership and a higher ratio of external directors. These results emphasize the importance of strong governance structures in reducing underpricing for family firms during their IPOs.</div></div>","PeriodicalId":46744,"journal":{"name":"Japan and the World Economy","volume":"73 ","pages":"Article 101294"},"PeriodicalIF":1.3,"publicationDate":"2024-12-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143150406","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Endogenous decisions on acceptable worker-job mismatch level and the impact on workers’ performance 关于可接受的工人与工作不匹配程度的内生决定及其对工人绩效的影响
IF 1.3 4区 经济学
Japan and the World Economy Pub Date : 2024-10-29 DOI: 10.1016/j.japwor.2024.101283
Izumi Yokoyama , Takuya Obara , Arisa Shichijo Kiyomoto , Kaichi Kusada , Kazuma Edamura , Tomohiko Inui
{"title":"Endogenous decisions on acceptable worker-job mismatch level and the impact on workers’ performance","authors":"Izumi Yokoyama ,&nbsp;Takuya Obara ,&nbsp;Arisa Shichijo Kiyomoto ,&nbsp;Kaichi Kusada ,&nbsp;Kazuma Edamura ,&nbsp;Tomohiko Inui","doi":"10.1016/j.japwor.2024.101283","DOIUrl":"10.1016/j.japwor.2024.101283","url":null,"abstract":"<div><div>This study examines the endogeneity of a worker’s acceptable level of job mismatch and its impact on worker performance. First, we construct a theoretical model that depicts the tendency of a potential worker to take a job offer if the firm is “attractive” for some reason, even when he or she knows that their personality does not align with the firm’s characteristics. According to this model, a strong tendency for this behavior yields a positive relationship between a worker’s acceptable mismatch level and the firm’s attractive characteristics. Given the positive relationship, an instrumental variable estimation confirms that higher mismatch significantly lowers worker performance. Since “attractive” firms tend to be generally large firms with a major influence on the economy, the lowered performance due to these mismatches can hinder economic strength and hamper national growth. Resolving this issue may avoid further losses.</div></div>","PeriodicalId":46744,"journal":{"name":"Japan and the World Economy","volume":"72 ","pages":"Article 101283"},"PeriodicalIF":1.3,"publicationDate":"2024-10-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142594116","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
The impact of news shock of the openings or expansions of large-scale semiconductor plants on local labour market in Japan 大型半导体工厂开工或扩建的新闻冲击对日本当地劳动力市场的影响
IF 1.3 4区 经济学
Japan and the World Economy Pub Date : 2024-10-10 DOI: 10.1016/j.japwor.2024.101281
Yamaguchi Akira
{"title":"The impact of news shock of the openings or expansions of large-scale semiconductor plants on local labour market in Japan","authors":"Yamaguchi Akira","doi":"10.1016/j.japwor.2024.101281","DOIUrl":"10.1016/j.japwor.2024.101281","url":null,"abstract":"<div><div>This study investigates the causal effect of news shock of openings or expansions of large-scale semiconductor plants in Japan on local labor market, especially measured by new job opening ratio, using DiD (Difference-in-Difference) applied to prefecture-level data. The results shows news shock of large-scale openings or expansion of semiconductor plants increase new job opening ratio by 0.05 - 0.08pt significantly. To address the endogeneity problems arising from firms’ site selection, I matched control group consist of prefectures where news about the openings or expansion of large semiconductor plants were announced but the amounts of investment were relatively small compared to the treatment group and run DiD analysis, and finally obtained the similar robust results. Furthermore, it has been recently pointed out in econometrics that the heterogeneity of treatment effects in a TWFE (Two Way Fixed Effect or Staggered DiD) analysis in which the timings of treatments differ, can lead to biased estimator. The similar robust results were also obtained in the analysis using CS (Callaway and Sant’Anna) DiD, a type of DiD method that overcomes this bias problem. This paper is in the literature which analyzes the impact of large-scale plant openings (million dollar plant openings) on the local labor market, and contributes to the accumulation of knowledge in this field, which is surprisingly scarce in Japan.</div></div>","PeriodicalId":46744,"journal":{"name":"Japan and the World Economy","volume":"72 ","pages":"Article 101281"},"PeriodicalIF":1.3,"publicationDate":"2024-10-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142437674","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Household spending responses to two-time COVID-19 payments 家庭支出对两次 COVID-19 付款的反应
IF 1.3 4区 经济学
Japan and the World Economy Pub Date : 2024-10-01 DOI: 10.1016/j.japwor.2024.101282
Kozo Ueda
{"title":"Household spending responses to two-time COVID-19 payments","authors":"Kozo Ueda","doi":"10.1016/j.japwor.2024.101282","DOIUrl":"10.1016/j.japwor.2024.101282","url":null,"abstract":"<div><div>During the COVID-19 pandemic, the Japanese government provided special cash payments (SCPs) multiple times. This study aims to estimate the marginal propensity to spend, a proxy for the marginal propensity to consume (MPC), to these income shocks using detailed bank transaction data. Our findings indicate that the MPC is stable at around 0.2 for both the first wave of SCPs launched in mid-2020 and the second wave of SCPs provided from the end of 2021 to the beginning of 2022. The MPC tends to increase as individuals become less wealthy, more liquidity constrained, or the number of family members is larger.</div></div>","PeriodicalId":46744,"journal":{"name":"Japan and the World Economy","volume":"72 ","pages":"Article 101282"},"PeriodicalIF":1.3,"publicationDate":"2024-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142432127","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
The impact of accounting quality on investment efficiency: Evidence from the 2001 bank shareholding limitation act of Japan 会计质量对投资效率的影响：来自日本 2001 年银行持股限制法案的证据
IF 1.3 4区 经济学
Japan and the World Economy Pub Date : 2024-09-13 DOI: 10.1016/j.japwor.2024.101280
Masahiro Enomoto , Boochun Jung , S. Ghon Rhee , Akinobu Shuto
{"title":"The impact of accounting quality on investment efficiency: Evidence from the 2001 bank shareholding limitation act of Japan","authors":"Masahiro Enomoto ,&nbsp;Boochun Jung ,&nbsp;S. Ghon Rhee ,&nbsp;Akinobu Shuto","doi":"10.1016/j.japwor.2024.101280","DOIUrl":"10.1016/j.japwor.2024.101280","url":null,"abstract":"<div><div>Biddle and Hilary (2006) demonstrate that accounting quality plays an important role in improving investment efficiency in the United States but not in Japan. We examine whether the role of accounting quality remains insignificant in Japan beyond their study period, 1975–2001. We hypothesize that since Japan experienced a dramatic decline in bank financing and keiretsu affiliations after 2001, when the Act on Limitation on Shareholding by Banks and Other Financial Institutions became effective, accounting quality became positively related to investment efficiency. Consistent with our hypothesis, we find a positive impact of accounting quality on investment efficiency in the post-2001 period. We also find that higher accounting quality improves investment efficiency by reducing the tendency of over-investment. The positive impact of accounting quality on investment efficiency is more pronounced among firms with lower bank financing and lower cross-shareholdings.</div></div>","PeriodicalId":46744,"journal":{"name":"Japan and the World Economy","volume":"72 ","pages":"Article 101280"},"PeriodicalIF":1.3,"publicationDate":"2024-09-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142657349","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
A nowcasting model of industrial production using alternative data and machine learning approaches 使用替代数据和机器学习方法的工业生产预报模型
IF 1.3 4区 经济学
Japan and the World Economy Pub Date : 2024-08-15 DOI: 10.1016/j.japwor.2024.101271
Kakuho Furukawa , Ryohei Hisano , Yukio Minoura , Tomoyuki Yagi
{"title":"A nowcasting model of industrial production using alternative data and machine learning approaches","authors":"Kakuho Furukawa ,&nbsp;Ryohei Hisano ,&nbsp;Yukio Minoura ,&nbsp;Tomoyuki Yagi","doi":"10.1016/j.japwor.2024.101271","DOIUrl":"10.1016/j.japwor.2024.101271","url":null,"abstract":"<div><p>Recent years have seen a growing trend to utilize \"alternative data\" in addition to traditional statistical data in order to understand and assess economic conditions in real time. In this paper, we construct a nowcasting model for the <em>Indices of Industrial Production</em> (IIP), which measure production activity in the manufacturing sector in Japan. The model has the following characteristics: First, it uses alternative data (mobility data and electricity demand data) that is available in real-time and can nowcast the IIP one to two months before their official release. Second, the model employs machine learning techniques to improve the nowcasting accuracy by endogenously changing the mixing ratio of nowcast values based on traditional economic statistics (the <em>Indices of Industrial Production Forecast</em>) and nowcast values based on alternative data, depending on the economic situation. The estimation results show that by applying machine learning techniques to alternative data, production activity can be nowcasted with high accuracy, including when it went through large fluctuations during the spread of the COVID-19 pandemic.</p></div>","PeriodicalId":46744,"journal":{"name":"Japan and the World Economy","volume":"71 ","pages":"Article 101271"},"PeriodicalIF":1.3,"publicationDate":"2024-08-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142077115","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
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