Journal of the Japanese and International Economies最新文献

Entrepreneurship of the ice age cohorts 冰河时代同辈的企业家精神

IF 2.6 3区经济学

Journal of the Japanese and International Economies Pub Date : 2025-05-11 DOI: 10.1016/j.jjie.2025.101367

Akira Fukuda

引用次数: 0

The impact of the Belt and Road Initiative on foreign direct investment from China, the United States, and major investor countries “一带一路”倡议对中国、美国和主要投资国外国直接投资的影响

IF 2.6 3区经济学

Journal of the Japanese and International Economies Pub Date : 2025-05-06 DOI: 10.1016/j.jjie.2025.101365

Yasuyuki Todo , Shuhei Nishitateno , Sean Brown

{"title":"The impact of the Belt and Road Initiative on foreign direct investment from China, the United States, and major investor countries","authors":"Yasuyuki Todo , Shuhei Nishitateno , Sean Brown","doi":"10.1016/j.jjie.2025.101365","DOIUrl":"10.1016/j.jjie.2025.101365","url":null,"abstract":"<div><div>This paper investigates the impact of the Belt and Road Initiative (BRI) on foreign direct investment (FDI) from China and other major source countries, such as the United States (US), France, and Japan, by applying staggered difference-in-differences (DID) event study estimations to a gravity model. In addition to estimations using country-pair fixed effects, we estimate models with source and host country-year fixed effects to control for the effect through changes in any host country attribute due to the BRI, such as infrastructure, and highlight the effect through changes in bilateral relationships. We find that FDI from China, Hong Kong SAR, the US, Switzerland, Japan, and France to BRI countries increased in the post-BRI period, whereas FDI from the United Kingdom (UK), the Netherlands, and Luxembourg decreased. After controlling for country-year fixed effects, there remains a post-BRI upward trend in FDI from the US, Switzerland, and France and a downward trend in FDI from the UK, the Netherlands, and Luxembourg. These findings suggest that FDI from non-China countries to BRI countries can be affected by their bilateral relationships. For example, the US may have invested more in BRI countries to strategically compete with China in those locations, whereas France and Switzerland may have done so because of investment cooperation with China in Africa.</div></div>","PeriodicalId":47082,"journal":{"name":"Journal of the Japanese and International Economies","volume":"77 ","pages":"Article 101365"},"PeriodicalIF":2.6,"publicationDate":"2025-05-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143923792","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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 trade effects of export control regulations in Japan 日本出口管制条例对贸易的影响

IF 2.6 3区经济学

Journal of the Japanese and International Economies Pub Date : 2025-04-30 DOI: 10.1016/j.jjie.2025.101366

Kazunobu HAYAKAWA , Fukunari KIMURA , Kenta YAMANOUCHI

{"title":"The trade effects of export control regulations in Japan","authors":"Kazunobu HAYAKAWA , Fukunari KIMURA , Kenta YAMANOUCHI","doi":"10.1016/j.jjie.2025.101366","DOIUrl":"10.1016/j.jjie.2025.101366","url":null,"abstract":"<div><div>Recent geopolitical tensions have generated various uncertainties in cross-border economic activities. A major concern is how far export control regulations by the US and its allies would decouple supply chains. This study empirically investigates the trade effects of export control regulations by Japan initiated on July 23, 2023. The regulations restrict exports of 22 items of semiconductor manufacturing equipment (SME) and one item of semiconductor inspection equipment (SIE), implicitly focusing on Japan’s exports to China. Our empirical analysis employs the monthly data of Japanese exports and Chinese imports. Our findings can be summarized as follows. First, the export restrictions significantly decreased exports of some SME products from Japan to China but increased those of some other SME products. Second, we found insignificant changes in the exports of SIE from Japan to China when controlling for various elements in China, but those exports were found to increase significantly when controlling for various elements in Japan. These results suggest that when we empirically examine the trade effect of export control regulations against China, it is crucially important to use the trade statistics at the finest product level possible and to control for confounding factors in China as much as possible.</div></div>","PeriodicalId":47082,"journal":{"name":"Journal of the Japanese and International Economies","volume":"77 ","pages":"Article 101366"},"PeriodicalIF":2.6,"publicationDate":"2025-04-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143918160","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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

Cross-border technology licensing with R&D Opportunity and Government Intervention 具有研发机会的跨境技术许可与政府干预

IF 2.6 3区经济学

Journal of the Japanese and International Economies Pub Date : 2025-04-08 DOI: 10.1016/j.jjie.2025.101364

Jota Ishikawa , Toshihiro Okubo

引用次数: 0

The impact of flooding on real estate transactions in densely populated areas: Evidence from the 2019 Typhoon Hagibis in Japan 洪水对人口稠密地区房地产交易的影响：来自 2019 年日本台风 "哈吉比斯 "的证据

IF 2.6 3区经济学

Journal of the Japanese and International Economies Pub Date : 2025-03-25 DOI: 10.1016/j.jjie.2025.101363

Ikuto Aiba , Daisuke Hasegawa

引用次数: 0

Bank–firm relationships and the value of cash: Evidence from the financial crisis in Japan 银行-公司关系和现金价值：来自日本金融危机的证据

IF 2.6 3区经济学

Journal of the Japanese and International Economies Pub Date : 2025-03-14 DOI: 10.1016/j.jjie.2025.101362

Mana Kaneko , Toshinori Sasaki , Katsushi Suzuki

引用次数: 0

Optimal monetary policy in a liquidity trap: Evaluations for Japan’s monetary policy 流动性陷阱中的最优货币政策：对日本货币政策的评价

IF 2.6 3区经济学

Journal of the Japanese and International Economies Pub Date : 2025-03-07 DOI: 10.1016/j.jjie.2025.101361

Kohei Hasui , Yuki Teranishi

{"title":"Optimal monetary policy in a liquidity trap: Evaluations for Japan’s monetary policy","authors":"Kohei Hasui , Yuki Teranishi","doi":"10.1016/j.jjie.2025.101361","DOIUrl":"10.1016/j.jjie.2025.101361","url":null,"abstract":"<div><div>This paper shows (1) a positive analysis demonstrating that recent high inflation rates can be explained by the Bank of Japan (BOJ)’s monetary policy for the COVID-19 pandemic period, “Inflation-Overshooting Commitment,” and (2) a normative analysis showing that the BOJ’s inflation-overshooting commitment aligns with the optimal monetary policy in a liquidity trap within a new Keynesian model with inflation persistence. In detail, we calibrate a hybrid new Keynesian model by Japanese parameters and show optimal monetary policy under commitment. Optimal monetary policy prolongs the zero interest rate until the second quarter of 2024 even after inflation rates overshoot 2 percent. Similarly, the BOJ continues the zero interest rate policy until the second quarter of 2024. The current average inflation rates from 2023Q4 to 2024Q3 reach 2.6 percent and 2.5 percent in the data and the model, respectively.</div><div>Our conclusion holds for a variety of situations with Japanese parameters, such as a low output gap response to the real interest rate, discounted IS curve, alternative inflation persistences, interest-rate smoothing for the policy rate, an alternative specification of the Phillips curve, inflation target, and low/high anchored inflation expectations and natural interest rates.</div></div>","PeriodicalId":47082,"journal":{"name":"Journal of the Japanese and International Economies","volume":"76 ","pages":"Article 101361"},"PeriodicalIF":2.6,"publicationDate":"2025-03-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143593286","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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 effects of the calculation class in elementary school on student outcomes 小学计算课对学生学习成绩的影响

IF 2.6 3区经济学

Journal of the Japanese and International Economies Pub Date : 2025-03-01 DOI: 10.1016/j.jjie.2025.101360

Mayuko Abe , Fumio Ohtake , Shinpei Sano

{"title":"The effects of the calculation class in elementary school on student outcomes","authors":"Mayuko Abe , Fumio Ohtake , Shinpei Sano","doi":"10.1016/j.jjie.2025.101360","DOIUrl":"10.1016/j.jjie.2025.101360","url":null,"abstract":"<div><div>We examine the impact of introducing a calculation class on the academic outcomes of elementary school students. The calculation class is characterized by instruction using an abacus (<em>soroban</em> in Japanese), a traditional calculation tool in Asia, and teaching by abacus instructors. The calculation class was introduced with time lags across schools and birth cohorts, which allows us to exploit the difference-in-differences strategy. Using administrative data from Amagasaki City in Japan, we find that the calculation class increases mathematics and Japanese scores by 0.145 and 0.0874 standard deviations, respectively. To explore possible mechanisms, we investigate the impact of the calculation class on students’ non-cognitive skills, academic behaviors at home, and the classroom environment. The results indicate that the calculation class improves non-cognitive skills, such as grit and motivation for studying. Furthermore, we find heterogeneous effects across gender, socioeconomic status (SES), and previous academic scores. Our estimation results show that the calculation class has a larger impact on the mathematics scores of female students, students from low-SES families, and previously low-performing students. Finally, we explore the long-term effects and find that, for female students, the impact tends to persist for one year after the class ends, but after that, the effects fade out.</div></div>","PeriodicalId":47082,"journal":{"name":"Journal of the Japanese and International Economies","volume":"76 ","pages":"Article 101360"},"PeriodicalIF":2.6,"publicationDate":"2025-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143715608","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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

What did the Bank of Japan do under the yield curve control policy? 日本央行在收益率曲线控制政策下做了什么？

IF 2.6 3区经济学

Journal of the Japanese and International Economies Pub Date : 2025-02-18 DOI: 10.1016/j.jjie.2025.101352

Shigenori Shiratsuka

{"title":"What did the Bank of Japan do under the yield curve control policy?","authors":"Shigenori Shiratsuka","doi":"10.1016/j.jjie.2025.101352","DOIUrl":"10.1016/j.jjie.2025.101352","url":null,"abstract":"<div><div>This paper provides a comprehensive analysis of the Bank of Japan’s (BOJ) recent experience in implementing the yield curve control (YCC) in the Japanese Government Bond (JGB) market. The YCC policy started in September 2016 with targets on two interest rates with different maturities: overnight policy interest rates at -0.1% and the longer-term 10-year JGB yields at zero percent, with a fixed but adjustable fluctuation allowance range. The YCC policy was highly effective in stabilizing interest rates at low levels, from short to long term, at least up to early 2022. This paper addresses the question of what the BOJ did under the YCC policy through the lens of the yield curve dynamics in the JGB and overnight index swap (OIS) markets. Empirical evidence demonstrates two points. First, the BOJ had very limited policy space to extract monetary easing effects by manipulating the yield curve at the introduction of the YCC policy. Second, the BOJ took the seemingly aggressive but actually reactive actions of outright JGB purchases to counter market pressures on the YCC cap. These findings indicate that the BOJ introduced a sustainable monetary policy framework of the YCC policy with the intention of shifting its focus to maintaining an extremely low interest rate environment for as long as necessary.</div></div>","PeriodicalId":47082,"journal":{"name":"Journal of the Japanese and International Economies","volume":"76 ","pages":"Article 101352"},"PeriodicalIF":2.6,"publicationDate":"2025-02-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143487192","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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

Position in global value chains, trade duration, and firm survival: Empirical evidence from China 全球价值链地位、贸易持续时间与企业生存：来自中国的经验证据

IF 2.6 3区经济学

Journal of the Japanese and International Economies Pub Date : 2025-02-11 DOI: 10.1016/j.jjie.2025.101353

Qizhong Yang , Tomohiko Inui

引用次数: 0