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Domestic and international effects of economic policy uncertainty on corporate investment and strategic cash holdings: Evidence from Japan 经济政策不确定性对企业投资和战略现金持有的国内外影响:来自日本的证据
IF 2.9 3区 经济学
Journal of the Japanese and International Economies Pub Date : 2023-09-01 DOI: 10.1016/j.jjie.2023.101272
Ryosuke Fujitani , Masazumi Hattori , Yukihiro Yasuda
{"title":"Domestic and international effects of economic policy uncertainty on corporate investment and strategic cash holdings: Evidence from Japan","authors":"Ryosuke Fujitani ,&nbsp;Masazumi Hattori ,&nbsp;Yukihiro Yasuda","doi":"10.1016/j.jjie.2023.101272","DOIUrl":"https://doi.org/10.1016/j.jjie.2023.101272","url":null,"abstract":"<div><p>We empirically examine the effects of economic policy uncertainty (EPU) of which measurement methodology Baker, Bloom &amp; 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 EPU differs: the uncertainty of fiscal and exchange rate policies are the key drivers of the negative impacts on corporate investment although the predictive power for investment of economic policy uncertainty of exchange rate holds only in the short run. As for the international spillover, we find that economic policy uncertainty in the United States has negative spillover (contagion) effects on corporate investment in Japan. Our findings suggest that Japanese managers become more cautious in making investment decisions as a response not only to higher domestic EPU but also US EPU.</p></div>","PeriodicalId":47082,"journal":{"name":"Journal of the Japanese and International Economies","volume":null,"pages":null},"PeriodicalIF":2.9,"publicationDate":"2023-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49720680","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
A field experiment on discrimination against foreigners in the rental housing market in Japan examining the 23 wards of Tokyo 日本出租住房市场对外国人歧视的实地实验，对东京23个区进行了调查
IF 2.9 3区 经济学
Journal of the Japanese and International Economies Pub Date : 2023-09-01 DOI: 10.1016/j.jjie.2023.101273
Takeru Sugasawa , Kei Harano
{"title":"A field experiment on discrimination against foreigners in the rental housing market in Japan examining the 23 wards of Tokyo","authors":"Takeru Sugasawa ,&nbsp;Kei Harano","doi":"10.1016/j.jjie.2023.101273","DOIUrl":"https://doi.org/10.1016/j.jjie.2023.101273","url":null,"abstract":"<div><p>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 housing markets in Tokyo's 23 wards during December 2019 and February 2020. Our results show that those who use a Chinese or Korean name decrease their probability of receiving affirmative responses to rental applications by approximately 13% compared with those who use Japanese names. Additionally, we find that the COVID-19 crisis increased the discriminatory behavior of rental housing owners and realtors.</p></div>","PeriodicalId":47082,"journal":{"name":"Journal of the Japanese and International Economies","volume":null,"pages":null},"PeriodicalIF":2.9,"publicationDate":"2023-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49720635","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
Unconventional monetary policy and debt sustainability in Japan 日本非常规货币政策与债务可持续性
IF 2.9 3区 经济学
Journal of the Japanese and International Economies Pub Date : 2023-09-01 DOI: 10.1016/j.jjie.2023.101274
Enrique Alberola , Gong Cheng , Andrea Consiglio , Stavros A. Zenios
{"title":"Unconventional monetary policy and debt sustainability in Japan","authors":"Enrique Alberola ,&nbsp;Gong Cheng ,&nbsp;Andrea Consiglio ,&nbsp;Stavros A. Zenios","doi":"10.1016/j.jjie.2023.101274","DOIUrl":"https://doi.org/10.1016/j.jjie.2023.101274","url":null,"abstract":"<div><p>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<span> 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. We calibrate the model to the Quantitative and Qualitative Easing (QQE) that Bank of Japan launched in 2013. Using a retrospective analysis, we find a large favourable effect of the QQE on sovereign debt dynamics. Forward-looking simulations under different exit strategies show that the termination and unwinding of the QQE could raise debt sustainability concerns. A sharp tightening of global financial conditions could have a similar negative impact on debt dynamics, requiring a fiscal adjustment to keep debt sustainable.</span></p></div>","PeriodicalId":47082,"journal":{"name":"Journal of the Japanese and International Economies","volume":null,"pages":null},"PeriodicalIF":2.9,"publicationDate":"2023-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49720577","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
Aging and the real interest rate in Japan: A labor market channel 老龄化与日本实际利率:一个劳动力市场渠道
IF 2.9 3区 经济学
Journal of the Japanese and International Economies Pub Date : 2023-09-01 DOI: 10.1016/j.jjie.2023.101262
Shigeru Fujita , Ippei Fujiwara
{"title":"Aging and the real interest rate in Japan: A labor market channel","authors":"Shigeru Fujita ,&nbsp;Ippei Fujiwara","doi":"10.1016/j.jjie.2023.101262","DOIUrl":"https://doi.org/10.1016/j.jjie.2023.101262","url":null,"abstract":"<div><p>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 structure induce significant low-frequency movements in per capita consumption growth and thus the real interest rate. The model suggests that aging of the labor force caused the real interest rate to decline by 1 percentage point between 1980 and 2010 in Japan.</p></div>","PeriodicalId":47082,"journal":{"name":"Journal of the Japanese and International Economies","volume":null,"pages":null},"PeriodicalIF":2.9,"publicationDate":"2023-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49720677","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
Impact of studying abroad on language skill development: Regression discontinuity evidence from Japanese university students 留学对语言技能发展的影响:来自日本大学生的非连续性回归证据
IF 2.9 3区 经济学
Journal of the Japanese and International Economies Pub Date : 2023-08-29 DOI: 10.1016/j.jjie.2023.101284
Yuki Higuchi , Makiko Nakamuro , Carsten Roever , Miyuki Sasaki , Tomoko Yashima
{"title":"Impact of studying abroad on language skill development: Regression discontinuity evidence from Japanese university students","authors":"Yuki Higuchi ,&nbsp;Makiko Nakamuro ,&nbsp;Carsten Roever ,&nbsp;Miyuki Sasaki ,&nbsp;Tomoko Yashima","doi":"10.1016/j.jjie.2023.101284","DOIUrl":"https://doi.org/10.1016/j.jjie.2023.101284","url":null,"abstract":"<div><p>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 for youth studying abroad. We found that scholarships significantly increased the probability of studying abroad by 77–80 points. We measured English proficiency using a multiple-choice test we originally developed and found that studying abroad increased English proficiency by 33–38% (or 1.15–1.35 standard deviation). We also found that studying abroad significantly improved their international posture and perceived communication competence in a foreign language, which are the two traits found to be important determinants of future development in language ability in applied linguistics literature.</p></div>","PeriodicalId":47082,"journal":{"name":"Journal of the Japanese and International Economies","volume":null,"pages":null},"PeriodicalIF":2.9,"publicationDate":"2023-08-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49722083","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
Information effects of monetary policy 货币政策的信息效应
IF 2.9 3区 经济学
Journal of the Japanese and International Economies Pub Date : 2023-08-09 DOI: 10.1016/j.jjie.2023.101276
Yusuke Tanahara, Kento Tango, Yoshiyuki Nakazono
{"title":"Information effects of monetary policy","authors":"Yusuke Tanahara,&nbsp;Kento Tango,&nbsp;Yoshiyuki Nakazono","doi":"10.1016/j.jjie.2023.101276","DOIUrl":"https://doi.org/10.1016/j.jjie.2023.101276","url":null,"abstract":"<div><p><span><span>This study assesses two central bank announcements about monetary policy<span> 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 </span></span>interest rates in Japan. We identify two shocks: a surprise policy tightening that raises interest rates and reduces stock prices and the complementary positive central bank information shock that raises both. We find that the two shocks have different effects on the Japanese economy. In fact, a contractionary monetary policy shock decreases inflation rates, whereas a positive central bank information shock </span><em>increases</em> inflation rates. The evidence suggests that announcements conveying the central bank’s assessment of the economic outlook play a certain role in the transmission mechanism of monetary policy under the ELB. However, our study shows that the two series of shocks do not induce changes in output. This suggests that they have a limited impact on the economy.</p></div>","PeriodicalId":47082,"journal":{"name":"Journal of the Japanese and International Economies","volume":null,"pages":null},"PeriodicalIF":2.9,"publicationDate":"2023-08-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49721719","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-regional heterogeneity in health and economic outcomes during the COVID-19 pandemic: An analysis of Japan COVID-19大流行期间卫生和经济结果的跨区域异质性:对日本的分析
IF 2.9 3区 经济学
Journal of the Japanese and International Economies Pub Date : 2023-07-26 DOI: 10.1016/j.jjie.2023.101275
Shotaro Beppu , Daisuke Fujii , Hiroyuki Kubota , Kohei Machi , Yuta Maeda , Taisuke Nakata , Haruki Shibuya
{"title":"Cross-regional heterogeneity in health and economic outcomes during the COVID-19 pandemic: An analysis of Japan","authors":"Shotaro Beppu ,&nbsp;Daisuke Fujii ,&nbsp;Hiroyuki Kubota ,&nbsp;Kohei Machi ,&nbsp;Yuta Maeda ,&nbsp;Taisuke Nakata ,&nbsp;Haruki Shibuya","doi":"10.1016/j.jjie.2023.101275","DOIUrl":"https://doi.org/10.1016/j.jjie.2023.101275","url":null,"abstract":"<div><p>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 as well as the location and shape of the conditional trade-off curve.</p></div>","PeriodicalId":47082,"journal":{"name":"Journal of the Japanese and International Economies","volume":null,"pages":null},"PeriodicalIF":2.9,"publicationDate":"2023-07-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49721698","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
Debt issuance incentives and creative accounting: Evidence from municipal mergers in Japan 债务发行激励和创造性会计：来自日本市政合并的证据
IF 2.9 3区 经济学
Journal of the Japanese and International Economies Pub Date : 2023-06-01 DOI: 10.1016/j.jjie.2023.101259
Tsuyoshi Goto , Genki Yamamoto
{"title":"Debt issuance incentives and creative accounting: Evidence from municipal mergers in Japan","authors":"Tsuyoshi Goto ,&nbsp;Genki Yamamoto","doi":"10.1016/j.jjie.2023.101259","DOIUrl":"https://doi.org/10.1016/j.jjie.2023.101259","url":null,"abstract":"<div><p>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.</p><p>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 on municipal mergers, a well-known setting wherein smaller merging municipalities have a stronger incentive to enjoy freeriding and issue debt since the debt burden will be shared and mainly owed by larger merging municipalities. This setting enables us to use the relative population size as a continuous treatment representing the strength of debt issuance incentives, whereas existing papers focused on binary treatments. Utilizing the data of Japanese municipal mergers, we find that governments with small relative populations, which have a strong debt issuance incentive, employed creative accounting more intensively than others. Moreover, we investigate how governments used the money obscured through creative accounting for the first time and find that it was not used to overcome financial difficulties nor increase politicians’ pecuniary gains but to increase resident welfare.</p></div>","PeriodicalId":47082,"journal":{"name":"Journal of the Japanese and International Economies","volume":null,"pages":null},"PeriodicalIF":2.9,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49777183","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-country evidence on the allocation of COVID-19 government subsidies and consequences for productivity 关于COVID-19政府补贴分配及其对生产力影响的跨国证据
IF 2.9 3区 经济学
Journal of the Japanese and International Economies Pub Date : 2023-06-01 DOI: 10.1016/j.jjie.2023.101246
Tommaso Bighelli , Tibor Lalinsky , Juuso Vanhala
{"title":"Cross-country evidence on the allocation of COVID-19 government subsidies and consequences for productivity","authors":"Tommaso Bighelli ,&nbsp;Tibor Lalinsky ,&nbsp;Juuso Vanhala","doi":"10.1016/j.jjie.2023.101246","DOIUrl":"10.1016/j.jjie.2023.101246","url":null,"abstract":"<div><p>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 to firms had only a limited positive effect on productivity developments. A thorough comparative analysis of the distribution of employment and overall direct subsidies, considering separately also relative firm-level size of support and the probability of being supported, reveals ambiguous cross-country results related to the firm-level productivity and points to the decisive role of other firm characteristics.</p></div>","PeriodicalId":47082,"journal":{"name":"Journal of the Japanese and International Economies","volume":null,"pages":null},"PeriodicalIF":2.9,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.ncbi.nlm.nih.gov/pmc/articles/PMC9867907/pdf/","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"9464058","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: 5
Assessing carbon emissions embodied in international trade based on shared responsibility 基于共同责任评估国际贸易中的碳排放
IF 2.9 3区 经济学
Journal of the Japanese and International Economies Pub Date : 2023-06-01 DOI: 10.1016/j.jjie.2023.101260
Palizha Airebule , Haitao Cheng , Jota Ishikawa
{"title":"Assessing carbon emissions embodied in international trade based on shared responsibility","authors":"Palizha Airebule ,&nbsp;Haitao Cheng ,&nbsp;Jota Ishikawa","doi":"10.1016/j.jjie.2023.101260","DOIUrl":"https://doi.org/10.1016/j.jjie.2023.101260","url":null,"abstract":"<div><p>We study the carbon emissions of the world's five highest carbon emitters under three different criteria. In particular, we explore the shared responsibility (SR) criterion, under which both producers and consumers share the responsibility for emissions. Employing the multi-region input-output model to calculate the SR based on the value-added method, we can investigate carbon emissions at both national and sectoral levels. Between 2002–2014, carbon emissions in China and India grew dramatically. SR increased by 157% in China and 116% in India. The main driving force of China's carbon emissions was the rapid growth of its exports, and the main driver of India's carbon emissions was its high carbon-intensive production technologies. Although carbon emissions had a declining trend in the USA and Japan, it could have resulted from cross-border carbon leakage. More than 40% of the five countries’ national carbon emissions under SR were attributed to “electricity, gas, steam and air conditioning supply”. This overwhelming share was attributable to their large amounts of production and high carbon emission intensity.</p></div>","PeriodicalId":47082,"journal":{"name":"Journal of the Japanese and International Economies","volume":null,"pages":null},"PeriodicalIF":2.9,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49777186","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
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