Journal of the Japanese and International Economies最新文献_第4页

Does inheritance taxation reform promote to build inexpensive rental housing? 遗产税改革是否促进了廉价租赁住房的建设？

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.2023.101255

Naoto Mikawa , Shohei Yasuda , Norifumi Yukutake

引用次数: 1

Fiscal capacity and commercial bank lending under COVID-19 新冠肺炎疫情下的财政能力和商业银行贷款

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.2023.101261

Joshua Aizenman , Yothin Jinjarak , Mark M. Spiegel

引用次数: 1

COVID-19 and the employment gender gap in Japan 2019冠状病毒病与日本就业性别差距

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.2023.101256

Taiyo Fukai , Masato Ikeda , Daiji Kawaguchi , Shintaro Yamaguchi

引用次数: 30

The China shock and job reallocation in Japan 中国冲击与日本的就业再分配

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.2023.101257

Masahiro Endoh

引用次数: 0

The impact of the COVID-19 pandemic on global GDP growth COVID-19大流行对全球GDP增长的影响

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.2023.101258

Joseph E. Gagnon , Steven B. Kamin , John Kearns

{"title":"The impact of the COVID-19 pandemic on global GDP growth","authors":"Joseph E. Gagnon , Steven B. Kamin , John Kearns","doi":"10.1016/j.jjie.2023.101258","DOIUrl":"10.1016/j.jjie.2023.101258","url":null,"abstract":"<div><p>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 variables for 90 countries over the period 2020 Q1 through 2021 Q4. We find that readings on the number of COVID-19 deaths had a very small effect in our aggregate sample. On the other hand, changes in the stringency of the lockdown measures taken by governments to restrict the spread of the virus were an important influence on GDP. The economic effects of the pandemic differed between rich and poor countries: COVID-19 deaths exerted a somewhat greater drag on GDP in advanced economies, although this difference was not statistically significant, whereas lockdown restrictions were more injurious to economic activity in emerging and developing economies. In addition to these domestic pandemic effects, global trade represented a significant channel through which the economic effects of the pandemic spilled across national borders. This finding underscores how globalization makes each country vulnerable not only to medical contagion from the COVID-19 pandemic, but to economic contagion as well.</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/PMC10030258/pdf/","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"9465935","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: 8

Determinants and effects of the use of COVID-19 business support programs in Japan 日本使用新冠肺炎商业支持计划的决定因素和影响

IF 2.9 3区经济学

Journal of the Japanese and International Economies Pub Date : 2023-03-01 DOI: 10.1016/j.jjie.2022.101239

Tomohito Honda , Kaoru Hosono , Daisuke Miyakawa , Arito Ono , Iichiro Uesugi

{"title":"Determinants and effects of the use of COVID-19 business support programs in Japan","authors":"Tomohito Honda , Kaoru Hosono , Daisuke Miyakawa , Arito Ono , Iichiro Uesugi","doi":"10.1016/j.jjie.2022.101239","DOIUrl":"https://doi.org/10.1016/j.jjie.2022.101239","url":null,"abstract":"<div><p>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, or subsidies the more their sales had fallen during the pandemic, suggesting that funds flowed to firms that were adversely affected by the pandemic. Second, the likelihood that firms obtained funds was higher if their credit scores were lower or if they were classified as “zombies” and/or “low-return borrowers” before the pandemic, suggesting that the government programs also helped firms that had been under-performing before the pandemic. Third, firms were more likely to receive funds if they had a stronger relationship with their main bank before, suggesting that bank relationships play an important role in firms’ access to government programs. Regarding the causal effects, we obtain the following three findings: First, except for the subsidies for employment adjustment, the support programs increased the cash holdings of user firms. Second, subsidized loans from private financial institutions lowered exit rates, while none of the programs had a significantly positive effect on employment relative to non-users (or in absolute terms). Third, the credit scores and profit-to-sales ratio of firms that used the support programs decreased and the likelihood of such firms being a zombie and/or a low-return borrower increased. Overall, our findings provide a cautionary tale in that the business support programs produced mixed results in that they may have prevented business failures but have also helped to prop up firms that are not viable in the long run.</p></div>","PeriodicalId":47082,"journal":{"name":"Journal of the Japanese and International Economies","volume":null,"pages":null},"PeriodicalIF":2.9,"publicationDate":"2023-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49777879","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: 4

Do the self-employed underreport their income? Evidence from Japanese panel data 个体经营者少报收入吗？来自日本面板数据的证据

IF 2.9 3区经济学

Journal of the Japanese and International Economies Pub Date : 2023-03-01 DOI: 10.1016/j.jjie.2022.101244

Takeshi Niizeki , Junya Hamaaki

引用次数: 0

How the new fed municipal bond facility capped municipal-treasury yield spreads in the Covid-19 recession 在2019冠状病毒病(Covid-19)衰退期间，新的美联储市政债券安排如何限制市政债券与国债的收益率差

IF 2.9 3区经济学

Journal of the Japanese and International Economies Pub Date : 2023-03-01 DOI: 10.1016/j.jjie.2022.101245

Michael D. Bordo , John V. Duca

{"title":"How the new fed municipal bond facility capped municipal-treasury yield spreads in the Covid-19 recession","authors":"Michael D. Bordo , John V. Duca","doi":"10.1016/j.jjie.2022.101245","DOIUrl":"10.1016/j.jjie.2022.101245","url":null,"abstract":"<div><p>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 rose in line with the unemployment rate and appeared headed to levels not seen since the Great Depression, when real municipal gross investment plunged 35 percent below 1929 levels. To prevent such a calamity, the Fed created the Municipal Liquidity Facility (MLF) to purchase newly issued, (near) investment-grade state and local government bonds at ratings-based interest rate spreads over the safe OIS benchmark yield. In general, these spreads were initially about 100 basis points above average spreads under more normal market conditions and were later lowered by 50 basis points in August 2020. Despite a modest take-up, our study documents the MLF prevented muni spreads from rising much above those margins (plus a modest 10 basis point fee) and limited the extent to which interest rate spreads could have amplified the impact of the Covid pandemic. To establish the MLF the Fed needed Treasury indemnification against default losses. There were concerns about whether the creation of the MLF could induce moral hazard among borrowers and could undermine the efficiency of the bond market if the facility had lasted too long. Partly for this reason and because the muni market had settled down by yearend 2020, the Treasury terminated the MLF at that time. Future assessments of these downside aspects will help answer the question whether the program's benefits addressed here exceeded its costs.</p></div>","PeriodicalId":47082,"journal":{"name":"Journal of the Japanese and International Economies","volume":null,"pages":null},"PeriodicalIF":2.9,"publicationDate":"2023-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.ncbi.nlm.nih.gov/pmc/articles/PMC9789544/pdf/","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"10701093","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: 14

Competition in the Chinese market: Foreign firms and markups 中国市场的竞争：外国公司和加价

IF 2.9 3区经济学

Journal of the Japanese and International Economies Pub Date : 2023-03-01 DOI: 10.1016/j.jjie.2022.101243

Chih-Hai Yang

引用次数: 1

Employers’ stereotypes and taste-based discrimination 雇主的陈规定型观念和基于品味的歧视

IF 2.9 3区经济学

Journal of the Japanese and International Economies Pub Date : 2023-03-01 DOI: 10.1016/j.jjie.2022.101240

Hiroki Yasuda

引用次数: 0