Journal of the Japanese and International Economies最新文献_第5页

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

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

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":"67 ","pages":"Article 101245"},"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

The effects of credit lines on cash holdings and capital investment: Evidence from Japan 信贷额度对现金持有和资本投资的影响：来自日本的证据

IF 2.9 3区经济学

Journal of the Japanese and International Economies Pub Date : 2023-03-01 DOI: 10.1016/j.jjie.2022.101241

Tomohito Honda

{"title":"The effects of credit lines on cash holdings and capital investment: Evidence from Japan","authors":"Tomohito Honda","doi":"10.1016/j.jjie.2022.101241","DOIUrl":"https://doi.org/10.1016/j.jjie.2022.101241","url":null,"abstract":"<div><p>This study examines how credit lines affect corporate cash holdings and capital investment using a hand-collected data on publicly traded Japanese firms from 2006 to 2017. The study compares firms with and without credit lines to investigate the effects of credit lines. The empirical results are as follows: (1) Firms with credit lines hold smaller cash reserves than those without; (2) Firms with credit lines undertake more capital investment than those without; (3) The effects of credit lines are more amplified for financially constrained firms than their counterpart; (4) A close bank–firm relationship plays a positive role in the effect of credit lines on corporate activities.</p><p>These empirical findings indicate that credit lines can improve firms’ financial flexibility and allow them to use cash holdings held for precautionary reasons to invest. The results also show that credit lines and the attendant implicit bank–firm relationships are complementary to each other. Moreover, having both credit lines and a close bank–firm relationship is important to Japanese firms for their corporate activities. Furthermore, the results imply that the use of credit lines is still relatively undeveloped in Japan, which may be a reason for the country's large corporate savings and lackluster investment.</p></div>","PeriodicalId":47082,"journal":{"name":"Journal of the Japanese and International Economies","volume":"67 ","pages":"Article 101241"},"PeriodicalIF":2.9,"publicationDate":"2023-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49777878","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

Labor market concentration and heterogeneous effects on wages: Evidence from Japan 劳动力市场集中与工资的异质性影响——来自日本的证据

IF 2.9 3区经济学

Journal of the Japanese and International Economies Pub Date : 2023-03-01 DOI: 10.1016/j.jjie.2022.101242

Atsuko Izumi , Naomi Kodama , Hyeog Ug Kwon

引用次数: 0

The effect of aging on the age–wage profile in Japan 老龄化对日本年龄工资结构的影响

IF 2.9 3区经济学

Journal of the Japanese and International Economies Pub Date : 2022-12-01 DOI: 10.1016/j.jjie.2022.101230

Toshikatsu Inoue

引用次数: 0

Can child benefit reductions increase maternal employment? Evidence from Japan 减少儿童福利能增加产妇就业吗?来自日本的证据

IF 2.9 3区经济学

Journal of the Japanese and International Economies Pub Date : 2022-12-01 DOI: 10.1016/j.jjie.2022.101231

Shinsuke Asakawa , Masaru Sasaki

{"title":"Can child benefit reductions increase maternal employment? Evidence from Japan","authors":"Shinsuke Asakawa , Masaru Sasaki","doi":"10.1016/j.jjie.2022.101231","DOIUrl":"10.1016/j.jjie.2022.101231","url":null,"abstract":"<div><p>This study estimates the policy impacts of the resumption of income thresholds for receiving child benefits (CB), in April 2012, on maternal labor market participation, childcare services use, and child health outcomes in Japan. Using data from the Longitudinal Survey of Newborns in the 21st Century and employing a regression discontinuity design, we found that the reduction of CB payments in higher-earning households, where the annual income of the household head exceeded their threshold, promoted intensive and extensive margins of maternal labor supply, especially for part-time workers and the self-employed. Furthermore, mothers returned to the workplace using non-accredited childcare and increasing the total childcare costs but having no impact on children's health outcomes. Heterogeneous effects were also observed in prefectures with low availability of accredited childcare; mothers incurring CB reduction used non-accredited childcare to start full-time employment. These findings imply that CB reduction had the advantage of encouraging maternal employment and, especially in prefectures with few childcare facilities, increasing the number of accredited childcare centers and that reducing the price of non-accredited childcare services can make it easier for mothers to return to the workforce after giving birth.</p></div>","PeriodicalId":47082,"journal":{"name":"Journal of the Japanese and International Economies","volume":"66 ","pages":"Article 101231"},"PeriodicalIF":2.9,"publicationDate":"2022-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82544901","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

Decreasing wage returns to human capital: Analysis of wage and job experience using micro data of workers☆ 工资报酬对人力资本的递减:基于工人微观数据的工资与工作经验分析

IF 2.9 3区经济学

Journal of the Japanese and International Economies Pub Date : 2022-12-01 DOI: 10.1016/j.jjie.2022.101217

Taro Kimura, Yoshiyuki Kurachi, Tomohiro Sugo

引用次数: 5

Quantifying the impact of the Tokyo Olympics on COVID-19 cases using synthetic control methods 利用综合控制方法量化东京奥运会对COVID-19病例的影响

IF 2.9 3区经济学

Journal of the Japanese and International Economies Pub Date : 2022-12-01 DOI: 10.1016/j.jjie.2022.101228

Taro Esaka , Takao Fujii

引用次数: 3