Journal of the Japanese and International Economies最新文献_第7页

COVID-19 infection spread and human mobility COVID-19感染传播和人员流动

IF 2.9 3区经济学

Journal of the Japanese and International Economies Pub Date : 2022-06-01 DOI: 10.1016/j.jjie.2022.101195

Masahiko Shibamoto , Shoka Hayaki , Yoshitaka Ogisu

{"title":"COVID-19 infection spread and human mobility","authors":"Masahiko Shibamoto , Shoka Hayaki , Yoshitaka Ogisu","doi":"10.1016/j.jjie.2022.101195","DOIUrl":"10.1016/j.jjie.2022.101195","url":null,"abstract":"<div><p>Given that real-world infection-spread scenarios pose many uncertainties, and predictions and simulations may differ from reality, this study explores factors essential for more realistically describing an infection situation. It furnishes three approaches to the argument that human mobility can create an acceleration of the spread of COVID-19 infection and its cyclicality under the simultaneous relationship. First, the study presents a dynamic model comprising the infection–mobility trade-off and mobility demand, where an increase in human mobility can cause infection explosion and where, conversely, an increase in new infections can be made temporary by suppressing mobility. Second, using time-series data for Japan, it presents empirical evidence for a stochastic trend and cycle in new infection cases. Third, it employs macroeconometrics to ascertain the feasibility of our model’s predictions. Accordingly, from March 2020 to May 2021, the sources of COVID-19 infection spread in Japan varied significantly over time, and each change in the trend and cycle of new infection cases explained approximately half the respective variation.</p></div>","PeriodicalId":47082,"journal":{"name":"Journal of the Japanese and International Economies","volume":null,"pages":null},"PeriodicalIF":2.9,"publicationDate":"2022-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.ncbi.nlm.nih.gov/pmc/articles/PMC8840825/pdf/","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"39938256","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: 4

Nelson–Siegel decay factor and term premia in Japan 尼尔森-西格尔衰减因子和日本的定期保险费

IF 2.9 3区经济学

Journal of the Japanese and International Economies Pub Date : 2022-06-01 DOI: 10.1016/j.jjie.2022.101204

Junko Koeda , Atsushi Sekine

引用次数: 2

Like father, like son: Who creates listed subsidiaries? 有其父必有其子:谁创建上市子公司?

IF 2.9 3区经济学

Journal of the Japanese and International Economies Pub Date : 2022-06-01 DOI: 10.1016/j.jjie.2022.101205

Hichem Boulifa , Konari Uchida

引用次数: 1

Wealth, Financial Literacy and Behavioral Biases in Japan: the Effects of Various Types of Financial Literacy 日本的财富、金融素养与行为偏差:不同类型金融素养的影响

IF 2.9 3区经济学

Journal of the Japanese and International Economies Pub Date : 2022-06-01 DOI: 10.1016/j.jjie.2021.101190

Shizuka Sekita , Vikas Kakkar , Masao Ogaki

引用次数: 0

Policy uncertainty in Japan 日本政策不确定性

IF 2.9 3区经济学

Journal of the Japanese and International Economies Pub Date : 2022-06-01 DOI: 10.1016/j.jjie.2022.101192

Elif C. Arbatli Saxegaard , Steven J. Davis , Arata Ito , Naoko Miake

{"title":"Policy uncertainty in Japan","authors":"Elif C. Arbatli Saxegaard , Steven J. Davis , Arata Ito , Naoko Miake","doi":"10.1016/j.jjie.2022.101192","DOIUrl":"https://doi.org/10.1016/j.jjie.2022.101192","url":null,"abstract":"<div><p>We develop new economic policy uncertainty (EPU) indices for Japan from January 1987 onwards, building on Baker et al. (2016). Each index reflects the frequency of newspaper articles that contain certain terms pertaining to the economy, policy matters, and uncertainty. Our overall EPU index co-varies positively with implied volatilities for Japanese equities, exchange rates, and interest rates and with a survey-based measure of political uncertainty. It rises around contested national elections and major leadership transitions in Japan, during the Asian financial crisis and in reaction to the Lehman Brothers failure, U.S. debt downgrade in 2011, Brexit referendum, the deferral of a consumption tax hike, and the onset of the COVID-19 pandemic. Our uncertainty indices for fiscal, monetary, trade, and exchange rate policy co-vary positively but also display distinct dynamics. For example, our trade policy uncertainty (TPU) index rocketed upwards when the U.S. withdrew from the Trans-Pacific Partnership. VAR models imply that upward EPU innovations foreshadow deteriorations in Japan's macroeconomic performance, as reflected by impulse response functions for investment, employment, and output. Our study adds to evidence that credible policy plans and strong policy frameworks can favorably influence macroeconomic performance by reducing policy uncertainty.</p></div>","PeriodicalId":47082,"journal":{"name":"Journal of the Japanese and International Economies","volume":null,"pages":null},"PeriodicalIF":2.9,"publicationDate":"2022-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S0889158322000028/pdfft?md5=1afb73fc6a8a7bca4000651c097400fa&pid=1-s2.0-S0889158322000028-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"137298416","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

Lessons from mergers and acquisitions of regional banks in Japan: What does the stock market think? 日本地方银行并购的教训:股市是怎么想的?

IF 2.9 3区经济学

Journal of the Japanese and International Economies Pub Date : 2022-06-01 DOI: 10.1016/j.jjie.2022.101202

Ayami Kobayashi (Tanaka) , Marc Bremer

{"title":"Lessons from mergers and acquisitions of regional banks in Japan: What does the stock market think?","authors":"Ayami Kobayashi (Tanaka) , Marc Bremer","doi":"10.1016/j.jjie.2022.101202","DOIUrl":"10.1016/j.jjie.2022.101202","url":null,"abstract":"<div><p>Japanese regional banks are now facing an existential crisis. Their traditional business model has been devastated by the hollowing out of regional economies, technological change, declining populations and the rapid aging of Japan's non-urban areas. These banks must either go out of business or make significant changes. Reorganizations are a potential change that might solve the problem. Reorganizations include mergers and forming bank holding companies. This research examines regional bank reorganizations over the period from 2008 to 2019. It analyzes the stock market's response to announcements of bank reorganizations. A positive response is defined as stock price appreciation. It is a measure of the value that an efficient financial market attributes to the reorganization. This research finds that some kinds of reorganizations create more value than others. Specifically, mergers between banks within prefectures create more value. Yet, within prefecture mergers have the disadvantage that they might concentrate the provision of banking services in the hands of a few providers, leading to poorer services and higher fees. These reorganizations may violate competition law. Nevertheless, within-prefecture mergers may be a better overall solution to the regional bank crisis.</p></div>","PeriodicalId":47082,"journal":{"name":"Journal of the Japanese and International Economies","volume":null,"pages":null},"PeriodicalIF":2.9,"publicationDate":"2022-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75381312","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

The heterogeneous effects of COVID-19 on labor markets: People’s movement and non-pharmaceutical interventions 2019冠状病毒病对劳动力市场的异质性影响:人员流动和非药物干预

IF 2.9 3区经济学

Journal of the Japanese and International Economies Pub Date : 2022-03-01 DOI: 10.1016/j.jjie.2021.101170

Kisho Hoshi , Hiroyuki Kasahara , Ryo Makioka , Michio Suzuki , Satoshi Tanaka

{"title":"The heterogeneous effects of COVID-19 on labor markets: People’s movement and non-pharmaceutical interventions","authors":"Kisho Hoshi , Hiroyuki Kasahara , Ryo Makioka , Michio Suzuki , Satoshi Tanaka","doi":"10.1016/j.jjie.2021.101170","DOIUrl":"10.1016/j.jjie.2021.101170","url":null,"abstract":"<div><p>The paper investigates the heterogeneous effect of a policy-induced decline in people’s mobility on the Japanese labor market outcome during the early COVID-19 period. Regressing individual-level labor market outcomes on prefecture-level mobility changes using policy stringency index as an instrument, our two-stage least squares estimator presents the following findings. First, the number of people absent from work increased for all groups of individuals, but the magnitude was greater for workers with non-regular employment status, low-educated people, females especially with children, and those aged 31 to 45 years. Second, while work hours decreased for most groups, the magnitude was especially greater for business owners without employees and those aged 31 to 45. Third, the negative effect on unemployment was statistically significant for older males who worked as regular workers in the previous year. The impact was particularly considerable for those aged 60 and 65, thus suggesting that they lost their re-employment opportunity due to COVID-19. Fourth, all these adverse effects were greater for people working in service and sales occupations. Fifth, a counterfactual experiment of more stringent policies indicates that while an average worker would lose JPY 3857 in weekly earnings by shortening their work hours, the weekly loss for those aged 31 to 45 years and working in service and sales occupations would be about JPY 13,842.</p></div>","PeriodicalId":47082,"journal":{"name":"Journal of the Japanese and International Economies","volume":null,"pages":null},"PeriodicalIF":2.9,"publicationDate":"2022-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.ncbi.nlm.nih.gov/pmc/articles/PMC8585374/pdf/","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"10740032","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: 10

The impact of firms’ international trade on domestic suppliers: The case of Japan 企业国际贸易对国内供应商的影响:以日本为例

IF 2.9 3区经济学

Journal of the Japanese and International Economies Pub Date : 2022-03-01 DOI: 10.1016/j.jjie.2021.101188

Masahiro Endoh

引用次数: 1

Peer effects on job satisfaction from exposure to elderly workers 年长员工对工作满意度的同伴效应

IF 2.9 3区经济学

Journal of the Japanese and International Economies Pub Date : 2022-03-01 DOI: 10.1016/j.jjie.2021.101183

Yuji Kawata , Hideo Owan

{"title":"Peer effects on job satisfaction from exposure to elderly workers","authors":"Yuji Kawata , Hideo Owan","doi":"10.1016/j.jjie.2021.101183","DOIUrl":"10.1016/j.jjie.2021.101183","url":null,"abstract":"<div><p><span>The Elderly Employment Stabilization Law, revised in 2006, helped the government increase elderly employment. While there has been much debate on whether the reemployment of elderly workers has substituted for or increased the employment of young workers, little attention has been paid to the potential peer effects of the former group on the latter’s productivity and other outcomes in the workplace. There might be knowledge </span>spillovers from elderly workers to peers (positive peer effects) or the presence of unmotivated elderly workers lowering the morale of their coworkers (negative peer effects). In this paper, we investigate such peer effects from exposure to elderly workers using the employee satisfaction survey of a Japanese firm. We show that, on average, elderly workers do not have significant peer effects on coworkers’ satisfaction. However, the effects are heterogeneous depending on the ability of elderly workers as measured by their wages, and the age and job levels of their peers. Namely, nonmanagerial workers, particularly those in their 50s, are more satisfied and coworkers in their 30s and 40s receive more training when they work with elderly workers. The positive effects are significant when the focal elderly workers come from other units rather than when they stay in the same units implying that the sharing of broad experience might mediate the effect. In contrast, the presence of elderly workers makes first-line managers feel that there is poor communication in the workplace.</p></div>","PeriodicalId":47082,"journal":{"name":"Journal of the Japanese and International Economies","volume":null,"pages":null},"PeriodicalIF":2.9,"publicationDate":"2022-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80037260","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: 3

Lerner meets Metzler: Tariff pass-through of worldwide trade 勒纳与梅茨勒相遇:全球贸易的关税传递

IF 2.9 3区经济学

Journal of the Japanese and International Economies Pub Date : 2022-03-01 DOI: 10.1016/j.jjie.2021.101173

Kazunobu Hayakawa , Tadashi Ito , Hiroshi Mukunoki

{"title":"Lerner meets Metzler: Tariff pass-through of worldwide trade","authors":"Kazunobu Hayakawa , Tadashi Ito , Hiroshi Mukunoki","doi":"10.1016/j.jjie.2021.101173","DOIUrl":"10.1016/j.jjie.2021.101173","url":null,"abstract":"<div><p>In this study, we quantify the worldwide tariff pass-through, that is, the impact of tariff reductions on trade prices. Some estimations show that a one-percentage-point reduction in tariffs decreases trade prices by approximately 0.1% (Lerner paradox). To determine the mechanism underlying this result, we decompose trade prices into product quality and quality-adjusted trade prices. We find that a one-percentage-point reduction in tariff rates decreases product quality by approximately 1.6% and increases quality-adjusted trade prices by approximately 1.5% (Metzler-like paradox in terms of quality-adjusted price). Thus, we construct a theoretical model to demonstrate the mechanism behind these empirical results. We suggest that both a firm-delocation mechanism under variable markups and a quality-sorting mechanism are the driving forces behind these empirical findings. Finally, we examine the welfare effect of tariff changes by employing this theoretical model. Despite the large decrease in trade prices, trade liberalization worsens consumer welfare.</p></div>","PeriodicalId":47082,"journal":{"name":"Journal of the Japanese and International Economies","volume":null,"pages":null},"PeriodicalIF":2.9,"publicationDate":"2022-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S0889158321000526/pdfft?md5=31c6f43bcae6949bdb605fc0976c5f57&pid=1-s2.0-S0889158321000526-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75534481","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: 1