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The financial health of “swing hospitals” during the first COVID-19 outbreak 第一次COVID-19疫情期间“摇摆医院”的财务状况
IF 2.9 3区 经济学
Journal of the Japanese and International Economies Pub Date : 2022-09-01 DOI: 10.1016/j.jjie.2022.101218
Reo Takaku, Izumi Yokoyama
{"title":"The financial health of “swing hospitals” during the first COVID-19 outbreak","authors":"Reo Takaku,&nbsp;Izumi Yokoyama","doi":"10.1016/j.jjie.2022.101218","DOIUrl":"10.1016/j.jjie.2022.101218","url":null,"abstract":"<div><p>The hospitals in Japan have hitherto had complete autonomy in deciding whether to admit COVID-19 patients. In fact, they were “swinging” between admitting or not COVID-19 patients, especially during the initial COVID-19 outbreak. To address endogenous decision making, we estimated the effect of admitting COVID-19 patients on hospital profits using instrumental variable (IV) regression. We derived the IVs from the guidelines of the national government on which hospital types should admit COVID-19 patients. Our empirical results revealed that the monthly profits per bed decreased by approximately JPY 600,000 (<span><math><mo>≈</mo></math></span> USD 4615), which is 15 times the average monthly profit in 2019. This overwhelming financial damage indicates it is costly for some hospitals to treat COVID-19 patients because of their low suitability in admitting such patients. Based on the implications of our main results, we propose an alternative strategy to handling patient surges in case of new infectious disease outbreaks.</p></div>","PeriodicalId":47082,"journal":{"name":"Journal of the Japanese and International Economies","volume":"65 ","pages":"Article 101218"},"PeriodicalIF":2.9,"publicationDate":"2022-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.ncbi.nlm.nih.gov/pmc/articles/PMC9334161/pdf/","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"10744301","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
The effect of public-sponsored job training in Japan 日本公共职业培训的效果
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.2021.101187
Hiromi Hara
{"title":"The effect of public-sponsored job training in Japan","authors":"Hiromi Hara","doi":"10.1016/j.jjie.2021.101187","DOIUrl":"10.1016/j.jjie.2021.101187","url":null,"abstract":"<div><p>This study investigates the short-term effects of public-sponsored job training (PJT) for the unemployed on their subsequent working status and income using a large-scale Japanese government survey and the propensity score matching technique. We find a significantly positive effect on the probability of working for both men and women; however, the point estimate is larger for women than for men. We also find a gendered difference in the effects on income and probability of being employed as a regular worker, with significantly positive effects for women but no significant effects for men, suggesting that PJT might be more effective for women. We confirm that the results are robust to a range of empirical specifications.</p></div>","PeriodicalId":47082,"journal":{"name":"Journal of the Japanese and International Economies","volume":"64 ","pages":"Article 101187"},"PeriodicalIF":2.9,"publicationDate":"2022-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S0889158321000666/pdfft?md5=522382fe49d9a796505a0556ec222999&pid=1-s2.0-S0889158321000666-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88528901","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: 2
How does the impact of the COVID-19 state of emergency change? An analysis of preventive behaviors and mental health using panel data in Japan COVID-19紧急状态的影响如何变化?利用日本面板数据分析预防行为与心理健康
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.2022.101194
Eiji Yamamura , Yoshiro Tsutsui
{"title":"How does the impact of the COVID-19 state of emergency change? An analysis of preventive behaviors and mental health using panel data in Japan","authors":"Eiji Yamamura ,&nbsp;Yoshiro Tsutsui","doi":"10.1016/j.jjie.2022.101194","DOIUrl":"10.1016/j.jjie.2022.101194","url":null,"abstract":"<div><p>This study applies the difference-in-difference method on panel data collected from internet surveys to investigate changes in the preventive behaviors and mental health of individuals as influenced by the COVID-19 state of emergency declaration between March and June 2020. The key findings are: (1) The declaration led people to exhibit preventive behaviors but also generated negative emotions; (2) Such behaviors persisted even after deregulation of the state of emergency; (3) Making the declaration early (vs. late) had a larger effect on preventive behavior, with the gap between residents’ behaviors for areas that made early vs. late declarations persisting after the deregulation; and (4) The effects on mental health diminished during the state of emergency and disappeared after its deregulation.</p></div>","PeriodicalId":47082,"journal":{"name":"Journal of the Japanese and International Economies","volume":"64 ","pages":"Article 101194"},"PeriodicalIF":2.9,"publicationDate":"2022-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.ncbi.nlm.nih.gov/pmc/articles/PMC8801907/pdf/","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"10452903","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: 9
The impact of science-intensive drugs on longevity and cure rate: Evidence from new prescription drugs launched in Japan 科学密集型药物对寿命和治愈率的影响:来自日本推出的新处方药的证据
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.2022.101203
Junichi Nishimura , Sadao Nagaoka , Mariko Yoneyama-Hirozane
{"title":"The impact of science-intensive drugs on longevity and cure rate: Evidence from new prescription drugs launched in Japan","authors":"Junichi Nishimura ,&nbsp;Sadao Nagaoka ,&nbsp;Mariko Yoneyama-Hirozane","doi":"10.1016/j.jjie.2022.101203","DOIUrl":"10.1016/j.jjie.2022.101203","url":null,"abstract":"<div><p>This paper examines how new science-intensive drugs improve the longevity of the population and the cure rate of hospitalized patients (inpatients). We develop a comprehensive longitudinal-disease-level panel data set, matched with drugs with a new molecular entity (NME) launched in Japan and classified by science intensity. Estimates suggest that the increase in the diversity of science-intensive NMEs (or NME stock) used for treating a disease significantly contributed to longevity and to the improvement of the cure rate of inpatients. In contrast, we find that non science-intensive NME stock does not significantly enhance these outcomes. Our results also suggest that controlling for the effects of surgeries does not reduce the effects of science-intensive drugs and that quality of science exploited for the discovery of an NME also plays a role in the effects. We have validated our indicator of science-intensive NMEs as a measure of the contribution of drugs to treatment, based on a survey of physicians. The results show that scientific advancement and exploitation for drug innovations critically contribute to improving human welfare.</p></div>","PeriodicalId":47082,"journal":{"name":"Journal of the Japanese and International Economies","volume":"64 ","pages":"Article 101203"},"PeriodicalIF":2.9,"publicationDate":"2022-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82242623","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
Welfare gains through globalization: Evidence from Japan's manufacturing sector 全球化带来的福利收益:来自日本制造业的证据
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.2022.101193
Takahide Aoyagi , Tadashi Ito , Toshiyuki Matsuura
{"title":"Welfare gains through globalization: Evidence from Japan's manufacturing sector","authors":"Takahide Aoyagi ,&nbsp;Tadashi Ito ,&nbsp;Toshiyuki Matsuura","doi":"10.1016/j.jjie.2022.101193","DOIUrl":"10.1016/j.jjie.2022.101193","url":null,"abstract":"<div><p>Welfare gains achieved through international trade are a cornerstone of the literature on international economics. However, the data and research methods needed to empirically assess these welfare gains have only recently become available. Building on recently developed methodologies for estimating the elasticity of substitution and computing welfare gains from trade, we estimate Japan's welfare gains from liberalizing trade in the manufacturing sector. To do so, we estimate the elasticities of substitution using Japanese customs data at Harmonized System (HS) 9-digit product codes. The analysis shows that Japan's welfare gains from trade liberalization occurred especially from the end of the 1990s onward, and reached 16 percent vis-à-vis the autarky situation.</p></div>","PeriodicalId":47082,"journal":{"name":"Journal of the Japanese and International Economies","volume":"64 ","pages":"Article 101193"},"PeriodicalIF":2.9,"publicationDate":"2022-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S088915832200003X/pdfft?md5=dac7ffcc9eaba0a39216e2ce4d2ed844&pid=1-s2.0-S088915832200003X-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90241137","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
Population aging, government policy and the postwar Japanese economy 人口老龄化，政府政策和战后日本经济
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.2022.101191
Keisuke Otsu , Katsuyuki Shibayama
{"title":"Population aging, government policy and the postwar Japanese economy","authors":"Keisuke Otsu ,&nbsp;Katsuyuki Shibayama","doi":"10.1016/j.jjie.2022.101191","DOIUrl":"10.1016/j.jjie.2022.101191","url":null,"abstract":"<div><p>This paper analyzes the Postwar Japanese economy with a parsimonious neoclassical growth model that incorporates the demographic transition in Japan. We find that i) the increase in the aged population share can account for most of the decline in employment and reduced output by 8%, ii) workweek shortening policy led to a 20% reduction in output from its potential level by reducing hours worked over the 1988-1994 period, iii) the rise in labor tax led to an 11% reduction in output from its potential level by discouraging hours worked, iv) the shift in the composition of government spending may have caused a slowdown in productivity growth and hence a reduction in the potential output level itself.</p></div>","PeriodicalId":47082,"journal":{"name":"Journal of the Japanese and International Economies","volume":"64 ","pages":"Article 101191"},"PeriodicalIF":2.9,"publicationDate":"2022-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86589618","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: 8
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 ,&nbsp;Shoka Hayaki ,&nbsp;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":"64 ","pages":"Article 101195"},"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
{"title":"Nelson–Siegel decay factor and term premia in Japan","authors":"Junko Koeda ,&nbsp;Atsushi Sekine","doi":"10.1016/j.jjie.2022.101204","DOIUrl":"10.1016/j.jjie.2022.101204","url":null,"abstract":"<div><p>This study examines the low–interest rate environment in Japan from mid-1990 to the end of 2020, using a dynamic Nelson–Siegel framework emphasizing the role of the decay factor. A regime-switching model estimates that the regime with low decay factor and bond yield volatility (“low” regime) has persisted since the early years of Bank of Japan's quantitative and qualitative monetary easing (QQE) policy. A shift away from the low regime can instantly increase the 10-year government bond yield by over 50 basis points by increasing the term premiums with little changes in the expected short rate.</p></div>","PeriodicalId":47082,"journal":{"name":"Journal of the Japanese and International Economies","volume":"64 ","pages":"Article 101204"},"PeriodicalIF":2.9,"publicationDate":"2022-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83526203","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: 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
{"title":"Like father, like son: Who creates listed subsidiaries?","authors":"Hichem Boulifa ,&nbsp;Konari Uchida","doi":"10.1016/j.jjie.2022.101205","DOIUrl":"10.1016/j.jjie.2022.101205","url":null,"abstract":"<div><p>Equity carve-outs and spin-offs generate listed subsidiaries that embrace conflicts of interests between controlling and minority shareholders. We find robust evidence that long-tenure managers tend to conduct these asset divestitures, especially when the divesting firm has a concentrated ownership structure. The result suggests that managers with the opportunity to extract private benefits establish entities that provide such opportunities. Meanwhile, large shareholders prevent managers from conducting these divestitures when they have sufficiently large cash flow rights. We find no evidence that firms launching listed subsidiaries achieve better financial outcomes than asset sell-off firms. Problematic entities in corporate governance further create such entities.</p></div>","PeriodicalId":47082,"journal":{"name":"Journal of the Japanese and International Economies","volume":"64 ","pages":"Article 101205"},"PeriodicalIF":2.9,"publicationDate":"2022-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86093570","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: 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
{"title":"Wealth, Financial Literacy and Behavioral Biases in Japan: the Effects of Various Types of Financial Literacy","authors":"Shizuka Sekita ,&nbsp;Vikas Kakkar ,&nbsp;Masao Ogaki","doi":"10.1016/j.jjie.2021.101190","DOIUrl":"https://doi.org/10.1016/j.jjie.2021.101190","url":null,"abstract":"<div><p>This paper considers the relationship between wealth, financial literacy and several other variables using data from Japan's first large-scale survey on financial literacy. Using an instrumental variables approach to account for possible endogeneity of financial literacy, we find that financial literacy has an economically large and positive impact on wealth accumulation. We also decompose financial literacy into 5 sub-categories and find that deposits literacy, risk literacy and debt literacy have significant impacts on wealth accumulation in Japan, whereas inflation literacy and insurance literacy do not. Several variables suggested by behavioral economics, such as over-confidence, self-control, myopia and risk-aversion are also significant determinants of wealth.</p></div>","PeriodicalId":47082,"journal":{"name":"Journal of the Japanese and International Economies","volume":"64 ","pages":"Article 101190"},"PeriodicalIF":2.9,"publicationDate":"2022-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S0889158321000691/pdfft?md5=ae143b00b4374e79ff899aa263967f21&pid=1-s2.0-S0889158321000691-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"137298417","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
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