日本经济的总体和企业层面波动

IF 1.5 4区经济学 Q2 ECONOMICS

Japanese Economic Review Pub Date : 2016-11-28 DOI:10.1111/jere.12132

Young Gak Kim, Hyeog Ug Kwon

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引用次数: 3

摘要

本文利用企业财务报表统计(FSSC)的纵向数据集，研究了企业和总体水平上的销售波动。主要研究结果如下:首先，在20世纪90年代中期之前，公司层面的波动性一直在下降，但随后又再次上升。其次，总体波动率稳步下降，直到20世纪90年代中期，此后一直保持在低位。第三，对总销售额增长率的总方差进行分解，我们发现企业层面和总水平波动率的差异是由于不同企业之间销售增长协方差的急剧下降和随后的低水平以及单个企业销售波动率的增加造成的。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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Aggregate and Firm-level Volatility in the Japanese Economy

In this paper, we investigate the volatility of sales at the firm and the aggregate level using the longitudinal data set of the Financial Statements Statistics of Corporations (FSSC). The main findings are as follows. First, firm-level volatility decreased until the mid-1990s, but then increased again. Second, aggregate-level volatility steadily decreased until the mid-1990s and remained low after that. Third, decomposing the total variance of the growth rate of aggregated sales, we find that the divergence between firm-level and aggregate-level volatility is caused by the drastic decline and subsequent low level of the covariance of sales growth between different firms and the increase in individual firms' sales volatility.

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来源期刊

Japanese Economic Review ECONOMICS-

CiteScore

2.70

自引率

0.00%

发文量

期刊介绍： Started in 1950 by a group of leading Japanese economists under the title The Economic Studies Quarterly, the journal became the official publication of the Japanese Economic Association in 1959. As its successor, The Japanese Economic Review has become the Japanese counterpart of The American Economic Review, publishing substantial economic analysis of the highest quality across the whole field of economics from researchers both within and outside Japan. It also welcomes innovative and thought-provoking contributions with strong relevance to real economic issues, whether political, theoretical or policy-oriented.