金融摩擦对就业的影响:来自全球金融危机期间日本的证据

IF 2.6 3区 经济学 Q1 ECONOMICS
Akira Fukuda
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引用次数: 1

摘要

本研究考察了2008-2009年全球金融危机期间日本大规模信贷冲击对就业的影响。为了确定哪些公司面临严重的信贷冲击,我们使用了在危机中必须偿还的长期债务的变化。由于长期债务需要一年多的时间才能到期,因此它是独立于危机期间的就业调整而确定的。因此,利用危机中到期的长期债务,有可能确定外生借款约束收紧对就业的影响。我们发现,危机期间到期的长期债务比率较高的公司对就业的负面影响更大。特别是,随着冲击时间的推移,这种影响越来越大,这一特征在危机中到期的长期债务比例最高的群体中最为明显。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Effects of financial frictions on employment: Evidence from Japan during the Global Financial Crisis

This study examines the impact of a large credit shock on employment in Japan during the Global Financial Crisis in 2008–2009. To identify which firms faced a serious credit shock, we used variations in the long-term debt that must be repaid in the crisis. Because long-term debt takes more than one year to mature, it was determined independently of employment adjustments during the crisis. Therefore, using long-term debt maturing in a crisis, it is possible to identify the impact of exogenous tightening of the borrowing constraint on employment. We found that companies with a higher ratio of long-term debt maturing during the crisis had a greater negative impact on employment. In particular, the impact increased as the period passed from the shock, and this feature was most conspicuous in the group with the highest proportion of long-term debt maturing in the crisis.

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来源期刊
CiteScore
5.10
自引率
6.90%
发文量
36
期刊介绍: The Journal of the Japanese and International Economies publishes original reports of research devoted to academic analyses of the Japanese economy and its interdependence on other national economies. The Journal also features articles that present related theoretical, empirical, and comparative analyses with their policy implications. Book reviews are also published.
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