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Impact of Quantitative Easing on Bank Lending to Different Industries or Sectors
No full textWe empirically investigate the impact of the Bank of Japan’s (BOJ) monetary policy on the lending behaviors of regional banks during the period of quantitative easing (QE). We focus particularly on the credit supply from banks to different industries or sectors, with an emphasis on manufacturing and real estate-related industries. Our results indicate that the BOJ’s QE policy promoted bank lending to the estate-related industries or sectors but not to the manufacturing industry. Our findings align with recent studies on the limitations of overall credit supply in influencing the business cycle and economic growth. Furthermore, Our results suggest that the BOJ has limited ability to halt the recession through lending channels under the QE policy
Accounting for the Boom-Bust Cycle of the Japanese Economy : A Macro-Finance Approach
No full textAfter the boom-bust cycle, Japan experienced a marked slowdown in economic growth since 1990. Three features stand out: (1) a persistent decline in total factor productivity growth, (2) a sharp and lasting fall in private investment, and (3) an extended period of exceptionally low interest rates. This study develops a macro-finance model designed to account for these interconnected phenomena. The framework emphasizes the role of shifting expectations, risk-premium, and the interaction between financial conditions and real activity. By grounding the analysis in the Japanese experience, the model aims to explain not only the mechanisms behind the bubble’s rise and fall but also the persistence of the stagnation that followed. The broader goal is to clarify how financial booms and busts can leave long-lived imprints on growth trajectories, offering lessons for economies facing similar vulnerabilities today
Production Networks and R&D Allocation
No full textThis paper investigates how production networks shape firms’ R&D decisions and the resulting aggregate inefficiencies. We develop a dynamic model in which firms form supply chains through a persistent matching process and rely on those links to trade both existing products and newly developed products from R&D. The model features two sources of misallocation: market-power distortions and a network-formation externality. The second novel externality leads firms to fail to internalize that their R&D makes them more attractive to potential partners. We estimate the model using Japanese firm-to-firm transaction and patent data and show that the first-best allocation lies close to the decentralized outcome. Market-power corrections raise R&D incentives for older firms by relieving double marginalization along their long supply chains. Instead, internalizing the network-formation externality tilts R&D toward younger firms that expand their supply chains rapidly. These opposing forces largely offset each other, leaving the planner’s allocation near the decentralized one.（株）帝国データバン
Kensuke Hirai, Taiwan under Japanese Rule: Development, Colonialism, and Agency
No full text【書評】『日本統治下の台湾 開発・植民地主義・主体性』名古屋大学出版会 2024.6 386ペー
Neural mechanisms underlying reward processing and social cognition : a replication study with a Japanese sample
No full textA novel extension of the Mertonmodel for default risk assessment in firms with non-market-traded operational assets
No full textThe Effectiveness of Providing Kanji Characters to Chinese Learners for their Comprehension and Memorization of Adverbs Expressed in Hiragana
No full textI. 論文中国人日本語学習者は母語において漢字表記に慣れ親しんでいることから，これを活用することで，語彙の意味を長期記憶に定着させることが効率的になることがすでに報告されている。そこで，通常平仮名で表記される副詞を漢字表記で提示することで，意味の定着が向上するのではないかという仮説を立て，調査を行った。調査の結果，学習者は，漢字表記の提示があるかどうかにかかわらず，調査対象語の副詞についての指導を経ることで，理解は全体的に向上し，意味が定着していることがわかった。一方，下位群，すなわち副詞の習得が苦手な学習者に限定して確認した場合，通常の教示に加えて漢字表記を提示することで，副詞の理解が大幅に向上し，その効果も持続していることが確認された