The Effectiveness of Unconventional Monetary Policy in Japan

Since the global financial crisis of 2007–2008, central bankers around the world have been forced to abandon conventional monetary policy tools in favor of unconventional policies such as quantitative easing, forward guidance, and even lowering the interest rate paid on bank reserves into negative territory. Japan, which faced a crisis in its banking sector and came up against the theoretical zero lower bound on interest rates nearly a decade earlier, was a pioneer in the use of many of these unconventional policy tools. This article analyzes the effectiveness of Japan’s bold experiment with unconventional monetary policy. Using a panel of bi-annual bank data covering the full universe of Japanese commercial banks over a fifteen-year period, this study analyzes the effectiveness of quantitative easing policy on the bank lending channel of monetary policy transmission. Our findings suggest that Japan’s unconventional monetary policy worked: there is a bank lending channel of monetary policy transmission in Japan. These results are robust to the inclusion of time fixed effects and generalized method of moments analysis.     

Subsidiary autonomy and performance in Japanese multinationals in Europe

Notwithstanding the growing body of research on headquarters–subsidiary relationships, the conditions under which subsidiary autonomy leads to enhanced subsidiary performance is still a subject of debate. This study adopts a contingency approach and investigates the effects of external uncertainties and intra-MNE coordination on the performance benefits of subsidiary autonomy. The empirical analysis is based upon cross-sectional data collected from 88 European subsidiaries of Japanese MNEs. Our findings show that subsidiary autonomy has a greater impact upon performance (a) under conditions of technological uncertainty; and (b) when expatriate involvement is high, as the subsidiary can reap the full benefits of entrepreneurial capabilities and enjoy resource interdependencies through interactions with the parent simultaneously. MNC executives should aim for an appropriate balance between subsidiary autonomy and these internal and external factors so that the subsidiaries achieve superior performance.     

Environmental Analysis of Packaging for Soft Drinks Using the Life Cycle Assessment Methodology

The knowledge of a product＇s life cycle is the first step on the search of sustainable development. The life cycle assessment （LCA） is an important method because it allows an environment accounting, where the extraction of natural resources and energy of the nature are considered and the ＂returns＂ to the same one and allows in evaluating relative potential the environment impacts generated. The present work had as objective to make an analysis of material and energy flows of the life cycle of three types of packaging for soft drinks： glass bottles of 390 mL, aluminum cans of 350 mL, and bottles of PET of 2,000 mL. The study considered processes since the extraction of raw materials for production of the packaging until the stages of recycling, after the consumption of the soft drink. For the research, an inventory analysis followed the LCA methodology. The main critical points of generation of negative environmental impact during the life cycle of each packaging had been the identified and quantified data in this study. The consumption of natural resources like water and other raw materials and energy, the generation of atmospheric emissions, solid wastes and wastewaters had been the analyzed categories. The results showed that, in accordance with the scenes and defined variables, the most important conclusion was that the bottle of glass presented a less favorable scene to the environment in comparison with other packaging.     

A Qualitative Study for Measuring Warehouse Performance Using Triangulation Approach

This research aims to validate a structural equation modeling （SEM） model for measuring warehouse performance using data from an international company in Australia （company G）. Moreover, a methodological triangulation method was also adopted to test whether different methodological approaches produce convergent findings about warehouse performance measurement （WPM）. These three different methods are the SEM model, the multiple case research study, and validation of the SEM model using data from 80 companies in Thailand and a company in Australia. With the results from the triangulation method, it is obvious that the SEM model can be used to measure the performance of warehouses in Thailand and Australia. Since the SEM model consists only of significant indicators, it is more appropriate than company G＇s scorecard. Furthermore, the SEM model can overcome the limitations of traditional models by allowing companies to compare their performance over time.     

Why do commercial banks hold government bonds? The case of Japan

We investigate the determinants of the demand for Japanese government bonds (JGBs) by commercial banks in Japan. In particular, by estimating portfolio equations for JGB demand and bank loans, based on a panel data set from the late 1990s to the 2000s, we rigorously test the popular assertion that the long stagnation of the real economy caused a shift in the portfolios of commercial banks from bank lending to JGBs. We find that the popular assertion is not empirically supported. Rather, the portfolio shift from loans to JGBs has been caused by a fall in the ratio of the loan rate to unit lending costs, or the bank’s price–cost margin for lending.     

International Public Sector Accounting Standards （IPSAS） Implementation in the European Union （EU） Member States

The aim of this paper is to analyze the implementation level of International Public Sector Accounting Standards （IPSAS） in the member states of the European Union （EU）. After an introduction of the legislative framework in the EU and a review of the literature about the implementation of IPSAS in the EU member states, this paper classifies, on the basis of a survey, the states according to their formal implementation levels of IPSAS. It also analyzes the types of accounting （cash basis accounting, modified cash basis accotmting, accrual accounting, and modified accrual basis accounting） used by the states studied. The survey shows that there are important disparities among the member states, both for the application of IPSAS and for the type of accounting that is used. Furthermore, it appears that even if IPSAS is not legally adopted in most European member states, there is a tendency to use modern accounting systems based on accrual accounting close to IPSAS.     

Adding Value to Applied Policy Models： The Case of the WTO and OECD Support Classification Systems

Both the OECD and the WTO have accumulated systematic data on the magnitude of support going to farmers as a result of farm policies. The datasets are collected for different purposes, but both give a detailed picture of the evolution of these policies. This paper extends recent work on the compatibility or otherwise of the two attempts at policy monitoring by considering the categorization of individual policy instruments in Norway, Switzerland, the US, and the EU. The results show how the OECD dataset, particularly with respect to the link between direct payments and production requirements, complements that of the WTO. Many payments classified in the WTO Green Box require production, raising the possibility that they may distort production and trade. Though the issue of correct notifications to the WTO is the province of lawyers, the implications for modeling and policy analysis are of interest to economists, and the broader question of improving the consistency of the two datasets is of importance in the quest for transparency in the interpretation of changes in farm policies.     

Is Downward Wage Flexibility the Primary Factor of Japan's Prolonged Deflation?

By using both macro‐ and micro‐level data, this paper investigates how wages and prices evolved during Japan's lost two decades. We find that downward nominal wage rigidity was present in Japan until the late 1990s, but disappeared after 1998 as annual wages became downwardly flexible. Moreover, nominal wage flexibility may have contributed to Japan's relatively low unemployment rates. Although macro‐level movements in nominal wages and prices seemed to be synchronized, such synchronicity is not observed at the industry level. Therefore, wage deflation does not seem to be a primary factor of Japan's prolonged deflation.     

小微机构以互联网方式接入金融信用信息基础数据库问题探讨——以吉林省为例

为支持小微机构健康、快速发展,中国人民银行长春中心支行按照省级平台一口接入的模式,积极组织小微机构有序开展接入金融信用信息基础数据库工作,但由于小微机构认识程度不够、业务管理不规范、接入费用高等因素,严重影响了接入进度。近期中国人民银行征信中心推出了互联网接入方式,并进行试点运行。以吉林省为例,分析接入模式转换时需要解决的问题,并提出相关政策建议。     

Success factors for continuous supply chain process improvement: evidence from Japanese manufacturers

This study explores how firms can realise ‘continuous’ supply chain process improvement. Specifically, this study proposes the success factors of routinised activities (also called ‘repeated activities’) in the supply chain process improvement. Eight Japanese manufacturers are selected for the case studies. These firms are selected based on their supply chain process operation capabilities. From the case studies, we find that the planning of supply chain process improvement depends on the existing stage of the firm’s Supply Chain Management reform. In addition, even firms with high scores for supply chain process operation capabilities do not have supply chain performance systems. Furthermore, quite surprisingly, many Japanese manufacturers tend to improve their supply chain processes in the absence of such systems.