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1.
The second arrow of Abenomics is flexible fiscal policy. However, it does not mean just fiscal stimulus as the Abe administration decided on the fiscal consolidation target of achieving a primary surplus by fiscal year 2020. Improving the primary balance implies making government debt more sustainable. Although the consumption tax rate was raised from 5% to 8% in April 2014, the Abe administration has decided twice to postpone increasing the consumption tax from 8% to 10%. In addition, a fiscal stimulus package was implemented. We use a Fiscal Stance Index to examine fiscal policy from the viewpoint of fiscal sustainability and a Markov switching model to examine fiscal policy from the viewpoint of the fiscal theory of the price level, and find that the Abe's fiscal stance is not Ricardian.  相似文献   
2.
Using a panel vector autoregression approach and industry breakdown data for financial constraints obtained from the Bank of Japan's Tankan (Short‐Term Economic Survey of Enterprises in Japan) database, this study empirically investigates whether and how Japanese firms' financial constraints (internal and external) influence the response of Japanese sectoral exports to an exchange rate shock. Furthermore, we use the industry‐specific real effective exchange rate data developed by to allow for different movements of real effective exchange rates across industries. It is found that financial constraints have a significant influence on Japanese exports in response to exchange rate shocks. Japanese exporters with either lower internal financial constraints or external financial constraints are less affected by the yen's appreciation. In addition, if firms face high external financial constraints, only reducing the internal financial constraints cannot help them mitigate the impact of the yen's appreciation on their exports. Thus, an accommodative financial environment also plays an important role in alleviating the impact that the yen's appreciation has on Japanese exports.  相似文献   
3.
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.  相似文献   
4.
By integrating Battese and Coelli’s (1995) model and the spatial autoregressive model (SAR), a spatial autoregressive stochastic frontier model for panel data is developed. The main feature of this frontier model is a spatial lag term of explained variables and the joint structure of a production possibility frontier with a model of technical inefficiency. The model addresses both spatial dependence and heteroskedastic technical inefficiency. This study applies maximum likelihood methods considering the endogenous spatial lag term. The proposed model nests several existing models. Further, an empirical analysis using data on the Japanese manufacturing industry is conducted and the existing models are tested against the proposed model, which is found to be statistically supported. The findings suggest that estimates in the existing spatial and non-spatial models may exhibit bias because of lack of determinants of technical inefficiency, as well as a spatial lag. This bias also affects the technical efficiency score and its ranking.  相似文献   
5.
This study examines the sources of labor productivity growth dynamics in Japan (1970–2010) and investigates the extent to which Japanese economic performance has been affected by Baumol's growth disease (BGD). We find that BGD silently undermines Japanese economic growth. However, the magnitude is miniscule, and consequently the aggregate labor productivity growth rate has not been decreasing monotonically. We also explore how BGD is arising and why it is small in the Japanese economy. BGD is weak because (1) the positive Baumol growth effect is also working in certain services sectors and (2) BGD is not a durable phenomenon: even if a sector begins to suffer from BGD, it is likely to recover quickly.  相似文献   
6.
社会文化因素在影响与制约劳资关系系统的运行中起着至关重要的作用, 尤其是具有高度稳定性和传承性的文化传统能够从深层次上指挥或引导制度变迁的发生及其走向,从而构建出不同类型的企业劳资关系。本文基于新制度经济学的制度变迁路径依赖理论,对日本“利益一致型”企业劳资关系演化中的文化路径依赖现象进行研究,认为“和”观念、集团意识、等级思想、“家”原理等文化传统深刻影响了企业伦理观、人性假设、企业文化类型、劳资博弈格局和劳资关系模式,是日本企业劳资关系演化中形成路径依赖现象的驱动性因素。在日本企业劳资关系的重建过程中,这种路径依赖规律会依然发挥作用,引导劳资模式向“利益协调型”演化。  相似文献   
7.
The purpose of the present study is to determine the effects of ‘may issue’ Concealed Carry Weapons (CCW) law implemented in early 2014 in Chicago. Based on the daily community-level crime data from January 2006 to December 2015, using zero-inflated negative binomial difference-in-difference specification with Philadelphia as the control group, the property crimes in Chicago declined after the implementation of ‘may issue’ CCW law. The findings are robust to alternate treatment windows and to a placebo test using time windows before implementation of the law.  相似文献   
8.
在供给侧结构性改革背景下,政策是进行面源污染防治的有效工具。市场经济环境下,农户的行为逻辑受多元因素影响。政策作为影响第一产业发展的关键要素,对农户具有制约、引导、激励和调节作用。与此同时,农户也对政策的推行效果具有深刻的影响。本文在进行面源污染防治政策演进分析时,尝试从经济激励引导型、命令控制型以及协同辅助型等不同政策类型入手,重视经济激励和制度激励的作用,收紧面源污染防控的监管口径,建立差别化的污染治理衡量机制,并重视技术推广在污染防控中的作用。提高农户积极性,提升农户对政策的反馈效果,最终提高农户对面源污染防治政策的遵循水平,提升面源污染防治效果。  相似文献   
9.
农业减量化:农户经营的规模逻辑及其证据   总被引:7,自引:0,他引:7  
本文将农户分为五种类型,并将农地规模分解为地块规模、经营规模与连片规模,由此构建“农户类型—规模形式—减量化行为”的分析框架,进而阐明农户减量化的规模逻辑。基于农户问卷的实证分析表明:①对于所有样本农户来说,地块规模越大,减施量越高。其中,追求产量最大化的生产型小农,减施量与经营规模呈“倒U”型变化,而追求多元化经营的功能型小农,减施量随经营规模的扩大而增加;②农户连片规模扩大,减施量就增高,并且能够增强地块规模扩大以及经营规模扩大对减施的促进作用;③农户社会服务卷入程度加深,能够增强地块规模、经营规模和连片规模扩大对减施的促进作用。据此,农业减量化,应鼓励农户开展连片种植,形成生产性服务的市场容量,然后诱导服务供应商提供专业化服务,进而实现服务规模经营对农地规模经营的替代。  相似文献   
10.
Little research examines the mechanisms for the relationship between expatriate utilization and subsidiary performance. Building on the knowledge-based view of the firm, we propose a multi-stage mediation model to explain how expatriate staffing promotes subsidiary financial performance. Our results underscore that expatriate utilization has an indirect, mediated effect on subsidiary financial performance through its links with subsidiaries’ knowledge creation and product performance. Adopting a moderated mediation approach, we also find that the indirect relationship between expatriate utilization and subsidiary product performance via subsidiary knowledge creation is strengthened by the context of transnational strategy as a moderating contingency.  相似文献   
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