日本大地震的经济影响

日本大地震及其引发的海啸和核泄漏事故对日本经济造成了严重破坏。与1995年神户大地震相比,本次地震重灾区东北部地区虽不是日本最主要的工业区,但也是日本工业的集中地带之一。日本东北地区集中了汽车、核电、石化、半导体等众多重要产业工厂,     

日本大地震对经济金融的影响

3·11大地震使日本处于二战以来最为困难时期。地震及次生灾难使金融市场一度陷入恐慌,日本政府及时采取注资及G7联手干预等举措起到了稳定金融市场的作用。本文认为灾难的叠加效应将使日本经济复苏步伐受到影响,但全球经济总体不会受到明显影响。随着日本灾后恢复及重建工作的推进,巨额的救助资金无疑会对日本政府带来新的考验。     

对日本大地震全球经济影响的若干认识

大地震后日本经济V型反弹趋势可期里氏9.0级的强震,以及相伴而来的海啸和核泄漏,这场日本140年来最大的地震正严重侵蚀着日本并不太稳固的经济复苏根基,给曙光渐露的世界经济蒙     

日本大灾：影响与借鉴——日本东北大地震对日本经济的影响

日本遭遇地震、海哺乃至核泄漏危机,可谓大灾大难,乃国之殇。此次危机给日本带来了巨大的损失,在全球化的今天,作为世界第三大经济体,其灾害影响远远超过日本本身,参看本栏目文章《日本东北大地震对日本经济的影响》和《日本地震对国际金融市场的影响分析》。在诸多的影响中,     

日本强烈地震对全球经济的影响

1国际部分机构及日本本土机构预测日本大地震的损失情况随着日本大地震灾情的发展,国际上部分机构对地震造成的损失进行了预测评估,显示出地震带来的损失十分严重。(1)日本政府预测。3月23日,日本经济财政大臣与谢野馨在震灾应对特别会议上报告分析,根据北海道、青森、岩手、宫城、福岛等7个道县2011年至     

从大地震看日本社会经济的弹性

日本经济震后重建的主要挑战包括:一是如何确保灾后重建能获得必需的资金支持;二是如何提升日本的潜在经济增长率2011年3月11日,日本东部海域发生了里氏9.0级的特大地震,引发海啸和核电站泄漏等一系列灾难性事件,造成大约1.3万人遇难、1.5万人失踪,福岛县核电站附近居民被迫疏散。尽管经历了如此巨大的灾难,但日本社会     

日本:大地震对日本经济后续影响还将持续发酵

日本东部海域3月11日发生9级地震,并引发海啸,给日本带来巨大的直接经济损失。虽然日本政府宣布日本已进入灾后重建阶段,但地震、海啸、核泄漏带来的影响还远未结束,日本官方至今无法对灾难带来的损失作出完全的统计。由于日本在灾后实行限电政策、福岛第一核电站核泄漏事故等级的上调和全球供应链中断等因素,日本经济未来的不确定性将进一步增强。一、疲软的经济数据日本大地震严重影响日本国内经济,3月份经济数据显示,经济景气判断指数大幅下滑;日本工业生产和制造业采购经理人指数大幅下挫;消费者信     

日本大地震：影响与启示

3月11日,日本东北和关东地区发生了里氏9．0级的强烈地震,地震合并海啸,灾区满目疮痍,地震海啸又引发了核危机,对周边的生态环境产生了不小的影响。这次大地震被称为日本有史以来最大的自然灾难,也是世界历史上第一次地震合并海啸又引发核电站危机的复合型灾难。     

亲历日本大地震

2011年3月11日下午,我就读中日人才培养奖学金项目的日本国际大学,校园内一如往常的安静。突然,一阵剧烈的震动持续了大约3分钟。虽然大家都清楚日本地震频繁,但如此强烈的震感仍让师生们意识到这不是一次小地震,片刻骚动后,大家又继续做自己的事,但后来得知日本东北地区太平洋近海发生里氏9．0级强震时,心中还是一惊。第二天凌晨4点左右,又是一阵剧烈的晃动把大家从睡梦中惊醒。     

日本大地震冲击全球经济

2011年3月11日,日本遭遇强大地震,地震引起的大规模海啸及核电站事故再次勾起投资者的风险规避意识,并引发全球金融市场一系列连锁反应,而日本经济复苏前景也因此蒙上一层阴影,全球经济遭受冲击也不可避免。     

日本大灾:影响与借鉴

日本遭遇地震、海啸乃至核泄漏危机,可谓大灾大难,乃国之殇。此次危机给日本带来了巨大的损失,在全球化的今天,作为世界第三大经济体,其灾害影响远远超过日本本身,参看本栏目文章《日本东北大地震对日本经济的影响》     

日本经济复苏对中国的影响

很多年以来,我们似乎已经习惯了日本经济的积弱不振和乏善可陈,以至于当日本强势吹响复苏号角之时,市场难免会在惊愕之余有些茫然无措、反应迟钝.在悄然无息之中,日本经济已经连续49个月实现了温和增长,经济复苏连续性直逼上世纪60年末至70年代初"伊奘诺景气"时期57个月的历史记录.最新数据显示,2005年日本GDP增长高达2.8%,在G7所有国家中表现仅次于美国,而2005年第四季度日本GDP增长更是飙升至4.2%,甚至让同期的美国也相形失色.     

Ripple effects of the 2011 Japan earthquake on international stock markets

This paper provides a comprehensive analysis of the impacts of Japan’s 2011 earthquake on 19 stock market sector returns in Japan and its trading partners both in the short and long run. Using an event study methodology, we find that the impact of this event was not limited to Japan or industries directly hit by the earthquake. Our short-run analysis indicates that all sector indices in Japan and many in its trading partners were affected by the earthquake. The direction of the impact on trading partners, however, was not the same for all sectors; while the earthquake adversely affected the majority of the sectors analyzed, some sectors benefited. Further, we find that the magnitude of the abnormal returns did not systematically vary across trading partners according to their shares in Japan’s trade flow. The long-run analysis reveals how the consequences of the earthquake unfolded beyond the event date.     

The effect of financial repression and enforcement on entrepreneurship and economic development

A general equilibrium model with heterogeneous agents (with respect to wealth and ability) shows that differences across countries in intermediation costs and enforcement generate differences in occupational choice, firm size, credit, output and income inequality. Counterfactual experiments are performed for Latin American, European, transition and high growth Asian countries, with empirical estimates of each country's financial frictions and United States values for all other parameters. The results isolate the quantitative effect of these financial frictions in explaining the performance gap between each country and the United States, and depend critically on whether a general equilibrium factor price effect is operative.     

俄罗斯经济危机的来龙去脉

随着卢布贬值、油价下降,遭受经济制裁下的俄罗斯正在不断滑向经济危机。卢布不断贬值的原因大致有两个:一是俄罗斯经济发展高度依赖能源出口,国际能源价格的变化很容易引起卢布的波动,第二,西方国际对俄罗斯的制裁产生的影响不断显现西方制裁给俄罗斯带来的影响从2014年3月俄罗斯收复克里米亚开始,西方国家已经对俄罗斯实施了几轮"经济制裁"。虽然2014年12月18日,普京在记者招待会上表示俄罗斯没有陷入经济危机,但是随着卢布贬值、油价下降,遭受经济制裁下的俄罗斯正在不断滑向经济危机。     

The effect of economic policy uncertainty on investor information asymmetry and management disclosures

Investor uncertainty about firm value drives investors’ information collection and trading activities, as well as managers’ disclosure choices. This study examines an important source of uncertainty that likely cannot be influenced by most managers and investors: uncertainty about government economic policy. We find that this uncertainty is associated with increased bid-ask spreads and decreased stock price reactions to earnings surprises. Managers respond to this uncertainty by increasing their voluntary disclosures, but these disclosures only partly mitigate the bid-ask spread increase. We conclude that government economic policy uncertainty is an important component of firms’ information environments and managers’ voluntary disclosure decisions.     

The effect of bank relationships on bond spreads: Additional evidence from Japan

This study investigates the impact of bank relationships on bond spreads using data on Japanese bond-issuing firms. In doing so, it extends the existing literature, which found that bank relationships decrease bond spreads, consistent with the view that bond investors benefit from bank monitoring, but this is not the case for investment-grade bonds in the US. This study provides evidence that the influence on the yields of investment-grade bonds varies with the type of bank relationship. In this research, a main bank is defined as a bank that is not merely the top lender to a firm but also one of the ten largest shareholders, while firms that borrow money from banks but have no ties with main banks are considered to have support bank relationships. The regression results show that although main bank relationships are not systematically associated with the yields of investment-grade bonds, support bank relationships are positively associated with them. It is suggested that, even for a sample of investment-grade bonds, a specific type of bank relationship affects bond spreads and the association between them is consistent with the view that bond investors are concerned about the hold-up problem posed by banks.     

Principles of humanistic enterprise in Japan : A new economic system of the future

The Japanese economy and management since the Second World War have been guided by the influence of Japanese cultural uniqueness. Misunderstanding of the nature of the Japanese economy stems in part from lack of a universal principle derived from the Japanese experience. The ‘Humanistic Enterprise System’ (HES) advocated by H. Itami in his latest work is one of the most useful concepts developed to date, and views the Japanese HES economy as supplying the paradigm for 21st century global economics. HES is based on a people-centred economic philosophy in which human resources are primary for economic activity, and consists of three principles—employee sovereignty, general sharing, and an organized market.