Agglomeration,migration cost and intergovernmental transfers

The purpose of this article is to investigate the central government redistribution policies across local governments that affect regional agglomeration. Though full agglomeration is efficient, in many cases factor mobility is imperfect and the full agglomeration is not realized. This article analysed whether or not the central government should adjust the distribution of populations through local governments. The result is as follows: If individuals are relatively mobile, the central government can improve the aggregate income. In this case, when the private production and public sector are small, the central government should transfer from the productive regions local government to low-productive regions.     

Is Japan's financial system efficient?

This paper puts forward some hypotheses to try and explain therecent fragility of the Japanese banking sector in a corporate-governanceperspective. One hypothesis is that the banks themselves werenot effectively monitored and disciplined. A second hypothesisis that the banks were able to show a good performance not becausethey monitored and disciplined their client firms, but becausethe firms were themselves disciplined by international competition.When those client firms reduced their reliance on bank creditin the 1980s, the banks were forced to extend their funds tonon-traded-goods industries, such as real estate and finance,without having prepared themselves for this. The consequencewas a serious non-performing-loan problem in the 1990s.     

Assessing the Effects of Service Quality,Past Experience,and Destination Image on Behavioral Intentions in the Spring Training Camp of a Japanese Professional Baseball Team

This study aimed to examine the theoretical relationships between service quality, past experience, destination image, and behavioral intentions in the spring training camp of a professional baseball team in Japan. The results indicate that the service quality of spring training camps was divided into five factors: (1) place, (2) enjoyment, (3) information, (4) fan interaction, and (5) operating time. The findings suggest that service quality and past experience had positive effects on both destination image and behavioral intentions. Behavioral intentions were also highly influenced by destination image. Future research and managerial implications are also discussed.     

Banking crisis and productivity of borrowing firms: Evidence from Japan

We investigate the effects of bank distress on the productivity of borrowing firms by using data on listed companies in the Japanese manufacturing industry during the 1990s. We find that deterioration in the financial health of banks, which is measured by a decline in the capital-asset ratio, decreased the productivity of their borrowers during the period of the severe financial crisis (FY1997–1998). Our finding empirically confirms the theoretical view that an increase in financial friction negatively affects the productivity of the corporate sector.     

Japan's Higher Education Policies under Global Challenges

Over the past 20 years, Japan's higher education policy has been strongly influenced by national policies for achieving world-class excellence as a tool for economic and social development. However, Japan's universities, especially the top universities, have faced difficulties in maintaining an international presence, both in terms of academic excellence and the development of globally competitive human resources. This paper reflects on how national policies, especially economic and fiscal policies, have intervened in higher education since the beginning of the 21st century, and then investigates the impact of these policies and discusses the future perspective on Japan's higher education given the current global challenges.