Developing Country Borrowing from a Monopolistic Lender: Strategic Interactions and Endogenous LeadershipThe Japanese Economic Review - Tập 60 - Trang 191-207 - 2009
Saqib Jafarey, Sajal Lahiri
We develop a two-period model with endogenous investment and credit flows. Credit is subject to quantitative restrictions. With an exogenous restriction, we analyse the welfare effects of a temporary consumption tax. We then consider three scenarios under which a monopoly lender optimally decides the level of credit and a borrower country chooses a consumption tax: one in which the two parties act...... hiện toàn bộ
Pricing Nikkei 225 Options Using Realized VolatilityThe Japanese Economic Review - Tập 65 - Trang 431-467 - 2014
Masato Ubukata, Toshiaki Watanabe
This article examines option pricing performance using realized volatilities with or without handling microstructure noise, non-trading hours and large jumps. The dynamics of realized volatility is specified by ARFIMA(X) and HAR(X) models. The main results using put options on the Nikkei 225 index are that: (i) the ARFIMAX model performs best; (ii) the Hansen and Lunde (2005a) adjustment for non-t...... hiện toàn bộ
Environmental Policies, Comparative Advantage and the Gains/Losses from International TradeThe Japanese Economic Review - Tập 48 - Trang 199-212 - 1997
A. G. Schweinberger
A multihousehold economy with multilateral nondepletable externalities, environmental (output) taxation and governmental production of pure, nonexclusive and nonrivalrous public goods is assumed. Modelling many different households the “almost perfect” isomorphism between the normative analysis of public goods and environmental policies is highlighted. Globally valid necessary and sufficient condi...... hiện toàn bộ
Welfare Gains and Losses in Sunspot EquilibriaThe Japanese Economic Review - Tập 58 - Trang 329-344 - 2007
Atsushi Kajii
We study a standard two period exchange economy with one nominal asset. As is well known, there is a continuum of sunspot equilibria around each efficient equilibrium. A sunspot equilibrium is inefficient but some households may gain in sunspot equilibria relative to the efficient equilibrium. We show that a household’s equilibrium utility level is either locally maximized or locally minimized at ...... hiện toàn bộ
Self-rated Health Status of Japanese and Europeans in Later Life: Evidence from JSTAR and SHAREThe Japanese Economic Review - Tập 65 - Trang 483-498 - 2014
Mayu Fujii, Takashi Oshio, Satoshi Shimizutani
Using panel data from two surveys in Japan and Europe, we examine the comparability of the self-rated health of the middle-aged and elderly across Japan and European countries and across the survey periods. We find that a person’s own health is evaluated using different standards (thresholds) across the different countries and survey waves. When evaluated using common thresholds, the Japanese elde...... hiện toàn bộ
Use of the Money Supply in the Conduct of Japan’s Monetary Policy: Re-Examining the Time-Series EvidenceThe Japanese Economic Review - Tập 56 - Trang 165-187 - 2005
Ryuzo Miyao
This paper re-examines whether the money supply (M2 + CDs) can predict future economic activity in Japan, using recent data to the end of 2003. I find that the linkage between M2 and income or prices has largely disappeared since the late 1990s. Evidence suggests that (i) time deposit behaviour is primarily responsible for the breakdown in the M2–income relationship; (ii) bank loans also lost thei...... hiện toàn bộ