In this paper, we use panel data to empirically analyze the stability of the export functions of LDCs for the period 1980-2004 using the nonstationary panel time series analysis. We find that the use of panel data for the region of the LDC clearly supports a cointegrating relationship. Our...

This paper examines the long-run stability of import demand function in Least Developed Countries (LDC) using recently developed panel cointegration techniques. We test for cointegration using two data sets: a) annual data for 15 countries between 1965 and 2004 and b) annual data for 22...

This paper provides an overview of the Programme for Financial Revival announced in October 2002 in Japan. The programme aimed to dramatically reduce the large amount of non-performing loans that remained until the end of the 1990s. In addition to solving the problem of bad loans, the Programme...

This paper provides an overview of the Programme for Financial Revival announced in October 2002 in Japan. The programme aimed to dramatically reduce the large amount of non-performing loans that remained until the end of the 1990s. In addition to solving the problem of bad loans, the Programme...

We empirically examine the relationship between capital accumulation and vintage as well as the productivity of industries in Japan from 1980 to 2007. Based on the empirical analyses, we confirmed that vintage exerted a significant influence on the productivity during the period of economic...

This paper develops a new method for solving both equity premium and risk free rate puzzles based on the standard utility function. The method for solving the equity premium puzzle in accordance with Mehra and Prescott (1985) needs to be simultaneously consistent with the method for solving the...

This paper empirically investigates the impact of exchange rate shocks on corporate investment. An intertemporal optimization model is developed in which an individual corporation in an open economy adjusts its capital stock according to the Tobinfs q, which represents the future stream of the...

The purpose of this study is to analyze fluctuations in the current account of the U.S. by deconstructing structural and non-structural components with a new method. At the beginning of the 1980s, most components of the U.S. current account were structural. After the Plaza agreement in 1985, the...

This paper investigates empirically the substitutability of savings among the household, corporate and government sectors in OECD countries. First, theoretical micro-foundations are constructed, wherein, each sector behaves under intertemporal optimization. Second, empirical investigations are...