This paper analyses two pronounced features of Japanese corporate governance--large corporate boards almost entirely composed of insiders and the tendency to appoint CEOs through internal promotions. It is often argued that Japanese boards are less effective in monitoring CEOs than U.S. boards...

Three decades have passed since China was dramatically ‘opened up’ to the global market and rapidly began to catch up with leading economies. In this paper we discuss the effects of China’s opening-up and its rapid growth on the welfare of both China and the rest of the world (ROW). We...

The growing importance of global production sharing makes the analysis of the nexus between outward foreign direct investment (FDI) and trade in intermediate goods ever more important. This study examines the substitution hypothesis that FDI by upstream firms replaces intermediate exports from...

This paper explores the factors which eliminated the nonperforming loan (NPL) problem in Malaysia and Thailand following the 1997 Asian Financial Crisis. The number of NPLs which expanded in the aftermath of the crisis, has since declined in most Southeast Asian countries. Although previous...

In Japan a negative relationship between the labour force participation rate of married women and spouse income has been observed. It has also been remarked that the labour force participation rate of married women has almost no correlation with their level of educational attainment. This paper...

Fertility and per capita income are now positively associated across most high income OECD countries. Low fertility and a gender wage gap persist in Japan. This paper presents an original model where endogenous increases in childcare prices and gender equity in capital allocation play important...

A consolidated filing of corporate income tax may induce firms to manipulate ownership interests in subsidiaries but no study has systematically examined such behavioral responses. This paper examines empirically inclusions/exclusions of subsidiaries to/from consolidation groups in a...

This paper evaluates one of the most drastic reforms of the Japanese public health insurance started in year 2006, by numerically examining the reform in an aging Japan in a dynamic context with overlapping generations within a computable general equilibrium framework. Our simulation results are...

This paper examines the impact of price fluctuations in foreign stock markets on the stock prices of domestic banks’ stocks to explore if and how external shocks have affected the banking system in Korea, Malaysia, Singapore, and Thailand during the 2000s. Some researchers insist that domestic...

The world's oil consumption has been increasing for more than a century with a few exceptions. However, there would be a possibility that the recent increase in oil consumption in developing countries such as China and India tighten the long term oil market. Since the exact amount of oil...