This paper verifies the real effects of fiscal consolidation using the empirical model built upon the theoretical explanations about the real effects of public debt accumulation elaborated in Shoji (2013), and it aims at identifying the mechanism of the economic stagnation characterized by low...

While the Japanese economy has been characterized by historically low interest rates, in the euro area, the sovereign debt crisis has occurred due to the high risk premium required by investors. Recently, the bill related to the Comprehensive Reform of Social Security and Tax, which includes the...

This paper explores the composition of venture capital syndicates and their impact on portfolio firms' performance. Using a unique dataset comprised of the investment history in each investment round for each portfolio firm, we measure the correlation among various characteristics of lead...

This paper examines whether and how the entry of foreign multinational firms affects the productivity growth of domestically owned firms, using Japanese firm-level data for the period 2000-2007. The data are taken from the comprehensive annual survey by the Japanese government, which covers...

This paper examines whether first-time exporters achieve productivity improvements through learning-by-exporting effects. The results suggest that the start of exporting to North America/Europe has a strong positive effect on sales and employment growth, R&D activity, and productivity growth. On...

Since the 1990s, Japan's trade structure has drastically changed, with the trade of machinery with China and ASEAN countries marking a particularly significant increase. The proportion of imports from low-wage Asian countries in Japan's total imports, in terms of value, is increasing for almost...

We analyze the productivity level for parent firms and their affiliates in foreign countries, using large-scale parent-affiliate-linked data for the Japanese manufacturing multinational firms. We first measure the labor productivity level converted to the internationally comparable unit using...

This paper empirically examines the impact of board diversity on firms' innovative activity, taking advantage of the unique firm-level dataset in the period 2000-2011 in Japan. We constructed measurements of the degree of board diversity by using various characteristics of board members such as...

In this article, we examine the change in the wages of regular employed workers through the 1990s and the 2000s using Japanese establishment level data drawn from the Basic Survey on Wage Structure. Contrary to previous literature that found that the wages in the manufacturing industries...

This paper describes the construction of the Regional-Level Japan Industrial Productivity Database (R-JIP), which covers the period from 1970 through 2008 and comprises annual industrial output and factor input data of Japan's 47 prefectures classified by 23 industry. Output is measured in terms...