Economists unanimously agree that economic agents’ expectations are crucially important in determining macroeconomic outcomes. However, mainstream macroeconomists usually simply assume that expectations are rational, leaving unexamined the fundamental question whether individual agents’...

The Japanese tax system applies relatively low marginal tax rates on most economic activities which, in combination with moderate tax elasticities of the bases, indicate that the overall distortion from the tax system (the excess burden) is probably modest compared with other OECD countries....

This paper argues that the comparatively low levels of business start-ups in Japan need not be a matter of concern in so far as the pattern of growth relying on existing companies persists. But the declining trend of start-up rates may be worrisome for it may indicate waning entrepreneurship and...

Because of substantial improvements in the health of its citizens during the thirty-five years from 1970 to 2005, Japan is noted among countries with the greatest average life spans. In this article, the author attempts to quantify the economic value of this longevity by estimating...

Economists agree that economic agents' expectations are crucially important in determining macroeconomic outcomes. However, mainstream macroeconomists usually simply assume that expectations are rational. Against this background, this study examines the properties of Japanese households'...

A recent influx of Asian investment is changing the character of the Canadian oil and gas industry and reviving old debates on the regulation of foreign investment. Particular attention has been placed on investment by state-owned enterprises (SOEs), driven in part by public suspicion about...

The United States and China are at a turning point in their investment relationship. China’s previous investments in the US were predominantly in government securities, while other holdings were negligible. Recently, the accumulation of treasury securities has slowed and direct...

The dramatic rise of Chinese direct investment into the European Union has sparked a debate about the control that China may be seeking to take over European economies. Quite naturally these concerns have led to repeated calls that action be taken to slow down, if not to halt entirely, this...

Chinese state-owned enterprises (SOEs) and their overseas direct investment (ODI) have played an important role in China's economic development. But the rapid expansion of SOE-dominated ODI has also raised concerns, including about state capitalism and the need for competitive neutrality. This...