The authors state the Japanese government's role in creating a macroeconomic and financial environment conducive to rapid industrialization went beyond maintaining price stability. The government created a stable but segmented and tightly regulated financial system that favored the financing of...

The governance structure of public corporations is determined by the agency relationship between shareholders and managers, and the agency theory predicts that deregulation of an industry leads to governance adaptation. Deregulation of the Japanese banking business in the 1980s offers an...

The central bank of Bhutan issues its currency the ngultrum. At the same time, the Indian rupee circulates within the country with parity This paper investigates the implications of rupee circulation for monetary policy in Bhutan using the money multiplier framework and evaluates the impact of...

Economists have debated whether and why the designated hitter (DH) rule in North American Major League Baseball led to an increase in hit batsmen. We use data from Japan's professional baseball leagues to reexamine this question. Our empirical analyses of hit batsmen for batters as well as by...

This paper will investigate deregulation and the adaptation of governance structure in reference to Japan's banking industry. Deregulation of Japanese banks in the 1980s offers an interesting case study as these banks fell into serious solvency problems in the post-deregulation 1990s. By...

This paper introduces alternative measures of net budget allocation and legislative representation. They are neutral to the size of total expenditure and tax collection as well as to changes in the population and the size of the legislature, which makes them suitable for panel data exercises and...

Economists have debated whether and why the designated hitter (DH) rule in North American major league baseball led to an increase in hit-batsmen. We use data from Japan's professional baseball leagues, the Pacific League (DH rule) and the Central League (no DH rule), to re-examine this...

We examine the 1965 change from an open-bidding to a draft system for new players in Japan's professional baseball leagues. Our theoretical analysis, which incorporates two factors commonly observed in professional sports, imperfect information on new recruits and outlier, highly skilled...