A substantial fraction of international trade is facilitated by wholesalers, who enable manufacturers to indirectly export their products to foreign markets. Using large-scale Japanese interfirm transaction network data, this paper add empirical findings on the difference in the features between...

Exploiting the exogenous and regional nature of the Great East Japan Earthquake of 2011, this paper provides a systematic quantification of the role of input-output linkages as a mechanism for the propagation and amplification of shocks. We document that the disruption caused by the earthquake...

The COVID-19 pandemic has posed a serious threat to the survival of Japanese firms, highlighting the importance of understanding how and why firms exit. In this paper, we use a rich firm-level dataset of Japanese firms to document how firm exit patterns have evolved between 2007 and 2017. Firm...