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Can a government credibly promise not to bailout firms whose failure would have major negative systemic consequences? Our analysis of Korea's 1997-99 crisis, suggests an answer: No. Despite a general "no bailout" policy during the crisis, the largest Korean corporate groups (chaebol) - facing...
Persistent link: https://www.econbiz.de/10012461139
We study a model of industry dynamics in which idiosyncratic risk is uninsurable and establishments are subject to a financing constraint. We ask: does the model, when parameterized to match salient characteristics of plant-level data (Colombia and South Korea), predict large aggregate TFP...
Persistent link: https://www.econbiz.de/10012463003
South Korea publicly disclosed detailed location information of individuals that tested positive for COVID-19. We quantify the effect of public disclosure on the transmission of the virus and economic losses in Seoul. The change in commuting patterns due to public disclosure lowers the number of...
Persistent link: https://www.econbiz.de/10012481803
This paper documents the fundamental role played by factor accumulation in explaining the extraordinary postwar growth of Hong Kong, Singapore, South Korea and Taiwan. Participation rates, educational levels and (with the exception of Hong Kong) investment rates have risen rapidly in all four...
Persistent link: https://www.econbiz.de/10012474252
Japan has seen episodes in which boom and bust in land prices is accompanied by boom and bust in business fixed …
Persistent link: https://www.econbiz.de/10012467778
Japan has experienced turbulent behavior of land prices after World War II, especially after 1985. This paper first …
Persistent link: https://www.econbiz.de/10012471536
This paper examines the stock and land price behaviors during the bubble economy period (the second half of the 1980s), paying considerable attention to the linkage of the two markets and the effects of monetary policy. In particular, we examine whether the booms in these asset prices can be...
Persistent link: https://www.econbiz.de/10012473511
In this paper, we conduct an empirical analysis of the impact of better judicial enforcement on the probability of being credit rationed, loan size, and the probability of bankruptcy using household-level data from the Japanese Panel Survey of Consumers, conducted by the Institute for Research...
Persistent link: https://www.econbiz.de/10012463019
importance of borrowing constraints in Japan. We find (1) that 8 to 15 percent of young married Japanese households are borrowing … does not apply in Japan and that the presence of borrowing constraints is not the main reason why it does not apply …
Persistent link: https://www.econbiz.de/10012466335
The UNFCCC process of negotiating multilateral carbon emissions reductions thus far has focused on approximately equiproportional cuts in annual carbon emissions by country along the lines of the Kyoto Protocol agreement. But now, with the objective of involving large developing countries such...
Persistent link: https://www.econbiz.de/10012460218