, under certain circumstances, the credit channel transmission mechanism fails in that liquidity injections by the central … show how they can arise due to the interplay between financing frictions, liquidity, and collateral values. Our analysis …

drying up of liquidity. Financial firms raise short-term debt in order to finance asset purchases. When asset fundamentals … worsen, debt induces firms to risk-shift; this limits their funding liquidity and their ability to roll over debt. Firms may … de-lever by selling assets to better-capitalized firms. Thus the market liquidity of assets depends on the severity of …

Comparative Survey of Savings in Japan and the United States,' a binational survey conducted in 1996 by the Institute for Posts … and Telecommunications Policy of the Ministry of Posts and Telecommunications of the Government of Japan, in order to shed … the dominant model of household behavior in both countries but that it is far more applicable in Japan than it is in the U …

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 …

their children than those who do not using data for Japan and the United States. The estimation results show that the … bequests to their own children in both Japan and the United States, which in turn is likely to contribute to the persistence or …

survey conducted in China, India, Japan, and the United States. It finds striking inter-country differences in bequest plans …