Similar Search Results

The Degree of Judicial Enforcement and Credit Markets : Evidence from Japanese Household Panel Data

Horioka, Charles Yuji - 2010

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

Rollover Risk and Market Freezes

Acharya, Viral V. - 2010

The crisis of 2007-09 has been characterized by a sudden freeze in the market for short-term, secured borrowing. We present a model that can explain a sudden collapse in the amount that can be borrowed against finitely-lived assets with little credit risk. The borrowing in this model takes the...

Persistent link: https://www.econbiz.de/10012462978

Cash Holdings and Credit Risk

Acharya, Viral V. - 2011

liquidity may be related positively to the longer-term probability of default. Our empirical analysis confirms these predictions …

Persistent link: https://www.econbiz.de/10012461663

Credit Traps

Benmelech, Efraim - 2010

, 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 …

Persistent link: https://www.econbiz.de/10012462457

Leverage, Moral Hazard and Liquidity

Acharya, Viral V. - 2010

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 …

Persistent link: https://www.econbiz.de/10012462815

Are Americans More Altruistic than the Japanese? A U.S.-Japan Comparison of Saving and Bequest Motives

Horioka, Charles Yuji - 2000

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 …

Persistent link: https://www.econbiz.de/10012471313

Aging, Saving, and Public Pensions in Japan

Horioka, Charles Yuji - 2007

We analyze the impact of population aging on Japan's household saving rate and on its public pension system and the … impact of that system on Japan's household saving rate and obtain the following results: first, the age structure of Japan …'s population can explain the level of, and past and future trends in, its household saving rate; second, the rapid aging of Japan …

Persistent link: https://www.econbiz.de/10012465378

The Dissaving of the Aged Revisited : The Case of Japan

Horioka, Charles Yuji - 2006

In this paper, I survey the previous literature on the saving behavior of the aged in Japan and then present some … survey data on the saving behavior of the aged in Japan that became available recently. To summarize the main findings of … that this model is highly applicable in the case of Japan …

Persistent link: https://www.econbiz.de/10012466314

Do Borrowing Constraints Matter? An Analysis of Why the Permanent Income Hypothesis Does Not Apply in Japan

Kohara, Miki - 2006

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