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Why has Japan's massive government debt not wreaked havoc (yet)?
Horioka, Charles Yuji; Nomoto, Takaaki; … - 2013
In this paper, we present data on trends over time in government debt financing in Japan since 2010 with emphasis on … saving) caused by population aging, will make it necessary for Japan to get its fiscal house in order. Thus, Japan's massive …
Persistent link: https://www.econbiz.de/10010332404
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Explaining foreign holdings of Asia's debt securities: The Feldstein-Horioka paradox revisited
Horioka, Charles Yuji; Terada-Hagiwara, Akiko; Nomoto, … - 2015
the Eurozone economies, the US, and developing Asia showing relatively weak home bias and advanced Asia, especially Japan … capital has been flowing from the US and the Eurozone economies to both advanced Asia (especially Japan) and developing Asia … reasons. The main reason in the case of advanced Asia (especially Japan) appears to be higher riskadjusted returns, whereas …
Persistent link: https://www.econbiz.de/10011421476
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Corporate cash holding in Asia
Horioka, Charles Yuji; Terada-Hagiwara, Akiko - 2013
In this paper, we analyze the determinants of corporate saving in the form of changes in the stock of cash for 11 Asian economies using firm-level data from the Oriana Database for the 2002 - 2011 period. We find some evidence that cash flow has a positive impact on the change in the stock of...
Persistent link: https://www.econbiz.de/10010332288
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Macro aspects of housing
Leung, Charles Ka Yui; Ng, Joe Cho Yiu - 2018
This paper aims to achieve two objectives. First, we demonstrate that with respect to business cycle frequency (Burns and Mitchell, 1946), there was a general decrease in the association between macroeconomic variables (MV) and housing market variables (HMV) following the global financial crisis...
Persistent link: https://www.econbiz.de/10012013642
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Corporate real estate holding and stock returns: International evidence from listed companies
Ng, Joe Cho Yiu; Leung, Charles Ka Yui; Chen, Suikang - 2022
This study examines the relationship between corporate real estate (CRE) holdings and stock returns before and after the Global Financial Crisis (GFC). We find that (1) the United States and the United Kingdom show a negative relationship before the GFC and positive after the GFC. (2) Firms that...
Persistent link: https://www.econbiz.de/10013349601
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The hidden curriculum and social preferences
Ito, Takahiro; Kubota, Kohei; Ohtake, Fumio - 2015
This paper examines the effects of school curricula on subsequent preference formation. The estimation results, using Japanese data, show that the actual curriculum at public elementary schools varies widely from area to area and is associated with preference formation. Specifically, pupils who...
Persistent link: https://www.econbiz.de/10011421459
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Relative income position and happiness: Are cabinet supporters different from others in Japan?
Yamamura, Eiji; Tsutsui, Yoshiro; Ohtake, Fumio - 2015
During the period of 2001-2006, the Liberal Democratic Party (LDP) adopted a market-oriented policy under the Koizumi cabinet. In 2006, following the formation of the first Abe cabinet, the LDP returned to a traditional redistributive policy. We assume that the supporters of the Koizumi cabinet...
Persistent link: https://www.econbiz.de/10011421464
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Is university sports an advertisement in the higher education market? An analysis of the Hakone long-distance relay road race in Japan
Yamamura, Eiji - 2015
's sporting event in Japan. The event is held immediately prior to the university application period in Japan. Using Japanese …
Persistent link: https://www.econbiz.de/10011421473
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IS imbalances and current account surpluses in Japan: In memory of Professor Ronald I. McKinnon
Horioka, Charles Yuji - 2015
In this paper, I find (1) that Japan showed massive and persistent current account surpluses from at least 1981 and … until at least 2011, (2) that Professor Ronald McKinnon was correct, at least in the case of Japan, and that these large and … persistent current account surpluses were due primarily to Japan's large and persistent IS imbalances (the excess of saving over …
Persistent link: https://www.econbiz.de/10011421478
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Activity, time, and subjective happiness: An analysis based on an hourly web survey
Sakawa, Hideaki; Ohtake, Fumio; Tsutsui, Yoshiro - 2015
This paper investigates how people's happiness depends on their current activities and on time. We conducted an hourly web survey, in which 70 students reported their happiness every hour on one day every month from December 2006 to February 2008. This method is an extension of the experience...
Persistent link: https://www.econbiz.de/10011421487