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How Did the Dollar Peg Fail in Asia?
Ito, Takatoshi; Ogawa, Eiji; Sasaki, Yuri Nagataki - 2021
In this paper we have constructed a theoretical model in which Asian firms maximize their profit, competing with Japanese and US firms in their markets. The duopoly model is used to determine export prices and volumes in response to the exchange rate fluctuations vis-...-vis the Japanese yen and...
Persistent link: https://www.econbiz.de/10013226986
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Bequest Taxes and Accumulation of Household Wealth : U.S. - Japan Comparison
Barthold, Thomas A.; Ito, Takatoshi - 2021
the United States and Japan. Second, we use tax data to estimate the magnitude of intergenerational transfers. The … intergenerational transfers, an issue of current controversy. In both Japan and the United States, a substantial portion of wealth, and … especially of land in Japan, is bequeathed from one generation to the next …
Persistent link: https://www.econbiz.de/10013217215
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Housing Finance Imperfections and Private Saving : a Comparative Simulation Analysis of the U.S. And Japan
Hayashi, Fumio; Ito, Takatoshi; Slemrod, Joel B. - 2021
decisions, and the tax system in the United States and Japan. To investigate this issue, we first document the stylized fact … rate is shown to contribute to a higher aggregate saving rate in Japan compared to the U.S. However, the contribution of … Japan. Finally, tax reform concerning the tax deductibility of mortgage interest payments or the tax exempt status of …
Persistent link: https://www.econbiz.de/10013239370
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Why Has the Yen Failed to Become a Dominant Invoicing Currency in Asia? A Firm-Level Analysis of Japanese Exporters' Invoicing Behavior
Ito, Takatoshi - 2010
It has been a well-known puzzle why the yen has not been used more in trade invoicing among Japanese exporters. Despite the yen's status as an only fully convertible currency in Asia, two patterns stand out as puzzling features of an excessively small share of yen invoicing: First, a strong...
Persistent link: https://www.econbiz.de/10013139736
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Two Decades of Japanese Monetary Policy and the Deflation Problem
Ito, Takatoshi - 2012
of Japan's rhetoric was not helpful in fighting deflation, and the interest rate hike in August 2000 amid deflation was a …
Persistent link: https://www.econbiz.de/10013100365
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Defying Gravity : How Long Will Japanese Government Bond Prices Remain High?
Hoshi, Takeo - 2012
Recent academic papers have shown that the Japanese sovereign debt situation is not sustainable. The puzzle is that the bond rate has remained low and stable. Some suggest that the low yield can be explained by domestic residents' willingness to hold Japanese government bonds (JGBs) despite its...
Persistent link: https://www.econbiz.de/10013102193
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Effects of Japanese Macroeconomic Announcements on the Dollar/Yen Exchange Rate : High-Resolution Picture
Hashi, Yuko - 2010
-term business survey conducted by Bank of Japan), GDP, industrial production (preliminary), PPI, CPI (Tokyo area), the unemployment …
Persistent link: https://www.econbiz.de/10013152611
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On Time-Series Properties of Time-Varying Risk Premium in the Yen/Dollar Exchange Market
Canova, Fabio - 2008
The purpose of this paper is to characterize the changes in risk premium in the 1980s. A five-variable vector autoregressive model (VAR) is constructed to calculate a risk premium series in the foreign exchange market. The risk premium series is volatile and time-varying. The hypothesis of no...
Persistent link: https://www.econbiz.de/10012774551
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Japan Premium and Stock Prices : Two Mirrors of Japanese Banking Crises
Ito, Takatoshi - 2001
market. Two indicators, the Japan premium and the stock price index of the banking sector in Tokyo, were examined … Japan Premium most were the Daiwa Bank incidence in the fall of 1995, failures of large financial institutions in November …-movement relationship at around the summer of 1995. (5) News that affected Japan premium and bank stocks are sometimes different. The bank …
Persistent link: https://www.econbiz.de/10012787958
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Impacts of the Basle Capital Standard on Japanese Banks' Behavior
Ito, Takatoshi - 2000
This paper examines how the risk based capital standards, the so-called Basle Accord between 1990 and 1993. As the Japanese stock prices fell, banks' latent capital gains, which are part of tier II capital, became smaller. Empirical findings are consistent with a view that banks with lower...
Persistent link: https://www.econbiz.de/10012788984