of the pre-WWII period, Japan's real GNP per worker was not much more than a third of that of the U.S., with falling … barrier, Japan's prewar GNP per worker would have been close to a half of the U.S. The labor barrier existed because, we argue …

Using a unique dataset on all major corporate restructuring events in Japan between 1981 and 2010, we examine how bank …-led rescue operations in Japan have changed over time. The incidence of restructuring by distressed firms has become less … findings as strong indicators of changing corporate governance in Japan, in particular in terms of the decline in corporate …

, real world exports plunged 17 percent while GDP fell 5 percent. This paper examines whether deteriorations in bank health … 1990 through 2010, which enables us to match exporters with the main bank that provides them with trade finance. Our point …

In this paper, I show that Japan will not be able to have a viable banking sector without stopping deflation. The …

aggregate loan movements in Japan for the period 1990 to 2010 into bank, firm, industry, and common shocks. The high degree of … separate firm-borrowing shocks from bank-supply shocks using a vast sample of matched bank-firm lending data. We decompose … role for granular shocks as in Gabaix (2011). We show that idiosyncratic granular bank-supply shocks explain 30-40 percent …

paper investigates whether bank ties in Japan were costly for mature and healthy firms in the 1980's and 1990's, and whether … banks continued to facilitate investment once non-bank financing options became available. Using the explicit bond issuing … much larger for main bank client firms, once bond market access is controlled for. This result, coupled with results on the …

it in a model of how variations in bank-customer contracting arrangements in Japan affect the returns that can be earned … of capital as functions of holding-period returns earned in Japan on stocks, bonds, yen, and real estate. The model is … type of hidden capital and each class of bank, the model develops estimates of the stock-market, interest-rate, foreign …

During this decade the structure of corporate finance in Japan has changed dramatically. Japanese firms that once used … bank debt as their prime source of financing now rely more heavily on the public capital markets. This trend was … 1988). we demonstrated that investment by firms with close bank relationships appears to be less liquidity constrained than …

unique data set that links individual Japanese firms engaged in FDI to their main banks. Using both bank-level and firm …