This paper considers a dynamic model with human capital accumulation, for which both firm-specific skills and general skills are sources of growth. We analyze how the existence of firm-specific skills changes the effects of productivity shocks on economic growth. It is well known that the...

In this paper, we analyze how the risk premiums in the Tokyo international interbank markets went through under the financial crisis. First, we briefly look back upon the financial situations under Japan's financial crisis at the end of the 1990s and under the global financial crisis that...

In this paper, we explore what is an appropriate design of new financial systems in East Asia. Viewing East Asian financial systems in terms of legal systems and accounting systems, the protection of shareholders and creditors, though weaker than in the UK or America, tends to be higher than the...

The purpose of this paper is to investigate the role of trade credit during the banking crisis in Japan. Trade credit is one of the most important sources of short-term external finance for small firms. Previous literature has focused mainly on the substitution of bank loans for trade credit...

This article examines why large-scale deflation occurred in Hong Kong in the first half of the 2000s and what costs it brought about. During the period, the consumer price index fell at an annual rate of nearly 4% (over 5% in terms of GDP deflator). The substantial fall is unparalleled in the...