Based on a panel data set of the Japanese corporations, we investigate into the collateral role of the land assets. We estimate the Euler equation of investment decision rule by the GMM when the corporations face borrowing constraints.

Declining consumer confidence is cited as a cause of declining consumer demand. If so, it may also affect business spending on investment goods, as businesses adjust production in response to changes in consumer confidence that will affect demand. This paper examines effects on consumption and...

In this work we determine the seasonal integration order of four macroeconomic variables in Mexico, with and without endogenously determined structural change. The models suggested by Hylleberg, Engle, Granger & Yoo (1990) and Franses & Vogelsang (1998) are applied. Following those models,...

Based on a panel data set of the Japanese corporations, we investigate into the collateral role of the land assets. We estimate the Euler equation of investment decision rule by the GMM when the corporations face borrowing constraints.