The purpose of this paper is to investigate whether that the policy-based allocation of long-term funds played an important role in promoting the high economic growth in post-war Japan. Using the panel data functions of Japanese firms, we estimate Tobinfs Q investment functions in two different...

This paper investigates how the adverse selection effects of net worth will change the welfare effects of demand and supply shocks. In the economy, there exists asymmetric information in the financial market, under which an increase in the value of net worth may rule out good type of firms from...

This paper investigates why invoice ratios of the Japanese yen are relatively low for Japan's exports. Given "pricing-to-market"(PTM) behavior of Japanese exporters, we show that the demand conditions in the markets can explain the choice of invoice currency by Japanese exporters. In particular,...

‘Abenomics' refers to a new unconventional economic policy regime in Japan since late 2012. It consists of the three arrows: unconventional monetary policy (the first arrow), expansionary fiscal policy (the second arrow), and economic growth strategies to encourage private investment (the...