This paper constructs a model of financial crises that can explain characteristic features of the global financial crisis of 2008-2009, namely, the widespread freezing of asset transactions, the sharp contraction of aggregate output, and a deterioration in the labor wedge. This paper assumes...

We propose a simple model of financial crises, which may be useful for the unified analysis of macro and financial policies implemented during the 2008-2009 financial crisis. A financial crisis is modeled as the disappearance of inside money due to the lemon problem à la Akerlof (1970), in a...

In this paper, we analyze how the volume of rice imports would be affected if the Japanese government were to reduce tariffs on rice by looking at the current state of the Simultaneous Buy-and-Sell (SBS) system for rice imports. The Japanese government is required to import 770,000 tons of rice...

Supply chain internationalization is promoting a new cascade of agglomeration and dispersion. Headquarter tasks agglomerate in major cities in developed countries, while labor intensive tasks are shed to developing countries where offshored tasks form into a geographical concentration. As a...

The electric bicycle industry emerged in China in the late 1990s, and it is now a huge market which exceeds that of conventional bicycles, though such product has never existed in developed countries. This type of technological development, which diverts from the path of developed countries, is...

The number of forward patent citations has been established as an indicator for the economic value of patents. There remain unresolved questions such as the difference between examiner citations and inventor citations as value indicators and whether and how local clustering coefficients of added...