Recently, there is anupward tendency for switching external debts to domestic borrowings in many developing countries. While the domestic government bonds market development could reduce the sovereign exposure to currency risk, there are also potential risks faced by the government; namely:...

In this paper, we introduce the environmental externality into the Diamond (1965) model. The environmental externality affects on the production negatively. We define a socially optimal allocation and a competitive equilibrium, and obtain the first-order necessary conditions. In competitive...

Since the first oil shock in 1973 oil prices began to increase drastically. The 1973 and 1979 oil price shocks can be explained by supply reasons, but since the 80's, oil prices came under another type of increasing pressure. We argue that this latter with the exception of first Gulf War...

Infrastructure can affect sectoral productivity and lead to industrial structure changes. Under the framework of Harrigan (1997), this study provides an empirical analysis of the effect of infrastructure on China's industry-level productivity and regional specialization during the period of...

This study aims to measure the impact of liberalization on the efficiency of electricity production in Japan, and to examine whether or not economies of scope exist between electricity generation and transmission. Since 1995, liberalization of the electricity market in Japan has been phased in...

In order to gain a greater understanding of firms' 'environmental behaviour' this paper explores the factors that influence firms' emissions intensities and provides the first analysis of the determinants of firm level carbon dioxide (CO2) emissions. Focussing on Japan, the paper also examines...

This paper empirically examines how the shapes of plant productivity distributions vary across regions based on Japan's manufacturing census. We focus on the skewness to examine the asymmetry by estimating the gamma distribution at the plant level. By linking the estimated shape parameters with...

This article considers a pure-endowment stationary stochastic overlapping generations economy, in which agents have maximin expected utility preferences. Two main results are obtained. First, we show that multiple stationary monetary equilibria exist, and hence real as well as price...

A model of the term structure of lease rates in a frictionless economy is developed and its predictions are compared with data on residential leases in Japan. The model shows that the initial lease rate for a cancellable lease must be set higher than that for a non-cancellable lease because the...

We use a large household panel for Japan (Keio Household Panel Survey, KHPS), to estimate household-size economies in energy consumption. Household-size economies we obtain are significant and sizable: the per-capita energy-related spending of a two-adult household is only about two thirdsof a...