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Author: Mr.Se-Jik Kim
Publisher: International Monetary Fund
ISBN: 1451874472
Category : Business & Economics
Languages : en
Pages : 34
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Book Description
This paper presents a framework for quantitatively evaluating the macroeconomic effects of corporate restructuring and applies it to Japan. Using firm-level financial statement data, it estimates total factor productivity (TFP) of individual Japanese firms. Given the estimated distribution of productivity across firms, the paper simulates the effect of optimal restructuring, that is, reallocation of resources from less-productive firms to more-productive ones, on the dynamic path of aggregate output. The results show that the benefits of restructuring could substantially exceed the costs.
Author: Mr.Se-Jik Kim
Publisher: International Monetary Fund
ISBN: 1451874472
Category : Business & Economics
Languages : en
Pages : 34
Get Book Here
Book Description
This paper presents a framework for quantitatively evaluating the macroeconomic effects of corporate restructuring and applies it to Japan. Using firm-level financial statement data, it estimates total factor productivity (TFP) of individual Japanese firms. Given the estimated distribution of productivity across firms, the paper simulates the effect of optimal restructuring, that is, reallocation of resources from less-productive firms to more-productive ones, on the dynamic path of aggregate output. The results show that the benefits of restructuring could substantially exceed the costs.
Author: Mr.Jongsoon Shin
Publisher: International Monetary Fund
ISBN: 1475572433
Category : Business & Economics
Languages : en
Pages : 26
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Book Description
This paper describes issues in Korea’s corporate sector, the need for restructuring, and the authorities’ initiatives and challenges. It then identifies lessons from other countries’ experience and conducts an econometric analysis based on cross-country aggregate data, compared with previous studies which mostly use firm-level data. This analysis finds that restructuring episodes, while sometimes challenging in the short term, have typically been associated with more rapid economic growth afterward. Corporate restructuring could have a negative effect on the labor and the financial markets in the short term, but is associated with positive growth through increased investment and capital productivity in the medium term, outpacing the negative effects.
Author: International Monetary Fund. Research Dept.
Publisher: International Monetary Fund
ISBN: 9781589063518
Category : Business & Economics
Languages : en
Pages : 216
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Book Description
This paper tests uncovered interest parity (UIP) using interest rates on longer maturity bonds for the Group of Seven countries. These long-horizon regressions yield much more support for UIP—all of the coefficients on interest differentials are of the correct sign, and almost all are closer to the UIP value of unity than to zero. The paper also analyzes the decision by a government facing electoral uncertainty to implement structural reforms in the presence of fiscal restraints similar to the Stability and Growth Pact.
Author: Eskander Alvi
Publisher: W.E. Upjohn Institute
ISBN: 0880996366
Category : Political Science
Languages : en
Pages : 152
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Book Description
This book presents a notable group of macroeconomists who describe the unprecedented events and often extraordinary policies put in place to limit the economic damage suffered during the Great Recession and then to put the economy back on track. Contributers include Barry Eichengreen; Gary Burtless; Donald Kohn; Laurence Ball, J. Bradford DeLong, and Lawrence H. Summers; and Kathryn M.E. Dominguez.
Author: Shahid Yusuf
Publisher: World Bank Publications
ISBN: 5102110330
Category : Competition, International
Languages : en
Pages : 52
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Book Description
This paper explores various strategic options available to Japanese firms faced with the increasing market pressures in the global economy. Whether Japanese firms are able to retain the competitive edge will depend on the continuing gains in their manufacturing capability, their capacity to exploit and adapt to changing market circumstances, and innovativeness at many levels. The authors discuss six main developments that are changing the industrial landscape in Japan and in this context, they explore the nature of the responses required of firms and examine some implications of the measures adopted for the Japanese economy as a whole.
Author: M. Nakamura
Publisher: Springer
ISBN: 0230512283
Category : Business & Economics
Languages : en
Pages : 417
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Book Description
Emerging from ten years of post-bubble recession, the Japanese business and economic system will need to enter a period of radical restructuring in order to return to the growth of former years and maintain its influential position in the development of new technologies. Japan's choices for the future will have a major impact on its global trading partners. In this edited collection of papers, an international range of contributors discuss the fundamental issues faced by the Japanese business and economic system from historical, analytical and empirical perspectives. Their conclusions combine to present a view of the path Japan should take to restore its economy to optimal growth in the 21st century, and show how this path will affect global markets.
Author: Ricardo J. Caballero
Publisher:
ISBN:
Category : Banks and banking
Languages : en
Pages : 124
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Book Description
In this paper, we propose a bank-based explanation for the decade-long Japanese slowdown following the asset price collapse in the early 1990s. We start with the well known observation that most large Japanese banks were only able to comply with capital standards because regulators were lax in their inspections. To facilitate this forbearance the banks often engaged in sham loan restructurings that kept credit flowing to otherwise insolvent borrowers (that we call zombies). Thus, the normal competitive outcome whereby the zombies would shed workers and lose market share was thwarted. Our model highlights the restructuring implications of the zombie problem. The counterpart of the congestion created by the zombies is a reduction of the profits for healthy firms, which discourages their entry and investment. In this context, even solvent banks will not find good lending opportunities. We confirm our story's key predictions that zombie-dominated industries exhibit more depressed job creation and destruction, and lower productivity. We present firm-level regressions showing that the increase in zombies depressed the investment and employment growth of non-zombies and widened the productivity gap between zombies and non-zombies. Keywords: Japan, zombies, investment, employment, job flows, restructuring, bankruptcy, creative destruction, productivity, congestion, sclerosis, scrambling, distortions, lost decade, subsidies. JEL Classifications: E44, G34, L16, O53.
Author: Carl-Johan Lindgren
Publisher:
ISBN: 9781557758712
Category : Business & Economics
Languages : en
Pages : 103
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Book Description
An IMF paper reviewing the policy responses of Indonesia, Korea and Thailand to the 1997 Asian crisis, comparing the actions of these three countries with those of Malaysia and the Philippines. Although all judgements are still tentative, important lessons can be learned from the experiences of the last two years.
Author: Mariana Colacelli
Publisher: International Monetary Fund
ISBN: 1484384733
Category : Business & Economics
Languages : en
Pages : 44
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Book Description
Yes, partly. This paper studies the potential role of structural reforms in improving Japan’s outlook using the IMF’s Global Integrated Monetary and Fiscal Model (GIMF) with newly-added demographic features. Implementation of a not-fully-believed path of structural reforms can significantly offset the adverse effect of Japan’s demographic headwinds — a declining and ageing population — on real GDP (by about 15 percent in the next 40 years), but would not boost inflation or contribute substantially to stabilizing public debt. Alternatively, implementation of a fully-credible structural reform program can contribute significantly to stabilizing public debt because of the resulting increase in inflation towards the Bank of Japan’s target, while achieving the same positive long-run effects on real GDP. If no reforms are implemented, severe demographic headwinds are expected to reduce Japan’s real GDP by over 25 percent in the next 40 years.
Author:
Publisher:
ISBN:
Category : Japan
Languages : en
Pages : 126
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Book Description
