Japan and the World Economy最新文献

英文中文

Dual effects of individuals’ sustainability orientation on investment and consumption: Evidence from environmental issues in Japan 个人可持续性取向对投资和消费的双重影响：来自日本环境问题的证据

IF 1.2 4区经济学 Q3 ECONOMICS

Japan and the World Economy

Pub Date : 2025-12-01 Epub Date: 2025-10-31 DOI: 10.1016/j.japwor.2025.101332

Hiroyuki Aman , Norihiro Kasuga , Taizo Motonishi , Chisako Yamane

Individuals can engage in sustainable economic activities both as investors and consumers. To examine their dual roles in promoting sustainability, we analyze preferences for sustainable investment compared to green consumption through a survey of Japanese individuals. We find no substantial difference in non-monetary motivations for sustainable activities, as the proportion of respondents choosing sustainable investments with low returns is comparable to that for green consumption with high price. Furthermore, environmental orientation has a common effect on both sustainable investment and green consumption. Specifically, individuals with high environmental orientation prefer sustainable investments with low returns and also green consumption at high product prices. However, environmental orientation has no significant effect on risky sustainable investments, indicating that strong pro-environmental awareness may not be sufficient to overcome the risks associated with investment activities.

个人既可以作为投资者也可以作为消费者参与可持续的经济活动。为了检验它们在促进可持续性方面的双重作用，我们通过对日本个人的调查，分析了可持续投资与绿色消费的偏好。我们发现，可持续活动的非货币动机没有实质性差异，因为选择低回报可持续投资的受访者比例与选择高价格绿色消费的受访者比例相当。此外，环境导向对可持续投资和绿色消费都有共同的影响。具体而言，高环境取向的个体更倾向于低回报的可持续投资和高产品价格的绿色消费。然而，环境取向对有风险的可持续投资没有显著影响，这表明强烈的环保意识可能不足以克服与投资活动有关的风险。

引用次数: 0

Medium-run effects of patient cost-sharing on the demand-side and supply-side of inpatient care: A natural experiment in Japan 病人费用分担对住院护理需求方和供给方的中期影响：日本的自然实验

IF 1.2 4区经济学 Q3 ECONOMICS

Japan and the World Economy

Pub Date : 2025-12-01 Epub Date: 2025-11-19 DOI: 10.1016/j.japwor.2025.101333

Akihiro Yoshimura, Reo Takaku

Over the last several decades, many developed countries have increased patient cost-sharing to contain healthcare expenditures. Some influential studies, including the RAND Health Insurance Experiment, suggest that increasing patient cost-sharing reduces unnecessary medical care by mitigating ex-post moral hazard. However, most existing studies in this field focus on short-run effects, in which the health status of the insured and provider behaviors remain unchanged. In this study, we analyze the medium-term impact of the 2003 coinsurance rate increase on inpatient care utilization by using public hospital data in Japan covering a 12-year period. Difference-in-differences and event study analyses robustly showed that the number of inpatients decreased a few years after the 2003 reforms. However, inpatient costs per patient day began to increase after four years, mainly due to increased medical resources. Eventually, despite the initial reduction in the number of inpatients, we found that the effects on total inpatient costs were negligible in the medium run. These findings indicate that many existing studies may overestimate the cost-containment effects of patient cost-sharing in the medium- and long-term.

在过去几十年里，许多发达国家增加了患者费用分担，以控制医疗保健支出。包括兰德健康保险实验在内的一些有影响力的研究表明，增加患者费用分担可以通过减轻事后道德风险来减少不必要的医疗服务。然而，在这一领域的大多数现有研究侧重于短期效应，其中被保险人的健康状况和提供者的行为保持不变。在这项研究中，我们分析了2003年共同保险费率提高对住院护理利用的中期影响，使用日本公立医院的数据覆盖了12年。差异中的差异和事件研究分析有力地表明，在2003年改革后的几年中，住院人数有所下降。然而，每名病人每天的住院费用在四年后开始增加，主要是由于医疗资源的增加。最终，尽管最初住院人数减少了，但我们发现在中期，对住院总成本的影响可以忽略不计。这些发现表明，许多现有研究可能高估了中期和长期患者费用分摊的成本控制效果。

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引用次数: 0

The knowledge transfer patterns of multinational firms: The evidence from Korean firm-level analysis 跨国公司的知识转移模式：来自韩国企业层面分析的证据

IF 1.3 4区经济学 Q3 ECONOMICS

Japan and the World Economy

Pub Date : 2025-09-01 Epub Date: 2025-06-02 DOI: 10.1016/j.japwor.2025.101313

Hyunjung Cho , Gahee Bak , Junyun Kim , Hongshik Lee

This paper examines one of the theoretical hypotheses of Keller and Yeaple (2013) in order to investigate how trade costs and the level of firm-level knowledge intensity of a parent firm affect its knowledge transfer to foreign affiliates. Specifically, we focus on Keller and Yeaple (2013)’s second prediction that the share of intra-firm imports from the parent declines in trade costs, but this decline is weaker in knowledge-intensive settings. Using a panel of Korean manufacturing firms over 2007–2018, we separate knowledge transfer into (a) knowledge-embedded intra-firm trade and (b) direct communication (human resource secondments). We then analyze the role of trade costs and knowledge intensity on each channel via fixed effects and dynamic panel estimations. We find that trade costs significantly reduce intra-firm exports of knowledge-embedded inputs; however, a higher knowledge intensity mitigates this effect. On the other hand, trade costs and knowledge intensity do not exert a significant influence on direct communication.

本文考察了Keller和yeapple（2013）的理论假设之一，以研究母公司的贸易成本和公司层面的知识强度水平如何影响其向外国子公司的知识转移。具体而言，我们关注Keller和yeapple（2013）的第二个预测，即企业内部从母公司进口的份额会降低贸易成本，但这种下降在知识密集型环境中较弱。通过对2007-2018年韩国制造业企业的调查，我们将知识转移分为(a)知识嵌入型企业内部贸易和(b)直接沟通（人力资源借调）。然后，我们通过固定效应和动态面板估计分析了贸易成本和知识强度对各渠道的作用。研究发现，贸易成本显著降低了企业内部知识投入的出口；然而，较高的知识强度会减轻这种影响。另一方面，贸易成本和知识强度对直接沟通没有显著影响。

引用次数: 0

Effects of welfare receipt on well-being: Evidence from older people in Japan 福利收入对幸福感的影响：来自日本老年人的证据

IF 1.3 4区经济学 Q3 ECONOMICS

Japan and the World Economy

Pub Date : 2025-09-01 Epub Date: 2025-06-30 DOI: 10.1016/j.japwor.2025.101321

Kodai Matsumoto

The purpose of this study is to verify whether receiving public assistance affects the well-being of the older people. When socially nondependency norms have formed, receiving public assistance may reduce well-being. The study focuses on older people in Japan, where public assistance is minimal. Based on the findings, for individuals aged 65 years and older, the negative impact is weak and often not statistically significant. However, welfare benefits have a positive effect on elderly men while exerting a negative effect on elderly women. Moreover, regional differences are found among the working-age population, but not among the elderly.

本研究的目的是验证接受公共援助是否会影响老年人的福祉。当社会不依赖规范形成后，接受公共援助可能会降低幸福感。这项研究的重点是日本的老年人，那里的公共援助很少。根据研究结果，对于65岁及以上的人来说，负面影响很弱，通常没有统计学意义。然而，福利对老年男性有积极作用，而对老年女性有消极作用。此外，在劳动年龄人口中发现了地区差异，但在老年人中却没有。

引用次数: 0

Towards sustainable floral business in Japan: Evidence from dynamic demand system between domestic and imported cut flowers 日本花卉产业的可持续发展：来自国内和进口鲜切花动态需求系统的证据

IF 1.2 4区经济学 Q3 ECONOMICS

Japan and the World Economy

Pub Date : 2025-09-01 Epub Date: 2025-08-14 DOI: 10.1016/j.japwor.2025.101322

Chun-Fu Hsu , Cho-Han Su , Kuo-I Chang

Japan has been addressed the largest market for cut flower imports and consumption in Asia. Since 2000, the floral industry in Japan has faced a decline in production due to an aging workforce and rising costs, while domestic demand for cut flowers has remained stable. The supply-demand gap has been boosted by increasing imports. The import and household consumption survey data from January 2002 to December 2021 and dynamic EC-AIDS model are employed to estimate the expenditure, own-price compensated, and cross-price elasticities between domestic and imported cut flowers in Japan. Our findings show that domestic floral business promotion policy enacted since 2014 had no significant impacts on structural change of demand between imported and domestic cut flowers. The empirical results indicate that domestic cut flowers in Japan are substitutes for those from major import source countries, though the degree of substitutions are limited. Notably, not only the complementary relationship of orchids but also an expenditure elasticity with 2.62 of Chrysanthemum between Japan and Taiwan, suggesting a greater sustainable potential in the Japanese Market.

日本已成为亚洲最大的鲜切花进口和消费市场。自2000年以来，由于劳动力老龄化和成本上升，日本花卉产业面临产量下降，而国内对切花的需求保持稳定。不断增加的进口加剧了供需缺口。采用2002年1月至2021年12月的进口和居民消费调查数据和动态EC-AIDS模型对日本国内和进口切花的消费支出、自有价格补偿和交叉价格弹性进行了估算。研究发现，2014年以来出台的国内花卉产业促进政策对进口和国内切花需求的结构性变化没有显著影响。实证结果表明，日本国内鲜切花对主要进口来源国鲜切花具有替代作用，但替代程度有限。值得注意的是，日本和台湾之间不仅有兰花的互补关系，而且菊花的消费弹性为2.62，表明日本市场具有更大的可持续潜力。

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引用次数: 0

Foreign exchange liberalization and exchange rate exposure: Firm-level evidence of the Japanese Automobile Industry 外汇自由化与汇率风险：日本汽车工业的企业层面证据

IF 1.3 4区经济学 Q3 ECONOMICS

Japan and the World Economy

Pub Date : 2025-09-01 Epub Date: 2025-06-03 DOI: 10.1016/j.japwor.2025.101312

Teru Nishikawa , Kiyotaka Sato

This paper empirically examines the effect of the drastic amendment of the Foreign Exchange and Foreign Trade Act (FEFTA) in 1998 on the exchange rate exposure of ten Japanese automobile firms. By conducting panel estimation using the firm-level explanatory variables constructed originally, we find that (1) the degree of automobile firms’ exchange rate exposure increased significantly during the post-1998 FEFTA amendment period; (2) however, more profitable automobile firms with higher ROE and facing larger exchange rate volatility could reduce their exposures after the 1998 FEFTA amendment because they could conduct efficient operational hedging through expanding supply chains and more readily utilize efficient hedging instruments to reduce group-wide foreign exchange risk; (3) more sales in and exports to Southeast Asian countries significantly reduced automobile firms’ exposures, because they tended to invoice their exports to Southeast Asian countries not in USD but in the yen. Our findings would be insightful for Asian economies that move gradually toward foreign exchange liberalization. Efficient operational and financial hedging, as well as invoice currency choice, significantly affect the degree of exposure after foreign exchange liberalization.

本文实证考察了1998年《外汇及对外贸易法》的大幅修订对10家日本汽车企业汇率风险敞口的影响。利用最初构建的企业层面解释变量进行面板估计，我们发现(1)1998年后自由贸易协定修订期间，汽车企业的汇率风险敞口程度显著增加；(2)然而，利润较高、净资产收益率较高、汇率波动较大的汽车企业在1998年FEFTA修订后可以减少其风险敞口，因为它们可以通过扩大供应链进行有效的运营对冲，更容易利用有效的对冲工具来降低集团范围内的外汇风险；(3)对东南亚国家的销售和出口增加显著降低了汽车企业的风险敞口，因为汽车企业倾向于以日元而不是美元开具对东南亚国家的出口发票。我们的研究结果将对逐渐走向外汇自由化的亚洲经济体具有深刻的见解。有效的操作和财务对冲以及发票货币选择显著影响外汇自由化后的风险敞口程度。

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引用次数: 0

Do lifelong experiences of land prices affect homeownership in Japan? 在日本，土地价格的终身经历会影响房屋所有权吗？

IF 1.3 4区经济学 Q3 ECONOMICS

Japan and the World Economy

Pub Date : 2025-09-01 Epub Date: 2025-07-07 DOI: 10.1016/j.japwor.2025.101320

Kiichi Tokuoka

Using Japanese household data, this study tests the hypothesis that experiencing growth in land prices over a lifetime influences homeownership. To test this experience hypothesis, this study calculates the lifelong weighted average of real land price growth while estimating a parameter that determines the shape of the weight function. The study then corroborates the results using US data. The results — using both Japanese and US data — support the hypothesis and are consistent with the belief channel; that is, experiencing price growth affects homeownership by influencing expectations of returns from housing investment.

利用日本家庭数据，本研究检验了一个假设，即在一生中经历土地价格的增长会影响房屋所有权。为了验证这一经验假设，本研究计算了实际土地价格增长的终身加权平均值，同时估计了一个决定权重函数形状的参数。然后，该研究用美国的数据证实了结果。研究结果——使用了日本和美国的数据——支持这一假设，并与信念通道一致；也就是说，经历价格增长通过影响住房投资回报的预期来影响住房拥有率。

引用次数: 0

Corrigendum to “A nowcasting model of industrial production using alternative data and machine learning approaches” [Jpn. World Econ. 71 (2024) 101271] “使用替代数据和机器学习方法的工业生产临近预测模型”的勘误表[Jpn。世界经济，71 (2024)101271 [j]

IF 1.3 4区经济学 Q3 ECONOMICS

Japan and the World Economy

Pub Date : 2025-06-01 Epub Date: 2025-01-28 DOI: 10.1016/j.japwor.2025.101297

Kakuho Furukawa , Ryohei Hisano , Yukio Minoura , Tomoyuki Yagi

引用次数: 0

Regret aversion in Japanese and U.S. stock markets: Analyzing the effects of market conditions 日本和美国股市的后悔厌恶情绪：分析市场状况的影响

IF 1.3 4区经济学 Q3 ECONOMICS

Japan and the World Economy

Pub Date : 2025-06-01 Epub Date: 2025-05-09 DOI: 10.1016/j.japwor.2025.101311

Somyung Kim , Kiyool Ohk

This study examines the effects of investors’ regret aversion and regret premium on investment decision-making and stock returns in the Japanese and U.S. stock markets from a behavioral finance perspective. Using regret variables, we demonstrate that regret aversion significantly impacts asset pricing. Our empirical results show that investors demand a higher regret premium when holding high-regret assets, and this relationship persists even after controlling for various firm characteristics. By analyzing market states and dynamics, we find that regret aversion is particularly strong in down markets, though its influence weakens in up markets. Market dynamics analysis reveals that regret premiums are most pronounced during simultaneous upward market trends. Robustness tests using cumulative returns and industry-adjusted short-term return reversals further confirm the significant influence of regret on stock returns. Additionally, our analysis of irrational investor behavior, including the disposition effect and psychological price barriers, shows that regret aversion is more pronounced in the context of unrealized capital losses and when asset prices deviate significantly from psychological price barriers. This study provides comprehensive insights into the impact of regret aversion and market dynamics on investor behavior and asset pricing, challenging traditional finance theories grounded in the assumption of rational decision-making.

本研究从行为金融学的角度考察了投资者的后悔厌恶和后悔溢价对日本和美国股市投资决策和股票收益的影响。利用后悔变量，我们证明了后悔厌恶显著影响资产定价。我们的实证结果表明，投资者持有高后悔资产时要求更高的后悔溢价，即使在控制了各种公司特征后，这种关系仍然存在。通过分析市场状态和动态，我们发现后悔厌恶在下跌市场中特别强烈，尽管它的影响在上涨市场中减弱。市场动态分析表明，遗憾溢价在同时上升的市场趋势中最为明显。使用累积收益和行业调整短期收益逆转的稳健性检验进一步证实了后悔对股票收益的显著影响。此外，我们对非理性投资者行为（包括处置效应和心理价格障碍）的分析表明，在未实现资本损失和资产价格明显偏离心理价格障碍的情况下，后悔厌恶更为明显。本研究对后悔厌恶和市场动态对投资者行为和资产定价的影响提供了全面的见解，挑战了基于理性决策假设的传统金融理论。

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引用次数: 0

Global value chains and exchange rate pass-through into the import prices of Japanese industries 全球价值链和汇率传导到日本产业的进口价格

IF 1.3 4区经济学 Q3 ECONOMICS

Japan and the World Economy

Pub Date : 2025-06-01 Epub Date: 2025-03-06 DOI: 10.1016/j.japwor.2025.101299

Fabien Rondeau , Yushi Yoshida

With internationally fragmented processes of production via global value chains, value-added components of a country’s export include the importer’s contributions as well as that of exporters. The exchange rate sensitivity of export price reflects these value-added components. We examine the effect of value-added contributions of exporters and importers on the degree of exchange rate pass-through by focusing on the Japanese import prices by industries. Our results show that exchange rate pass-through increases for industries with a higher contribution of exporting countries’ value added and for industries with a lower contribution of the importing country’s value added. The differentials in value added among industries help explain the dynamics of exchange rate pass-through at the industry level.

在通过全球价值链进行国际分工的生产过程中，一国出口的增值部分包括进口商和出口商的贡献。出口价格的汇率敏感性反映了这些增值部分。我们通过关注日本各行业的进口价格，研究了出口商和进口商的增值贡献对汇率传递程度的影响。我们的研究结果表明，对于出口国附加值贡献率较高的行业和进口国附加值贡献率较低的行业，汇率传递会增加。行业间附加值的差异有助于解释行业层面的汇率传递动态。

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全部化学•材料生命科学医学物理工程技术环境•农林材料科学地球科学法学管理学化学环境科学与生态学计算机科学教育学经济学农林科学人文科学生物学数学物理与天体物理心理学综合性期刊其他工业工程理学历史学农学文学信息工程

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全部 ACS Publications Elsevier ieeexplore Springer The Royal Society of Chemistry Wiley

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Japan and the World Economy

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