Journal of the Japanese and International Economies最新文献

In July 2019, the Japanese government announced export controls to South Korea of three chemical inputs essential in semiconductor production. This paper investigates the short- to middle-run effect of the Japan–Korea export controls on the trade patterns of the restricted and other related products of the semiconductor industry. The results show that the export controls caused a large decline in Japanese exports to South Korea of one of the three restricted inputs, hydrogen fluoride, but not in the other two restricted inputs, photoresist and fluorinated polyimide. Second, South Korea reallocated the sourcing of the restricted chemical inputs from Japan to other economies such as Belgium, the U.S., and Taiwan. Third, there was negative spillover effect on the South Korean imports of semiconductor manufacturing equipments, which is used complementarily with the restricted inputs in the semiconductor production. These results suggest a potential role of export controls in sourcing patterns and production relocation in the semiconductor industry.

A characteristic that differentiates vaccination from other health behaviors is that it is a public good. By the nature of a public good, negative peer effects are expected when determining vaccination behavior for free-rider incentives. This study empirically analyzes whether the surrounding vaccination status in a community influences individual vaccination behavior using administrative data on influenza vaccination for all the older people within a city of Japan. We first employ fixed effect analysis with a lagged dependent variable. We then examine how vaccination behavior changes in the event of the loss of a cohabitant and how this effect interacts with the community peer effect. Our estimation results confirm positive peer effects: the higher the community's vaccination rate, the more the raising effect of the individual's vaccination rate.

We develop high-frequency indices to measure sales in service industries and production in the manufacturing sector using GPS mobility data from mobile applications. First, by utilizing the point of interest data, we develop indicators to capture sales in amusement parks, shopping centers, and food services. Second, we construct indicators for nowcasting production based on the foot traffic in factory areas that are identified by using the Economic Census and mobility patterns. We find that the mobility data allow us to nowcast sales in the service sectors and have the potential to be used to nowcast the production in labor-intensive industries.

In this paper we examine the driving forces of fluctuations in wage growth of full-time workers in Japan, taking into account the heterogeneity of wage structures among the workers and using micro data including those from the Basic Survey on Wage Structure. To this end, we first divide full-time workers into two classes with distinct wage structures, based on a finite mixture model estimated using various characteristics of the workers and the firms they work for. We find that the two classes correspond to what previous studies have called an "internal labor market," where labor is reallocated within firms and wages follow a seniority-based system under long-term employment practices, and an "external labor market," where labor moves across firms and wages are mainly determined by supply and demand factors in the market. We next analyze the effects of economic factors on individual full-time workers' wage growth rates. We show that in the internal labor market, neither labor market conditions at the industry and firm-size level nor the output gap at the macro level have influenced the wage growth rates in recent years at least until 2021, while higher potential growth has increased them. By contrast, in the external and the overall labor markets for full-time workers, improvements in labor market conditions and the output gap have accelerated the wage growth rates, even in recent years.

This paper examines the macroeconomic and welfare effects of the child benefit, using a general equilibrium overlapping generations model incorporating fertility choices. The model is calibrated to Japan and produces the benefit elasticity of fertility in line with the empirical estimates. Expanding the per-child payment leads to welfare gains for future generations in the long-run equilibrium. Notably, the long-run gains extend to individuals who are childless throughout their lives and do not receive child benefits. Higher fertility rates facilitated by the expansion and the resulting demographic change account for the results via several channels. However, reaching the new equilibrium takes approximately 100 years as the demographic change necessitates sufficient transition periods. The accrual of welfare gains is thus gradual and takes a long time.