Theoretical and Empirical Studies on the Japanese Economy after the "Lost Decade"

• Project/Area Number: 20330035
• Research Category: Grant-in-Aid for Scientific Research (B)
• Allocation Type: Single-year Grants
• Section: 一般
• Research Field: Economic theory
• Research Institution: The University of Tokyo
• Principal Investigator: FUKUDA Shin-ichi (FUKUDA Shinichi) 東京大学, 経済学研究科, 教授 (00221531)
• Project Period (FY): 2008 – 2012
• Project Status: Completed (Fiscal Year 2012)
• Budget Amount: ¥11,440,000 (Direct Cost: ¥8,800,000、Indirect Cost: ¥2,640,000); Fiscal Year 2012: ¥2,340,000 (Direct Cost: ¥1,800,000、Indirect Cost: ¥540,000); Fiscal Year 2011: ¥2,210,000 (Direct Cost: ¥1,700,000、Indirect Cost: ¥510,000); Fiscal Year 2010: ¥2,340,000 (Direct Cost: ¥1,800,000、Indirect Cost: ¥540,000); Fiscal Year 2009: ¥2,210,000 (Direct Cost: ¥1,700,000、Indirect Cost: ¥510,000); Fiscal Year 2008: ¥2,340,000 (Direct Cost: ¥1,800,000、Indirect Cost: ¥540,000)
• Keywords: ゾンビ企業 / 失われた10年 / 財政政策 / 金融政策 / 非上場企業 / 非伝統的金融政策 / 財政赤字 / 非伝統的な金融政策 / リーマンショック / 経済成長 / 日本経済 / デフレ / バブル

Research Abstract

This project investigated how zombie firms recovered in Japan while the deflation persisted. We explored how corporate restructuring was effective in reviving zombie firms in the 1990s and the 2000s. We also conducted theoretical and empirical studies on fiscal and monetary policy in Japan during the past two decades.

Research Products

• [Journal Article] Market-specific and Currency-specific Risk during the Global Financial Crisis: Evidence from the Interbank Markets in Tokyo and London (2012)
  • Author(s): Shin-ichi Fukuda
  • Journal Title: Journal of Banking and Finance Volume: Volume 36(12) Pages: 3185-3196
  • Peer Reviewed
• [Journal Article] Infrequent Changes of the Policy Target: Robust Optimal Monetary Policy under Ambiguity (2012)
  • Author(s): Shin-ichi Fukuda
  • Journal Title: Global Journal of Economics Volume: Vol.1(2)
  • Peer Reviewed
• [Journal Article] The Rise of China and the Japanese Economy: Evidence from Macro and Firm-level Micro Data (2012)
  • Author(s): Shin-ichi Fukuda and Munehisa Kasuya
  • Journal Title: China Economic Policy Review Volume: Volume:1(1)
  • Peer Reviewed
• [Journal Article] The Rise of China and the Japanese Economy: Evidence from Macro and Firm-level Micro Data (2012)
  • Author(s): Shin-ichi Fukuda
  • Journal Title: China Economic Policy Review Volume: Volume 1, Issue 12 Issue: 01 Pages: 1250007-1250007
  • DOI: 10.1142/s1793969012500070
  • Peer Reviewed
• [Journal Article] Why Did Large-scale Deflation Occur? What Did It Bring About?: From Hong Kong’s Experiences in the First Half of the 2000s (2012)
  • Author(s): Shin-ichi Fukuda
  • Journal Title: Public Policy Review Volume: Vol. 8, No. 1 Pages: 93-122
  • Peer Reviewed
• [Journal Article] Market-specific and Currency-specific Risk during the Global Financial Crisis : Evidence from the Interbank Markets in Tokyo and London (2012)
  • Author(s): Shin-ichi Fukuda
  • Journal Title: Journal of Banking and Finance Volume: (印刷中)
  • Peer Reviewed
• [Journal Article] The Rise of China and the Japanese Economy : Evidence from Macro and Firm-level Micro Data (2012)
  • Author(s): Shin-ichi Fukuda, Munehisa Kasuya
  • Journal Title: China Economic Policy Review Volume: (印刷中)
  • Peer Reviewed
• [Journal Article] Stock Price Targeting and Fiscal Deficit in Japan: Why Did the Fiscal Deficit Increase during Japan's Lost Decades? (2011)
  • Author(s): Shin-ichi Fukuda and Junji Yamada
  • Journal Title: Journal of the Japanese and International Economies Volume: Volume 25(4) Pages: 447-464
  • NAID: 210000165061
  • Peer Reviewed
• [Journal Article] Why Did "Zombie" Firms Recover in Japan? (2011)
  • Author(s): Shin-ichi Fukuda and Junichi Nakamura
  • Journal Title: The World Economy Volume: Volume 34(7) Pages: 1124-1137
  • Peer Reviewed
• [Journal Article] Stock Price Targeting and Fiscal Deficit in Japan : Why Did the Fiscal Deficit Increase during Japan's Lost Decades? (2011)
  • Author(s): Shin-ichi Fukuda, Junji Yamada
  • Journal Title: Journal of the Japanese and International Economies Volume: 25 Pages: 447-464
  • NAID: 210000165061
  • Peer Reviewed
• [Journal Article] Why Did "Zombie" Firms Recover in Japan? (2011)
  • Author(s): Shin-ichi Fukuda, Junichi Nakamura
  • Journal Title: The World Economy Volume: 34 Pages: 1124-1137
  • Peer Reviewed
• [Journal Article] Regional and Global Short-term Financial Market Integration in Asia : Evidence from the Interbank Markets under the Crises (2011)
  • Author(s): Shin-ichi Fukuda
  • Journal Title: The Dynamics of Asian Financial Integration : Facts and Analytics(M.Devereux, P.R Lane, C.-Y.Park, S.-J.Wei eds.) Pages: 110-134
• [Journal Article] Long-run Macroeconomic Impacts of Foreign Exchange Reserve Accumulation : A Theory and Some International Evidence (2011)
  • Author(s): Shin-ichi Fukuda, Yoshifumi Kon
  • Journal Title: Monetary and Currency Policy Management in Asia(M.Kawai, P.J.Morgan, and S.Takagi eds) Volume: 第5章 Pages: 120-139
• [Journal Article] 非伝統的金融政策-ゼロ金利政策と量的緩和政策- (2010)
  • Author(s): 福田慎一
  • Journal Title: フィナンシャル・レビュー 第1号(通巻第99号)
• [Journal Article] Impaired Bank Health and Default Risk (2009)
  • Author(s): Shin-ichi Fukuda, Munehisa Kasuya, and Kentaro Akashi
  • Journal Title: Pacific-Basin Finance Journal Volume: Volume 17(2) Pages: 145-162
  • Peer Reviewed
• [Journal Article] Impaired Bank Health and Default Risk (2009)
  • Author(s): Shin-ichi Fukuda, Munehisa Kasuya, Kentaro Akashi
  • Journal Title: Pacific-Basin Finance Journal Volume 17, Issue 2 Pages: 145-162
• [Journal Article] Impaired Bank Health and Default Risk (2009)
  • Author(s): Shin-ichi Fukuda, Munehisa Kasuya, Kentaro Akashi
  • Journal Title: Pacific-Basin Finance Journal Volume: 17 Pages: 145-162
  • Peer Reviewed
• [Journal Article] わが国の「マクロ・金融」研究の課題と展望-『経済研究』からの示唆 (2009)
  • Author(s): 福田慎一
  • Journal Title: 経済研究 Volume: 60(招待講演論文) Pages: 306-313
• [Journal Article] バブル崩壊後の金融市場の動揺と金融政策 (2009)
  • Author(s): 福田慎一
  • Journal Title: バブル経済と金融政策(吉川洋編) Volume: 7章 Pages: 201-232
• [Journal Article] Knightian Uncertainty and Poverty Trap in a Model of Economic Growth (2008)
  • Author(s): Shin-ichi Fukuda
  • Journal Title: Review of Economic Dynamics Volume: Volume 11(3) Pages: 652-663
  • Peer Reviewed
• [Journal Article] Post-crisis Exchange Rate Regimes in ASEAN: A New Empirical Test Based on Intra-daily Data (2008)
  • Author(s): Shin-ichi Fukuda and Sanae Ohno
  • Journal Title: Singapore Economic Review Volume: Volume 53(2) Pages: 191-213
  • Peer Reviewed
• [Journal Article] Human Capital and Economic Growth : Dynamic Implications of Insider-outsider Problem for Macroeconomics (2008)
  • Author(s): Shin-ichi Fukuda, Robert F. Owen
  • Journal Title: Public Policy Review Vol.4
• [Journal Article] Knightia.n Uncertainty and Poverty Trap in a Model of Economic Growth (2008)
  • Author(s): Shin-ichi Fukuda
  • Journal Title: Review of Economic Dynamics 11 Pages: 652663-652663
  • Peer Reviewed
• [Journal Article] Post-crisis Exchange Rate Regimes in ASEAN: A New Empirical Test Based on Intra-dail (2008)
  • Author(s): Shin-ichi Fukuda and Sanae Oh
  • Journal Title: Singapore Economic Review 53 Pages: 191-213
  • Peer Reviewed
• [Journal Article] 金融危機下における銀行貸出と生産性:企業別成長会計を使った「追い貸し」の検証 (2008)
  • Author(s): 福田慎一・粕容宗久・赤司健太郎
  • Journal Title: 経済学論集 74 Pages: 40-55
• [Journal Article] 最近の国際資本移動について (2008)
  • Author(s): 福田慎一・今喜史
  • Journal Title: フィナンシャル・レビュー 88 Pages: 96-113
• [Journal Article] Why Did "Zombie" Firms Recover in Japan?
  • Author(s): Shin-ichi Fukuda, Junichi Nakamura
  • Journal Title: The World Economy(forthcoming.)
• [Journal Article] 大きなデフレはなぜ発生し、何をもたしたか?: 2000年代前半の香港の経験から
  • Author(s): 福田慎一・山田潤司
  • Journal Title: フィナンシャル・レビユー
• [Journal Article] The Rise of China and the Japanese Economy : Evidence from Macro and Firm-level Micro Data
  • Author(s): Shin-ichi Fukuda, Munehisa Kasuya
  • Journal Title: China Economic Policy Review Volume: (掲載決定)
  • Peer Reviewed
• [Journal Article] Stock Price Targeting and Fiscal Deficit in Japan : Why Did the Fiscal Deficit Increase during Japan's Lost Decades?
  • Author(s): Shin-ichi Fukuda, Junji Yamada
  • Journal Title: Journal of the Japanese and International Economies Volume: (掲載決定)
  • NAID: 210000165061
  • Peer Reviewed
• [Journal Article] Why Did Large-scale Deflation Occur? What Did It Bring About? : From Hong Kong's Experiences in the First Half of the 2000s
  • Author(s): Shin-ichi Fukuda, Junji Yamada
  • Journal Title: Public Policy Review Volume: (掲載決定)
• [Journal Article] Impaired Bank Health and Default Risk
  • Author(s): S. Fukuda, M. Kasuya and K. Akash
  • Journal Title: Pacific-Basin Finance Journal (印刷中)
  • Peer Reviewed
• [Presentation] Strong Sterling Pound and Weak European Currencies in the Crises: Evidence from Covered Interest Parity of Secured Rates (2012)
  • Author(s): Shin-ichi Fukuda
  • Organizer: 2nd FEBS Conference to be held in London
  • Place of Presentation: Financial Engineering and Banking Society
• [Presentation] Strong Sterling Pound and Weak European Currencies in the Crises (2012)
  • Author(s): Shin-ichi Fukuda
  • Organizer: 2nd FEBS Conference
  • Place of Presentation: ESCP Business School, London
• [Presentation] Stock Price Targeting and Fiscal Deficit in Japan : Why Did the Fiscal Deficit Increase during Japan's Lost Decades? (2011)
  • Author(s): Shin-ichi Fukuda
  • Organizer: Asia Pacific Economic Association
  • Place of Presentation: 韓国・釜山プサン国立大学
  • Year and Date: 2011-06-24
• [Presentation] 'Stock Price Targeting' and Fiscal Deficit in Japan: Why was Japan's Fiscal Deficit Accelerated in the Lost Decades? (2011)
  • Author(s): Shin-ichi Fukuda and Junji Yamada
  • Organizer: The 7th APEA Conference held in Busan
  • Place of Presentation: South Korea
• [Presentation] Regional Liquidity Risk and Covered Interest Parity during the Global Financial Crisis: Evidence from Tokyo, London, and New York (2011)
  • Author(s): Shin-ichi Fukuda
  • Organizer: 24th Australasian Finance & Banking Conference
  • Place of Presentation: Shangri-La Hotel in Sydney, Australia.
• [Presentation] Stock Price Targeting and Fiscal Deficit in Japan : Why Did the Fiscal Deficit Increase during Japan's Lost Decades? (2011)
  • Author(s): Shin-ichi Fukuda
  • Organizer: Asia Pacific Economic Association
  • Place of Presentation: Busan, Korea
• [Presentation] Regional Liquidity Risk and Covered Interest Parity during the Global Financial Crisis : Evidence from Tokyo, London, and New York (2011)
  • Author(s): Shin-ichi Fukuda
  • Organizer: Australasian Finance & Banking Conference
  • Place of Presentation: Sydney, Australia
• [Presentation] Market-Specific and Currency-Specific Risk during the Global Financial Crisis: Evidence from the Interbank Markets in Tokyo and London (2010)
  • Author(s): Shin-ichi Fukuda
  • Organizer: 21st NBER Annual East Asian Seminar on Economics
  • Place of Presentation: held at Sydney, Australia
• [Presentation] 非伝統的金融政策:アカデミックな観点からの概念整理 (2010)
  • Author(s): 福田慎一
  • Organizer: 2010年度日本金融学会春季大会
  • Place of Presentation: 中央大学(招待講演)
• [Presentation] Market-specific and Currency-specific Risk during the Global Financial Crisis : Evidence from the Interbank Markets in Tokyo and London (2010)
  • Author(s): Shin-ichi Fukuda
  • Organizer: 2010年East Asian Seminar on Economics
  • Place of Presentation: Sydney
• [Presentation] Why Did "Zombie" Firms Recover in Japan? (2009)
  • Author(s): Shin-ichi Fukuda and Junichi Nakamura
  • Organizer: The 5th APEA Conference held in Santa Cruz
  • Place of Presentation: California, U. S. A.
• [Presentation] Why Did "Zombie" Finns Recover in Japan? (2009)
  • Author(s): Shin-ichi Fukuda
  • Organizer: Asia Pacific Economic Association
  • Place of Presentation: UC Santa Cruz
• [Presentation] 金融危機と中央銀行の役割:ゼロ金利政策、量的緩和政策、および信用緩和政策 (2009)
  • Author(s): 福田慎一
  • Organizer: 2009年度日本経済学会秋季大会
  • Place of Presentation: 専修大学(招待講演)
• [Presentation] 金融危機と中央銀行の役割:ゼロ金利政策、量的緩和政策、および信用緩和政策 (2009)
  • Author(s): 福田慎一
  • Organizer: 日本経済学会
  • Place of Presentation: 専修大学(招待講演)
• [Presentation] Why Did "Zombie" Firms Recover in Japan? (2009)
  • Author(s): Shin-ichi Fukuda, Junichi Nakamura
  • Organizer: Asia Pacific Economic Association
  • Place of Presentation: カリフォルニア大学サンタクルーズ校(カリフォルニア、米国)
• [Presentation] The Role of Monetary Policy under Quantitative Easing in Japan (2008)
  • Author(s): Shin-ichi Fukuda
  • Organizer: Asia Pacific Economic Association
  • Place of Presentation: 北京中央財経大学
• [Presentation] Macroeconomic Impacts of Foreign Exchange Reserve Accumulation: A Theory and Some International Evidence (2008)
  • Author(s): Shin-ichi Fukuda
  • Organizer: Korea and the World Economy
  • Place of Presentation: ソウル、韓国
• [Presentation] Macroeconomic Impacts of Foreign Exchange Reserve Accumulation: A Theory and Some International Evidence (2008)
  • Author(s): Shin-ichi Fukuda
  • Organizer: Australasian Meeting of the Econometric Societ
  • Place of Presentation: ウェリントン、ニュージーランド
• [Presentation] Infrequent Changes of the Policy Target: Robust Optimal Monetary Policy under Ambiguity (2008)
  • Author(s): Shin-ichi Fukuda
  • Organizer: Far Eastern and South Asian Meeting of the Econometric Society
  • Place of Presentation: シンガポール
• [Presentation] The Role of Monetary Policy under Quantitative Easing in Japan (2008)
  • Author(s): Shin-ichi Fukuda
  • Organizer: Asia-Pacific Economic Association
  • Place of Presentation: 北京、中国
• [Book] なぜ金融危機は起こるのか:金融経済研究のフロンティア (2013)
  • Author(s): 櫻川昌哉・福田慎一編著
  • Total Pages: 263
  • Publisher: 東洋経済新報社
• [Book] 金融論:市場と経済政策の有効性 (2013)
  • Author(s): 福田慎一
  • Total Pages: 315
  • Publisher: 有斐閣
• [Book] 有斐閣 (2013)
  • Author(s): 福田慎一
  • Total Pages: 315
  • Publisher: 金融論： 市場と経済政策の有効性
• [Book] マクロ経済学・入門(第4版) (2011)
  • Author(s): 福田慎一・照山博司
  • Total Pages: 444
  • Publisher: 有斐閣
• [Book] アジアの経済発展と金融システム:東南アジア編 (2008)
  • Author(s): 寺西重郎・福田慎一・奥田英信・三重野文晴編著
  • Publisher: 東洋経済新報社
• [Book] アジアの経済発展と金融システム:東南アジア編 (2008)
  • Author(s): 寺西重郎・福田慎一・奥田英信・三重野文晴編
  • Total Pages: 344
  • Publisher: 東洋経済新報社
• [Book] アジアの経済発展と金融システム:東北アジア編
  • Author(s): 寺西重郎・福田慎一・奥出英信・三重野文晴編著
  • Publisher: 東洋経済新報社