Relation-based Transactions and Long-term Performance of the Japanese Economy

2014 Fiscal Year Final Research Report

• Project/Area Number: 23330060
• Research Category: Grant-in-Aid for Scientific Research (B)
• Allocation Type: Single-year Grants
• Section: 一般
• Research Field: Economic theory
• Research Institution: Tohoku University
• Principal Investigator: KITAGAWA Akiomi 東北大学, 経済学研究科(研究院), 教授 (60262127)
• Co-Investigator(Kenkyū-buntansha): OHTA Souichi 慶應義塾大学, 経済学部, 教授 (60262838) ; TERUYAMA Hiroshi 京都大学, 経済研究所, 教授 (30227532) ; SHIBATA Akihisa 京都大学, 経済研究所, 教授 (00216003)
• Project Period (FY): 2011-04-01 – 2015-03-31
• Keywords: 関係指向性 / 市場指向性 / 長期取引関係 / 経済成長 / 構造変化

Outline of Final Research Achievements

We examined empirically and theoretically the causes of the poor performance of the Japanese economy after 1990s, with a special reference to some “long-term relation-based transactions” that have characterized the economy. In response to the economic environment that changed in the latter half of 1980s, Japanese firms attempted to switch some part of their transactions from the conventional relation-based ones to the market-based ones. However, our empirical researches found that this transition to the market-based transactions was limited, and thus that the Japanese economy was still based on the relation-based transactions such as lifelong employment and loans to affiliates. We also constructed some models that can explain this robustness of the relation-based transactions.

Free Research Field

マクロ経済学