The causes of the long stagnation in Japan

Tatsuyoshi Miyakoshi; Yoshihiko Tsukuda

doi:10.1080/0960310042000176380

The causes of the long stagnation in Japan

Tatsuyoshi Miyakoshi, Yoshihiko Tsukuda

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9 Citations (Scopus)

Abstract

The paper investigates whether the Japanese bank lending causes the long stagnation in the 1990s and if so whether this effect on the growth is more persistent than in the 1980s. Applying a VAR model for the annual prefecture panel data, the former can be verified by Granger causality test and the latter by impulse response function. There exists only one way causality from the loan to the GDP in the slump periods, while two way causalities exist in the 1980s. The shock in the loan equation is less persistent than the shock in GDP in the 1980s, but the persistence is reversed in the 1990s.

Original language	English
Pages (from-to)	113-120
Number of pages	8
Journal	Applied Financial Economics
Volume	14
Issue number	2
DOIs	https://doi.org/10.1080/0960310042000176380
Publication status	Published - 2004 Jan 15

ASJC Scopus subject areas

Finance
Economics and Econometrics

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title = "The causes of the long stagnation in Japan",

abstract = "The paper investigates whether the Japanese bank lending causes the long stagnation in the 1990s and if so whether this effect on the growth is more persistent than in the 1980s. Applying a VAR model for the annual prefecture panel data, the former can be verified by Granger causality test and the latter by impulse response function. There exists only one way causality from the loan to the GDP in the slump periods, while two way causalities exist in the 1980s. The shock in the loan equation is less persistent than the shock in GDP in the 1980s, but the persistence is reversed in the 1990s.",

author = "Tatsuyoshi Miyakoshi and Yoshihiko Tsukuda",

note = "Funding Information: ACKNOWLEDGEMENT An earlier version of this paper was presented at the 2001 Applied Regional Science Conference, at the 2002 seminar in Honam University, and at the 2002 Western Economic Association International Conference. The authors are grateful for helpful comments from Sangho Kim, Komei Sasaki Toshihiko Miyagi, Benjamin N. Dennis, and many participants. The research of Miyakoshi was supported by Grant-in-Aid 13630104 of Ministry of Education, Culture, Sport, Science and Technology of Japan.",

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