The causes of the long stagnation in Japan

Tatsuyoshi Miyakoshi, Yoshihiko Tsukuda

Research output: Contribution to journalArticlepeer-review

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 languageEnglish
Pages (from-to)113-120
Number of pages8
JournalApplied Financial Economics
Volume14
Issue number2
DOIs
Publication statusPublished - 2004 Jan 15

ASJC Scopus subject areas

  • Finance
  • Economics and Econometrics

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