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DISCUSSION PAPER SERIES

Unpublished papers on research results written by RICF research staff, as well as other researchers, to stimulate broad-based commentary, including from academics and policy makers (only English-language papers posted).

DBJ Discussion Paper Series

No. Title Author(s) PDF Date
1702 Corporate Governance and Corporate Performance under Market Socialism: Empirical Analysis of Listed Companies in China Wang, Le
Liu, Qun
Hanazaki, Masaharu
PDF
[PDF:1.7M]
10/2017
1701 Labor Productivity Stagnation, the Radical Quantitative Easing Monetary Policy, and Disinflation Otaki, Masayuki PDF
[PDF:230K]
9/2017
1606 A Theory on Origin of Speculative Bubbles and Public Debt Accumulation Otaki, Masayuki PDF
[PDF:582K]
11/2016
1605 Corporate Environmental Liabilities and Capital Structure Chang, Xin
Fu, Kangkang
Li, Tao
Tam, Lewis H.K.
Wong, George
PDF
[PDF:814K]
9/2016
1604 The Real Effect of Financial Innovation: Evidence from Credit Default Swaps Trading and Corporate Innovation Chang, Xin
Chen, Yangyang
Wang, Sarah Qian
Zhang, Kuo
Zhang, Wenrui
PDF
[PDF:909K]
9/2016
1603 Gains from Mergers and Acquisitions in Japan Fatemi, Ali
Fooladi, Iraj
Garehkoolchian, Niloofar
PDF
[PDF:567K]
9/2016
1602 A Theory of Quantitative Easing Policy and Negative Interest Policy Based on the Japanese Experience Otaki, Masayuki PDF
[PDF: 64K]
6/2016
1601 Testing Symmetry of Unknown Densities via Smoothing with the Generalized Gamma Kernels Hirukawa, Masayuki
Sakudo, Mari
PDF
[PDF:353K]
5/2016
1503 Ramsey's Belief and the Plausibility of Keynesian Economics Otaki, Masayuki PDF
[PDF: 79K]
11/2015
1502 Public Debt as a Burden on the Future Generation: A Keynesian Approach Otaki, Masayuki PDF
[PDF:227K]
10/2015
1501 On the Limit of Human Cognition: Is Artisanship always Dominated by Profit Motive? Otaki, Masayuki PDF
[PDF:101K]
4/2015
1405 Conventional and Unconventional Votes: A Tale of Three Monetary Policy Committees Asako, Kazumi
Spencer, Christopher
PDF
[PDF:846K]
8/2014
1404 Amenity Potential, Private Benefits of Control, and the Value of Levered Family Firms Margsiri, Worawat PDF
[PDF:729K]
8/2014
1403 Equity Market Liberalization and Equity Issuance McLean, David
Pontiff, Jeffrey
Zhao, Mengxin
PDF
[PDF:611K]
6/2014
1402 Asian Pennies are not Like US Pennies Pavabutr, Pantisa
Rhee, Ghon
Sirodom, Kulpatra
Tian, Gloria
PDF
[PDF:375K]
6/2014
1401 Family of the Generalized Gamma Kernels: A Generator of Asymmetric Kernels for Nonnegative Data Hirukawa, Masayuki
Sakudo, Mari
PDF
[PDF:389K]
6/2014
1308 Efficacy in Education and Intergenerational Affluence Otaki, Masayuki PDF
[PDF:173K]
3/2014
1307 Income Disparity, Uneven Economic Opportunities, and Verifiability Otaki, Masayuki PDF
[PDF:154K]
1/2014
1306 On the Function of Gold Standard in Idealism and in Reality Otaki, Masayuki PDF
[PDF:246K]
1/2014
1304 Misallocation of Capital During Japan's Lost Two Decades Fujii, Daisuke
Nozawa, Yoshio
PDF
[PDF:699K]
6/2013
1302 Monetary Economic Growth Theory under Prefect and Monopolistic Competitions Otaki, Masayuki
Tamura, Masaoki
PDF
[PDF: 93K]
5/2013
1301 Employee Representation and Board Size in the Nordic Couniries Thomsen, Steen
Rose, Caspar
Kronborg, Dorte
PDF
[PDF:218K]
5/2013
1214 Corporate Bond Premia Nozawa, Yoshio PDF
[PDF:441K]
3/2013
1212 Can Bailout Improve the Economic Welfare? A Structural Derivation of the Option Price Otaki, Masayuki PDF
[PDF:192K]
3/2013
1211 Show Me the Money: Japan's Most Profitable Companies in the 2000s Schaede, Ulrike PDF
[PDF:580K]
1/2013
1210 What Determines CDS Prices? Evidence from the Estimation of Protection Demand and Supply Miyakawa, Daisuke
Watanabe, Shuji
PDF
[PDF:507K]
12/2012
1209 Nonparametric Multiplicative Bias Correction for Kernel-Type Density Estimation Using Positive Data Hirukawa, Masayuki
Sakudo, Mari
PDF
[PDF:460K]
12/2012
1205 The Stability of a Regionally Fixed Exchange Rate System: Can Euro be Sustained by Austere Fiscal Discipline? Otaki, Masayuki PDF
[PDF: 92K]
9/2012
1204 A Macroeconomic Consequence of Foreign Direct Investment: The Welfare Economics of Industrial Hollowing Otaki, Masayuki PDF
[PDF:202K]
7/2012
1203 A Study on Lucas' “Expectations and the Neutrality of Money” Otaki, Masayuki PDF
[PDF:129K]
7/2012
1201 A Microeconomic Foundation for Optimum Currency Areas: The Case for Perfect Capital Mobility and Immobile Labor Forces Otaki, Masayuki PDF
[PDF:114K]
5/2012
1106 A Keynesian Endogenous Growth Theory with a Rigorous Microeconomic Foundation Otaki, Masayuki PDF
[PDF: 77K]
2/2012
1105 The Aggregation Problem in Employment Theory: The Representative Individual or Indivisible Employees Models? Otaki, Masayuki PDF
[PDF: 94K]
1/2012
1104 The Role of Money: Credible Asset or Numeraire? Otaki, Masayuki PDF
[PDF:344K]
1/2012
1103 The Employment-Isolation Effect under a Flexible Exchange Rate Otaki, Masayuki PDF
[PDF: 84K]
12/2011
1102 On the Function of Key Currency Otaki, Masayuki PDF
[PDF:269K]
12/2011
1101 Risk Management in Corporate Financial Policy Margsiri, Worawat
Mello, Antonio S.
PDF
[PDF:513K]
7/2011
1007 On the Function of Money in the Search Model Otaki, Masayuki PDF
[PDF:301K]
3/2011
1006 Sustainability, Endogenous Social Discount Rate, and Proportional Carbon Tax Otaki, Masayuki PDF
[PDF: 86K]
1/2011
1005 Exact Microeconomic Foundation for the Phillips Curve under Complete Markets: A Keynesian View Otaki, Masayuki
Tamai, Yoshihiro
PDF
[PDF: 99K]
1/2011
1004 Walking After Midnight: Measurements and Pricing Implications of Market Liquidity on Corporate Bonds Miyakawa, Daisuke
Watanabe, Shuji
PDF
[PDF:1.2M]
10/2010
1003 Can Analysts Analyze Mergers? Tehranian, Hassan
Zhao, Mengxin
Zhu, Julie L.
PDF
[PDF:1.0M]
9/2010
1002 Bureaucrats as Managers: Evidence from China Fan, Joseph P. H.
Huang, Jun
Oberholzer-Gee, Felix
Zhao, Mengxin
PDF
[PDF:189K]
9/2010
1001 Why Do Shareholders Value Marriage? Bunkanwanicha, Pramuan
Fan, Joseph P. H.
Wiwattanakantang, Yupana
PDF
[PDF:249K]
6/2010
0906 A Pure Theory of Aggregate Price Determination Otaki, Masayuki PDF
[PDF:121K]
6/2010
0905 Bagging and Forecasting in Nonlinear Dynamic Models Sakudo, Mari PDF
[PDF:535K]
12/2009
0904 Adoptive Expectations: Rising Sons in Japanese Family Firms Mehrotora,Vikas
Morck, Randall
Shim, Jungwook
Wiwattanakantang, Yupana
PDF
[PDF:538K]
9/2009
0903 How Does the Stability of Loan Relations Depend on its Duration? Evidence from Firm- and Bank-Level Data Miyakawa, Daisuke PDF
[PDF:411K]
7/2009
0902 The Towards a Portfolio-of- Private-Equity-Funds-Value-at-Risk Model Meyer, Thomas 4/2009
0901 The Challenge of Modelling Risks for Portfolios of Private Equity Funds Meyer, Thomas 4/2009
0804 A Dynamic Equilibrium Model for Relationship-Lending Miyakawa, Daisuke PDF
[PDF:282K]
3/2009
0801 Income Inequality over Boom, Slump and Recovery: Japan 1963-2005 James, Jason
Kattuman, Paul A
PDF
[PDF:248K]
7/2008
0610 Involuntary Unemployment Emerging from Dynamic General-Equilibrium Analysis Otaki, Masayuki 2/2007
0608 Silent Large Shareholders and Entrenched Bank Management: Evidence from the Banking Crisis in Japan Hanazaki, Masaharu
Souma, Toshiyuki
Wiwattanakantang, Yupana
1/2007
0606 The dynamically extended Keynesian cross and the welfare-improving fiscal policy Otaki, Masayuki 12/2006
0504 Corporate Governance and Investment in East Asia: An Empirical Analysis of Family-Controlled Firms Hanazaki, Masaharu
Qun, Liu
2/2006
0502 Asian Corporate Governance and Firm Performance -The Empirical Analysis of Asian Crisis- Hanazaki, Masaharu
Qun, Liu
6/2005
0501 From Cherry Picking to Bottom Feeding: A source of bank problems in Japan Sung Wook, Joh
Chiu, Ming Ming
4/2005
0405 Excess bankruptcy and excess refinancing in multiple-source financing Kasahara, Tetsuya 12/2004
0403 The Economics of The Structure of The Japanese Firm: A Survey Hillas, John 6/2004
0401 The Asian Crisis and Corporate Governance-Ownership Structure, Debt Financing, and Corporate Diversification Hanazaki, Masaharu
Qun, Liu
4/2004
0301 Delegated Contracting and Corporate Hierarchies Choe, Chongwoo 1/2004
0203 Structural Change and the Labour Market Effects of Globalisation Gaston, Noel
Nelson, Douglas
12/2002
0201 Corporate Governance and Japan's Choice: A Reinterpretation of the Lost Decade Waldenberger, Franz
Ohoka, Satoshi
5/2002
0103 The Ups and Downs of the Financial System in Postwar Japan -Evidence from the Manufacturing Sector- Hanazaki, Masaharu
Horiuchi, Akiyoshi
12/2001
0006 Econometric Evaluation of the Lack of Risk Sharing and Imperfect Financial Integration Okubo, Masakatsu 3/2001
0005 How Does Trade Affect the Labor Market? Evidence from Japanese Manufacturing Sakurai, Kojiro 3/2001
0003 Efficiency of the Japanese Financial System in the Postwar Period Hanazaki, Masaharu
Horiuchi, Akiyoshi
7/2000
0002 A comparison of Japanese and U.S. price indexes and a new approach to their measurement Matsumoto, Kazuyuki 6/2000
0001 Exchange Rates and Corporate Exposure: Evidence from Japanese Dekle, Robert 4/2000

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RCGW Discussion Paper Series

No. Title Author(s) PDF Date
59 The Mechanism of High-tech Industrial Cluster Formation: An Empirical Study on the Process of ICT Cluster Formation in Oulu, Finland Takashi Sasano PDF
[PDF:2.2M]
4/2016
58 Artisanship, Meritocracy, and Apathy Masayuki Otaki PDF
[PDF:592K]
4/2016
57 Modified Ramsey Rule and Optimal Carbon Price Masayuki Otaki PDF
[PDF:301K]
3/2016
56 Properties of the Social Discount Rate and Negative Intertemporal Externality in the Utility or Production Function Masayuki Otaki PDF
[PDF:210K]
2/2016
55 Modified Ramsey Rule, Optimal Carbon Tax and Economic Growth Morio Kuninori
Masayuki Otaki
PDF
[PDF:350K]
2/2016
53 The Revelation of the Time Preference Rate and Intertemporal Negative Externality Morio Kuninori
Masayuki Otaki
PDF
[PDF:452K]
10/2015
52 On the Economic Properties of the CDM: Does Emissions Trading Contribute to Global Warming Problem? Morio Kuninori
Masayuki Otaki
PDF
[PDF:128K]
6/2015
50 Local Altruism as an Environmental Ethic in CO2 Emissions Control Masayuki Otaki PDF
[PDF:1.0M]
10/2014
46 Emission Trading or Proportional Carbon Tax: A Quest for More Efficacious Emission Control Masayuki Otaki PDF
[PDF:326K]
8/2013
43 Cities and Heat-island Katsuhisa Uchiyama PDF
[PDF:428K]
7/2011
42 The Agglomeration of Learned Skills and the Role of Regional Community Hisashi Yaginuma PDF
[PDF:383K]
7/2011
41 Preserving Our Grasslands: Learning from Aso-City Residents Choose Cooperation Masanao Maeda PDF
[PDF:454K]
7/2011
40 Linking City and Farm Village: An Experiment to Rebuild Abundant Farm Community Hiromichi Kaneko PDF
[PDF:314K]
7/2011
39 Cities and Material Flows Tadahiro Mitsuhashi PDF
[PDF:653K]
7/2011
38 Reclaiming Public Space for People: The Roots of European Urban Regeneration Akiko Okabe PDF
[PDF:1.1M]
7/2011
28 Wage Differentials and Structure in the U.S. and Japan, 1960-2000: Purchasing Power Parities for Labor Input Koji Nomura
Jon D. Samuels
PDF
[PDF:867K]
9/2003
18 Japan's Global Warming Policy: Some Unresolved Issues Morio Kuninori 10/2002
16 Social Overhead Capital and Lindahl Equilibrium Hirofumi Uzawa 1997
15 The Element of Game Theory Hirofumi Uzawa 1997
14 A Game-theoretic Approach to the Problems of Economic Integration and Policy Cooperation Hirofumi Uzawa 1997
13 The Core of the Cooperative Game Associated with Oligopoly Firms Hirofumi Uzawa 1997
12 Lindahl Equilibrium and the Core of an Economy Involving Public Goods Hirofumi Uzawa 1996
11 Global Warming as a Cooperative Game Hirofumi Uzawa 1996
9 Pareto Optimality, Competitive Equilibrium, and Lindahl Equilibrium Hirofumi Uzawa 1995
8 Tradable Emission Permits, Pareto Optimality, and Lindahl Equilibrium Karl-Göran Mäler
Hirofumi Uzawa
1995
7 Static and Dynamic Externalities in the Theory of the Commons Hirofumi Uzawa 1994
5 Global Warming and Dynamic Theory of Imputation Hirofumi Uzawa 1994
4 An Endogenous Rate of Time Preference, the Penrose Effect, and Dynamic Optimality of Environmental Quality Hirofumi Uzawa 1993
3 Dynamic Duality Principles on Intertemporal Preference and Capital Accumulations Hirofumi Uzawa 1993
2 Towards a General Theory of Social Overhead Capital Hirofumi Uzawa 1992
1 The Tragedy of the Commons and the Theory of Social Overhead Capital Hirofumi Uzawa 1992

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Economic Analysis

No. Title Author(s) PDF Date
15 Global Warming, Proportional Carbon Taxes, and International Fund for Atmospheric Stabilization Hirofumi Uzawa PDF
[PDF:133K]
12/2009
14 Social Common Capital, Imputed Price, and Sustainable Development Hirofumi Uzawa PDF
[PDF:239K]
12/2009
13 Global Warming, Imputed Prices, and Sustainable Development Hirofumi Uzawa PDF
[PDF:129K]
12/2009