Did the Financial Crisis in Japan Affect Household Welfare Seriously?
AbstractWe investigate whether and how the credit crunch during the financial crisis in Japan affected household welfare. We estimate the consumption Euler equation with endogenous credit constraints using household panel data for 1993â1999, generating several findings. First, a small but non-negligible portion of the households faced credit constraints during the crisis, rejecting the standard consumption Euler equation. Second, the credit crunch affected household welfare negatively, albeit not seriously. The estimated welfare loss ranges between two to ten percent increases in marginal utility, depending on income level. Finally, our results corroborate that the credit crunch in Japan was supply-driven.
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Bibliographic InfoArticle provided by Blackwell Publishing in its journal Journal of Money, Credit and Banking.
Volume (Year): 43 (2011)
Issue (Month): (03)
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Web page: http://www.blackwellpublishing.com/journal.asp?ref=0022-2879
Other versions of this item:
- Yasuyuki Sawada & Kazumitsu Nawata & Masako Ii & Mark J. Lee, 2010. "Did the Financial Crisis in Japan Affect Household Welfare Seriously?," Working Papers 2010-11, Towson University, Department of Economics, revised Apr 2010.
- D91 - Microeconomics - - Intertemporal Choice - - - Intertemporal Household Choice; Life Cycle Models and Saving
- E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
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Blog mentionsAs found by EconAcademics.org, the blog aggregator for Economics research:CitEc Project, subscribe to its RSS feed for this item.
- Assaf Razin & Steven Rosefielde, 2011.
"Currency and Financial Crises of the 1990s and 2000s,"
CESifo Economic Studies,
CESifo, vol. 57(3), pages 499-530, September.
- Assaf Razin & Steven Rosefielde, 2011. "Currency and Financial Crises of the 1990s and 2000s," NBER Working Papers 16754, National Bureau of Economic Research, Inc.
- Razin, Assaf & Rosefielde, Steven, 2011. "Currency and Financial Crises of the 1990s and 2000s," CEPR Discussion Papers 8264, C.E.P.R. Discussion Papers.
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