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Financial Distress and Employment: The Japanese Case in the 90s

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Author Info
Kazuo Ogawa

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Abstract

We examine quantitatively the extent to which financial distress in the 1990s affected employment behavior in Japan. Based on the firm-level panel data that include small firms, we estimate dynamic labor demand function, taking the impact of financial distress on employment into consideration. We find that the firm's ratio of debt to total asset exerts a significantly negative effect on employment of small firms. We also find that employment of small firms is sensitively affected by lending attitude of financial institutions.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 9646.

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Date of creation: Apr 2003
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Handle: RePEc:nbr:nberwo:9646

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Find related papers by JEL classification:
E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
J2 - Labor and Demographic Economics - - Demand and Supply of Labor

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  1. Ignacio Hernando & Carmen Martínez-Carrascal, 2003. "The impact of financial variables on firms' real decisions: evidence from Spanish firm-level data," Banco de España Working Papers 0319, Banco de España. [Downloadable!]
  2. Kenn Ariga & Ryo Kambayashi, 2009. "Employment and Wage Adjustments at Firms under Distress in Japan: An Analysis Based upon a Survey," KIER Working Papers 668, Kyoto University, Institute of Economic Research. [Downloadable!]
  3. Adam S. Posen, 2003. "It Takes More than a Bubble to Become Japan," Peterson Institute Working Paper Series WP03-9, Peterson Institute for International Economics. [Downloadable!]
    Other versions:
  4. Takeo Hoshi & Anil K. Kashyap, 2004. "Japan's Financial Crisis and Economic Stagnation," Journal of Economic Perspectives, American Economic Association, vol. 18(1), pages 3-26, Winter. [Downloadable!] (restricted)
  5. ARIGA Kenn & KAMBAYASHI Ryo, 2009. "Employment and Wage Adjustments at Firms under Distress in Japan: An analysis based upon a survey," Discussion papers 09042, Research Institute of Economy, Trade and Industry (RIETI). [Downloadable!]
  6. Ignacio Hernando & Carmen Martínez-Carrascal, 2005. "The impact of financial variables on firms’ real decisions: evidence from Spanish firm-level data," BIS Papers chapters, in: Bank for International Settlements (ed.), Investigating the relationship between the financial and real economy, volume 22, pages 40-63 Bank for International Settlements. [Downloadable!]
  7. Agnese, Pablo & Sala, Hector, 2008. "The fading 1990s in Japan: Driving forces behind the unemployment upsurge," MPRA Paper 16501, University Library of Munich, Germany. [Downloadable!]
  8. Kazuo Ogawa, 2004. "Debt, R&D Investment and Technological Progress: A Panel Study of Japanese Manufacturing Firms in the 90s," ISER Discussion Paper 0607, Institute of Social and Economic Research, Osaka University. [Downloadable!]
  9. Andrew Benito & Ignacio Hernando, 2003. "Labour demand, flexible contracts and financial factors: new evidence from Spain," Banco de España Working Papers 0312, Banco de España. [Downloadable!]
  10. Se-Jik Kim, 2003. "Macro Effects of Corporate Restructuring in Japan," IMF Working Papers 03/203, International Monetary Fund. [Downloadable!]
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