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International Transmission of the 2008-09 Financial Crisis: Evidence from Japan

  • HOSONO Kaoru
  • TAKIZAWA Miho
  • TSURU Kotaro

We investigate the international transmission of the financial crisis in 2008-2009 to Japanese firms by examining both the stock price responses to the crisis events and the changes in operating performance subsequent to the crisis. Both the stock price responses and ex-post operating performance consistently indicate that the crisis hit Japanese firms through the trade and liquidity channels. The quantitative effects of the two channels, however, differ between the two performance measures-the stock market weighed more on the liquidity channel than the trade channel, while ex-post operating performance indicate that the latter played a more important role than the former in transmitting the crisis to Japanese firms.

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Paper provided by Research Institute of Economy, Trade and Industry (RIETI) in its series Discussion papers with number 13010.

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Length: 34 pages
Date of creation: Feb 2013
Date of revision:
Handle: RePEc:eti:dpaper:13010
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  1. Bricongne, J-C. & Fontagné, L. & Gaulier, G. & Taglioni, D. & Vicard, V., 2009. "Firms and the global crisis: French exports in the turmoil," Working papers 265, Banque de France.
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  15. HOSONO Kaoru & TAKIZAWA Miho & TSURU Kotaro, 2011. "International Transmission of the 2008 Crisis: Evidence from the Japanese stock market," Discussion papers 11050, Research Institute of Economy, Trade and Industry (RIETI).
  16. Popov, Alexander & Udell, Gregory F., 2012. "Cross-border banking, credit access, and the financial crisis," Journal of International Economics, Elsevier, vol. 87(1), pages 147-161.
  17. Charles Engel & Jian Wang, 2007. "International trade in durable goods: understanding volatility, cyclicality, and elastics," Globalization and Monetary Policy Institute Working Paper 03, Federal Reserve Bank of Dallas.
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