Showing papers in "Hitotsubashi Journal of Economics in 2001"
TL;DR: In this paper, the authors investigated the extent to which rural households in developing countries are able to smooth consumption, using a theoretical model of full risk sharing, in which participating households have different risk and time preferences.
Abstract: This paper investigates the extent to which rural households in developing countries are able to smooth consumption, using a theoretical model of full risk sharing, in which participating households have di®erent risk and time preferences. A resulting rule of resource allocation is characterized in an intuitive way, clarifying the e®ects of diverse preferences. Empirical models are applied to a household panel data collected from rural India. Estimation results strongly support the heterogeneity in risk preferences. In contrast, little evidence is found in favor of the intertemporal resource allocation across households according to di®erences in time preferences.
23 citations
TL;DR: In this article, the authors analyzed the operational behavior and technical progress among Philippine domestic banks, using micro-level data on individual banks, and formally estimated the cost function of the banks using panel data covering a seven-year period (1990-96).
Abstract: This is to analyzes the operational behavior and technical progress among Philippine domestic banks, using micro-level data on individual banks. First, we summarize their major business activities and gain insight on how the structure is changing. Then, we formally estimate the cost function of Philippine domestic banks using panel data covering a seven-year period (1990-96). The presence of economies of scale and economies of scope is investigated and technical progress in the banking industry is measured. In addition, the results of analysis for the Philippines are compared with those of similar studies on Thailand conducted by the
10 citations
TL;DR: In this paper, the effects of various tax policies on the unemployment of an economy with a labour-efficiency function which shifts over time are analyzed, assuming that the production of the public good (educational output) is financed by the tax revenue.
Abstract: In this paper we make a dynamic analysis of the effects of various tax policies on the unemployment of an economy with a labour-efficiency function which shifts over time. Stock of knowledge, which is produced as a durable public good, accumulates over time; and the efficiency of the worker varies positively with the stock of knowledge in addition to wage and unemployment. We analyze the accumulation of physical capital and human capital stock (stock of knowledge) and the properties of long-run equilibrium of the system. The comparative steady-state effects on unemployment with respect to change in various tax rates are analyzed assuming that the production of the public good (educational output) is financed by the tax revenue. In many cases, these results are different from the corresponding comparative static results.
6 citations
TL;DR: In this paper, the internal rates of return to higher education using Japanese data for those who continued to work for the same firm were compared for female and male students under more equal ground than usual.
Abstract: This paper computes internal rates of return to higher education using Japanese data for those who continued to work for the same firm. This enables a comparison between female and male rates of return under more equal ground than usual. The results show that the rates of return to university education are higher for women than for men. However, those to female junior college education are quite low especially recently, though the usual computation method generates high rates. The backgrounds for these facts and the recent rapid increase in the rate of female enrollment in university are discussed.
4 citations
TL;DR: This paper showed that firms with a higher risk of shareholder intervention have lower deferred compensation and that any "breach" of implicit contracts is more likely to be driven by opportunistic reasons.
Abstract: Delayed rewards are often important to bond worker efforts and encourage investments in firm specific human capital. However, corporate control events, such as hostile takeovers, can be associated with reductions in the deferred compensation for long-term employees. If workers anticipate contractual breach, we show that firms with a higher risk of shareholder intervention have lower deferred compensation. Consequently, recent labour market developments and increased shareholder activism in Japan pose the potential for reduced stakeholder investments. However, econometric evidence using U.S. data provides scant support for the argument that any "breach" of implicit contracts is more likely to be driven by opportunistic reasons.
2 citations
TL;DR: In this paper, the authors examined the relationship between pay structure and the pattern of promotion within Japanese companies, with particular emphasis on the pay gap between employees in adjacent ranks in the hierarchy; i.e., between Bucho (division manager) and Kacho (subdivision manager).
Abstract: This paper examines the relationship between pay structure and the pattern of promotion within Japanese companies, with particular emphasis on the pay gap between employees in adjacent ranks in the hierarchy; ie, between Bucho (division manager) and Kacho (subdivision manager) One of the most important contributions of this paper, which examined data from a national survey, is that we use tournament theory to analyse pay gaps between employees in Japan, showing that there is a negative relationship between the pay gap and the possibility for promotion In addition, the pay gap becomes larger as an employee goes up the hierarchy
2 citations
TL;DR: In this article, the authors argue that the decline was deeper and longer, while recovery slower in a country or group of states where dichotomy between initial conditions and implemented policies larger, and shed a new light on the r,ole of. financial intermedition in otput decline in transitional economies.
Abstract: economic and social conditions; (2) the,disruptiqn,of the CM~A and the FSU; (3) shocks of deregulation and other factors connected with systemic transformation. The paper argues that the dutput decline was deeper and longer, while recovery slower in a country or group of states where dichotomy between initial conditions and implemented policies larger. ,It also attempts to ' shed a new light on the r,ole of. financial intermedition in otput decline in transitional economies.