Balance Sheet Repair and Corporate Investment in Japan
| Autor: | Joong S Kang |
|---|---|
| Rok vydání: | 2014 |
| Předmět: |
media_common.quotation_subject
Monetary economics Investment (macroeconomics) Market liquidity Debt Financial crisis Business sector General Earth and Planetary Sciences Corporate investment Corporate sector Econometric models Capital Balance sheets Japan Investment Growth capital stock financial crisis global financial crisis capital market Balance sheet Profitability index Business Capital market General Environmental Science media_common |
| Zdroj: | SSRN Electronic Journal. |
| ISSN: | 1556-5068 |
| DOI: | 10.2139/ssrn.2487899 |
| Popis: | We trace Japanese firms’ behavior over the last decades using aggregate corporate balance sheet data. Financial health of Japanese corporate sector has improved and firms paid back significant amount of debt and rebuilt their liquidity buffers. They also expanded abroad while the pace of corporate investment moderated. Regarding the latter, model estimates on aggregate corporate investment over the post bubble period show that expectation about future profitability, in particular medium-term demand outlook, has been the major driver, implying that a successful implementation of structural reforms could have positive impact even in the near term by improving the medium-term demand outlook. |
| Databáze: | OpenAIRE |
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