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This dissertation analyzes the mechanism of the stagnation in Japan after 1990, focusing on the relationship between the credit market and the productivity slowdown. The key mechanism is that the credit market has a function to reallocate the production resources from the less-productive to the more-productive producers, and that if this function is hampered, then the average productivity level of the economy falls and the productivity slowdown occurs. This dissertation consists of three chapters. Chapter 1 estimates the productivity growth rate in Japan, and confirms the productivity slowdown in the 1990's. Chapter 2 provides a heterogeneous agents model with different productivity levels of the agents, and analyzes how the restriction on collateral liquidation affects the productivity slowdown. This analysis links the feature of the Japanese credit market with the productivity slowdown after 1990. Chapter 3 analyzes the capital- and the investment-output ratios under a credit crunch, and shows that the credit market shock is consistent with the observed feature of these ratios in Japan after 1990. |
