2024-03-29T10:28:58Z
https://repository.dl.itc.u-tokyo.ac.jp/oai
oai:repository.dl.itc.u-tokyo.ac.jp:00042267
2022-12-19T04:17:27Z
62:7433:7434
9:7435:7436
Did the Credit Crunch in Japan Affect Household Welfare? An Augmented Euler Equation Approach Using Type 5 Tobit Model
Sawada, Yasuyuki
97260
Nawata, Kazumitsu
97261
Ii, Masako
97262
Lee, Jeong-Joon
97263
330
Credit crunch
Consumption Euler equation
Credit constraints
application/pdf
We investigate whether the credit crunch in Japan affected household welfare and the manner in which it did. We augment the theoretical framework of a consumption Euler equation with endogenous credit constraints and estimate it with household panel data for 1993-1999, generating several empirical findings. First, a small portion of the people faced credit constraints in Japan before and after the financial crisis in 1997. Accordingly, our results reject the standard consumption Euler equation. Second, the credit crunch affected household welfare negatively, albeit not seriously, after 1997. Our results corroborate that the credit crunch in Japan was supply-driven.
本文フィルはリンク先を参照のこと
technical report
日本経済国際共同センター
2007-05
Discussion paper series. CIRJE-F
CIRJE-F-498
AA11450569
eng
http://www.cirje.e.u-tokyo.ac.jp/research/dp/2007/2007cf498ab.html
metadata only access