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DEBT RESTRUCTURING OF JAPANESE CORPORATIONS: EFFICIENCY OF FACTOR ALLOCATIONS AND THE DEBT-LABOR COMPLEMENTARITY

Tokuo Iwaisako, Chiaki Fukuoka and Takefumi Kanou
Hitotsubashi Journal of Economics
Vol. 54, No. 1 (June 2013), pp. 119-135
Published by: Hitotsubashi University
Stable URL: http://www.jstor.org/stable/43296264
Page Count: 17
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Since scans are not currently available to screen readers, please contact JSTOR User Support for access. We'll provide a PDF copy for your screen reader.
DEBT RESTRUCTURING OF JAPANESE CORPORATIONS: EFFICIENCY OF FACTOR ALLOCATIONS AND THE DEBT-LABOR COMPLEMENTARITY
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Abstract

Using the data from the Financial Statements Statistics of Corporations by Industry (FSSCI), we examine whether the decrease of corporate debt subsequent to the banking crisis in the late 1990s improved the efficiency of factor allocation at the microeconomic level. While the cross-sectoral movement of capital seems to have increased in the 2000s, negative profit is associated with the increase of corporate debt during the period of mild recovery in the mid-2000s. Thus even after the banking panic and the subsequent policy measures cleaned up major nonperforming loans, some nonnegligible number of "zombie firms" must have remained.

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