Resource Reallocation and Zombie Lending in Japan in the '90s

We investigate the efficiency of resource reallocation in Japan during the 1990s, a decade of economic recession, by measuring aggregate productivity growth (APG) using a plant-level data set of manufacturers from 1981-2000. We find that resource reallocation contributed negatively to APG, mainly due to inefficient labor reallocation. A possible reason for the inefficient labor reallocation is misdirected bank lending or "zombie lending" to otherwise defunct plants. To quantify its impact, we develop a model with plant-level heterogeneity, calibrate it based on the results of plant-level productivity estimation, and conduct a counterfactual exercise. The results show that 37% of the actual decline in APG due to inefficient labor reallocation in Japan in the '90s is attributable to "zombie lending."

青森県民の健康寿命アップ対策としての「心疾患10年リスク」の活用について(青森県の健康寿命アップと保健大学の取り組み, 第2回青森県立保健大学学術研究集会)

publisher青森市国立情報学研究所の「学術雑誌公開支援事業」により電子化されました

Species habitat associations in an old-growth beech forest community organised by landslide disturbances

<p>In order to understand the processes that govern tree species’ spatial associations with habitats in landslide-affected forest communities, we investigated the habitat associations of six major tree species in an old-growth beech forest community located on a steep flank slope where landslides had occurred. All stems ≥ 5cm in diameter at breast height were mapped on a 1.14 ha polygonal plot and the topographic conditions (slope inclination and convexity), canopy state, and forest floor vegetation (i.e. dwarf bamboo and fern cover) were assessed. Most stems of <i>Fagus crenata</i> and <i>Acer japonicum</i> as well as many stems of <i>Magnolia obovata</i> belonging to the canopy layer were located on sites with low fern cover, whereas many stems of <i>M. obovata</i> below the canopy layer were associated with sites having high dwarf bamboo cover. The locations of the two <i>Acer</i> species belonging to the canopy and lowest layers coincided with sites having convex topography. Stems of <i>Aesculus turbinata</i> below the canopy layer were generally found on sites with gentle slopes, whereas most stems of <i>Quercus crispula</i> coincided with steeply sloping sites. While the results demonstrate that steep slopes created as landslide headscarps provide suitable habitats for species with less shade tolerance, it should be noted that there were few consistent patterns of habitat association across the layers. Our results suggest that unpredictable sporadic landslide disturbances with varying intensities and spatial scales, and their recursiveness, are at least partly responsible for habitat association patterns observed in the forest community.</p