International Transmission of the 2007–2009 Financial Crisis: Evidence from Japan

Kaoru Hosono, Miho Takizawa and Kotaro Tsuru
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Miho Takizawa: Toyo University
Kotaro Tsuru: Keio University

The Japanese Economic Review, 2016, vol. 67, issue 3, No 4, 295-328

Abstract: Abstract We investigate the international transmission of the 2007–2009 financial crisis to Japanese firms by examining both stock returns and changes in operating performance during the crisis. Our results indicate that Japanese firms were affected by the crisis mainly through the trade channel in both stock returns and changes in operating performance. We also find that the liquidity channel played a role in the fall of stock returns in response to the crisis and in the changes in return on assets during the first year of the crisis. We obtain weak evidence for the credit crunch channel and no evidence to support the trade finance channel.

Keywords: F30; F40; G15 (search for similar items in EconPapers)
Date: 2016
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DOI: 10.1111/jere.12092

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