Does the natural selection mechanism still work in severe recessions? Examination of the Japanese economy in the 1990s

Kiyohiko G. Nishimura, Takanobu Nakajima, Kozo Kiyota

研究成果: Article査読

77 被引用数 (Scopus)

抄録

This paper investigates whether the natural selection mechanism (NSM) of economic Darwinism works in severe recessions. Based on micro data, we constructed a comprehensive firm-level panel dataset for Japan from 1994 to 1998 to analyze a firm's entry, survival, and exit and its relationship with TFP. Empirical results show that efficient firms in terms of TFP exited while inefficient ones survived in the banking-crisis period of 1996-1997. Further, this phenomenon is observed mainly for new entrants and contributes substantially to a fall in macro TFP after 1996. These facts strongly suggest a malfunctioning of NSM in severe recessions.

本文言語English
ページ(範囲)53-78
ページ数26
ジャーナルJournal of Economic Behavior and Organization
58
1
DOI
出版ステータスPublished - 2005 9 1

ASJC Scopus subject areas

  • Economics and Econometrics
  • Organizational Behavior and Human Resource Management

フィンガープリント 「Does the natural selection mechanism still work in severe recessions? Examination of the Japanese economy in the 1990s」の研究トピックを掘り下げます。これらがまとまってユニークなフィンガープリントを構成します。

引用スタイル