Public Investment and Stock Price Returns: The Case of Japan

• 발행기관: 한국재정학회(구 한국재정·공공경제학회)
• 저자명: Tomomi Miyazaki Kazuki Hiraga Masafumi Kozuka 
• 간행물 정보: 『한국재정학회 학술대회 논문집』2017년도 추계학술대회 논문집, 1~19쪽, 전체 19쪽
• 주제분류: 경제경영 > 경제학
• 파일형태: PDF
• 발행일자: 2017.09.30

영문 초록

This research examines the effects of public investment on stock price returns using the Japan’s cross-industry data. To do so, we calculate the impulse response function by local projection method. The empirical results show that public investment has a positive impact on stock price returns. We observe this mainly for manufacturing industries both in quarterly and annual data. However, the policy effects after the 1990s was not necessarily large enough to stimulate the economy. Our empirical evidence on the post high-growth era in Japan suggests that public investment has been partly useful to support the revitalization of stock market.

목차

1. Introduction

2. Background: Public infrastructure investment and stock target policy in

Japan

3. Empirical framework First, in order to estimate IRFs, for each future pe

4. Empirical Results

5. Conclusion

키워드

Public investment in Japan Stock price targeting Local projection method