2007, English, Article, Working paper edition: A comment on nishimura, nakajima, and kiyota's "does the natural selection mechanism still work in severe recessions? [electronic resource] : examination of the japanese economy in the 1990s / Tae Okada, Charles Yuji Horioka. Okada, Tae.

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Bookmark: http://trove.nla.gov.au/version/42809844
Published
  • Cambridge, MA : National Bureau of Economic Research, c2007.
Language
  • English

Edition details

Title
  • A comment on nishimura, nakajima, and kiyota's "does the natural selection mechanism still work in severe recessions? : examination of the japanese economy in the 1990s /​ Tae Okada, Charles Yuji Horioka.
Author
  • Okada, Tae.
Other Authors
  • Yuji Horioka, Charles.
  • National Bureau of Economic Research
Published
  • Cambridge, MA : National Bureau of Economic Research, c2007.
Medium
  • [electronic resource]
Series
Summary
  • "Nishimura et al. (2005) analyze the entry/​exit behavior of Japanese firms during the 1990s and find that relatively efficient firms exited while relatively inefficient firms survived during the banking-crisis period of 1996-97. They conclude that the natural selection mechanism (NSM) apparently malfunctions during severe recessions, but we offer a more plausible interpretation: NSM continued to function effectively even during this period, but aberrant banking practices caused a shift in the type of natural selection from directional to disruptive selection, with the most efficient as well as the least efficient firms being favored and firms of intermediate efficiency being selected against"--National Bureau of Economic Research web site.
Notes
  • Title from PDF file as viewed on 8/​21/​2007.
  • Includes bibliographical references.
  • Also available in print.
Technical Details
  • System requirements: Adobe Acrobat Reader.
  • Mode of access: World Wide Web.
Language
  • English
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