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Reports and Papers (2018)

PRI Discussion Papers

PRI “Discussion Paper” showcase fiscal and economic issues being developed by PRI Staff and/or Economists/Researchers. The purpose of this paper is to provide academic novelty on the issue.

The views expressed herein are those of the author and do not necessarily reflect the opinions of the Ministry of Finance or the Policy Research Institute. The author is entirely responsible for any errors in this paper.



Creation Date

Rationality of Corporate Cash Holdings(PDF:261KB)

Keywords: cash holdings, corporate governance, excess cash
JEL Classification: G32, G34
Chief Economist, Policy Research Institute

Ai Oku

Former Senior Economist, Policy Research Institute

Hayato Hashimoto

Researcher, Policy Research Institute

Keigo Watanabe

September 2018
Financial friction sources in emerging economies:Structural estimation of sovereign default models(PDF:2308KB)

Keywords: Sovereign default, Business cycles, Financial imperfections, Particle filter, Sequential Monte Carlo, Full nonlinear DSGE
JEL Classification: E32, E62, F41, F44
Senior Economist, Policy Research Institute, Ministry of Finance

Takefumi Yamazaki

February 2018


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Ministry of Finance, Policy Research Institute.