This Article Full Text (PDF) References Alert me when this article is cited Alert me if a correction is posted Services Email this article to a friend Similar articles in this journal Alert me to new issues of the journal Add to Saved Citations Download to citation manager Request Permissions Request Reprints Add to My Marked Citations Citing Articles Citing Articles via Google Scholar Citing Articles via Scopus Google Scholar Articles by Hayashida, M. Articles by Hewings, G. J. D. Search for Related Content Social Bookmarking                         What's this?

Regional Business Cycles in Japan

Socio-Economic Research Center, Central Research Institute of Electric Power Industry, Tokyo, Japan, m-haya{at}criepi.denken.or.jp

Geoffrey J. D. Hewings

Regional Economics Applications Laboratory, University of Illinois, Illinois, hewings{at}illinois.edu

In previous studies of regional business cycles in Japan, critical differences in the amplitudes and the turning points in business cycles by region were revealed. However, there is a problem in the previous studies; they relied on one series, typically an index of industrial production in manufacturing sectors, hence, it is necessary to include information on sectors other than manufacturing to provide a more complete measure of the business conditions of a region. Specifically, we extract a regional business index from four business indicators using the principal components and applied the regime switching model to identify the turning points in regional business cycles. Our result shows that the sector that generates the greatest influence on the business cycles differs by region. Furthermore, different regions have different features also from the viewpoint of the turning points of business cycles.

International Regional Science Review, Vol. 32, No. 2, 119-147 (2009)
DOI: 10.1177/0160017609332227


CiteULike    Complore    Connotea    Del.icio.us    Digg    Reddit    Technorati    Twitter    What's this?