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  1. 117 経済学研究科・経済学部
  2. 70 日本経済国際共同センター
  3. Discussion Paper F series (in English)
  1. 0 資料タイプ別
  2. 60 レポート類
  3. 061 ディスカッションペーパー

Can the Financial Restraint Hypothesis Explain Japan's Postwar Experience?

http://hdl.handle.net/2261/2406
http://hdl.handle.net/2261/2406
b05f6746-2bd5-4f02-8977-43bff154759b
Item type テクニカルレポート / Technical Report(1)
公開日 2012-01-13
タイトル
タイトル Can the Financial Restraint Hypothesis Explain Japan's Postwar Experience?
言語
言語 eng
キーワード
主題Scheme Other
主題 Main banks
キーワード
主題Scheme Other
主題 total factor productivity
キーワード
主題Scheme Other
主題 banks'monitoring
キーワード
主題Scheme Other
主題 JEL classification numbers: G21, G28, G38
資源タイプ
資源 http://purl.org/coar/resource_type/c_18gh
タイプ technical report
アクセス権
アクセス権 metadata only access
アクセス権URI http://purl.org/coar/access_right/c_14cb
著者 Hanazaki, Masaharu

× Hanazaki, Masaharu

WEKO 96578

Hanazaki, Masaharu

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Horiuchi, Akiyoshi

× Horiuchi, Akiyoshi

WEKO 96579

Horiuchi, Akiyoshi

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著者所属
著者所属 Hitotsubashi University
著者所属
著者所属 University of Tokyo
抄録
内容記述タイプ Abstract
内容記述 While the Japanese banking sector seems to have disciplined borrower firms for inefficient management in the high growth era, its fragility was revealed by the serious non-performing loans since the early 1990s. According to 'the financial restraint hypothesis'advocated by Hellman, Murdock and Stiglitz (1996), the comprehensive competition-restricting regulation was effective in motivating banks to prudently monitor their client firms by giving the banks excess profit opportunities. The financial deregulation started at the beginning of the 1980s undermined banks'profitability and induced the banks to shirk monitoring. Thus, according to the financial restraint hypothesis, the Japan's bank crisis in the 1990s was a consequence of the financial deregulation in the 1980s. This paper criticizes the financial restraint hypothesis, and proposes the alternative hypothesis that the banking sector was potentially fragile even before the 1980s because the government was unable to penalize inefficiently managed banks in credible ways. The manufacturing firms, which were disciplined by competitive pressures from abroad, reduced their reliance on bank credit in the late 1970s, and non-traded good industries such as real estate became major borrowers of bank credit in the 1980s. This structural change in the bank credit market revealed the potential fragility of the Japanese banking sector. The empirical analyses based on more than 1,600 manufacturing firms supports the alternative hypothesis this paper proposes.
内容記述
内容記述タイプ Other
内容記述 本文フィルはリンク先を参照のこと
書誌情報 Discussion paper series. CIRJE-F

巻 CF-130, 発行日 2001-09
書誌レコードID
収録物識別子タイプ NCID
収録物識別子 AA11450569
フォーマット
内容記述タイプ Other
内容記述 application/pdf
日本十進分類法
主題Scheme NDC
主題 330
出版者
出版者 日本経済国際共同センター
出版者別名
Center for International Research on the Japanese Economy
関係URI
識別子タイプ URI
関連識別子 http://www.cirje.e.u-tokyo.ac.jp/research/dp/2001/2001cf130.pdf
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