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Can the Financial Restraint Hypothesis Explain Japan's Postwar Experience?
http://hdl.handle.net/2261/2406
http://hdl.handle.net/2261/2406b05f6746-2bd5-4f02-8977-43bff154759b
| 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× 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 |
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| 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 | |||||
