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Are Japanese Firms Becoming More Independent from Their Banks? : Evidence from the Firm-Level Data of the "Corporate Enterprise Quarterly Statistics," 1994-2009
http://hdl.handle.net/2261/50201
http://hdl.handle.net/2261/502015bc8dd8e-41d3-4278-b09b-bb174162aaca
| Item type | テクニカルレポート / Technical Report(1) | |||||
|---|---|---|---|---|---|---|
| 公開日 | 2013-05-31 | |||||
| タイトル | ||||||
| タイトル | Are Japanese Firms Becoming More Independent from Their Banks? : Evidence from the Firm-Level Data of the "Corporate Enterprise Quarterly Statistics," 1994-2009 | |||||
| 言語 | ||||||
| 言語 | eng | |||||
| キーワード | ||||||
| 主題Scheme | Other | |||||
| 主題 | Corporate Enterprise Quarterly Statistics | |||||
| キーワード | ||||||
| 主題Scheme | Other | |||||
| 主題 | independence of Japanese firms from the banks | |||||
| キーワード | ||||||
| 主題Scheme | Other | |||||
| 主題 | financial crisis | |||||
| キーワード | ||||||
| 主題Scheme | Other | |||||
| 主題 | crisis of financial institutions | |||||
| キーワード | ||||||
| 主題Scheme | Other | |||||
| 主題 | JEL classifications: E44, E61, G21, G32, G33, N25 | |||||
| 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 |
Miwa, Yoshiro
× Miwa, Yoshiro |
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| 著者所属 | ||||||
| 著者所属 | Department of Economics, The University of Tokyo | |||||
| 抄録 | ||||||
| 内容記述タイプ | Abstract | |||||
| 内容記述 | The Ministry of Finance's "Corporate Enterprise Quarterly Statistics" (Hojin kigyo tokei kiho) is the only statistical source of well-balanced information about the financing behavior of Japanese firms. Indeed, there are few comparable sources available anywhere in the world. Using this firm-level data set from 1994 to 2009, I investigate the financing behavior of Japanese firms with over \10 million in paid-in capital. The conclusions contrast sharply with the conventional wisdom.//Much of the research and policy discussions about Japanese finance begin from the premise that banks play a decisive role in firm behavior. This paper shows that firms have maintained a dependence on financial institutions well below the level that the conventional wisdom has claimed. Under the recent "zero-interest-rate, quantity easing" monetary policy, this "independence of the firms from the banks" has increased further. This tendency is clearest among the smaller firms. In turn, this first conclusion raises doubts about the plausibility of the basic premise of research and policy debate on financial issues, and leads us to question whether observers may not have confused a "crisis of financial institutions" with a "financial crisis". Investigation into firm financing behavior under the "financial crisis" from the end of 1997 to the beginning of 1999 does indeed suggest that it was a fiasco caused by the confusion of a "crisis of financial institutions" with a "financial crisis". | |||||
| 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 CIRJE-F-808, 発行日 2011-07 |
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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 | 335 | |||||
| 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/2011/2011cf808ab.html | |||||
