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「追い貸し」と「貸し渋り」 : 優先権侵害の経済学
http://hdl.handle.net/2261/2783
http://hdl.handle.net/2261/27834e5afcf2-3190-4cb9-b675-d43f99fd0c77
Item type | テクニカルレポート / Technical Report(1) | |||||
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公開日 | 2013-06-03 | |||||
タイトル | ||||||
タイトル | 「追い貸し」と「貸し渋り」 : 優先権侵害の経済学 | |||||
言語 | ||||||
言語 | jpn | |||||
資源タイプ | ||||||
資源タイプ識別子 | http://purl.org/coar/resource_type/c_18gh | |||||
資源タイプ | 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 | |||||
その他のタイトル | ||||||
その他のタイトル | Perverse Incentives of Loan Supply and the Violation of Absolute Priority Rule in Japan : Credit Crunch and Excessive Additional Loan | |||||
著者 |
瀬下, 博之
× 瀬下, 博之× 山崎, 福寿 |
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著者別名 | ||||||
識別子Scheme | WEKO | |||||
識別子 | 97430 | |||||
姓名 | Seshimo, Hiroyuki | |||||
著者別名 | ||||||
識別子Scheme | WEKO | |||||
識別子 | 97431 | |||||
姓名 | Yamazaki, Fukuju | |||||
著者所属 | ||||||
値 | 専修大学商学部 | |||||
著者所属 | ||||||
値 | 上智大学経済学部 | |||||
抄録 | ||||||
内容記述タイプ | Abstract | |||||
内容記述 | As for recent Japanese bank behavior, there exist two inefficacies. One is credit crunch, that is, banks hesitate to lend money to new good projects. The other is excessive additional loan to bad-performing firms. These two perverse bank behaviors look like contradictive each other. In this paper, we explain these contradictive behaviors stem from the violation of the absolute priority rule (APR) among the stakeholders in Japan. Under the legal violation of priority rule, the borrowers with inefficient projects can finance from a new junior creditor, transferring the credit value of the senior creditor to the new junior one. In such a situation, it is the best behavior for the senior creditor, i.e. bank, which tries to protect the value of his senior credit, to finance the inefficient project by himself before the junior creditor might lend money. This behavior implies inefficient excessive additional loan. Furthermore, since banks expect not to avoid such ex-post inefficiency and the accompanied loss due to the violation of APR, they are unwilling to lend to the originally efficient project in ex-ante. This results in credit crunch. | |||||
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-J 巻 2004-CJ-103, 発行日 2004-02 |
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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 | AA11451834 | |||||
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 | ||||||
値 | 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/2004/2004cj103ab.html |