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公的資本注入の貸し渋り抑制効果
https://doi.org/10.34577/00004295
https://doi.org/10.34577/00004295346bb697-f2b9-4903-b966-d6ff86b67f1b
| 名前 / ファイル | ライセンス | アクション |
|---|---|---|
公的資本注入の貸し渋り抑制効果 (1.2 MB)
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| Item type | 紀要論文 / Departmental Bulletin Paper(1) | |||||
|---|---|---|---|---|---|---|
| 公開日 | 2018-04-11 | |||||
| タイトル | ||||||
| タイトル | 公的資本注入の貸し渋り抑制効果 | |||||
| 言語 | ja | |||||
| タイトル | ||||||
| タイトル | Avoiding a Credit Crunch: The Role of Capital Injections in Japan | |||||
| 言語 | en | |||||
| 資源タイプ | ||||||
| 資源タイプ識別子 | http://purl.org/coar/resource_type/c_6501 | |||||
| 資源タイプ | departmental bulletin paper | |||||
| ID登録 | ||||||
| ID登録 | 10.34577/00004295 | |||||
| ID登録タイプ | JaLC | |||||
| アクセス権 | ||||||
| アクセス権 | open access | |||||
| アクセス権URI | http://purl.org/coar/access_right/c_abf2 | |||||
| 著者 |
モンゴメリ, ヘザー
× モンゴメリ, ヘザー |
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| 抄録 | ||||||
| 内容記述タイプ | Abstract | |||||
| 内容記述 | Following the global financial crisis of 2007-2008, policymakers around the world were forced to experiment with new financial policies that were as yet untested. Some of the most vigorous policy debates in free-market economies in the United States and Europe centered upon whether and how to recapitalize their damaged banks. Many policymakers looked to the experience of Japan, which had faced its own domestic banking crisis nearly ten years earlier and grappled with similar policy questions. This study examines the impact of Japan’s decision to inject nearly 100 billion dollars of public funds into the banking system in Japan in 1997, 1998 and 1999. This study empirically analyzes the effect of the capital injections on bank lending. However, the main objective of this paper is to illustrate how different empirical techniques can be used to isolate various relationships in the data. Therefore, the empirical analysis proceeds methodically, beginning with crosssectional analysis of a sample of 109 banks in each of the three years in which a capital injection was carried out. The analysis then proceeds to ordinary least squares analysis of pooled data for all 109 banks over the 10 year period of 1990 to 2000. Then panel data techniques are applied and the effect of including time fixed effects to control for unobserved factors that might influence the lending behavior of all banks in a given year, and individual fixed effects to control for unobserved factors that might influence the lending behavior of a given individual bank throughout the sample, are explored. In addition to exploring the effects of different empirical techniques, this paper investigates the research question of how capital injections influence bank lending on various subsamples of the data. In particular, the pooled OLS and panel data analysis is carried out on the entire sample of banks, as explained above, and two subsamples: domestic banks, which in Japan are subject to a 4% MOF ratio capital requirement instituted by the Ministry of Finance, and international banks, which are subject to the global standard of an 8% BIS ratio capital requirement. Finally, this study considers the effect of the legal framework under which the capital injections were carried out. In the analysis of the full sample of pooled data, the potential impact of the first round of capital injections in 1997, which were carried out under the financial function stabilization law, and the potential impact of the second and third round of capital injections in 1998 and 1999, which were carried out under the early strengthening law, are disaggregated. Aside from the research findings, this approach illustrates the use of step dummy variables in econometrics. The results of the empirical analysis show that on the whole, the capital injections in Japan seem to have encouraged banks to increase lending, preventing – or at least ameliorating - a so-called “credit crunch”. However, the effect of the capital injection is different in significant ways depending upon the legal framework under which the recapitalization was implemented and the kind of banking regulation which the bank receiving the capital was subject to. In particular, the capital injections carried out under the financial function stabilization law were, for the most part, not effective at stimulating bank lending. But a second round of capital injections carried out under the early strengthening law over the following two years did effectively stimulate bank lending, preventing a credit crunch. In addition, the effects of the bank recapitalization program are shown to have been especially large for internationally active banks subject to the Basel Accord’s capital adequacy regulations. |
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| 言語 | en | |||||
| 書誌情報 |
ja : 社会科学ジャーナル 号 85, p. 45-67, 発行日 2018-03-31 |
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| 出版者 | ||||||
| 出版者 | 国際基督教大学 | |||||
| 言語 | ja | |||||
| ISSN | ||||||
| 収録物識別子タイプ | ISSN | |||||
| 収録物識別子 | 04542134 | |||||
