@article{oai:icu.repo.nii.ac.jp:00004443,
 author = {モンゴメリ, ヘザー},
 issue = {85},
 journal = {社会科学ジャーナル},
 month = {Mar},
 note = {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.},
 pages = {45--67},
 title = {公的資本注入の貸し渋り抑制効果},
 year = {2018}
}