{"created":"2023-05-15T09:32:35.942845+00:00","id":4443,"links":{},"metadata":{"_buckets":{"deposit":"bf8f74d4-3dfd-488e-a03c-82ee94487563"},"_deposit":{"created_by":14,"id":"4443","owners":[14],"pid":{"revision_id":0,"type":"depid","value":"4443"},"status":"published"},"_oai":{"id":"oai:icu.repo.nii.ac.jp:00004443","sets":["12:26:19:463"]},"author_link":["6372"],"item_10002_biblio_info_7":{"attribute_name":"書誌情報","attribute_value_mlt":[{"bibliographicIssueDates":{"bibliographicIssueDate":"2018-03-31","bibliographicIssueDateType":"Issued"},"bibliographicIssueNumber":"85","bibliographicPageEnd":"67","bibliographicPageStart":"45","bibliographic_titles":[{"bibliographic_title":"社会科学ジャーナル","bibliographic_titleLang":"ja"}]}]},"item_10002_description_5":{"attribute_name":"抄録","attribute_value_mlt":[{"subitem_description":"Following the global financial crisis of 2007-2008, policymakers around the\nworld were forced to experiment with new financial policies that were as yet\nuntested. Some of the most vigorous policy debates in free-market economies in\nthe United States and Europe centered upon whether and how to recapitalize their\ndamaged banks. Many policymakers looked to the experience of Japan, which\nhad faced its own domestic banking crisis nearly ten years earlier and grappled\nwith similar policy questions. This study examines the impact of Japan’s decision\nto inject nearly 100 billion dollars of public funds into the banking system in\nJapan in 1997, 1998 and 1999.\nThis study empirically analyzes the effect of the capital injections on bank\nlending. However, the main objective of this paper is to illustrate how different\nempirical techniques can be used to isolate various relationships in the data.\nTherefore, the empirical analysis proceeds methodically, beginning with crosssectional\nanalysis of a sample of 109 banks in each of the three years in which a\ncapital injection was carried out. The analysis then proceeds to ordinary least\nsquares analysis of pooled data for all 109 banks over the 10 year period of 1990\nto 2000. Then panel data techniques are applied and the effect of including time\nfixed effects to control for unobserved factors that might influence the lending\nbehavior of all banks in a given year, and individual fixed effects to control for\nunobserved factors that might influence the lending behavior of a given individual\nbank throughout the sample, are explored.\nIn addition to exploring the effects of different empirical techniques, this\npaper investigates the research question of how capital injections influence bank\nlending on various subsamples of the data. In particular, the pooled OLS and\npanel data analysis is carried out on the entire sample of banks, as explained\nabove, and two subsamples: domestic banks, which in Japan are subject to a 4%\nMOF ratio capital requirement instituted by the Ministry of Finance, and\ninternational banks, which are subject to the global standard of an 8% BIS ratio\ncapital requirement.\nFinally, this study considers the effect of the legal framework under which\nthe capital injections were carried out. In the analysis of the full sample of pooled\ndata, the potential impact of the first round of capital injections in 1997, which\nwere carried out under the financial function stabilization law, and the potential\nimpact of the second and third round of capital injections in 1998 and 1999, which\nwere carried out under the early strengthening law, are disaggregated. Aside from\nthe research findings, this approach illustrates the use of step dummy variables in\neconometrics.\nThe results of the empirical analysis show that on the whole, the capital\ninjections in Japan seem to have encouraged banks to increase lending, preventing\n– or at least ameliorating - a so-called “credit crunch”. However, the effect of the\ncapital injection is different in significant ways depending upon the legal\nframework under which the recapitalization was implemented and the kind of\nbanking regulation which the bank receiving the capital was subject to. In\nparticular, the capital injections carried out under the financial function\nstabilization law were, for the most part, not effective at stimulating bank lending.\nBut a second round of capital injections carried out under the early strengthening\nlaw over the following two years did effectively stimulate bank lending,\npreventing a credit crunch. In addition, the effects of the bank recapitalization\nprogram are shown to have been especially large for internationally active banks\nsubject to the Basel Accord’s capital adequacy regulations.","subitem_description_language":"en","subitem_description_type":"Abstract"}]},"item_10002_identifier_registration":{"attribute_name":"ID登録","attribute_value_mlt":[{"subitem_identifier_reg_text":"10.34577/00004295","subitem_identifier_reg_type":"JaLC"}]},"item_10002_publisher_8":{"attribute_name":"出版者","attribute_value_mlt":[{"subitem_publisher":"国際基督教大学","subitem_publisher_language":"ja"}]},"item_10002_source_id_9":{"attribute_name":"ISSN","attribute_value_mlt":[{"subitem_source_identifier":"04542134","subitem_source_identifier_type":"ISSN"}]},"item_access_right":{"attribute_name":"アクセス権","attribute_value_mlt":[{"subitem_access_right":"open access","subitem_access_right_uri":"http://purl.org/coar/access_right/c_abf2"}]},"item_creator":{"attribute_name":"著者","attribute_type":"creator","attribute_value_mlt":[{"creatorNames":[{"creatorName":"モンゴメリ, ヘザー","creatorNameLang":"ja"}],"nameIdentifiers":[{"nameIdentifier":"6372","nameIdentifierScheme":"WEKO"}]}]},"item_files":{"attribute_name":"ファイル情報","attribute_type":"file","attribute_value_mlt":[{"accessrole":"open_date","date":[{"dateType":"Available","dateValue":"2018-04-11"}],"displaytype":"detail","filename":"85号ヘザーモンゴメリ-本文.pdf","filesize":[{"value":"1.2 MB"}],"format":"application/pdf","licensetype":"license_11","mimetype":"application/pdf","url":{"label":"公的資本注入の貸し渋り抑制効果","url":"https://icu.repo.nii.ac.jp/record/4443/files/85号ヘザーモンゴメリ-本文.pdf"},"version_id":"839af931-ffa7-4306-81a3-e1e078d77f9a"}]},"item_language":{"attribute_name":"言語","attribute_value_mlt":[{"subitem_language":"jpn"}]},"item_resource_type":{"attribute_name":"資源タイプ","attribute_value_mlt":[{"resourcetype":"departmental bulletin paper","resourceuri":"http://purl.org/coar/resource_type/c_6501"}]},"item_title":"公的資本注入の貸し渋り抑制効果","item_titles":{"attribute_name":"タイトル","attribute_value_mlt":[{"subitem_title":"公的資本注入の貸し渋り抑制効果","subitem_title_language":"ja"},{"subitem_title":"Avoiding a Credit Crunch: The Role of Capital Injections in Japan","subitem_title_language":"en"}]},"item_type_id":"10002","owner":"14","path":["463"],"pubdate":{"attribute_name":"PubDate","attribute_value":"2018-04-11"},"publish_date":"2018-04-11","publish_status":"0","recid":"4443","relation_version_is_last":true,"title":["公的資本注入の貸し渋り抑制効果"],"weko_creator_id":"14","weko_shared_id":-1},"updated":"2023-10-02T04:02:38.564397+00:00"}