| Project/Area Number |
14530113
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| Research Category |
Grant-in-Aid for Scientific Research (C)
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| Allocation Type | Single-year Grants |
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| Section | 一般 |
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| Research Field |
Public finance/Monetary economics
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| Research Institution | Aomori Public College |
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Principal Investigator |
KON Yoshinori Aomori Public College, School of Management and Economics, Professor, 経営経済学部, 教授 (40107115)
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| Co-Investigator(Kenkyū-buntansha) |
IWANE Tetsu Tezukayama University, Department of Economics, Professor, 経済学部, 教授 (20093990)
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| Project Period (FY) |
2002 – 2003
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| Project Status |
Completed (Fiscal Year 2003)
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| Budget Amount *help |
¥2,900,000 (Direct Cost: ¥2,900,000)
Fiscal Year 2003: ¥900,000 (Direct Cost: ¥900,000)
Fiscal Year 2002: ¥2,000,000 (Direct Cost: ¥2,000,000)
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| Keywords | Small business finance / Credit guarantee / Local government loan / Asymmetric information / 逆選択 |
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| Research Abstract |
The purpose of this project is to study empirically impacts of the credit guarantee scheme and the local government loans ( Seido-Yushi) on SME loan markets in Japan. Firstly we formulate an analytical framework by using the two dimensional asymmetric information model based on Hillier's model. The theoretical investigation shows that the guarantee fee rate and the default loss covering ratio of credit guarantee corporations play important roles in determining the equilibrium credit allocation in loan markets. It also shows that government can improve the inefficiency of credit allocation by arranging these policy instruments through subsidies to the credit guarantee corporations. Secondly, we estimate credit guarantee functions of the credit guarantee corporation and SME loan functions of financial institutions by panel analysis of prefecture data. Finally we gathered basic statistical data on Seido-Yushi through survey of policy departments in charge of the Seido-Yushi of each local government. Then we estimate the policy reaction function of the local government in SME loan markets.
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