| Project/Area Number |
16K03757
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| Research Category |
Grant-in-Aid for Scientific Research (C)
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| Allocation Type | Multi-year Fund |
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| Section | 一般 |
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| Research Field |
Money/ Finance
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| Research Institution | Kyoto Sangyo University |
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Principal Investigator |
SAKAI Koji 京都産業大学, 経済学部, 教授 (80548305)
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| Project Period (FY) |
2016-04-01 – 2020-03-31
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| Project Status |
Completed (Fiscal Year 2019)
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| Budget Amount *help |
¥3,640,000 (Direct Cost: ¥2,800,000、Indirect Cost: ¥840,000)
Fiscal Year 2018: ¥1,170,000 (Direct Cost: ¥900,000、Indirect Cost: ¥270,000)
Fiscal Year 2017: ¥1,170,000 (Direct Cost: ¥900,000、Indirect Cost: ¥270,000)
Fiscal Year 2016: ¥1,300,000 (Direct Cost: ¥1,000,000、Indirect Cost: ¥300,000)
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| Keywords | 資金再配分 / 金融論 / 金融機関 / 貸出市場 |
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| Outline of Final Research Achievements |
We examine the property of the efficiency of credit reallocation in Japan using comprehensive dataset of Japanese firms. Our main findings are as follows: Credit reallocation was efficiency-enhancing and the cleansing effect was working properly during the 1980s. However, credit reallocation was efficiency-reducing and the cleansing effect disappeared in the 1990s, when the Japanese economy suffered from long-term stagnation. In the period from 2000 onward, credit reallocation became efficiency-enhancing again. However, the cleansing effect was still not working.
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| Academic Significance and Societal Importance of the Research Achievements |
本研究は以下2つの点において新たな貢献がある。第一に、本研究では資金が生産性の低い企業から流出し生産性の高い企業へと流入しているのかどうかを検証するため、企業レベルのTFPを用いて資金再配分と生産性の関係性を分析している。さらに、本研究では、不況期において資金再配分の効率性が高まるとするとするcleansing effectの存在の有無についても検証を行っている。第二に、本研究は30年以上にわたる長期間、かつ大企業と中小企業の両方を含めた広範な範囲の企業を分析対象としており、資金再配分の効率性について包括的な検証を行っている。
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