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An empirical study of credit reallocation in Japan

Research Project

Project/Area Number 16K03757
Research Category

Grant-in-Aid for Scientific Research (C)

Allocation TypeMulti-year Fund
Section一般
Research Field Money/ Finance
Research InstitutionKyoto Sangyo University

Principal Investigator

SAKAI Koji  京都産業大学, 経済学部, 教授 (80548305)

Project Period (FY) 2016-04-01 – 2020-03-31
Project Status Completed (Fiscal Year 2019)
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)
Keywords資金再配分 / 金融論 / 金融機関 / 貸出市場
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.

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。

Report

(5 results)
  • 2019 Annual Research Report   Final Research Report ( PDF )
  • 2018 Research-status Report
  • 2017 Research-status Report
  • 2016 Research-status Report
  • Research Products

    (7 results)

All 2018 2017 2016

All Journal Article (3 results) (of which Peer Reviewed: 1 results) Presentation (4 results)

  • [Journal Article] 資金再配分の効率性と景気変動2018

    • Author(s)
      坂井功治
    • Journal Title

      京都産業大学論集

      Volume: 第35号 Pages: 103-124

    • NAID

      120006453850

    • Related Report
      2017 Research-status Report
    • Peer Reviewed
  • [Journal Article] 日本企業の資金再配分(改訂版)2018

    • Author(s)
      植杉威一郎・坂井功治
    • Journal Title

      RIETI Discussion Paper Series

      Volume: 15-J-035 Pages: 1-28

    • Related Report
      2017 Research-status Report
  • [Journal Article] 量的・質的金融緩和と銀行株価2017

    • Author(s)
      坂井功治
    • Journal Title

      経済科学研究所 紀要

      Volume: 第47号 Pages: 76-87

    • Related Report
      2016 Research-status Report
  • [Presentation] Capital Market Integration in Prewar Japan2018

    • Author(s)
      坂井功治
    • Organizer
      キヤノングローバル戦略研究所 ワークショップ
    • Related Report
      2018 Research-status Report
  • [Presentation] Capital Market Integration in Prewar Japan2018

    • Author(s)
      坂井功治
    • Organizer
      Monetary Economics Workshop
    • Related Report
      2017 Research-status Report
  • [Presentation] 日本企業の資金再配分2016

    • Author(s)
      坂井功治
    • Organizer
      日本金融学会
    • Place of Presentation
      関西大学
    • Related Report
      2016 Research-status Report
  • [Presentation] Capital Market Integration in Prewar Japan2016

    • Author(s)
      坂井功治
    • Organizer
      キャノングローバル戦略研究所 ワークショップ
    • Place of Presentation
      キヤノングローバル戦略研究所
    • Related Report
      2016 Research-status Report

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Published: 2016-04-21   Modified: 2021-02-19  

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