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Empirical study on bank-led rescue and shock therapy during the lost decade in Japan

Research Project

Project/Area Number 21730259
Research Category

Grant-in-Aid for Young Scientists (B)

Allocation TypeSingle-year Grants
Research Field Public finance/Monetary economics
Research InstitutionChuo University (2010)
Chiba University of Commerce (2009)

Principal Investigator

鯉渕 賢  Chuo University, 商学部, 准教授 (60361672)

Project Period (FY) 2009 – 2010
Project Status Completed (Fiscal Year 2010)
Budget Amount *help
¥2,600,000 (Direct Cost: ¥2,000,000、Indirect Cost: ¥600,000)
Fiscal Year 2010: ¥650,000 (Direct Cost: ¥500,000、Indirect Cost: ¥150,000)
Fiscal Year 2009: ¥1,950,000 (Direct Cost: ¥1,500,000、Indirect Cost: ¥450,000)
Keywords債権放棄 / 法的整理 / 銀行企業間関係 / 失われた10年 / インボイス通貨 / 為替リスク管理 / 日本企業
Research Abstract

In this study, I empirically examine the main banks' motive for the choice of debt forgiveness and legal protection in order to restructure their distressed clients by using data on large listed companies suffered financial distress from 1998 to 2004. The results show that closeness of long-term relationship is one of main factors to determine the bank's willingness to rescue its distressed clients while the profitability of distressed client firm is also important. Moreover, other factors including bank's stance against insolvent clients and introduction of new scheme of corporate restructuring like the Industrial Revitalization of Japan have statistically significant impacts on the choice of debt forgiveness and bankruptcy for large distressed clients.

Report

(3 results)
  • 2010 Annual Research Report   Final Research Report ( PDF )
  • 2009 Annual Research Report
  • Research Products

    (7 results)

All 2012 2011 2010 2009 Other

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

  • [Journal Article] Debt forgiveness during the Japan's Lost Decade2012

    • Author(s)
      Satoshi Koibuchi
    • Journal Title

      Research Handbook on International Banking and Finance, Edward Elgar, Chapter(J.Barth, C.Whilborg, C.Lin, eds) 32掲載決定(印刷中、公刊予定)

    • Related Report
      2010 Final Research Report
  • [Journal Article] Debt forgiveness during the Japan's Lost Decade2011

    • Author(s)
      Satoshi Koibuchi
    • Journal Title

      Research Handbook on International Banking and Finance(J.Barth, C.Whilborg, C.Lin, eds)

      Volume: (掲載決定(印刷中))

    • Related Report
      2010 Annual Research Report
  • [Journal Article] インボイス通貨の決定要因とアジア共通通貨バスケットの課題2009

    • Author(s)
      鯉渕賢、伊藤隆敏、佐藤清隆、清水順子
    • Journal Title

      RIETI Discussion Paper 09-J-013

    • Related Report
      2009 Annual Research Report
    • Peer Reviewed
  • [Presentation] Determinants of Bank-led Rescues in Japan : A Governance Perspective2010

    • Author(s)
      Satoshi Koibuchi
    • Organizer
      Asia Pacific Economic Association (APEA) Conference
    • Place of Presentation
      香港
    • Year and Date
      2010-07-09
    • Related Report
      2010 Annual Research Report 2010 Final Research Report
  • [Presentation] How did Japanese banks rescue their large distressed clients? Evidence from debt forgiveness and bankruptcies during the lost decade2009

    • Author(s)
      鯉渕賢
    • Organizer
      Asia Pacific Economic Association(APEA)
    • Place of Presentation
      University of California Santa Cruz
    • Year and Date
      2009-06-28
    • Related Report
      2009 Annual Research Report
  • [Presentation] インボイス通貨の決定要因とアジア共通通貨バスケットの課題2009

    • Author(s)
      鯉渕賢
    • Organizer
      日本金融学会
    • Place of Presentation
      東京大学
    • Year and Date
      2009-05-16
    • Related Report
      2009 Annual Research Report
  • [Remarks]

    • URL

      http://ir.c.chuo-u.ac.jp/researcher/profile/00015009.html

    • Related Report
      2010 Annual Research Report

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Published: 2009-04-01   Modified: 2016-04-21  

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