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Efficiency of Regional Financial Market and the Impact of the Covid-19 Infections

Research Project

Project/Area Number 21H00729
Research Category

Grant-in-Aid for Scientific Research (B)

Allocation TypeSingle-year Grants
Section一般
Review Section Basic Section 07060:Money and finance-related
Research InstitutionHitotsubashi University

Principal Investigator

UESUGI Iichiro  一橋大学, 経済研究所, 教授 (40371182)

Co-Investigator(Kenkyū-buntansha) 眞鍋 雅史  嘉悦大学, 経営経済学部, 教授 (20537071)
平賀 一希  名古屋市立大学, 大学院経済学研究科, 准教授 (40528923)
吉野 直行  慶應義塾大学, 経済学部(三田), 名誉教授 (50128584)
Project Period (FY) 2021-04-01 – 2024-03-31
Project Status Completed (Fiscal Year 2023)
Budget Amount *help
¥16,900,000 (Direct Cost: ¥13,000,000、Indirect Cost: ¥3,900,000)
Fiscal Year 2023: ¥5,590,000 (Direct Cost: ¥4,300,000、Indirect Cost: ¥1,290,000)
Fiscal Year 2022: ¥4,940,000 (Direct Cost: ¥3,800,000、Indirect Cost: ¥1,140,000)
Fiscal Year 2021: ¥6,370,000 (Direct Cost: ¥4,900,000、Indirect Cost: ¥1,470,000)
Keywords地域金融 / COVID-19 / 貸出市場 / 効率性 / 中小企業金融 / 資金循環 / Covid-19
Outline of Research at the Start

地域経済で大きな役割が期待される地域金融機関は、地域金融市場の構造変化の中で変革が求められている。少子高齢化による人口構造の変化が、地方企業の生産活動低下をもたらし、借入需要の減退へと結びついている。本研究課題では「貸出市場をどのように捉えるか」「預金を受け入れて貸し出す金融機関は地域金融市場でどのような仲介機能を発揮しているか」「個々の金融機関や地域金融市場は、地域経済にどのような影響をもたらしているか」という3つの問いに答えることを目指す。

Outline of Final Research Achievements

This project implemented research on the following five issues:(1) measurement of competition in regional financial markets;(2) construction of inter-regional flow of funds indicators via loans and deposits; (3)impact of competition on firms' credit availability; (4)interaction between inter-regional flow of funds, competition, and market efficiency; and (5)impact of COVID-19 on the efficiency of regional financial markets. The project published five articles in English peer-reviewed journals. At the same time, it publicized the research outputs by publicly posting data on the concentration in the regional financial markets and those on interregional flow of funds. It also held an international workshop.Finally, the project published a Japanese book "Economics of Small and Medium Enterprise Finance: Role of Financial Institutions and Role of the Government,”which received several awards including the 65th Nikkei Prize for Excellent Books in Economic Science.

Academic Significance and Societal Importance of the Research Achievements

金融機関の貸出や預金が地域経済にどのような役割を果たしているかという点は、日本経済の動向を理解する上で重要である。しかしながら、都道府県ごとに金融機関の貸出や預金がどの程度集中しているか、都道府県間で金融機関の預金が貸出の形でどのように移動しているかといった点は、データの不足によりこれまで明らかではなかった。今回のプロジェクトは、都道府県ごとの貸出市場・預金市場の集中度、貸出・預金を通じた地域間資金循環指標を日本で初めて網羅的に作成・公表した。これにより、地域市場の現状を評価する客観的な指標を得ることができ、政策立案にも役立つことが期待される。

Report

(4 results)
  • 2023 Annual Research Report   Final Research Report ( PDF )
  • 2022 Annual Research Report
  • 2021 Annual Research Report
  • Research Products

    (33 results)

All 2023 2022 2021 Other

All Int'l Joint Research (4 results) Journal Article (5 results) (of which Peer Reviewed: 5 results,  Open Access: 2 results) Presentation (22 results) (of which Int'l Joint Research: 6 results,  Invited: 5 results) Book (1 results) Funded Workshop (1 results)

  • [Int'l Joint Research] Federal Reserve Board of Governors(米国)

    • Related Report
      2023 Annual Research Report
  • [Int'l Joint Research] University of Oxford/Bank of England(英国)

    • Related Report
      2023 Annual Research Report
  • [Int'l Joint Research] Federal Reserve Board(米国)

    • Related Report
      2022 Annual Research Report
  • [Int'l Joint Research] Federal Reserve Board(米国)

    • Related Report
      2021 Annual Research Report
  • [Journal Article] Does Geographical Proximity Matter in Small Business Lending? Evidence from Changes in Main Bank Relationships*2023

    • Author(s)
      Ono Arito、Saito Yukiko U.、Sakai Koji、Uesugi Iichiro
    • Journal Title

      Asia-Pacific Journal of Financial Studies

      Volume: 52 Issue: 5 Pages: 819-855

    • DOI

      10.1111/ajfs.12447

    • Related Report
      2023 Annual Research Report
    • Peer Reviewed
  • [Journal Article] Determinants and effects of the use of COVID-19 business support programs in Japan2023

    • Author(s)
      Honda Tomohito、Hosono Kaoru、Miyakawa Daisuke、Ono Arito、Uesugi Iichiro
    • Journal Title

      Journal of the Japanese and International Economies

      Volume: 67 Pages: 101239-101239

    • DOI

      10.1016/j.jjie.2022.101239

    • Related Report
      2021 Annual Research Report
    • Peer Reviewed / Open Access
  • [Journal Article] COVID-19 and Precautionary Corporate Cash Holdings: Evidence from Japan2023

    • Author(s)
      Tomohito Honda and Iichiro Uesugi
    • Journal Title

      Japanese Journal of Monetary and Financial Economics

      Volume: -

    • Related Report
      2021 Annual Research Report
    • Peer Reviewed
  • [Journal Article] Do Foreign Buyers Pay More Than Domestic Buyers? Evidence from International Transaction-Level Data2022

    • Author(s)
      Miyakawa Daisuke、Shimizu Chihiro、Uesugi Iichiro
    • Journal Title

      The Journal of Real Estate Finance and Economics

      Volume: - Issue: 3 Pages: 1-31

    • DOI

      10.1007/s11146-022-09937-6

    • Related Report
      2021 Annual Research Report
    • Peer Reviewed / Open Access
  • [Journal Article] Measuring concentration in the Japanese loan and deposit markets2022

    • Author(s)
      Uesugi Iichiro、Hiraga Kazuki、Manabe Masashi、Yoshino Naoyuki
    • Journal Title

      Japan and the World Economy

      Volume: 63 Pages: 101148-101148

    • DOI

      10.1016/j.japwor.2022.101148

    • Related Report
      2021 Annual Research Report
    • Peer Reviewed
  • [Presentation] Credit guarantees in Japan2023

    • Author(s)
      植杉威一郎
    • Organizer
      Policy Review and the Impacts of Financing MSME in Selected East Asian Economies
    • Related Report
      2023 Annual Research Report
    • Int'l Joint Research
  • [Presentation] 「日本的金融からの脱却」について2023

    • Author(s)
      植杉威一郎
    • Organizer
      日本金融学会秋季大会
    • Related Report
      2023 Annual Research Report
  • [Presentation] Determinants and effects of private debt workouts for distressed SMEs2023

    • Author(s)
      植杉威一郎
    • Organizer
      日本大学経済学部ワークショップ
    • Related Report
      2023 Annual Research Report
  • [Presentation] Discussion on Personal Guarantees on Bank Loans and SMEs' CEO Succession by Yoko Shibuya and Takeo Hoshi2023

    • Author(s)
      植杉威一郎
    • Organizer
      NBER Japan Project Meeting
    • Related Report
      2023 Annual Research Report
    • Int'l Joint Research
  • [Presentation] データでみる中小企業金融の実態と課題2023

    • Author(s)
      植杉威一郎
    • Organizer
      日本アカデメイア・オンライン勉強会
    • Related Report
      2023 Annual Research Report
  • [Presentation] ポストコロナの中小企業金融:金融機関の役割 政府の役割2023

    • Author(s)
      植杉威一郎
    • Organizer
      商工総合研究所中小企業研究奨励賞受賞記念講演
    • Related Report
      2022 Annual Research Report
    • Invited
  • [Presentation] 危機時における中小企業への金融支援措置:効果と課題2023

    • Author(s)
      植杉威一郎
    • Organizer
      一橋大学政策フォーラム「ポストコロナの経済活性化に向けて 企業の新陳代謝の促進と日本の成長戦略」パネルディスカッション
    • Related Report
      2022 Annual Research Report
  • [Presentation] ポストコロナの中小企業金融:金融機関の役割に注目する2023

    • Author(s)
      植杉威一郎
    • Organizer
      Hitotsubashi Institute for Advanced Studies-SMEセミナー
    • Related Report
      2022 Annual Research Report
    • Invited
  • [Presentation] SMEs in Japan: Past, Present, and the Future2023

    • Author(s)
      植杉威一郎
    • Organizer
      Keynote Speech at the Japan Currents Symposium by the Japan-America Society of Dallas Fort Worth
    • Related Report
      2022 Annual Research Report
    • Int'l Joint Research / Invited
  • [Presentation] ポストコロナの中小企業金融:金融機関の役割 政府の役割2023

    • Author(s)
      植杉威一郎
    • Organizer
      経済産業研究所BBL
    • Related Report
      2022 Annual Research Report
  • [Presentation] ポストコロナの中小企業金融と資金配分の効率性2022

    • Author(s)
      植杉威一郎
    • Organizer
      経済同友会財政・税制委員会
    • Related Report
      2022 Annual Research Report
    • Invited
  • [Presentation] Lending pro-cyclicality and macroprudential policy: Evidence fromJapanese LTV ratios2022

    • Author(s)
      植杉威一郎
    • Organizer
      住宅経済研究会
    • Related Report
      2022 Annual Research Report
  • [Presentation] 中小企業金融における政府の役割2022

    • Author(s)
      植杉威一郎
    • Organizer
      日本政策投資銀行設備投資研究所アカデミックセミナー
    • Related Report
      2022 Annual Research Report
  • [Presentation] 日本企業の資金調達とゾンビ企業、無借金企業2022

    • Author(s)
      植杉威一郎
    • Organizer
      TCERコンファレンス「日本の金融システム:現状、課題、展望」
    • Related Report
      2022 Annual Research Report
  • [Presentation] ポストコロナの中小企業金融2022

    • Author(s)
      植杉威一郎
    • Organizer
      日本経済研究センターセミナー
    • Related Report
      2022 Annual Research Report
  • [Presentation] Measuring Concentration in the Japanese Loan and Deposit Markets2022

    • Author(s)
      植杉威一郎
    • Organizer
      Japan and the World Economy Symposium on Government Statistics and Economic Performance
    • Related Report
      2021 Annual Research Report
  • [Presentation] Determinants and Effects of COVID-19 Business Support Programs: Evidence from a Survey to SMEs in Japan2022

    • Author(s)
      植杉威一郎
    • Organizer
      NBER-TCER-CEPR TRIO Conference
    • Related Report
      2021 Annual Research Report
    • Int'l Joint Research
  • [Presentation] コロナ禍で企業が受けた影響、とった対応、利用した支援措置2021

    • Author(s)
      植杉威一郎
    • Organizer
      内閣府経済社会総合研究所国際ワークショップ
    • Related Report
      2021 Annual Research Report
  • [Presentation] Measuring Concentration in the Japanese Loan and Deposit Markets2021

    • Author(s)
      植杉威一郎
    • Organizer
      日本金融学会秋季大会
    • Related Report
      2021 Annual Research Report
  • [Presentation] Interregional flow of funds in Japan via loans and deposits of financial institutions, and its determinants2021

    • Author(s)
      植杉威一郎
    • Organizer
      日本経済学会秋季大会
    • Related Report
      2021 Annual Research Report
  • [Presentation] How SMEs were affected by the COVID-19 and how they dealt with it2021

    • Author(s)
      植杉威一郎
    • Organizer
      9th GamaICEB (Gadjah Mada International Conference on Economics and Business)
    • Related Report
      2021 Annual Research Report
    • Int'l Joint Research / Invited
  • [Presentation] Interregional flow of funds in Japan via loans and deposits of financial institutions, and its determinants2021

    • Author(s)
      植杉威一郎
    • Organizer
      韓国金融学会
    • Related Report
      2021 Annual Research Report
    • Int'l Joint Research
  • [Book] 中小企業金融の経済学2022

    • Author(s)
      植杉 威一郎
    • Total Pages
      416
    • Publisher
      日経BP 日本経済新聞出版
    • ISBN
      9784296113446
    • Related Report
      2022 Annual Research Report
  • [Funded Workshop] Workshop on Banking and Finance2023

    • Related Report
      2022 Annual Research Report

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Published: 2021-04-28   Modified: 2025-01-30  

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