| Budget Amount *help |
¥12,610,000 (Direct Cost: ¥9,700,000、Indirect Cost: ¥2,910,000)
Fiscal Year 2012: ¥3,510,000 (Direct Cost: ¥2,700,000、Indirect Cost: ¥810,000)
Fiscal Year 2011: ¥3,250,000 (Direct Cost: ¥2,500,000、Indirect Cost: ¥750,000)
Fiscal Year 2010: ¥5,850,000 (Direct Cost: ¥4,500,000、Indirect Cost: ¥1,350,000)
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| Research Abstract |
We empirically analyzed the mechanism through which adverse financial shocks were propagated into the slowdown of real economies, using micro data of financial institutions and firms. In particular we paid special attention to the portfolio behavior of financial institutions in propagation mechanism. We obtained the following findings. First we examined the motivation of securitization by US commercial banks and its consequence on the balance sheet of commercial banks. Second we investigated why Japanese banks held a large amount of Japanese Government Bonds in the late 1990s to the 2000s.
Third we identified the type of shocks that hit Japanese small and medium enterprises and then uncovered the mechanism through which shocks were propagated across industries with different firm size, using input output tables by firm size. Finally we examined the response of firms' investment and liquidity holdings to shocks for Asian countries as well as Japan.
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