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An Evaluation of Bank Recapitalization Programs

Research Project

Project/Area Number 23730317
Research Category

Grant-in-Aid for Young Scientists (B)

Allocation TypeMulti-year Fund
Research Field Public finance/Monetary economics
Research InstitutionKonan University

Principal Investigator

KIYOTAKA Nakashima  甲南大学, 経済学部, 教授 (00367939)

Project Period (FY) 2011-04-28 – 2015-03-31
Project Status Completed (Fiscal Year 2014)
Budget Amount *help
¥4,290,000 (Direct Cost: ¥3,300,000、Indirect Cost: ¥990,000)
Fiscal Year 2013: ¥780,000 (Direct Cost: ¥600,000、Indirect Cost: ¥180,000)
Fiscal Year 2012: ¥1,170,000 (Direct Cost: ¥900,000、Indirect Cost: ¥270,000)
Fiscal Year 2011: ¥2,340,000 (Direct Cost: ¥1,800,000、Indirect Cost: ¥540,000)
Keywordsマッチングデータ / 介入効果 / リレーションシップバンキング / 公的資金注入 / 銀行貸出 / キャピタルクランチ / 金融システムの安定化 / 差分推定 / 介入効果推定量の小標本問題 / 貸出関数の推定
Outline of Final Research Achievements

This research evaluates empirically Japan's two large-scale capital injections in 1998 and 1999. We begin by extracting the treatment effects of the public injections from bank-level panel data. Using a difference-in-difference estimator in two-way fixed-effects regression models, we find that the public injections significantly reduced the financial risks faced by the capital-injected banks but did not stimulate their lending or profitability. Next, we investigate what factors impeded bank lending after the public injections using a matched sample of Japanese banks and their borrowers. By employing three-way fixed-effects regression models corresponding to the matched sample, we provide evidence that the deterioration of borrowers' creditworthiness inhibited not only the injected banks but also the noninjected banks from lending more.

Report

(5 results)
  • 2014 Annual Research Report   Final Research Report ( PDF )
  • 2013 Research-status Report
  • 2012 Research-status Report
  • 2011 Research-status Report
  • Research Products

    (10 results)

All 2016 2015 2014 2012 2011 Other

All Journal Article (4 results) (of which Peer Reviewed: 2 results,  Acknowledgement Compliant: 1 results) Presentation (4 results) Remarks (2 results)

  • [Journal Article] An Econometric Evaluation of Bank Recapitalization Programs: Evidence from Bank- and Loan-level Data2016

    • Author(s)
      Kiyotaka Nakashima
    • Journal Title

      Journal of Banking and Finance

      Volume: 印刷中

    • Related Report
      2014 Annual Research Report
    • Peer Reviewed / Acknowledgement Compliant
  • [Journal Article] An Econometric Evaluation of Bank Recapitalization Programs with Bank- and Loan-Level Data2014

    • Author(s)
      Kiyotaka Nakashima
    • Journal Title

      Social Science Research Network

      Volume: 2427470 Pages: 1-62

    • Related Report
      2013 Research-status Report
  • [Journal Article] On the Comparison of Alternative Specifications for Money Demand: The Case of Extremely Low-interest Rate Regimes in Japan2012

    • Author(s)
      Kiyotaka Nakashima and Makoto Saito
    • Journal Title

      Journal of the Japanese and International Economies

      Volume: 26 Pages: 454-471

    • NAID

      210000170801

    • Related Report
      2012 Research-status Report
    • Peer Reviewed
  • [Journal Article] Evaluating Bank Recapitalization Programs in Japan: How did Public Capital Injections Work?2012

    • Author(s)
      Kiyotaka Nakashima and Toshiyuki Souma
    • Journal Title

      Kinki University Discussion Paper Series

      Volume: E-19 Pages: 1-44

    • Related Report
      2012 Research-status Report 2011 Research-status Report
  • [Presentation] Unviable Relationship and Bank Lending2015

    • Author(s)
      Kiyotaka Nakashima
    • Organizer
      日本経済学会春期大会
    • Related Report
      2014 Annual Research Report
  • [Presentation] The Real Effects of Bank-driven Termination of Relationships: Evidence from Loan-level Matched Data2014

    • Author(s)
      Kiyotaka Nakashima
    • Organizer
      日本経済学会秋季大会
    • Related Report
      2014 Annual Research Report
  • [Presentation] On the Divorce between Bank and Borrowers: Evidence from a Matched Sample of Banks and Borrowers2014

    • Author(s)
      中島清貴
    • Organizer
      日本経済学会
    • Place of Presentation
      同志社大学
    • Related Report
      2013 Research-status Report
  • [Presentation] Evaluating Bank Recapitalization Programs in Japan: How did Public Capital Injections Work?2011

    • Author(s)
      中島清貴
    • Organizer
      日本経済学会春季大会
    • Place of Presentation
      熊本学園大学
    • Related Report
      2011 Research-status Report
  • [Remarks] Social Science Research Network

    • URL

      http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2427470

    • Related Report
      2013 Research-status Report
  • [Remarks]

    • URL

      http://sky.geocities.jp/kiyotaka_nakashima/

    • Related Report
      2011 Research-status Report

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Published: 2011-08-05   Modified: 2021-01-27  

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