Empirical Studies on the Macroeconomic Effects of Bank--Firm Relationships
| Project/Area Number |
26380416
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| Research Category |
Grant-in-Aid for Scientific Research (C)
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| Allocation Type | Multi-year Fund |
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| Section | 一般 |
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| Research Field |
Money/ Finance
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| Research Institution | Konan University |
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Principal Investigator |
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| Project Period (FY) |
2014-04-01 – 2018-03-31
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| Project Status |
Completed (Fiscal Year 2017)
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| Budget Amount *help |
¥4,680,000 (Direct Cost: ¥3,600,000、Indirect Cost: ¥1,080,000)
Fiscal Year 2016: ¥780,000 (Direct Cost: ¥600,000、Indirect Cost: ¥180,000)
Fiscal Year 2015: ¥1,430,000 (Direct Cost: ¥1,100,000、Indirect Cost: ¥330,000)
Fiscal Year 2014: ¥2,470,000 (Direct Cost: ¥1,900,000、Indirect Cost: ¥570,000)
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| Keywords | ローンレベルデータ / 銀行と借入企業のマッチング / リレーションシップバンキング / 因果効果 / 関係性の解消 / 継続時間効果 / 銀行企業間の関係性 / 関係特殊資産 / マッチング / loan level data / termination / causal inference / duration effect / マッチングデータ / 介入効果 / リレーションシップ / 公的資金注入 |
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| Outline of Final Research Achievements |
I examine how bank-firm relationships affect macroeconomy by focusing on their termination. At first, I examine what factors determine the termination of the bank-firm relationship. The constraints on bank capital in a Japanese banking crisis increased relationship terminations, implying the presence of a capital crunch in it. Moreover, the flight-to-quality behavior of bank prevailed in relationship terminations. I also find that a longer duration of the relationship strongly decreased the probability of termination when Japan's banking system was stable, but such duration effects weakened when the system was fragile. Next, I examine the effects of bank-driven terminations of relationships on the investments of borrowing firms. I find that bank-driven terminations significantly decrease investment. Furthermore, such bank-driven terminations would amplify an economic downturn more, compared with the simple decrease in bank credits within continuing relationships.
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Report
(5 results)
Research Products
(27 results)
