Empirical analyses on the transmission of exogenous shocks through financial institutions
Project/Area Number |
26885087
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Research Category |
Grant-in-Aid for Research Activity Start-up
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Allocation Type | Single-year Grants |
Research Field |
Money/ Finance
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Research Institution | Hitotsubashi University |
Principal Investigator |
MIYAKAWA Daisuke 一橋大学, 大学院国際企業戦略研究科, 准教授 (00734667)
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Project Period (FY) |
2014-08-29 – 2016-03-31
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Project Status |
Completed (Fiscal Year 2015)
|
Budget Amount *help |
¥2,600,000 (Direct Cost: ¥2,000,000、Indirect Cost: ¥600,000)
Fiscal Year 2015: ¥1,170,000 (Direct Cost: ¥900,000、Indirect Cost: ¥270,000)
Fiscal Year 2014: ¥1,430,000 (Direct Cost: ¥1,100,000、Indirect Cost: ¥330,000)
|
Keywords | 銀行貸出 / バランスシートチャネル / 金融政策 / 資金需要 / ベンチャーキャピタル / 株式市場 |
Outline of Final Research Achievements |
In this project, we empirically study the transmission of exogenous shocks hitting financial institutions to their client firms. Using a unique data set accounting for financial relationships between firms and financial institutions, we found that the tightening of monetary policy led to the contraction of loan provision made by banks with weak balance sheet conditions (e.g., low liquidity). We also found that during the downturn in stock markets, venture capital funds managed by venture capital firms with smaller investment experience reduced their fund provisions to firms more largely. Given that these results are confirmed in the estimation taking into account the effect associated with firms' demand for loan and fund, we confirm that exogenous negative shocks hitting financial institutions are transmitted more largely to their client firms through financial institutions with weaker balance sheet condition and smaller investment experience.
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Report
(3 results)
Research Products
(6 results)
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[Book] The Economics of Interfirm Networks2015
Author(s)
渡辺努, 植杉威一郎, 小野有人, 水野貴之, 相馬亘, 飯野隆史, 家富洋, 中島賢太郎, Gilles Duranton, 岡室博之, 池内健太, 齊藤有希子, Hans Degryse, Vasso Ioannidou, Steven Ongena, 内田浩史, 小塚荘一郎, 間真実, 小川一夫, 細野薫, 宮川大介
Total Pages
263
Publisher
Springer
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