2013 Fiscal Year Final Research Report
The Role of Trade Credit and its Relation with Bank Loan and Inventory Investment: Study with Firm-level Data
| Project/Area Number |
23530271
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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 |
Applied economics
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| Research Institution | Osaka Gakuin University (2012-2013)
The University of Tokyo (2011) |
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Principal Investigator |
MIWA Yoshiro 大阪学院大学, 経済学部, 教授 (90109158)
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| Project Period (FY) |
2011 – 2013
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| Keywords | 在庫投資 / 企業間信用 / 銀行融資 / 景気変動 / 在庫調整 |
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| Research Abstract |
For more than half a century, inventory investment has attracted wide attention as a major cause of short-term macroeconomic fluctuations, and the mechanism involved have been the focus of many major studies. Yet microeconomists and business people familiar with corporate behavior frequently express misgivings about the enterprise.
Using Japanese quarterly GDP inventory investment statistics both by commodity and by category, 1994-2010, I investigate the nature of quarterly inventory statistics and inventory investment behavior, and draw two conclusions. First, statisticians estimate the quarterly statistics under severe constraints, and their resulting figures incorporate seasonal variations which dominate the quarterly fluctuations. This fluctuations mostly disappears in annual data. Secondly, when I examine the inventory variations after the Lehman Shock in the autumn of 2008, I find neither a notable increase in inventory stock nor a long-run stock adjustment process.
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