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2015 Fiscal Year Final Research Report

Lending behavior of banking sector for small and medium-sized enterprises in Japan

Research Project

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Project/Area Number 25380417
Research Category

Grant-in-Aid for Scientific Research (C)

Allocation TypeMulti-year Fund
Section一般
Research Field Money/ Finance
Research InstitutionUniversity of Marketing and Distribution Sciences

Principal Investigator

KOZUKA Masafumi  流通科学大学, 経済学部, 准教授 (20403230)

Co-Investigator(Kenkyū-buntansha) HIRAGA Kazuki  東海大学, 政治経済学部, 講師 (40528923)
FUJII Takao  神戸市外国語大学, 外国語学部, 准教授 (80547216)
Project Period (FY) 2013-04-01 – 2016-03-31
Keywordsポートフォリオ・リバランス効果 / Tobinの限界q / Granger's causality / 為替レート
Outline of Final Research Achievements

In this research project, we verify the lending behavior of banking sector to small and medium-sized enterprises (hereafter, SMEs) and investment behavior of SMEs.
Regarding the lending behavior for SMEs, we obtained following results. First, bank lending had negative relationship with interest rate, and did not grow in the periods of quantitative easing policy. And second, the lending behavior of shinkin banks is different from that of domestic banks after the periods of quantitative easing policy, for the difference in the basic policy. As for the lending investment behavior of SMEs (mainly manufacturing), we focus on the relationship between exchange rate and investment, for exchange rate is regarded as important factor for manufacturing industries. And the empirical results show that there is little relationship between them.

Free Research Field

金融論、マクロ経済学

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Published: 2017-05-10  

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