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Propagation mechanism of financial crisis and portfolio behavior of financial institutions: Comparative studies of Japan, Eu and USA

Research Project

Project/Area Number 22330068
Research Category

Grant-in-Aid for Scientific Research (B)

Allocation TypeSingle-year Grants
Section一般
Research Field Economic statistics
Research InstitutionOsaka University

Principal Investigator

OGAWA Kazuo  大阪大学, 社会経済研究所, 教授 (90160746)

Co-Investigator(Kenkyū-buntansha) TOKUTSU Ichiro  神戸大学, 経営学研究科, 教授 (80140119)
Project Period (FY) 2010-04-01 – 2013-03-31
Project Status Completed (Fiscal Year 2013)
Budget Amount *help
¥12,610,000 (Direct Cost: ¥9,700,000、Indirect Cost: ¥2,910,000)
Fiscal Year 2012: ¥3,510,000 (Direct Cost: ¥2,700,000、Indirect Cost: ¥810,000)
Fiscal Year 2011: ¥3,250,000 (Direct Cost: ¥2,500,000、Indirect Cost: ¥750,000)
Fiscal Year 2010: ¥5,850,000 (Direct Cost: ¥4,500,000、Indirect Cost: ¥1,350,000)
Keywords金融危機 / 資産選択行動 / 不良債権 / 設備投資 / 流動性需要 / 証券化 / 国債保有 / サブプライムローン / グローバル金融危機 / 貸出行動 / コールレポート / 中小企業 / バンクスコープ
Research Abstract

We empirically analyzed the mechanism through which adverse financial shocks were propagated into the slowdown of real economies, using micro data of financial institutions and firms. In particular we paid special attention to the portfolio behavior of financial institutions in propagation mechanism. We obtained the following findings. First we examined the motivation of securitization by US commercial banks and its consequence on the balance sheet of commercial banks. Second we investigated why Japanese banks held a large amount of Japanese Government Bonds in the late 1990s to the 2000s.
Third we identified the type of shocks that hit Japanese small and medium enterprises and then uncovered the mechanism through which shocks were propagated across industries with different firm size, using input output tables by firm size. Finally we examined the response of firms' investment and liquidity holdings to shocks for Asian countries as well as Japan.

Report

(4 results)
  • 2013 Final Research Report ( PDF )
  • 2012 Annual Research Report
  • 2011 Annual Research Report
  • 2010 Annual Research Report
  • Research Products

    (34 results)

All 2014 2013 2012 2011 2010

All Journal Article (11 results) (of which Peer Reviewed: 6 results) Presentation (23 results)

  • [Journal Article] Global Financial Crisis and the Small and Medium-sized Enterprises in Japan : How Did they Cope with the Crisis?2013

    • Author(s)
      Kazuo Ogawa, Takanori Tanaka
    • Journal Title

      Small Business Economics

      Volume: Vol.41 Issue: 2 Pages: 401-417

    • DOI

      10.1007/s11187-012-9434-z

    • Related Report
      2013 Final Research Report 2012 Annual Research Report
    • Peer Reviewed
  • [Journal Article] The Trade Credit Channel Revisited : Evidence from Micro Data of Japanese Small Firms2013

    • Author(s)
      Kazuo Ogawa, Elmer Sterken, Ichiro Tokutsu
    • Journal Title

      Small Business Economics

      Volume: Vol.40 Issue: 1 Pages: 101-118

    • DOI

      10.1007/s11187-011-9344-5

    • Related Report
      2013 Final Research Report
    • Peer Reviewed
  • [Journal Article] Firm Investment, Liquidity and Bank Health : A Panel Study of Asian Firms in the 2000s2013

    • Author(s)
      Kazuo Ogawa
    • Journal Title

      ADB Economics Working Paper Series

      Volume: No.338

    • Related Report
      2013 Final Research Report
  • [Journal Article] Financial Distress and Industry Structure : An Inter-industry Approach to the"Lost Decade"in Japan2012

    • Author(s)
      Kazuo Ogawa, Elmer Sterken, Ichiro Tokutsu
    • Journal Title

      Economic Systems Research

      Volume: Vol.24 Issue: 3 Pages: 229-249

    • DOI

      10.1080/09535314.2012.687712

    • Related Report
      2013 Final Research Report
    • Peer Reviewed
  • [Journal Article] Japan out of the Lost Decade : Divine Wind or Firms'Effort2012

    • Author(s)
      Kazuo Ogawa, Mika Saito, Ichiro Tokutsu
    • Journal Title

      IMF Working Paper

      Volume: (WP/12/171)

    • Related Report
      2013 Final Research Report
    • Peer Reviewed
  • [Journal Article] Global Financial Crisis and the Small and Medium-sized Enterprises in Japan : How Did they Cope with the Crisis?2012

    • Author(s)
      Kazuo Ogawa, Takanori Tanaka
    • Journal Title

      RIETI Discussion Paper 12-E-012

    • Related Report
      2011 Annual Research Report
  • [Journal Article] Did Divine Wind Rescue Japan from the Lost Decade?2012

    • Author(s)
      Kazuo Ogawa, Mika Saito, Ichiro Tokutsu
    • Journal Title

      mimeographed

    • Related Report
      2011 Annual Research Report
  • [Journal Article] 金融革新と銀行行動:金融危機の発生メカニズム2011

    • Author(s)
      小川一夫
    • Journal Title

      金融危機とマクロ経済(岩井克人・翁百合・瀬古美喜編)東京大学出版会

      Pages: 3-25

    • Related Report
      2013 Final Research Report
  • [Journal Article] Why Are Concavity Conditions Not Satisfied in the Cost Function? The Case of Japanese Manufacturing Firms during the Bubble Period2011

    • Author(s)
      Kazuo Ogawa
    • Journal Title

      Oxford Bulletin of Economics and Statistics

      Volume: 73 Issue: 4 Pages: 556-580

    • DOI

      10.1111/j.1468-0084.2010.00623.x

    • Related Report
      2013 Final Research Report
    • Peer Reviewed
  • [Journal Article] Balance Sheet Deterioration and Credit Allocations : Japanese Evidence from the Short-term Economic Survey of Enterprises2011

    • Author(s)
      Kazuo Ogawa
    • Journal Title

      Japan and the World Economy

      Volume: 23 Pages: 86-96

    • Related Report
      2013 Final Research Report
    • Peer Reviewed
  • [Journal Article] 金融革新と銀行行動:金融危機の発生メカニズム2011

    • Author(s)
      小川一夫
    • Journal Title

      金融危機とマクロ経済(岩井克人・翁百合・瀬古美喜編)

      Pages: 3-25

    • Related Report
      2011 Annual Research Report
  • [Presentation] Why Do Financial Institutions Hold Government Bonds?2014

    • Author(s)
      Kazuo Ogawa
    • Organizer
      The Case of Japan経済学セミナー
    • Place of Presentation
      名古屋市立大学(名古屋)
    • Year and Date
      2014-01-10
    • Related Report
      2013 Final Research Report
  • [Presentation] Why Do Financial Institutions Hold Government Bonds? : The Case of Japan2014

    • Author(s)
      小川一夫
    • Organizer
      大学セミナー
    • Place of Presentation
      名古屋市立大学経済学部
    • Related Report
      2012 Annual Research Report
  • [Presentation] Why Do Financial Institutions Hold Government Bonds?2013

    • Author(s)
      Kazuo Ogawa
    • Organizer
      The Case of Japan Seminar on Economics
    • Place of Presentation
      niversity of Groningen(オランダ)
    • Year and Date
      2013-08-21
    • Related Report
      2013 Final Research Report
  • [Presentation] Japan out of the Lost Decade : Divine Wind or Firms'Effort2013

    • Author(s)
      Kazuo Ogawa
    • Organizer
      横浜国立大学近経研究会
    • Place of Presentation
      横浜国立大学(横浜)
    • Year and Date
      2013-01-31
    • Related Report
      2013 Final Research Report
  • [Presentation] Why Do Financial Institutions Hold Government Bonds? : The Case of Japan2013

    • Author(s)
      小川一夫
    • Organizer
      大学セミナー
    • Place of Presentation
      University of Grohingen
    • Related Report
      2012 Annual Research Report
  • [Presentation] Japan out of the Lost Decade : Divine Wind or Firms2012

    • Author(s)
      Kazuo Ogawa
    • Organizer
      Effort Workshop on Busines Fluctuations and International Transmission of Shocks
    • Place of Presentation
      神戸大学(神戸)
    • Year and Date
      2012-11-16
    • Related Report
      2013 Final Research Report
  • [Presentation] Why Do Financial Institutions Hold Government Bonds?2012

    • Author(s)
      Kazuo Ogawa
    • Organizer
      The Case of Japan地域金融コンファランス
    • Place of Presentation
      中央大学(東京)
    • Year and Date
      2012-09-06
    • Related Report
      2013 Final Research Report
  • [Presentation] Why Do Financial Institutions Hold Government Bonds?2012

    • Author(s)
      Kazuo Ogawa
    • Organizer
      The Case of Japan日本学術会議分科会
    • Place of Presentation
      日本学術会議(東京)
    • Year and Date
      2012-07-24
    • Related Report
      2013 Final Research Report
  • [Presentation] Japan out of the Lost Decade : Divine Wind or Firms'Effort2012

    • Author(s)
      Kazuo Ogawa
    • Organizer
      福岡大学セミナー
    • Place of Presentation
      福岡大学(福岡
    • Year and Date
      2012-05-11
    • Related Report
      2013 Final Research Report
  • [Presentation] Japan out of the Lost Decade : Divine Wind or Firms'Effort2012

    • Author(s)
      Kazuo Ogawa
    • Organizer
      Federal Reserve Boarセミナー
    • Place of Presentation
      Federal Reserve Board(アメリカ)
    • Year and Date
      2012-03-16
    • Related Report
      2013 Final Research Report
  • [Presentation] Did Divine Wind Rescue Japan from the Lost Decade?2012

    • Author(s)
      小川一夫, 得津一郎
    • Organizer
      セミナー
    • Place of Presentation
      連邦準備制度理事会(アメリカ)
    • Year and Date
      2012-03-16
    • Related Report
      2011 Annual Research Report
  • [Presentation] Japan out of the Lost Decade : Divine Wind or Firms'Effort2012

    • Author(s)
      Kazuo Ogawa
    • Organizer
      International Monetary Fundsセミナー
    • Place of Presentation
      International Monetary Funds(アメリカ)
    • Year and Date
      2012-03-14
    • Related Report
      2013 Final Research Report
  • [Presentation] Did Divine Wind Eescue Japan from the Lost Decade?2012

    • Author(s)
      小川一夫, 得津一郎
    • Organizer
      セミナー
    • Place of Presentation
      国際通貨基金(アメリカ)
    • Year and Date
      2012-03-14
    • Related Report
      2011 Annual Research Report
  • [Presentation] What Do Cash Holdings Tell Us about Bank-Firm Relationship2012

    • Author(s)
      Kazuo Ogawa
    • Organizer
      The Case of Japanese Firms HIT-TDB-RIETI International Workshop on the Economics of Interfirm Networks
    • Place of Presentation
      日経済産業研究所(東京)
    • Related Report
      2013 Final Research Report
  • [Presentation] Global Financial Crisis and the Small and Medium-sized Enterprises in Japan : How Did they Cope with the Crisis?2011

    • Author(s)
      Kazuo Ogawa
    • Organizer
      地域金融コンファランス
    • Place of Presentation
      神戸大学(神戸)
    • Year and Date
      2011-09-01
    • Related Report
      2013 Final Research Report
  • [Presentation] Global Financial Crisis and the Small and Medium-sized Enterprises in Japan : How Did they Cope with the Crisis?2011

    • Author(s)
      小川一夫
    • Organizer
      地域金融コンファランス
    • Place of Presentation
      神戸大学
    • Year and Date
      2011-09-01
    • Related Report
      2011 Annual Research Report
  • [Presentation] Global Financial Crisis and the Small and Medium-sized Enterprises in Japan : How Did they Cope with the Crisis?2011

    • Author(s)
      Kazuo Ogawa
    • Organizer
      経済産業研究所セミナー
    • Place of Presentation
      経済産業研究所(東京)
    • Year and Date
      2011-07-29
    • Related Report
      2013 Final Research Report
  • [Presentation] Global Financial Crisis and the Small and Medium-sized Enterprises in Japan : How Did they Cope with the Crisis?2011

    • Author(s)
      小川一夫
    • Organizer
      セミナー
    • Place of Presentation
      経済産業研究所
    • Year and Date
      2011-07-29
    • Related Report
      2011 Annual Research Report
  • [Presentation] Global Financial Crisis and the Small and Medium-sized Enterprises in Japan : How Did they Cope with the Crisis?2011

    • Author(s)
      Kazuo Ogawa
    • Organizer
      日本政策投資銀行セミナー2
    • Place of Presentation
      日本政策投資銀行(東京)
    • Year and Date
      2011-06-08
    • Related Report
      2013 Final Research Report
  • [Presentation] Global Financial Crisis and the Small and Medium-sized Enterprises in Japan : How Did they Cope with the Crisis?2011

    • Author(s)
      小川一夫
    • Organizer
      セミナー
    • Place of Presentation
      日本政策投資銀行
    • Year and Date
      2011-06-08
    • Related Report
      2011 Annual Research Report
  • [Presentation] Financial Distress and Industry Structure : An Inter-industry Approach to the"Lost Decade"in Japan2011

    • Author(s)
      Kazuo Ogawa
    • Organizer
      Academic Seminar
    • Place of Presentation
      チューリッヒ大学(スイス)
    • Year and Date
      2011-03-16
    • Related Report
      2013 Final Research Report
  • [Presentation] 金融革新と銀行行動:金融危機の発生メカニズムに関する一考察2011

    • Author(s)
      小川一夫
    • Organizer
      シンポジウム「金融危機、資産市場の変化とマクロ経済」
    • Place of Presentation
      日本学術会議(東京)
    • Year and Date
      2011-02-07
    • Related Report
      2010 Annual Research Report
  • [Presentation] Financial Distress and Industry Structure : An Inter-industry Approach to the"Lost Decade"in Japan2010

    • Author(s)
      Kazuo Ogawa
    • Organizer
      NBER Japan project meeting
    • Place of Presentation
      アジア開発銀行研究所(東京)
    • Related Report
      2013 Final Research Report

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Published: 2010-08-23   Modified: 2019-07-29  

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