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Empirical Studies on the Macroeconomic Effects of Bank--Firm Relationships

Research Project

Project/Area Number 26380416
Research Category

Grant-in-Aid for Scientific Research (C)

Allocation TypeMulti-year Fund
Section一般
Research Field Money/ Finance
Research InstitutionKonan University

Principal Investigator

Nakashima Kiyotaka  甲南大学, 経済学部, 教授 (00367939)

Project Period (FY) 2014-04-01 – 2018-03-31
Project Status Completed (Fiscal Year 2017)
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)
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
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.

Report

(5 results)
  • 2017 Annual Research Report   Final Research Report ( PDF )
  • 2016 Research-status Report
  • 2015 Research-status Report
  • 2014 Research-status Report
  • Research Products

    (27 results)

All 2018 2017 2016 2015 2014 Other

All Journal Article (10 results) (of which Peer Reviewed: 3 results,  Open Access: 5 results,  Acknowledgement Compliant: 9 results) Presentation (14 results) (of which Int'l Joint Research: 5 results) Remarks (3 results)

  • [Journal Article] The Real Effects of Bank-Driven Termination of Relationships: Evidence from Loan-Level Matched Data2018

    • Author(s)
      Kiyotaka Nakashima and Koji Takahashi
    • Journal Title

      Journal of Financial Stability

      Volume: 39 Pages: 46-65

    • Related Report
      2017 Annual Research Report
    • Peer Reviewed
  • [Journal Article] Termination of Bank-firm Relationships2017

    • Author(s)
      Kiyotaka Nakashima and Koji Takahashi
    • Journal Title

      SSRN

      Volume: -

    • Related Report
      2016 Research-status Report
    • Open Access / Acknowledgement Compliant
  • [Journal Article] The Real Effects of Bank-driven Termination of Relationships: Evidence from Loan-level Matched Data2017

    • Author(s)
      Kiyotaka Nakashima and Koji Takahashi
    • Journal Title

      SSRN

      Volume: -

    • Related Report
      2016 Research-status Report
    • Open Access / Acknowledgement Compliant
  • [Journal Article] Identifying Unconventional Monetary Policy Shocks2017

    • Author(s)
      Kiyotaka Nakashima, Masahiko Shibamoto, and Koji Takahashi
    • Journal Title

      SSRN

      Volume: -

    • Related Report
      2016 Research-status Report
    • Open Access / Acknowledgement Compliant
  • [Journal Article] Comment on Peek and Rosengren (2005) "Unnatural Selection: Perverse Incentives and the Allocation of Credit in Japan2017

    • Author(s)
      Hitoshi Inoue, Kiyotaka Nakashima, and Koji Takahashi
    • Journal Title

      SSRN

      Volume: -

    • Related Report
      2016 Research-status Report
    • Acknowledgement Compliant
  • [Journal Article] An Econometric Evaluation of Bank Recapitalization Programs with Bank- and Loan-level Data2016

    • Author(s)
      Kiyotaka Nakashima
    • Journal Title

      Jornal of Banking and Finance

      Volume: 63 Pages: 1-24

    • Related Report
      2015 Research-status Report
    • Peer Reviewed / Acknowledgement Compliant
  • [Journal Article] The Real Effects of Bank-Driven Termination of Relationships: Evidence from Loan-Level Matched Data2016

    • Author(s)
      Kiyotaka Nakashima and Koji Takahashi
    • Journal Title

      Social Science Research Network

      Volume: 2619356 Pages: 1-61

    • Related Report
      2015 Research-status Report
    • Open Access / Acknowledgement Compliant
  • [Journal Article] Termination of Bank-Firm Relationships2016

    • Author(s)
      Kiyotaka Nakashima and Koji Takahashi
    • Journal Title

      Social Science Research Network

      Volume: 2711974 Pages: 1-51

    • Related Report
      2015 Research-status Report
    • Open Access / Acknowledgement Compliant
  • [Journal Article] An Econometric Evaluation of Bank Recapitalization Programs2016

    • Author(s)
      Kiyotaka Nakashima
    • Journal Title

      Journal of Banking and Finance

      Volume: 印刷中

    • Related Report
      2014 Research-status Report
    • Peer Reviewed / Acknowledgement Compliant
  • [Journal Article] 銀行企業マッチングデータを利用した貸出供給・需要ショックの簡便な識別方法についての覚え書き2015

    • Author(s)
      中島清貴
    • Journal Title

      甲南経済学論集

      Volume: 56 Pages: 89-93

    • NAID

      120005724453

    • Related Report
      2015 Research-status Report
    • Acknowledgement Compliant
  • [Presentation] Risk-Taking Channel of Unconventional Monetary Policies in Bank Lending2018

    • Author(s)
      Kiyotaka Nakashima
    • Organizer
      The North American Meeting of the Econometric Society, University of California, Davis
    • Related Report
      2017 Annual Research Report
    • Int'l Joint Research
  • [Presentation] Identifying Unconventional Monetary Policy Shocks2018

    • Author(s)
      Kiyotaka Nakashima
    • Organizer
      The China Meeting of the Econometric Society, Fudan University, Shanghai
    • Related Report
      2017 Annual Research Report
    • Int'l Joint Research
  • [Presentation] The Emergence of a Parallel World: The Misperception Problem for Bank Balance Sheet and Lending Behavior2018

    • Author(s)
      Hitoshi Inoue
    • Organizer
      The Asian Meeting of the Econometric Society, Sogang University, Seoul
    • Related Report
      2017 Annual Research Report
    • Int'l Joint Research
  • [Presentation] Risk-Taking Channel of Unconventional Monetary Policies in Bank Lending2018

    • Author(s)
      Kiyotaka Nakashima
    • Organizer
      The Royal Economic Society Annual Meeting, University of Sussex, Brighton
    • Related Report
      2017 Annual Research Report
    • Int'l Joint Research
  • [Presentation] Risk-Taking Channel of Unconventional Monetary Policies in Bank Lending2017

    • Author(s)
      中島 清貴
    • Organizer
      Econometric Society, European Meeting, in 2017
    • Place of Presentation
      ポルトガル,リスボン
    • Year and Date
      2017-08-21
    • Related Report
      2016 Research-status Report
    • Int'l Joint Research
  • [Presentation] Risk-Taking Channel of Unconventional Monetary Policies in Bank Lending2017

    • Author(s)
      中島 清貴
    • Organizer
      2017年度日本経済学会春季大会
    • Place of Presentation
      立命館大学
    • Year and Date
      2017-06-25
    • Related Report
      2016 Research-status Report
  • [Presentation] Identifying Unconventional Monetary Policy Shocks2016

    • Author(s)
      中島 清貴
    • Organizer
      2016年度日本経済学会秋季大会
    • Place of Presentation
      早稲田大学
    • Year and Date
      2016-09-10
    • Related Report
      2016 Research-status Report
  • [Presentation] Comment on Peek and Rosengren (2005) "Unnatural Selection: Perverse Incentives and the Allocation of Credit in Japan2016

    • Author(s)
      中島 清貴
    • Organizer
      2016年度日本経済学会春季大会
    • Place of Presentation
      名古屋大学
    • Year and Date
      2016-06-19
    • Related Report
      2016 Research-status Report
  • [Presentation] A Potential Pitfall in Estimating a Nonliner Function of Bank Lending: A Critical Evaluation of Unnatural Selection2016

    • Author(s)
      中島清貴
    • Organizer
      日本経済学会春季大会
    • Place of Presentation
      名古屋大学(愛知県・名古屋市)
    • Year and Date
      2016-06-18
    • Related Report
      2015 Research-status Report
  • [Presentation] Unviable Relationship and Bank Lending: Evidence from Loan-level Matched Data2015

    • Author(s)
      中島清貴
    • Organizer
      日本金融学会秋季大会
    • Place of Presentation
      東北大学(宮城県・仙台市)
    • Year and Date
      2015-10-24
    • Related Report
      2015 Research-status Report
  • [Presentation] Termination of Bank-Firm Relationships2015

    • Author(s)
      中島清貴
    • Organizer
      日本金融学会秋季大会
    • Place of Presentation
      東北大学(宮城県・仙台市)
    • Year and Date
      2015-10-24
    • Related Report
      2015 Research-status Report
  • [Presentation] Unviable Relationship and Bank Lending2015

    • Author(s)
      Kiyotaka Nakashima
    • Organizer
      日本経済学会春期大会(新潟大学:新潟県新潟市)
    • Place of Presentation
      新潟大学
    • Year and Date
      2015-05-23 – 2015-05-24
    • Related Report
      2014 Research-status Report
  • [Presentation] Unviable Relationship and Bank Lending: Evidence from Loan-level Matched Data2015

    • Author(s)
      中島清貴
    • Organizer
      日本経済学会春季大会
    • Place of Presentation
      新潟大学(新潟県・新潟市)
    • Year and Date
      2015-05-23
    • Related Report
      2015 Research-status Report
  • [Presentation] The Real Effects of Bank-Driven Termination of Relationships: Evidence from Loan-level Matched Data2014

    • Author(s)
      Kiyotaka Nakashima
    • Organizer
      日本経済学会秋季大会(西南学院大学:福岡県福岡市)
    • Place of Presentation
      西南学院大学
    • Year and Date
      2014-10-11 – 2014-10-12
    • Related Report
      2014 Research-status Report
  • [Remarks]

    • URL

      http://sky.geocities.jp/kiyotaka_nakashima/

    • Related Report
      2017 Annual Research Report
  • [Remarks] http://sky.geocities.jp/kiyotaka_nakashima/

    • Related Report
      2016 Research-status Report
  • [Remarks] Kiyotaka Nakashima

    • URL

      http://sky.geocities.jp/kiyotaka_nakashima/

    • Related Report
      2015 Research-status Report

URL: 

Published: 2014-04-04   Modified: 2021-01-27  

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