Dependence on internal finance by the corporate sector and dependence on external finance by the household sector: Macroeconomic policy under regional economic integration in East Asia

2017 Fiscal Year Final Research Report

• Project/Area Number: 15K03539
• Research Category: Grant-in-Aid for Scientific Research (C)
• Allocation Type: Multi-year Fund
• Section: 一般
• Research Field: Money/ Finance
• Research Institution: Kanazawa University
• Principal Investigator: Enya Masahiro 金沢大学, 経済学経営学系, 准教授 (70340867)
• Co-Investigator(Kenkyū-buntansha): 高阪 章 大阪大学, 国際公共政策研究科, 教授 (00205329)
• Project Period (FY): 2015-04-01 – 2018-03-31
• Keywords: 家計債務 / 企業債務 / 家計向け貸出 / 企業向け貸出 / 金融仲介 / アジア / 地域経済統合 / 資本フロー

Outline of Final Research Achievements

Some emerging economies in the world have experienced rapid growth in household credit since 2000. The purpose of this study is twofold: first, to examine the recent situation concerning household and corporate credits in emerging economies, mainly in East Asia, and second, to investigate the drivers and effects of increase in household credit and decrease in corporate credit. This study finds that the key drivers are increase in capital inflow into the corporate sector (substitution effect) and the multinational corporate-led economic development process. It also finds that an increase in household credit predicts lower output growth in the future. Further, it suggests a macroeconomic policy aimed at macroeconomic stability.

Free Research Field

金融、国際経済学