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2007 Fiscal Year Final Research Report Summary

DETERIORATING BANK HEALTH AND LENDING IN JAPAN : EVIDENCE FROM UNLISTED COMPANIES UNDERGOING FINANCIAL DISTRESS

Research Project

Project/Area Number 18530230
Research Category

Grant-in-Aid for Scientific Research (C)

Allocation TypeSingle-year Grants
Section一般
Research Field Public finance/Monetary economics
Research InstitutionThe University of Tokyo

Principal Investigator

FUKUDA Shin-ichi  The University of Tokyo, Graduate School of Economics, Professor (00221531)

Project Period (FY) 2006 – 2007
KeywordsBank-firm relationship / Credit crunch / Misallocation / Unlisted firms
Research Abstract

When a borrower faces an informational hold-up problem, deteriorating bank health might reduce a borrower's credit availability. However, a bank with an impaired balance sheet might attempt to "gamble for resurrection" and hence increase risky lending to "zombie" firms. The purpose of this paper is to investigate what impacts the weakened financial conditions of banks had on loans outstanding to medium-size firms in Japan. Estimating lending functions, we examine the determinants of lending to unlisted Japanese companies in the late 1990s and early 2000s. We find that two alternative measures of bank health-regulatory capital adequacy ratios and ratios of non-performing loans (NPLs)-had opposite impacts on lending. In the case of regulatory capital adequacy ratios, its deterioration had a perverse impact on lending. The deteriorating NPL ratios, however, increased lending to troubled firms to keep otherwise economically bankrupt firms alive.

  • Research Products

    (32 results)

All 2008 2007 2006 Other

All Journal Article (18 results) (of which Peer Reviewed: 10 results) Presentation (11 results) Book (3 results)

  • [Journal Article] Liquidity Risk Aversion, Debt Maturity, and Current Account Surpluses: A Theory and Evidence from East Asia2007

    • Author(s)
      Shin-ichi Fukuda and Yoshifumi Kon
    • Journal Title

      NBER Working Paper No.13004

    • Description
      「研究成果報告書概要(和文)」より
    • Peer Reviewed
  • [Journal Article] The Impacts of "Shock Therapy" on Large and Small Clients: Experiences from Two Large Bank Failures in Japan2007

    • Author(s)
      Shin-ichi Fukuda and Satoshi Koibuchi
    • Journal Title

      Pacific-Basin Finance Journal 15

      Pages: 434-451

    • Description
      「研究成果報告書概要(和文)」より
    • Peer Reviewed
  • [Journal Article] 非上場企業に「追い貸し」は存在したか?2007

    • Author(s)
      福田慎一・粕谷宗久・中島上智
    • Journal Title

      金融研究 26

      Pages: 73-104

    • Description
      「研究成果報告書概要(和文)」より
    • Peer Reviewed
  • [Journal Article] Liquidity Risk Aversion, Debt Maturity, and Current Account Surpluses : A Theory and Evidence from East Asia2007

    • Author(s)
      Shin-ichi Fukuda and Yoshifumi Kon
    • Journal Title

      NBER Working Paper No.13004

    • Description
      「研究成果報告書概要(欧文)」より
  • [Journal Article] The Impacts of "Shock Therapy" on Large and Small Clients : Experiences from Two Large Bank Failures in Japan2007

    • Author(s)
      Shin-ichi Fukuda and Satoshi Koibuchi
    • Journal Title

      Pacific-Basin Finance Journal Vol.15

      Pages: 434-451

    • Description
      「研究成果報告書概要(欧文)」より
  • [Journal Article] 金融危機下における非上場企業の企業間信用:企業間信用は銀行借入を代替するか?2006

    • Author(s)
      福田慎一・粕谷宗久・赤司健太郎
    • Journal Title

      フィナンシャル・レビュー 86

      Pages: 142-159

    • Description
      「研究成果報告書概要(和文)」より
  • [Journal Article] On the Determinants of Exporters' Currency Pricing: History vs. Expectations2006

    • Author(s)
      Shin-ichi Fukuda and Masanori Ono
    • Journal Title

      Journal of the Japanese and International Economies 18

      Pages: 548-568

    • Description
      「研究成果報告書概要(和文)」より
    • Peer Reviewed
  • [Journal Article] Deteriorating Bank Health and Lending in Japan: Evidence from Unlisted Companies under Financial Distress2006

    • Author(s)
      Shin-ichi Fukuda, Munehisa Kasuya, and Jouchi Nakajima
    • Journal Title

      Journal of Asia Pacific Economy 11

      Pages: 482-501

    • Description
      「研究成果報告書概要(和文)」より
    • Peer Reviewed
  • [Journal Article] 不良債権と債権放棄:メインバンクの超過負担2006

    • Author(s)
      福田慎一・鯉渕賢
    • Journal Title

      経済研究 57

      Pages: 110-120

    • Description
      「研究成果報告書概要(和文)」より
    • Peer Reviewed
  • [Journal Article] The Impacts of "Shock Therapy" under a Banking Crisis: Experiences from Three Large Bank Failures in Japan2006

    • Author(s)
      Shin-ichi Fukuda and Satoshi Koibuchi
    • Journal Title

      Japanese Economic Review 57

      Pages: 232-246

    • Description
      「研究成果報告書概要(和文)」より
    • Peer Reviewed
  • [Journal Article] デフレ下における非上場企業のデフォルト分析2006

    • Author(s)
      福田慎一・粕谷宗久・赤司健太郎
    • Journal Title

      金融経済研究 23

      Pages: 31-49

    • Description
      「研究成果報告書概要(和文)」より
    • Peer Reviewed
  • [Journal Article] On the Determinants of Exporters' Currency Pricing : History vs. Expectations2006

    • Author(s)
      Shin-ichi Fukuda and Masanori Ono
    • Journal Title

      Journal of the Japanese and International Economies vol. 18

      Pages: 548-568

    • Description
      「研究成果報告書概要(欧文)」より
  • [Journal Article] Deteriorating Bank Health and Lending in Japan : Evidence from Unlisted Companies under Financial Distress2006

    • Author(s)
      Shin-ichi Fukuda, Munehisa Kasuya, and Jouchi Nakajima
    • Journal Title

      Journal of Asia Pacific Economy vol. 11

      Pages: 482-501

    • Description
      「研究成果報告書概要(欧文)」より
  • [Journal Article] Knightian Uncertainty and Poverty Trap in a Model of Economic Growth

    • Author(s)
      Shin-ichi Fukuda
    • Journal Title

      Review of Economic Dynamics (掲載決定)

    • Description
      「研究成果報告書概要(和文)」より
    • Peer Reviewed
  • [Journal Article] Post-crisis Exchange Rate Regimes in ASEAN: A New Empirical Test Based on Intra-daily Data

    • Author(s)
      Shin-ichi Fukuda and Sanae Ohno
    • Journal Title

      Singapore Economic Review (掲載決定)

    • Description
      「研究成果報告書概要(和文)」より
    • Peer Reviewed
  • [Journal Article] Knightian Uncertainty and Poverty Trap in a Model of Economic Growth

    • Author(s)
      Shin-ichi Fukuda
    • Journal Title

      Review of Economic Dynamics, forthcoming

    • Description
      「研究成果報告書概要(欧文)」より
  • [Journal Article] Post-crisis Exchange Rate Regimes in ASEAN : A New Empirical Test Based on Intra-daily Data

    • Author(s)
      Shin-ichi Fukuda and Sanae Ohno
    • Journal Title

      Singapore Economic Review, forthcoming

    • Description
      「研究成果報告書概要(欧文)」より
  • [Journal Article] The Impacts of "Shock Therapy" under a Banking Crisis : Experiences from Three Large Bank Failures in Japan

    • Author(s)
      Shin-ichi Fukuda and Satoshi Koibuchi
    • Journal Title

      Japanese Economic Review vol. 57

      Pages: 232-246

    • Description
      「研究成果報告書概要(欧文)」より
  • [Presentation] Macroeconomic Impacts of Foreign Exchange Reserves2007

    • Author(s)
      Shin-ichi Fukuda
    • Organizer
      All China Economics International Conference
    • Place of Presentation
      Hong Kong
    • Year and Date
      20071212-14
    • Description
      「研究成果報告書概要(和文)」より
  • [Presentation] Macroeconomic Impacts of Foreign Exchange Reserves2007

    • Author(s)
      Shin-ichi Fukuda
    • Organizer
      Asia-Pacific Economic Association Conference
    • Place of Presentation
      Hong Kong
    • Year and Date
      20070725-26
    • Description
      「研究成果報告書概要(和文)」より
  • [Presentation] Macroeconomic Impacts of Foreign Exchange Reserves2007

    • Author(s)
      Shin-ichi Fukuda
    • Organizer
      Far Eastern Meeting of the Econometric Society
    • Place of Presentation
      Taipei, Taiwan
    • Year and Date
      20070711-13
    • Description
      「研究成果報告書概要(和文)」より
  • [Presentation] Infrequent Policy Changes2007

    • Author(s)
      Shin-ichi Fukuda
    • Organizer
      Australasian Meeting of the-Econometric Society
    • Place of Presentation
      Brisben, Australia
    • Year and Date
      20070703-06
    • Description
      「研究成果報告書概要(和文)」より
  • [Presentation] Infrequent Policy Changes2007

    • Author(s)
      Shin-ichi Fukuda
    • Organizer
      Australasian Meeting of the Econometric Society
    • Place of Presentation
      Brisben, Australia
    • Year and Date
      20070703-06
    • Description
      「研究成果報告書概要(欧文)」より
  • [Presentation] Bank Health and Investment: An Analysis of Unlisted Companies in Japan2006

    • Author(s)
      Shin-ichi Fukuda
    • Organizer
      European Meeting of Econometric Society
    • Place of Presentation
      Vienna, Austria
    • Year and Date
      20060824-28
    • Description
      「研究成果報告書概要(和文)」より
  • [Presentation] Bank Health and Investment : An Analysis of Unlisted Companies in Japan2006

    • Author(s)
      Shin-ichi Fukuda
    • Organizer
      European Meeting of Econometric Society
    • Place of Presentation
      Vienna, Austria
    • Year and Date
      20060824-28
    • Description
      「研究成果報告書概要(欧文)」より
  • [Presentation] On the Determinants of Exporters' Currency Pricing: History vs.Expectations2006

    • Author(s)
      Shin-ichi Fukuda
    • Organizer
      Western Economic Association
    • Place of Presentation
      San Diego, USA
    • Year and Date
      20060602-03
    • Description
      「研究成果報告書概要(和文)」より
  • [Presentation] On the Determinants of Exporters' Currency Pricing : History vs. Expectations2006

    • Author(s)
      Shin-ichi Fukuda
    • Organizer
      Western Economic Association
    • Place of Presentation
      San Diego, USA
    • Year and Date
      20060602-03
    • Description
      「研究成果報告書概要(欧文)」より
  • [Presentation] Impaired Bank Health and Default Risk2006

    • Author(s)
      Shin-ichi Fukuda
    • Organizer
      the FIRS Shanghai conference
    • Place of Presentation
      Shanghai, China
    • Year and Date
      20060601-03
    • Description
      「研究成果報告書概要(和文)」より
  • [Presentation] Impaired Bank Health and Default Risk2006

    • Author(s)
      Shin-ichi Fukuda
    • Organizer
      FIRS Shanghai conference
    • Place of Presentation
      Shanghai. China
    • Year and Date
      20060601-03
    • Description
      「研究成果報告書概要(欧文)」より
  • [Book] アジアの経済発展と金融システム:東南アジア編2008

    • Author(s)
      寺西重郎・福田慎一・奥田英信・三重野文晴
    • Total Pages
      304
    • Publisher
      東洋経済新報社
    • Description
      「研究成果報告書概要(和文)」より
  • [Book] アジアの経済発展と金融システム:東北アジア編2007

    • Author(s)
      寺西重郎・福田慎一・奥田英信・三重野文晴
    • Total Pages
      283
    • Publisher
      東洋経済新報社
    • Description
      「研究成果報告書概要(和文)」より
  • [Book] 国際金融システムの制度設計2006

    • Author(s)
      福田慎一・小川英治
    • Total Pages
      255
    • Publisher
      東京大学出版会
    • Description
      「研究成果報告書概要(和文)」より

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Published: 2010-02-04  

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