Loans to Japanese Borrowers
Loans to Japanese Borrowers
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向日本借款人提供的贷款
DOI：
10.2139/ssrn.425060
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发表时间：
2003
期刊：
影响因子：
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通讯作者：
David C. Smith
中科院分区：
文献类型：
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作者：
David C. Smith
本文使用一个相对未开发的合同特定数据集来研究日本借款人的贷款特征。我发现，与外国银行相比，日本银行向日本借款人收取的贷款费用较低，因为它们保持了借款人的许多风险特征不变。此外，与外国银行相比，日本银行对这些风险的定价差异较小，这表明日本银行往往不会区分好风险和坏风险。综合来看，调查结果表明，日本银行的问题源于银行自身的行为，而不仅仅是糟糕的经济状况。我还记录了20世纪90年代末日本贷款期限结构的显著缩短。
This paper examines the characteristics of loans to Japanese borrowers using a relatively unexplored, contract-specific data set. I find that Japanese banks charge less on loans to Japanese borrowers than do foreign banks, holding constant many of the risk characteristics of the borrower. Moreover, Japanese banks vary pricing less across these risks than do foreign banks, suggesting that Japanese banks tend not to distinguish good risks from bad. Taken together, the results suggest that problems at Japanese banks stem from the behavior of the banks themselves, not simply from poor economic conditions. I also document a significant shortening in the maturity structure of Japanese loans in the late 1990s.