Foreign direct investment and regulatory remedies for banking crises: Lessons from Japan
Foreign direct investment and regulatory remedies for banking crises: Lessons from Japan
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外国直接投资和银行业危机的监管补救措施：日本的经验教训
DOI：
10.1057/jibs.2011.17
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发表时间：
2011
影响因子：
11.6
通讯作者：
W. Watanabe
中科院分区：
文献类型：
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作者：
Linda Allen;Suparna Chakraborty;W. Watanabe
监管干预能否缓解金融危机？如果是，哪些是有效的？我们使用从原始资料中收集的银行贷款数据库，从20世纪90年代的日本银行危机中进行推断。研究结果表明，日本的风险资本注入（与美国2009年的监管资本评估计划（压力测试）类似）成功地刺激了日本银行的总贷款，而之前的全面注入（与美国2008年的问题资产救助计划（TARP）类似）则没有效果。此外，日本会计准则的变化重估了银行资产（类似于美国放松对银行的市值计价要求），但这并没有增加日本银行的贷款总量，而是重新分配了贷款。危机期间的资本金限制也导致许多日本银行关闭了海外分支机构，并将其特许经营权从国际转为国内。这一内生性的章程转变扭转了许多日本银行的外国直接投资（FDI）过程。因此，我们将日本银行危机作为检验FDI理论的自然实验，并为相对准入假说找到了实证支持，但不支持产业组织方法或相对财富假说。
Can regulatory interventions alleviate financial crises? If so, which ones work? We draw inferences from the Japanese banking crisis of the 1990s using a hand-gathered database of bank loans gathered from original sources. Our results indicate that whereas risk-based capital infusions in Japan (similar to those following the 2009 Supervisory Capital Assessment Program (stress tests) in the US) were successful in stimulating aggregate lending by Japanese banks, earlier blanket infusions (comparable to the 2008 Troubled Asset Relief Program (TARP) in the US) were not effective. Moreover, changes in accounting rules in Japan that revalued bank assets (similar to the relaxation of mark-to-market requirements for banks in the US) did not increase aggregate Japanese bank lending, but rather reallocated it. Capital constraints during the crisis also induced many Japanese banks to close their overseas branches and switch their charters from international to domestic. This endogenous charter switch reversed the process of foreign direct investment (FDI) for many Japanese banks. Therefore we use the Japanese banking crisis as a natural experiment to test FDI theories and find empirical support for the relative access hypothesis, but not for the industrial organization approach or for the relative wealth hypothesis.
日本银行资本重组政策的有效性
DOI：
--
发表时间：
2009
期刊：
Japan and the World Economy 21
影响因子：
--
作者：
Montgomery;H. and Shimizutani;S.
通讯作者：
S.