'By a Silken Thread': regional banking integration and credit reallocation during Japan's Lost
'By a Silken Thread': regional banking integration and credit reallocation during Japan's Lost
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“一线之隔”：日本迷失时期的区域银行一体化和信贷重新分配
DOI：
10.1016/j.jinteco.2022.103579
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发表时间：
2022
影响因子：
3.3
通讯作者：
Mathias and Okubo Toshihiro
中科院分区：
文献类型：
--
作者：
Hoffmann;Mathias and Okubo Toshihiro
区域银行一体化可以使信贷重新配置到信贷需求高的地区。利用日本“失去的十年”的自然实验，我们表明，这种再分配渠道减轻了银行流动性冲击对许多依赖银行的小企业的县的实际影响。我们提出了一种现代区域银行一体化的工具，该工具利用了日本银行市场的区域分割可以追溯到19世纪末为丝绸出口融资而设立的机构这一事实。我们说明了当只有汇总区域数据可用时，OLS和IV估计之间的差异如何提供有关银行-公司匹配中未观察到的跨区域异质性的信息。我们的研究结果强调，在货币联盟中，特别是在重大金融危机期间，一体化良好的银行市场在限制宏观经济不对称方面对债券市场具有重要和互补作用。
Regional banking integration allows credit to be reallocated to regions with high credit demand. Using the natural experiment of Japan's lost decade, we show that this reallocation channel mitigated the real effects from the bank liquidity shock in prefectures with many bank-dependent small firms. We propose an instrument for modern-day regional banking integration that exploits the fact that regional segmentation of banking markets in Japan goes back to the institutions set up for silk export finance in the late 19th century. We illustrate how the difference between the OLS and IV estimates can provide information about unobserved cross-regional heterogeneity in bank-firm matches when only aggregate regional data is available. Our results highlight that well-integrated banking markets are important and complementary to bond markets in limiting macroeconomic asymmetries in a monetary union, in particular during major financial crises.