FINANCIAL DISTRESS AND INDUSTRY STRUCTURE: AN INTER-INDUSTRY APPROACH TO THE LOST DECADE IN JAPAN
FINANCIAL DISTRESS AND INDUSTRY STRUCTURE: AN INTER-INDUSTRY APPROACH TO THE LOST DECADE IN JAPAN
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DOI：
10.1080/09535314.2012.687712
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发表时间：
2012-08
影响因子：
2.5
通讯作者：
K. Ogawa;E. Sterken;Ichiro Tokutsu
中科院分区：
文献类型：
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作者：
K. Ogawa;E. Sterken;Ichiro Tokutsu
本文提出了一种新的方法来研究金融机构和企业的资产负债表恶化的传播机制，通过扩展的投入产出分析。首先，我们使用一个独特的投入产出表，增加了企业规模的维度。其次，我们将投入产出表与金融机构和企业的资产负债表状况联系起来。根据日本的投入产出表，我们发现金融机构的贷款态度在90年代末和21世纪初影响了企业的投入决策。模拟演习进行评估的影响，在贷款态度的变化，以小企业作为有利的，对大企业的部门分配。我们发现，小企业的产量增加，大企业的产量减少。产量的变化是不可忽略的，约为每个部门初始产量的5.5%。特别是纺织品、钢铁和金属制品的出口超过20%。
This paper proposes a novel approach to investigating the propagation mechanism of balance sheet deterioration in financial institutions and firms, by extending the input–output analysis. First, we use a unique input–output table augmented by firm size dimension. Second, we link the input–output table with the balance sheet conditions of financial institutions and firms. Based on Japanese input–output tables, we find that the lending attitude of financial institutions affected firms’ input decision in the late 1990s and the early 2000s. Simulation exercises are conducted to evaluate the effects of changes in the lending attitude toward small firms as favorable as that toward large firms on sectoral allocations. We find that output was increased for small firms and reduced for large firms. The change in output was non-negligible, about 5.5% of the initial output of each sector. In particular, it exceeded 20% in textile, iron and steel and fabricated metal products.