Causes of the Long Stagnation of Japan during the 1990 fs: Financial or Real?
Causes of the Long Stagnation of Japan during the 1990 fs: Financial or Real?
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1990 年代日本长期停滞的原因：金融还是现实？
DOI：
10.1006/jjie.1999.0429
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发表时间：
1999
期刊：
影响因子：
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通讯作者：
H. Yoshikawa
中科院分区：
文献类型：
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作者：
Taizo Motonishi;H. Yoshikawa
企业投资是解释日本在20世纪90年代长期停滞的最重要因素。使用日本银行的“真实的盈利能力”和“银行贷款意愿”的扩散指数，我们估计了四组企业的投资函数：大型/小型和制造业/非制造业。我们的研究结果表明，对于大企业，融资约束是不显着的，而匡威亦然，小企业。1992- 1994年期间投资下降主要是由于真实的因素。然而，1997年开始出现信贷紧缩，使国内生产总值的增长率下降了1.6%。
Corporate investment is the most important factor to explain the long stagnation of Japan during the 1990's. Using the Bank of Japan diffusion indices of 'real profitability' and 'banks' willingness to lend', we estimate investment functions for four groups of firms: large/small and manufacturing/non-manufacturing. Our results suggest that for large firms, financing constraints are not significant whereas the converse is true for small firms. A fall of investment during 1992-94 is largely explained by real factors. However, the credit crunch occurred beginning 1997 and it lowered the growth rate of GDP by 1.6%.