Lending channels and financial shocks : the case of SME trade credit and the Japanese banking crisis
Lending channels and financial shocks : the case of SME trade credit and the Japanese banking crisis
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贷款渠道和金融冲击：中小企业贸易信贷案例和日本银行业危机
DOI：
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发表时间：
2006
期刊：
影响因子：
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通讯作者：
日本銀行金融研究所
中科院分区：
文献类型：
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作者：
Taketa Kenshi;Gregory F. Udell;日本銀行金融研究所
我们提供了一个新的范式来理解金融冲击对中小企业信贷流动的影响。借鉴货币政策借贷观的研究和中小企业金融契约的研究，引入“借贷渠道”的概念。借贷渠道是中小企业获得融资的二维渠道。特别是，借贷渠道由特定类型的机构提供的特定借贷技术组成。我们假设，在金融冲击期间，一些贷款渠道可能会关闭，而其他渠道可能会扩大以吸收闲置资金。我们通过检验贸易信贷这一贷款渠道是否在日本金融危机期间作为其他贷款渠道的替代品在抵消其他贷款渠道的中小企业贷款收缩方面发挥了重要作用，对这一假设的可能含义进行了实证检验。我们几乎没有发现贸易信贷发挥过这种作用的证据。相反，我们发现一些证据表明，在日本金融危机期间，贸易信贷和金融机构贷款是互补而非替代。这并不排除其他贷款渠道的行为方式可能与该假设一致的可能性。
We offer a new paradigm for understanding the impact of financial shocks on the flow of credit to SMEs. Drawing from research on the lending view of monetary policy and research on SME financial contracting, we introduce the concept of “lending channels”. A lending channel is a two dimensional conduit through which SMEs obtain financing. In particular a lending channel consists of a specific lending technology provided by a specific type of institution. We hypothesize that during financial shocks some lending channels may close and other channels may expand to absorb the slack. We empirically test a possible implication of this hypothesis by examining whether one lending channel, trade credit, played a significant role as a substitute to other lending channels in offsetting a contraction in SME lending of other lending channels during the Japanese financial crisis. We find little evidence that trade credit played such a role. To the contrary, we find some evidence that trade credit and financial institution lending are complements, rather than substitutes, during the Japanese financial crisis periods. This does not preclude the possibility that other lending channels may have behaved in a manner consistent with this hypothesis.
影响因子：
1.3
作者：
Kentaro Iwatsubo
通讯作者：
Kentaro Iwatsubo