Small and Medium Enterprises, Economic Development and Financial Institute

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In this project I have analyzed the problems which small and medium enterprises (SME) face in financial markets and the roles of financial institutions in developing economies from theoretical, empirical and historical perspectives. Imperfect information and transactions cost are key concepts in these analyses. Moreover, economic policy toward SME is an important political issue in Japan so that finance for SME is related to not only economics but also politics. In developing countries, credit systems in rural areas and development in financial institutions affect crucially their growth rates. Since I have served the leader of Waseda University 21 century COE program (21 COE-GLOPE), I have promoted this research, relating it to the topics of 21 COE-GLOPE and focusing on institutional aspects of these problems. Research results I have done this year are as follows.(1)In the research on finance for SME, I have two publications. One of them is "Small and Medium Enterprises and Loan Market : Panel Data Analysis of Loan Rate of Interest," coauthored by K.Suzuki and the other is Introduction to Finance for Small and Medium Enterprises, 2nd edition, edited jointly by T.Bushimata.(2)In the research related to 21 COE-GLOPE, I co-edited two books on political economy and wrote one chapter on political and economic institutions in each book