An Empirical Study on the Relationship between Flow-of-Funds and the Real Economy : A General Equilibrium Approach to the Japanese Economy in the 1990s

资金流动与实体经济关系的实证研究:20世纪90年代日本经济的一般均衡方法

• 批准号: 19330044
• 负责人: OGAWA Kazuo
• 金额: $ 7.24万
• 依托单位: Osaka University
• 依托单位国家: 日本
• 项目类别: Grant-in-Aid for Scientific Research (B)
• 财政年份: 2007
• 资助国家: 日本
• 起止时间: 2007 至 2009
• 项目状态: 已结题
• 来源: https://kaken.nii.ac.jp/grant/KAKENHI-PROJECT-19330044/
• 关键词: 一般均衡分析; 不良債権; 規模別産業連関分析; 企業間信用; 規模別産業連関表; 財務状況; 乗数; 企業間の取引関係; メインバンク; 金融機関の貸出態度

This research is an empirical attempt to analyze the mechanism of what brought about the long stagnancy of the Japanese economy in the 1990s from the general equilibrium standpoint. We investigated into the change in the flow-of-funds of the Japanese economy and how it had been propagated into the real economy. First, based on the firm-level micro data of Basis Survey of Small and Medium-sized Enterprises conducted by Small and Medium Enterprise Agency, we showed that small firms with weak relationship with banks tended to purchase intermediary goods from large firms and thus credit was given to small customers by large suppliers in the form of trade credit. Given the empirical findings obtained from the micro-data study above, we extended our analysis to examine the effects of balance sheet deteriorations of suppliers and purchasers as well as financial institutions on the trade of intermediary goods between large and small firms based on the input-output tables classified by firm size. We found that deterioration of the balance sheet conditions of financial institutions providing bank credit to suppliers affected the multipliers of small and large firms to a large extent.

这项研究是一种经验尝试，旨在分析从一般均衡的角度来分析1990年代日本经济的长期停滞的机制。我们调查了日本经济基金会的变化以及如何传播到真实经济中的变化。首先，根据中小型企业机构开展的中小型企业的基础调查的公司级微数据，我们显示与银行关系较弱的小公司倾向于从大型公司购买中介商品，因此以贸易信贷形式向大型供应商提供了信贷。鉴于从上面的Micro-DATA研究获得的经验发现，我们扩展了分析，以研究供应商和购买者的资产负债表劣化以及金融机构对基于按公司规模分类的投入输入表中的大型和小型公司之间中介商品贸易的影响。我们发现，向供应商提供银行信贷的金融机构的资产负债表条件的恶化在很大程度上影响了大型和大型公司的乘数。

项目成果

わが国の設備投資の動向と構造変化

日本资本投资的趋势和结构变化

• 发表时间: 2009
• 期刊: 日本経済の構造変化と景気回復(樋口美雄+財務省財務総合政策研究所)(日本評論社)
• 作者: Kazuo Ogawa;Elmer Sterken;Ichiro Tokutsu;小川一夫;小川一夫
• 通讯作者: 小川一夫

金融ショックと実物経済:失われた10年とグローバル金融危機

金融冲击和实体经济：失去的十年和全球金融危机

• 发表时间: 2009
• 作者: Chun Youngsub;Kim Jeongbin;Saijo Tatsuyoshi;内山融;香川孝三;西條辰義;小川一夫
• 通讯作者: 小川一夫

Does the Agency Cost Model Explain Business Fluctuations in Japan? : A Bayesian Approach to Estimate Agency Cost for Firms Classified by Size

代理成本模型能否解释日本的业务波动？

• 发表时间: 2007
• 期刊: Journal of the Japan Statistical Society (forthcoming)
• 作者: Kazuo Ogawa;Hirokuni Iiboshi
• 通讯作者: Hirokuni Iiboshi

Redistributional View of Trade Credit Revisited: Evidence from Micro Data of Japanese Small Firms

重新审视贸易信贷的再分配观点：来自日本小企业微观数据的证据

• 发表时间: 2009
• 期刊: Research Institute of Economy, Trade and Industry
• 作者: Kazuo Ogawa;Elmer Sterken;Ichiro Tokutsu
• 通讯作者: Ichiro Tokutsu

Multiple Bank Relationships and the Main Bank System : Evidence from a Matched Sample of Japanese Small Firms and Main Banks

多家银行关系和主要银行体系：来自日本小企业和主要银行匹配样本的证据

• 发表时间: 2007
• 期刊: 経済産業研究所 ディスカッション・ペーパー 07-E-027
• 作者: Kazuo Ogawa;Elmer Sterken;Ichiro Tokutsu
• 通讯作者: Ichiro Tokutsu