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.

本研究从一般均衡的观点出发，对90年代日本经济长期停滞的原因进行实证分析。我们调查了日本经济的资金流动变化及其如何传播到真实的经济中。首先，根据中小企业厅实施的中小企业基础调查的企业微观数据，发现与银行关系不密切的小企业倾向于向大企业购买中间产品，大供应商以贸易信贷的形式向小客户提供信贷。根据上述微观数据的实证结果，我们进一步分析了供需双方和金融机构的资产负债表恶化对按企业规模划分的投入产出表的大小企业间中间产品贸易的影响。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状况恶化，在很大程度上影响了小型和大型企业的乘数。

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

FINANCIAL DISTRESS AND INDUSTRY STRUCTURE: AN INTER-INDUSTRY APPROACH TO THE LOST DECADE IN JAPAN

• DOI: 10.1080/09535314.2012.687712
• 发表时间: 2012-08
• 期刊: Economic Systems Research
• 影响因子: 2.5
• 作者: K. Ogawa;E. Sterken;Ichiro Tokutsu

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

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

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