The functions and division of roles between trade credit and bank loans during the Financial Crisis

长期以来，在对日本金融现象的研究和政策辩论中，一个显而易见的基本假设是，金融机构，尤其是大银行主导了日本金融市场，并在那里发挥了关键作用。为了考察这一假设的有效性，我以金融危机时期为研究对象，对大量的公司层面融资数据进行了全面的实证研究，得出的结论是，至少自上世纪60年代以来，这一假设一直是无效的。基于这一结论，笔者开始对商业信贷和银行贷款的功能和角色分工进行了新的研究。

The conventional wisdom that financial institutions, big banks in particular, have dominated the Japanese financial market and played there the key roles has long been an obvious basic assumption in research and policy debate over the Japanese financial phenomena. To investigate the validity of this assumption, focusing on the Financial Crisis period, I conducted a full-fledged empirical research with a huge set of firm-level financing data, and concluded that it has been invalid, at least since the 1960s. Upon this conclusion I started a new research on the functions and division of roles between trade credit and bank loans.