Statistical analysis on the reallocation of credit in Japan

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This study investigates the statistical properties of reallocation of credit in Japan using a panel data set of Japanese firms from 1994 to 2008. As results followings were obtained; 1) Every year of the sample exhibits sizable amount of credit reallocation across Japanese firms, which implies that the financing behavior of Japanese firms is highly heterogeneous in nature. 2) Reallocation of credit across Japanese firms exhibits countercyclical variation, which implies that the financing behavior of Japanese firms tends to be more heterogeneous in recessions. 3) The time variation in credit reallocation in Japan stems mainly from time variation in the firm-level idiosyncratic effects, which implies that the firm-level heterogeneity plays a crucial role in the reallocation of credit in Japan.