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

长期以来，关于日本金融现象的研究和政策争论中，一个明显的基本假设是，金融机构，特别是大银行，在日本金融市场上占据主导地位，并发挥着关键作用。为了验证这一假设的正确性，笔者以金融危机时期为中心，使用了大量企业层面的融资数据进行了实证研究，结果发现，至少从20世纪60年代开始，这一假设就不成立了。在此基础上，笔者对商业信贷与银行贷款的功能与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.