کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
965025 | 930682 | 2010 | 24 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
The Effectiveness of Public Credit Guarantees in the Japanese Loan Market
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کلمات کلیدی
موضوعات مرتبط
علوم انسانی و اجتماعی
اقتصاد، اقتصادسنجی و امور مالی
اقتصاد و اقتصادسنجی
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چکیده انگلیسی
This paper examines the effectiveness of public credit guarantee programs in not only increasing the availability of loans to small and medium enterprises (SMEs), but in also improving the ex-post performance of borrowing firms. Using a unique panel data set, we identify the effects of a massive credit guarantee program implemented by the Japanese government from 1998 to 2001. While we do find that the availability of loans increased for program participants, when loans were provided by undercapitalized banks the increased liquidity persisted for only a few years. Further, the ex-post performance of program participants, with the exception of firms with sizable net worth, deteriorated relative to their non-participating counterparts.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of the Japanese and International Economies - Volume 24, Issue 4, December 2010, Pages 457-480
Journal: Journal of the Japanese and International Economies - Volume 24, Issue 4, December 2010, Pages 457-480
نویسندگان
Iichiro Uesugi, Koji Sakai, Guy M. Yamashiro,