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Demand for Bank Loans and Investment under Borrowing Constraints: A Panel Study of Japanese Firm Data

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  • Ogawa, Kazuo
  • Suzuki, Kazuyuki

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Article provided by Elsevier in its journal Journal of the Japanese and International Economies.

Volume (Year): 14 (2000)
Issue (Month): 1 (March)
Pages: 1-21

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Handle: RePEc:eee:jjieco:v:14:y:2000:i:1:p:1-21

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Web page: http://www.elsevier.com/locate/inca/622903

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References

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  1. Besanko, David & Thakor, Anjan V, 1987. "Collateral and Rationing: Sorting Equilibria in Monopolistic and Competitive Credit Markets," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 28(3), pages 671-89, October.
  2. Ogawa, Kazuo & Suzuki, Kazuyuki, 1998. "Land Value and Corporate Investment: Evidence from Japanese Panel Data," Journal of the Japanese and International Economies, Elsevier, Elsevier, vol. 12(3), pages 232-249, September.
  3. Hayashi, Fumio & Inoue, Tohru, 1991. "The Relation between Firm Growth and Q with Multiple Capital Goods: Theory and Evidence from Panel Data on Japanese Firms," Econometrica, Econometric Society, Econometric Society, vol. 59(3), pages 731-53, May.
  4. Ogawa Kazuo & Saito Mitsuo & Tokutsu Ichiro, 1994. "The Flow-of-Funds Equations of Japanese Nonfinancial Firms," Journal of the Japanese and International Economies, Elsevier, Elsevier, vol. 8(1), pages 72-105, March.
  5. Ito, Takatoshi & Ueda, Kazuo, 1981. "Tests of the Equilibrium Hypothesis in Disequilibrium Econometrics: An International Comparison of Credit Rationing," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 22(3), pages 691-708, October.
  6. Ham, John C & Melnik, Arie, 1987. "Loan Demand: An Empirical Analysis Using Micro Data," The Review of Economics and Statistics, MIT Press, MIT Press, vol. 69(4), pages 704-09, November.
  7. David Besanko & Anjan V. Thakor, 2004. "Competitive Equilibrium in the Credit Market under Asymmetric Information," Finance, EconWPA 0411045, EconWPA.
  8. Berger, Allen N & Udell, Gregory F, 1995. "Relationship Lending and Lines of Credit in Small Firm Finance," The Journal of Business, University of Chicago Press, University of Chicago Press, vol. 68(3), pages 351-81, July.
  9. Sheard, Paul, 1989. "The main bank system and corporate monitoring and control in Japan," Journal of Economic Behavior & Organization, Elsevier, Elsevier, vol. 11(3), pages 399-422, May.
  10. Takeo Hoshi & Anil K. Kashyap, 1990. "Evidence on q and investment for Japanese firms," Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.) 136, Board of Governors of the Federal Reserve System (U.S.).
  11. Hicks, Sydney Smith, 1980. "Commercial banks and business loan behavior," Journal of Banking & Finance, Elsevier, Elsevier, vol. 4(2), pages 125-141, June.
  12. Kazuo Ogawa & Shin-Ichi Kitasaka, 1999. "Market Valuation and the q Theory of Investment," The Japanese Economic Review, Japanese Economic Association, Japanese Economic Association, vol. 50(2), pages 191-211, 06.
  13. Maddala, G S & Nelson, Forrest D, 1974. "Maximum Likelihood Methods for Models of Markets in Disequilibrium," Econometrica, Econometric Society, Econometric Society, vol. 42(6), pages 1013-30, November.
  14. Aoki, Masahiko, 1990. "Toward an Economic Model of the Japanese Firm," Journal of Economic Literature, American Economic Association, American Economic Association, vol. 28(1), pages 1-27, March.
  15. Hoshi, Takeo & Kashyap, Anil & Scharfstein, David, 1991. "Corporate Structure, Liquidity, and Investment: Evidence from Japanese Industrial Groups," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 106(1), pages 33-60, February.
  16. Gibson, Michael S., 1997. "More Evidence on the Link between Bank Health and Investment in Japan," Journal of the Japanese and International Economies, Elsevier, Elsevier, vol. 11(3), pages 296-310, September.
  17. Gibson, Michael S, 1995. "Can Bank Health Affect Investment? Evidence from Japan," The Journal of Business, University of Chicago Press, University of Chicago Press, vol. 68(3), pages 281-308, July.
  18. Gersovitz, Mark, 1980. "Classification probabilities for the disequilibrium model," Journal of Econometrics, Elsevier, Elsevier, vol. 14(2), pages 239-246, October.
  19. Ogawa, K. & Kitasaka, S.-I., 2000. "Bank Lending in Japan: its Determinants and Macroeconomic Implications," ISER Discussion Paper, Institute of Social and Economic Research, Osaka University 0505, Institute of Social and Economic Research, Osaka University.
  20. Takeo Hoshi & Anil Kashyap & David Scharfstein, 1989. "Bank Monitoring and Investment: Evidence from the Changing Structure of Japanese Corporate Banking Relationships," NBER Working Papers 3079, National Bureau of Economic Research, Inc.
  21. Boot, Arnoud W A & Thakor, Anjan V & Udell, Gregory F, 1991. "Secured Lending and Default Risk: Equilibrium Analysis, Policy Implications and Empirical Results," Economic Journal, Royal Economic Society, Royal Economic Society, vol. 101(406), pages 458-72, May.
  22. Chan, Yuk-Shee & Thakor, Anjan V, 1987. " Collateral and Competitive Equilibria with Moral Hazard and Private Information," Journal of Finance, American Finance Association, American Finance Association, vol. 42(2), pages 345-63, June.
  23. Hartley, Michael J & Mallela, Parthasaradhi, 1977. "The Asymptotic Properties of a Maximum Likelihood Estimator for a Model of Markets in Disequilibrium," Econometrica, Econometric Society, Econometric Society, vol. 45(5), pages 1205-20, July.
  24. Boot, Arnoud W A & Thakor, Anjan V, 1994. "Moral Hazard and Secured Lending in an Infinitely Repeated Credit Market Game," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 35(4), pages 899-920, November.
  25. Harhoff, Dietmar & Korting, Timm, 1998. "Lending relationships in Germany - Empirical evidence from survey data," Journal of Banking & Finance, Elsevier, Elsevier, vol. 22(10-11), pages 1317-1353, October.
  26. Bester, Helmut, 1985. "Screening vs. Rationing in Credit Markets with Imperfect Information," American Economic Review, American Economic Association, American Economic Association, vol. 75(4), pages 850-55, September.
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Citations

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Cited by:
  1. Kremp, Elizabeth & Sevestre, Patrick, 2013. "Did the crisis induce credit rationing for French SMEs?," Journal of Banking & Finance, Elsevier, Elsevier, vol. 37(10), pages 3757-3772.
  2. Masayo Shikimi (Tomiyama), 2005. "Do Firms Benefit from Multiple Banking Relationships?: Evidence from Small and Medium-Sized Firms in Japan," Hi-Stat Discussion Paper Series, Institute of Economic Research, Hitotsubashi University d04-70, Institute of Economic Research, Hitotsubashi University.
  3. Carbo Valverde, S. & Degryse, H.A. & Rodriguez-Fernandez, F., 2011. "Lending relationships and credit rationing: the impact of securitization," Discussion Paper, Tilburg University, Center for Economic Research 2011-128, Tilburg University, Center for Economic Research.
  4. de Bandt, O. & Bruneau, C. & El Amri, W., 2008. "Stress testing and corporate finance," Journal of Financial Stability, Elsevier, Elsevier, vol. 4(3), pages 258-274, September.
  5. Charles Ka Yui Leung & Nan-Kuang Chen, 2006. "Intrinsic Cycles of Land Price: A Simple Model," Journal of Real Estate Research, American Real Estate Society, American Real Estate Society, vol. 28(3), pages 293-320.
  6. Ogawa, Kazuo, 2011. "Balance sheet deterioration and credit allocations: Japanese evidence from the short-term economic survey of enterprises," Japan and the World Economy, Elsevier, Elsevier, vol. 23(2), pages 86-96, March.
  7. Annie bellier & Wafa Sayeh & Stéphanie Serve, 2012. "What lies behind credit rationing? A survey of the literature," THEMA Working Papers, THEMA (THéorie Economique, Modélisation et Applications), Université de Cergy-Pontoise 2012-39, THEMA (THéorie Economique, Modélisation et Applications), Université de Cergy-Pontoise.
  8. Gan, Jie, 2007. "Collateral, debt capacity, and corporate investment: Evidence from a natural experiment," Journal of Financial Economics, Elsevier, Elsevier, vol. 85(3), pages 709-734, September.
  9. Nan-Kuang Chen & Charles Leung, 2008. "Asset Price Spillover, Collateral and Crises: with an Application to Property Market Policy," The Journal of Real Estate Finance and Economics, Springer, Springer, vol. 37(4), pages 351-385, November.
  10. Atanasova, Christina V. & Wilson, Nicholas, 2004. "Disequilibrium in the UK corporate loan market," Journal of Banking & Finance, Elsevier, Elsevier, vol. 28(3), pages 595-614, March.
  11. Masayo Shikimi, 2013. "Do firms benefit from multiple banking relationships? Evidence from small and medium- sized firms in Japan," International Economics and Economic Policy, Springer, Springer, vol. 10(1), pages 127-157, March.
  12. Ishikawa, Daisuke & Tsutsui, Yoshiro, 2013. "Credit crunch and its spatial differences in Japan's lost decade: What can we learn from it?," Japan and the World Economy, Elsevier, Elsevier, vol. 28(C), pages 41-52.

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