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In Search of "Capital Crunch": Supply Factors behind the Credit Slowdown in Japan

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  • Woo, David
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    Abstract

    The seeming failure of loose monetary policy to reactivate Japan's economy has led some observers to suggest that the usual credit channels through which monetary policy affects the real economy are blocked, and this is because of a pervasive shortage of bank capital that has induced a leftward shift in the supply of bank credit. This is the so-called capital crunch hypothesis. This paper finds support for the hypothesis in the bank data for 1997--a year during which the landscape of the Japanese financial system underwent some fundamental changes.

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    Bibliographic Info

    Article provided by Blackwell Publishing in its journal Journal of Money, Credit and Banking.

    Volume (Year): 35 (2003)
    Issue (Month): 6 (December)
    Pages: 1019-38

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    Handle: RePEc:mcb:jmoncb:v:35:y:2003:i:6:p:1019-38

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    Web page: http://www.blackwellpublishing.com/journal.asp?ref=0022-2879

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    Cited by:
    1. Barnett, Alina & Thomas, Ryland, 2013. "Has weak lending and activity in the United Kingdom been driven by credit supply shocks?," Bank of England working papers 482, Bank of England.
    2. Mattoscio Nicola & Colantonio Emiliano & Odoardi Iacopo & Perrucci Antonella, 2013. "Restriction Of Credit After The Crisis Or A Different Allocation Of Resources? The Italian Case," Annals of Faculty of Economics, University of Oradea, Faculty of Economics, vol. 1(1), pages 481-490, July.
    3. Popov, Alexander & Udell, Gregory F., 2012. "Cross-border banking, credit access, and the financial crisis," Journal of International Economics, Elsevier, vol. 87(1), pages 147-161.
    4. Brahim Guizani & Wako Watanabe, 2010. "The Deposit Insurance and the Risk-Shifting Incentive Evidence from the Blanket Deposit Insurance in Japan," Keio/Kyoto Joint Global COE Discussion Paper Series 2010-004, Keio/Kyoto Joint Global COE Program.
    5. Miyajima, Hideaki & Yafeh, Yishay, 2007. "Japan's banking crisis: An event-study perspective," Journal of Banking & Finance, Elsevier, vol. 31(9), pages 2866-2885, September.

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