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Has the Credit Crunch Occurred in Japan in 1990s?

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  • Daisuke Ishikawa
  • Yoshiro Tsutsui

Abstract

The purpose of this paper is to elucidate whether the supply side played a crucial role in causing credit crunch in 1990s. To this end, we estimated the supply and demand functions using prefectural panel data from 1990 to 2001, and calculate the shift of those functions. The results reveal that until 1996, the supply function largely shifted toward right, indicating that the supply side was not the main cause. However, after 1996 the loan supply shifted leftwards as much as the loan demand, implying that the contraction of supply contributed to the decrease in the loans.

Suggested Citation

  • Daisuke Ishikawa & Yoshiro Tsutsui, 2006. "Has the Credit Crunch Occurred in Japan in 1990s?," Discussion papers 06012, Research Institute of Economy, Trade and Industry (RIETI).
    • Handle: RePEc:eti:dpaper:06012
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    File URL: https://www.rieti.go.jp/jp/publications/dp/06e012.pdf
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    Cited by:

    1. Yasuhiro Yamamoto, 2020. "Less competitive bank markets: Conventional and unconventional monetary policies through bank‐lending channels," International Finance, Wiley Blackwell, vol. 23(2), pages 277-296, August.
    2. Afanasyeva, Elena, 2012. "Atypical Behavior of Money and Credit: Evidence From Conditional Forecasts," VfS Annual Conference 2012 (Goettingen): New Approaches and Challenges for the Labor Market of the 21st Century 65405, Verein für Socialpolitik / German Economic Association.
    3. Schnabl Gunther, 2013. "Die japanischen Lehren für die europäische Krise," Zeitschrift für Wirtschaftspolitik, De Gruyter, vol. 62(1), pages 3-22, April.

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