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Implicit Contracts in the Japanese Bank Loan Market

Author

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  • Osano, Hiroshi
  • Tsutsui, Yoshiro

Abstract

The implicit contract theory explored by Azariadis [2] suggests that wage rigidity and underemployment are explained by the microeconomic optimizing behavior of each agent in the labor market. In this theory, the former phenomenon is interpreted as risk-sharing arrangements between firms and workers, whereas the latter may occur when workers have the opportunity to use leisure or unemployment insurance benefits.

Suggested Citation

  • Osano, Hiroshi & Tsutsui, Yoshiro, 1985. "Implicit Contracts in the Japanese Bank Loan Market," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 20(2), pages 211-229, June.
    • Handle: RePEc:cup:jfinqa:v:20:y:1985:i:02:p:211-229_01
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    Citations

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    Cited by:

    1. NEMOTO Tadanobu & OGURA Yoshiaki & WATANABE Wako, 2011. "An Estimation of the Inside Bank Premium," Discussion papers 11067, Research Institute of Economy, Trade and Industry (RIETI).
    2. UCHINO Taisuke, 2011. "Bank Dependence and Financial Constraints on Investment: Evidence from the corporate bond market paralysis in Japan," Discussion papers 11073, Research Institute of Economy, Trade and Industry (RIETI).
    3. Luke Gower, 2000. "Some Structural Causes of Japan’s Banking Problems," RBA Research Discussion Papers rdp2000-03, Reserve Bank of Australia.
    4. A. Baglioni, 1995. "Incomplete contracts, renegotiation, and the choice between bank loans and public debt issues," The European Journal of Finance, Taylor & Francis Journals, vol. 1(3), pages 257-278.
    5. Ono, Arito & Hasumi, Ryo & Hirata, Hideaki, 2014. "Differentiated use of small business credit scoring by relationship lenders and transactional lenders: Evidence from firm–bank matched data in Japan," Journal of Banking & Finance, Elsevier, vol. 42(C), pages 371-380.
    6. Nemoto, Tadanobu & Ogura, Yoshiaki & Watanabe, Wako, 2016. "Inside bank premiums as liquidity insurance," Journal of the Japanese and International Economies, Elsevier, vol. 42(C), pages 61-76.
    7. Uchino, Taisuke, 2013. "Bank dependence and financial constraints on investment: Evidence from the corporate bond market paralysis in Japan," Journal of the Japanese and International Economies, Elsevier, vol. 29(C), pages 74-97.
    8. Winker, Peter, 1994. "Eine makroökonometrische Analyse von Kreditmarkt und Kreditrationierung: Bankkredite in der Bundesrepublik Deutschland 1974 - 1989," Discussion Papers, Series II 220, University of Konstanz, Collaborative Research Centre (SFB) 178 "Internationalization of the Economy".
    9. Winker, Peter, 1996. "A macroeconomic disequilibrium model of the German credit market," Discussion Papers, Series II 302, University of Konstanz, Collaborative Research Centre (SFB) 178 "Internationalization of the Economy".
    10. Radygin Alexandr & Entov Revold & Apevalova E. & Shvetsov P., 2008. "Market Discipline and Contracts: Theory, Empiric Analysis, Law," Research Paper Series, Gaidar Institute for Economic Policy, issue 117P.
    11. Winker, Peter, 1993. "Die Trägheit von Zinssätzen und Kreditrationierung in der Bundesrepublik Deutschland," Discussion Papers, Series II 208, University of Konstanz, Collaborative Research Centre (SFB) 178 "Internationalization of the Economy".

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