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Credit Crunch: A Lesson from the Japanese Case

Author

Listed:
  • Daisuke Ishikawa

    (Kyoto University)

  • Yoshiro Tsutsui

    () (Osaka University)

Abstract

The purpose of this paper is to elucidate whether the supply side played a crucial role in causing the credit crunch in Japan in the 1990s. To this end, we estimate the supply and demand functions using prefectural panel data from 1990 to 2001 and calculate the shifts of those functions. The results reveal that until 1996 the supply side was not the main cause of stagnant loans, and after 1996 the contraction of the supply side at best contributed as much as the demand side to the decrease in loans. Thus, the countermeasures on the banking sector were not adequate to increase the loans.

Suggested Citation

  • Daisuke Ishikawa & Yoshiro Tsutsui, 2008. "Credit Crunch: A Lesson from the Japanese Case," Discussion Papers in Economics and Business 08-33, Osaka University, Graduate School of Economics and Osaka School of International Public Policy (OSIPP).
  • Handle: RePEc:osk:wpaper:0833
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    More about this item

    Keywords

    credit crunch; prefectural panel data; shift of functions; Japanese loan market;

    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
    • R51 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Regional Government Analysis - - - Finance in Urban and Rural Economies

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