書誌事項
- タイトル別名
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- The Effects of Bank Lending to Real Output in Japan:Evidence from Regional Panel Data
- ギンコウ カシダシ ガ ケイキ ニ アタエル エイキョウ ニホン ニ オケル トドウフケン ベツ パネル データ オ モチイタ ジッショウ ブンセキ
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説明
This paper examines the effects of bank lending to real output using prefecture-level panel data to test the function of " credit channel " as monetary policy ' s transmission mechanism. Since prefecture-specific shocks to money demand are automatically accommodated,those lead to changes in bank lending if banks rely on deposits as source of funding.Changes in collateral value, moreover, fluctuate bank lending in Japan where many SMEs,depending on bank borrowing for financing, exist. Using these money demand shocks and value of collateral as instrumental variables, I find out that shocks to money demand and changes in collateral value have statistically significant effects on bank loans, and loans also have effects on real output. The "credit channel" functions even under ultralow interest rate policy.
収録刊行物
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- 麗澤経済研究
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麗澤経済研究 17 (2), 73-84, 2009-09-30
麗澤大学経済学会
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詳細情報 詳細情報について
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- CRID
- 1390572174423954560
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- NII論文ID
- 120004739074
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- NII書誌ID
- AN10404499
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- NDL書誌ID
- 10480923
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- ISSN
- 09196706
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- 本文言語コード
- ja
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- データソース種別
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- JaLC
- IRDB
- NDL
- CiNii Articles
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- 抄録ライセンスフラグ
- 使用可