Japan Society for the Promotion of Science:Grants-in-Aid for Scientific Research
Date (from‐to) : 2013/04 -2016/03
Author : KOZUKA Masafumi; HIRAGA Kazuki; FUJII Takao
In this research project, we verify the lending behavior of banking sector to small and medium-sized enterprises (hereafter, SMEs) and investment behavior of SMEs.
Regarding the lending behavior for SMEs, we obtained following results. First, bank lending had negative relationship with interest rate, and did not grow in the periods of quantitative easing policy. And second, the lending behavior of shinkin banks is different from that of domestic banks after the periods of quantitative easing policy, for the difference in the basic policy. As for the lending investment behavior of SMEs (mainly manufacturing), we focus on the relationship between exchange rate and investment, for exchange rate is regarded as important factor for manufacturing industries. And the empirical results show that there is little relationship between them.