Beneath the Finance–Growth Nexus: The Case of Japan’s Post-World War II Commercial Banking

Kei-ichiro Inaba
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引用次数: 1

Abstract

ABSTRACT For most of the post-World War II period, Japan’s finance–growth nexus did not benefit greatly from the information-producing and monitoring activities of commercial banks. This contradicts the famous Main Bank thesis. Regulations on direct finance and competitive restrictions on banking effectively liberated the banks from having to develop their informational activities. These institutional factors also enabled the banks to extract regulatory and informational rents from client companies. Bank regulators were motivated to stick to the status quo without reforming such commercial banks. On an aggregate basis over the period 1965–96, corporate profitability negatively correlated with bank loan dependency, and liquidity constraints impacted on corporate finance.
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金融与增长关系之下:二战后日本商业银行的案例
在二战后的大部分时间里,日本的金融增长关系并没有从商业银行的信息生产和监测活动中得到很大的好处。这与著名的主银行理论相矛盾。关于直接融资的规定和对银行业的竞争性限制有效地将银行从必须发展其信息活动中解放出来。这些制度因素也使银行能够从客户公司提取监管和信息租金。银行监管机构的动机是维持现状,不对此类商业银行进行改革。在1965 - 1996年的总体基础上,企业盈利能力与银行贷款依赖负相关,流动性约束影响企业融资。
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来源期刊
Journal of Comparative Asian Development
Journal of Comparative Asian Development Social Sciences-Political Science and International Relations
CiteScore
1.30
自引率
0.00%
发文量
2
期刊介绍: The Journal of Comparative Asian Development (JCAD) aims to offer the most up-to-date research, analyses, and findings on the many aspects of social, economic, and political development in contemporary Asia conducted by scholars and experts from Asia and around the world.
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