Relationship Banking in Post-Bubble Japan: Coexistence of Soft-and Hard-Budget Constraints 1

Yasuhiro Arikawa*, Hideaki Miyajima


研究成果: Chapter

24 被引用数 (Scopus)


This chapter examines the changes in the Japanese main banking system. Despite the deregulation of bond markets in the mid-1990s, the overall dependence of firms on bank borrowing increased rather than decreased among listed firms during the 1990s. Large firms lessened their ties with banks and began financing through bonds, yet smaller listed firms continued borrowing from banks. In particular, firms with previously high levels of bank debt relied on their main bank for an increasing proportion of those loans. By estimating the employment adjustment function, the chapter shows that the main banks did not effectively discipline corporate restructuring, although banks encouraged the restructuring of firms with a relatively better performance. As Japan recovers from the banking crisis, main bank relationships are likely to survive among a segment of smaller and less internationalized Japanese firms.

ホスト出版物のタイトルCorporate Governance in Japan
ホスト出版物のサブタイトルInstitutional Change and Organizational Diversity
出版社Oxford University Press
出版ステータスPublished - 2007 9月 1

ASJC Scopus subject areas

  • 経済学、計量経済学および金融学(全般)


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