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|z 9781451853452
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|a 1018-5941
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|c BD-DhAAL
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|a Sekine, Toshitaka.
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|a Firm Investment and Balance-Sheet Problems in Japan /
|c Toshitaka Sekine.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 1999.
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|a 1 online resource (32 pages)
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|a IMF Working Papers
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|a <strong>Off-Campus Access:</strong> No User ID or Password Required
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|a <strong>On-Campus Access:</strong> No User ID or Password Required
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|a Electronic access restricted to authorized BRAC University faculty, staff and students
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|a This paper investigates whether balance-sheet conditions of firms and their main banks matter for firm investment behavior using dynamic corporate panel data in Japan for the period 1985-95. It finds that smaller non-bond issuing firms were facing liquidity constraints; these firms' balance-sheet conditions (the debt asset ratios) affected their investment from the midst of the bubble era by influencing main banks' lending to them; and the deterioration of their main banks' balance-sheet conditions constrained these firms' investment from about 1993. These findings highlight the potential macroeconomic impact and importance of the credit channel of monetary policy, and support the case of a credit crunch facing small Japanese firms during this period.
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|a Mode of access: Internet
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|a IMF Working Papers; Working Paper ;
|v No. 1999/111
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| 856 |
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/1999/111/001.1999.issue-111-en.xml
|z IMF e-Library
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