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Japanese Experience in the 1990s
, 1999
"... We consider a competitive bank loan market model where the marginal costs of managing and monitoring loans are assumed to increase as borrowers' net worth decreases. We show that the responsiveness of equilibrium bank loan rates to changes in interbank money market rates become weaker as borrow ..."
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been weakened by the deterioration of borrowers ' balance sheets, contributing to the long stagnation of the Japanese economy during the period. Preliminary. Do not quote without permission. We thank Fumio Hayashi, Kazuo Ueda, and Hiroshi Yoshikawa for helpful comments. The views expressed
nese Firms
, 1990
"... Japanese manufacturing firms. The estimates appear reasonable in several re-spects. First, the level of q for most firms is just above one. Interestingly, the large jump in the price earnings ratio in 1986 (which had led many to question the rationality of share prices) is not present in q. Second, ..."
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parameters are implausible and unstable, and * Prepared for the NBERICEPRITECR conference on “Corporate Finance and Related Issues: Comparative Perspectives, ” January 7 and 8, 1990. We thank numerous colleagues, particularly Kazumi Asako, Simon Gilchrist, Fumio Hayashi, Fumiko Kon-ya, Jim Poterba, Kazuo
