Publication: 'By a Silken Thread': regional banking integration and credit reallocation during Japan’s Lost Decade
'By a Silken Thread': regional banking integration and credit reallocation during Japan’s Lost Decade
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Hoffmann, M., & Okubo, T. (2021). “By a Silken Thread”: regional banking integration and credit reallocation during Japan’s Lost Decade (No. 102; Working Paper Series / Department of Economics).
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A key benefit from banking integration is that it allows credit to be reallocated to regions with high credit demand. Using the natural experiment of Japan’s lost decade, we show that this reallocation channel mitigated the real effects from the bank liquidity shock in prefectures with many bank-dependent SMEs. To account for the potential endogeneity of banking integration, we exploit the fact that regional segmentation of banking markets in Japan goes back to the institutions set up for silk export finance in the late 19th century.
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Hoffmann, M., & Okubo, T. (2021). “By a Silken Thread”: regional banking integration and credit reallocation during Japan’s Lost Decade (No. 102; Working Paper Series / Department of Economics).
