Ogawa, Kazuo; Imai, Kentaro - In: Journal of the Japanese and International Economies 34 (2014) C, pp. 201-216
We investigate the determinants of the demand for Japanese government bonds (JGBs) by commercial banks in Japan. In particular, by estimating portfolio equations for JGB demand and bank loans, based on a panel data set from the late 1990s to the 2000s, we rigorously test the popular assertion...