aggregate loan movements in Japan for the period 1990 to 2010 into bank, firm, industry, and common shocks. The high degree of … separate firm-borrowing shocks from bank-supply shocks using a vast sample of matched bank-firm lending data. We decompose … role for granular shocks as in Gabaix (2011). We show that idiosyncratic granular bank-supply shocks explain 30-40 percent …

not group members, but nevertheless have strong ties to a main bank also invest and sell more than firms without strong … bank ties …

paper investigates whether bank ties in Japan were costly for mature and healthy firms in the 1980's and 1990's, and whether … banks continued to facilitate investment once non-bank financing options became available. Using the explicit bond issuing … much larger for main bank client firms, once bond market access is controlled for. This result, coupled with results on the …

it in a model of how variations in bank-customer contracting arrangements in Japan affect the returns that can be earned … of capital as functions of holding-period returns earned in Japan on stocks, bonds, yen, and real estate. The model is … type of hidden capital and each class of bank, the model develops estimates of the stock-market, interest-rate, foreign …

During this decade the structure of corporate finance in Japan has changed dramatically. Japanese firms that once used … bank debt as their prime source of financing now rely more heavily on the public capital markets. This trend was … 1988). we demonstrated that investment by firms with close bank relationships appears to be less liquidity constrained than …

rehabilitate the U.S. banking industry. Many of those strategies were used also in Japan to combat its banking problems in the 1990 … respect to four of the others. So far the U.S. has avoided Japan's problem of having impaired banks prop up zombie firms …

In this paper, I show that Japan will not be able to have a viable banking sector without stopping deflation. The …

, real world exports plunged 17 percent while GDP fell 5 percent. This paper examines whether deteriorations in bank health … 1990 through 2010, which enables us to match exporters with the main bank that provides them with trade finance. Our point …

-funded capital injections. However, on closer inspection the composition of bank capital shifted radically from one based on common …