Nishiyama, Shinichi; Okada, Tae; Watanabe, Wako - Research Institute of Economy, Trade and Industry (RIETI) - 2006
We empirically examined whether declining bank loans in Japan in the late 1990s are the result of banks' downward adjustments of lending supply (a "credit crunch") in response to capital losses (a "capital crunch"). Estimating the new lending supply function as a non-linear function of the...