Comparison Among Bank Loans, Money Supply and Other Fund Procurement Methods (in Japanese)

Yutaka Harada and Shinichi Okamoto

Economic Analysis, 2003, vol. 169, 71-86

Abstract: It is often argued that Japan's deteriorated banking sector continues to seriously affect its economy, but few empirical studies support that argument. In this study, we compare the effects of bank loans, money supply (M2+CD) and other fund procurement methods (shares, securities and trade credits) on economic fluctuations by using vector autoregression models. The results imply that money has stronger effect on economic fluctuations than bank loans and the other fund procurement methods.

Date: 2003
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