Facilitation of Fund Supply and Small Business Failures (in Japanese)

Yasuko Takezawa, Katsumi Matsuura and Masahiro Hori

Economic Analysis, 2005, vol. 176, 4-17

Abstract: This paper investigates the effectiveness of policies to facilitate fund supply for small and medium enterprises (SMEs) in late 1990s in Japan. We set up a panel on Japanese prefectures from FY1995 to FY2001 to estimate a system of equations of i) Lending to SMEs, ii) Credit Guarantee Outstanding, and iii) Business Failures. We found Japanese SMEs are too much indebted to pay back their borrowings from their earnings. Estimated coefficients suggest that, despite their social costs, fund supply facilitation policies did nothing but delaying the timing of business failures.

Date: 2005
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Persistent link: https://EconPapers.repec.org/RePEc:esj:esriea:176a

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