経済発展と長期資金, The Role of Long-term Fund in Economic Development

Shin-ichi Fukuda () and Juro Teranishi

Economic Review, 2003, vol. 54, issue 2, 160-181

Abstract: 経済発展過程における長期賃金の役割を理論的・実証的に検討し，政策的含意を導きだす．長期資金の役割には市場の失敗に関連して２種類のものがある．ひとつは，マクロ的期間変換負荷にかかわるもので，マクロ的に資金供給が短期的で資金需要が長期性のものであるとき，金融システムの期間変換上のリスク，したがってパニッ クの可能性が高まり，銀行は過剰な資金回収の誘因をもつ．いまひとつは，借り手と貸し手の非対象性情報にかかわるものであり，貸出が短期的なものであるとき，貸し手による借り手の内部情報の独占が生じ，特定の貸し手からしか借入れができないという非効率性が生じる．この2つの市場の失敗を防ぐため長期資金の供給などが 必要とされる．実証面では，高度成長期におけるマクロ的期間変換負荷の計測，開銀融資の公的情報供給効果，長期資金の投資増大効果などが検討される．最後に，アジア通貨危機における海外からの短期資金の変動の意味が，発展と長期資金の観点から検討される．, This paper examines the role of long-term funds in the process of economic development. Two roles are examined in light of the experience of high-growth-period Japan. First, a shortage of long-term funds is considered to increase term-transformation burden on a financial system. Intensification of the burden induces the banking sector to have incentives for excessive liquidation of short-term loan commitments. Second, lender-customer relationships under short-term loan contracts tend to result in monopoly of internal information of the borrowers by banks, and hence exploitation of the former by the latter. Long term funds are expected to mitigate these two inefficiencies. Time series movement of term-transformation index is examined. Supply of long-term funds is shown to have positive effect on investment rate, and also to cause diversification of funding sources of firms.

Date: 2003
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Persistent link: https://EconPapers.repec.org/RePEc:hit:ecorev:v:54:y:2003:i:2:p:160-181

DOI: 10.15057/21207

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