Special Credit Guarantee and Restructuring of Small Firms(in Japanese)

Katsumi Matsuura and Masahiro Hori

ESRI Discussion paper series from Economic and Social Research Institute (ESRI)

Abstract: This paper investigates the effectiveness of the Special Credit Guarantee to Small Firms enforced from 1998 to 2001 in Japan. We collected data set on small firms in Hokkaido prefecture to compare the firms that used the Special Credit Guarantee and those that did not. Our empirical findings suggest that the firms that used the Special Credit Guarantee are generally heavily-indebted and on the verge of default (with high ratio of debt to capital) that cannot be dissolved by a temporary credit guarantee. We would argue that what are really needed to resolve the difficulties of small firms are measures to help reorganizing heavily-indebted firms rather than the measures to promote unprofitable lending.

Pages: 22 pages
Date: 2003-07
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Citations: View citations in EconPapers (6)

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