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Industrial cluster policy and transaction networks: Evidence from firm-level data in Japan

Toshihiro Okubo (), Tetsuji Okazaki and Eiichi Tomiura
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Tetsuji Okazaki: Faculty of Economics, The University of Tokyo

No 2016-019, Keio-IES Discussion Paper Series from Institute for Economics Studies, Keio University

Abstract: Cluster policy is designed to facilitate inter-firm networking. We examine industrial clusters in Japan based on firm-level transaction data. Firms in clusters expand transaction networks at a higher speed, but significantly only with firms in the agglomerated core Tokyo, not with local firms within the same region. We confirm the robustness by regional historical background as instruments. By disaggregating firms by their main bank types, we find that cluster firms expanding networks are mainly financed by regional banks, not by banks with nation-wide operations. This suggests the importance of intensive relationship with the main banks for inter-firm network formation.

Keywords: cluster policy; transaction network (search for similar items in EconPapers)
JEL-codes: O25 R11 R38 R58 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-bec, nep-cse, nep-geo, nep-net, nep-sbm, nep-sog and nep-ure
Date: 2016-08-01
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