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Guy Yamashiro and Iichiro Uesugi
''Economic Conditions and Japanese Firm Financing''
( 2006, Vol. 5 No.12 )
This paper investigates the role played by non-financial firms in Japanese corporate financing. We find that non-financial firms are an important source of credit for both small and large firms in Japan. We also document that adverse real and financial shocks have similar effects on small and large firm financing. The primary implication of our results is that credit from the non-financial private sector in Japan serves to lessen the adverse impact of real and financial shocks on the economy.
Keywords: Business Cycles
G3 - Corporate Finance and Governance: General
Manuscript Received : Aug 18 2006 Manuscript Accepted : Aug 28 2006

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