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

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  • MATSUURA Katsumi
  • HORI Masahiro

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.

Suggested Citation

  • MATSUURA Katsumi & HORI Masahiro, 2003. "Special Credit Guarantee and Restructuring of Small Firms(in Japanese)," ESRI Discussion paper series 050, Economic and Social Research Institute (ESRI).
    • Handle: RePEc:esj:esridp:050
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    File URL: http://www.esri.go.jp/jp/archive/e_dis/e_dis050/e_dis050a.pdf
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    Cited by:

    1. Kentaro Imai, 2013. "A Panel Study of Zombie SMEs in Japan: Identification, Borrowing and Investment Behavior," Discussion Papers in Economics and Business 13-16-Rev., Osaka University, Graduate School of Economics, revised Sep 2014.
    2. Kiichi Tokuoka & Mr. Murtaza H Syed & Mr. Kenneth H Kang, 2009. "“Lost Decade” in Translation - What Japan’s Crisis could Portend about Recovery from the Great Recession," IMF Working Papers 2009/282, International Monetary Fund.
    3. Uesugi, Iichiro & 植杉, 威一郎 & ウエスギ, イイチロウ, 2008. "Efficiency of Credit Allocation and Effectiveness of Government Credit Guarantees: Evidence from Japanese Small Businesses," PIE/CIS Discussion Paper 353, Center for Intergenerational Studies, Institute of Economic Research, Hitotsubashi University.
    4. Imai, Kentaro, 2016. "A panel study of zombie SMEs in Japan: Identification, borrowing and investment behavior," Journal of the Japanese and International Economies, Elsevier, vol. 39(C), pages 91-107.
    5. Iichiro Uesugi & Koji Sakai & Guy M. Yamashiro, 2006. "Effectiveness of Credit Guarantees in the Japanese Loan Market," Discussion papers 06004, Research Institute of Economy, Trade and Industry (RIETI).
    6. Kentaro Imai, 2013. "A Panel Study of eZombie f SMEs in Japan: Identification, Borrowing and Investment Behavior," Discussion Papers in Economics and Business 13-16, Osaka University, Graduate School of Economics.

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