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Herd Behavior by Japanese Banks after Financial Deregulation in the 1980s
http://hdl.handle.net/10112/2782
http://hdl.handle.net/10112/27829587f531-0035-428f-96f7-5e81e82f7e3f
| 名前 / ファイル | ライセンス | アクション |
|---|---|---|
KU-1500RCSS-20080831-01.pdf (836.2 kB)
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| Item type | テクニカルレポート / Technical Report(1) | |||||
|---|---|---|---|---|---|---|
| 公開日 | 2011-01-24 | |||||
| タイトル | ||||||
| タイトル | Herd Behavior by Japanese Banks after Financial Deregulation in the 1980s | |||||
| 言語 | en | |||||
| 言語 | ||||||
| 言語 | eng | |||||
| 資源タイプ | ||||||
| 資源タイプ識別子 | http://purl.org/coar/resource_type/c_18gh | |||||
| 資源タイプ | technical report | |||||
| 著者 |
中川, 竜一
× 中川, 竜一× Uchida, Hirofumi |
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| 概要 | ||||||
| 内容記述タイプ | Other | |||||
| 内容記述 | This paper empirically investigates whether Japanese banks followed herd behavior as a result of financial deregulation in the 1980s, and whether any observed herd behavior brought about inefficiencies that could have caused macroeconomic fluctuations. Using loan-portfolio data, the paper examines Granger-causalities in lending behavior by different types of banks. We find that Japanese banks inefficiently herd from the early through mid-1980s, the period immediately after financial deregulation began. However, contrary to anecdotal evidence, inefficient herd behavior is rarely observed in the 1990s. The herd behavior in the 1980s was more frequently observed in lending to new borrowers than to traditional borrowers. In addition, other banks were inclined to follow those banks that were considered more informed in lending to a specific industry, or that were large enough to adjust more effectively to the environment created by deregulation. These results are consistent with theoretical predictions in the literature and suggest the possibility that the herd behavior contributed to the asset price bubble in the late 1980s. | |||||
| 内容記述 | ||||||
| 内容記述タイプ | Other | |||||
| 内容記述 | JEL Classifications: G11, G14, G21, E44 | |||||
| 書誌情報 |
ja : RCSSディスカッションペーパーシリーズ 巻 69, p. 1-28, 発行日 2008-08-31 |
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| ISSN | ||||||
| 収録物識別子タイプ | PISSN | |||||
| 収録物識別子 | 1347636X | |||||
| 著者版フラグ | ||||||
| 出版タイプ | VoR | |||||
| 出版タイプResource | http://purl.org/coar/version/c_970fb48d4fbd8a85 | |||||
| 出版者 | ||||||
| 出版者 | 関西大学ソシオネットワーク戦略研究機構 | |||||
| 言語 | ja | |||||
| キーワード | ||||||
| 言語 | en | |||||
| 主題Scheme | Other | |||||
| 主題 | herd behavior | |||||
| キーワード | ||||||
| 言語 | en | |||||
| 主題Scheme | Other | |||||
| 主題 | Japanese banks | |||||
| キーワード | ||||||
| 言語 | en | |||||
| 主題Scheme | Other | |||||
| 主題 | financial deregulation | |||||
