On the Real Effects of Bank Bailouts: Micro Evidence from Japan

• 成果类型: Article
• 署名作者: Giannetti, Mariassunta; Simonov, Andrei
• 署名单位: Stockholm School of Economics; Michigan State University; Michigan State University's Broad College of Business
• 刊物名称: AMERICAN ECONOMIC JOURNAL-MACROECONOMICS
• ISSN/ISSBN: 1945-7707
• DOI: 10.1257/mac.5.1.135
• 发表日期: 2013
• 页码: 135-167
• 关键词: liquidity shocks evidence; firm performance; determinants; INVESTMENT; IMPACT

摘要

Exploiting the Japanese banking crisis of the 1990s as a laboratory, we investigate the effects of bank bailouts on the supply of credit and the performance of banks' clients. Our findings indicate that the size of capital injections relative to the initial financial condition of banks is crucial for the success of bank bailouts. Capital injections that are large enough to reestablish bank capital requirements increase the supply of credit and spur investment. In contrast, not only do capital injections that are too small fail to increase the supply of credit, but they also encourage the evergreening of nonperforming loans.