The Contribution of Bank Lending to the Long-Term Stagnation in Japan

Joe Peek
While it is well established that bank lending to severely impaired (zombie) Japanese firms during the 1990s was detrimental to the Japanese economy, bank lending to troubled, but economically viable, firms may have had beneficial effects. The objective of this study is to investigate the consequences of increased bank lending to distressed Japanese firms in order to determine the extent to which those increased loans contributed to the recovery of distressed firms, rather than being...
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