一般注記This paper investigates whether Japanese banks followed herd behaviro in lending in local finacial markets during 1980-1999. By using loan data from Japnese banks, arranged by geographical area, we find leader-follower relationships between lending behavior of different types of banks. Specifically, herding is mostly caused by local banks. Local banks follow major banks in urban cities, while local banks follow each other in regional cities. In addition, herding is more frequent in regional cities than in urban cities. On the hand, massive herding by major banks was observed in urban cities in the late 1980s-the period of the asset-price bubble in Japan.
Paper in Western Economic Association International 84th Annual Conference, 2009.06
一次資料へのリンクURLKU-1500RCSS-20081018-01.pdf
連携機関・データベース国立情報学研究所 : 学術機関リポジトリデータベース(IRDB)(機関リポジトリ)