一般注記This paper investigates whether inefficient herd behavior of Japanese financial institutions in the domestic loan market affected the real economy during the period between 1975 and 1999. By using Japanese loan data,arranged by geographical area,we show that the loans that stemmed from inefficient herd behavior of Japanese financial institutions tenderd to have a negative impact on the GDP and land prices in the following years,while aggregated loans of those financial institutions had a positive impact. Our results indicate that the deterioration of the real economy in the 1990s may have been attributable partly to the inefficient herd behavior in the Japanese loan market during the period of the economic bubble in the late 1980s.
Paper in Western Economic Association International 85th Annual Conference, 2010
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）