Herd Behavior by Japanese Banks after Financial Deregulation in the 1980s

Material type: 文書・図像類

Author: 中川, 竜一ほか

Publisher: 関西大学ソシオネットワーク戦略研究機構

Publication date: 2008-08-31

Material Format: Digital

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Note (General)：: This paper empirically investigates whether Japanese banks followed herd behavior as a result of financial deregulation in the 1980s, and whether any ...

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Material Type: 文書・図像類
Title: Herd Behavior by Japanese Banks after Financial Deregulation in the 1980s
Author/Editor: 中川, 竜一
Uchida, Hirofumi
Author Heading: 中川, 竜一
Uchida, Hirofumi
Publication, Distribution, etc.: 関西大学ソシオネットワーク戦略研究機構
Publication Date: 2008-08-31
Publication Date (W3CDTF): 2008-08-31
Periodical title: RCSSディスカッションペーパーシリーズ
No. or year of volume/issue: 69
Volume: 69
Pages: 1-28
ISSN (Periodical Title): PISSN : 1347636X
Text Language Code: eng
Subject Heading: herd behavior
Japanese banks
financial deregulation
Target Audience: 一般
Note (General): 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.
JEL Classifications: G11, G14, G21, E44
Format (IMT): application/pdf
Source: KU-1500RCSS-20080831-01.pdf
https://kansai-u.repo.nii.ac.jp/record/3138/files/KU-1500RCSS-20080831-01.pdf
Access Restrictions: 限定公開
Data Provider (Database): 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）
https://irdb.nii.ac.jp
Original Data Provider (Database): 関西大学 : 関西大学学術リポジトリ