The soft budget constraint, the debt overhang and the optimal degree of credit centralization

Japan and the World Economy - Tập 19 - Trang 187-197 - 2007
Kenji Tsuji1
1Graduate School of Economics, Osaka City University, 3-3-138 Sugimoto, Sumiyoshi-ku, Osaka 558-8585, Japan

Tài liệu tham khảo

Berglöf, 1990, Capital structure as a mechanism of control: a comparison of financial system, 237 Berglöf, 1995, Bank restructuring and soft budget constraints in financial transition, Journal of the Japanese and International Economies, 9, 354, 10.1006/jjie.1995.1022 Berglöf, 1997, Soft budget constraints and credit crunches in financial transition, European Economic Review, 41, 807, 10.1016/S0014-2921(97)00055-X Bolton, 1996, Optimal debt structure and the number of creditors, Journal of Political Economy, 104, 1, 10.1086/262015 Dewatripont, 1995, Credit and efficiency in centralized and decentralized economies, Review of Economic Studies, 62, 541, 10.2307/2298076 Gibson, 1995, Can bank health affect investment? Evidence from Japan, Journal of Business, 68, 281, 10.1086/296666 Hoshi, 2001 Hoshi, 1991, Corporate structure, liquidity, and investment: evidence from Japanese industrial groups, Quarterly Journal of Economics, 106, 33, 10.2307/2937905 Kang, 2000, Do banking shocks affect borrowing firm performance? An analysis of the Japanese experience, Journal of Business, 73, 1, 10.1086/209630 Kornai, 1980 Kornai, 2003, Understanding the Soft Budget Constraint, Journal of Economic Literature, 41, 1095, 10.1257/002205103771799999 Lamont, 1995, Corporate-debt overhang and macroeconomic expectations, American Economic Review, 85, 1106 Maskin, 1996, Theories of the soft budget-constraint, Japan and the World Economy, 8, 125, 10.1016/0922-1425(96)00038-2 Maskin, 1999, Recent theoretical work on the soft budget constraint, American Economic Review, 89, 421, 10.1257/aer.89.2.421 Motonishi, 1999, Causes of the long stagnation of Japan during the 1990s: financial or real?, Journal of the Japanese and International Economies, 13, 181, 10.1006/jjie.1999.0429 Myers, 1977, Determinants of corporate borrowing, Journal of Financial Economics, 5, 147, 10.1016/0304-405X(77)90015-0 Sheard, 1989, The main bank system and corporate monitoring and control in Japan, Journal of Economic Behavior and Organization, 11, 399, 10.1016/0167-2681(89)90037-1 Sheard, 1994, Main banks and the governance of financial distress, 188 Snyder, 1998, Loan commitments and the debt overhang problem, Journal of Financial and Quantitative Analysis, 33, 87, 10.2307/2331379