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American Economic Journal: Macroeconomics: Vol. 5 No. 1 (January 2013)

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On the Real Effects of Bank Bailouts: Micro Evidence from Japan

Article Citation

Giannetti, Mariassunta, and Andrei Simonov. 2013. "On the Real Effects of Bank Bailouts: Micro Evidence from Japan." American Economic Journal: Macroeconomics, 5(1): 135-67.

DOI: 10.1257/mac.5.1.135

Abstract

Exploiting the Japanese banking crisis of the 1990s as a laboratory, we investigate the effects of bank bailouts on the supply of credit and the performance of banks’ clients. Our findings indicate that the size of capital injections relative to the initial financial condition of banks is crucial for the success of bank bailouts. Capital injections that are large enough to reestablish bank capital requirements increase the supply of credit and spur investment. In contrast, not only do capital injections that are too small fail to increase the supply of credit, but they also encourage the evergreening of nonperforming loans. (JEL E44, G21, G28, G32, G34)

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Authors

Giannetti, Mariassunta (Stockholm School of Economics and European Corporate Governance Institute)
Simonov, Andrei (MI State U)

JEL Classifications

E44: Financial Markets and the Macroeconomy
G21: Banks; Depository Institutions; Micro Finance Institutions; Mortgages
G28: Financial Institutions and Services: Government Policy and Regulation
G32: Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
G34: Mergers; Acquisitions; Restructuring; Voting; Proxy Contests; Corporate Governance

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American Economic Journal: Macroeconomics


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