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| Castañeda, Gonzalo. |
| This paper shows that, in the aftermath of the 1995 banking crisis, relational financing was a two-edged sword for firms listed on the Mexican Securities Market. On the negative side, only bank-linked firms observed on average a dependence on cash stock to finance their investment projects. On the positive side, the banking connection was important to boost their profit rates during the 1997-2000 period, at least for financially healthy firms. These econometric results are derived from dynamic panel data models of investment and profit rates, which are estimated by the Generalized Method of Moments, where level and difference equations are combined into a system. |
| Tipo: Journal Article |
Palavras-chave: Relational financing; Banking crisis; Internal capital markets; L25; D82; N26. |
| Ano: 2005 |
URL: http://purl.umn.edu/37460 |
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| Krawczyk, Mariusz K.. |
| The weakness of the Japanese banking industry, suffering from acute problem of non-performing loans, prevents Japan from restoring sound growth rates despite having undertaken structural reforms and substantial fiscal policy efforts, and, through impairing transmission channels of monetary policy, it has also made ineffective efforts to stimulate the economy through "zero interest rates" and quantitative easing policy. Misunderstanding the roots of the banking crisis contributed greatly to its exceptional length and depth and prevented its early solution. Poor coordination and sequencing of liberalization of financial services together with macroeconomic policy mistakes have been responsible for the crisis. But the origins of those mistakes can be traced... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Japanese economy; Banking crisis; Financial liberalisation; Financial Economics; G21; G28. |
| Ano: 2004 |
URL: http://purl.umn.edu/26383 |
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