This paper examines the effects of bank lending to real output using prefecture-level panel data to test the function of " credit channel " as monetary policy ' s transmission mechanism. Since prefecture-specific shocks to money demand are automatically accommodated,those lead to changes in bank lending if banks rely on deposits as source of funding.Changes in collateral value, moreover, fluctuate bank lending in Japan where many SMEs,depending on bank borrowing for financing, exist. Using these money demand shocks and value of collateral as instrumental variables, I find out that shocks to money demand and changes in collateral value have statistically significant effects on bank loans, and loans also have effects on real output. The "credit channel" functions even under ultralow interest rate policy.
銀行貸出が景気に与える影響 --日本における都道府県別パネル・データを用いた実証分析--
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④大越利之
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