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Record Nr. |
UNINA9910779642603321 |
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Autore |
Lam Waikei |
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Titolo |
What Role Can Financial Policies Play in Revitalizing SMEs in Japan? / / Waikei Lam, Jongsoon Shin |
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Pubbl/distr/stampa |
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Washington, D.C. : , : International Monetary Fund, , 2012 |
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ISBN |
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1-4755-8233-1 |
1-4755-1333-X |
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Descrizione fisica |
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1 online resource (25 p.) |
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Collana |
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Altri autori (Persone) |
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Soggetti |
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Small business - Finance - Japan |
Business enterprises - Finance - Japan |
Banks and Banking |
Corporate Finance |
Macroeconomics |
Money and Monetary Policy |
Banks |
Depository Institutions |
Micro Finance Institutions |
Mortgages |
Financing Policy |
Financial Risk and Risk Management |
Capital and Ownership Structure |
Value of Firms |
Goodwill |
Financial Crises |
Monetary Policy, Central Banking, and the Supply of Money and Credit: General |
Corporate Finance and Governance: General |
Monetary economics |
Economic & financial crises & disasters |
Financial services law & regulation |
Ownership & organization of enterprises |
Banking |
Credit |
Global financial crisis of 2008-2009 |
Credit risk |
Small and medium enterprises |
Money |
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Financial crises |
Financial regulation and supervision |
Economic sectors |
Bank credit |
Global Financial Crisis, 2008-2009 |
Financial risk management |
Small business |
Banks and banking |
Japan |
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Lingua di pubblicazione |
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Formato |
Materiale a stampa |
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Livello bibliografico |
Monografia |
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Note generali |
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Description based upon print version of record. |
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Nota di bibliografia |
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Includes bibliographical references. |
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Nota di contenuto |
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IV. Growth Challenges of SMEs: Slow Restructuring and Limited Availability of Risk Capital 5. Japan: Slow SME Restructuring; A. Why Have SMEs Been Slow to Restructure?; 4. Government Credit Guarantee Schemes; B. Why is the Access and Availability of Risk-Based Capital Limited?; 6. Limited Availability of Risk-based Capital and Business Transfers; V. Policy Options to Support Credit Growth; 7. Japan: Market Practices and Regulatory Factors that Limit Risk-based Capital; VI. Conclusion; References |
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Sommario/riassunto |
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The paper discusses the role the financial sector can play in supporting growth in Japan. While overall credit conditions have been accommodative, credit growth has remained weak, especially for small and medium-sized enterprises (SMEs). Firm-level SME data and sectoral corporate balance sheets show that many SMEs have faced structural challenges of high leverage and low profitability. Moreover, the global financial crisis has weakened the financial position across SMEs, particularly for those with low credit worthiness. These challenges are closely related to low availability of riskcapital and the pervasiveness of credit support measures. This paper argues that to encourage the supply of risk-based capital, costly government support measures should be phased out and SME restructuring be accelerated. Efforts are also needed to deepen capital markets to enhance risk capital availability and address regulatory barriers to starting businesses. In that regard, addressing SMEweaknesses would improve private investment, enhance firm productivity, and lift growth. |
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