06275oam 22014054 450 991077964260332120230802010319.01-4755-8233-11-4755-1333-X(CKB)2550000001041545(EBL)1607101(SSID)ssj0000944127(PQKBManifestationID)11518473(PQKBTitleCode)TC0000944127(PQKBWorkID)10982381(PQKB)10116240(MiAaPQ)EBC1607101(Au-PeEL)EBL1607101(CaPaEBR)ebr10661236(OCoLC)821924805(IMF)WPEIEE2012291(IMF)WPIEA2012291(EXLCZ)99255000000104154520020129d2012 uf 0engurcn|||||||||txtccrWhat Role Can Financial Policies Play in Revitalizing SMEs in Japan? /Waikei Lam, Jongsoon ShinWashington, D.C. :International Monetary Fund,2012.1 online resource (25 p.)IMF Working PapersDescription based upon print version of record.1-4755-2125-1 1-4755-7937-3 Includes bibliographical references.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; ReferencesThe 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.IMF Working Papers; Working Paper ;No. 2012/291Small businessFinanceJapanBusiness enterprisesFinanceJapanBanks and BankingimfCorporate FinanceimfMacroeconomicsimfMoney and Monetary PolicyimfBanksimfDepository InstitutionsimfMicro Finance InstitutionsimfMortgagesimfFinancing PolicyimfFinancial Risk and Risk ManagementimfCapital and Ownership StructureimfValue of FirmsimfGoodwillimfFinancial CrisesimfMonetary Policy, Central Banking, and the Supply of Money and Credit: GeneralimfCorporate Finance and Governance: GeneralimfMonetary economicsimfEconomic & financial crises & disastersimfFinancial services law & regulationimfOwnership & organization of enterprisesimfBankingimfCreditimfGlobal financial crisis of 2008-2009imfCredit riskimfSmall and medium enterprisesimfMoneyimfFinancial crisesimfFinancial regulation and supervisionimfEconomic sectorsimfBank creditimfGlobal Financial Crisis, 2008-2009imfFinancial risk managementimfSmall businessimfBanks and bankingimfJapanimfSmall businessFinanceBusiness enterprisesFinanceBanks and BankingCorporate FinanceMacroeconomicsMoney and Monetary PolicyBanksDepository InstitutionsMicro Finance InstitutionsMortgagesFinancing PolicyFinancial Risk and Risk ManagementCapital and Ownership StructureValue of FirmsGoodwillFinancial CrisesMonetary Policy, Central Banking, and the Supply of Money and Credit: GeneralCorporate Finance and Governance: GeneralMonetary economicsEconomic & financial crises & disastersFinancial services law & regulationOwnership & organization of enterprisesBankingCreditGlobal financial crisis of 2008-2009Credit riskSmall and medium enterprisesMoneyFinancial crisesFinancial regulation and supervisionEconomic sectorsBank creditGlobal Financial Crisis, 2008-2009Financial risk managementSmall businessBanks and bankingLam Waikei1449953Shin Jongsoon1476616DcWaIMFBOOK9910779642603321What Role Can Financial Policies Play in Revitalizing SMEs in Japan3691357UNINA