03511nam 2200625Ia 450 991082475810332120200520144314.01-4755-8233-11-4755-1333-X(CKB)2550000001041545(EBL)1607101(SSID)ssj0000944127(PQKBManifestationID)11518473(PQKBTitleCode)TC0000944127(PQKBWorkID)10982381(PQKB)10116240(Au-PeEL)EBL1607101(CaPaEBR)ebr10661236(OCoLC)821924805(IMF)WPEIEE2012291(IMF)WPIEA2012291(MiAaPQ)EBC1607101(EXLCZ)99255000000104154520111102d2012 uy 0engurcn|||||||||txtccrWhat role can financial policies play in revitalizing SMEs in Japan? /prepared by W. Raphael Lam and Jongsoon Shin1st ed.Washington, D.C. International Monetary Fundc20121 online resource (25 p.)IMF working paper ;12/291Description 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 enterprisesFinanceJapanSmall businessFinanceBusiness enterprisesFinance332.1/52Lam Raphael W. 1754065Shin Jongsoon1718075MiAaPQMiAaPQMiAaPQBOOK9910824758103321What role can financial policies play in revitalizing SMEs in Japan4190215UNINA