06461oam 22014894 450 991097061660332120250426110823.0978147558233814755823319781475513332147551333X(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)EBC1607101WPIEA2012291(EXLCZ)99255000000104154520020129d2012 uf 0engurcn|||||||||txtccrWhat Role Can Financial Policies Play in Revitalizing SMEs in Japan? /Waikei Lam, Jongsoon Shin1st ed.Washington, D.C. :International Monetary Fund,2012.1 online resource (25 p.)IMF Working PapersDescription based upon print version of record.9781475521252 1475521251 9781475579376 1475579373 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 businessJapanFinanceBusiness enterprisesJapanFinanceBank creditimfBankingimfBanks and BankingimfBanks and bankingimfBanksimfCapital and Ownership StructureimfCorporate Finance and Governance: GeneralimfCorporate FinanceimfCredit riskimfCreditimfDepository InstitutionsimfEconomic & financial crises & disastersimfEconomic sectorsimfFinancial CrisesimfFinancial crisesimfFinancial regulation and supervisionimfFinancial Risk and Risk ManagementimfFinancial risk managementimfFinancial services law & regulationimfFinancing PolicyimfGlobal financial crisis of 2008-2009imfGlobal Financial Crisis, 2008-2009imfGoodwillimfMacroeconomicsimfMicro Finance InstitutionsimfMonetary economicsimfMonetary Policy, Central Banking, and the Supply of Money and Credit: GeneralimfMoney and Monetary PolicyimfMoneyimfMortgagesimfOwnership & organization of enterprisesimfSmall and medium enterprisesimfSmall businessimfValue of FirmsimfJapanimfSmall businessFinance.Business enterprisesFinance.Bank creditBankingBanks and BankingBanks and bankingBanksCapital and Ownership StructureCorporate Finance and Governance: GeneralCorporate FinanceCredit riskCreditDepository InstitutionsEconomic & financial crises & disastersEconomic sectorsFinancial CrisesFinancial crisesFinancial regulation and supervisionFinancial Risk and Risk ManagementFinancial risk managementFinancial services law & regulationFinancing PolicyGlobal financial crisis of 2008-2009Global Financial Crisis, 2008-2009GoodwillMacroeconomicsMicro Finance InstitutionsMonetary economicsMonetary Policy, Central Banking, and the Supply of Money and Credit: GeneralMoney and Monetary PolicyMoneyMortgagesOwnership & organization of enterprisesSmall and medium enterprisesSmall businessValue of Firms332.1/52Lam Waikei1449953Shin Jongsoon1816349DcWaIMFBOOK9910970616603321What Role Can Financial Policies Play in Revitalizing SMEs in Japan4372370UNINA