LEADER 06275oam 22014054 450 001 9910779642603321 005 20230802010319.0 010 $a1-4755-8233-1 010 $a1-4755-1333-X 035 $a(CKB)2550000001041545 035 $a(EBL)1607101 035 $a(SSID)ssj0000944127 035 $a(PQKBManifestationID)11518473 035 $a(PQKBTitleCode)TC0000944127 035 $a(PQKBWorkID)10982381 035 $a(PQKB)10116240 035 $a(MiAaPQ)EBC1607101 035 $a(Au-PeEL)EBL1607101 035 $a(CaPaEBR)ebr10661236 035 $a(OCoLC)821924805 035 $a(IMF)WPEIEE2012291 035 $a(IMF)WPIEA2012291 035 $a(EXLCZ)992550000001041545 100 $a20020129d2012 uf 0 101 0 $aeng 135 $aurcn||||||||| 181 $ctxt 182 $cc 183 $acr 200 10$aWhat Role Can Financial Policies Play in Revitalizing SMEs in Japan? /$fWaikei Lam, Jongsoon Shin 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2012. 215 $a1 online resource (25 p.) 225 1 $aIMF Working Papers 300 $aDescription based upon print version of record. 311 $a1-4755-2125-1 311 $a1-4755-7937-3 320 $aIncludes bibliographical references. 327 $aIV. 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 330 3 $aThe paper discusses the role the financial sector can play in supporting growth in Japan. While overall credit conditions have been accommodative, credit growth has remained weak, especially for small and medium-sized enterprises (SMEs). Firm-level SME data and sectoral corporate balance sheets show that many SMEs have faced structural challenges of high leverage and low profitability. Moreover, the global financial crisis has weakened the financial position across SMEs, particularly for those with low credit worthiness. These challenges are closely related to low availability of riskcapital and the pervasiveness of credit support measures. This paper argues that to encourage the supply of risk-based capital, costly government support measures should be phased out and SME restructuring be accelerated. Efforts are also needed to deepen capital markets to enhance risk capital availability and address regulatory barriers to starting businesses. In that regard, addressing SMEweaknesses would improve private investment, enhance firm productivity, and lift growth. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2012/291 606 $aSmall business$xFinance$zJapan 606 $aBusiness enterprises$xFinance$zJapan 606 $aBanks and Banking$2imf 606 $aCorporate Finance$2imf 606 $aMacroeconomics$2imf 606 $aMoney and Monetary Policy$2imf 606 $aBanks$2imf 606 $aDepository Institutions$2imf 606 $aMicro Finance Institutions$2imf 606 $aMortgages$2imf 606 $aFinancing Policy$2imf 606 $aFinancial Risk and Risk Management$2imf 606 $aCapital and Ownership Structure$2imf 606 $aValue of Firms$2imf 606 $aGoodwill$2imf 606 $aFinancial Crises$2imf 606 $aMonetary Policy, Central Banking, and the Supply of Money and Credit: General$2imf 606 $aCorporate Finance and Governance: General$2imf 606 $aMonetary economics$2imf 606 $aEconomic & financial crises & disasters$2imf 606 $aFinancial services law & regulation$2imf 606 $aOwnership & organization of enterprises$2imf 606 $aBanking$2imf 606 $aCredit$2imf 606 $aGlobal financial crisis of 2008-2009$2imf 606 $aCredit risk$2imf 606 $aSmall and medium enterprises$2imf 606 $aMoney$2imf 606 $aFinancial crises$2imf 606 $aFinancial regulation and supervision$2imf 606 $aEconomic sectors$2imf 606 $aBank credit$2imf 606 $aGlobal Financial Crisis, 2008-2009$2imf 606 $aFinancial risk management$2imf 606 $aSmall business$2imf 606 $aBanks and banking$2imf 607 $aJapan$2imf 615 0$aSmall business$xFinance 615 0$aBusiness enterprises$xFinance 615 7$aBanks and Banking 615 7$aCorporate Finance 615 7$aMacroeconomics 615 7$aMoney and Monetary Policy 615 7$aBanks 615 7$aDepository Institutions 615 7$aMicro Finance Institutions 615 7$aMortgages 615 7$aFinancing Policy 615 7$aFinancial Risk and Risk Management 615 7$aCapital and Ownership Structure 615 7$aValue of Firms 615 7$aGoodwill 615 7$aFinancial Crises 615 7$aMonetary Policy, Central Banking, and the Supply of Money and Credit: General 615 7$aCorporate Finance and Governance: General 615 7$aMonetary economics 615 7$aEconomic & financial crises & disasters 615 7$aFinancial services law & regulation 615 7$aOwnership & organization of enterprises 615 7$aBanking 615 7$aCredit 615 7$aGlobal financial crisis of 2008-2009 615 7$aCredit risk 615 7$aSmall and medium enterprises 615 7$aMoney 615 7$aFinancial crises 615 7$aFinancial regulation and supervision 615 7$aEconomic sectors 615 7$aBank credit 615 7$aGlobal Financial Crisis, 2008-2009 615 7$aFinancial risk management 615 7$aSmall business 615 7$aBanks and banking 700 $aLam$b Waikei$01449953 701 $aShin$b Jongsoon$01476616 801 0$bDcWaIMF 906 $aBOOK 912 $a9910779642603321 996 $aWhat Role Can Financial Policies Play in Revitalizing SMEs in Japan$93691357 997 $aUNINA