Bad Loans and Loan Write-Offs
研究了日本核销不良贷款时谁承担损失，发现主银行传统上承担大额负担，但如今多数情况下变得不愿承担，暗示向市场体系转型中隐性规则正在瓦解。
In this paper, we investigate who bears the burden when writing off bad loans in Japan. Traditionally, Japanese main banks bore large burdens in saving their customers. We still find that some main banks bear a large burden in saving their customers. However, in most cases, main banks became very reluctant to bear large burdens when bailing out their customers. In the transition from the bank-based system to a market-based system, traditional implicit rules are collapsing dramatically. We suggest that companies supported by Industrial Revitalization Corporation of Japan may provide a new scheme for who bears the burden when writing off loans in Japan.