Prudential Regulation and the “Credit Crunch”: Evidence from Japan
利用日本银行在1980年代末房地产贷款占比作为工具变量，发现1997年银行资本大幅损失导致银行削减贷款，为信贷紧缩的供给端原因提供了证据。
The underlying causes of sharp declines in bank lending during recessions in large developed economies, as exemplified by the U.S. in the early 1990s and Japan in the late 1990s, are still being debated due to the lack of any convincing identification strategy of the supply side capital–lending relationship from lending demand. Using within bank share of real estate lending in the late 1980s as an instrumental variable for bank capital, we find that Japanese banks cut back on their lending in response to a large loss of bank capital in fiscal year 1997.