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Bank herding in loan markets: Evidence from geographical data in Japan
International Review of Finance ( IF 2.175 ) Pub Date : 2020-12-27 , DOI: 10.1111/irfi.12341
Ryuichi Nakagawa 1
Affiliation  

This paper investigates whether Japanese banks followed herd behavior in loan markets during 1980–2000. Using data categorized by bank type and geographical area, we examine leader–follower relationships between the behavior of different bank types. We find evidence of their herding that is not explained by macroeconomic conditions. In particular, regional types of banks always followed banks that had large loan shares in individual areas. Such herding was observed more frequently in regional areas. Unusual herding by major banks was observed from immediately before the Japanese asset-price bubble in the late 1980s to its bursting in the early 1990s. During the bubble period, the estimated amount of loans raised by major banks' herding in urban areas was greater than 2% of the average annual nominal GDP in the period, overwhelming that of herding by other types.

中文翻译:

贷款市场中的银行羊群​​效应:来自日本地理数据的证据

本文调查了日本银行在 1980-2000 年间是否遵循贷款市场的羊群行为。使用按银行类型和地理区域分类的数据,我们检查了不同银行类型的行为之间的领导者-追随者关系。我们发现了宏观经济条件无法解释的羊群效应的证据。特别是区域类型的银行总是追随在个别地区拥有大量贷款份额的银行。这种放牧现象在偏远地区更为常见。从 1980 年代末的日本资产价格泡沫之前到 1990 年代初的泡沫破灭,主要银行出现了不寻常的羊群效应。在泡沫时期,估计主要银行在城市地区放牧的贷款规模大于该时期年均名义GDP的2%,
更新日期:2020-12-27
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