OKAZAKI, TETSUJI; OKUBO, TOSHIHIRO; STROBL, ERIC (2024). The Bright and Dark Sides of a Central Bank's Financial Support to Local Banks after a Natural Disaster: Evidence from the Great Kanto Earthquake, 1923 Japan. Journal of money, credit and banking, 56(6), pp. 1439-1477. Wiley-Blackwell 10.1111/jmcb.13018
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The Great Kanto Earthquake of 1923 caused serious damage to firms and banks in Yokohama City. We explore the role of the financial support by the Bank of Japan (BoJ) through local banks in a firm's survival and recovery from the natural disaster. We find that the small- and medium-sized firms (SMEs) that had a relatively large correspondent bank with a large number of bills rediscounted by BoJ had a higher likelihood of survival but lower growth after the earthquake. Liquidity supply by the central bank for recovery from a negative shock can have both positive and negative impacts.
Item Type: |
Journal Article (Original Article) |
|---|---|
Division/Institute: |
03 Faculty of Business, Economics and Social Sciences > Department of Economics 10 Strategic Research Centers > Oeschger Centre for Climate Change Research (OCCR) |
UniBE Contributor: |
Strobl, Eric Albert |
Subjects: |
300 Social sciences, sociology & anthropology > 330 Economics |
ISSN: |
0022-2879 |
Publisher: |
Wiley-Blackwell |
Language: |
English |
Submitter: |
Julia Alexandra Schlosser |
Date Deposited: |
18 Dec 2023 08:46 |
Last Modified: |
27 Aug 2024 00:11 |
Publisher DOI: |
10.1111/jmcb.13018 |
BORIS DOI: |
10.48350/190040 |
URI: |
https://boris.unibe.ch/id/eprint/190040 |
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