Business, Management and Accounting
4 years ago

Deregulation in Japan Shifts Corporate Financing from Banks to Public Debt

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National Bureau of Economic Research
The Choice Between Public and Private Debt: An Analysis of Post-Deregulation Corporate Financing in Japan
Takeo Hoshi, Anil Kashyap, David Scharfstein

Paper Summary

The article discusses how companies in Japan shifted from borrowing money from banks to borrowing from the public in the 1980s. High net worth companies tend to use public debt more, while successful industrial groups and less successful owner-managed firms also turn to public debt.

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