| Summary: | 碩士 === 國立政治大學 === 經濟學系 === 105 === The paper mainly studies the relationship between the change of Japanese bank loan portfolios and its substantial effect on economy during implementation of monetary tightening policy by Japan authority. Through comparison of monetary impacts, as well as the effects of the downturns in both output and real demand on bank loan portfolios, with the downturns are generated in a way that they produce the same dynamic real output and final demand path as that from a monetary downturn. The empirical results of VAR model reveal that the domestic monetary tightening in Japan would cause decrease in short-term real output and price level rise. General banks offer less consumption credits and house loans for households, but turn to increase loans for enterprises. When further examining the loans for enterprises of different scales, the paper finds that the banks take a looser attitude in offering loans to large-scale enterprises than to small and medium enterprises (SMEs), whose loans seem to have insignificant increase. On the other hand, after analysis of VAR model that considers the credit standard diffusion index, it is found that because of the domestic monetary tightening policy of Japan, the banks’ practices in their offer of credits appear to be strictest to households, and then less strict to SMEs and large enterprises. These facts prove the existence of credit channels of banks, and show the important roles that banks take in monetary transmission mechanism.
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