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What Role Can Financial Policies Play in Revitalizing SMEs in Japan?

by Mr. Raphael W. Lam , Mr. Jongsoon Shin

in Business enterprises / Business enterprises -- Finance -- Japan / Corporate sector ;Japan ;Financial sector ;Credit policy ;Small and medium-sized enterprises (SMEs) ;credit guarantees ;smes;sme;financial institutions;sme financing;sme sector;firm size;small and medium-sized enterprises;medium enterprises;small firms;capital markets;venture capital;small and medium enterprises;business registration;small enterprises;small business;small firm;small businesses;corporate performance;corporate debt;large enterprises;corporate governance;initial public offerings;entrepreneurs;corporate bond;corporate restructuring;capital market / Finance / Japan / Small business / Small business -- Finance -- Japan

2012

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What Role Can Financial Policies Play in Revitalizing SMEs in Japan?

by Mr. Raphael W. Lam , Mr. Jongsoon Shin

2012

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What Role Can Financial Policies Play in Revitalizing SMEs in Japan?

by Mr. Raphael W. Lam , Mr. Jongsoon Shin

2012

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What Role Can Financial Policies Play in Revitalizing SMEs in Japan?

Mr. Raphael W. Lam,

Mr. Jongsoon Shin

2012

Overview

The paper discusses the role the financial sector can play in supporting growth in Japan. While overall credit conditions have been accommodative, credit growth has remained weak, especially for small and medium-sized enterprises (SMEs). Firm-level SME data and sectoral corporate balance sheets show that many SMEs have faced structural challenges of high leverage and low profitability. Moreover, the global financial crisis has weakened the financial position across SMEs, particularly for those with low credit worthiness. These challenges are closely related to low availability of riskcapital and the pervasiveness of credit support measures. This paper argues that to encourage the supply of risk-based capital, costly government support measures should be phased out and SME restructuring be accelerated. Efforts are also needed to deepen capital markets to enhance risk capitalavailability and address regulatory barriers to starting businesses. In that regard, addressing SMEweaknesses would improve private investment, enhance firm productivity, and lift growth.

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Publisher

INTERNATIONAL MONETARY FUND,International Monetary Fund

Subject

Business enterprises

/ Business enterprises -- Finance -- Japan

/ Corporate sector ;Japan ;Financial sector ;Credit policy ;Small and medium-sized enterprises (SMEs) ;credit guarantees ;smes;sme;financial institutions;sme financing;sme sector;firm size;small and medium-sized enterprises;medium enterprises;small firms;capital markets;venture capital;small and medium enterprises;business registration;small enterprises;small business;small firm;small businesses;corporate performance;corporate debt;large enterprises;corporate governance;initial public offerings;entrepreneurs;corporate bond;corporate restructuring;capital market

/ Finance

/ Japan

/ Small business

/ Small business -- Finance -- Japan