土地担保の情報費用節減効果についての研究

抄録

This paper examined the influence which the collateral value of land has on the bank profit when a bank finances an enterprise. Especially, the function of land Collateral to reduce information costs should be made important. The amount of reduction was grasped by simulation quantitatively . At first Euler equation was led by the dynamic optimization on the bank profit, and parameters was estimated directly by using GMM. It appeared how much amount of reduction had occurred by land collateral. Consequently, though the amount of reduction had brought a big profit on a bank for the1980's, land collateral had been pressing a bank profit severely for the 1990's after the bubble collapse.