@article{oai:nagoya.repo.nii.ac.jp:00009048, author = {朱, 宏飛 and ZHU, HongFei}, issue = {3}, journal = {経済科学}, month = {Dec}, note = {In this paper, I employ panel data of Japanese manufacturing firms to investigate the investment behavior under borrowing constraints after the bubble collapse. The borrowing constraint is incorporated to the Euler equation of investment so that tightness of constraint varies depending on the ratio of bad performing loans of banks as well as the firm’s financial capability of borrowing. The Euler equation is estimated by GMM. The results show that investment was suppressed in the 1990s because the bad performing loans made the borrowing constraint tighter.}, pages = {63--74}, title = {借入制約下での設備投資行動の実証分析-バブル崩壊後の日本経済の経験通して-}, volume = {56}, year = {2008} }