Associate Professor Koji Sakai

Area and Subject Taught Monetary and Financial Economics
Research Theme(s) Corporate Finance, Banking, and Financial Markets
Academic Degrees Ph.D.(Economics), Hitotsubashi University
Keywords for Research Field Financial Systems, Financial Institutions, Financial Markets
Office Phone Number 81-75-705-3032

Research Overview

A primary role of the financial systems (financial institutions and financial markets) is to assist real economic activities smoothly by taking capital from surplus units and reallocate it to deficit units in a stable and effective manner. In my research so far, I have carried out empirical analyses on the themes of (1) effectiveness of credit allocation in loan markets; (2) corporate credit constraints and their effect on the real economy; (3) effect of government intervention on loan markets; (4) main causes and effects of mergers and acquisition in the banking industry; (5) regularity in the financing behavior of firms; (6) role of collateral in loan markets; and (7) regularity in the pricing behavior of banks, from the perspective of the stability and effectiveness of financial systems and the effect that these factors have on the real economy. The main theme of my current research is the empirical analysis of credit reallocation and business cycle fluctuations in japan.

Notable Publications and Works

  1. "The Effects of Collateral on Firm Performance," Journal of the Japanese and International Economies, Vol. 26 (1), pp. 84-109, 2012. (with A. Ono, I. Uesugi)
  2. 「金融市場の資金再配分」『会計検査研究』第44号, pp. 55-71, 2011年.
  3. "The Effectiveness of Public Credit Guarantees in the Japanese Loan Market," Journal of the Japanese and International Economies, Vol.24(4), pp.457-480, 2010.(with I.Uesugi, G.M.Yamashiro)
  4. "Firm Age and the Evolution of Borrowing Costs: Evidence from Japanese Small Firms," Journal of Banking and Finance, Vol.34 (8), pp.1970-1981, 2010. (with I.Uesugi, T.Watanabe)
  5. "The Firm as a Bundle of Barcodes," European Physical Journal B, Vol.76(4), pp.507-512, 2010. (with T.Watanabe)
  6. "Financing Behavior of Japanese Firms," Japanese Economy, Vol.36(4), pp.3-30, 2009.
  7. 「日本企業における資金調達行動」『経済分析』第182号,pp.70-93,2009年.
  8. "Consolidation of Banks in Japan: Causes and Consequences," in T.Ito and A.K.Rose (eds.), Financial Sector Development in the Pacific Rim, NBER-EASE, Vol.18,University of Chicago Press, pp.265-309, 2009. (with K.Tsuru, K.Hosono)
  9. 「企業規模分布の時間進化と資金制約」『日本経済研究』第57号,pp.94-120,2007年
  10. 「メインバンク・ガバナンスと追い貸し」『経済研究』第56巻,第2号,pp.149-169,2005年.(小幡績氏との共著)