000 03971nam a22005175i 4500
001 978-4-431-54309-1
003 DE-He213
005 20200420211742.0
007 cr nn 008mamaa
008 130322s2013 ja | s |||| 0|eng d
020 _a9784431543091
_9978-4-431-54309-1
024 7 _a10.1007/978-4-431-54309-1
_2doi
050 4 _aHJ9-9940
072 7 _aKFFD
_2bicssc
072 7 _aBUS051000
_2bisacsh
082 0 4 _a336
_223
245 1 0 _aHometown Investment Trust Funds
_h[electronic resource] :
_bA Stable Way to Supply Risk Capital /
_cedited by Naoyuki Yoshino, Sahoko Kaji.
264 1 _aTokyo :
_bSpringer Japan :
_bImprint: Springer,
_c2013.
300 _aIX, 98 p.
_bonline resource.
336 _atext
_btxt
_2rdacontent
337 _acomputer
_bc
_2rdamedia
338 _aonline resource
_bcr
_2rdacarrier
347 _atext file
_bPDF
_2rda
505 0 _aCh1 The Background of Hometown Investment Trust Funds (Naoyuki Yoshino) -- Ch2 Supply of Risk Capital for Regional Development in Japan (Atsuo Akai) -- Ch3 Hometown Investment Trust Funds in Japan (Masami Komatsu) -- Ch4 Hometown Investment Trust Funds for Regional Development (Norifumi Sugimoto) -- Ch5 HIT as a Form of Microfi nance in Asia (Yuka Morita) -- Ch6 Concluding Remarks and the Way Forward (Shuhei Shiozawa).
520 _aThis book records the first success stories of a new form of financial intermediation, the hometown investment fund, that has become a national strategy in Japan, partly to meet the need to finance small and medium-sized enterprises (SMEs) after the devastating earthquake and tsunami in March 2011. The hometown investment fund has three main advantages. First, it contributes to financial market stability by lowering information asymmetry. Individual households and firms have direct access to information about the borrowing firms, mainly SMEs, that they lend to. Second, it is a stable source of risk capital. The fund is project driven. Firms and households decide to invest by getting to know the borrowers and their projects. In this way the fund distributes risk but not so that it renders risk intractable, which was the problem with the "originate and distribute" model. Third, it contributes to economic recovery by connecting firms and households with SMEs that are worthy of their support. It also creates employment opportunities, at the SMEs as well as for the pool of retirees from financial institutions who can help assess the projects. Introduction of the hometown investment fund has huge global implications. The world is seeking a method of financial intermediation that minimizes information asymmetry, distributes risk without making it opaque, and contributes to economic recovery. Funds similar to Japan's hometown investment fund can succeed in all three ways. After all, the majority of the world's businesses are SMEs. The first chapter explains the theory behind this method, and the following chapters relate success stories from Japan and other parts of Asia. This book should encourage policymakers, economists, lenders, and borrowers, especially in developing countries, to adopt this new form of financial intermediation, thus contributing to global economic stability.
650 0 _aEntrepreneurship.
650 0 _aBusiness ethics.
650 0 _aFinance.
650 0 _aMacroeconomics.
650 0 _aPublic finance.
650 1 4 _aEconomics.
650 2 4 _aPublic Economics.
650 2 4 _aFinance, general.
650 2 4 _aMacroeconomics/Monetary Economics//Financial Economics.
650 2 4 _aEntrepreneurship.
650 2 4 _aBusiness Ethics.
700 1 _aYoshino, Naoyuki.
_eeditor.
700 1 _aKaji, Sahoko.
_eeditor.
710 2 _aSpringerLink (Online service)
773 0 _tSpringer eBooks
776 0 8 _iPrinted edition:
_z9784431543084
856 4 0 _uhttp://dx.doi.org/10.1007/978-4-431-54309-1
912 _aZDB-2-SBE
942 _cEBK
999 _c50714
_d50714