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2015 | OriginalPaper | Chapter

1. The Economics of Interfirm Networks: Main Issues

Authors : Tsutomu Watanabe, Iichiro Uesugi, Arito Ono

Published in: The Economics of Interfirm Networks

Publisher: Springer Japan

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Excerpt

Interfirm networks prevail in many facets of economic activity and are significantly influential across a range of economic phenomena from business cycles to knowledge spillovers. There is a growing concern in the policy arena relating to the vulnerability of such networks based on the casual observation that idiosyncratic shocks on firms can be amplified through interfirm connections and can lead to a systemic crisis. Typical examples are the manufacturing supply-chain networks in the automobile and electronics industries that propagated regionally concentrated shocks—such as the Great East Japan Earthquake and the floods in Thailand, both in 2011—into global ones. The recent global financial crisis has also shown that the failure of a large bank can have significant adverse effects on the economy as a whole via complex transaction networks. …

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next chapter Buyer-Supplier Networks and Aggregate Volatility
Footnotes
1
To date, the applications of network theory on finance mainly focus on issues related to the contagion among financial institutions, typically through interbank markets (Allen and Babus 2008). An exception to this is Ogura et al. (2014), which is a product of this research project.
 
2
Using the same dataset, Uchida et al. (2015) provide a comprehensive overview of interfirm relationships in Japan, with emphasis on the use of trade credit.
 
3
Employing the dataset of real properties collateral in Chap. 10, Ono et al. (2014) examine the evolution of loan-to-value (LTV) ratios during the bubble and post-bubble periods in Japan, and the ex-post performance of borrowers that obtained high LTV loans.
 
4
Todo, Nakajima, and Matous (2015) evidence that the firms that have trading partners located outside the earthquake-affected area resumed their operations earlier.
 
Literature
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Allen, F., & Babus, A. (2008). Networks in finance. Wharton Financial Institutions Center Working Paper, No. 08-07.
Benhabib, J., Bisin, A., & Jackson, M. O. (2011). Handbook of social economics Vol. 1A. Amsterdam: Elsevier (North Holland Publishing).
Duranton, G., & Overman, H. (2005). Testing for localization using micro-geographic data. Review of Economic Studies, 72(4), 1077–1106.CrossRef
Dutta, D., & Jackson, M. O. (2002). Networks and groups. Berlin: Springer.
Goyal, S. (2007). Connections: An introduction to the economics of networks. Princeton: Princeton University Press.
Hazama, M., & Uesugi, I. (2012). Measuring the systemic risk in interfirm transaction networks. HIT-TDB Network Center Working Paper, No. 20.
Hosono, K., Miyakawa, D., Uchino, T., Hazama, M., Ono, A., Uchida, H., & Uesugi, I. (2012). Natural disasters, damage to banks, and firm investment. HIT-TDB Network Center Working Paper, No. 18.
Jackson, M. O. (2008). Social and economic networks. Princeton: Princeton University Press.
Miyakawa, D., Hosono, K., Uchino, T., Ono, A., Uchida, H., & Uesugi, I. (2014). Financial shocks and firm exports: A natural experiment approach with a massive earthquake. RIETI Discussion Paper Series, 14-E-10.
Nakajima, K., Saito, Y., & Uesugi, I. (2012). Localization of interfirm transaction relationships and industry agglomeration. RIETI Discussion Paper Series, 12-E-23.
Ogura, Y., Okui, R., & Saito, Y. (2014). Network-motivated lending decision. Mimeo.
Okamuro, H., & Nishimura, J. (2013). Knowledge and rent spillovers through Government-Sponsored R & D Consortia. HIT-TDB Network Center Working Paper, No. 24.
Ono, A., Uchida, H., Udell, G. F., & Uesugi, I. (2014). Lending pro-cyclicality and macro-prudential policy: Evidence from Japanese LTV ratios. TCER Working Paper Series, E-70.
Rogoff, K. S., & Reinhart, C. M. (2009). This time is different: Eight centuries of financial folly. Princeton: Princeton University Press.
Todo, Y., Nakajima, K., & Matous, P. (2015). How do supply chain networks affect the resilience of firms to natural disasters? Evidence from the Great East Japan earthquake. Journal of Regional Science, 55(2), 209–229.
Uchida, H., Ono, A., Kozuka, S., Hazama, M., & Uesugi, I. (2015). Interfirm Relationships and Trade Credit in Japan: Evidence from Micro-Data. Springer Briefs in Economics, Tokyo:Springer.
Metadata
Title
The Economics of Interfirm Networks: Main Issues
Authors
Tsutomu Watanabe
Iichiro Uesugi
Arito Ono
Copyright Year
2015
Publisher
Springer Japan
Book
The Economics of Interfirm Networks

Print ISBN: 978-4-431-55389-2

Electronic ISBN: 978-4-431-55390-8

Copyright Year: 2015

DOI
https://doi.org/10.1007/978-4-431-55390-8_1