This paper empirically examines the impact of Japan's debt forbearance policies with regard to small and medium-sized enterprises (SMEs) stipulated in the “Act concerning Temporary Measures to Facilitate Financing for SMEs.” Using unique Japanese firm survey data that identify firms that...

This paper investigates the determinants of the use of collateral and personal guarantees in, Japan's SME loan market. We find that firms' riskiness does not have a significant effect on the, likelihood that collateral is used. We find, however, that main banks whose claims are collateralized,...