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This paper tries to answer the question: how important are the financial factors in two declines of corporate investment in the 1990's in Japan? We find (1) in 1992-1994 the financial factor, specifically an increase in call rate during 1989-91, partly contributed to the decline of investment especially indirectly through the real factor, but it was not a dominant factor; and (2) in 1998-1999 credit crunch which is induced by the so-called banking crisis played a significant role in the declinedoi:10.7916/d8sn0hhn fatcat:tyftkfwdlbfyvnkj5j6rihbfda