@article{a36331a37e0341d09612fc2a69c0d9b7,
title = "Industrial cluster policy and transaction networks: Evidence from firm-level data in Japan",
abstract = "Cluster policy is designed to facilitate inter-firm networking. We examine industrial clusters in Japan based on firm-level transaction data. Cluster firms significantly expand transaction networks not only with local firms but also with firms in the agglomerated core Tokyo. We confirm the robustness of the results with historical policy experience of the regions as an instrumental variable and the cluster participation in a later period for a placebo test. By disaggregating firms in their relationships with financial institutions, we find that cluster firms expanding networks with firms in Tokyo are financed mainly by regional banks.",
author = "Toshihiro Okubo and Tetsuji Okazaki and Eiichi Tomiura",
note = "Funding Information: This paper is based on research results from a project at the Research Institute of Economy, Trade and Industry (RIETI). Our research is partly financed by Grant‐in‐Aid for Scientific Research JSPS KAKENHI (19H01487 and 19H00594 to Okubo, 26285053 to Okazaki, 17H00986 and 17K03677 to Tomiura). We would like to thank METI, RIETI, CREPE (University of Tokyo and TSR) and TSR for data access. We also thank seminar participants at University of Tokyo, Hitotsubashi University, NIRA, CREPE (University of Tokyo and TSR), Osaka University and Keio University as well as at a discussion paper seminar at RIETI and participants at the KIEA conference, the Hitotsubashi Trade and FDI conference and the annual JSIE conference for comments and suggestions. We also thank an editor and two anonymous referees for helpful and excellent comments. Publisher Copyright: {\textcopyright} 2022 Canadian Economics Association.",
year = "2022",
month = nov,
day = "1",
doi = "10.1111/caje.12629",
language = "English",
volume = "55",
pages = "1990--2035",
journal = "Canadian Journal of Economics",
issn = "0008-4085",
publisher = "Wiley-Blackwell",
number = "4",
}