English, Article, Journal or magazine article edition: Institutions, Competition, and Capital Market Integration in Japan Kris James Mitchener; Mari Ohnuki

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Bookmark: http://trove.nla.gov.au/version/35377
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Institutions, Competition, and Capital Market Integration in Japan
Author
  • Kris James Mitchener
  • Mari Ohnuki
Physical Description
  • preprint
Notes
  • Using a newly-constructed panel data set which includes annual estimates of lending rates for 47 Japanese prefectures, we analyze why interest rates converged over the period 1884-1925. We find evidence that technological innovations and institutional changes played an important role in creating a national capital market in Japan. In particular, the diffusion in the use of the telegraph, the growth in commercial branch banking networks, and the development of Bank of Japan's branches reduced interest-rate differentials. Bank regulation appears to have played little role in impeding financial market integration.
  • RePEc:nbr:nberwo:14090
  • Using a newly-constructed panel data set which includes annual estimates of lending rates for 47 Japanese prefectures, we analyze why interest rates converged over the period 1884-1925. We find evidence that technological innovations and institutional changes played an important role in creating a national capital market in Japan. In particular, the diffusion in the use of the telegraph, the growth in commercial branch banking networks, and the development of Bank of Japanfs branches reduced interest-rate differentials. Bank regulation appears to have played little role in impeding financial market integration.
  • Monetary Policy, Input-Output Matrix, Durables, Non-durables
  • RePEc:ime:imedps:08-e-12
Language
  • English
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