Institutions, Competition, and Capital Market Integration in Japan
Institutions, Competition, and Capital Market Integration in Japan
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日本的制度、竞争和资本市场一体化
DOI：
10.1017/s0022050709000369
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发表时间：
2008
期刊：
影响因子：
--
通讯作者：
M. Ohnuki
中科院分区：
文献类型：
--
作者：
K. Mitchener;M. Ohnuki
使用一个新构建的面板数据集，其中包括对日本47个县的年度贷款利率估计，我们分析了1884年至1925年期间利率趋同的原因。我们发现，有证据表明，技术创新和制度变迁在创建日本全国资本市场方面发挥了重要作用。特别是，电报的普及，商业分支银行网络的增长，以及日本银行分支机构的发展，缩小了利差。银行监管似乎在阻碍金融市场整合方面几乎没有起到什么作用。
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.