The Bank of Japan Network and Financial Market Integration: From the Establishment of the Bank of Japan to the Early 20th Century
The Bank of Japan Network and Financial Market Integration: From the Establishment of the Bank of Japan to the Early 20th Century
复制标题
日本银行网络与金融市场一体化：从日本银行成立到20世纪初
DOI：
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发表时间：
2007
期刊：
影响因子：
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通讯作者：
M. Ohnuki
中科院分区：
文献类型：
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作者：
M. Ohnuki
建立日本银行（BOJ）的目的之一是通过促进区域金融市场的全国一体化来促进金融发展，此前这些市场一直是分裂的并独立运作。然而，对于日本明治时期的金融交易和日本央行的运作仍知之甚少，日本央行在国内金融市场一体化过程中所扮演的角色也还不够明确。本文的目的是利用利率数据和金融交易的文件证据来考察日本央行在日本明治时期金融市场一体化过程中所发挥的作用。分析发现，从缩小地区间利差的角度来看，1890年代后半期金融市场一体化确实取得了重大进展。它还发现，日本央行可能在促进金融市场一体化方面发挥了作用，因为其网络（与私营部门银行的代理网络和分支机构网络）的扩张有助于通过其提供的资金转移服务促进区域之间的资金流动。
One of the purposes cited for establishing the Bank of Japan (BOJ) was to gfacilitate finance h by promoting the nationwide integration of the regional financial markets, which until that point had been divided and functioned independently. Nonetheless, much remains unknown about Japanese financial transactions and the operations of the BOJ during the Meiji Period, and the role the BOJ played in the process of domestic financial market integration is still not sufficiently clear. The purpose of this paper is to examine, using interest rate data and documentary evidence of financial transactions, the role played by the BOJ in the process of financial market integration in Meiji Period Japan. The analysis finds that, from the perspective of reducing inter-regional interest rate differences, there was indeed significant progress toward financial market integration in the latter half of the 1890s. It also finds that the BOJ may have played a role in promoting financial market integration because the expansion of its networks (a correspondent network with privatesector banks and a branch office network) served to facilitate the movement of funds between regions through the funds transfer services it provided.