Market-based Indirect Finance and Marketization of Financial Risks: An Integrated Approach to banking, insurance, and corporate finance

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According to the rapid progress of globalization and population aging in Japan, it is required to manage the capital more efficiently. So-called market-oriented indirect financing has been found to be more effective than traditional financing, such as indirect financing through commercial banks and direct financing via the stock market, in producing the optimal allocation of risks among multiple economic agents, and helping decompose and standardize those risks.This study theoretically and empirically examines the methods and events of market-oriented indirect financing, such as through syndicated loans, real estate reit, weather derivatives, bankruptcy events, buybacks, and catastrophes, in order to evaluate how best to marketize risks, assess the efficiency of risk pricing, determine the boundary between intermediaries and markets, and measure the effect of market-oriented indirect financing on the operating characteristics of the financial system and the real economy as a whole.