Institutions, Competition, and Capital Market Integration in Japan
Bibliographic Data
| ID | 5120108 |
|---|---|
| Authors | Kris James Mitchener (Santa Clara University, corresponding author), Mari Ohnuki (0000-0001-5478-6297, Bank of Japan, corresponding author) |
| Year | 2009 |
| Volume | 69 |
| Issue | 1 |
| Pages | 138-171 |
| Publication date | 2009-03-01 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | The Journal of Economic History (JOURNAL) |
| Journal identifiers | ISSN: 0022-0507 • E-ISSN: 1471-6372 |
| Publisher | Cambridge University Press (CUP) (PUBLISHER) |
| DOI | 10.1017/s0022050709000369 |
| OpenAlex | W2889863586 |
| Language | EN |
| Citations received | 14 |
| References cited | 11 |
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
Business · Capital (architecture) · Capital market · Competition (biology) · Economics · Financial system · Geography · Interest rate · International economics · Monetary economics · Panel data · Culture, Economy, and Development Studies · Economic Policies and Impacts · Finance
Branch banking and regional financial markets
Private money and money market integration
The origins of Japanese technological modernization
Local liquidity constraints
Railroads and technology adoption in Meiji Japan
Intermediary Functions and the Market for Innovation in Meiji and Taishō Japan
Market-based financing for small corporations during early industrialisation
Railroad Expansion and Industrialization
The Samurai Bond
Upstart Industrialization and Exports
The Organization of Enterprise in Japan
Telegraph and capital market integration
Technological leadership and late development
Independent invention during the rise of the corporate economy in Britain and Japan1
Banking Market Structure, Risk, and the Pattern of Local Interest Rates in the United States, 1893-1911
Evolution of the Economic System in Japan
Imperfections in the Capital Market
Branch Banking as a Device for Discipline
A Direct Test of the Theory of Comparative Advantage
Industrialization and interregional interest rate structure the Japanese case
Regional interest rates and bank failures, 1870–1914
| Unique citing works | 14 |
|---|---|
| Citations per year | 0,93 |
| Citation span | 2011 - 2026 (16) |
| Citation velocity | current |
| Highly cited | No |
| Citation types | Neutral: 14 |