In 1872, Japan established a national banking system modeled closely on that in existence in the United States at the time. The experience of the two countries with national banking was very different, however. The paper documents that the Japanese national banking system was smaller, less highly leveraged, and did less financial intermediation than the U.S. system. The paper describes the national banking legislation in the two countries and presents evidence on their different banking experiences. It then argues that, for the most part, the differences were not due to subtle differences in the banking legislation in the two countries. Rather, it argues that the differences were due to Japan's lesser degree of experience with banks and less developed banking institutions when the system was adopted. There also was more concern with establishing banknotes of national banks as a replacement for government-issued paper currency in Japan.
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Article provided by Institute for Monetary and Economic Studies, Bank of Japan in its journal Monetary and Economic Studies.
Volume (Year): 19 (2001) Issue (Month): 1 (February) Pages: 31-48 Download reference. The following formats are available: HTML
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Find related papers by JEL classification: N25 - Economic History - - Financial Markets and Institutions - - - Asia including Middle East G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Mortgages N21 - Economic History - - Financial Markets and Institutions - - - U.S.; Canada: Pre-1913