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Why Japan Needs to Develop its Corporate Bond Market

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Author Info

  • Jonathan Batten
  • Peter Szilagyi

Abstract

Analysis of flow of funds data provides evidence of gradual disintermediation in Japan's financial system, but the major channel for the allocation of domestic savings to productive assets remains bank intermediated lending. Overall, the Japanese financial system is still bank dominated, with the lending patterns of the past decade bearing witness to the adverse selection and moral hazard problems that may arise from a market overly reliant on intermediated financing. This study recommends further development of Japan's corporate bond market with improved access by foreign participants including borrowers, investors and investment banks.

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File URL: http://www.tandfonline.com/10.1080/1357151032000043348
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Bibliographic Info

Article provided by Taylor & Francis Journals in its journal International Journal of the Economics of Business.

Volume (Year): 10 (2003)
Issue (Month): 1 ()
Pages: 83-108

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Handle: RePEc:taf:ijecbs:v:10:y:2003:i:1:p:83-108

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Web page: http://www.tandfonline.com/CIJB20

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Related research

Keywords: Bond Markets; Financial System Reform; Japan;

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Cited by:
  1. Bruce E. Aronson, 2011. "A Reassessment of Japanfs Big Bang Financial Regulatory Reform," IMES Discussion Paper Series 11-E-19, Institute for Monetary and Economic Studies, Bank of Japan.
  2. Colombage, Sisira R.N., 2009. "Financial markets and economic performances: Empirical evidence from five industrialized economies," Research in International Business and Finance, Elsevier, vol. 23(3), pages 339-348, September.

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