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Bond Markets and Banks in Inter-War Japan

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  • Makoto Kasuya
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    Abstract

    Issues of bonds increased in inter-war Japan, the main investors in bonds being banks because demand for loans declined in this period. Banks that were more tolerant of risks (that is, whose capital ratio was higher) made a larger amount of loans, which were riskier than bonds. While national bonds were traded actively in secondary markets, local bonds, corporate bonds, and bank debentures were not traded actively during this period. After the formation of cartels of banks and securities firms for bond underwriting and trading during the Great Depression, bond trading in secondary markets diminished, except for national bonds.

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    File URL: http://sticerd.lse.ac.uk/dps/is/is521.pdf
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    Bibliographic Info

    Paper provided by Suntory and Toyota International Centres for Economics and Related Disciplines, LSE in its series STICERD - International Studies Paper Series with number /2007/521.

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    Date of creation: Aug 2007
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    Handle: RePEc:cep:stiisp:/2007/521

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    Web page: http://sticerd.lse.ac.uk/_new/publications/default.asp

    Related research

    Keywords: Japanese Banks; bond markets; inter-war period; the Great Depression; national bonds; corporate bonds; cartels; capital.;

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    1. Takeo Hoshi & Anil Kashyap, 2004. "Corporate Financing and Governance in Japan: The Road to the Future," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262582481, December.
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