Advanced Search
MyIDEAS: Login to save this paper or follow this series

The measurement of financial intermediation in Japan

Contents:

Author Info

  • Gunther Capelle-Blancard

    ()
    (CES - Centre d'économie de la Sorbonne - CNRS : UMR8174 - Université Paris I - Panthéon-Sorbonne)

  • Jézabel Couppey-Soubeyran

    ()
    (CES - Centre d'économie de la Sorbonne - CNRS : UMR8174 - Université Paris I - Panthéon-Sorbonne)

  • Laurent Soulat

    ()
    (CES - Centre d'économie de la Sorbonne - CNRS : UMR8174 - Université Paris I - Panthéon-Sorbonne)

Abstract

In this paper, we examine the evolution of the Japanese financial structure, in order to challenge the expected incidences of the financial liberalization. We compute financial intermediation ratios for Japan (1979-2004) on a book value basis. According to our results, the intermediation ratio has remained quite stable, at around 85%. This stability is the result of two opposite trends: a decrease in credits and an increase in financial securities owned by financial (mostly, non-banking) institutions. These two trends are partly the consequence of the heavier weight of the Government in domestic external financing, which is traditionally less financed by credits than companies are. Besides, these two trends would not have appeared if we had used intermediation ratios in market value or other traditional indicators (Deposits/GDP, Loans to private sector/GDP, stock market capitalization/GDP, etc.). Our results provide evidence for a very close relationship between intermediate financings and market financings and tend to reject the hypothesis of the Japanese financial system's convergence toward a capital market-based system.

Download Info

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
File URL: http://halshs.archives-ouvertes.fr/docs/00/26/55/47/PDF/Japon47.pdf
Download Restriction: no

Bibliographic Info

Paper provided by HAL in its series Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) with number halshs-00265547.

as in new window
Length:
Date of creation: Jan 2008
Date of revision:
Publication status: Published, Japan and the World Economy, 2008, 20, 1, 40-60
Handle: RePEc:hal:cesptp:halshs-00265547

Note: View the original document on HAL open archive server: http://halshs.archives-ouvertes.fr/halshs-00265547
Contact details of provider:
Web page: http://hal.archives-ouvertes.fr/

Related research

Keywords: Disintermediation; financial system; intermediaries; capital markets;

Other versions of this item:

Find related papers by JEL classification:

References

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
as in new window
  1. Allen, Franklin & Santomero, Anthony M., 2001. "What do financial intermediaries do?," Journal of Banking & Finance, Elsevier, Elsevier, vol. 25(2), pages 271-294, February.
  2. Thakor, Anjan V., 2000. "Relationship Banking," Journal of Financial Intermediation, Elsevier, Elsevier, vol. 9(1), pages 3-5, January.
  3. Sekine, Toshitaka & Kobayashi, Keiichiro & Saita, Yumi, 2003. "Forbearance Lending: The Case of Japanese Firms," Monetary and Economic Studies, Institute for Monetary and Economic Studies, Bank of Japan, Institute for Monetary and Economic Studies, Bank of Japan, vol. 21(2), pages 69-92, August.
  4. Peter L. Rousseau & Paul Wachtel, 1998. "Equity Markets and Growth: Cross-Country Evidence on Timing and Outcomes, 1980-1995," Working Papers, New York University, Leonard N. Stern School of Business, Department of Economics 98-09, New York University, Leonard N. Stern School of Business, Department of Economics.
  5. Rajan, Raghuram G & Zingales, Luigi, 2003. "Banks and Markets: the Changing Character of European Finance," CEPR Discussion Papers, C.E.P.R. Discussion Papers 3865, C.E.P.R. Discussion Papers.
  6. Malcolm Edey & Ketil Hviding, 1995. "An Assessment of Financial Reform in OECD Countries," OECD Economics Department Working Papers 154, OECD Publishing.
  7. Bruce D. Smith & John H. Boyd, 1998. "The evolution of debt and equity markets in economic development," Economic Theory, Springer, Springer, vol. 12(3), pages 519-560.
  8. Takeo Hoshi & Anil Kashyap, 1999. "The Japanese Banking Crisis: Where Did It Come From and How Will It End?," NBER Working Papers 7250, National Bureau of Economic Research, Inc.
  9. Boot, Arnoud W A & Thakor, Anjan, 1997. "Can Relationship Banking Survive Competition?," CEPR Discussion Papers, C.E.P.R. Discussion Papers 1592, C.E.P.R. Discussion Papers.
  10. Schmidt, Reinhard H. & Hackethal, Andreas & Tyrell, Marcel, 1999. "Disintermediation and the Role of Banks in Europe: An International Comparison," Journal of Financial Intermediation, Elsevier, Elsevier, vol. 8(1-2), pages 36-67, January.
  11. Nobuyoshi Yamori & Nobuyoshi Yamori, 2005. "The Public Financial System in Japan - Re-verification of the ballooning theory and the privileged government enterprise theory," Finance Working Papers 22319, East Asian Bureau of Economic Research.
  12. Robert C. Merton & Zvi Bodie, 2004. "The Design of Financial Systems: Towards a Synthesis of Function and Structure," NBER Working Papers 10620, National Bureau of Economic Research, Inc.
  13. Ross Levine, 2002. "Bank-Based or Market-Based Financial Systems: Which is Better?," NBER Working Papers 9138, National Bureau of Economic Research, Inc.
  14. Anderson, Christopher W. & K. Makhija, Anil, 1999. "Deregulation, disintermediation, and agency costs of debt: evidence from Japan," Journal of Financial Economics, Elsevier, Elsevier, vol. 51(2), pages 309-339, February.
  15. Jézabel Couppey-Soubeyran & Gunther Capelle-Blancard, 2003. "Le financement des agents non financiers en Europe : le rôle des intermédiaires financiers demeure prépondérant," Économie et Statistique, Programme National Persée, Programme National Persée, vol. 366(1), pages 63-95.
Full references (including those not matched with items on IDEAS)

Citations

Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
as in new window

Cited by:
  1. Zhanyu Ying, 2010. "Study on the measurement of China’s financial intermediation ratio in terms of stock: 1992–2006," Frontiers of Economics in China, Springer, Springer, vol. 5(3), pages 430-444, September.
  2. Jézabel Couppey-Soubeyran & Inès Chaari, 2008. "La place des banques dans le financement de l’économie tunisienne," Revue d'Économie Financière, Programme National Persée, Programme National Persée, vol. 93(3), pages 297-317.
  3. Lee, Chien-Chiang & Hsieh, Meng-Fen & Yang, Shih-Jui, 2014. "The relationship between revenue diversification and bank performance: Do financial structures and financial reforms matter?," Japan and the World Economy, Elsevier, Elsevier, vol. 29(C), pages 18-35.
  4. Moayedi, Vafa & Aminfard, Matin, 2011. "The Impact of Policy Shocks on Financial Structure: Empirical Results from Japan," MPRA Paper 39185, University Library of Munich, Germany.

Lists

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

Statistics

Access and download statistics

Corrections

When requesting a correction, please mention this item's handle: RePEc:hal:cesptp:halshs-00265547. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (CCSD).

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.