This file is part of IDEAS , which uses RePEc data
[ Papers |
Articles |
Software |
Books |
Chapters |
Authors |
Institutions |
JEL Classification |
NEP reports |
Search |
New papers by email |
Author registration |
Rankings |
Volunteers |
FAQ |
Blog |
Help! ]
The measurement of financial intermediation in Japan Author info | Abstract | Publisher info | Download info | Related research | Statistics Gunther Capelle-Blancard () (EconomiX-Université Paris X Nanterre et TEAM )
Jézabel Couppey-Soubeyran () (TEAM )
Laurent Soulat () (ESCEM Tours et TEAM )
Additional information is available for the following
registered author(s):
In this paper, we compute financial intermediation ratios for Japan (1970-2003) on a book value basis. According to our results, the intermediation ratio has remained quite stable, at around 85%. However, this stability is the result of two opposing trends : a decrease in credits and an increase in financial securities owned by financial (mostly, non banking) institutions. These two opposing trends would not have appeared if we had used traditional indicators computed as a fraction on GDP, or that build on a narrow definition of intermediation or use market value data. Fundamentally, our results provide evidence for a very close relation 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.
To download:
If you experience problems downloading a file, check if you have the
proper application to
view it first. Information about this may be contained
in the File-Format links below. 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.
Paper provided by Université Panthéon-Sorbonne (Paris 1) in its series Cahiers de la Maison des Sciences Economiques with number
bla05080.
Download reference. The following formats are available: HTML
(with abstract ),
plain text
(with abstract ),
BibTeX ,
RIS (EndNote, RefMan, ProCite),
ReDIF
Length: 24 pages
Date of creation: Jun 2005Date of revision:
Nov 2005Handle: RePEc:mse:wpsorb:bla05080Contact details of provider: Postal: 106 - 112 boulevard de l'H�pital, 75647 Paris cedex 13 Phone: 01 44 07 81 00 Fax: 01 44 07 81 09 Email: Web page: http://mse.univ-paris1.fr/ More information through EDIRC
For technical questions regarding this item, or to correct its listing, contact: (Jacqueline Pradel).
Keywords: Disintermediation ; financial system ; intermediaries ; capital markets. ; Other versions of this item:
Find related papers by JEL classification: G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data) G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Mortgages G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Capital and Ownership Structure G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation
This paper has been announced in the following NEP Reports :
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.: Nobuyoshi Yamori & Narunto Nishigaki, 2005.
"The Public Financial System in Japan - Re-verification of the ballooning theory and the privileged government enterprise theory ,"
Finance Working Papers
487, East Asian Bureau of Economic Research.
[Downloadable!]
Schmidt, Reinhard H. & Hackethal, Andreas & Tyrell, Marcel, 1999.
"Disintermediation and the Role of Banks in Europe: An International Comparison ,"
Journal of Financial Intermediation ,
Elsevier, vol. 8(1-2), pages 36-67, January.
[Downloadable!] (restricted)
Other versions: Bruce D. Smith & John H. Boyd, 1998.
"The evolution of debt and equity markets in economic development ,"
Economic Theory ,
Springer, vol. 12(3), pages 519-560.
[Downloadable!] (restricted)
Other versions: Ross Levine, 2002.
"Bank-Based or Market-Based Financial Systems: Which is Better? ,"
William Davidson Institute Working Papers Series
442, William Davidson Institute at the University of Michigan Stephen M. Ross Business School.
[Downloadable!]
Other versions:
Ross Levine, 2002.
"Bank-Based or Market-Based Financial Systems: Which is Better? ,"
NBER Working Papers
9138, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted) Levine, Ross, 2002.
"Bank-Based or Market-Based Financial Systems: Which Is Better? ,"
Journal of Financial Intermediation ,
Elsevier, vol. 11(4), pages 398-428, October.
[Downloadable!] (restricted) Franklin Allen & Anthony M. Santomero, 1999.
"What Do Financial Intermediaries Do? ,"
Center for Financial Institutions Working Papers
99-30, Wharton School Center for Financial Institutions, University of Pennsylvania.
[Downloadable!]
Other versions:
Franklin Allen & Anthony M. Santomero, 1999.
"What Do Financial Intermediaries Do? ,"
Departmental Working Papers
122, Tor Vergata University, CEIS.
[Downloadable!] Allen, Franklin & Santomero, Anthony M., 2001.
"What do financial intermediaries do? ,"
Journal of Banking & Finance ,
Elsevier, vol. 25(2), pages 271-294, February.
[Downloadable!] (restricted) 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, vol. 21(2), pages 69-92, August.
[Downloadable!]
Arnoud W. A. Boot & Anjan V. Thakor, 2000.
"Can Relationship Banking Survive Competition? ,"
Journal of Finance ,
American Finance Association, vol. 55(2), pages 679-713, 04.
[Downloadable!] (restricted)
Other versions: Luigi Zingales & Raghuram G. Rajan, 2003.
"Banks and Markets: The Changing Character of European Finance ,"
NBER Working Papers
9595, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted)
Other versions: Thakor, Anjan V., 2000.
"Relationship Banking ,"
Journal of Financial Intermediation ,
Elsevier, vol. 9(1), pages 3-5, January.
[Downloadable!] (restricted)
Ross Levine & Sara Zervos, .
"Stock markets, banks and economic growth ,"
CERF Discussion Paper Series
95-11, Economics and Finance Section, School of Social Sciences, Brunel University.
Other versions:
Levine, Ross & Zervos, Sara, 1996.
"Stock markets, banks, and economic growth ,"
Policy Research Working Paper Series
1690, The World Bank.
[Downloadable!] Levine, Ross & Zervos, Sara, 1998.
"Stock Markets, Banks, and Economic Growth ,"
American Economic Review ,
American Economic Association, vol. 88(3), pages 537-58, June.
[Downloadable!] (restricted) Anderson, Christopher W. & K. Makhija, Anil, 1999.
"Deregulation, disintermediation, and agency costs of debt: evidence from Japan1 ,"
Journal of Financial Economics ,
Elsevier, vol. 51(2), pages 309-339, February.
[Downloadable!] (restricted)
Rousseau, P. L. & Wachtel, P., 2000.
"Equity markets and growth: Cross-country evidence on timing and outcomes, 1980-1995 ,"
Journal of Banking & Finance ,
Elsevier, vol. 24(12), pages 1933-1957, December.
[Downloadable!] (restricted)
Other versions:
Full
references
Access and
download statistics Did you know? IDEAS was launched in September 1997.
This page was last updated on 2009-11-16.
This information is provided to you by IDEAS at the Department of Economics , College of Liberal Arts and Sciences , University of Connecticut using RePEc data on a server sponsored by the Society for Economic Dynamics .