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ROSCAs and Credit Unions: Is Modern Japan Missing Something?

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  • Stephen J. DAVIES

    (Kobe University)

Abstract

This paper discusses two forms of "microfinance ", both of which are common in some other parts of the world but almost entirely lacking in modern Japan. The Rotating Credit and Saving Association (R0SCA) had a long history in Japan in the form of the kou or mujin, and remained important until after the Second World War, but has almost completely disappeared from Japan in the last fifty years. The community-based credit union, which has in many deve1oped countries become an important source of small-scale unsecured finance for households, with millions of members, in Japan remains almost entirely confined to Roman Catholic parishes, with a total membership now of less than 5,000. This anomalous lack of community-based microfinance in Japan is at least in part a consequence of the privileged status of the postal savings system and of government guarantees of bank deposits.

Suggested Citation

  • Stephen J. DAVIES, 2004. "ROSCAs and Credit Unions: Is Modern Japan Missing Something?," Kobe Economic & Business Review, Research Institute for Economics & Business Administration, Kobe University, vol. 48, pages 73-93, February.
    • Handle: RePEc:kob:review:feb2004::v:48:p:73-93
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    More about this item

    Keywords

    Microfinance; ROSCAs; Credit unions;
    All these keywords.

    JEL classification:

    • G20 - Financial Economics - - Financial Institutions and Services - - - General
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • N20 - Economic History - - Financial Markets and Institutions - - - General, International, or Comparative

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