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Bond markets and banks in inter-war Japan

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  • Kasuya, Makoto

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.

Suggested Citation

  • Kasuya, Makoto, 2007. "Bond markets and banks in inter-war Japan," LSE Research Online Documents on Economics 6873, London School of Economics and Political Science, LSE Library.
  • Handle: RePEc:ehl:lserod:6873
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    File URL: http://eprints.lse.ac.uk/6873/
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    References listed on IDEAS

    as
    1. Tamaki,Norio, 1995. "Japanese Banking," Cambridge Books, Cambridge University Press, number 9780521496766, October.
    2. Okazaki, Tetsuji & Sawada, Michiru & Yokoyama, Kazuki, 2005. "Measuring the Extent and Implications of Director Interlocking in the Prewar Japanese Banking Industry," The Journal of Economic History, Cambridge University Press, vol. 65(04), pages 1082-1115, December.
    3. Konishi, Masaru, 2002. "Bond underwriting by banks and conflicts of interest: Evidence from Japan during the pre-war period," Journal of Banking & Finance, Elsevier, vol. 26(4), pages 767-793, April.
    4. Charles W. Calomiris & Berry Wilson, 2004. "Bank Capital and Portfolio Management: The 1930s "Capital Crunch" and the Scramble to Shed Risk," The Journal of Business, University of Chicago Press, vol. 77(3), pages 421-456, July.
    5. Yabushita Shiro & Inoue Atsushi, 1993. "The Stability of the Japanese Banking System: A Historical Perspective," Journal of the Japanese and International Economies, Elsevier, vol. 7(4), pages 387-407, December.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    Japanese banks; bond markets; inter-war period; the Great Depression; national bonds; corporate bonds; cartels; capital;

    JEL classification:

    • N0 - Economic History - - General

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