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Long-run Unit Cost of Financial Intermediation in Japan (Japanese)

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Listed:
  • GUNJI Hiroshi
  • ONO Arito
  • SHIZUME Masato
  • UCHIDA Hirofumi
  • YASUDA Yukihiro

Abstract

We estimate the long-run unit cost of financial intermediation in Japan. Philippon (2015) and Bazot (2018a) respectively estimate the unit cost of financial intermediation in the US and Europe as the ratio of the financial industry income (numerator) to the financial industry output (denominator). To measure the financial industry income, we add several elements that are not included as the financial industry's value added in the System of National Accounts (SNA): net interest income and dividends from assets and liabilities other than loans and deposits, capital gains or losses from banks' securities portfolios, and credit costs associated with non-performing loans. We find that the unit cost of financial intermediation in Japan exhibits secular decline, which is not observed in the US and some European countries.

Suggested Citation

  • GUNJI Hiroshi & ONO Arito & SHIZUME Masato & UCHIDA Hirofumi & YASUDA Yukihiro, 2021. "Long-run Unit Cost of Financial Intermediation in Japan (Japanese)," Discussion Papers (Japanese) 21048, Research Institute of Economy, Trade and Industry (RIETI).
    • Handle: RePEc:eti:rdpsjp:21048
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