NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Institutions, Competition, and Capital Market Integration in Japan

Kris J. Mitchener, Mari Ohnuki

NBER Working Paper No. 14090
Issued in June 2008
NBER Program(s):   DAE

Using a newly-constructed panel data set which includes annual estimates of lending rates for 47 Japanese prefectures, we analyze why interest rates converged over the period 1884-1925. We find evidence that technological innovations and institutional changes played an important role in creating a national capital market in Japan. In particular, the diffusion in the use of the telegraph, the growth in commercial branch banking networks, and the development of Bank of Japan's branches reduced interest-rate differentials. Bank regulation appears to have played little role in impeding financial market integration.

download in pdf format
   (222 K)

email paper

Machine-readable bibliographic record - MARC, RIS, BibTeX

Document Object Identifier (DOI): 10.3386/w14090

Published: Mitchener, Kris James & Ohnuki, Mari, 2009. "Institutions, Competition, and Capital Market Integration in Japan," The Journal of Economic History, Cambridge University Press, vol. 69(01), pages 138-171, March.

Users who downloaded this paper also downloaded these:
Mitchener, Shizume, and Weidenmier w15195 Why did Countries Adopt the Gold Standard? Lessons from Japan
Carlson and Mitchener w11291 Branch Banking, Bank Competition, and Financial Stability
Obstfeld w14816 Time of Troubles: The Yen and Japan's Economy, 1985-2008
Levine w10766 Finance and Growth: Theory and Evidence
Bekaert, Harvey, Lundblad, and Siegel w10990 Global Growth Opportunities and Market Integration
 
Publications
Activities
Meetings
NBER Videos
Themes
Data
People
About

National Bureau of Economic Research, 1050 Massachusetts Ave., Cambridge, MA 02138; 617-868-3900; email: info@nber.org

Contact Us