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

This paper is available as PDF (222 K) or via email.

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:
Carlson and Mitchener w11291 Branch Banking, Bank Competition, and Financial Stability
Bekaert, Harvey, Lundblad, and Siegel w10990 Global Growth Opportunities and Market Integration
Mitchener and Yan w15679 Globalization, Trade & Wages: What Does History tell us about China?
Laux and Leuz w15515 Did Fair-Value Accounting Contribute to the Financial Crisis?
Obstfeld w14816 Time of Troubles: The Yen and Japan's Economy, 1985-2008
 
Publications
Activities
Meetings
NBER Videos
Data
People
About

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

Contact Us