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Institutions, competition, and capital market integration in Japan
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Mitchener, Kris James and Ohnuki, Mari (2009) Institutions, competition, and capital market integration in Japan. Journal of Economic History, Vol.69 (No.1). pp. 138-171. doi:10.1017/S0022050709000369 ISSN 0022-0507.
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Official URL: http://dx.doi.org/10.1017/S0022050709000369
Abstract
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.
Item Type: | Journal Article | ||||
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Divisions: | Faculty of Social Sciences > Economics | ||||
Journal or Publication Title: | Journal of Economic History | ||||
Publisher: | Cambridge University Press | ||||
ISSN: | 0022-0507 | ||||
Official Date: | March 2009 | ||||
Dates: |
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Volume: | Vol.69 | ||||
Number: | No.1 | ||||
Page Range: | pp. 138-171 | ||||
DOI: | 10.1017/S0022050709000369 | ||||
Status: | Peer Reviewed | ||||
Publication Status: | Published | ||||
Access rights to Published version: | Restricted or Subscription Access |
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