Institutions, competition, and capital market integration in Japan
By: Kris J. Mitchener, Mari Ohnuki.
Contributors: Ohnuki, Mari.; National Bureau of Economic Research.
Series: NBER working paper series -- working paper 14090; Working paper series (National Bureau of Economic Research : Online) -- working paper no. 14090.
Publisher: National Bureau of Economic Research
Published: 2008
Place of publication: Cambridge, MA
Language: eng
Format: Electronic resource
Description: "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"--National Bureau of Economic Research web site.
Notes: Title from PDF file as viewed on 7/14/2008.

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