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Bond markets and banks in inter-war Japan

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  • Makoto Kasuya

Abstract

The issuance of bonds increased in inter-war Japan, the main investors being banks because the demand for loans declined in this period. Banks that were more tolerant to risk (that is, whose capital ratio was higher) made a larger amount of loans, which were riskier than bonds. While national bonds were traded actively in secondary markets, local bonds, corporate bonds, and bank debentures were not traded actively during this period. After the formation of cartels of banks and securities firms for bond underwriting and trading during the Great Depression, bond trading in secondary markets diminished, except for national bonds.

Suggested Citation

  • Makoto Kasuya, 2009. "Bond markets and banks in inter-war Japan," Business History, Taylor & Francis Journals, vol. 51(6), pages 907-926.
    • Handle: RePEc:taf:bushst:v:51:y:2009:i:6:p:907-926
    DOI: 10.1080/00076790903266869
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    References listed on IDEAS

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    1. Milton Friedman & Anna J. Schwartz, 1963. "A Monetary History of the United States, 1867–1960," NBER Books, National Bureau of Economic Research, Inc, number frie63-1.
    2. Juro Teranishi, 2005. "Evolution of the Economic System in Japan," Books, Edward Elgar Publishing, number 2881.
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