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Economic development and financial deepening: The case of Japan

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  • Kazuo Sato

Abstract

It is a common wisdom in the development literature that economic development brings about financial deepening. But how far does it go? This paper examines Japan's experience over the last four decades, which shows clearly that financial deepening becomes even more pronounced after the economy matures. The paper also indicates salient features of Japan's financial system, i.e. the dominance by a few giant financial institutions. The end result is the tremendous bubble of the late 1980s. Japan has been recuperating from its ill‐effects for the last few years. The financial system is subject to inherent instability. The paper explains that various structural features of the Japanese economy are responsible for it.

Suggested Citation

  • Kazuo Sato, 1997. "Economic development and financial deepening: The case of Japan," Journal of the Asia Pacific Economy, Taylor & Francis Journals, vol. 2(1), pages 1-27.
    • Handle: RePEc:taf:rjapxx:v:2:y:1997:i:1:p:1-27
    DOI: 10.1080/13547869708724604
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    Cited by:

    1. Sato, Kazuo, 1998. "Stabilization policy and the Japanese economy," Journal of Asian Economics, Elsevier, vol. 9(1), pages 67-94.

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