The measurement of financial intermediation in Japan

Gunther Capelle-Blancard, Jézabel Couppey-Soubeyran () and Laurent Soulat
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Jézabel Couppey-Soubeyran: CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique

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Abstract: In this paper, we examine the evolution of the Japanese financial structure, in order to challenge the expected incidences of the financial liberalization. We compute financial intermediation ratios for Japan (1979-2004) on a book value basis. According to our results, the intermediation ratio has remained quite stable, at around 85%. This stability is the result of two opposite trends: a decrease in credits and an increase in financial securities owned by financial (mostly, non-banking) institutions. These two trends are partly the consequence of the heavier weight of the Government in domestic external financing, which is traditionally less financed by credits than companies are. Besides, these two trends would not have appeared if we had used intermediation ratios in market value or other traditional indicators (Deposits/GDP, Loans to private sector/GDP, stock market capitalization/GDP, etc.). Our results provide evidence for a very close relationship between intermediate financings and market financings and tend to reject the hypothesis of the Japanese financial system's convergence toward a capital market-based system.

Keywords: Disintermediation; financial system; intermediaries; capital markets (search for similar items in EconPapers)
Date: 2008-01
Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-00265547
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Published in Japan and the World Economy, 2008, 20 (1), pp.40-60. ⟨10.1016/j.japwor.2006.08.005⟩

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Related works:
Journal Article: The measurement of financial intermediation in Japan (2008)
Working Paper: The measurement of financial intermediation in Japan (2008)
Working Paper: The measurement of financial intermediation in Japan (2005)
Working Paper: The measurement of financial intermediation in Japan (2005)
Working Paper: The measurement of financial intermediation in Japan (2005)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:halshs-00265547

DOI: 10.1016/j.japwor.2006.08.005

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