The measurement of financial intermediation in Japan

Gunther Capelle-Blancard, Jézabel Couppey-Soubeyran and Laurent Soulat

Cahiers de la Maison des Sciences Economiques from Université Panthéon-Sorbonne (Paris 1)

Abstract: In this paper, we compute financial intermediation ratios for Japan (1970-2003) on a book value basis. According to our results, the intermediation ratio has remained quite stable, at around 85%. However, this stability is the result of two opposing trends: a decrease in credits and an increase in financial securities owned by financial (mostly, non banking) institutions. These two opposing trends would not have appeared if we had used traditional indicators computed as a fraction on GDP, or that build on a narrow definition of intermediation or use market value data. Fundamentally, our results provide evidence for a very close relation 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)
JEL-codes: G10 G21 G32 G38 (search for similar items in EconPapers)
Pages: 24 pages
Date: 2005-06, Revised 2005-11
New Economics Papers: this item is included in nep-fin and nep-fmk
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (3)

Published in Japan and the World Economy, Elsevier, 2008, 20 (1),pp.40-60

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https://www.sciencedirect.com/science/article/pii/S0922142506000430

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 (2008)
Working Paper: The measurement of financial intermediation in Japan (2005)
Working Paper: The measurement of financial intermediation in Japan (2005)
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