"Global Risk Sharing: Toward a stronger Financial System"(in Japanese)

Takao Kobayashi (), Jeffrey Bohn and Risa Sai
Additional contact information
Jeffrey Bohn: The Financial Strategies Division, Shinsei Bank
Risa Sai: Graduate School of Economics, University of Tokyo

No CIRJE-J-176, CIRJE J-Series from CIRJE, Faculty of Economics, University of Tokyo

Abstract: Recent surge of large real estate lending in Japan suggests the creation of a new series of lumpy credit risk exposures entering Japanese bank portfolios. It is necessary to transform these types of large, concentrated exposures into more manageable pieces of risk. The development of syndication and securitization markets provide an antidote to this creeping risk of crisis as concentrations deepen. Without the mechanisms for distributing and managing risk, Japan will forever lag the rest of the developed world in terms of financial market development and financial market competitiveness. Even worse, the days of liquidity crunches and a contracting economy may return if the structure of the market is not modified to better manage concentration risk.

Pages: 27 pages
Date: 2007-04
New Economics Papers: this item is included in nep-ban
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Persistent link: https://EconPapers.repec.org/RePEc:tky:jseres:2007cj176

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