Bond markets and banks in inter-war Japan

Makoto Kasuya

Business History, 2009, vol. 51, issue 6, 907-926

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.

Keywords: Japanese banks; bond markets; inter-war period; the Great Depression; portfolio management (search for similar items in EconPapers)
Date: 2009
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
http://www.tandfonline.com/doi/abs/10.1080/00076790903266869 (text/html)
Access to full text is restricted to subscribers.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:taf:bushst:v:51:y:2009:i:6:p:907-926

Ordering information: This journal article can be ordered from
http://www.tandfonline.com/pricing/journal/FBSH20

DOI: 10.1080/00076790903266869

Access Statistics for this article

Business History is currently edited by Professor John Wilson and Professor Steven Toms

More articles in Business History from Taylor & Francis Journals
Bibliographic data for series maintained by Chris Longhurst ().