Economic development and financial deepening: The case of Japan

Kazuo Sato

Journal of the Asia Pacific Economy, 1997, vol. 2, issue 1, 1-27

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.

Date: 1997
References: View complete reference list from CitEc
Citations: View citations in EconPapers (1)

Downloads: (external link)
http://hdl.handle.net/10.1080/13547869708724604 (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:rjapxx:v:2:y:1997:i:1:p:1-27

Ordering information: This journal article can be ordered from
http://www.tandfonline.com/pricing/journal/rjap20

DOI: 10.1080/13547869708724604

Access Statistics for this article

Journal of the Asia Pacific Economy is currently edited by Leong Liew

More articles in Journal of the Asia Pacific Economy from Taylor & Francis Journals
Bibliographic data for series maintained by Chris Longhurst ().