The measurement of financial intermediation in Japan

Gunther Capelle-Blancard, Jézabel Couppey-Soubeyran () and Laurent Soulat
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Jézabel Couppey-Soubeyran: TEAM - Théories et Applications en Microéconomie et Macroéconomie - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique

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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: capital markets; intermediaries; financial system; Disintermediation; marchés de capitaux; Désintermédiation; systèmes financiers; intermédiaires (search for similar items in EconPapers)
Date: 2005-11
Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-00197104v1
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Published in 2005

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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 (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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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:halshs-00197104

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