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By a Silken Thread: regional banking integration and pathways to financial development in Japan s Great Recession

Mathias Hoffmann () and Toshihiro Okubo ()

Annual Conference 2014 (Hamburg): Evidence-based Economic Policy from Verein für Socialpolitik / German Economic Association

Abstract: Regional differences in banking integration determined how Japan s Great Recession after 1990 spread across the country. We explain these differences with the emergence of silk reeling as the main export industry after Japan s opening to trade in the 19th century. The silk-exporting prefectures developed a system of export finance centered on local, cooperative banks that preserved their dominant local position long after the decline of the silk industry. Our findings suggest that different pathways to financial development can lead to long-term differences in de facto financial integration, even if there are no formal barriers to capital mobility between regions.

JEL-codes: F15 F30 G01 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-ban and nep-his
Date: 2014
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Related works:
Working Paper: 'By a Silken Thread': regional banking integration and pathways to financial development in Japan's Great Recession (2013) Downloads
Working Paper: By a Silken Thread: Regional banking integration and pathways to financial development in Japan's Great Recession (2012) Downloads
Working Paper: By a Silken Thread: regional banking integration and pathways to financial development in Japan's Great Recession (2012) Downloads
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