Investment banking in prewar Japan
| Project/Area Number |
18K01719
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| Research Category |
Grant-in-Aid for Scientific Research (C)
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| Allocation Type | Multi-year Fund |
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| Section | 一般 |
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| Review Section |
Basic Section 07070:Economic history-related
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| Research Institution | The University of Tokyo |
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Principal Investigator |
Kasuya Makoto 東京大学, 大学院経済学研究科(経済学部), 教授 (40211841)
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| Project Period (FY) |
2018-04-01 – 2022-03-31
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| Project Status |
Completed (Fiscal Year 2021)
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| Budget Amount *help |
¥4,290,000 (Direct Cost: ¥3,300,000、Indirect Cost: ¥990,000)
Fiscal Year 2020: ¥1,170,000 (Direct Cost: ¥900,000、Indirect Cost: ¥270,000)
Fiscal Year 2019: ¥1,560,000 (Direct Cost: ¥1,200,000、Indirect Cost: ¥360,000)
Fiscal Year 2018: ¥1,560,000 (Direct Cost: ¥1,200,000、Indirect Cost: ¥360,000)
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| Keywords | 投資銀行 / 戦間期 / 国際業務 / 都市銀行 / 信託会社 / 戦時期 / 投資銀行業務 / 第百銀行 / 債券業務 / 社債引受 / 地方銀行 / ユニバーサル銀行 / 証券業務 / 引受 / 外国為替業務 / 財閥系銀行 |
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| Outline of Final Research Achievements |
In inter-war Japan five largest banks (Mitsui, Mitsubishi, Sumitomo, Yasuda, and Daiichi), of which deposits increased significantly, underwrote a large amount of corporate bonds. Underwriters sold corporate bonds in the next year of the issuance in the 1920s and did not sell in the 1930s because underwriting syndicates were normally formed. Provincial banks bought these bonds from underwriters and did not sell both in the 1920s and 1930s; therefore secondary markets for corporate bonds seem to have been very thin. On the other hand, large banks and provincial banks bought and sold government bonds in the secondary markets even in the 1930s and the secondary markets seem to have been very thick. Along with bond markets, short-term money markets also developed in this period. Mitusi, Mitsubishi, and Sumitomo banks expanded their foreign exchange businesses during this period.
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| Academic Significance and Societal Importance of the Research Achievements |
これまでの都市銀行の研究は，史料的な制約もあり，預金額・貸出額および店舗展開について考察されることがほとんどであった。これに対して本研究は，都市銀行の事業債引受データと債券保有データをリンクし，引受事業債をどの程度の期間保有していたのかを明らかにする一方，主として事業債を保有した地方銀行の債券保有データから，発行直後に購入したのかそれとも流通市場で購入したのかを明らかにし，さらに償還まで持ち続けたのかも明らかにすることで，債券流通市場の状況を明らかにした。それと同時に証券市場を支える短期金融市場の構造を明らかにした。また都市銀行の国際業務もはじめて明らかにしたといえる。
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Report
(5 results)
Research Products
(12 results)
