2010 Fiscal Year Final Research Report
The Development of bond markets in Pre-war Japan
| Project/Area Number |
20530298
|
|---|
| Research Category |
Grant-in-Aid for Scientific Research (C)
|
| Allocation Type | Single-year Grants |
|---|
| Section | 一般 |
|---|
| Research Field |
Economic history
|
|---|
| Research Institution | The University of Tokyo |
|---|
Principal Investigator |
MAKOTO Kasuya The University of Tokyo, 大学院・経済学研究科, 教授 (40211841)
|
|---|
| Project Period (FY) |
2008 – 2010
|
| Keywords | 金融史 / 債券市場 / 金融機関 |
|---|
| Research Abstract |
The Japanese Economy was sluggish in the inter-war period. Banks, of which ratio of capital to the total assets declined due to the increase of the non-performing debts, collected higher-risk loans and invested in lower-risk bonds, although banks with higher capital ratio continued to make loans. With the development of bond markets, banks underwrote a large amount of bonds (underwriting bonds is a kind of investment banking) ; trust companies were established ; and savings bank held a large amount of bonds. In this way, various business models of banking emerged in inter-war Japan.
|
