2013 Fiscal Year Final Research Report
Studies on the development of fiancial markets in prewar Janan
| Project/Area Number |
23530404
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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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| Research Field |
Economic history
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| Research Institution | The University of Tokyo |
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Principal Investigator |
KASUYA Makkoto 東京大学, 経済学研究科(研究院), 教授 (40211841)
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| Project Period (FY) |
2011 – 2013
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| Keywords | 金融史 |
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| Research Abstract |
First, the activities of Yamaichi Securities Company, one of the largest securities companies in inter-war Japan, where securities market developed significantly, are investigated. Yamaichi Securities Co. established nationwide branch network in this period and sold government bonds, municipal bonds, bank debentures, and corporate bonds, to customers. Its main customers were not individuals but financial institutions such as banks and saving banks and the business grew rapidly in the 1920s and 1930s. City banks, of which deposits increased at the face of financial crises in the interwar years, underwrote bonds, made loans to securities companies, and made them sell securities. The yields of national bonds were the lowest, that of bonds issued by special companies such as South Manchurian Railway Company the second lowest, bank debentures the third lowest, and corporate bonds the highest.
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