日本における統一的資本市場の成立 : 一八八九-一九二五年

概要

論文の詳細を見る
When and how a unified national capital market emerges are important questions because of the crucial role which mobility of capital plays in the process of economic growth. By tracing the pattern of the development of a unified capital market in Japan for deposit and loan rates by prefecture, this paper will attempt to show that the Japanese capital market had achieved a considerable degree of integration before the turn of the twentieth century. For the thirty-seven year period (1889-1925), both June and December loan and deposit rates for each prefecture were analyzed for inter-prefectural variability. The principal measure used was V which was obtained by dividing the dispersion term (Σ^^n__<i=1>(X_<it>-X^^-_t))/n by X^^-_t, the mean rate in year t. X_<it> is loan (or deposit) rate of i^<th> prefecture in year t. The dispersion term was divided by X^^-_t to reduce the effect of higher variation found among the higher rates. The results of calculations were checked also by the more standard measure of variation, σ/X^^-, and the data was further analyzed by use of simple linear trend lines fitted, for each prefecture, for both loan and deposit rates. The major findings are (i) with respect to dispersion, the Japanese capital market had two distinct stages and the first stage (before the Russo-Japanese War) was characterized by a greater reduction in the inter-prefectural variation of the rates than was observed in the second period (after the Russo-Japanese War); (ii) inter-prefectural variations in deposit rates declined much more quickly than those for loan rates during the firsf stage; and (iii) the interprefectural differentials of the mean rates for both loan and deposit rates require closer examinations of institutional changes and banking practices since there are numerous exceptions to the theoretically expected results. After presenting further analyses of these findings vis-a-vis the changing economic condition of Japan and offering a few hypotheses yet to be tested, the paper presents the following conclusion. The rapid development of the banking system and the significant progress in the process of unifying capital market was an integral part of Japanese industrialization. The sharp declines in the inter-prefectural variation in rates observed at the turn of the century indicate that the preparation for "the accelerated growth of the modern economy" had been completed before 1906. This paper argues that the importance of the development of the banking system for economic growth applies to Japan perhaps even more dramatically than it did to the industrialized nations of the West.
社会経済史学会の論文
1970-03-20

日本における統一的資本市場の成立 : 一八八九-一九二五年

スポンサーリンク

概要

著者

関連論文

スポンサーリンク