Financial Development and Capital Structure in 19th Century Japan and the USA

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概要

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• This paper composes the capital structure of private corporations in the latter half of the nineteenth century in a comparative study of Japan and the USA. What was a role of banks or capital markets in this process? How is different between both economies? We analyze 1891 balance sheets of 66 U.S. corporations and 1900 dataset of 211 Japanese corporations. The results are very interesting and suggestive. The first result is that modern industrial companies raised most of their necessary funds from stock markets in both economies. The second is that the Japanese banks provided loans much more widely to relatively small and middle industrial companies, particularly to the newborn ones, than the U.S. banks did.

• 法政大学の論文
• 2004-03-05

著者

• 〓見 誠良

  法政大学経済学部

関連論文

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• 大谷禎之介先生の退職をお祝いして(大谷禎之介教授退任記念論文集)
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• Financial Development and Capital Structure in 19th Century Japan and the USA
• 川上忠雄先生の定年退職をお祝いして
• 大石嘉一郎編 『日本帝国主義史1 第一次大戦期』, (東京大学出版会、一九八五年一月、四七一頁、四八〇〇円)

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