銀行統合と金融システムの安定性 : 戦前期日本のケース

概要

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In this paper we examine the effects of bank consolidations on the financial system in prewar Japan, when the first large-scale bank merger movement took place. Our analysis focusses on governance structure and performance. With respect to the former, we found that in cases of absorption, where one participant was dominant, consolidations had the effect of removing unfavorable director interlocking between banks and their related firms. This finding is particularly significant, because it sheds light on the process by which the pervasive tendency towards 'insider lending' found in countries in the early stages of economic development disappears. With respect to the latter, we confirmed that consolidations had a positive impact on deposit growth, but not on profitability. The positive impact on deposit growth was significant for the stability of the financial system in prewar Japan, because the lack of a deposit insurance system meant that the financial system was continuously exposed to the risk of bank runs.
社会経済史学会の論文
2003-09-25