ログイン
言語:

WEKO3

  • トップ
  • ランキング
To
lat lon distance
To

Field does not validate



インデックスリンク

インデックスツリー

メールアドレスを入力してください。

WEKO

One fine body…

WEKO

One fine body…

アイテム

  1. 117 経済学研究科・経済学部
  2. 70 日本経済国際共同センター
  3. Discussion Paper F series (in English)
  1. 0 資料タイプ別
  2. 60 レポート類
  3. 061 ディスカッションペーパー

Governance and Performance of Banks in Prewar Japan : Testing the "Organ Bank" Hypothesis Quantitatively

http://hdl.handle.net/2261/2387
http://hdl.handle.net/2261/2387
1a5f4b54-48bf-4ba8-823d-7798f86e56ea
Item type テクニカルレポート / Technical Report(1)
公開日 2012-01-13
タイトル
タイトル Governance and Performance of Banks in Prewar Japan : Testing the "Organ Bank" Hypothesis Quantitatively
言語
言語 eng
資源タイプ
資源 http://purl.org/coar/resource_type/c_18gh
タイプ technical report
アクセス権
アクセス権 metadata only access
アクセス権URI http://purl.org/coar/access_right/c_14cb
著者 Okazaki, Tetsuji

× Okazaki, Tetsuji

WEKO 96574

Okazaki, Tetsuji

Search repository
Yokoyama, Kazuki

× Yokoyama, Kazuki

WEKO 96575

Yokoyama, Kazuki

Search repository
著者所属
著者所属 University of Tokyo
抄録
内容記述タイプ Abstract
内容記述 More than forty years ago, Kato[1957] posed the organ bank hypothesis. Namely, he stressed that in prewar Japan, many of the banks were tightly connected with certain industrial companies, and those banks loosely gave loans to the connected companies, which eventually resulted in the Showa Financial Crisis. This view has been widely accepted by economic historians. However, there has been no attempt to test the organ bank hypothesis quantitatively. In this paper, we tested the organ bank hypothesis using quantitative data and econometrical methodology. First, we compiled a comprehensive database of company directors and auditors, based on Zenkoku Shogaisha Yakuinroku 1926 issue(Shogyo Koshinjo[1926]), and using the database we identified the interlocking of directors and auditors between banks and non -banking companies. Interlocking of directors and auditors between banks and non -banking companies was very pervasive. Nearly 90% of ordinary banks had more than one directors or auditors who were at the same time directors or auditors of non -banking companies, and average number of interlocking per bank was as large as 7.85. Observing by banks scale, we found that interlocking was more pervasive in the large-sized banks. Second, using the interlocking variables, we examine the influence of interlocking on bank performance. Through regression analyses we found that interlocking tended to give negative effect on the liquidity performance and profitability of banks, and increased the probability of bank closures in 1927. Also, the interest rates of the deposits of those banks with interlocking were relatively high, while the interest rate of loans were not, and consequently profit margins of those banks were relatively small. It implies that the banks with interlocking should offer relatively high interest rate to gather deposits, because of the low evaluation of the financial market. Those findings support the organ bank hypothesis. In prewar Japan, banks'business practices based on connection of the directors and auditors made the banking system unsound, and eventually caused the Showa Financial Crisis in 1927. On the other hand, many of the literature on the Asian Crisis in 1997 stress exploitation of the minority shareholders by the core members of the family-based companies. In this sense, the Showa Financial Crisis was a predecessor of the Asian Crisis in 1997.
内容記述
内容記述タイプ Other
内容記述 Revised in 2003-CF-241.
内容記述
内容記述タイプ Other
内容記述 本文フィルはリンク先を参照のこと
書誌情報 Discussion paper series. CIRJE-F

巻 CF-111, 発行日 2001-04
書誌レコードID
収録物識別子タイプ NCID
収録物識別子 AA11450569
フォーマット
内容記述タイプ Other
内容記述 application/pdf
日本十進分類法
主題Scheme NDC
主題 330
出版者
出版者 日本経済国際共同センター
出版者別名
Center for International Research on the Japanese Economy
関係URI
識別子タイプ URI
関連識別子 http://www.cirje.e.u-tokyo.ac.jp/research/dp/2001/2001cf111.pdf
戻る
0
views
See details
Views

Versions

Ver.1 2021-03-02 02:24:25.173662
Show All versions

Share

Mendeley Twitter Facebook Print Addthis

Cite as

エクスポート

OAI-PMH
  • OAI-PMH JPCOAR 2.0
  • OAI-PMH JPCOAR 1.0
  • OAI-PMH DublinCore
  • OAI-PMH DDI
Other Formats
  • JSON
  • BIBTEX

Confirm


Powered by WEKO3


Powered by WEKO3