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American Economic Journal: Macroeconomics: Vol. 3 No. 1 (January 2011)

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Bank Integration and Transmission of Financial Shocks: Evidence from Japan

Article Citation

Imai, Masami, and Seitaro Takarabe. 2011. "Bank Integration and Transmission of Financial Shocks: Evidence from Japan." American Economic Journal: Macroeconomics, 3(1): 155-83.

DOI: 10.1257/mac.3.1.155

Abstract

This paper investigates whether banking integration plays an important role in transmitting financial shocks across geographical boundaries by using a dataset on the branch network of nationwide city banks and prefecture-level dataset on the formation and collapse of the real estate bubble in Japan. The results show that the credit and economic cycle of financially integrated prefectures exhibits higher sensitivity to fluctuation in land prices in cities relative to financially isolated ones. These results suggest nationwide banks can be a source of economic volatility when they pass on the impacts of financial shocks to host economies. (JEL E44, G21, R30)

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Authors

Imai, Masami (Wesleyan U)
Takarabe, Seitaro (Mitsubishi Corporation, Tokyo)

JEL Classifications

E44: Financial Markets and the Macroeconomy
G21: Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
R30: Housing Markets, Production Analysis, and Firm Location: General

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American Economic Journal: Macroeconomics


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