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American Economic Journal: Macroeconomics: Vol. 3 No. 1 (January 2011)
AEJ: Macro Volume. 3, Issue 1 | 
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AEJ: Macro Forthcoming Articles
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
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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Full-text Article
Additional Materials
Download Data Set (162.27 KB) | Online Appendix (216.86 KB)
Authors
Imai, Masami (Wesleyan U)
Takarabe, Seitaro (Mitsubishi Corporation, Tokyo)
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
G21: Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
R30: Housing Markets, Production Analysis, and Firm Location: General
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