戦後復興期の金融構造(5)新しい証券市場の幕開け  [in Japanese] The Opening of New Securities Market in Post-war Japan  [in Japanese]

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Abstract

Directly after the end of World War II, Japan's Stock Exchange was closing. Bonds and stocks were traded on the unorganized and decentralized market known as the over-the-counter market. The Japanese Government wanted to reopen the stock exchange as soon as possible. However, GHQ directed the Government not to reopen the exchange till after implementation the new Securities and Exchange Law. Thereupon, Japanese Government implemented the Securities and Exchange Law in 1947. Next year, however, this Law was revised by a large margin under the supervision of the GHQ. The GHQ wanted new law to mirror closely the US system. By the revision, financial intermediaries such as banks were prohibited, in principle, from engaged in securities business. Through the implementation of Securities and Exchange Law of 1948 was expected that Japanese business financing would transfered from indirect financing to direct financing. However, such a expectation has been disappointed. The fundamental reason may be found the underdevelopment of institutional investors such as trust funds and pension funds in the Japanese economy of that time.

Journal

  • Journal of the Faculty of International Studies,Bunkyo University

    Journal of the Faculty of International Studies,Bunkyo University 12(2), 13-31, 2002-02

    Bunkyo University

Codes

  • NII Article ID (NAID)
    110001138104
  • NII NACSIS-CAT ID (NCID)
    AN10363700
  • Text Lang
    JPN
  • Article Type
    departmental bulletin paper
  • Journal Type
    大学紀要
  • ISSN
    09173072
  • NDL Article ID
    6084041
  • NDL Source Classification
    ZV1(一般学術誌--一般学術誌・大学紀要)
  • NDL Call No.
    Z22-1627
  • Data Source
    NDL  NII-ELS  IR 
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