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The Formalization of Banking Supervision in Japan and Sweden
Yokohama Natl Univ, Dept Econ, Yokohama, Kanagawa, Japan.
Uppsala University, Disciplinary Domain of Humanities and Social Sciences, Faculty of Social Sciences, Department of Economic History.ORCID iD: 0000-0002-4628-1501
2019 (English)In: Social Science Japan Journal, ISSN 1369-1465, E-ISSN 1468-2680, Vol. 22, no 2, p. 211-228Article in journal (Refereed) Published
Abstract [en]

This study examines the formalization of banking supervision in Japan and Sweden that occurred in the decades around 1900. Using an incremental change approach, we examine the respective cases along three dimensions: (a) the legal framework, (b) the banking supervisory agency, and (c) bank supervisory activities. Through this comparative analysis, we find several similarities and differences. The most important similarity we find is that financial crises-generally considered to be a primary driver of major regulatory and supervisory reforms-did not play a main role in the formalization of supervision in either Japan or Sweden. Rather, formalization was an incremental change process closely linked to the organic development of the banking sector, the general public's increasing exposure to the banks as deposit holders and borrowers, and the increased need for professionalization of the banking sector. This finding suggests that our approach is applicable to any country where the formalization of supervision took place without being prompted by a specific event such as a financial crisis.

Place, publisher, year, edition, pages
2019. Vol. 22, no 2, p. 211-228
Keywords [en]
banking supervision, formalization, incremental change, layering transformation, financial crisis, cross-country comparison
National Category
Economics
Identifiers
URN: urn:nbn:se:uu:diva-397138DOI: 10.1093/ssjj/jyz011ISI: 000493118800001OAI: oai:DiVA.org:uu-397138DiVA, id: diva2:1373295
Available from: 2019-11-26 Created: 2019-11-26 Last updated: 2019-11-26Bibliographically approved

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Wendschlag, Mikael

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