"Tripolar Structure of the International Banking and Financial Markets-Transformation in the 1990s-" (in Japanese)

Abstract

The purpose of this paper is to analyze the transformation of the international banking and financial markets in the 1990s. In the 1990s, while the international bank loans remained stagnant, the international securities market expanded. Four feature of the international banking market are following. (1) Loans to developing countries remained stagnant, while loans to developed countries. (2) The share of the Japanese banks in the external assets declined. (3) The share of the Japanese banks declined, while that of the German banks increased in the international banking assets. (4) The yen's share decreased, while the euro's share increased in the international banking assets. Four features of the international securities market are following. (1) The issue of international securities increased with the development of securitization. (2) The amount of raising money by the developing countries increased until the Asian Crisis. (3) The share of Japan in the international bonds and notes outstanding declined, while those of the USA and Germany increased. (4) The yen's share declined, while the dollar's share and the euro's share increased in the international bonds market.