| 作者 | 郡司大志（大东文化大学经济系）、小野有人（中央大学商学系）、镇目雅人（早稻田大学政治经济学术院）、内田浩史（神户大学研究生院经营学研究科）、安田行宏（一桥大学研究生院经营管理研究科） |
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| 发表日期/编号 | 2021年9月 21-J-048 |
| 研究课题 | 企业金融与企业行为动态研究会 |
| 下载/链接 |
概要
We estimate the long-run unit cost of financial intermediation in Japan. Philippon (2015) and Bazot (2018a) respectively estimate the unit cost of financial intermediation in the US and Europe as the ratio of the financial industry income (numerator) to the financial industry output (denominator). To measure the financial industry income, we add several elements that are not included as the financial industry's value added in the System of National Accounts (SNA): net interest income and dividends from assets and liabilities other than loans and deposits, capital gains or losses from banks' securities portfolios, and credit costs associated with non-performing loans. We find that the unit cost of financial intermediation in Japan exhibits secular decline, which is not observed in the US and some European countries.