TAILIEUCHUNG - Postal banking in the United States and Japan: a comparative analysis

This paper analyzes the experience of the United States postal savings, and compares it to Japan’s experience with a view to assessing the past and potential future role of postal savings in Japan. It finds that demand for postal savings deposits is explained, in both countries, mainly by two variables: price (interest- differentials) and confidence in private banks. Geographical accessibility in rural areas is of less, and diminishing, importance. It is argued that postal banking should be viewed as an alternative to publicly sponsored deposit insurance, as a means to assure households’ access to safe and convenient savings and payment services. Accordingly, the reforms undertaken in the next. | IMES DISCUSSION PAPER SERIES Postal banking in the United States and Japan a comparative analysis Patricia Hagan Kuwayama Discussion Paper No. 99-E-18 IMES INSTITUTE FOR MONETARY AND ECONOMIC STUDIES BANK OF JAPAN BOX 203 TOKYO 100-8630 JAPAN NOTE IMES Discussion Paper Series is circulated in order to stimulate discussion and comments. Views expressed in Discussion Paper Series are those of authors and do not necessarily reflect those of the Bank of Japan or the Institute for Monetary and Economic Studies. IMES Discussion Paper Series 99-E-18 June 1999 Postal banking in the United States and Japan a comparative analysis Patricia Hagan Kuwayama Abstract This paper analyzes the experience of the United States postal savings and compares it to Japan s experience with a view to assessing the past and potential future role of postal savings in Japan. It finds that demand for postal savings deposits is explained in both countries mainly by two variables price interestdifferentials and confidence in private banks. Geographical accessibility in rural areas is of less and diminishing importance. It is argued that postal banking should be viewed as an alternative to publicly sponsored deposit insurance as a means to assure households access to safe and convenient savings and payment services. Accordingly the reforms undertaken in the next few years under the outline set out by the 1998 Basic Law on the Reform of Central Government Ministries and Agencies might best aim to restructure postal savings as a narrow bank whose services are priced to fully reflect costs and risks incurred. Key words U. S. postal savings Japanese postal savings deposit insurance narrow bank JEL classification G2 N2 Center on Japanese Economy and Business Columbia University Graduate School of Business This paper benefited from comments and suggestions of Thomas Cargill Brian Gendreau Yuri Okina Hugh Patrick Joseph Sommer and Juro Teranishi. Kunio Okina and other colleagues provided invaluable

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