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Author: Masahiko Aoki
Publisher:
Published: 2023
Total Pages: 0
ISBN-13: 9781383019117
DOWNLOAD EBOOKThe contributors to this study examine Japan's financial system, corporate governance, and the role of government and the legal system and assess how these institutions will affect Japanese industrial and commercial performance in the future.
Author: Takeo Hoshi
Publisher: MIT Press
Published: 2004-01-31
Total Pages: 379
ISBN-13: 0262582481
DOWNLOAD EBOOKIn this book, Takeo Hoshi and Anil Kashyap examine the history of the Japanese financial system, from its nineteenth-century beginnings through the collapse of the 1990s that concluded with sweeping reforms. Combining financial theory with new data and original case studies, they show why the Japanese financial system developed as it did and how its history affects its ongoing evolution. The authors describe four major periods within Japan's financial history and speculate on the fifth, into which Japan is now moving. Throughout, they focus on four questions: How do households hold their savings? How is business financing provided? What range of services do banks provide? And what is the nature and extent of bank involvement in the management of firms? The answers provide a framework for analyzing the history of the past 150 years, as well as implications of the just-completed reforms known as the "Japanese Big Bang." Hoshi and Kashyap show that the largely successful era of bank dominance in postwar Japan is over, largely because deregulation has exposed the banks to competition from capital markets and foreign competitors. The banks are destined to shrink as households change their savings patterns and their customers continue to migrate to new funding sources. Securities markets are set to re-emerge as central to corporate finance and governance.
Author: Masahiko Aoki
Publisher:
Published: 2000
Total Pages: 308
ISBN-13: 9780198297215
DOWNLOAD EBOOKFor much of the past half-century, Japan's economic success has stimulated the interest of scholars from around the world. In the last decade, and particularly in the last two years, however, it is Japan's economic difficulties which have attracted the most attention. The very institutionswhose efficacy was earlier praised are now often criticised as being the core of Japan's economic problems.This volume brings together the research of many of the world's leading specialists on the Japanese economy to assess how Japan's distinctive economic institutions have operated in the past and how their evolution in the face of changing domestic and international circumstance s will shape theprospects for the Japanese economy in the 21st century. Particular attention is paid to the evolution of Japan's financial system and the changing character of Japanese firm governance, and to the changing role that government and the legal system play in Japan's economy. The authors find among manyother important conclusions that far-reaching regulatory reform will be needed so that a new rules-based system allowing greater scope for dispersed private initiative can emerge to restructure and regrow the Japanese economy.
Author: Ulrike Schaede
Publisher: Routledge
Published: 2015-03-27
Total Pages: 278
ISBN-13: 1317466888
DOWNLOAD EBOOKAs Japan moves from a "catch-up" strategy to a post-developmental stage, it is changing its actions and reactions both in terms of international political economy and domestic policy issues. The current changes in Japan can best be understood as following a path toward "permeable insulation." Japan's government and economic system continue to insulate domestic businesses from full competition and the rigor of market forces, but this insulation is also permeable because a decline in state power vis-a-vis the private sector since the 1990s has combined with a decline in the solidarity of private institutions (such as keiretsu or trade associations) to make strategies of insulation much less rigid and uniform. As a result of the "permeable insulation," Japan's response to the global and domestic challenges of the 1990s is neither one of full acceptance nor rejection of global standards and practices. Instead, the basic scheme is one of pragmatic utilization of new rules and circumstances to continue industrial policies of promotion or protection in a new post-developmental era. By bringing together in-depth case studies of eight critical issue areas, this book looks at Japan's responses to globalization and move toward "permeable insulation." Part 1 introduces the reader to the concept of "permeable insulation" and provides a detailed review of past practices and changes in policy. Part 2 deals with international trade issues, Japan's compliance with and resistance to global trade rules, and the domestic interests visible in Japan's compliance. Part 3 focuses on domestic measures and policies that Japanese firms have used to adapt to the changes, within Japan and abroad, triggered by globalization and liberalization.
Author: Thomas Pepper
Publisher: Greenwood
Published: 1985
Total Pages: 410
ISBN-13:
DOWNLOAD EBOOKAuthor: Yutaka Kōsai
Publisher:
Published: 1993
Total Pages: 32
ISBN-13:
DOWNLOAD EBOOKAuthor: Hugh T. Patrick
Publisher:
Published: 2001
Total Pages: 68
ISBN-13:
DOWNLOAD EBOOKAuthor: Ms.Chie Aoyagi
Publisher: International Monetary Fund
Published: 2014-08-05
Total Pages: 24
ISBN-13: 1498373348
DOWNLOAD EBOOKJapan’s high corporate savings might be holding back growth. We focus on the causes and consequences of the current corporate behavior and suggest options for reform. In particular, Japan’s weak corporate governance—as measured by available indexes—might be contributing to high cash holdings. Our empirical analysis on a panel of Japanese firms confirms that improving corporate governance would help unlock corporate savings. The main policy implication of our analysis is that comprehensive corporate governance reform should be a key component of Japan’s growth strategy.
Author: Thomas F. Cargill
Publisher: Hoover Press
Published: 1988
Total Pages: 260
ISBN-13: 9780817987237
DOWNLOAD EBOOKAuthor: Takeo Hoshi
Publisher: Springer Science & Business Media
Published: 2012-12-06
Total Pages: 326
ISBN-13: 1461543959
DOWNLOAD EBOOKAt the start of the twenty-first century, the Japanese financial system is undergoing a major transformation. This process is spurred by a sense of crisis. Dominated by large institutions, the Japanese banking system has suffered from serious problems with non-performing loans since the early 1990s, when the Japanese stock market and urban real estate market both crashed. Delays in responding to these twin asset bubbles, by both regulatory authorities and the banks themselves, made matters worse and led to a banking crisis in late 1997 and early 1998. Not anticipating this setback, in late 1996 the Japanese government inaugurated its Big Bang of comprehensive financial deregulation designed to complete the process of creating `free, fair, and open financial markets'. Beginning in late 1998 and early 1999 the government finally embarked on a major rehabilitation of the Japanese banking system, including making available some Yen 60 trillion (approximately USD 500 billion) of government funds to recapitalize fifteen major banks, adequately fund the deposit insurance program, and write off the bad loans of nationalized or bankrupted banks. One result of this reform process is that the Ministry of Finance (MOF), which dominated Japanese financial system policy for most of the post-war period, has been stripped of most of its former regulatory powers. The purpose of this book is to describe, analyze, and evaluate the process that is transforming the Japanese financial system. The chapters address various issues relating to the transition of the Japanese financial system from a bank-centered and relationship-based system to a competitive market-based system. Questions taken up include: Why did Japanese banks get into such serious trouble? Why has the MOF lost its immense power? How will the Big Bang's financial deregulation further change the Japanese financial system, including the huge government financial institutions and postal savings system? What are some of the broader implications of this transition? The book is divided into three parts: Part I considers the origins of Japan's banking crisis; Part II focuses on five particularly important areas of major actual and potential changes; Part III addresses the effects of the Big Bang, including its potential systemic externalities. Taken together, this book offers an unusually up-to-date, comprehensive and thorough appraisal and evaluation of the profound changes occurring in Japan's financial system.
