Finance, Governance, and Competitiveness in Japan

Hardcover | March 15, 2000

EditorMasahiko Aoki, Gary R. Saxonhouse

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For 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.

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For 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 ofte...

Masahiko Aoki is at Stanford University. Gary R. Saxonhouse is at University of Michigan.

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Format:HardcoverDimensions:298 pages, 9.21 × 6.14 × 0.83 inPublished:March 15, 2000Publisher:Oxford University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0198297211

ISBN - 13:9780198297215

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Table of Contents

Masahiko Aoki and Gary R. Saxonhouse: IntroductionYoshio Suzuki: Chapter 1: Strategies for Overcoming Japan's Financial CrisisPart I: Corporate Governance and the Evolution of Japan's Financial SystemMasahiko Aoki and Serdar Dinc: Chapter 2: Relational Financing as an Institution and its Viability under CompetitionJuro Teranishi: Chapter 3: The Fall of the Taisho Economic SystemBrian Hall and David Weinstein: Chapter 4: Main Banks, Creditor Concentration, and the Resolution of Financial Distress in JapanFumio Hayashi: Chapter 5: The Main Bank System and Corporate Investment: an Empirical AssessmentTakeo Hoshi: Comment on HayashiYusushi Hamao and Takeo Hoshi: Chapter 6: Bank-owned Security Subsidies in Japan: Evidence after the 1992 Financial System ReformFranklin Packer: Chapter 7: Credit Ratings and Spreads in the Samurai Bond MarketJennifer Corbett: Chapter 8: Japan's Banking Crisis in International PerspectivePart II: Government, the Legal System, and the Structure and Operation of Japanese EconomyKoichi Hamada: Chapter 9: Explaining the Low Litigation Rate in JapanJ. Mark Ramseyer: Comment on HamadaJ. Mark Ramseyer: Chapter 10: Rethinking Administrative GuidanceGary R. Saxonhouse: Chapter 11: R and D Consortia, News, and Japanese High Technology Policy-Optoelectronics in JapanRichard Nelson: Chapter 12: The Sources of Industrial LeadershipPart III: FinaleHugh Patrick: Chapter 13: The Development of Studies of the Japanese Economy in the United States

Editorial Reviews

`topical ... brings together contributions from leading authorities in the field of Japanese studies ... each chapter in the book is a commendable piece of research in itself and can be read as a standalone chapter. The attraction of the book lies in its assessment of Japan from differentacademic perspectives. It may appeal to business historians with an interest in the Japanese economy, particularly in the failings of financial institutions in recent years ... an interesting and useful source of reference on quite a broad range of topics relating to Japan.'Michael J.Lynskey, Business History, Vol.43, No.2, April 2001