Finance, Governance, and Competitiveness in Japan

by Aoki, Masahiko; Saxonhouse, Gary R.

• ISBN13: 9780198297215
• ISBN10: 0198297211
• Format: Hardcover
• Copyright: 2000-06-01
• Publisher: Oxford University Press

Summary

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 the prospects for the Japanese economy in the 21st century.

Table of Contents

Notes on Contributors	vii
Introduction	1	(8)
Masahiko Aoki
Gary R. Saxonhouse
Strategies for Overcoming Japan's Economic Crisis	9	(8)
Yoshio Suzuki
Part I. Corporate Governance and the Evolution of Japan's Financial System	17	(160)
Relational Financing as an Institution and Its Viability under Competition	19	(24)
Masahiko Aoki
Serdar Dinc
The Fall of the Taisho Economic System	43	(21)
Juro Teranishi
Main Banks, Creditor Concentration, and the Resolution of Financial Distress in Japan	64	(17)
Brian J. Hall
David E. Weinstein
The Main Bank System and Corporate Investment: An Empirical Reassessment	81	(24)
Fumio Hayashi
The Main Bank System and Corporate Investment: Further Robustness Tests	99	(6)
Takeo Hoshi
Bank-Owned Security Subsidiaries in Japan: Evidence after the 1993 Financial System Reform	105	(13)
Yasushi Hamao
Takeo Hoshi
Credit Rating and Spreads in the Samurai Bond Market	118	(21)
Franklin Packer
Japan's Banking Crisis in International Perspective	139	(38)
Jenny Corbett
Part II. Government, the Legal System, and the Structure and Operation of the Japanese Economy	177	(80)
Explaining the Low Litigation Rate in Japan	179	(20)
Koichi Hamada
Rational Litigant Redux: A Response to Professor Hamada	195	(4)
J. Mark Ramseyer
Rethinking Administrative Guidance	199	(13)
J. Mark Ramseyer
R&D Consortia, News, and Japanese High-Technology Policy: Optoelectronics in Japan	212	(27)
Gary R. Saxonhouse
The Sources of Industrial Leadership	239	(18)
Richard R. Nelson
Part III. Finale	257	(22)
The Development of Studies of the Japanese Economy in the United States: A Personal Odyssey	259	(20)
Hugh Patrick
Index	279