Financial Globalization and the Opening of the Japanese Economy

by Malcolm,James P.

• ISBN13: 9780700714728
• ISBN10: 0700714723
• Edition: 1st
• Format: Hardcover
• Copyright: 2001-12-14
• Publisher: RoutledgeCurzon

Summary

This book investigates recent changes in Japan's financial system and looks at the implications for Japan's particularistic model of political economy. Drawing on the latest theoretical research, it seeks to determine how Japan's experience resembles patterns which many scholars in the West have associated with financial globalization as a powerful force for conveyance. The book sets out the background and examines the progression of financial deregulation in Japan, culminating in the Big Bang programme of financial reform set in motion in November 1996. It analyses developments in the financial sector to gauge the extent to which Japanese financial institutions are falling into line with emerging norms of organization and strategic management. It also examines the implications for the corporate and household sectors stemming from the government and financial sectors' partial embrace of financial globalization.

Table of Contents

List of Figures	xi
Preface	xv
Glossary	xvii
Glossary of Frequently Used Japanese Terms	xx
Introduction	1	(1)
Part One Financial Globalisation in Theory and Practice	1	(264)
Beyond Partisan Agendas	11	(48)
The Political Economy of Economic Globalisation	11	(18)
The Empirical Reality of Financial Globalisation	29	(13)
Implications for National Institutional Convergence	42	(17)
Part Two The Case of Japan
Financial Deregulation `Japanese Style'	59	(70)
The 100-year Development of a Modern Financial System	59	(11)
Change and the Japanese Financial System	70	(40)
Case Study: The Japanese-Style `Big Bang'	110	(19)
`Awkward Convergence' in the Financial Sector	129	(66)
The Internationalisation of Japan's Financial Sector	129	(19)
The Rise and Fall of Japanese Firms as Global Competitors	148	(15)
Big Bang: Paving the way for Institutional Convergence?	163	(32)
Societal Implications of a `Gradualist' Approach	195	(70)
The Macroeconomic Effects of Gradualism	195	(22)
The Microeconomic Effects of Gradualism	217	(28)
Case Study: The Societal Implications of Big Bang	245	(20)
Part Three Lessons for Global Theorists and 'Japanologists'
Conclusion	265	(10)
Epilogue Entering the Twenty-first Century: Beyond the Big Bang	275	(9)
Notes	284	(63)
Appendix 1 Moves to Break up the Ministry of Finance (1/94-9/98)	347	(7)
Appendix 2 Economic Stimulus Measures (1/91-9/98)	354	(12)
Bibliography	366	(19)
Index	385