Corporate Financing and Governance in Japan: The Road to the Future / Edition 1

Corporate Financing and Governance in Japan: The Road to the Future / Edition 1

by Takeo Hoshi, Anil K Kashyap
     
 

ISBN-10: 0262582481

ISBN-13: 9780262582483

Pub. Date: 03/01/2004

Publisher: MIT Press

In 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

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Overview

In 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.

The MIT Press

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Product Details

ISBN-13:
9780262582483
Publisher:
MIT Press
Publication date:
03/01/2004
Edition description:
New Edition
Pages:
378
Product dimensions:
6.00(w) x 9.00(h) x 0.75(d)
Age Range:
18 Years

Table of Contents

Foreword
Acknowledgments
List of Figures
List of Tables
List of Boxes
1Introduction1
2Creation of a Modern System15
3Wartime Transformation51
4The Keiretsu Era91
5Bank Interventions145
6Benefits and Costs of Keiretsu Financing185
7Transformation through Deregulation219
8The 1990s: Crisis and Big Bang267
9The Future305
Bibliography329
Author Index347
Subject Index351

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