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

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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.

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What People Are Saying

From the Publisher
"This book is a fascinating analysis of the past, present, and future of the Japanese financial system. It sheds a great deal of light on Japan's current troubles and their potential solution."—Ben S. Bernanke, Howard Harrison and Gabrielle Snyder Beck Professor of Economics andPublic Affairs, Princeton University

"Hoshi and Kashyap crystallize much of their high-quality research in this book.

Corporate Financing and Government in Japan tells of the rise and fall of banking dominance overJapanese corporations with historical accounts, economic theory, and summaries of empirical analysis. The book will be an authoritative read for a wide-ranging audience, including college students, MBA students, and scholars in the field."—Takatoshi Ito, Professor, HitotsubashiUniversity

"Hoshi and Kashyap are most reliable students of the Japanese financial system, and the publication of their book is extremely timely and welcome. Corporate Financing and Governance inJapan places the present Japanese crisis in a historical perspective using rich historical data and interesting case studies, provides its diagnosis with advanced analytical concepts, and thoughtfully lays out a possible future course for the Japanese system. It is a pleasantly readable, informative,and insightful book."—Masahiko Aoki, Professor Emeritus, Stanford University, and President-Elect,the International Economic Association

"This book provides insightful accounts of the turbulent institutional transformations in Hungary and of the evolution of contemporary economic thought—both of which the author himself has been actively engaged in. It may also be read as a treatise on the ethics and psychology of scientific creation by a leading social science scholar of our time."—Masahiko Aoki,Professor Emeritus, Stanford University, and President-Elect, the International EconomicAssociation

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Product Details

  • ISBN-13: 9780262582483
  • Publisher: MIT Press
  • Publication date: 3/1/2004
  • Edition description: New Edition
  • Edition number: 1
  • Pages: 378
  • Product dimensions: 6.00 (w) x 9.00 (h) x 0.75 (d)

Meet the Author

Takeo Hoshi is Professor of Economics in the Graduate School of International Relations andPacific Studies at the University of California, San Diego.

Anil K Kashyap is Edward Eagle Brown Professor of Economics and Finance and Richard N. RossettFaculty Fellow at the University of Chicago Booth School of Business. He is the coauthor ofCorporate Financing and Governance in Japan: The Road to the Future (MIT Press,2001).

Stanley Fischer is former Governor of the Bank of Israel and has been nominated as Vice Chair of the Federal Reserve]. He is the author of IMF Essays from a Time of Crisis: TheInternational Financial System, Stabilization, and Development (MIT Press).

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Table of Contents

Foreword
Acknowledgments
List of Figures
List of Tables
List of Boxes
1 Introduction 1
2 Creation of a Modern System 15
3 Wartime Transformation 51
4 The Keiretsu Era 91
5 Bank Interventions 145
6 Benefits and Costs of Keiretsu Financing 185
7 Transformation through Deregulation 219
8 The 1990s: Crisis and Big Bang 267
9 The Future 305
Bibliography 329
Author Index 347
Subject Index 351
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