BL Gives a definitive description and analysis of the main bank system BL Strong contributors BL Understudied subject BL Incorporates results of a major World Bank research programme BL Balances institutional description with financial theory and empirical analysis This volume looks at systems of corporate finance, concentrating on the Japanese main bank system. The remaining chapters describe different
systems, assessing to what extent the Japanese system can serve as a model for developing market economies and transforming socialist economies. The basic characteristics of the main
bank system are examined here, its roots, development, and its role in the heyday of its rapid growth. The volume looks at how the system has performed and at its strengths and weaknesses. It goes on to look at how the system has changed and what its approprate role is as deregulation, liberalization, and internationalization of Japan's financial markets have proceeded over the past two decades and a new issue securities market has emerged. A basic conclusion of the book
is that banking-based systems are in most cases the most appropriate for industrial financing until a rather late stage of a country's economic and financial development. It aims to identify the
conditions under which banks are better able that securites market institutions to evaluate the credit worthiness of borrowers and the viability of new projects, to monitor the ongoing performance of firms, and to rescue or liquidate firms in distress. Contributors: Masahiko Aoki, Theodor Baums, V.V.Bhatt, John Campbell, Yasushi Hamao, Toshihiro Horiuchi, Takeo Hoshi, Anil Kashyap, Dong-Wong Kim, Gary Loveman, Sang-Woo Nam, Frank Packer, Hugh Patrick, Yingyi Qian,
Mark Ramseyer, Clark Reynolds, Satoshi Sunamura, Paul Sheard, Juro Teranishi, Kazuo Ueda,
`Allows editors Masahiko Aoki and Hugh Patrick to deploy the insights of another 18 contributors to present key facets of this powerful system (from its origins and current institutional frameworks to its company finance patterns) in fair detail, before very usefully placing it in comparative context.'
`This is a mighty tome of some 650 pages which radiates authority ... There will be much of value to specialist academics who are interested in the lessons to be learned from Japanese practice.'
The Japan Society
`this work is a substantial observation, backed up by an abundance of rich statistical data from which comparisons can be validly drawn, to provide engaging debate and further discussion'
Nick Humphreys, Royal Bank of Canada, Asia Pacific Business Review, Vol. 2, No. 4, Summer '96