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The Japanese Main Bank System : Its Relevance for Developing and Transforming Economies - Masahiko Aoki

The Japanese Main Bank System

Its Relevance for Developing and Transforming Economies

By: Masahiko Aoki (Editor), Hugh Patrick (Editor)

Hardcover Published: 16th February 1995
ISBN: 9780198288992
Number Of Pages: 684

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This definitive description and analysis of the Japanese main bank system describes a form of relationship banking of significant theoretical and policy interest. As well as being important in its own right, the system also has relevance for developing market economies and transforming socialist economies; the extent of this relevance is another aspect of this thorough empirical and theoretical analysis based on both Japanese and non-Japanese expertise.
The basic characteristics of the main bank system are examined here - its roots, development, and role in the heyday of Japan's post-war rapid growth - and its performance, strengths, and weaknesses are observed. The volume goes on to examine how the system has changed and what its appropriate 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 blossomed.
One conclusion that emerges 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. The volume aims to identify the conditions under which banks are better able than securities market institutions to evaluate the creditworthiness of borrowers and the viability of new projects, to monitor the ongoing performance of firms, and to rescue or liquidate firms in distress.
This is the result of a major Economic Development Institute of the World Bank research project, in cooperation with the Center for Economic Policy at Stanford University and the Center on Japanese Economy and Business at Columbia University, that brought together some of the best scholars in the field, and will be of interest to Japan specialists and those with a general interest in systems of finance.

`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.' Insight Japan `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

the Japanese Main Bank Systemp. i
The Japanese Main Bank Systemp. iii
List of Figuresp. vii
List of Tablesp. viii
Forewordp. xiii
Acknowledgementsp. xv
Contributorsp. xvii
Introductionp. xxi
the Japanese Main Bank Systemp. 1
Referencesp. 48
Loan Syndication in War-Time Japan and the Origins of the Main Bank Systemp. 51
Appendixp. 81
Referencesp. 87
Institutional and Regulatory Frameworks for the Main Bank Systemp. 89
Referencesp. 108
Monitoring Characteristics of the Main Bank System: an Analytical and Developmental Viewp. 109
Referencesp. 140
the Role of Long-Term Credit Banks Within the Main Bank Systemp. 142
Referencesp. 184
Main Banks and the Governance of Financial Distressp. 188
Appendixp. 213
Explicit Reasons for Implicit Contracts: the Legal Logic to the Japanese Main Bank Systemp. 231
Referencesp. 254
the Effect of Firm Status on Banking Relationships and Loan Syndicationp. 258
Referencesp. 293
the Development of Main Bank Managerial Capacityp. 295
Referencesp. 324
Referencesp. 349
the Comparative Context: Relevance for Developing and Transforming Economiesp. 351
the Relevance of Japanese Finance and Its Main Bank Systemp. 353
Referencesp. 407
the German Banking System and Its Impact on Corporate Finance and Governancep. 409
Appendixp. 491
the Lead Bank Systems in Indiap. 494
Referencesp. 522
the Reprivatization of Banking in Mexicop. 524
Referencesp. 550
Financial System Reform in China: Lessons from Japan's Main Bank Systemp. 552
Referencesp. 630
Index of Authorsp. 635
Table of Contents provided by Publisher. All Rights Reserved.

ISBN: 9780198288992
ISBN-10: 0198288999
Audience: Professional
Format: Hardcover
Language: English
Number Of Pages: 684
Published: 16th February 1995
Publisher: Oxford University Press
Country of Publication: GB
Dimensions (cm): 24.3 x 16.1  x 4.1
Weight (kg): 1.25