By Masaharu Hanazaki, Joseph Fan, Juro Teranishi
This ebook deliberates on a few pressing matters that face the hot structure of the monetary platforms in Japan and East Asia. The booklet is damaged into 3 sections:*The function of economic associations and markets in monetary improvement in Japan and East Asia*Issues in company governance and new technologies*The designing of effective monetary systemsWith contributions from major Asian economics specialists dependent all over the world, this e-book should be valuable to either students and pros with an curiosity in monetary platforms, company financing and governance.
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Extra info for Designing Financial Systems for East Asia and Japan (Routledgecurzon Studies in the Growth Economies of Asia)
Banks in the corporate governance structure It is widely argued that banks were important in postwar Japan, not only because they constituted an efﬁcient conduit between ultimate savers and investors, but also because they were essential to corporate governance. 2 This view holds that banks monitored and disciplined the management of borrower ﬁrms via intimate, long-term relationships with the ﬁrms. These long-term connections, often called “main bank relationships,” were based not only on standard loan contracts but also on cross-shareholding between banks and their client ﬁrms.
4). For instance, 474 ﬁrms are deﬁned as having stable main bank relationships and 283 ﬁrms as having unstable main bank relationships during the ﬁrst period (1971–1980). Other ﬁrms – a surprising number, in fact – are ambiguous with respect to their main bank relationships. 4 compares the averages of relevant variables of the ﬁrms with stable main bank relationships with those of the ﬁrms with unstable main bank relationships during two time periods: 1971–1980 and 1981–1990. 4 Comparison of ﬁrms with stable main bank relationships and those with unstable main bank relationships (%; standard deviations in parentheses) 1971–1980 1981–1990 Firms with stable main banks (A) Firms with unstable main banks (B) No.
However, the contestable market hypothesis shows that a higher market concentration of sales does not necessarily mean a higher degree of monopoly (Baumol, Panzar and Willig 1982). Thus, it is ambiguous whether SALEi is a reliable measure of monopoly in a speciﬁc industry. An alternative to SALEi is the degree of a ﬁrm’s exposure to global competition. When the Japanese government started liberalizing manufacturing trade in the early 1960s, the nation’s manufacturing ﬁrms were faced with ﬁerce competition from abroad.