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

By Masahiko Aoki; Hugh Patrick | Go to book overview

such an environment, exclusive monitoring by the main bank would be gradually lessened and competition among banks, as well as among investment houses, for profitable fee business may become keener. Long-term credit banks and city banks could continue to play an important monitoring role, taking advantage of the opportunities that still exist for integrated monitoring, even though the degree of integrity is weakened. In the area of ex post monitoring, the main bank will continue to play a unique role, although its function may become more like the coordinator of rescue or punitive operations of multiple banks and other financial institutions involved with failing firms. Also, as the labour market becomes more competitive and human resources become more mobile across firms, the form of ex post monitoring may increasingly be reorganization and liquidation, rather than rescue.

These predictions remain speculative. However, it is hoped that this chapter has clarified the points that: (1) the performance characteristics of a financial system depend upon the level of development and upon the systematic characteristics of the economy in which it is embedded; and (2) there is probably no financial system that is the most efficient throughout all stages of development and across different economies with diverse characteristics. Recognizing this will make the comparative institutional analysis of financial systems one of the most important research agenda items for understanding the workings of advanced, developing, and transforming economies.


References

Alchian, A., and H. Demsetz. 1972. 'Production, Information Costs, and Economic Organization.' American Economic Review 62: 777-94.

Aoki, Masahiko. 1984. The Cooperative Game Theory of the Firm. Oxford: Oxford University Press.

——. 1988. Information, Incentives, and Bargaining in the Japanese Economy. Cambridge: Cambridge University Press.

——. 1990. 'Toward an Economic Model of the Japanese Firm.' Journal of Economic Literature 28: 1-27 (March).

——. 1994a. 'The Contingent Governance of Teams: An Analysis of Institutional Complementarity.' International Economic Review 35 (August).

——. 1994b. 'The Japanese Firm as a System of Attributes.' In Masahiko Aoki and Ronald Dore, eds., The Japanese Firm: Sources of Competitive Strength. Oxford: Oxford University Press: 11-40.

Chandler, A. 1992. 'Competitive Performance of U.S. Industrial Enterprises: A Historical Perspective.'

Dewatripont, M., and G. Roland. 1993. 'The Design of Reform Packages under Uncertainty.'

Garcia-Cestona, M. 1992. 'Banks and Corporate Finance: Impacts on Firms' Survival.' A chapter in a PhD dissertation, Stanford University.

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