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

By Masahiko Aoki; Hugh Patrick | Go to book overview

on the availability of competing instruments. As of the early 1990s, financial policy-makers in Japan had chosen not to present the long-term credit banks with the challenges of an unregulated domestic bond market.

The costs of these arrangements may have lain in the exclusion of certain companies from the long-term credit market, particularly in the high growth era. But the principal providers of short-term credit have been able to work with a set of institutions both knowledgeable in the valuation of the firm's prospects and familiar with the role of main banks themselves (if not in fact the company's main bank). In that the long-term credit banks allowed the major keiretsu banks to limit their own risks while retaining an ability to work closely with the principal holders of long-term claims, their role in the main bank system has been indispensable.


References

Adams, T. F. M., and Iwao Hoshii. 1972. A Financial History of the New Japan. Tokyo: Kodansha.

Aoki, Masahiko, and Paul Sheard. 1992. 'The Role of the Main Bank in the Corporate Governance Structure in Japan.' Stanford University.

Ballon, Robert J. and Iwao Tomita. 1988. The Financial Behavior of Japanese Corporations. New York: Kodansha.

Bank of Japan, Institute for Monetary and Economic Studies. 1986. Wagi Kuni no Kinyu Seido. Tokyo.

——. Various years. Economics Statistics Annual. Tokyo.

Berglöf, Erik, and Ernst-Lüdwig von Thadden. 1994. 'Capital Structure with Multiple Investors.' Quarterly Journal of Economics.

Bolton, Patrick, and David Scharfstein. 1994. 'A Theory of Secured Debt: Contracting with Multiple Creditors.' Journal of Political Economy.

Bronte, Stephen. 1982. Japanese Finance: Markets and Institutions. London: Euromoney Publications.

Cohen, Jerome B. 1949. Japan's Economy in War and Reconstruction. Minneapolis: University of Minnesota Press.

Corbett, Jenny. 1987. 'International Perspective on Financing: Evidence from Japan.' Oxford Review of Economic Policy 3(4).

Diamond, Douglas. 1991. 'Debt Maturity Structure and Liquidity Risk.' Quarterly Journal of Economics 106(3): 709-37.

——. 1991. 'Monitoring and Reputation: The Choice between Bank Loans and Directly Placed Debt.' Journal of Political Economy, 99(4): 689-721.

Doi, Satoshi. 1990. 'The Bank Debenture Market.' In Frank Fabozzi, ed., The Japanese Bond Markets: An Overview and Analysis. Chicago: Probus.

Feldman, Robert, Yuzo Harada, and Eisuke Sakakibara. 1982. Testimony, 12 March. In Joint Economic Committee, Congress of the United States, The Japanese Financial System in Comparative Perspective. Washington DC.

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