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

By Masahiko Aoki; Hugh Patrick | Go to book overview

during the last 10 years unaffiliated firms have turned to non-guaranteed bond issues and innovative debt instruments, such as warrant and convertible bonds. The difference between the two groups of firms is apparent even when we confine our attention to a smaller sample of the 112 firms (used by Hoshi, Kashyap and Scharfstein, 1993) that were eligible to issue bonds over the whole period 1982-89.

In the United States and United Kingdom it is often argued that the future of commercial banking lies with fee-generating services, over-the-counter derivative products, and sophisticated risk management, as opposed to the traditional provision of bank loans. To a limited extent this trend is apparent in Japan, as large banks have substituted bond guarantees for some direct lending. Nonetheless, main banks continue to have an important role in traditional lending to those firms affiliated with them.


References

Bernanke, Ben S. and John Y. Campbell. 1988. 'Is there a Corporate Debt Crisis?' Brookings Papers on Economic Activity 1: 83-125.

Campbell, John Y. and Yasushi Hamao. 1993. 'The Interest Rate Process and the Term Structure of Interest Rates.' In Kenneth J. Singleton, ed., Japanese Monetary Policy. Chicago: University of Chicago Press.

Chang, P. H. Kevin. 1992. 'Pricing Inefficiencies in Japanese Equity Warrant Markets.' Working Paper, New York University.

Hoshi, Takeo, Anil Kashyap, and David Scharfstein. 1993. 'The Choice Between Public and Private Debt: An Analysis of Post-Deregulation Corporate Financing in Japan.' Working Paper, University of California, San Diego.

Hamao, Yasushi. 1991. 'A Standard Data Base for the Analysis of the Japanese Security Markets.' Journal of Business 64: 87-102.

Jensen, Michael C. 1989. 'Eclipse of the Public Corporation.' Harvard Business Review 89: 61-74.

Nihon Keizai Shimbun-sha, ed. 1987. Koshasai Hakko Shijo (Bond Primary Markets). Tokyo.

Toyo Keizai Shimpo-sha, ed. 1987 and 1992. Kigyo Keiretsu Soran (Almanac of Firm Affiliations). Tokyo.

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