Banking, Capital Markets, and Corporate Governance

Banking, Capital Markets, and Corporate Governance

Banking, Capital Markets, and Corporate Governance

Banking, Capital Markets, and Corporate Governance


Banking, Capital Markets and Corporate Governance explores the fragility of the banking system, corporate governance, and the increasing securitization of corporate finance. The contributors address the following issues: The impact of banking during a crisis in providing an incentive for the managers of failing banks to restructure their assets; the way in which economic and legal institutions can control the management of banks and firms; and the effects of increases in the securitization of corporate finance and the amount of financial innovation.


Preliminary versions of the papers in this book were presented at the Conference, ‘Banking, Capital Markets and Corporate Governance’, held at Lake Biwa in July 1998. The conference was organised by Hiroshi Osano and Toshiaki Tachibanaki, and financed by the Kansai Economic Research Centre and the Suntory Foundation. We are indebted to these two institutions for their financial support.

This volume is the third English publication in the Biwako Conference series. The first was published in 1994, Labour Market and Economic Performance, and the second in 1997, Internal Labour Markets, Incentives and Employment. Both were published by Macmillan Press. We are grateful to Macmillan (now Palgrave) for continuing to publish the Biwako Conference series.

The Biwako Conference has been held every year for the more than thirty-five years, and is known as one of the most prestigious conferences for economists in Japan.

Capital and financial markets, the subjects of this book, are important because they collect funds from one place, and allocate them to another. The banking sector is an important participant in these markets. It is vital for any country that both the banking sector and capital market work efficiently so that capital and money are effectively utilised. Corporate governance is also crucial because it affects a firm's performance. Banking, capital market and corporate governance are all interrelated; we investigate them extensively.

Finally, the editors would like to express their gratitude to the following individuals, Messrs Yasuo Shingu (the former President of the Kansai Economic Research Centre), Yoshihisa Akiyama (the President of the Centre), Katsutoshi Kojima (the Executive Director of the Centre), Shinichiro Torii (the President of the Suntory Foundation), Kenji Sugiya (the Executive Director of the Foundation), and Professors Chikashi Moriguchi (Tezukayama University) and Toshihisa Toyoda (Kobe University), for their advice and support.

Hiroshi Osano

Toshiaki Tachibanaki . . .

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