Designing Financial Systems in East Asia and Japan

Designing Financial Systems in East Asia and Japan

Designing Financial Systems in East Asia and Japan

Designing Financial Systems in East Asia and Japan


This book deliberates on some urgent issues that face the new architecture of the financial systems in Japan and East Asia. The book is broken into three sections:

• The role of financial institutions and markets in economic development in Japan and East Asia

• Issues in corporate governance and new technologies

• The designing of efficient financial systems
With contributions from leading Asian economics experts based around the world, this book will be useful to both scholars and professionals with an interest in financial systems, corporate financing and governance.


This book is an outgrowth of the conference on "Designing Financial Systems in East Asia and Japan: Toward a Twenty-First Century Paradigm," which was held on September 24-25, 2001 at the Hitotsubashi Memorial Hall in Tokyo. the conference was co-organized by the Regional Office for Asia and the Pacific of the imf and the Center for Economic Institutions (CEI) of Hitotsubashi University. It was attended by 40 paper presenters and discussants, as well as 60 other participants who also joined the discussions from the floor.

This book is the first publication in English of the cei, which was established in April 2000 as an affiliate to the Institute of Economic Research of Hitotsubashi University. the cei has two objectives; first to conduct research on economic systems and institutions in Japan and Asia; and second to become one of the leading organizations in the field of research on economic institutions. It aims to achieve these objectives in part by organizing international research networks in these fields. For this purpose the Center has chosen corporate governance and financial systems in Japan and Asia as its main research agenda, a theme that represents the point of intersection of financial theory and the new theories of economic institutions.

For the cei, this conference was an agenda-finding conference in order to start in-depth research. To have a broad perspective on the institution building in East Asia and Japan, the topic on designing financial systems is one of the most pertinent topics that would enable us to have an overview of ongoing institutional reforms, the problems behind them, and related theoretical and empirical researches. Since the conference, the cei has been actively engaged in intense research activities, together with workshops, database construction and the establishment of international research networks. Some of the research has already been published in academic journals as well as books, namely "Corporate Governance in Japan and Asia," which was edited by Masaharu Hanazaki and Juro Teranishi, to be published by the University of Tokyo Press in 2003 in Japanese. We hope to publish our research in English again in the near future.

The conference in 2001 took place against the background of consider-

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