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

By Masahiko Aoki; Hugh Patrick | Go to book overview

11 The Relevance of Japanese Finance and its Main Bank System

Hugh Patrick

What lessons can be learned from the Japanese experience with its main bank system and, more broadly, its financial system? How relevant is that experience for developing market economies and for transforming socialist economies? These are the central themes of this chapter, which explores a range of key generic issues in the design of good financial systems for developing market and transforming socialist economies in the light of Japanese experience. A major focus of this chapter is on the main bank system in its heyday, namely the rapid growth era from the early 1950s to the early 1970s; and on placing the main bank system within the overall architecture of the Japanese financial system, its structure and the government's financial policies.

A comparative analysis from the perspective of the banking systems of other countries is provided in Part II . The next chapter, in providing an analysis of the relationships among large German banks and large industrial corporations, makes clear that while Japanese and German banking are broadly similar (hence the 'Japanese-German model' of banking-based finance), they differ significantly in certain details, especially with regard to corporate governance. The remaining five chapters illuminate the issues of finance and banking from the perspectives and experiences of three major developing market economies—Korea, India, and Mexico—and two transforming socialist economies—China and Poland. These country studies utilize and build upon the detailed studies of the Japanese main bank system in Part I .

The next section of this chapter addresses general analytic concerns. The basic objectives of any nation's financial system are to provide a stable, reliable, safe means of payment; to encourage and facilitate real saving; to mobilize those savings in financial form; and to allocate them

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