Designing Financial Systems for East Asia and Japan by Masaharu Hanazaki, Joseph Fan, Juro Teranishi

By Masaharu Hanazaki, Joseph Fan, Juro Teranishi

This publication deliberates on a few pressing matters that face the recent structure of the monetary platforms in Japan and East Asia. The booklet is damaged into 3 sections:*The position of economic associations and markets in financial improvement in Japan and East Asia*Issues in company governance and new technologies*The designing of effective monetary systemsWith contributions from prime Asian economics specialists established world wide, this publication might be beneficial to either students and pros with an curiosity in monetary structures, company financing and governance.

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Period into two sub-periods: 1971–1980, and 1981–1990. 3. 6 percent in the second period. On the input side, labor is estimated to have decreased in the first period and to have increased slightly in the second period. 14 These figures suggest that the total factor productivity of the Japanese manufacturing industry grew substantially in the first period, but only slightly in the second period. To which factor is this development in growth rates attributable: financial factors such as the main bank relationship, or competitive pressures in the market?

Takei, Yasuhiko and Juro Teranishi (1991) “Sen-go Keizai Seicho to Seisan-sei Cho-ki Shikin,” (“Long-term Fund and TFP in the Postwar Growth of Japan,”) Keizai Kenkyu 42: 2, 106–116. Weinstein, David E. and Yishay Yafeh (1998) “On the Costs of a Bank-Centered Financial System: Evidence from the Changing Main Bank Relations in Japan,” Journal of Finance 53: 635–672. Part I Financial institutions and financial markets in Japan and East Asia 1 Can the financial restraint theory explain the postwar experience of Japan’s financial system?

Thus, their debt-asset ratio decreased from a range where the marginal effect of debt is large to a range where it is small or almost negligible. We need to introduce this non-linearity of the debt effect into our estimations in order to test the validity of our interpretation. 22 Concluding remarks Japanese manufacturing achieved remarkable growth in productivity during the postwar period. According to our empirical study, neither growth in productive inputs nor factors related to the financial system can fully account for this good performance.

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