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Deregulation and Market Response in Contemporary Japan: Administrative Guidance, Keiretsu, and Main Banks

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  • Yoshiro Miwa

    (Faculty of Economics, The University of Tokyo)

  • J. Mark Ramseyer

    (Harvard Law School)

Abstract

Change is in the air in Japan, claim many observers: the government is radically deregulating crucial sectors of the economy, the large firms are unwinding their keiretsu corporate groups, and firms and banks are dismantling their main bank arrangements. Some observers see all three as exogenous institutional shocks, while others treat the last two as behavioral responses to the first. In fact, although the first phenomenon would constitute an institutional change if it occurred, it has not -- for Japanese bureaucrats had no substantial regulatory power to abandon. Although the last two would constitute market responses if they occurred, they have not either -- for firms and banks maintained no groups or main-bank arrangements to unwind or dismantle.

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File URL: http://www.cirje.e.u-tokyo.ac.jp/research/dp/2004/2004cf267.pdf
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Bibliographic Info

Paper provided by CIRJE, Faculty of Economics, University of Tokyo in its series CIRJE F-Series with number CIRJE-F-267.

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Length: 34 pages
Date of creation: Mar 2004
Date of revision:
Handle: RePEc:tky:fseres:2004cf267

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  1. Yoshiro Miwa & J. Mark Ramseyer, 2001. "The Fable of the Keiretsu," CIRJE F-Series CIRJE-F-109, CIRJE, Faculty of Economics, University of Tokyo.
  2. Stewart C. Myers, 2001. "Capital Structure," Journal of Economic Perspectives, American Economic Association, vol. 15(2), pages 81-102, Spring.
  3. Yoshiro Miwa & J. Mark Ramseyer, 2003. "Conflicts of Interest in Japanese Insolvencies: The Problem of Bank Rescues," CIRJE F-Series CIRJE-F-240, CIRJE, Faculty of Economics, University of Tokyo.
  4. Yoshiro Miwa & J. Mark Ramseyer, 2004. "Directed Credit? The Loan Market in High-Growth Japan," Journal of Economics & Management Strategy, Wiley Blackwell, vol. 13(1), pages 171-205, 03.
  5. Yoshiro Miwa & J. Mark Ramseyer, 2003. "Does Relationship Banking Matter? Japanese Bank-Borrower Ties in Good Times and Bad," CIRJE F-Series CIRJE-F-239, CIRJE, Faculty of Economics, University of Tokyo.
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