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Review of Hoshi and Kashyap's Corporate Financing and Governance in Japan


  • Juro Teranishi


Examining the development of the Japanese financial system since the Meiji era, Hoshi and Kashyap derive a number of interesting propositions on the evolution of bank-centered financing, its contribution to rapid growth, and its future transformation. They argue that the piecemeal approach to deregulation is one of the main reasons for the current banking crisis, and conclude that Japan will shift to a capital market-based financial system like the one in the United States or in prewar Japan. Hoshi and Kashyap's work makes an important contribution as a coherent long-term overview of Japan's bank-centered financial system.

Suggested Citation

  • Juro Teranishi, 2003. "Review of Hoshi and Kashyap's Corporate Financing and Governance in Japan," Journal of Economic Literature, American Economic Association, vol. 41(2), pages 566-574, June.
  • Handle: RePEc:aea:jeclit:v:41:y:2003:i:2:p:566-574 Note: DOI: 10.1257/002205103765762770

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    References listed on IDEAS

    1. Gode, Dhananjay K & Sunder, Shyam, 1993. "Allocative Efficiency of Markets with Zero-Intelligence Traders: Market as a Partial Substitute for Individual Rationality," Journal of Political Economy, University of Chicago Press, vol. 101(1), pages 119-137, February.
    2. Klein, Benjamin & Crawford, Robert G & Alchian, Armen A, 1978. "Vertical Integration, Appropriable Rents, and the Competitive Contracting Process," Journal of Law and Economics, University of Chicago Press, vol. 21(2), pages 297-326, October.
    3. L·szlÛ PÛlos & Michael T. Hannan, 2002. "Foundations of a theory of social forms," Industrial and Corporate Change, Oxford University Press, vol. 11(1), pages 85-115, February.
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    Cited by:

    1. Grossman, Richard S. & Imai, Masami, 2008. "The evolution of a national banking market in pre-war Japan," Explorations in Economic History, Elsevier, vol. 45(1), pages 17-29, January.
    2. Wandel, Jürgen, 2011. "Integrierte Strukturen im Agrar- und Ernährungssektor Russlands: Entstehungsgründe, Funktionsweise, Entwicklungsperspektiven und volkswirtschaftliche Auswirkungen. Band I und II," Studies on the Agricultural and Food Sector in Transition Economies, Leibniz Institute of Agricultural Development in Transition Economies (IAMO), volume 63, number 63.

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