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Japanese Financial Relationships in Transition

Listed author(s):
  • Kenji Kojima

    (Kobe University)

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    This paper presents Japanese financial relationships in an international perspective.The primary purpose of the study is threefold: to identify important features of financial relationships in Japan and those structural changes; to provide economic rationale for those relationships and changes; and to develop insights concerning corporate finance and capital market under institutional and regulatory environments. Corporate finance in Japan has evolved around the main bank relationships. Financial liberalization in Japan has created difficulties for the main bank relationships. The process of change will continue, both because of continuing liberalization and because some financial patterns change sluggishly. Increasing financial sophistication and capability to exploit opportunities arising from regulatory changes will also continue to alter corporate financial practices. Financial liberalization tends to undermine the main bank system because major non-financial firms have greater access to arm's length debt as well as borrowing from foreign financial institutions.

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    Article provided by Research Institute for Economics & Business Administration, Kobe University in its journal Kobe Economic & Business Review.

    Volume (Year): 42 (1998)
    Issue (Month): (February)
    Pages: 55-96

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    Handle: RePEc:kob:review:feb1998::v:42:p:55-96
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