Selection and Imitation in Institutional Evolution: Analysis of Institutional Change in Japan, 1960-1999
This paper presents an empirical framework to analyze institutional changes, and applies it to the evolution of several economic institutions in Japan, specifically main banking system and long- term employment. Ideas of evolutionary biology and organizational ecology are applied to the empirical analysis on institutional evolution. The basic question is how selection and imitation work in the evolution of the economic institutions. I focus on four factors of fitness, namely (i)growth rate, (ii)exit (death) rates, (iii)entry (birth) rate, and (iv)rate of the change of attribute. (i), (ii) and (iii) represent selection, while (iv) represents imitation in the process of evolution. Constructing a data set on the population of the industrial firms in Japan, I examine how the composition of the firm population has changed over time with respect to institutional attributes, specifically main bank relationship, to what extent the fitness factors (i)-(iv) have contributed to that change, and whether main bank system has co-evolved with long-term employment.
|Date of creation:||Jan 2004|
|Date of revision:|
|Contact details of provider:|| Postal: |
Web page: http://www.cirje.e.u-tokyo.ac.jp/index.html
More information through EDIRC
When requesting a correction, please mention this item's handle: RePEc:tky:fseres:2004cf256. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (CIRJE administrative office)
If references are entirely missing, you can add them using this form.