Capital and Labour in Japan: The Functions of Two Factor Markets

ISBN-13: 9780415226233 / Angielski / Twarda / 2000 / 244 str.

Toshiaki Tachibanaki

Opis

This book investigates the working of the capital and labour markets in Japan both theoretically and empirically. The working of the two factor markets - capital and labour - affects the Japanese economy and its firms. Both markets contribute to production, and production is more efficient when these two markets function well. The supply-demand relationships (of labour and capital input) determine the outcome of markets. This book investigates whether or not the function of these markets has been efficient in the past, to enhance the competitive power of the Japanese economy, and what changes the future might bring. The authors emphasize several institutional features in Japan which differ from those in Euro-American countries: for example, the permanent employment and seniority system in wages and promotion, the dual structure, Keiretsu transactions, the main bank system, and intercorporate shareholding. This book examines in particular, both theoretically and empirically, the distinction between long-run and short-run contractual relationships which produced such features; and it presents both the positive and the negative evaluations of the factor market.

Spis treści

1. Introduction 2. General features of the labour and capital markets, and Japanese business 3. An analysis of labour mobility 4. The effect of individual characteristics and of parametric and non-parametric approaches on job duration 5. Theory of wage determination and its empirical test 6. Shareholding and lending activity of financial institutions 7. Dispatched directors: an aspect of the Japanese Main Bank system 8. Intercorporate shareholding and volatility in stock prices 9. Capital adequacy constraint for banks and the real economy: a general equilibrium evaluation under intercorporate shareholding 10. Stability of the Japanese company system 11. Concluding remarks

O autorze

Tachibanaki, Toshiaki; Taki, Atsuhiro