The Political Economy of Japanese Financial Markets: Myths Versus Realities

ISBN-13: 9780333579336 / Twarda / 1999 / 304 str.

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Opis

The authors examine various aspects of Japanese financial markets. This analysis is interspersed with the relevant institutional/historical background on Japanese financial markets necessary for the non-specialist. Principal chapters include: an institutional overview, a chapter on comparative cost of capital (both internationally and among Japanese firms); causes and implications of the high degree of financial intermediation in Japan and an invaluable analysis of the most recent trends in the Japanese/Asian financial markets.

Recenzje

"This is a useful handbook for anyone contemplating investing in Japanese markets." - Foreign Affairs

"...it combines a solid grounding in economic theory with an empirical richness that would require a year's subscription to Euromoney and Institutional Investor to match...I would recommend this book..." - Journal of Asian Studies

Spis treści

PART I: DEVELOPMENT OF THE INTERMEDIATED STRUCTURE Introduction The High Degree of Intermediation: the Financial Structure 1954-1975 Toward a More Liberal Structure PART II: BREAKDOWN AND TOWARD MATURITY End of the Party (But not the End of the World) Japans Financial Crisis PART III: INSTITUTIONS Institutions, Accounting Practices and Incentives in Japanese Equity and Other Financial Markets Political Change and the Financial Markets Public Funds, 'Price-Keeping Operations' Deregulation and 'Big Bang' PART IV: SOME STICKY QUESTIONS The Cost of Capital in Japan and Semantics of the Bubble Japanese Equity Market Valuation Concluding Remarks

O autorze

RICHARD BEASON is Associate Professor in the Faculty of Business, the University of Alberta, Canada

JASON JAMES is a strategist at James Cabel, Tokyo.