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Corporate Financing and Governance in Japan: The Road to the Future (MIT Press)

3 out of 5 stars 1 customer review
ISBN-13: 978-0262582483
ISBN-10: 0262582481
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Editorial Reviews

Review

This book is a fascinating analysis of the past, present, and future of the Japanese financial system. It sheds a great deal of light on Japan's current troubles and their potential solution.

(Ben S. Bernanke, Howard Harrison and Gabrielle Snyder Beck Professor of Economics and Public Affairs, Princeton University)

Hoshi and Kashyap crystallize much of their high-quality research in this book. Corporate Financing and Government in Japan tells of the rise and fall of banking dominance over Japanese corporations with historical accounts, economic theory, and summaries of empirical analysis. The book will be an authoritative read for a wide-ranging audience, including college students, MBA students, and scholars in the field.

(Takatoshi Ito, Professor, Hitotsubashi University)

Hoshi and Kashyap are most reliable students of the Japanese financial system, and the publication of their book is extremely timely and welcome. Corporate Financing and Governance in Japan places the present Japanese crisis in a historical perspective using rich historical data and interesting case studies, provides its diagnosis with advanced analytical concepts, and thoughtfully lays out a possible future course for the Japanese system. It is a pleasantly readable, informative, and insightful book.

(Masahiko Aoki, Professor Emeritus, Stanford University, and President-Elect, the International Economic Association)

About the Author

Anil Kashyap is Professor of Economics in the Graduate School of Business at the University of Chicago.



Takeo Hoshi is Professor of Economics in the Graduate School of International Relations and Pacific Studies at the University of California, San Diego.

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Product Details

  • Series: MIT Press
  • Paperback: 378 pages
  • Publisher: The MIT Press (January 31, 2004)
  • Language: English
  • ISBN-10: 0262582481
  • ISBN-13: 978-0262582483
  • Product Dimensions: 6 x 0.8 x 9 inches
  • Shipping Weight: 1.2 pounds (View shipping rates and policies)
  • Average Customer Review: 3.0 out of 5 stars  See all reviews (1 customer review)
  • Amazon Best Sellers Rank: #1,563,370 in Books (See Top 100 in Books)

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Top Customer Reviews

By Paul Donovan on December 17, 2003
Format: Hardcover
Hoshi and Kashyap provide an interesting history of the post war corporate finance, with relevant information from the pre-war period that sets the tone. Their analysis includes comprehensive and illustrative data with sources on various aspects of the development of Japan's corporate finance arrangements. Although their exposition of the decline of the Keiretsu system is relatively detailed, it is this section that lets the book down. The role of capital market reforms on the small company-large company relationship in the Keiretsu families is glossed over, yet this surely has to be examined in more detail given the damage this wrought on small businesses and the subsequent contribution of this damage to the non-performing loan problems of the banking system. The chapters detailing the problems of the banking system also seem rather cursory given the scale of the crisis.
These weaknesses notwithstanding, the book provides a useful reference to the topic, and covers the background of Japan's corporate finance development with some helpful data insights.
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