The Political Economy of Japanese Financial Markets: Myths Versus Reality (International Political Economy) [Hardcover]

Dick Beason (Author)

Book Description

ISBN-10: 0312217307 | ISBN-13: 978-0312217303 | Publication Date: February 1999

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 the comparative costs 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.

--This text refers to an out of print or unavailable edition of this title.

Editorial Reviews

About the Author

RICHARD BEASON is Associate Professor in the Faculty of Business, the University of Alberta, Canada JASON JAMES is a strategist at James Cabel, Tokyo. --This text refers to an out of print or unavailable edition of this title.

Product Details

• Hardcover: 320 pages
• Publisher: St. Martin's Press (February 1999)
• Language: English
• ISBN-10: 0312217307
• ISBN-13: 978-0312217303
• Product Dimensions: 8.8 x 5.8 x 1.1 inches
• Shipping Weight: 1.3 pounds
• Average Customer Review: 3.0 out of 5 stars  See all reviews (1 customer review)
• Amazon Best Sellers Rank: #9,595,221 in Books (See Top 100 in Books)

More About the Author

Discover books, learn about writers, read author blogs, and more.

Customer Reviews

Most Helpful Customer Reviews

1 of 2 people found the following review helpful:

3.0 out of 5 stars A complex financial system, May 30, 2001

By 

Om Prakash Chopra (Washington, D.C. I am full-time Professor at the University of Delhi (India).) - See all my reviews

This review is from: The Political Economy of Japanese Financial Markets: Myths Versus Reality (International Political Economy) (Hardcover)

This a comprehensive book. However, it misses on the most critical part of the Japanese economy which impinges on its functioning. The presence of business houses with banks as one of the important constituents resulted in funds being provided at very low cost. As a result some of the marginal investment projects also qualified as a viable project. It is a simple premise : the cost of capital being low, say about three percent, the discounted value of future earning rises and this leads to their acceptance. During the upswing of the economies it is good but during the down-swing it loans going bad and to the list of non-performing-banking assets. This situation is further confounded due to inter-investment of funds. It is extremely difficult to track down the performance of the firms that have been financed. This is precisely what has happenedduring the financial crisis in Asia. The process of monitoring has been rendered difficult. Any efficient system of monitoring would have given warning signals. The other inflexibilites of the Japenese system further aggravated the problem - life long employment, seniority based promotions, created some degree of demotivation among employees. The second generation of the Japanese executives are more anxious to have promotions. They have alternative employment opportunities available to them. This has been rendered possible because of emergence of internet as a mode of recruitment used by potential employers at the global level. In recent times some Japanese firms have given up some of these rigidities. Some well known firms have retrenched workers. Mazda has a non-Japanese CEO, has promoted a 41 years old on the board of directors. The above points do not undermine contribution of the book in providing enormous information under one title.