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Takeo Hoshi

Corporate Financing and Governance in Japan: The Road to the Future (Mit Press) Paperback – Illustrated, January 31, 2004

by Takeo Hoshi (Author), Anil K Kashyap (Author), Stanley Fischer (Foreword)

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In this book, Takeo Hoshi and Anil Kashyap examine the history of the Japanese financial system, from its nineteenth-century beginnings through the collapse of the 1990s that concluded with sweeping reforms. Combining financial theory with new data and original case studies, they show why the Japanese financial system developed as it did and how its history affects its ongoing evolution.

The authors describe four major periods within Japan's financial history and speculate on the fifth, into which Japan is now moving. Throughout, they focus on four questions: How do households hold their savings? How is business financing provided? What range of services do banks provide? And what is the nature and extent of bank involvement in the management of firms? The answers provide a framework for analyzing the history of the past 150 years, as well as implications of the just-completed reforms known as the "Japanese Big Bang."

Hoshi and Kashyap show that the largely successful era of bank dominance in postwar Japan is over, largely because deregulation has exposed the banks to competition from capital markets and foreign competitors. The banks are destined to shrink as households change their savings patterns and their customers continue to migrate to new funding sources. Securities markets are set to re-emerge as central to corporate finance and governance.

Print length

378 pages
Language

English
Publisher

The MIT Press
Publication date

January 31, 2004
Dimensions

6.06 x 0.72 x 9 inches
ISBN-10

0262582481
ISBN-13

978-0262582483
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Gregory Clark
178
Hardcover
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Editorial Reviews

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""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."

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

Product details

Publisher ‏ : ‎ The MIT Press (January 31, 2004)
Language ‏ : ‎ English
Paperback ‏ : ‎ 378 pages
ISBN-10 ‏ : ‎ 0262582481
ISBN-13 ‏ : ‎ 978-0262582483
Item Weight ‏ : ‎ 1.15 pounds
Dimensions ‏ : ‎ 6.06 x 0.72 x 9 inches

Best Sellers Rank: #4,273,403 in Books (See Top 100 in Books)
- #614 in Exports & Imports Economics
- #3,270 in Banks & Banking (Books)
- #5,375 in Japanese History (Books)

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4.0 6 ratings

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Jason

Just like the revire from Paul Donovan

Reviewed in the United States on February 19, 2017

Verified Purchase

Just like the revire from Paul Donovan, this book offers a good background and reference of the post war financial system. However, the details of bank merger need further review and the relationship between keiretsu is also worth checking.

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Paul Donovan

Japanese corporate finance

Reviewed in the United States on December 17, 2003

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.

7 people found this helpful

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Hugh Ashton

Hardly a page-turner

Reviewed in Japan on July 31, 2015

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But useful for a project I am working on. Economics textbooks are not my preferred bedtime reading (unless I have problems dropping off to sleep), but this one presents the facts clearly.

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