By Masahiko Aoki, Hugh Patrick
An intensive empirical and theoretical research of the japanese major financial institution process, this e-book additionally examines the relevance of the procedure as a version for constructing marketplace economies and reworking socialist economies across the world. the elemental features of the most financial institution process are tested right here: its roots, improvement, and position within the heyday of its quick development, in addition to its functionality, strengths and weaknesses. The paintings is going directly to examine how the method has replaced during the last 20 years. The members finish that banking-based structures are generally the main acceptable for commercial financing till a comparatively past due degree of a country's monetary and monetary improvement. Incorporating the result of an important international financial institution learn software, the amount brings jointly the superior students within the box and may be of curiosity to experts in jap experiences and people with a normal curiosity in structures of finance.
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Extra resources for The Japanese Main Bank System: Its Relevance for Developing and Transforming Economies
Put simply, the governmental authorities dominate the xxx Introduction decisions concerning the allocation of bank loans to large industrial companies, which typically are organized into family-controlled, powerful business groups (chaebol); the banks are little more than instruments of credit control and information gathering for the government. Nam and Kim in Chapter 13 provide a new analysis of these patterns, with special emphasis on the government programme to designate specific banks as lead banks for each of the business groups.
While this delegation of monitoring often occurred through formal loan consortia in the early post-war period, it gradually became more informal and tacit. One may say that currently the main bank in each case leads a de facto loan consortium (see Chapter 8 by Horiuchi). Bond-Issue Related Services The main bank plays an important role in domestic and international bond issues. When a firm issues bonds in the domestic market, the main bank performs legally required trustee administration (jutaku gyomu) for bond holders.
Firms with an excellent financial position—E firms— with ample accumulated reserves and surplus funds for investment outside may limit their relationships with the main bank to occasional bond 3 According to a survey by Horiuchi and Murakami (1991, p. 113), about 40 per cent of 457 responding firms stated that their main source of externally hired managers of department head (bucho) rank or above was from main banks. 4 per cent). Introductory Overview 17 issue services (-y) and payment settlement account (8), and possibly a (perhaps) symbolic supply of auditor-directors (e).