Designing Financial Systems for East Asia and Japan (Routledgecurzon Studies in the Growth Economies of Asia)

This book deliberates on some urgent issues that face the new architecture of the financial systems in Japan and East Asia. The book is broken into three sections: *The role of financial institutions and markets in economic development in Japan and East Asia *Issues in corporate governance and new technologies *The designing of efficient financial systems With contributions from leading Asian economics experts based around the world, this book will be useful to both scholars and professionals with an interest in financial systems, corporate financing and governance. Book Cover......Page 1 Title......Page 4 Contents......Page 5 List of contributors......Page 13 Preface......Page 15 Introduction: globalization, financial technology and growth phase - some thoughts on redesigning financial systems in East Asia and Japan......Page 18 Financial institutions and financial markets in Japan and East Asia......Page 34 Can the financial restraint theory explain the postwar experience of Japan's financial system?......Page 36 The role of long-term funds for economic development: Empirical evidence in Japan, Korea and Taiwan......Page 64 Japanese economic success and the curious characteristics of Japanese stock prices......Page 101 Japanese securities firms, business corporations and financial institutions: A comparison of their investing behavior......Page 129 Financial deregulations, weakness of market discipline and market development: Japan's experience......Page 137 Macroeconomic effects of capital adequacy regulation in Japan......Page 169 Issues in governance of corporate sector and new technology......Page 202 The financing and governance of new technologies......Page 204 The benefits and costs of internal markets: Evidence from Asia's financial crisis......Page 221 Large shareholders and banks: Who monitors and how?......Page 242 Did families lose or gain control after the East Asian financial crisis?......Page 264 The determinants of executive compensation in Japan and the UK: Agency hypothesis or joint determination hypothesis?......Page 290 Toward a new design of financial system......Page 312 Toward an incentive compatible financial system: Accounting and managing the non-performing loans......Page 314 Further reforms of the JGB market for the promotion of regional bond markets......Page 333 Reflections on the new financial system in Japan: Participation costs, wealth distribution and security market-based intermediation......Page 351 Index......Page 402