Reflections on the new financial system in Japan: Participation costs, wealth distribution and security marketbased intermediation

Designing Financial Systems for East Asia and Japan

Volumn , Issue , 2003, Pages 334-384

  Kitamura, Yukinobu ^a   Suto, Megumi ^b   Teranishi, Juro ^a  

^a HITOTSUBASHI UNIVERSITY   (Japan)

^b CHUO UNIVERSITY   (Japan)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 84904936444     PISSN: None     EISSN: None     Source Type: Book    
DOI: 10.4324/9780203300367     Document Type: Chapter

References (37)

1. Akai, Atsuo (2001) New Development of Securities Products Market, presentation paper at the 55th Annual Meeting of the Japan Securities Economics Society, 17 June 2001.
2. Allen, Franklin (2001) "Do Financial Institutions Matter?" Journal of Finance 56: 4, 1165-1175.
3. Allen, Franklin and Douglas Gale (1997) "Financial Markets, Intermediaries, and Intertemporal Smoothing," Journal of Political Economy 105: 3, 523-546.
4. Allen, Franklin (2000) Comparing Financial Systems, Cambridge MA: The MIT Press.
5. Allen, Franklin and Anthony M. Santomero, (1998) "The Theory of Financial Intermediation," Journal of Banking and Finance 21: 1461-1485.
6. Allen, Franklin (2001) "What Do Financial Intermediaries Do?" Journal of Banking and Finance 25: 271-294.
7. Arrow, Kenneth J. (1965) Aspects of the Theory of Risk-bearing, Yrjö Johnsson Lecture, Helsinki: Yrjö Johnssoin Sattio.
8. Baba, Naohiko and Takamasa Hisada (2002) "Japan's Financial System: Its Perspective and Authorities Roles in Redesigning and Administrating the System," IMES Discussion Paper Series No. 02-E-1, April 2002, Institute of Monetary and Economic Studies, the Bank of Japan.
9. Bank of Japan (2001) "Technological Progress and Monetary Policy," Kinyu-kenkyu, 20: 1 (in Japanese).
10. Bodie, Zvi and Dwight B. Crane (1997) Personal Investing Advice, Theory and Evidence, Financial Analyst Journal, November/December 1997.
11. Bodie, Zvi, Robert C. Merton, and William F. Samuelson (1992) "Labor Supply Flexibility and Portfolio Choice in a Life Cycle Model," Journal of Economic Dynamics and Control 16: 427-449.
12. Boot, Arnoud, A. and Anjan V. Thakor (2000) "Can Relationship Banking Survive Competition?" Journal of Finance 55: 2, 679-713.
13. Egawa, Yukio (2001) Trend and Review of Securitization Market in Japan, High Grade Credit Research, 10 May 2001, Credit Suisse First Boston (in Japanese).
14. Friedman, Milton and L.J. Savage (1963) "The Utility Analysis of Choices Involving Risk," Journal of Political Economy 56: 4, 1948, Readings in Price Theory, 279-304.
15. Hanazaki, Masaharu and Akiyoshi Horiuchi (1999) A Vacuum of Governance in the Japanese Bank Management, JDP Discussion Paper Series 9901, Research Institute of Capital Formation, the Japanese Development Bank.
16. Hart, Oliver (1995) Firms, Contracts and Financial Structure, Oxford: Oxford University Press.
17. Horiuchi, Akiyoshi (2000) "The Big Bang: Idea and Reality," in Hoshi, Takeo and Patrick (eds) Crisis and Change in the Japanese Financial System, Chapter 9, Boston: Kluwer Academic Publishers.
18. King, M.A. and J.I. Leape (1984) "Wealth and Portfolio Composition: Theory and Evidence," National Bureau of Economic Research (Cambridge, MA). Working Paper no. 1468, September.
19. Kitamura, Yukinobu, Noriyuki Takayama and Fumiko Arita (2001) "Household Savings in Japan Revisited," Research in Economics 55: 135-153.
20. Kiyotaki, Nobuhiro and John Moore (1997) "Credit Cycles," Journal of Political Economy 105: 211-248.
21. Mankiew, Gregory and Stephen Zeldes (1991) "The Consumption of Stockholders and Nonstockholders," Journal of Financial Economics 29: 97-112.
22. Merton, Robert, C. and Zvi Bodie (1995) "A Conceptual Framework for Analyzing the Financial Environment," in D.B. Crane et al. (eds) The Global Financial System: A Functional Perspective, Boston: Harvard Business School Press.
23. Miller, Marcus and Joseph Stiglitz (1999) "Bankruptcy Protection Against Macroeconomic Shocks: The Case For a 'Super Chapter 11'," The World Bank, mimeo.
24. Miller, Merton H. (1998) "Financial Markets and Economic Growth," Journal of Applied Corporate Finance, 11: 3, Fall, Bank of America.
25. Mishkin, Frederic S. and Philip E. Strahan (1999) "What Will Technology Do To Financial Structure?," NBER Working Paper, no. 6892.
26. NLI Research Institute (1999) Nissei Kisoken Shoho, vol. 10 Summer 1999 (in Japanese).
27. Omura, Keiichi, Megumi Suto and Makoto Masuko (2001) Report of Questionnaire on Corporate Governance of Institutional Investors - Corporate Pension Funds and Trustee Bodies, July 2001, Institute of Policy Research, Ministry of Finance (in Japanese) (Summary version in English; PRI Discussion Paper Series02A-28; http:www.mof.go.jouhou/soken/soken/kenkyu/ron044.pdf).
28. Prowse, Stephen D. (1998) "The Economics of the Private Equity Market," Economic Review, Federal Reserve Bank of Dallas, Third Quarter 1998, 21-34.
29. Ross, Stephan A. (1989) "Institutional Markets, Financial Marketing and Financial Innovation," Journal of Finance 44: 3, 541-556.
30. Royama, Shoichi (2001) "Market-based Indirect Finance - Prologue" Financial Review 56, Institute of Policy Research, Ministry of Finance, 1-10 (in Japanese).
31. Shindo, Hiroshi (1977) "Showa-shoki ni okeru Chihoginko no fudosan-tanpokashidashi (Local Bank Lending with Real Estate Collateral in Early Showa)," Kinyukeizai, 165-166.
32. Suto, Megumi (2000) "New Development of Asset Management Industry in Japan," in Suto Megumi (ed.) New Development of Asset Management Industry, Kinzai Publishing, Chapter 9 (in Japanese).
33. Suto, Megumi (2001) "Securitization and Selection of Assets by Individual Investors," paper presented at the 55th Annual Meeting of the Japan Securities Economics Society, 17 June 2001 (in Japanese).
34. Suto, Megumi (2002) "New Development in the Japanese Corporate Governance in the 1990s - The Role of Corporate Pension Funds," in H. Shibuya, M. Maruyama and M. Yasaka (eds) Japanese Economy and Society under Pax-Americana, Tokyo: University of Tokyo Press, Chapter 9, 249-274.
35. Teranishi, Juro (1982) Nihon no Keizai-Hatten to Kinyu (Money, Finance and Economic Development in Japan), Tokyo: Iwanami-Shoten.
36. Teranishi, Juro (1993) "Emergence and Establishment Financial System in Postwar Japan -Government Intervention, Indirect Financing and Corporate MonitoringSystem," Paper prepared for the project "Strategies for Rapid Growth: Public Policy and the Asian Miracle" organized by Country Economics Department of the World Bank.
37. Wolff, E. (1996) "International Comparisons of Inequality," Review of Income and Wealth 42: 433-451.