Description
Book SynopsisThis timely book provides a comprehensive analysis of the post-war evolution of financial markets and financial regulation in Japan, with special emphasis being placed on the period since 1975.
Max Hall, a leading specialist in financial regulation, provides a full and detailed coverage of the causes and nature of the recent liberalization of financial markets adopted in Japan as well as its consequences for public policy. He also examines the recent reforms of Japan's central bank, the Bank of Japan, and offers an in-depth discussion of the current weaknesses of the Japanese banking sector. By providing a critical overview of the local financial system and detailed discussion of the evolution of financial markets in Japan, the book sheds new light on the institutional problems at the heart of the current crisis. The politics, as well as the economics, of the financial liberation programme are scrutinised to provide a comprehensive analysis of financial reform.
Trade Review'Most readers of this journal will be well aware of the recent (and ongoing) deregulatory reforms of the Japanese financial sector but very few will appreciate the economic and legislative histories leading up to the "Big Bang" programme of financial reform. This book will be invaluable in plugging that gap in understanding. . . This book must be essential reading for anyone seeking a fuller understanding and an independent assessment of Japan's financial reforms.' -- Joanna Gray, Journal of Financial Regulation and Compliance
'Max Hall has written an authoritative account of financial developments and banking reforms in Japan over the last three, or four, decades, recording how this complex story has unfolded up till 1998. As in so many other facets of Japanese life, there is often a large gap between the rhetoric of public announcements and the underlying reality; Max Hall has such a profound understanding of his subject that he can guide us sure-footedly through the maze of the relationships between the Ministry of Finance (MoF), the Bank of Japan (BoJ) and the banks, not to speak of the various assortment of politicians, for example in the Jusen imbroglio. This is the most thorough and comprehensive book on the Japanese financial system and its problems available in the English language. It will be an essential reference book for all those wishing to understand the travails, strengths and weaknesses of this system, whether from an academic, practitioner or policy-related standpoint.' -- Charles A.E. Goodhart, London School of Economics and Political Science, UK
Table of ContentsContents: Part I: Financial Structure and the Reform Debate 1. The Japanese Financial System 2. Pressures for Reform Part II: Financial Reform 3. Financial Deregulation 4. Financial Reform Under the ‘Big Bang’ Programme 5. Supervisory Reform 6. Reform of the Bank of Japan Part III: The Consequences of Financial Reform for Public Policy 7. Implications of Financial Liberalisation for the Conduct of Monetary Policy 8. Implications of Financial Liberalisation for Prudential Policy Index
