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Journal of Economic Literature: Vol. 41 No. 2 (June 2003)
JEL Volume. 41, Issue 2 | 
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JEL Indexes (Members Only)Review of Hoshi and Kashyap's Corporate Financing and Governance in Japan
Article Citation
Teranishi, Juro. 2003. "Review of Hoshi and Kashyap's Corporate Financing and Governance in Japan ."
The Journal of Economic Literature,
41(2): 566-574.
DOI: 10.1257/002205103765762770
DOI: 10.1257/002205103765762770
Abstract
Examining the development of the Japanese financial system since the Meiji era, Hoshi and Kashyap derive a number of interesting propositions on the evolution of bank-centered financing, its contribution to rapid growth, and its future transformation. They argue that the piecemeal approach to deregulation is one of the main reasons for the current banking crisis, and conclude that Japan will shift to a capital market-based financial system like the one in the United States or in prewar Japan. Hoshi and Kashyap's work makes an important contribution as a coherent long-term overview of Japan's bank-centered financial system.
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Teranishi, Juro
