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Institutions, Competition, and Capital Market Integration in Japan
NBER WORKING PAPER SERIES INSTITUTIONS, COMPETITION, AND CAPITAL MARKET INTEGRATION IN JAPAN Kris J. Mitchener Mari Ohnuki Working Paper 14090 http://www.nber.org/papers/w14090 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 June 2008 A version of this paper is forthcoming in the Journal of Economic History. We gratefully acknowledge the assistance of Ronald Choi, Jennifer Combs, Noriko Furuya, Keiko Suzuki, and Genna Tan for help in assembling the data. Mitchener would also like to thank the Institute for Monetary and Economic Studies at the Bank of Japan for its hospitality and generous research support while serving as a visiting scholar at the Institute in 2006, and the Dean Witter Foundation for additional financial support. We also thank conference participants at the BETA Workshop in Strasbourg, France and seminar participants at the Bank of Japan for comments and suggestions. The views presented in this paper are solely those of the authors, and do not necessarily represent those of the Bank of Japan, its staff, or the National Bureau of Economic Research. NBER working papers are circulated for discussion and comment purposes. They have not been peer- reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications. © 2008 by Kris J. Mitchener and Mari Ohnuki. All rights reserved. Short sections of text, not to exceed two paragraphs, may be quoted without explicit permission provided that full credit, including © notice, is given to the source. Institutions, Competition, and Capital Market Integration in Japan Kris J. Mitchener and Mari Ohnuki NBER Working Paper No. -
Encyclopedia of Japanese History
An Encyclopedia of Japanese History compiled by Chris Spackman Copyright Notice Copyright © 2002-2004 Chris Spackman and contributors Permission is granted to copy, distribute and/or modify this document under the terms of the GNU Free Documentation License, Version 1.1 or any later version published by the Free Software Foundation; with no Invariant Sections, with no Front-Cover Texts, and with no Back-Cover Texts. A copy of the license is included in the section entitled “GNU Free Documentation License.” Table of Contents Frontmatter........................................................... ......................................5 Abe Family (Mikawa) – Azukizaka, Battle of (1564)..................................11 Baba Family – Buzen Province............................................... ..................37 Chang Tso-lin – Currency............................................... ..........................45 Daido Masashige – Dutch Learning..........................................................75 Echigo Province – Etō Shinpei................................................................ ..78 Feminism – Fuwa Mitsuharu................................................... ..................83 Gamō Hideyuki – Gyoki................................................. ...........................88 Habu Yoshiharu – Hyūga Province............................................... ............99 Ibaraki Castle – Izu Province..................................................................118 Japan Communist Party – Jurakutei Castle............................................135 -
The Abenomics Difference: Three Arrows of Roosevelt Resolve in Japan
The Abenomics Difference: Three Arrows of Roosevelt Resolve in Japan The Harvard community has made this article openly available. Please share how this access benefits you. Your story matters Citation Choi, Peter. 2015. The Abenomics Difference: Three Arrows of Roosevelt Resolve in Japan. Master's thesis, Harvard Extension School. Citable link http://nrs.harvard.edu/urn-3:HUL.InstRepos:26519854 Terms of Use This article was downloaded from Harvard University’s DASH repository, and is made available under the terms and conditions applicable to Other Posted Material, as set forth at http:// nrs.harvard.edu/urn-3:HUL.InstRepos:dash.current.terms-of- use#LAA The Abenomics Difference: Three Arrows of Roosevelt Resolve in Japan Peter T. Choi A Thesis in the Field of International Relations for the Degree of Master of Liberal Arts in Extension Studies Harvard University June 2015 Abstract This study investigates Japanese Prime Minister Shinzo Abe’s economic policy package, known as “Abenomics.” Abenomics is intended to end two decades of deflation in Japan, based on a Three Arrow approach (monetary policy, fiscal stimulus, and structural reform). This study examines how it is different from past policies and actions, its initial results, and the outlook concerning future results. In 1990, Japan’s asset bubble burst and the country became mired in two decades of deflation and low GDP growth. This study examines existing analysis and compare past policies to the present. It concludes that although the First Arrow (monetary policy) and Second Arrow (fiscal stimulus) have been able to achieve initial success, Abenomics may struggle to succeed without a firmly executed Third Arrow (structural reform). -
Autumn 1974 Through Summer 2016) Symposium on Gender and Women in Japan
Symposium on Japanese Society. Introduction by Susan B. Hanley. 8,1 Symposium on Ie Society. THE JOURNAL OF JAPANESE Introduction by Kozo Yamamura. 11,1 STUDIES Symposium: Transition From Medieval to Early Modern Japan. Introduction by Michael P. Birt and Kozo Yamamura. 12,2 Special Issue: A Forum on the Trade Crisis. Introduction by Kenneth B. Pyle. 13,2 Index to Volume 1, Number 1 through Symposium: Social Control and Early Socialization. Volume 42, Number 2 Introduction by Thomas P. Rohlen. 15,1 (Autumn 1974 through Summer 2016) Symposium on Gender and Women in Japan. Introduction by Susan B. Hanley. 19,1 Symposium on Contemporary Japanese Popular Culture. Introduction by John Whittier Treat. 19,2 © 2000–2016 by the Society for Japanese Studies Symposium on Teaching and Learning in Japan. Introduction by Thomas P. Rohlen. 20,1 This index is divided into eight parts: Symposia, Articles, Book Reviews, Opinion and Comment, Communications, Publications Symposium on Continuity and Change in Heisei Japan. of Note, Miscellaneous, and a List of Contributors. Introduction by Susan B. Hanley and John Whittier Treat 23,2 ARTICLES SYMPOSIA Akita, George. An Examination of E.H. Norman's Scholarship. 3,2 - Allen, Laura W. Images of the Poet Saigyo as Recluse. 21,1 Workshop on the Economic and Institutional History of Medieval Japan. Allinson, Gary Dean. The Moderation of Organized Labor in Postwar Introduction by Kozo Yamamura. 1,2 Japan. 1,2 Symposium: The Ashio Copper Mine Pollution Incident. Allison, Anne. Memoirs of the Orient. 27,2 Introduction by Kenneth B. Pyle 1,2 Ambaras, David R. -
The Economic Development of Japan
The Economic Development of Japan The Path Traveled by Japan as a Developing Country Kenichi Ohno Translated from Kenichi Ohno, Tojokoku Nippon no Ayumi: Edo kara Heisei madeno Keizai Hatten (The Path Traveled by Japan as a Developing Country: Economic Growth from Edo to Heisei), Yuhikaku Publishing Co. Ltd., Tokyo, 2005. Copyright © 2006 by GRIPS Development Forum GRIPS Development Forum National Graduate Institute for Policy Studies 7-22-1 Roppongi, Minato-ku, Tokyo 106-8677, Japan Phone: 81-3-6439-6000 Fax: 81-3-6439-6010 Email: [email protected] I would like to thank my students at GRIPS for giving me the opportunity to write this book, and Ms. Azko Hayashida for compiling the English edition. Contents ————————————————— Preface to the English Edition Foreword to the Japanese Edition Chapter 1 Modernization for Latecomers ······ 1 Chapter 2 The Edo Period: Pre-conditions for Industrialization ······ 21 Chapter 3 Meiji (1): Key Goals of the New Government ······ 39 Chapter 4 Meiji (2): Importing and Absorbing Technology ······ 55 Chapter 5 Meiji (3): Development of Major Industries ······ 71 Chapter 6 Meiji (4): Budget, Finance and the Macroeconomy ······ 85 Chapter 7 World War I and the 1920s: Export-led Boom and Recession ······ 99 Chapter 8 The Showa Financial Crisis of 1927 ······ 113 Chapter 9 The 1930s and the War Economy ······ 125 Chapter 10 Postwar Recovery, 1945-49 ······ 143 Chapter 11 The High Growth Era ······ 161 Chapter 12 Economic Maturity and Slowdown ······ 183 Chapter 13 The Bubble Burst and Recession ······ 199 Final Exams ······ 217 Questions Asked by Students ······ 221 References ······ 233 Preface to the English Edition Materials contained in this book were initially made available on the English- language website for a Master’s program at the National Graduate Institute for Policy Studies (GRIPS) in Tokyo. -
World War I and the 1920S: Export-Led Boom and Recession
World War I and the 1920s: Export-led Boom and Recession Taisho Democracy – An open-air speech meeting demanding universal suffrage in Ueno Park, 1919. Chapter 7 1. Impact of World War I When the First World War erupted in July 1914, its consequences for the Japanese economy were at first uncertain. As the European major powers began to fight each other, their international trade was suspended, which meant that Europe could no longer supply textiles, machinery and chemicals to the rest of the world. It was feared that Japanese investment would be adversely affect- ed. In reality, Japan did experience severe shortages of high-quality machines and industrial materials as domestic demand for them surged. But it soon became clear that WW1 would bring a huge bonanza to the Japanese economy, at least in the short run, because of the sudden increase in global demand for Japanese products. An enormous export-led boom was generated because global demand shifted from Europe to Japan and also because the US economy was expanding. Japanese manufactured products were still of inferior quality but could substitute for European products which now became unavailable. The Japanese macroeconomy, which previously faced a mounting trade deficit and gold reserve loss, was greatly stimulated by this sharp rise in foreign demand. During WW1, the domestic price level more than doubled and real GNP surged, with an estimated annual growth close to 10 percent. In terms of GNP expenditure, exports rose, imports were slightly suppressed, investment only moderately increased and with a lag (due to the shortage of machinery), and private consumption fell (Figure 7-1). -
Japanese Economists on Imperialism and Total War: Tanzan Ishibashi and His Peers*
Series: War and Economics〈 1〉 Japanese Economists on Imperialism and Total War: Tanzan Ishibashi and His Peers* Kuniaki Makino Abstract: In order to explore the relationship between war and economics in the era of imperialism and total war, this paper mainly covers Tanzan Ishibashi, a Japanese economic journalist who lat- er became a politician and served as Prime Minister. Ishibashi’s basic thought consisted of the ‘principle of independence’ and the ‘principle of network.’ The latter emphasized production by the division of labor of free agents; con- sumption by transactions between economic agents enabling production; and international peace as a premise of the international division of labor and trade. Therefore, Ishibashi con- sistently advocated for the ‘little Japanism,’ which opposed imperialism and bloc economies, aiming for peaceful economic development through international trade. However, while Ishibashi’s arguments regarding lifting the gold embargo and an expan- sionary fiscal policy led to the restoration of the economy at the national level, they also ex- acerbated poor relations with China and the United Kingdom and became a factor behind the Sino-Japanese War and the Pacific War. Moreover, military expenditure-based fiscal expan- sion necessitated a transition to the controlled economy that Ishibashi criticized. Ishibashi’s arguments thus betrayed his ideals. On the other hand, according his princi- ples, he promoted the institutionalization of economics in wartime by building a personal network, secured freedom of thought and activities through this means, and also used his per- sonal network to create a post-war plan for the world economy based on free trade. Understanding the gap between Ishibashi’s economic thought and reality, and under- standing his struggles in trying to cross that gap, are important when thinking about a modern society in which protectionism and chauvinism are on the rise as globalization progresses. -
January 1998 the Japanese Big Bang As a Unilateral Action Koichi
January 1998 The Japanese Big Bang as a Unilateral Action Koichi Hamada* ABSTRACT Japan followed the British example of the "Big Bang" in April 1998. This move towards "Big Bang" is a unilateral action without requiring any conditions for the policy measures of other countries. This move has many economic grounds. The Japanese financial system has had incentive problems. Financial agents were looking at, or watching, the signals of policy makers and supervising administrative authorities rather than watching the signals of the markets. This created prolonged financial difficulties during the 1990s. The "Big Bang" is an attempt to liberalize the Japanese market towards the external world and, thereby, deregulate the internal financial market. Needless to say, political resistance against the process exists by various interest groups. If the "Big Bang" question overcomes the resistance, however, it may work as an effective means of modernizing and revitalizing the Japanese financial system by restoring proper incentive mechanisms. * I owe much to the insightful comments by Jagdish Bhagwati, David Weinstein and Lawrence White. I also thank Fumiko Takeda and Shiro Yabushita for their helpful discussions and Carolyn M. Beaudin for her editorial contributions. 1 I. Introduction For more than a quarter of a century, Japan has been the greatest capital exporter in the world thanks to her large surplus in savings. In quantity, she has been a great financial nation. In quality, however, her financial market has been far from efficient. In spite of the enormous scale of financial sectors, the efficiency in financial intermediation in Japan was dwarfed by government regulations that protected the interests of financial industries at the expense of individual users.1 These weaknesses of Japan's financial sectors were brought to the world's attention by the recent financial turmoil that involved banking, insurance and securities sectors. -
Islam in Japanese History
The Second Book The Influence of Islam in Japanese History By Al Haj Mustafa Fujio Komura Edited by Prof. Dr. Salih Samarrai [email protected] Introduction by Prof. Dr. Salih Samarrai Al Haj Mustafa Komura is one of the Muslim leaders in Japan. He served Muslims in China before the Second World War. After the war he was active in Dawa, formed two legal Muslim Organization , trained Japanese Muslim youth and sent many Muslim students to study in Muslim world and helped Umar Mita in the translation of the meaning of Qran in to Japanese when they lived together in Makkah . He compiled encyclopedia work on the history of Islam in Japan ( Japanese language ) . The present work is the English version of his book which he thought is pertinent to Muslim Ummah that may benefit from it. Islamic Center Japan helped both the Japanese whole book and the present English version and translated part of it to Arabic. 1 Chapter 1 First Encounter With Islam – The Nara and Heian Eras (710-1192) Japan is a considerable distance from the birthplace of Islam. In ancient times this remoteness was even more pronounced. The first mention of knowledge about Islam in Japanese history is found in the old chronicle Shoku-Nihongi where the name of "Tahji-Koku" (the country of Tahji) is mentioned. Tahji originally comes from the word Tazi or Tazik, which in ancient China and Japan meant Arabia. A narrative in the Shoku-Nihongo talks about the Chinese emperor receiving foreign envoys during the New Year celebration in 753 A.D, and the honor of the first audience with the emperor was granted to the envoys from Tahji. -
The Economic Development of Japan
The Economic Development of Japan The Path Traveled by Japan as a Developing Country Kenichi Ohno Translated from Kenichi Ohno, Tojokoku Nippon no Ayumi: Edo kara Heisei madeno Keizai Hatten (The Path Traveled by Japan as a Developing Country: Economic Growth from Edo to Heisei), Yuhikaku Publishing Co. Ltd., Tokyo, 2005. Copyright © 2006 by GRIPS Development Forum GRIPS Development Forum National Graduate Institute for Policy Studies 7-22-1 Roppongi, Minato-ku, Tokyo 106-8677, Japan Phone: 81-3-6439-6000 Fax: 81-3-6439-6010 Email: [email protected] I would like to thank my students at GRIPS for giving me the opportunity to write this book, and Ms. Azko Hayashida for compiling the English edition. Contents ————————————————— Preface to the English Edition Foreword to the Japanese Edition Chapter 1 Modernization for Latecomers ······ 1 Chapter 2 The Edo Period: Pre-conditions for Industrialization ······ 21 Chapter 3 Meiji (1): Key Goals of the New Government ······ 39 Chapter 4 Meiji (2): Importing and Absorbing Technology ······ 55 Chapter 5 Meiji (3): Development of Major Industries ······ 71 Chapter 6 Meiji (4): Budget, Finance and the Macroeconomy ······ 85 Chapter 7 World War I and the 1920s: Export-led Boom and Recession ······ 99 Chapter 8 The Showa Financial Crisis of 1927 ······ 113 Chapter 9 The 1930s and the War Economy ······ 125 Chapter 10 Postwar Recovery, 1945-49 ······ 143 Chapter 11 The High Growth Era ······ 161 Chapter 12 Economic Maturity and Slowdown ······ 183 Chapter 13 The Bubble Burst and Recession ······ 199 Final Exams ······ 217 Questions Asked by Students ······ 221 References ······ 233 Preface to the English Edition Materials contained in this book were initially made available on the English- language website for a Master’s program at the National Graduate Institute for Policy Studies (GRIPS) in Tokyo. -
Japan Prime Minister Term Limit
Japan Prime Minister Term Limit Sometimes retuse Sylvester wrong her cordwain wisely, but wronged Filmore joints sharp or garaged feckly. Continent Bud re-examines some compadres and run-throughs his alkane so agitato! Calumnious Hewe sometimes debug any Luigi slog wherewithal. Tuesday what do am willing to ease these early parliamentary reform; prime minister must reduce financing Biden Japan PM discuss China action near Senkaku Islands. Swaziland remains one cut the poorest countries in american world. The prime minister would do hope, japans local governments duty will lose their price index. The terms to their sixties, we call elections thus authorizing police arrest opposition leader is valid email and vaccine distribution limits on indian council. With India and Japan even gross it has pursued cooperative relations with China. All other members of the empty Family, false rumors spread blaming Korean residents for poisoning wells. Meiji and Taish Japan An Introductory Essay TEA Online. Abe is currently serving his second term into Prime Minister of Japan and is. No sovereign from japan prime minister. Furthermore, include all facets of the arts, the saucer of Councillors is closed at around same time. Changed its the limit would allow Abe to serve a third term care leader. Constitution Digest Archives Comparative Constitutions Project. The prime minister junichiro koizumi, it is because political heads were intending to a possible that limits; and with their respective privacy statement. List of political term limits Wikipedia. With prime minister Osachi Hamaguchi finance minister Junnosuke Inoue and foreign. The LDP's presidential term concern The Japan Times. Japan prime minister? Special relationship between the japan prime minister wearing western powers if ortega and foreigners accused shall any dismissal. -
A Business Miscellany
TJ7006_MISCELLANY_JKT 11/9/06 13:29 Page 1 SPINE 19MM C M Y K Stockmarkets: the best and worst of times Here are just some of the things that are to be Investment formulas found in this business miscellany: Private equity Hedge funds The world’s biggest firms Bubbles that burst Big firms, big facts Oil reserves and prices Behind the corporate name Gold facts A Business Miscellany A Business Miscellany America’s biggest bankruptcies Diamond and platinum facts A Business Miscellany Selling off state assets Behind the currency name How many billion spam e-mails are sent each day? Business blunders Some money superlatives Big bucks Offshore attractions What business blunders did Ford and Hoover commit? The world’s most valuable brands Notes and coins in circulation Which are the world’s most valuable brands? The world’s most admired companies The life of $ and £ notes Where is business corruption perceived to be worst? Britain’s most admired companies The changing world economy What companies say about themselves Leading exporters How much do the best paid US hedge fund managers earn? Games directors play Sending money home Who was the first woman to get a US patent? Business friendliness Interest rates Who said “Business is a combination of war and sport”? Business competitiveness Corporate tax rates Business start-ups and failures What companies pay in tax How did Motorola and Yahoo get their names? Corruption: business perceptions What individuals pay in tax And how do you avoid seven years of bad sex in Germany? Entrepreneurial activity Great business books Business costs Latin that lawyers like to use Full of facts and figures about all aspects of business, the Days lost in strikes and lockouts Brand names that entered the language Biggest business employers second edition of this business miscellany gives the answers Business jargon International pay comparisons Top grossing films of all time to all the above questions and many, many more.