By Masahiko Aoki, Hugh Patrick
A radical empirical and theoretical research of the japanese major financial institution process, this publication additionally examines the relevance of the process as a version for constructing marketplace economies and remodeling socialist economies internationally. the fundamental features of the most financial institution approach are tested the following: its roots, improvement, and position within the heyday of its quick development, in addition to its functionality, strengths and weaknesses. The paintings is going directly to examine how the procedure has replaced over the past 20 years. The individuals finish that banking-based platforms are commonly the main acceptable for business financing till a comparatively past due level of a country's monetary and fiscal improvement. Incorporating the result of a big international financial institution examine software, the quantity brings jointly the very best students within the box and may be of curiosity to experts in eastern reviews and people with a basic curiosity in platforms of finance.
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Additional info for The Japanese Main Bank System: Its Relevance for Developing and Transforming Economies
Sample text
To do so is beyond the scope of this chapter; the issues are explored further in Aoki's chapter. Reciprocal Delegation of Monitoring Among Banks When a firm borrows, the main bank has the largest loan share but it is not the sole lender, although it is considered to have the principal responsibility for monitoring the firm. Thus there is 'exclusivity in monitoring with non-exclusivity in lending' (Sheard, 1994a). Monitoring may be said to be delegated to the main bank; because other banks do not monitor the borrowing firms with the same intensity, they rely largely upon the judgement of the main bank.
Data on 109 cases of domestic convertible bond issues in the six-month period from October 1988 through March 1989 show that the main bank was the number one trustee in 84 cases (77 per cent) and number one, two or three in 105 cases (96 per cent). City banks were not allowed to underwrite bonds prior to April 1993, when rules were changed to allow eventual entry. Trustee administration involves the assessment and custody of collateral, and, when necessary, calling, chairing and setting the agenda of the creditors' meeting.
2 1 3 2 2 3 4 4 16 4 1 17 1 8 2 2 3 20 4 19 1 14 2 3 5 1 1 5 1 6 2 7 1 8 9 10 1 8 1 3 2 1 4 11 1 1 3 1 12 1 13 14 1 1 6 1 10 2 4 Source: Data are from NEEDS (Nikkei Economic Electronic Databank System). 2 1 5 4 2 2 1 24 The Japanese Main Bank System banks or a temporary, rather than long-lasting, movement in the shareholding order. The recent changes in the pattern of corporate finance raise questions about the longer-term viability of the main bank's role as a discipliner of poor management. This role of the main bank continues, and it is not clear that it has been significantly weakened (see Chapter 6 by Sheard).