By Dick Beason
The authors learn a number of features of eastern monetary markets. This research is interspersed with the suitable institutional/historical heritage on eastern monetary markets invaluable for the non-specialist. important chapters contain: an institutional review, a bankruptcy on comparative price of capital (both across the world and between eastern firms); explanations and implications of the excessive measure of economic intermediation in Japan and a useful research of the newest tendencies within the Japanese/Asian monetary markets.
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Additional resources for The Political Economy of Japanese Financial Markets: Myths versus Reality
Manufacturing production expanded by 67 per cent at the same time. Over the period 1913-21, real per capita GNP grew by 4 per cent per year. This would qualify as a near-miracle level growth on a per capita basis. Inflation was substantial, though as we can see not enough of a threat to rob real gains in living standards. Consumer prices doubled between 1913 and 1920, and nominal wages tripled. This was clearly the period in which the gains from Japan's industrial revolution came to trickle down to the masses, and living standards began to rise perceptibly.
The long-term credit banks continued to develop alongside an expanding insurance industry. In terms of financial market development, the period should be seen as one of maturation and consolidation. The essential framework had already been established in the first 20 years of the Meiji period. That is, the Japanese had essentially decided to follow the German model, and develop a financial system that was highly dependent on banks. As Japan was a small but highly regional country, one of the principal problems would be to collect deposits from throughout the countryside and see to it that credit was available to the major enterprises located in the Kansai and Kanto regions of the country.
Our straw man may therefore be disturbed by manipulating the regulatory function, or by failure of the monitoring function. 3 Towards a More Liberal Structure Initially, financial market liberalization has taken the form of facilitating or recognizing new markets and instruments. In turn, most of these instruments or markets emerged in order to facilitate transactions or financing means not available under the highly intermediated structure, or to facilitate the international flow of capital. Not surprisingly, as more 'free' or unregulated markets and instruments emerged, the efficacy of regulation waned.
The Political Economy of Japanese Financial Markets: Myths versus Reality by Dick Beason