I just found this article
http://papers.ssrn.com/sol3/papers.cfm?cfid=109781&cftoken=25789273&abstract_id=250374
It seems to confirm my suspicion that
the problems in Japan were to a large
extent the result of trying to adopt
US-style financial methods within the
context of the Keiretsu. Am I wrong in
this belief?
The Effect of Japanese Financial
Liberalization on Keiretsu, the Main
Bank System, and Japanese Corporate
Financing: Evidence
for 1972-1992
BY
Arav S. Ouandlous
College of Business Administration
The overall picture that emerges from
the above analytical description is that
Japanese capital markets are becoming
progressively similar in their behavior
to their Western counterparts, and are
currently exhibiting more depth and
scope, and include more variety of
financial instruments than those found
in the past Japanese financial economy.
The recent deregulation of the Japanese
capital markets constitutes a major
departure of the Japanese financial
economy from its 1960s and early 1970s
high regulatory environment. The
Japanese capital markets contain most of
the features that will make them in the
next decade not only highly competitive
but a major contender in the
international financial markets.
--
Michael Perelman
Economics Department
California State University
Chico, CA 95929
Tel. 530-898-5321
E-Mail [EMAIL PROTECTED]
