Informality and Monetary Policy in Japan: The Political Economy of Bank Performance
Cambridge University Press, 8/16/2007
EAN 9780521039444, ISBN10: 0521039444
Paperback, 420 pages, 22.9 x 15.2 x 2.7 cm
Language: English
The success (and misfortunes) of the post-war Japanese economy has been one of the most debated points in modern economics. Many explanations focus on cultural and institutional factors, and in particular the role of 'Informality' (networks organizing business activity and government policy). Adrian van Rixtel, an economist at the European Central Bank, provides a quantitative and qualitative assessment of Informality in the formation of Japanese monetary policy. Having been based in Japan for three years, two years of which were spent at the Institute for Monetary and Economic Studies at the Bank of Japan and the Japanese Ministry of Finance, he is able to bring a unique 'insider-outsider' perspective to the subject.
List of figures
List of tables
Acknowledgements
1. Introduction
Part I. Theory
2. The political economy and economic system of Japan
a survey of literature, conflict and confusion
3. Informal aspects of Japanese economic policy
4. Informality and monetary policy
an operational framework
Part II. The Institutions and their Policies
5. Informality, monetary authorities and monetary policy
the pre-1998 reform regime
6. Informality, banking crisis and financial reform
1998 and beyond
Part III. Empirical Evidence
7. Amakudari in the private banking industry
an empirical investigation
8. Amakudari and the performance of Japanese banks
9. Conclusion
informality, monetary policy and bank performance - lessons from the Japanese experience
Bibliography
Index.