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Journal Article
Japan's financial reform
Journal Article
Financial reform: Japan style
Journal Article
Foreign financial institutions in Japan
Working Paper
\"Big Bang\" deregulation and Japanese corporate governance: a survey of the issues
The "Big Bang" deregulation of Japanese financial markets focuses on financial modernization. I argue that financial modernization is of secondary importance for improving the performance of the Japanese economy. A key long-term issue facing Japan is to maintain its high level of per capita income in the face of an aging population and slower productivity growth. To achieve this, it is important to increase the return earned on Japan's large stock of wealth. I argue the low return on wealth reflects characteristics of the Japanese corporate governance system. The proper focus of the Big ...
Periodic Essay
Postal savings reform in Northeast Asia: Japan and South Korea
This issue of the Asia Focus is the first of a two-part series discussing recent developments affecting postal savings programs in Japan, South Korea, and China. Part One of the series reviews the historical underpinnings of the Japanese and South Korean postal savings programs and discusses recent reform efforts and current challenges. Part Two of the series will describe the development of the Chinese postal savings program and will provide a comparison of all three postal savings programs.
Conference Paper
Financial restructuring: the Japanese experience
Conference Paper
Financial reform in Japan: a central banker's view