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Journal Article
How lower Japanese asset prices affect Pacific financial markets
The collapse of Japanese asset prices in the 1990s sharply reduced the wealth of Japanese banks and life insurers and slowed their international activity. This article traces the channels through which wealth changes altered these intermediaries' growth, pricing, and portfolio strategies. The authors also consider several factors that have eased the adaptation of foreign market participants to the revised strategies.
Journal Article
Financial consequences of new Asian surpluses
Conference Paper
The cost of capital for banks in international competition
Monograph
Policies toward corporate leveraging
Journal Article
The cost of capital for securities firms in the United States and Japan
The authors use stock market valuations to construct estimates of the cost of capital for five U.S. and four Japanese securities firms in 1982-91. They seek explanations for the observed capital cost differences in macroeconomic, risk, policy, and industrial organization factors. Their analysis also contrasts the gap in capital costs between U.S. and Japanese securities firms with the corresponding gap for industrial firms and banks.
Journal Article
Bank cost of capital and international competition
The rising share of U.S. corporate loans booked by foreign-owned banks and the withdrawal of U.S. banks from foreign lending raise concerns about the competitiveness of U.S. banks. This article investigates how differential capital costs may have placed U.S. banks at a disadvantage relative to their foreign competitors. The authors compare the capital costs facing commercial banks in the United States and five other industrial countries and present explanations for the observed differences.