Corporate Financing and Governance in Japan: The Road to the Future

Book Description

In this book Takeo Hoshi and Anil Kashyap examine the history of the Japanese financial system, from its nineteenth-century beginnings through the collapse of the 1990s that concluded with sweeping reforms. Combining financial theory with new data and original case studies, they show why the Japanese financial system developed as it did and how its history affects its ongoing evolution.

The authors describe four major periods within Japan's financial history and speculate on the fifth, into which Japan is now moving. Throughout, they focus on four questions: How do households hold their savings? How is business financing provided? What range of services do banks provide? And what is the nature and extent of bank involvement in the management of firms? The answers provide a framework for analyzing the history of the past 150 years, as well as implications of the just-completed reforms known as the "Japanese Big Bang."

Hoshi and Kashyap show that the largely successful era of bank dominance in postwar Japan is over, largely because deregulation has exposed the banks to competition from capital markets and foreign competitors. The banks are destined to shrink as households change their savings patterns and their customers continue to migrate to new funding sources. Securities markets are set to re-emerge as central to corporate finance and governance.

Customer Reviews:

Japanese corporate finance.......2003-12-17

Hoshi and Kashyap provide an interesting history of the post war corporate finance, with relevant information from the pre-war period that sets the tone. Their analysis includes comprehensive and illustrative data with sources on various aspects of the development of Japan's corporate finance arrangements. Although their exposition of the decline of the Keiretsu system is relatively detailed, it is this section that lets the book down. The role of capital market reforms on the small company-large company relationship in the Keiretsu families is glossed over, yet this surely has to be examined in more detail given the damage this wrought on small businesses and the subsequent contribution of this damage to the non-performing loan problems of the banking system. The chapters detailing the problems of the banking system also seem rather cursory given the scale of the crisis.

Book Description

This digital document is an article from Finance & Development, published by International Monetary Fund on June 1, 2002. The length of the article is 659 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.

Citation Details
Title: Corporate Financing and Governance in Japan. (Book Reviews).(Road to the Future) (book review)
Author: Taimur Baig
Publication: Finance & Development (Magazine/Journal)
Date: June 1, 2002
Publisher: International Monetary Fund
Volume: 39 Issue: 2 Page: 52(2)

Article Type: Book Review

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Corporate Financing and Governance in Japan - The Road to the Future

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Corporate Financing and Governance in Japan - The Road to the Future
T Hoshi
Manufacturer: The MIT Press
ProductGroup: Book
Binding: Paperback
ASIN: B000OR4EC4

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Corporate Financing and Governance in Japan: The Road to the Future
Stanley Fischer, Anil Kashyap Takeo Hoshi
Manufacturer: The MIT Press
ProductGroup: Book
Binding: Paperback
ASIN: B000OQ9XF8

Book Description

Leveraged Innovation reveals that a dramatically different approach to the supplier-client relationship is being developed by leading companies around the world. It documents the benefits of Early Supplier Involvement (ESI), a radically new approach to inter-company relations which is providing a powerful impetus for increased creativity. Based on findings of a European Research team, the text clearly shows how, why and to what effect suppliers the world over are becoming increasingly involved in the innovation process itself. This book demonstrates and documents the process through which increased co-operation can lead to real competitive advantage.

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In this annual review, offers a timely analysis from a classical Madisonian perspective, of the most important cases from the Supreme Court's 2003-2004 term. Cato's is the first in-depth review to appear after the Court's term ends.

Cato Supreme Court Review, 2004-2005 (Cato Supreme Court Review)

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Outstanding analysis with the classical liberal perspective
Essential Reading

Cato Supreme Court Review, 2004-2005 (Cato Supreme Court Review)
Mark K. Moller
Manufacturer: Cato Institute
ProductGroup: Book
Binding: Paperback

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ASIN: 1930865805

Book Description

In this annual review, leading consitutional scholars offer a timely analysis of the most important cases from Supreme Court's 2004-2005 term from classical Madisonian perspective.

Customer Reviews:

Outstanding analysis with the classical liberal perspective.......2006-11-30

This is my second Cato Review book, and it is mostly exceptional from beginning to end. I am neither a politician nor an attorney, just someone highly interested in constitutional issues and libertarian thought. The authors found a reasonable balance between scholarly essays (loaded with footnotes) and accessible, in-depth reviews of cases and the relevant concepts.

The erudition of the authors and their quality of writing is quite impressive, at least to this layman. None of the essays comes across with even a hint of mere casual thought. Rather, the authors review history, drill into the arguments from various perspectives, and speculate on future implications. For those of you who think Cato might just reflect conservative or libertarian bias, obviously a regular theme is the expansion of federal power at the expense of property rights and other classical liberal throught. Even so, the authors are not polemicists ranting from one page to another, and no justice is spared. One can predict the befuddlement over some decisions by the usual big-government suspects, yet Justice Scalia and Thomas also take their lumps.

This year's book has some particularly attractive cases that caught the public's eye. My favorite chapter was on Granholm, the case on wine and favoritism for in-state producers. Author Stuart Banner (a name unfamiliar to me) covered extensive background on key points from the old days through Prohibition and beyond, much of which was new to me, and quite fascinating. Perhaps the topic was aided by its accessibility, as opposed to the finer points of some esoteric debate.

The infamous Kelo case was combined with other decisions into another excellent essay on the decline of property rights. "The long history of judicial solicitude for the rights of property owners is simply discarded as unwanted baggage from our constitutional past.... Unless the Supreme Court breaks free of statist thinking about property, there is little prospect that property rights of individuals will be restored."

A third widely-known decision was the Grokster case on file sharing, as the Court has struggled to refine "fair use" and copyright guidelines, mostly starting with the Betamax case. The author clearly explains why the Court has not seen the last of these cases.

The book begins with a fine introductory summary of the Court's term, and a lecture by Richard Epstein on how the Progressives of the 1930s (and thereabouts) shifted constitutional thought from its original bearings to the legacy we see today. His focus is on the rise of federal power, especially through the near-limitless Commerce clause, and the decline of individual rights, with examples from labor law.

The other chapters include:

* Commerce power as demonstrated by the Raich marijuana case
* Whether enforcement of a restraining order is a right or a benefit (Castle Rock vs. Gonzales)
* Commercial speech as secondary to political speech, as demonstrated by mandatory payments to government-sponsored marketing programs
* Establishment clause cases, such as the display of the Ten Commandments
* The Arthur Andersen case and the responsibilities (and liabilities) of companies for the actions of their employees
* Booker and mandatory sentencing, with an interesting spin on the decline of jury trials
* The relevance of international court decisions to American courts.

The book concludes with a look toward the 2005-06 term. As that term has already completed, the assessment can be compared with reality, and Jonathan Adler was spot on in many predictions.

Essential Reading.......2005-12-30

There are a few books I buy with every new publication: World Almanac, The Best American Essays, Cato Handbook on Policy, Statistical Abstract of the United States, and the Cato Supreme Court Review. The one I look most forward to is the Supreme Court Review. Some people may think this book is too much a glimpse into the sausage factory, and maybe it is too esoteric for some. However, if you have any interest in the way one third of our government works then this is must read material. The Cato folks do a nice job digging into decisions made in the prior year that impact our liberty and freedom with respect to our Constitution.

While all three publications have been very well done, this publication was one I was really looking forward to in light of the devastating eminent domain decision made earlier this year with Kelo v City of New London (a major blow to individual liberty and property rights). Balanced, well researched, and cited almost to a fault, this book can be easily utilized by a law student but it is written with the laymen in mind. The format is logical for each case with an introduction, background, summary of the court's opinion, analysis, and conclusion.

In the 2004 - 2005 issue, the Cato Institute addresses some very important decisions: property rights, enumerated powers, the first amendment, the establishment clause, crime and punishment, regulatory issues, executive power and foreign affairs. It may seem trivial to some, even progressive, that major decisions have been made that violate our basic liberties with which the founders so clearly concerned themselves. But, I think that regardless of your political stance this is an important read. Heck, it may even stimulate you into action to take back your country.

I'll admit that one can hardly be expected to take in the whole book in one sitting, but for a stimulating read even in small sections this is a great addition to any library or bookshelf. Thanks Cato Institute. Keep up the fight for individual freedom and liberty --no one in government is.

The Supreme Court Review, 2004 (Supreme Court Review)

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The Supreme Court Review, 2004 (Supreme Court Review)

Manufacturer: University of Chicago Press Journals
ProductGroup: Book
Binding: Hardcover

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Since its inception in 1960, The Supreme Court Review has been lauded for providing authoritative discussions of the Court's most significant decisions. Distinguished participants hereanalyze current and previous public issues and sentiments and discuss the implications of court decisions.

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The Supreme Court Review, 2004
DJ Hutchinson
Manufacturer: University of Chicago Press Journals
ProductGroup: Book
Binding: Paperback
ASIN: B000OP1WYO

Book Description

In paperback for the centenary of the discovery of relativity, "a fresh and highly visual tour through Einstein's astonishing legacy" (Brian Greene).

The year 2005 marks the 100th anniversary of the publication of the paper that launched Einstein's career, made E=mc2 famous, and ushered in a revolution in science—the paper that announced the theory of special relativity. And there's no better short book that explains just what Einstein did than Einstein's Cosmos. Keying Einstein's crucial discoveries to the simple mental images that inspired them, Michio Kaku finds a revealing new way to discuss these ideas, and delivers an appealing and always accessible introduction to Einstein's work.

Customer Reviews:

An easy read........2007-05-27

The professor, Michio Kaku, has easily become one of my favorite authors. That Einstein was the greatest scientist of the past century there's no doubt. And the author in addition to being a physicist is able to explain, in a warm, and caring way, how Einstein pictured, in his mind, what eventually became his theory of special relativity. But there's more; Prof. Kaku provides us a glimpse of the life, thoughts, frustrations, and accomplishments of Einstein the man as well. An easy, and interesting read for sure.

Einstein For The Rest of Us.......2007-04-21

Physicists will already be acquainted with nearly everything in this book. For the rest of us, Professor Kaku provides a comfortably woven account of Einstein's personal and professional life. While nearly everyone is familiar with the famous scientist's reputation, few know much about him as a man or his incredible body of work. Einstien's humanity and self-deprecating humor only add to his charm. Surprising to me was his dogged, single-minded pursuit of the solution to relativity. His determination nearly ruined his health and his relationship to his family.

This is a wonderful book for the general reader. No special knowledge of science or physics is needed to thoroughly enjoy it. Highly recommended.

A crystal-clear window into Einstein's world.......2007-04-16

In this small book Prof. Kaku has created a marvelously entertaining and easy-to-read biography of the scientist whose very name has, somewhat illogically, become synonymous with any and all flavors of genius. As a physicist himself, Kaku enriches the narrative with lucid explanations and personal scientific judgments. He consistently shows a sure hand for striking a nice balance between the extremes of expecting too much, or too little, from the general reader.

The author describes vividly the many fascinating aspects of Einstein's life, including a brief obsession with religion at 11, an uneasy relationship with conventional education, difficulty finding a job, a stint as a patent examiner combined with startlingly original contributions to physics, escape to America from an increasingly Nazified Germany, the triumph of General Relativity, and finally life as a scientific elder statesman at Princeton, doggedly chasing the elusive unified field theory and insisting to the end that the intrinsically probabilistic quantum theory he helped establish could not represent ultimate reality.

Woven into the narrative by Kaku the biographer are many valuable insights from Kaku the physicist. For instance, he counters the popular misconception that relativity brought classical physics crashing down, and that Newton's equations were suddenly revealed as useless or wrong. Relativity did perform the astonishing feat of reducing classical dynamics to a special case, but it is an exceedingly important case which is still used daily by engineers and scientists around the world. In the author's words (p. 65), "...for everyday velocities, Newton's laws are perfectly fine." Kaku contrasts Einstein's accomplishments with today's physics in some interesting ways, including a remark on page 224 proposing that the encyclopedic Standard Model of quantum particle behavior is, despite its predictive success, "...perhaps one of the ugliest theories ever proposed in science." So much for the notion that truth and beauty always go hand in hand.

The author provides an edifying resolution of the famous "twin paradox" by emphasizing that although the relative velocity histories of the moving and stationary twins must be symmetrical and indistiguishable, their histories as recorded by separate accelerometers attached to each twin would be very different. The traveling twin encounters the time stretching effect of large velocity changes with respect to inertial space, hence returns younger than her stay-at-home sibling. The key is to recognize that the required accelerations move the problem out of the limited realm of special relativity.

The book's story line skillfully blends Einstein's professional life with illuminating vignettes of his nonscientific side. For instance, he was not an unqualified pacifist and supported the use of force when challenged by an enemy, such as the German/Japanese alliance in World War II, which pursued destruction of life as an end in itself. Occasionally Einstein could appear shockingly naive, as when he suggested locating the Jewish state in a country such as Peru to avoid replaying the "promised land" conflicts described so vividly in the Old Testament. Odd as it seems, this proposal was consistent with Einstein's way of looking at things, which supported some aspects of Zionism but simply could not countenance any claim to supernatural land grants.

I found only two drawbacks: First, the absence of illustrations was a letdown, especially since Einstein was known for thinking in pictures. Second, lack of an index is frustrating in any non-fiction book, and especially in one as good as this.

Genius is Simplification - this book does that.......2006-08-06

The author loves Einstien. Good simplification of Einstiens' work. I gave this a 4 star because I understand more about einsteins theories now than before I read it.

I have gained even more respect for Einstein. From the book, I am impressed that he seems like a real down to earth decent person. He also suffered from many trials and tribulations (like hating school and almost not passing entrance exams, etc.).

Among the Best Books on Einstein and his Works.......2006-07-19

Michio Kaku, a respected theoretical physicist at City College of New York, has created an outstanding examination of Einstein's life and technical accomplishments, certainly among the best books on Einstein that I have encountered. Einstein's Cosmos targets the layman and as such it avoids mathematics, and yet I am quite certain that it will appeal to technically inclined readers also. Michio Kaku's explanations of Einstein's monumental work, especially the Special Theory of Relativity and his General Theory of Relativity, are remarkably clear and will be readily understood by nearly all readers.

I was especially fascinated by Kaku's analysis of Einstein's later efforts to unify gravity and electromagnetics. He argues persuasively that much of Einstein's unification efforts, almost always dismissed by writers and biographers as irrelevant and misdirected, has in recent decades pointed a new generation of physicists toward new breakthroughs and discoveries. Einstein's vision was decades ahead of most of his contemporaries. His final quest may have been unsuccessful, but his legacy remains vibrant and highly influential.

Einstein's Cosmos : How Albert Einstein's Vision Transformed Our Understanding of Space and Time was published 2004 in the Great Discoveries Series. I also highly recommend another title in this series, Incompleteness: The Proof and Paradox of Kurt Godel by Rebecca Goldstein. Godel was Einstein's closest intellectual companion during Einstein's later years at the Institute for Advanced Studies at Princeton.

Book Description

Not only was E.P. Wigner one of the most active creators of 20th century physics, he was also always interested in expressing his opinion in philosophical, political or sociological matters. This volume of his collected works covers a wide selection of his essays about science and society, about himself and his colleagues. Annotated by J. Mehra, this volume will become an important source of reference for historians of science, and it will be pleasant reading for every physicist interested in forming ideas in modern physics.

Book Description

Barbaric Intercourse tells the story of a century of social upheaval and the satiric attacks it inspired in leading periodicals in both England and America. Martha Banta explores the politics of caricature and cartoon from 1841 to 1936, devoting special attention to the original Life magazine. For Banta, Life embodied all the strengths and weaknesses of the Progressive Era, whose policies of reform sought to cope with the frenetic urbanization of New York, the racist laws of the Jim Crow South, and the rise of jingoism in the United States. Barbaric Intercourse shows how Life's take on these trends and events resulted in satires both cruel and enlightened.

Banta also deals extensively with London's Punch, a sharp critic of American nationalism, and draws from images and writings in magazines as diverse as Puck, The Crisis, Harper's Weekly, and The International Socialist Review. Orchestrating a wealth of material, including reproductions of rarely seen political cartoons, she offers a richly layered account of the cultural struggles of the age, from contests over immigration and the role of the New Negro in American society, to debates over Wall Street greed, women's suffrage, and the moral consequences of Western expansionism.

Barbaric Intercourse : Caricature and the Culture of Conduct, 1841-1936

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Barbaric Intercourse : Caricature and the Culture of Conduct, 1841-1936
Martha Banta
Manufacturer: University Of Chicago Press
ProductGroup: Book
Binding: Paperback
ASIN: B000OP7VB2

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