Abstract
What we shall try to do in this chapter is to explore the patterns of behaviour and interaction between civil servants, politicians and participants in the financial markets in Japan up to 1983 in order to show what kind of relationships determine the character of the financial environment, and how stable these relationships are. This will enable us to throw light on the stability of the policy-making process, the degree to which there is agreement amongst participants on the development of new policy initiatives and the level of control that different groups are able to exercise over policy making in the financial system.
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Notes
Hadley, op. cit., pp. 403–7; Chalmers Johnson, Japan’s Public Policy Companies (Washington, DC: AEI Hoover Policy Studies, 1978) pp. 87–99;
Kozo Yamamura, Economic Policy in Post War Japan (Berkeley: University of California Press, 1967) pp. 27–8.
See Yoshio Suzuki, Money and Banking in Contemporary Japan (New Haven, CT: Yale University Press, 1980) pp. 3–13, 62–3;
See Hugh Patrick, ‘Finance, Capital Markets and Economic Growth in Japan’, in Arnold W. Sametz (ed.), Financial Development and Economic Growth (New York: New York University Press, 1972) pp. 114–16, 121; Suzuki, op. cit., pp. 26–9, 64.
An English version of the plan was published by the Economic Planning Agency, New Economic Plan of Japan (1961–70) — Double National Income Plan Japan Times (1961).
A. O. Hirschman, Exit, Voice and Loyalty (Cambridge, MA: Harvard University Press, 1970).
The same type of market arrangements existed a decade earlier. See Hugh T. Patrick, ‘Japan’s Interest Rates and the “Grey” Financial Market’, Pacific Affairs vol. 38, no. 3–4 (1965–6) pp. 326–44.
Details on the pension scheme issue can be found in James Home, Japan’s Financial Markets (Sydney and London: Allen & Unwin, 1985) Chapter 5.
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© 1988 J. A. A. Stockwin
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Horne, J. (1988). Politics and the Japanese Financial System. In: Dynamic and Immobilist Politics in Japan. St Antony’s/Macmillan Series. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-10297-6_7
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DOI: https://doi.org/10.1007/978-1-349-10297-6_7
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