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• Ideas, networks, and monetary politics in Japan
• Deflation, monetary policy responses, and the BOJ
• Monetary politics : interests, ideas, and policy networks
• The BOJ worldview and its historical development
• The monetary policy network
• Ideas and monetary policy : a quantitative test
• Monetary policymaking, 1998-2012
• Abenomics and the break with the BOJ orthodoxy
• Conclusion : monetary policy, networks, and the diffusion of ideas.

Bolder economic policy could have addressed the persistent bouts of deflation in post-bubble Japan, write Gene Park, Saori N. Katada, Giacomo Chiozza, and Yoshiko Kojo in Taming Japan's Deflation. Despite warnings from economists, intense political pressure, and well-articulated unconventional policy options to address this problem, Japan's central bank, the Bank of Japan (BOJ), resisted taking the bold actions that the authors believe would have significantly helped. With Prime Minister Abe Shinzo's return to power, Japan finally shifted course at the start of 2013 with the launch of Abenomics-an economic agenda to reflate the economy-and Abe's appointment of new leadership at the BOJ. As Taming Japan's Deflation shows, the BOJ's resistance to experimenting with bolder policy stemmed from entrenched policy ideas that were hostile to activist monetary policy. The authors explain how these policy ideas evolved over the course of the BOJ's long history and gained dominance because of the closed nature of the broader policy network. The explanatory power of policy ideas and networks suggests a basic inadequacy in the dominant framework for analysis of the politics of monetary policy derived from the literature on central bank independence. This approach privileges the interaction between political principals and their supposed agents, central bankers; but Taming Japan's Deflation shows clearly that central bankers' views, shaped by ideas and institutions, can be decisive in determining monetary policy. Through a combination of institutional analysis, quantitative empirical tests, in-depth case studies, and structured comparison of Japan with other countries, the authors show that, ultimately, the decision to adopt aggressive monetary policy depends largely on the bankers' established policy ideas and policy network.
(source: Nielsen Book Data)

• Introduction The Political Economy of Central Banking: from Keynesianism to inflation targeting The 'Gradualist' Years: 1990-1996 The Dawn of a New Era: 1997-2005 Inflation Targeting in the Run-up to the Crisis Coping in the Subprime Region Conclusion and Implications Bibliography.
• (source: Nielsen Book Data)

At the beginning of 2009, Eastern Europe became the source of increasing concerns, as it was feared that the large foreign borrowing of its banking system could trigger an economic cataclysm. This book explores how and why Eastern Europe became subprime, taking Romania as a paradigmatic case study. It explains the region's vulnerability through the hegemony of neoliberal discourses and growing pressures of financialization in money and currency markets. The volume identifies central banks as key institutions in the reconstitution of formerly planned economies. It advances a conceptual approach to the political economy of central banking that distinguishes between monetary theory, policy discourse and practices of monetary management. This re-politicization is fundamental for understanding how central banks are produced through, and operate within, processes of neoliberal financialization. This book is indispensable reading for all interested in banking, monetary economics, political economy and development economics.
(source: Nielsen Book Data)

• The competitiveness potential of Eastern Europe and South Caucasus
• Strengthening the pillars of competitiveness
• Developing human capital
• Improving access to finance for smaller enterprises
• Maximising the potential of foreign direct investment
• Ukraine, a case study on diversification and sector competitiveness.

"With a total population of over 75 million people and a strategic location between wealthy trading partners, with Russia to the east and a vast market of EU citizens to the west, the Eastern Europe and South Caucasus (EESC) region is attractive as a destination for investment and trade. It is endowed with significant human and resources ranging from the black soil in Ukraine that produces some of the best wheat in the world, to energy reserves in Azerbaijan and unexplored water resources in several countries. However, in spite of recent growth--an average of almost 8% of GDP during 1998-2008--the region's productivity levels remain 77% below the world average. [This publication] examines the key policies that would increase competitiveness in the countries of the region through developing human capital, improving access to finance for SMEs and creating more and better investment opportunities."--publisher description

• Primera parte: Marco teórico de las finanzas públicas globalizadas solidarias, s. XXI
• Segunda parte: Introducción a las finanzas públicas globalizadas solidarias, s. XXI y breve historia del pensamiento económico y financiero
• Tercera parte: Finanzas públicas globalizadas neoliberales vrs finanzas públicas globalizadas solidarias: su nueva concepción.

• From ultimate capital destruction machine to the best value in the world : Japan returns to favor among global investors
• Intellectual property wars : investors to increasingly focus on the hidden strengths of Japanese firms
• Cultural arbitrage : foreign hedge funds pursue opportunities in Japan
• The future of Japanese management : private equity firms lead Japanese restructuring efforts
• Barbarians at the genkan : Japan's fledgling M & A market yet to internationalize
• The Manhattan of Asia : Tokyo experiences stunning urban renaissance
• Birthrates and bushido : market watchers see surprising opportunities in upcoming demographic shifts
• The Chinese paradox : Japanese firms face conundrum in crucial Chinese market
• High-speed capitalism : structural reforms lead to stronger firms, more investment opportunities.

Front Flap For over a decade, investors shunned Japan, which had been stuck in an economic quagmire. But reforms have unleashed the world's second largest economy. Andrew H. Shipley's The Japanese Money Tree challenges the stale conventional wisdom regarding Japan's grim prospects, and highlights how foreign investors are making the most of exciting opportunities in Tokyo. He also reveals how readers themselves, whether institutional money managers or individual investors, can profit from Japan's economic rebirth. The Japanese Money Tree reflects Shipley's 15 years "on the ground" in Japan, sharing actual experiences of foreign investors operating there. Shipley uncovers immense intellectual property value hidden "off the books" in Japanese firms, and explores enormous private equity and hedge fund opportunities emerging in Japan. You'll find new insights into Japan's trading relationships with China, its demographic realities, its new real estate boom, and much more. Throughout, Shipley offers fresh research and innovative strategies-all brought together in today's most insightful and compellingly readable guide to investing in Japan. Japan: the world's best investment value Why smart global investors are rediscovering Japanese markets Incredible IP, on the cheap Unveiling the immense hidden strengths of Japanese firms The art of cultural arbitrage How foreign hedge funds are discovering breakthrough opportunities in Japan Birthrates and Bushido Uncovering the surprising opportunities in Japan's coming demographic shifts The birth of high-speed capitalism How structural reforms are leading to stronger, more profitable enterprises Back Flap ABOUT THE AUTHOR Andrew H. Shipley has worked as an economist at Lehman Brothers Japan, Credit Suisse First Boston Securities (Japan), Schroders Japan, and Westdeutsche Landesbank Girozentrale (West LB). He received a Japanese government scholarship when studying for his master's degree in at Waseda University in Tokyo. He lived in Japan for fifteen years. Shipley has appeared on CNBC, CNN, and Reuters Financial TV to discuss the outlook for the Japanese financial markets. His writing has also appeared on the Asian Wall Street Journal op-ed page, and in Institutional Investor, The Nikkei Weekly, and The Daily Yomiuri. Back Cover "Andrew Shipley has written an enlightening, insightful and extremely readable book on how the investment and new finance opportunities of post-bubble, post-deflation Japan are being pursued. This book is "must" reading for any student, practitioner, or professional money manager interested in contemporary Japan." -Allen Sinai, Chief Global Economist, Strategist & President, Decision Economics, Inc. "Japan's stock market is in the midst of a huge transition from cheap, cash-rich companies to growth stocks with unrecognized assets (patents etc). This book clearly sets out what's at stake." -Leslie Norton, Barron's "It's hard to find anything more insightful or a better update on what's been happening in Japan than The Japanese Money Tree. Shipley punctuates his insights with a lot of interesting, authoritative statements from key players. I highly recommend this book especially to the non-specialist reader who wonders `what might I be missing about Japan?'" -Frank Jennings, portfolio manager of the Global Opportunities Fund at Oppenheimer Funds "Andrew Shipley provides a highly readable account of the new Japan that is finally emerging from a "lost decade" of stagnation, deflation, banking failure, and other problems. Rather than dwelling on faceless statistics, he brings us interviews and stories from the front lines of the economy, where companies and entrepreneurs-both Japanese and foreign-are busily engaged in activities that would have been difficult or impossible only a decade ago. While he provides notes of caution when due, this is a tale of exciting new business opportunities that Americans should learn about." -Edward J. Lincoln, Director, Center for Japan-U.S. Business and Economic Studies, Stern School of Business, New York University "Andrew Shipley has all the tools to assess where and how to make money in Japan's often opaque economy. Part analyst, part financial advisor, part historian, he unravels the complex relationships that have often confounded foreign investors yet hold promise for those willing to focus on Japan. His analysis is born out of experience as a leading economist in Japan, where he worked hard to make connections that others failed to see. The Japanese Money Tree is for anyone looking to tap Japan's ample resources." -Ken Belson, The New York Times (formerly in Japan) CONTENTS Introduction and Executive Summary xv Chapter 1 From ultimate capital destruction machine to the best value in the world Japan returns to favor among global investors 1 Chapter 2 Intellectual property wars Investors to increasingly focus on the hidden strengths of Japanese firms 25 Chapter 3 Cultural arbitrage Foreign hedge funds pursue opportunities in Japan 57 Chapter 4 The future of Japanese management Private equity firms lead Japanese restructuring efforts 85 Chapter 5 Barbarians at the Genkan Japan's fledgling M & A market yet to internationalize 107 Chapter 6 The Manhattan of Asia Tokyo experiences stunning urban renaissance 133 Chapter 7 Birthrates and Bushido Market watchers see surprising opportunities in upcoming demographic shifts 163 Chapter 8 The Chinese paradox Japanese firms face conundrum in crucial Chinese market 197 Chapter 9 High-speed capitalism Structural reforms lead to stronger firms, more investment opportunities 219 Index 247 Japan is back. The dark days of the 1990s and early 2000s are history: Japan's corporate giants, bolstered by a massive economic restructuring, are suddenly outperforming all major markets. The world's smartest financiers are rediscovering Japan, and uncovering remarkable investment opportunities there. In The Japanese Money Tree, Andrew Shipley takes you inside the new Japanese economy, and presents innovative strategies for finding value in Japanese markets. Shipley reveals the true impact of the Koziumi policy reforms, illuminates Japan's surprising demographic realities, and outlines the implications of Japan's growing role as a regional leader. You'll discover how to cherry-pick Japanese investments with undervalued intangible assets, leverage emerging private equity and hedge funds, even get in on the new Japanese real estate boom. Whether you're a professional investor, money manager, or sophisticated individual investor, The Japanese Money Tree opens new investment opportunities you simply can't afford to miss.
(source: Nielsen Book Data)
Japan is back. The dark days of the 1990s and early 2000s are history: Japan's corporate giants, bolstered by a massive economic restructuring, are suddenly outperforming all major markets. The world's smartest financiers are rediscovering Japan, and uncovering remarkable investment opportunities there. In The Japanese Money Tree, Andrew Shipley takes you inside the new Japanese economy, and presents innovative strategies for finding value in Japanese markets. Shipley reveals the true impact of the Koziumi policy reforms, illuminates Japan's surprising demographic realities, and outlines the implications of Japan's growing role as a regional leader. You'll discover how to cherry-pick Japanese investments with undervalued intangible assets, leverage emerging private equity and hedge funds, even get in on the new Japanese real estate boom. Whether you're a professional investor, money manager, or sophisticated individual investor, The Japanese Money Tree opens new investment opportunities you simply can't afford to miss.
(source: Nielsen Book Data)

• Cover; Title Page; Copyright; Contents; Preface;
• 1. Introduction;
• 2. ETFs and REITs in Japan: Innovation and Steps for Future Growth;
• 3. Securitization of Residential Mortgages: Can Japan Create a "Good" GSE?; Comment on chapters 2 and 3 by Adam S. Posen;
• 4. Gap Filling, Hedge Funds, and Financial Innovation;
• 5. The Rise of the U.S. Private Equity Market; Comment on chapters 4 and 5 by Franklin R. Edwards;
• 6. Policy Issues Raised by Structured Products;
• 7. The Development of Improved Exchange-Traded Funds in the United States; Comment on chapters 6 and 7 by Kenneth E. Scott; Contributors.

"Presents research from experts in academia and the financial industry on financial instruments and new financial institutions, contrasting developments in the United States and Japan. Highlights innovative ways in which Japanese financiers and government officials have learned from the United States regarding the introduction of new instruments into their market"--Provided by publisher.

• Introduction / Yasuyuki Fuchita and Robert E. Litan
• ETFs and REITs in Japan : innovation and steps for future growth / Yuta Seki
• Securitization of residential mortgages : can Japan create a "good" GSE? / Yasuyuki Fuchita ; comment on chapters 2 and 3 by Adam S. Posen
• Gap filling, hedge funds, and financial innovation / Frank Partnoy and Randall Thomas
• The rise of the U.S. private equity market / Thomas Boulton, Kenneth Lehn, and Steven Segal ; comment on chapters 4 and 5 by Franklin R. Edwards
• Policy issues raised by structured products / Jennifer E. Bethel and Allen Ferrell
• The development of improved exchange-traded funds in the United States / Todd J. Broms and Gary L. Gastineau ; comment on chapters 6 and 7 by Kenneth E. Scott.

• 内容: ETFs and REITs in Japan / by Yuta Seki. Securitization of residential mortgages / by Yasuyuki Fuchita. Gap filling, hedge funds, and financial innovation / by Frank Partnoy, Randall Thomas. The rise of the U.S. private equity market / by Thomas Boulton, Kenneth Lehn, Steven Segal. Policy issues raised by structured products / by Jennifer E. Bethel, Allen Ferrell. The development of improved exchange-traded funds in the United States / by Jennifer E. Bethel and Allen Ferrell.

New financial instruments -such as structured financial products and exchange-traded funds -and new financial institutions -including hedge funds and private-equity funds -present opportunities as well as policy and regulatory challenges in U.S. and Japanese financial markets. This book presents cutting-edge research from experts in academia and the financial industry on new instruments and new institutions while contrasting their developments in the different countries. The contributors highlight the innovative way in which Japanese financiers and government officials have learned from the U.S. regarding the introduction of new instruments into their market. New Financial Instruments and Institutions continues the productive collaboration between the Brookings Institution and the Nomura Institute of Capital Markets Research in examining current issues in capital and financial markets. Contributors include Jennifer Bethel (Babson College), Todd Broms (Managed ETFs, LLC), Frank Edwards (Columbia Business School), Allen Ferrell (Harvard Law School), Yasuyuki Fuchita (Nomura Institute of Capital Markets Research), Gary Gastineau (Managed ETFs, LLC), Ken Lehn (University of Pittsburgh), Josh Lerner (Harvard Business School), Frank Partnoy (University of San Diego Law School), Adam Posen (Institute for International Economics), Ken Scott (Stanford Law School), Steve G. Segal (Boston University, J.W. Childs Associates), Yuta Seki (Nomura Institute of Capital Markets Research, New York), Erik Sirri (Babson College), and Randall Thomas (Vanderbilt Law School).
(source: Nielsen Book Data)

• Introduction / Yasuyuki Fuchita and Robert E. Litan
• ETFs and REITs in Japan : innovation and steps for future growth / Yuta Seki
• Securitization of residential mortgages : can Japan create a "good" GSE? / Yasuyuki Fuchita ; comment on chapters 2 and 3 by Adam S. Posen
• Gap filling, hedge funds, and financial innovation / Frank Partnoy and Randall Thomas
• The rise of the U.S. private equity market / Thomas Boulton, Kenneth Lehn, and Steven Segal ; comment on chapters 4 and 5 by Franklin R. Edwards
• Policy issues raised by structured products / Jennifer E. Bethel and Allen Ferrell
• The development of improved exchange-traded funds in the United States / Todd J. Broms and Gary L. Gastineau ; comment on chapters 6 and 7 by Kenneth E. Scott.

New financial instruments -such as structured financial products and exchange-traded funds -and new financial institutions -including hedge funds and private-equity funds -present opportunities as well as policy and regulatory challenges in U.S. and Japanese financial markets. This book presents cutting-edge research from experts in academia and the financial industry on new instruments and new institutions while contrasting their developments in the different countries. The contributors highlight the innovative way in which Japanese financiers and government officials have learned from the U.S. regarding the introduction of new instruments into their market. New Financial Instruments and Institutions continues the productive collaboration between the Brookings Institution and the Nomura Institute of Capital Markets Research in examining current issues in capital and financial markets. Contributors include Jennifer Bethel (Babson College), Todd Broms (Managed ETFs, LLC), Frank Edwards (Columbia Business School), Allen Ferrell (Harvard Law School), Yasuyuki Fuchita (Nomura Institute of Capital Markets Research), Gary Gastineau (Managed ETFs, LLC), Ken Lehn (University of Pittsburgh), Josh Lerner (Harvard Business School), Frank Partnoy (University of San Diego Law School), Adam Posen (Institute for International Economics), Ken Scott (Stanford Law School), Steve G. Segal (Boston University, J.W. Childs Associates), Yuta Seki (Nomura Institute of Capital Markets Research, New York), Erik Sirri (Babson College), and Randall Thomas (Vanderbilt Law School).
(source: Nielsen Book Data)

"This paper analyzes the process of institutional transformation in Bulgaria and assesses the extent to which it has established institutions and policies fostering domestic economic activity and integration into global markets. After a brief review of characteristics and achieved progress in first-generation reforms, that is, removal of central control over prices, liberalization of foreign trade and exchange rate regimes, the paper first assesses in the comparative perspective the progress made in the quality of governance and structural reforms. It then takes a look at the extent to which this has impacted foreign direct investment inflows and was translated into improved business environment in its domestic and external dimensions. The external dimension relates to backbone services facilitating trade and Bulgaria's trade policies. As far as the latter are concerned, the discussion highlights tensions that emerge from duality-regional versus multilateral-in Bulgaria's trade policy. Despite significant progress in implementation of structural reforms and converging to the EU acquis communautaire that has led to a significant enhancement in the quality of governance and market supporting institutions, "macro" institutional improvements are yet to be fully transplanted to a micro-level, as three areas appear to remain a binding constraint: First and foremost is the low quality of the judicial system and, by the same token, weaknesses in the enforcement of property rights and contracts. Second, backbone services facilitating trade remain a barrier. Bulgaria ranks low relative to the levels of efficiency achieved on average by both EU-8 and the EU-15 countries in management of ports, information technology infrastructure, and customs. Third, there are recurrent complaints among businesses of government bureaucracy, poor infrastructure, and frequent changes in the legal framework including taxation. As a result, the regulatory burden remains huge. There are still redundant and excessive sector-specific regulatory regimes. Bulgaria's markets for industrial goods are fully contestable for pan-Europe (EU-25, European Free Trade Association, Romania, and Turkey), exposing local producers to duty-free competition from imports. With relatively high most favored-nation tariff rates, the level of reverse discrimination significantly increased over the past couple of years. While this has not resulted in perceptible trade diversion, organizational arrangements preventing that to happen unnecessarily increase administrative intervention in the economy. "--World Bank web site.

• 1. Introduction
• 2. Financial market imperfections and corporate decisions : theory and evidence
• 3. The transformation of the Hungarian financial system
• 4. Patterns of corporate financial positions
• 5. The determinants of corporate capital structure
• 6. Financial constraints and investment decisions
• 7. Conclusions.

• Introduction.- Financial market imperfections and corporate decisions: theory and evidence.- The transformation of the Hungarian financial system.- Patterns of corporate financial positions.- The determinants of corporate capital structure.- Financial constraints and investment decisions.- Conclusions.- Data appendix.
• (source: Nielsen Book Data)

The book presents the results of an empirical investigation of the behaviour of Hungarian firms during the transition process focusing in particular on the role of financial market imperfections for corporate capital structure and investment decisions. The results suggest that financial market reforms have succeeded, albeit partially, in hardening firms's budget constraints and improving the efficiency of the credit allocation process. In particular, following the introduction of the banking sector reform and of the new bankruptcy law, budget constraints became more binding for small private firms, while informational costs became less relevant for foreign-owned firms.
(source: Nielsen Book Data)

• Foreword-- Preface--
• 1. Did Japanese politics change in the 1990s?-- ANALYTICAL FRAMEWORK--
• 2. A rational actor approach--
• 3. How do systems change? Actors, preferences, strategies, and institutions in financial politics--
• 4. Economic realities of the Big Bang-- ANALYSIS OF FINANCIAL POLITICS--
• 5. A political analysis of the emergence of the Big Bang Initiative--
• 6. Financial industry influence on financial reforms--
• 7. New developments in bureaupluralism in financial policymaking-- THE MEANING OF CHANGE--
• 8. Institutional change in the Japanese political economy--
• 9. Conclusions.
• (source: Nielsen Book Data)

In 1996, the Japanese government introduced a policy package initiating massive deregulation and liberalization in the nation's financial sector, referred to as Japan's financial 'Big Bang.' This book argues that the emergence of the Big Bang Initiative poses numerous challenges to conventional interpretations of Japanese politics and represents a clear case of institutional change in Japanese finance. Whereas many observers stress continuity in Japanese politics, this book argues that the emergence in the 1990s of performance failures and scandals attributed to the bureaucracy, as well as the increase in the likelihood of a change in government in this period, led policymaking patterns surrounding the Big Bang to differ radically from those dominating public policymaking in the past. These developments led to change in the nature of the alliance between the ruling Liberal Democratic Party (LDP) and the Ministry of Finance (MOF), to a shift in priorities within the MOF, and to a heightened role for the public in policymaking. The result was that the MOF, long perceived as 'entrenched' and seeking to maximize tangible tokens of organizational power, became more than willing to launch the Big Bang, despite the fact that these reforms would strip the ministry of many of its regulatory tools and sever the ministry's close ties with the financial sector. The book also argues that these new developments prevented financial industry actors from forestalling these reforms, as they had done in the past with other reforms similarly threatening the viability of weaker firms. The findings reveal that not only politicians, but also bureaucrats and interest groups, have reasons to pursue public support to enhance their respective political influence. Consequently, well-organized groups do not always prevail over the unorganized public.
(source: Nielsen Book Data)

"Drawing on the recent literature on economic institutions and the origins of economic development, the authors offer a political economy explanation of why institution building has varied so much across transition economies. They identify dependence on natural resources and the historical experience of these countries during socialism as major determinants of institution building during transition by influencing the political structure and process during the initial years. Their empirical analysis shows that countries that are more reliant on natural resources and spent a longer time under socialist governments are more likely to see former communists remain in power and to start the transition process with less open political systems, with negative repercussions for the development of market-compatible institutions. Using natural resource reliance and the years under socialism to extract the exogenous component of institution building, the authors also show the importance of institutions in explaining the variation in economic development and growth across transition economies during the first decade of transition. "--World Bank web site.

• Part Part I
• chapter 1 Theoretical perspectives on central bank independence ALI A L -- NOWAIHI AND PAUL LEVINE
• chapter 2 The background to reform: central banking in a command economy / NIGEL M . HEALEY AND JANET ILIEVA
• chapter 3 Central banking in transition economies / NIGEL M . HEALEY AND JANET ILIEVA
• part Part II
• chapter 4 The changing role of central banks in market economies / JANET ILIEVA
• chapter 5 Central bank independence and macroeconomic performance: a survey of the evidence FRIEDRICH KIßMER AND HELMUT WAGNER
• chapter 6 Central bank independence and inflation performance in transition economies / JANET ILIEVA
• part Part III
• chapter 7 Central bank independence in the Czech Republic / PAVEL SOUKUP , ANITA TACI AND ROMAN MATOU SˇE K
• chapter 8 Central bank independence in Poland / ROBERT HUTERSKI
• chapter 9 Central bank independence in Romania / SILVIU CERAN
• chapter 10 Central bank independence in Bulgaria / GARABED MINASSIAN.

This book, written by a multinational team of experts, explores the changing face of central banking in Eastern Europe in the light of modern macroeconomic thinking, providing important and novel insights into the design of monetary policy institutions. With its authoritative content, this book will interest students and academics involved with money and banking, macroeconomics and Eastern European studies. Professionals working for financial institutions will also find plenty that will appeal within these pages.
(source: Nielsen Book Data)

• Introduction: globalization, financial technology and growth phase -- some thoughts on redesigning financial systems in East Asia and Japan / Joseph P.H. Fan [and others]
• PART I. FINANCIAL INSTITUTIONS AND FINANCIAL RESTRAINT THEORY EXPLAIN THE POSTWAR EXPERIENCE OF JAPAN'S FINANCIAL SYSTEM?
• Can the financial restraint theory explain the postwar experience of Japan's financial system? / Masaharu Hanazaki, Akiyoshi Horiuchi
• The role of long-term funds for economic development: empirical evidence in Japan, Korea and Taiwan / Shin-Ichi Fukuda
• Japanese economic success and the curious characteristics of Japanese stock prices / Randall Morck, Bernard Yeung
• Japanese securities frims, business corporations and financial institutions: a comparison of their investing behavior / Kenneth A. Kim, John R. Nofsinger
• Financial deregulations, weakness of market discipline and market development: Japan's experience / Mitsuhiro Fukao
• Macroeconomic effects of capital adequacy regulation in Japan / Heather Montgomery
• PART II. ISSUES IN GOVERNANCE OF CORPORATE SECTOR AND NEW TECHNOLOGY
• The financing and governance of new technologies / Colin Mayer
• The benefits and costs of internal markets: evidence from Asia's financial crisis / Stijn Claessens [and others]
• Large shareholders and banks: who monitors and how? / Yishay Yafeh, Oved Yosha
• Did families lose or gain control after the East Asian financial crisis? / Anya Khanthavit [and others]
• The determinants of executive compensation in Japan and UK: agency hypothesis or joint determination hypothesis? / Katsuyuki Kubo
• PART III. TOWARD A NEW DESIGN OF FINANCIAL SYSTEM
• Toward an incentive compatible financial system: accounting and manageing the non-performing loans / Akio Kuroda, Koichi Hamada
• Further reforms of the JGB market for the promotion of regional bond markets / S. Ghon Rhee
• Reflections on the new financial system in Japan: participation costs, wealth distribution and security market-based intermediation / Yukinobu Kitamura [and others].

• Contextual and Thematic Aspects: Theoretical context of outward foreign direct investment from transition economies, Marjan Svetlicic-- Investment development path of small economies - comparative evaluation of Austria and Slovenia, Marjan Svetlicic and Christian Bellak-- Outward foreign direct investment by Portuguese companies - relevance and lessons for transition, Vitor Corado Simoes-- Outward FDI by transition economies - basic features, trends and development implications, Marjan Svetlicic and Andreja Jaklic-- Service sector outward foreign direct investment - exploiting the advantages in the region, Metka Stare-- Direct versus indirect foreign investment from transition economies - is there a difference in parent company/home country impact?, Wilfried Altzinger, Christian Bellak, Andreja Jaklic and Matija Rojec. Country Studies of Outward FDI: Internationalization of Czech companies via outward investment, Marie Bohata and Alena Zemplinerova-- The role of outward foreign direct investments in the internationalization of Estonian firms, Urmas Varblane, Ele Reiljan and Tonu Roolaht-- Outward foreign direct investment from Hungary - trends, motivations and effects, Andrea Elteto and Katalin Antaloczy-- Outward foreign direct investments from Poland, Dariusz Rosati and Witold Wilinski-- Slovenian outward foreign direct investment, Andreja Jaklic-- The mirror image - the Austrian host country perspective, Wilfried Altzinger, Christian Bellak and Rudolf Duris-- Conclusions, policy suggestions and future perspectives, Marjan Svetlicic.
• (source: Nielsen Book Data)

This work provides an in-depth evaluation of the rationale as well as theoretical and empirical explanations of the outward internationalization of firms from the Czech Republic, Estonia, Hungary, Poland and Slovenia. The authors present the first broader empirical evidence on transition economies' OFDI and internationalization, evaluate the role of transnational companies from transition economies and development implications of outward internationalization for home economies. They put the experience of firms from transition economies into the framework of existing theories, study to what extent are the experiences of Austria, Portugal and Finland applicable to transition economies, illustrate general macro economic trends of the international business practices of firms from transition economies by case studies, examine the main determinants and barriers to outward internationalization process, offer a representative set of cases and best business/government practices relevant for other transition economies, identify specificity in internationalization by firms from transition economies due to transition processes and systemic background and apply network theory as a complementary explanation for such internationalization due to former historical ties and cultural vicinities. The book presents a more systematic analysis of the internationalization of firms from transition economies, based on results of the two ACE projects: "Outward internationalization facilitating transformation and EU Accession; The case of Czech Republic, Hungary and Slovenia" and "Networking Through OFDI" also including Poland and Estonia.
(source: Nielsen Book Data)

• 1. The Transition of Finance, Postal Savings, and Government Financial Intermediation--
• 2. The Postal Savings System and the Fiscal Investment and Loan Program in the Japanese Financial System--
• 3. Flow-of-Funds Model of the Postal Savings System and the Fiscal Investment and Loan Program--
• 4. Empirical Issues and Results--
• 5. Reforming the Postal Savings System and the Fiscal Investment and Loan Program: Historical Perspective, Summing-up of the Issues, Reform, and Evaluation.
• (source: Nielsen Book Data)

Japan's Postal Savings System (PSS) and Fiscal Investment and Loan Program (FILP) are major institutional features of Japanese finance that support a wide ranging system of government financial intermediation. Despite their size and importance, they have not received extensive attention outside of Japan. These institutions manifest characteristics of the pre-liberalization regime and despite an official policy of liberalization since the mid 1970s, the PSS and FILP have increased their role in the financial system and economy. They resisted reform until 1998, and despite a series of reforms that became effective 01 April 2001, there is concern that reducing the role of government financial intermediation will be a slow and difficult process. The process is complicated by Japan's depressed economy that is now in its second decade of stagnant or declining growth. The book provides an institutional, flow of funds, theoretical, and statistical overview of the PSS and FILP. The book evaluates the contributions these institutions have made to Japan's economic growth and the problems these institutions create as Japan attempts to modernize its financial and economic system. The book provides a positive analysis of the role played by the PSS and the FILP in Japan's impressive growth from 1950 to the late 1980s and the economic and financial distress of the 1990s. The book evaluates the reforms started in 1998 and provides a normative view of what direction reform of the PSS and FILP needs to take if the goals of the 1996 Big Bang announcement are to be realized. Despite the setbacks in the late 1990s and the first years of the new century, the 1996 Big Bang remains the operating framework for financial reform in Japan.
(source: Nielsen Book Data)