E-ISSN : 2383-9449
This paper explores a new hypothesis that can help to shed light on why the Japanese financial system has fallen into a unique transition failure in terms of its extraordinarily prolonged financial slump. An aspect of the continuing Japanese financial slump can be explained in terms of games that were being played between regulators and main banks as each tried to test the intentions and commitment of the other in a context where the traditional system of monitoring had collapsed together with its relationships of trust. Higher "audience costs" which prevented the restoration of appropriate relations between regulators and banks, associated with the internal collapse of trust in the system, can explain this unique transition failure.
Aoki, M., H. Patrick and P. Sheard, ed. Aoki, M. and Patrick H. Introduction: The Japanese Main Bank System: An Introductory Overview.;The Japanese Main Bank System.
Arrow, K.J.. The Limits of Organization.
Basle Committee on Baking Supervision (BCBS). International Convergence of Capital Measurement and Capital Standards: A Revised Framework.
Cabinet Office. Heisei 13 nendo-ban, Keizai Zaisei Hakusho (Annual Report on Japan's Economy and Public Finance 2000-2001).
Cohen, D. and J.L.Knetsch, ed. Kahneman. D. and Tversky, A. Judicial Choice and Disparities between Measures of Economic Values. In Choices, Values, and Frames.
Dore, R. Asian crisis and the future of the Japanese model.
Dore, R.. Stock Market Capitalism: Welfare Capitalism, Japan and Germany versus the Anglo-Saxons.
Eichengreen, B. Toward a New International Financial Architecture, A Practical Post-Asia Agenda.
Elster, J.. Ulysses Unbound, Studies in Rationality, Precommitment, and Constraints.
Freixas, X. and J.C. Rochet.. Microeconomics of Banking.
Fukuyama, F.. Trust: The Social Virtues and the Creation of Prosperity.
Harada, Y. Nihon no Ushinawareta 10 nenn.
Hellmann, T., K. Murdock and J. Stiglitz., ed. Aoki, M., Kim, H-K. and Okuno-Fujiwara, M. Financial Restraint: Toward a New Paradigm. In The Role of Government in East Asian Economic Development: Comparative Institutional Analysis.
Hoshi, T. and A. Kashyap. Corporate financing and governance in Japan: The road to the future.
Ikeo, K. Kaihatsu Shugi no Boso to Hosin.
JSBRI (Japan Small Business Research Institute). 2009 White Paper on Small and Medium Enterprise in Japan.
Khan, M., ed. J.Hunter, J.Harriss and C.Lewis. State Failure in Weak State: A Critique of New Institutionalist Explanations. In The New Institutional Economics and Third World Development.
Kindleberger, C.. Manias, Panics and Crashes.
Knight, J.. Institutions and Social Conflict.
METI (Ministry of Economy, Trade and Industry). Heisei 15 nen Kogyo Tokei Hyo (Industrial statistics in 2003).
Nishimura, Y.. Kinyu-Gyosei no Haiin.
North, D.C.. Institutions, Institutional Change and Economic Performance.
Okazaki T., ed. Morikawa, H. and Yonekura, S. Sengo nihon no kinyu shisutemu. In Nihon Keiei-shi 5.
Okuno-Fujiwara, M., ed. Aoki,M., Kim,H-K and Okuno-Fujiwara, M.. Toward a Comparative Institutional Analysis of the Government- Business Relationship. In The Role of Government in East Asian Economic Development: Comparative institutional Analysis.
Okuno-Fujiwara, M., ed. M. Okuno-Fujiwara. Baburu Keizai to Sono Hatan Shori. In Heisei Baburu no Kenkyu (Jyou).
Patrick, H. The Causes of Japan's Financial Crisis.
Saito, S.. 10 nen Defure.
Simon, H.A., ed. Moser, P.K.Moser. Alternative visions of rationality. In Rationality in Action: Contemporary approaches.
SMEA (Small and Medium Enterprise Agency). 2005 Nendo Chusho Kigyo Hakusho (White Paper).
Stiglitz, J.. Whither Socialism?.
Takeda, S.. Shinyo to shinrai no keizai gaku.
Toya, T.. Kinyuu Big Bang no Seiji Keizai Gaku (The Political Economy of the Japanese Financial Big Bang).
Tsuru, K.. Nihon no Keizai Shisutemu Kaikaku.
Uriu, R.. Japan in 1998: Nowhere to Go but Up?.
Williamson, O.E.. The Economic Institutions of Capitalism.
Yoshikawa, H.. Tenkanki no Nihon Keizai.
Yoshikawa, H.. Kozo Kaikaku to Nihon Keizai.