Japan's Banking Industry: Collusion under Regulation

Yoshiro Tsutsui ()

Japanese Economy, 1990, vol. 18, issue 3, 53-92

Abstract: In the preceding three chapters, financial markets, in particular the loan market, were the subject of analysis. Chapters 1 and 2 found that, although during the period of rapid economic growth the interest rate regulation in the loan market operated effectively and the market could not be said to have been freely adjusted, after the First Oil Shock it came to be adjusted to a considerable extent. Chapter 3 brought to light that the loan market is not a place of "anonymous" transactions where strangers happen to meet on business occasions but is a "market of implicit contracts" in which banks, who are the lenders, and firms, who are the borrowers, enter into long-term business relationships and the banks help the firms to stabilize their management.

Date: 1990
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DOI: 10.2753/JES1097-203X180353

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