EconomicResearch创新.PDFVIP

This PDF is a selection from a published volume from the National Bureau of Economic Research Volume Title: Financial Sector Development in the Pacific Rim, East Asia Seminar on Economics, Volume 18 Volume Author/Editor: Takatoshi Ito and Andrew K. Rose, editors Volume Publisher: University of Chicago Press Volume ISBN: 0-226-38684-8 Volume URL: /books/ito_07-2 Conference Date: June 22-24, 2007 Publication Date: February 2009 Chapter Title: Listing Policy and Development of the Tokyo Stock Exchange in the Pre-War Period Chapter Author: Yasushi Hamao, Takeo Hoshi, Tetsuji Okazaki Chapter URL: /chapters/c0422 Chapter pages in book: (51 - 87) 2 Listing Policy and Development of the Tokyo Stock Exchange in the Prewar Period Yasushi Hamao, Takeo Hoshi, and Tetsuji Okazaki 2.1 Introduction The postwar Japanese financial system has been known as a bank- centered system, in which banks played a central role in corporate finance and governance. The mainstream view in the literature on economic his- tory argued that the bank-centered system has a long history in Japan with its origin dating all the way back to the late nineteenth century, when Japan embarked upon its modern economic development (Bank of Japan, Insti- tute for Monetary and Economic Studies 1986, 1995; Ishii 1997, 1999). Re- cent empirical studies have established, however, that the prewar Japanese economic system in general was substantially different from the postwar system, and, in particular, the financial system was characterized by large and active securities market with shareholders (not bankers) playing the central role in corporate finance and governance (Fujino and Teranishi 2000; Miwa and Ramseyer 2002; Okazaki 1995, 1999a,b, 2000; Okazaki, Sawada, and Yokoyama 2005; Hoshi and Kashyap 2001; Teranishi 2003). The empirical evidence to support the i