‰ͺθ“N“ρ‚ΜŒ€‹†(‰pŒκ)

 

 

45.

Title: Excess Capacity and Effectiveness of Policy Interventions: Evidence from the Cement Industry

Author: Ken Onish; Naoki Wakamori; Okazaki, Tetsuji

Source: forthcoming in International Economic Review

Author Affiliation: Federal Reserve BoardG U TokyoG U Tokyo

Abstract: Strategic interaction among firms may hinder the reduction of excess capacity in a declining industry. Policy interventions that attempt to reduce excess capacity may increase efficiency by accelerating the capital adjustment but may decrease efficiency by increasing the market power of firms and/or by distorting firms' divestment decisions. We study capacity coordination policies—forcing firms to reduce their capacity simultaneously—applied to the Japanese cement industry. Estimation results suggest that these interventions did not increase market power because reduction in capacity resulted in higher utilization of the remaining plants, and did not distort firms' scrappage decisions.

44.

Title: Product Innovation, Product Diversification, and Firm Growth: Evidence from Japanfs Early Industrialization

Author: Serguey BraguinskyGAtsushi Ohyama, GChad SyversonGOkazakiTetsuji

Source: American Economic Review , v. 111, no. 12, pp. 3795-3826

Author Affiliation: , University of Maryland Smith School of BusinessGHitotsubashi UGU ChicagoGU Tokyo

Publication Date: December 2021

Abstract: We explore how firms grow by adding products. We leverage detailed data from Japan's cotton spinning industry at the turn of the last century to do so. This setting allows us to fully characterize the type of differentiation (vertical or horizontal) of new product introductions as well as whether the product is within or outside of the firm's prior technological capabilities. We find that trying to introduce innovative products beyond the firm's previous technologically feasible set, even if such trials fail, is a key to firm growth. Indeed, it mostly facilitates growth through the firm's later success in horizontal product diversification. In long-term outcomes, the right tail of the firm size distribution becomes dominated by firms that first moved into technologically challenging products and then later applied their newly acquired technical competence to horizontal expansion of their product portfolios. Two mechanisms through which this knowledge transfer occurs are greater production system flexibility and higher product appeal to downstream buyers.

43.

Title: Disentangling the Effects of Technological and Organizational Changes During the Rise of the Factory: The Case of the Japanese Weaving Industry, 1905−1914

Author: Okazaki, Tetsuji

Source: Economic History Review, v.74 iss.4 pp976-1005

Author Affiliation:  U Tokyo

Publication Date: March 2021

Abstract: This paper contributes the gfactory debateh by disentangling the effects of technological change and organizational change during the rise of the factory using unique data from the weaving industry in early twentieth-century Japan. In this period, a variety of production organizations coexisted, which provides us with an excellent opportunity to evaluate the implication of the factory system. Using regression analyses and observation of descriptive data, we find that production value per worker was four to seven times larger in nonpowered factories compared with weavers-out workers under the putting-out system, and that the difference reflects that in the number of work days and work intensity between factories and weavers-out workers.

42.

.

Title: Creative Destruction of Industries: Yokohama City in the Great Kanto Earthquake

Author: Toshihiro Okubo ; Eric Strobl ; Okazaki, Tetsuji

Source: Journal of Economic History  v.79 iss.1 pp.1-31

Author Affiliation: Keio U ;  U Bern. ; U Tokyo

Publication Date: March 2019

Abstract: The Great Kanto Earthquake occurred on 1 September 1923 and inflicted serious damage on Yokohama City. About 90 percent of the factories in Yokohama City were burnt down or completely destroyed. However, these manufacturing industries appear to have swiftly recovered in the aftermath of the damage. This article investigates the role of creative destruction due to the Great Kanto Earthquake. Using firm-level data on capital (horsepower of motors) before and after the earthquake, we find substantial creative destruction, that is, upgrade of machine technology and/or survival of efficient firms. We find further collaborating evidence of this at the prefecture level.

41.

Title: The Expanding Empire and Spatial Distribution of Economic Activities: The Case of Japanfs Colonization of Korea during the Pre-war Period

Author: Kentaro Nakajima; Okazaki, Tetsuji

Source: Economic History Review  v.71 iss.2  pp 593-616,

Author Affiliation: Tohoku University; U-Tokyo        

Publication Date: April 2018

Abstract: In 1910, Japan annexed Korea and integrated it into the Empire of Japan. According to its policy of assimilating colonies, the Japanese government intended to remove the tariffs between Japan and Korea, an aim which had almost been realized by 1923. The removal of the tariff barrier was supposed to improve market access between Japan and Korea. This article explores the implications of this event, focusing on the spatial distribution of economic activity in Japan. The regression results suggest that the integration of the Korean market increased population growth rates more in the regions close to the former border between Japan and Korea than in the other regions. Furthermore, after integration, the regions close to Korea that specialized in the fabric industry, whose products were the primary goods exported from Japan to Korea, experienced more population growth than other regions close to Korea did. These results suggest that market accessibility was indeed a determinant of the spatial distribution of economic activity. Our findings also indicate that the economic effect of colonization on the mainland was spatially heterogeneous and that a spatial viewpoint of the history of imperialism is important.

40.

Title: Measuring the extent and implications of corporate political connections in prewar Japan

Author: Michiru Sawada; OkazakiTetsuji

Source: Explorations in Economic History v. 65 pp17-35

Author Affiliation: U-Nihon; U-Tokyo

Publication Date: July 2017

Abstract: This paper explores the extent of political connections of firms, and examines the implications for firm values, using firm-level data from prewar Japan. We collect data from publicly traded companies in Japan in the late 1920s and early 1930s regarding their directors and presence of members of the House of Representatives, stock prices, and financial performance. We find that almost 20% of these publicly traded companies had political connections through politician directors. In particular, firms in regulated industries, including the electrical utility and railroad industries, were more likely to have political connections. Regression analyses reveal that the stock returns of firms with newly- obtained political connections improved from the pre-election to post-election periods. Furthermore, this positive effect accrued to non-regulated industries, while it did not to regulated industries.

39.

Title: Assessing the effects of Japanese industrial policy change during the 1960

Author: Kozo Kiyota; Okazaki, Tetsuji

Source: Journal of the Japanese and International Economies  v.40 pp 31-42,

Author Affiliation: Keio U; U-Tokyo

Publication Date; June 2016

Abstract: This paper provides a systematic analysis of the effects of the industrial policy change

in the 1960s in Japan. We utilize a panel of 227 manufacturing industries between 1960 and 1969. We find that on the one hand, the removal of de facto import quotas had significantly negative effects on real output, real output per establishment, and employment. On the other hand, for those industries where import quotas were removed, tariff protection was effective in maintaining real output and employment. However, this does not necessarily mean the success of industrial policy change because neither tariff protection nor the removal of quotas contributed to productivity growth. In that sense, the industrial policy change had limited effects.

 

38.

Title: Impact of natural disasters on industrial agglomeration: The case of the Great Kantō Earthquake in 1923 
Author: Asuka Imaizumi ; Kaori Ito ; Okazaki, Tetsuji
Author Affiliation: U Saitama; U tokyo;
Tokyo University of Science;
Source:
Explorations in Economic History  v.60, Pages 52–68
Publication Date: April 2016
Abstract:
In the 1930s and 1940s, the Japanese coal industry experienced huge ups and downs of labor productivity as well as production. In this paper, I explored the micro-aspects of productivity change in the coal industry using mine-level data compiled from official statistics and the original documents of the Coal Control Association. The coal industry in this period was characterized by dynamic changes in market structure. While a number of mines entered and exited the industry, shares of incumbent mines also changed substantially. These mine dynamics had substantial productivity implications. In the early stage of the war, many low productivity mines entered the industry, which reduced average productivity considerably. On the other hand, the government and the Coal Control Association implemented a policy to concentrate productive resources and production on efficient mines during the war, which helped raise average productivity. In a deteriorating environment, coal production in Japan was maintained fairly well during the war. One of the conditions that made it possible was the policy of resource reallocation.

ISSN; 0014-4983

37.

 

Title: Productivity Change and Mine Dynamics : The Coal Industry in Japan during and after World War II
Author: Okazaki, Tetsuj
Author Affiliation: U Tokyo
Source: Jahrbuch für Wirtschaftsgeschichte  v.55 (2014), 2:31-48
Publication Date:2014

Abstract: In the 1930s and 1940s, the Japanese coal industry experienced huge ups and downs of labor productivity as well as production. In this paper, I explored the micro-aspects of productivity change in the coal industry using mine-level data compiled from official statistics and the original documents of the Coal Control Association. The coal industry in this period was characterized by dynamic changes in market structure. While a number of mines entered and exited the industry, shares of incumbent mines also changed substantially. These mine dynamics had substantial productivity implications. In the early stage of the war, many low productivity mines entered the industry, which reduced average productivity considerably. On the other hand, the government and the Coal Control Association implemented a policy to concentrate productive resources and production on efficient mines during the war, which helped raise average productivity. In a deteriorating environment, coal production in Japan was maintained fairly well during the war. One of the conditions that made it possible was the policy of resource reallocation.

ISSN; 00752800

 

36.

Title: Sources of productivity improvement in industrial clusters: The case of the prewar Japanese silk-reeling industry  
Author:
Yutaka Arimoto ; Kentaro Nakajima ; Okazaki, Tetsuji
Author Affiliation: Institute of Developing Economies; Tohoku U; U Tokyo;
Source: Regional Science and Urban Economics  v.46, May 2014, Pages 27–41
Publication Date: May 2014
Abstract: We examine two sources of productivity improvements in localized industrial clusters of the silk-reeling industry in prewar Japan. Agglomeration improves the productivity of each plant through positive externalities which shift plant-level productivity distribution to the right. Selection expels less productive plants through competition, which truncates the distribution on the left. We find evidence of agglomeration effects that benefit less productive plants and selection effects in clusters. Here, a cluster is defined by the density of own-industry plants within an area. The results complement previous studies that find positive agglomeration effects in the most productive firms, but no selection effects in cities (Combes et al., 2012; Accetturo et al., 2011). Our results suggest that the sources of productivity improvements in localized industrial clusters might be different from those in cities.
ISSN: 0166-0462

35.

Title: Acquisitions, Productivity, and Profitability: Evidence from the Japanese Cotton Spinning Industry

Author: Braguinsky, Serguey; Ohyama, Atsushi; Okazaki, Tetsuji; Syverson, Chad
Author Affiliation: Carnegie Mellon U; Hokkaido U; U Tokyo; U Chicago
Source: National Bureau of Economic Research, Inc, NBER Working Papers: 19901
Publication Date:2014

Abstract: We explore how changes in ownership and managerial control affect the productivity and profitability of producers. Using detailed operational, financial, and ownership data from the Japanese cotton spinning industry at the turn of the last century, we find a more nuanced picture than the straightforward "higher productivity buys lower productivity" story commonly appealed to in the literature. Acquired firms' production facilities were not on average less physically productive than the plants of the acquiring firms before acquisition, conditional on operating. They were much less profitable, however, due to consistently higher inventory levels and lower capacity utilization--differences which reflected problems in managing the uncertainties of demand. When purchased by more profitable firms, these less profitable acquired plants saw drops in inventories and gains in capacity utilization that raised both their productivity and profitability levels, consistent with acquiring owner/managers spreading their better demand management abilities across the acquired capital.
ISSN: 1832-8105

34.

Title: Interbank Networks in Prewar Japan: Structure and Implications
Author: Okazaki, Tetsuji; Sawada, Michiru
Author Affiliation: U Tokyo;
Nihon University College of Economics
Source: Industrial and Corporate Change, v. 21, iss. 2, pp. 463-506
Publication Date: April 2012
Abstract: In this article, we explore the structure and implications of interbank networks in prewar Japan, focusing on director interlocking. We find that approximately half the banks had at least one connection with another bank through director interlocking, and that a bank that had connections with other banks was less likely to fail than a bank without a network. The quality of networks also matters in the sense that the failure probability of a bank with a network was negatively associated with the profitability of the connected banks. On the other hand, there is no strong evidence of financial contagion through networks. In addition, networks of director interlocking contributed to the stabilization of the financial system through coordinating bank mergers.
ISSN:
0960-6491

33.

Title: Chaebol and Industrial Policy in Korea: Comment
Author: Okazaki, Tetsuji
Author Affiliation: U Tokyo
Source: Asian Economic Policy Review, v. 7, iss. 1, pp. 87-88
Publication Date: June 2012
ISSN: 1832-8105

 

32.

Title: The Supplier Network and Aircraft Production in Wartime Japan
Author: Okazaki, Tetsuji
Author Affiliation: U Tokyo
Source: Economic History Review, August 2011, v. 64, iss. 3, pp. 973-94
Publication Date: August 2011
Abstract: The Japanese aircraft industry, which was very small scale before the Second World War, became Japan's largest manufacturing industry by the end of the war. This article explores the basis for the growth of the aircraft industry during this time by focusing on Mitsubishi Heavy Industries Company's No. 5 Works. It was revealed that during the war, the supply of basic inputs increased substantially: labour force, equipment, and 'machinery parts' were in sufficient supply and none of these was a binding constraint on production. The binding constraint existed in the supply of 'special parts'. In other words, aircraft production expanded as the supply of special parts increased. This increase in the supply of special parts and still faster growth in the supply of machinery parts came about through the expansion of the supplier network in terms of both the number of suppliers and the geographical area in which they were located. These findings imply that outsourcing played a key role in the growth of aircraft production in wartime Japan.
ISSN: 00130117

31.

Title: Agrarian Land Tenancy in Prewar Japan: Contract Choice and Implications on Productivity
Author: Arimoto, Yutaka; Okazaki, Tetsuji; Nakabayashi, Masaki
Author Affiliation: Institute of Economic Research, Hitotsubashi U; U Tokyo; Institute of Social Sciences, U Tokyo
Source: Developing Economies, September 2010, v. 48, iss. 3, pp. 293-318
Publication Date: September 2010
Abstract: We study the tenancy contract choice and its impact on productivity in the prewar Japanese agriculture, where a unique contractual form, the rent-reduction contract, was predominant. Theoretically, this contract is more efficient than share tenancy or fixed-rent contract in terms of provision of incentives and risk-sharing, and thus raises the question of why such an efficient contract was uncommon outside Japan. We argue that transaction costs on the execution of rent reduction were the key element in the adoption of this contract. In prewar Japan, local communities played some role in governing the process of rent reduction and mitigated such costs. Thus the study proposes transaction costs and institutions as additional determinant of tenancy contract choice. We also find that higher prevalence of tenancy was associated with lower average rice yield at the prefectural level and such correlation was stronger in prefectures with a greater proportion of share tenancy.
ISSN: 00121533

30.

Title: Industrial Policy Cuts Two Ways: Evidence from Cotton-Spinning Firms in Japan, 1956-1964
Author: Kiyota, Kozo; Okazaki, Tetsuji
Author Affiliation: Yokohama National U; U Tokyo
Source: Journal of Law and Economics, August 2010, v. 53, iss. 3, pp. 587-609
Publication Date: August 2010
Abstract: A number of studies have revealed that a negative effect of industrial policy on productivity growth. Is this because industrial policy fails to control the activities of firms or because it can effectively control them? This paper attempts to answer these questions, using firm-level data from the cotton-spinning industry in Japan for the period 1956-64. It has been determined that industrial policy cut two ways during this period. Industrial policy effectively controlled the output of cotton spinning firms, which contributed to the establishment of a stable market structure during the period. On the flip side, such policy constrained the allocation of resources from less productive large firms to more productive small firms. Combined with the negative productivity growth in large firms during this period, industrial policy resulted in negative productivity growth in the industry.
ISSN: 00222186

29.

Title: Listing Policy and Development of the Tokyo Stock Exchange in the Prewar Period
Author: Hamao, Yasushi; Hoshi, Takeo; Okazaki, Tetsuji
Author Affiliation: U Southern CA; U CA, San Diego and Tokyo Center of Economic Research; U Tokyo
Source: Financial Sector Development in the Pacific Rim, 2009, pp. 51-87
Publication Date: 2009
ISBN: 978-0-226-38684-3

28.

Title: Micro-aspects of Monetary Policy: Lender of Last Resort and Selection of Banks in Pre-war Japan
Author: Okazaki, Tetsuji
Source: Explorations in Economic History, October 2007, v. 44, iss. 4, pp. 657-79
Publication Date: October 2007
Abstract: This paper explores how the Bank of Japan (BOJ) dealt with the trade-off between stability of the financial system and the moral hazard of banks in pre-war Japan. The BOJ concentrated Lender of Last Resort (LLR) loans with those banks that had an established transaction relationship with the BOJ. At the same time, the BOJ carefully selected its transaction counterparts, and did not hesitate to end the relationship if the performance of a counterpart declined. Further, the BOJ was selective in providing LLR loans. Through this policy, the BOJ could avoid the moral hazard that the LLR policy might otherwise have incurred.
ISSN: 00144983

27.

Title: Effects of a Bank Consolidation Promotion Policy: Evaluating the 1927 Bank Law in Japan
Author: Okazaki
, Tetsuji; Sawada, Michiru
Source: Financial History Review, April 2007, v. 14, iss. 1, pp. 29-61
Publication Date: April 2007
Abstract: This article investigates the impact of bank consolidations promoted by government policy, using data from pre-war
Japan when the Ministry of Finance promoted bank consolidations through the Bank Law of 1927. We argue that policy-promoted consolidation had a positive effect on deposit growth, especially in the period when the financial system was unstable. On the other hand, it had a negative effect on profitability, particularly when there was no dominant bank among the participants or when more than two banks participated in the consolidation. Policy-promoted consolidation in such cases was likely to be accompanied by large organisational cost.

26.

Title: 'Voice' and 'Exit' in Japanese Firms during the Second World War: Sanpo Revisited
Author: Okazaki, Tetsuji
Source: Economic History Review, May 2006, v. 59, iss. 2, pp. 374-95
Publication Date: May 2006
Abstract: During the Second World War, the Japanese government and private sector searched for and implemented new mechanisms for coordination and motivation. One of these was sangyo hokokukai (sanpo). The Sanpo unit was basically an organization of the employer and employees of each firm, which held meetings to moderate labour relations. As a result of government policy to promote sanpo units, around 70 per cent of the total workers in
Japan were organized into sanpo units in the early 1940s. As the members of trades unions and the workers of the companies that had factory committees were only 7 per cent and 5 per cent of the total workers in 1936 respectively, sanpo was the first large-scale mechanism for Japanese employees to have a voice. This article examines the role of sanpo, using prefecture-level and firm-level data, based on a framework integrating the "voice view" of unionism and transaction cost economics. It was found that sanpo reduced the participation rate in labour disputes, and enhanced labour productivity at least for some of the time.

25.

Title: Measuring the Extent and Implications of Director Interlocking in the Prewar Japanese Banking Industry
Author: Okazaki, Tetsujii; Sawada, Mitsuru; Yokoyama, Kazuki
Source: Journal of Economic History; Dec. 2005, Vol. 65 Issue 4, p1082-1115
Abstract: In prewar Japan, many banks were controlled by industrial companies through capital and personal relationships. The literature has pointed out that those banks engaged in unsound lending to their related companies, which resulted in damage to the financial system (organ bank hypothesis). In this article we examine this hypothesis by measuring director interlocking between banks and nonbanking companies. It was found that more than 80 percent of ordinary banks had director interlocking with at least one nonbanking company. Also, regression analyses confirmed that director interlocking had a negative effect on bank performance, especially for smaller banks.

24.

Title: Foreign technology acquisition policy and firm performance in Japan, 1957–1970: Micro-aspects of industrial policy.

Author: Kiyota, Kozo; Okazaki, Tetsuji.

Source: International Journal of Industrial Organization, Sep2005, Vol. 23 Issue 7/8, p563-586

Abstract: Abstract: We examine the determinants and effects of technology acquisition licensing using firm-level data between 1957 and 1970. Our results indicate that in technology acquisition licensing, the government screened a firm's application based on (i) the industry that the firm belonged to and (ii) its past experience of technology acquisition. As a result, inefficient firms with considerable experience tended to acquire more technologies before deregulation. Despite this screening process, the technology acquisition policy contributes to improve a firm performance: The firms with acquired technology succeeded in capital accumulation, which results in much faster growth of labor productivity.

23.

Title: The Role of the Merchant Coalition in Pre-modern Japanese Economic Development: An Historical Institutional Analysis
Author: Okazaki, Tetsuji
Source: Explorations in Economic History, April 2005, v. 42, iss. 2, pp. 184-201
Abstract: This paper examines the economic role of the merchant coalition (kabu nakama) in Japan during the 18th and the first-half of the 19th century. During this period, public sector enforcement of contracts was imperfect. Kabu nakama substituted for the public sector, using a multilateral punishment strategy. When the government (Bakufu) prohibited kabu nakama in 1841, the growth rate of the real money supply contracted, efficiency of price arbitrage declined, and the inflation rate increased.

22.

Title: The Genesis and the Development of the Pre-war Japanese Stock Market. (In Japanese. With English summary.)
Author: Okazaki, Tetsuji; Hamao, Yasushi; Hoshi, Takeo
Source: Economic Review (Keizai Kenkyu), January 2005, v. 56, iss. 1, pp. 15-29
Abstract: This paper examines the development of the Tokyo Stock Exchange since its inception in 1878 to the mid-1930s. Special attention is paid to the increases in the number of listed stocks throughout this period. By the mid-1930s, the Tokyo Stock Exchange had grown to a market bigger (measured relative to GDP) than many contemporary stock exchanges in major economies. Even compared with the stock exchanges in major countries today, the pre-war Tokyo Stock Exchange was quite large. New listings in the spot market section of the Tokyo Stock Exchange were not restricted for most of this period. Our regression analysis reveals that many firms decided to list their stocks on the Tokyo Stock Exchange as they became older and bigger. The commercial code change in 1911, which increased the protection of outside shareholders, also had a positive impact on the listings on the Tokyo Stock Exchange. The Tokyo Stock Exchange reform of 1918 that aimed at standardization of the spot transactions increased the listings on the Exchange. The analysis also suggests that in the earlier period, there was a "home bias" that the companies located in the Eastern part of Japan (closer to the Tokyo Stock Exchange) were more likely to be listed in the Tokyo Stock Exchange, but the effect diminished after the Exchange reform of 1918. 

21.

Title: Holding Company and Bank: An Historical Comparative Perspective on Corporate Governance in Japan
Author: Okazaki, Tetsuji
Source: Seoul Journal of Economics, Special Issue Fall 2004, v. 17, iss. 3, pp. 383-401
Abstract: In this paper I describe the historical evolution of corporate governance in Japan, and derive some insights on its future. In the 1920s, the Japanese economy suffered from a prolonged depression and inefficiency in corporate management, as in the 1990s. In this situation, two alternative systems of corporate governance, the holding company-based system and the bank-based system, were proposed for restructuring poorly managed companies, and in reality, the former system was proliferating. However, the experience during the Second World War made the Japanese corporate system choose the other fork in the road, the bank-based system. The changes in employment system and production management were complementary with the changes in corporate governance and finance. The Japanese corporate system, which was faced with a bifurcation in the 1920s and the 1930s, is now facing another bifurcation.  

20.

Title:The Evolution of the Financial System in Post-War Japan.

Author: Okazaki, Tetsuji.

Source: Business History, Apr95, Vol. 37 Issue 2, p89-106

Abstract: The article focuses on the support given by the Ministry of Finance (MOF), the Japan Development Bank, and the Ministry of International Trade and Industry to the main Japanese banks in revolutionizing the financial system. During the Second World War, the Japanese economy lost about a quarter of its national assets, and the personal sector was badly affected. The role of main bank imposed heavy burdens on the city banks. The MOF issued a notice setting out instructions for the granting of loans, and the National Federation of Banking Associations formed a Committee for the Self-Regulation of Loans, charged with examining loans to be restrained, announcing criteria, and providing guidelines for the discretion of each bank. Other measures were taken to secure the stability of the financial system and the supply of funds to the strategic industries. The Industrial Bank of Japan was reorganised, and the Long-Term Credit Bank of Japan was founded. The corporate bonds market was another means of long-term funds. Their promotion began with the regulation of the financial institutions by the Bank of Japan (BOJ) after 1949, and the BOJ took measures in order to effect this policy.

19.

Title: Prospective Japanese Economic Recovery: Perspectives from European Economic Recovery in the 1930s: Comment
Author: Okazaki, Tetsuji
Publisher Information: Cheltenham, U.K. and Northampton, Mass.: Elgar; distributed by American International Distribution Corporation, Williston, Vt.,
Publication Date: 2003
ISBN: 1-84376-120-3.
Publication Type: Collective Volume Article
Editor: Stern, Robert M., ed.

18.

Title: The Role of Holding Companies in Pre-war Japanese Economic Development: Rethinking Zaibatsu in Perspectives of Corporate Governance
Author: Okazaki, Tetsuji
Source: Social Science Japan Journal, October 2001, v. 4, iss. 2, pp. 243-68
Abstract: This paper examines the role of the zaibatsu holding company in corporate governance. Early in the 20th century, Japan's zaibatsu conglomerates introduced organizational innovation to deal with the problems attendant on growth and diversification. By the early 1920s, each zaibatsu had established a holding company, while it separated its various businesses into joint-stock companies. The holding company of the zaibatsu monitored and audited affiliated companies, and controlled key business decisions, besides frequently dispatching directors to the affiliated companies. The efficacy of holding-company governance is tested quantitatively, comparing ROE between zaibatsu affiliated firms and non-zaibatsu firms, using panel data for 135 firms from 1922 to 1936. Controlling for the effects of company scale, industry-specific shocks and macro-shocks, it is found that zaibatsu-affiliated firms clearly outperformed the other companies. This result supports the hypothesis that the zaibatsu holding company successfully played the role of monitoring the affiliated companies. Zaibatsu also disciplined non-affiliated companies in the capital market, frequently executing takeovers, which contributed to restructuring the targeted companies and improving their performance. At a time when holding companies have just been legalized once more in Japan, the history of these pre-war models represents an instructive precedent.

17.

Title: The Japanese Iron and Steel Industry, 1929-33, and the Establishment of the Nippon Steel Co.
Author: Okazaki, Tetsuji
Publisher Information: Elgar Reference Collection. Cheltenham, U.K. and Northampton, Mass.: Elgar; distributed by American International Distribution Corporation, Williston, Vt.,
Publication Date: 2001
ISBN: 1-85898-190-5.
Publication Type: Collective Volume Article
Editor: Tolliday, Steven, ed.

16.

Title: The Evolution of the Financial System in Post-war Japan
Author: Okazaki, Tetsuji
Publisher Information: Elgar Reference Collection. Cheltenham, U.K. and Northampton, Mass.: Elgar; distributed by American International Distribution Corporation, Williston, Vt.,
Publication Date: 2001
ISBN: 1-84064-585-7.
Publication Type: Collective Volume Article
Editor: Tolliday, Steven, ed.

15.

Title: Foreign Exchange Allocation and Productivity Growth in Post-War Japan: A Case of the Wool Industry
Author: Okazaki, Tetsuji; Korenaga, Takafumi
Source: Japan and the World Economy, April 1999, v. 11, iss. 2, pp. 267-85
Abstract: This paper examines functions of the foreign exchange allocation system which was employed in Japan until early 1960s, focusing on the case of the wool industry. Through analysis of historical documents, we make clear that the MITI utilized this system for such policy goals as export promotion, management of investment and production capacity etc. Using micro-data analysis, we confirm that allocation of foreign currency was based on clear and objective criteria, that generated rents actually promoted export and investment, and that its essential roles could be found in efficient use of foreign currency and mitigation of productivity differences between firms.

14.

Title: The Yen and Its East Asian Neighbors, 1980-1995: Cooperation or Competition? Comment
Author: Okazaki, Tetsuji
Publisher Information: NBER-East Asia Seminar on Economics, vol. 7. Chicago and London: University of Chicago Press,
Publication Date: 1999
ISBN: 0-226-38673-2.
Publication Type: Collective Volume Article
Editor: Ito, Takatoshi; Krueger, Anne O., ed.

13.

Title: The Foreign Exchange Allocation Policy in Postwar Japan: Its Institutional Framework and Function
Author: Okazaki, Tetsuji; Korenaga, Takafumi
Publisher Information: NBER-East Asia Seminar on Economics, vol. 7. Chicago and London: University of Chicago Press,
Publication Date: 1999
ISBN: 0-226-38673-2.
Publication Type: Collective Volume Article
Editor: Ito, Takatoshi; Krueger, Anne O., ed.

12.

Title: Japan's Present-Day Economic System and Its Historical Origins
Author: Okazaki, Tetsuji; Okuno-Fujiwara, Masahiro
Publisher Information: Translated by Susan Herbert. Japan Business and Economics Series. Oxford and New York: Oxford University Press,
Publication Date: 1999
ISBN: 0-19-828901-4.
Publication Type: Collective Volume Article
Editor: Okazaki, Tetsuji; Okuno-Fujiwara, Masahiro, ed.

11.

Title: Corporate Governance
Author: Okazaki, Tetsuji
Publisher Information: Translated by Susan Herbert. Japan Business and Economics Series. Oxford and New York: Oxford University Press,
Publication Date: 1999
ISBN: 0-19-828901-4.
Publication Type: Collective Volume Article
Editor: Okazaki, Tetsuji; Okuno-Fujiwara, Masahiro, ed.

10.

Title: The Japanese economic system and its historical origins
Author: Okazaki, Tetsuji; Okuno-Fujiwara, Masahiro, eds.
Publisher Information: Translated by Susan Herbert. Japan Business and Economics Series. Oxford and New York: Oxford University Press,
Publication Date: 1999
Abstract: Nine papers examine the origins of Japan's present-day economic system, showing that many of the major constituent elements of the Japanese system were deliberately created during the war period (1930-45) and that previously Japan had a market economy based on the Anglo-Saxon model. Papers focus on Japan's present-day economic system and its historical origins (Tetsuji Okazaki and Masahiro Okuno-Fujiwara); the financial system and its regulations (Kazuo Ueda); the main bank system (Juro Teranishi); corporate governance (Okazaki); Japanese-style labor relations (Konosuke Odaka); the functions of industrial associations (Seiichiro Yonekura); the Japanese-model fiscal system (Naohiko Jinno); the food-control system and Nokyo (Toshihiko Kawagoe); and Japan's present-day economic structure (Masahiro Okuno-Fujiwara). Okazaki and Okuno-Fujiwara are at the University of Tokyo. Index.
ISBN: 0-19-828901-4

9.

Title: The Great Depression in Japan: Why Was It So Short?
Author: Iwami, Toru; Okazaki, Tetsuji; Yoshikawa, Hiroshi
Publisher Information: Cheltenham, U.K. and Northampton, Mass.: Elgar; distributed by American International Distribution Corporation, Williston, Vt.,
Publication Date: 1998
ISBN: 1-85898-350-9.
Publication Type: Collective Volume Article
Editor: Dick, Trevor J. O., ed.

8.

Title: Evolution of Economic Systems: The Case of Japan
Author: Okazaki, Tetsuji; Okuno-Fujiwara, Masahiro
Publisher Information: IEA Conference Volume, no. 127. New York: St. Martin's Press; London: Macmillan Press; in association with International Economic Association,
Publication Date: 1998
ISBN: 0-312-21860-5.
Publication Type: Collective Volume Article
Editor: Hayami, Yujiro; Aoki, Masahiko, ed.

7.

Title: Development Thinking at the Beginning of the XXI Century: Comment
Author: Okazaki, Tetsuji
Publisher Information: Washington, D.C.: Inter-American Development Bank; distributed by Johns Hopkins University Press, Baltimore,
Publication Date: 1997
ISBN: 1-886938-21-0.
Publication Type: Collective Volume Article
Editor: Emmerij, Louis, ed.

6.

Title: The Wartime Institutional Reforms and Transformation of the Economic System
Author: Tetsuji, Okazaki
Publisher Information: Oxford and New York: Oxford University Press,
Publication Date: 1997
ISBN: 0-19-828033-5.
Publication Type: Collective Volume Article
Editor: Banno, Junji, ed.

5.

Title: The Performance of Development Banks: The Case of the Reconstruction Finance Bank
Author: Okazaki, Tetsuji; Ueda, Kazuo
Source: Journal of the Japanese and International Economies, December 1995, v. 9, iss. 4, pp. 486-504
Abstract: This paper analyzes the performance of the Reconstruction Finance Bank (RFB) in order to shed light on the role of development banks in fostering economic growth. The RFB played a large role in Japan's transition from a war-time command economy to a market economy in the early post-war period. We use individual firm level data on sales, profits, and loans from the RFB, and find that, initially the RFB was making loans to firms with below-average performance. We then find that this was partly a result of political interventions into the loan policy of the RFB. In fact, we also find evidence of improvements in the performance of the RFB after its loan policy became more independent. Implications for developing economies are also discussed. (c) 1995 Academic Press, Inc.

4.

Title: The Japanese Firm under the Wartime Planned Economy
Author: Okazaki, Tetsuji
Publisher Information: Oxford and New York: Oxford University Press,
Publication Date: 1994
ISBN: 0-19-828815-8.
Publication Type: Collective Volume Article
Editor: Aoki, Masahiko; Dore, Ronald, ed.

3.

Title: Change of Financial Market Structure and Financial Crisis in Prewar Japan. (In Japanese.)
Author: Okazaki, Tetsuji
Source: Economic Review (Keizai Kenkyu), October 1993, v. 44, iss. 4, pp. 300-310

2.

Title: The Japanese Firm under the Wartime Planned Economy
Author: Okazaki, Tetsuji
Source: Journal of the Japanese and International Economies, June 1993, v. 7, iss. 2, pp. 175-203

1.

Title: Postwar Hyper-inflation and the Dodge Plan, 1945-50: An Overview
Author: Yoshikawa, Hiroshi; Okazaki, Tetsuji
Publisher Information: New York: St. Martin's Press; London: Macmillan Press,
Publication Date: 1993
ISBN: 0-312-08560-5.
Publication Type: Collective Volume Article
Editor: Teranishi, Juro; Kosai, Yutaka, ed.