Japanese Financial Growth - Hardcover

This book is a collection of papers presented at the International Conference on Japanese Financial Growth. This was the fifth conference organized by the Permanent Advisory Committee on Eurodollars (P.A.C.E.) in cooperation with the London School of Economics Financial Markets Group, held in London in October, 1988. Industrial expansion within a country has always been accompanied by financial development. So it was, perhaps, only to be expected that the rise to international prominence of Japanese industry would be accompanied by an assocciated rapid growth of Japanese financial power, both domestically and internationally. But the scale of this latter expansion has been awesome. Most of the largest banks in the world, as measured by the value of deposits, are now Japanese. Japanese banks are the largest players in the international Euro-markets. The equity market in Tokyo is the largest in the world, not only bigger than the New York Stock Exchange, but dwarfing the size of all the European equity markets combined. Japan is the biggest international creditor, and disposes of the largest annual capital outflows. So the context of the global capital market, focused around the three centres, Tokyo, London and New York, will be largely influenced by the developments that shape the future pattern of Japanese banking and securities markets. In order to understand the present forces affecting financial markets around the world, and even more so to be able to forecast their likely changing pattern, it will be necessary to have a clear vision of the main factors conditioning both the present state and likely future changes in Japan's financial services sector. Assembled for this Conference, speakers and discussants, was a group of experts from Japan, Europe and the US who provided guidance not only on the general subject of Japanese financial development, but also on the question of how its likely future patterns may affect the wider global capital market.