The Japanese "main bank" relationship, under which a bank holds equity in a firm and plays a leading role in its decision-making and financing, may leave a firm dependent on its main bank for financing due its information advantage over other potential lenders. While alternative sources of...

This paper compares the performance of a convoy banking system, similar to that which prevailed in Japan, to a fixed-premium deposit insurance regime. Under this system, failed banks are merged with healthy banks, rather than closed, so that the banking system itself provides the safety net for...

We examine the evidence in equity markets concerning bank regulatory policies in Japan from 1995 to 1999. Our results support the presence of information-based contagion in Japanese equity markets. When the failure of a bank of certain regulatory status was announced, it adversely affected...

(Disponible en idioma inglés únicamente) En este trabajo se analizan las implicaciones de un acuerdo de comercio norte-sur en el que las inversiones en el país socio sureño exhiben riesgo país. Nuestro análisis demuestra que los acuerdos de comercio norte-sur pueden servir como mecanismos...

The success, or lack thereof, of the Bank of Japan's quantitative easing program is of interest not only as an important experience in Japanese economic history, but more generally as an unprecedented experiment in monetary policy under very low nominal interest rates. In this Economic Letter, I...