期刊名称：HIER Discussion Paper Series / Harvard Institute of Economic Research
出版年度：2000
卷号：2000
出版社：Harvard Institute of Economic Research
摘要：Japan's prolonged economic problems are due to more than faulty macro-economic policies. We do not deny the importance of bungled macro-economic policy, but argue than deeper maladies in Japanese corporate governance made that country increasingly vulnerable to such problems. We argue that Japan's main bank and financial keiretsu systems left corporate governance largely in the hands of creditors rather than shareholders. thus, Japanese governance practices did not assign effective control rights to residual claimants. This, we argue led to a widespread misallocation of capital that mired Japan in excess capacity and liquidity problems.
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