Book

The Political Economy of the Japanese Financial Big Bang

Tetsuro Toya

Edited by Jennifer A. Amyx

Published in print March 2006 | ISBN: 9780199292394
Published online May 2006 | e-ISBN: 9780191603525 | DOI: http://dx.doi.org/10.1093/0199292396.001.0001
The Political Economy of the Japanese Financial Big Bang

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This book is a case study of structural reform in the Japanese financial sector. It adopts a novel approach, combining rational choice analysis from the field of political science with comparative institutional analysis from the field of economics. Its central hypothesis is that Japanese politics and policymaking have changed due to a combination of policy failures and scandals, as well as the emergence of the possibility of a change in government after 37 years of uninterrupted Liberal Democratic Party (LDP) rule. These factors are likely to affect other policy areas, meaning that decay in the financial policymaking process may lead to changes throughout the political economy. In making this argument, the book attempts to provide a realistic image of post-1995 financial politics by improving on existing behavioral assumptions of actors. It demonstrates that the Big Bang can be best understood as an outcome of the strategic interaction of state actors. More specifically, the Big Bang is the product of interaction between the LDP and Ministry of Finance, each pursuing organizational survival through cooperation, competition, and confrontation. The book is divided into three parts. Part I discusses the conceptual tools and background information in preparation for later analysis. Part II provides an empirical analysis of financial politics. Part III attempts to make sense of the developments analyzed in Part II by returning to the analytical frameworks developed in Part I.

Keywords: Japan; structural reform; Big Bang; financial sector; financial policy

Book.  352 pages.  Illustrated.

Subjects: Business and Management

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Table of Contents

Did Japanese Politics Change in the 1990s? in The Political Economy of the Japanese Financial Big Bang

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A Rational Actor Approach in The Political Economy of the Japanese Financial Big Bang

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How do Systems Change? in The Political Economy of the Japanese Financial Big Bang

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Expected Economic Implications of the Big Bang in The Political Economy of the Japanese Financial Big Bang

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A Political Analysis of the Emergence of the Big Bang Initiative in The Political Economy of the Japanese Financial Big Bang

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The Financial Industry and the Big Bang in The Political Economy of the Japanese Financial Big Bang

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Two Institutional Changes in The Political Economy of the Japanese Financial Big Bang

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Conclusion in The Political Economy of the Japanese Financial Big Bang

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