Two Institutional Changes

Tetsuro Toya and Jennifer Amyx

in The Political Economy of the Japanese Financial Big Bang

Published in print March 2006 | ISBN: 9780199292394
Published online May 2006 | e-ISBN: 9780191603525 | DOI:
 Two Institutional Changes

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This chapter situates the Big Bang within broader financial sector developments and in the political economy in general. It uses the framework of ‘institutional change’ introduced in Chapter 3 to understand the larger changes taking place in finance. It shows the causal mechanism through which the observed changes in financial politics occurred, while demonstrating how the components of the Financial Convoy related to one another, triggering the breakdown of the Convoy. The breakdown of the Convoy and the decay of bureaupluralism are observed, and the future of the latter is predicted.

Keywords: Japan; Big Bang; economic reform; financial reform; institutional change; political economy; financial convoy

Chapter.  14086 words.  Illustrated.

Subjects: Business and Management

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