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Deregulation and Market Response in Contemporary Japan: Administrative Guidance, Keiretsu, and Main Banks Yoshiro Miwa J. Mark Ramseyer, Harvard Law School Prepared for a conference on Corporations, Markets, and the State at George Washington University, March 5, 2004. Download the Paper (PDF format) - March 29, 2004 Tell a colleague about it. Printing Tips: Select 'print as image' in the Acrobat print dialog if you have trouble printing. ABSTRACT: Change is in the air in Japan, claim many observers: the government is radically deregulating crucial sectors of the economy, the large firms are unwinding their keiretsu corporate groups, and firms and banks are dismantling their main bank arrangements. Some observers see all three as exogenous institutional shocks, while others treat the last two as behavioral responses to the first. In fact, although the first phenomenon would constitute an institutional change if it occurred, it has not -- for Japanese bureaucrats had no substantial regulatory power to abandon. Although the last two would constitute market responses if they occurred, they have not either -- for firms and banks maintained no groups or main-bank arrangements to unwind or dismantle. SUGGESTED CITATION: Yoshiro Miwa and J. Mark Ramseyer, "Deregulation and Market Response in Contemporary Japan: Administrative Guidance, Keiretsu, and Main Banks" (March 29, 2004). Harvard Law School. Harvard Law School John M. Olin Center for Law, Economics and Business Discussion Paper Series. Paper 462. http://lsr.nellco.org/harvard/olin/papers/462 | REPOSITORY HOME  | SEARCH  | MY ACCOUNT  | NELLCO HOME | Powered by bepress.