Capital and Labour in Japan

<p>Toshiaki Tachibanaki and Atsuhiro Taki emphasise several institutional features in Japan which differ from those in Euro-American countries: for example, the permanent employment and seniority system in wages and promotion, the dual structure, Keiretsu transactions, the main bank system, and intercorporate shareholding. This book examines in particular the distinction between long-run and short-run contractual relationships which produced such features. It presents both the positive and the negative evaluations of the factor market. Exploring the similarities and interdependencies between two important and idiosyncratic factor markets in Japan, this book brings data to hand which until now has only been available in specialist journals. </p> 1. Introduction 2. General features of the labour and capital markets, and Japanese business 3. An analysis of labour mobility 4. The effect of individual characteristics and of parametric and non-parametric approaches on job duration 5. Theory of wage determination and its empirical test 6. Shareholding and lending activity of financial institutions 7. Dispatched directors: an aspect of the Japanese Main Bank system 8. Intercorporate shareholding and volatility in stock prices 9. Capital adequacy constraint for banks and the real economy: a general equilibrium evaluation under intercorporate shareholding 10. Stability of the Japanese company system 11. Concluding remarks