Hanazaki, Masaharu; Souma, Toshiyuki; Wiwattanakantang, … - Center for Economic Institutions, Institute of Economic … - 2004
We investigate the cause of this banking crisis that has jeopardized the stability of the financial and economic system since the 1990s. Following Hanazaki and Horiuchi (2001), we argue that the deficiency of effective corporate governance of banks in Japan has caused inefficient management. Our...