banks starved for capital. In September 1995, the Mitsubishi Bank was permitted to issue a complicated convertible security …'s annualized risk-adjusted cost of capital through this instrument was between 80 and 310 basis points higher than if the bank had …

Japanese government planners use the average age of the manufacturing capital stock as one measure of their country …'s international "competitiveness." Compared to the U.S., the data show that Japanese depreciation rates are higher and that capital … performance. A high depreciation rate lowers the net capital stock, and decreases the level of output. ; In this paper, we argue …