This paper attempts to provide a systematic analysis on the effects of industrial policy in postwar Japan. Among the various types of Japanese industrial policy, this paper focuses on the removal of de facto import quotas through the foreign exchange allocation system. Analyzing a panel of 100...

In this paper, we explore the structure and implications of interbank networks in prewar Japan, focusing on director interlocking. We find that approximately half the banks had at least one connection with another bank through director interlocking, and that a bank that had connections with...

We examine two sources of productivity improvement in the specialized industrial clusters of the early twentieth century Japanese silk-reeling industry. Agglomeration improves the productivity of each plant through positive externalities, shifting plant-level productivity distribution to the...

In this paper, we explore the role of the legal system in economic development, focusing on its relationship to the role of private mechanisms in contract enforcement. We use long-term prefecture-level panel data that cover the early stages of industrialization and urbanization in Japan. We...

We examine two sources of productivity improvement in the specialized industrial clusters. Agglomeration improves the productivity of each plant through positive externalities, shifting plant-level productivity distribution to the right. Selection expels less productive plants through...

How did post-War newer democracies, whose governments faced both pressures from vested special interests and voters, achieve trade liberalization ? Exploiting the case of trade liberalization in 1960s Japan, this paper addresses this question. Because the benefits and costs of trade...