The central bank as the Lender of Last Resort (LLR) is faced with a trade off between the stability of the financial system and the moral hazard of banks. In this paper we explore how this trade off was dealt with by the Bank of Japan (BOJ) in the pre-war period, and how LLR lending by the BOJ...

This paper explores the flow of fund around the holding company (headquarters) of Mitsubishi Zaibatsu during the Second World War. From the late 1930s, the Mitsubishi holding company started to raise fund from the outside capital market through selling the shares of its affiliated companies, and...

This paper investigates the impact of bank consolidations promoted by government policy, using data from pre-war Japan when the Ministry of Finance promoted bank consolidations by dint of the Bank Law of 1927. It is found that policy-promoted consolidation had a positive effect on deposit...

This paper analyses the effects of schooling, outside work experience and job tenure on human capital formation, using the personal history data of white collar employees of Mitsubishi Zaibatsu in prewar Japan. For all samples including both engineers and clerks, the rate of return to schooling...

This paper investigates how ownership changes affect the plant performance, focusing on the cotton spinning industry in early twentieth century Japan, where many plants experienced ownership changes. Through analyses of detailed plant-level data, it is revealed that, after ownership changes,...

During the Second World War, aircraft production in Japan, which had been negligible before that, increased sharply. The rapid expansion of the aircraft industry involved numerous small and medium-sized machinery factories, which were organized to be parts suppliers by aircraft assemblers....

This paper examines how professional managers diffused among cotton spinning companies in prewar Japan, and analyzes the determinants as well as implications of the employment of professional managers. While simple scale variables such as paid-in capital and production did not correlate with...

While we have rich literature on sangyo hokokukai (sanpo), which was organization of workers established at many companies during the Second World War, few research have been done, examining the role of sanpo quantitatively. In this paper, I propose a hypothesis that sanpo was a mechanism of...

This paper explores the change in the security portfolio of the holding company of Mitsubishi Zaibatsu (Mitsubishi Holdings) and its implication on the profitability of that company, during the wartime. In this period, while Mitsubishi Holdings rapidly expanded the total investment in...

In this paper we survey the literature on the role of communities in the development of a market economy in Japan. The role of communities has long been explored implicitly as well as explicitly in the literature on the Japanese economic history. In this survey we focus on the export industries...