The aim of this paper is to evaluate the degree of government intervention in the allocation of private bank funds in 1950's Japan. As a part of the transition process to a market economy, financial controls dating since the period of WWII, were abolished in 1949. By the early 1950's, the...

In the early 1950s, "industrial rationalization," i.e. renovation and modernization of industrial equipments became the focus of the industrial policy as well as the corporate strategy. In this paper, I explored its historical background and implication. Estimating the vintage of capital stock...

This paper explores the relationship between the political system and fiscal performance, focusing on the prewar Japanese history. Japan experienced substantial changes in the political system as well as fiscal performance, from the late nineteenth century to the end of the Second World War....

In this paper we identify networks among banks in pre-war Japan based on director interlocking data, and explore their implications. It was found that nearly 60% of banks had interlocking ties with at least one other bank. The large regional banks tended to have many interlocking ties. One of...

This paper examines the drawing up process as well as implementation of the priority production policy in late 1940's, focusing on the aspect of material allocation and production. As is well-known, the priority production was extremely inward-oriented policy. However, at the starting point, the...

This paper explains a framework to analyze an institutional change and its applications. The motivation is to see whether an institutional change occurs through changes in the behaviors of the incumbent members of a society, or it occurs thorough a change in the member population. If the latter...

In this paper we analyze the government organization and industrial policies in postwar Japan from comparative institutional perspectives. Industrial policies were drawn up and implemented under different fundamental and organizational environments from period to period. Before the Japanese...

This paper presents an empirical framework to analyze institutional changes, and applies it to the evolution of economic institutions in Japan, specifically main bank system and long-term employment. Ideas of evolutionary biology and organizational ecology are applied to the empirical analysis...

In this paper we examine performance of fiscal policy from a historical standpoint. Before WWII, government expenditure was not a stabilizing factor, but its volatile fluctuation caused instability of the Japanese economy. Especially before WWI, sporadic sharp increase of government expenditure...

In this paper we shall provide a theoretical overview of what we are the main sources of their evolution and what are the chief implications of focusing around institutions and economic systems. For the former, we identify innovation, adaptation for environmental changes, international...