Publication

This paper examines Japanese economic organizations and institutions to understand economic stagnation in the country. The authors argue that conventional wisdom about institutions and institutional change in the country has been too simplistic. They address the origin, development and adaptations of core institutions including financial institutions, corporate governance, lifetime employment and the 'amakudari' system. They emphasize the legacy of the Meiji period and compare the economic and financial reforms with those in Korea, Switzerland and New Zealand.