Com va influir la reciprocitat en la liberalització financera? El paper de las companyies de Securities en la transformació del sistema financer del Japó

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Hideaki Sato
The University of Osaka
https://orcid.org/0009-0000-5097-5728

Aquest estudi pretén resoldre la confusió en la investigació prèvia sobre els canvis en la relació entre els bancs i les empreses al Japó responent a la pregunta: “Quin paper van jugar les empreses de valors en el mercat financer japonès durant la dècada de 1980?”. Encara que les obres de Masahiko Aoki han analitzat com aquestes empreses intermedien el finançament corporatiu (per exemple, Aoki i Patrick 1995; Aoki i Saxonhouse 2000; Aoki, Jackson i Miyajima 2007), molts estudis posteriors, citant Aoki, s’han centrat principalment en els bancs. Aquesta perspectiva reduïda ha donat lloc a conclusions aparentment contradictòries sobre la fortalesa de les relacions amb el banc principal durant la dècada de 1990 (per exemple, Witt i Redding 2014 vs. Boyer, Uemura i Isogai 2012). A partir de noves evidències extretes d’arxius, documents governamentals i publicacions especialitzades, aquest estudi aplica els conceptes de “reciprocitat entre indústries” i “reciprocitat entre nacions” per demostrar com la regulació sobre l’abast de negoci dels bancs i les empreses de valors es va relaxar gradualment. Les conclusions principals revelen que les empreses de valors, actuant com a intermediàries en l’emissió de bons, van permetre a les corporacions japoneses passar temporalment dels préstecs bancaris al finançament directe, debilitant el poder disciplinari dels bancs. No obstant això, l’esclat de la bombolla econòmica japonesa i la posterior desregulació van conduir a una renovació, encara que amb canvis, de les relacions entre bancs i empreses. 

Paraules clau
Liberalització financera, reciprocitat interindustrial, reciprocitat interestatal, capitalisme japonès, indústria bancària i de valors, bombolla econòmica japonesa.

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Com citar
Sato, Hideaki. «Com va influir la reciprocitat en la liberalització financera? El paper de las companyies de Securities en la transformació del sistema financer del Japó». Journal of Evolutionary Studies in Business, 2025, vol.VOL 10, núm. 2, p. 98-113, doi:10.1344/jesb.48431.
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Aquesta obra està sota una llicència internacional Creative Commons Reconeixement-NoComercial 4.0.

(c) Journal of Evolutionary Studies in Business, 2025

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