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Structural Impediments to Growth in Japan$
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Magnus Blomstrom, Jennifer Corbett, and Fumio Hayashi

Print publication date: 2003

Print ISBN-13: 9780226060217

Published to Chicago Scholarship Online: February 2013

DOI: 10.7208/chicago/9780226060231.001.0001

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An International Perspective of Corporate Groups and Their Prospects

An International Perspective of Corporate Groups and Their Prospects

(p.259) 9 An International Perspective of Corporate Groups and Their Prospects
Structural Impediments to Growth in Japan

Yishay Yafeh

University of Chicago Press

This chapter has three objectives. The first is to review the literature on corporate groups in Japan and elsewhere, and to summarize the evidence on the economic roles (if any) corporate groups have played in the Japanese economy. The second objective is to present, for the first time, a comparison of Japanese groups and corporate groups in other developed and developing countries. The main conclusion emerging from this comparison is that Japanese groups, while similar to groups elsewhere in some respects, are different in their risk and return characteristics. The third objective is to describe the evolution of Japan's groups since the mid-1970s and to examine whether or not groups constitute an impediment to structural change in Japan.

Keywords:   corporate groups, Japanese economy, risk and return, structural change

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