Satoshi Mizobata

Bank Sector Restructuring

Russian Banking considers the rise of commercial market-oriented banks in Russia, their links with government and non-financial companies and their role as intermediaries in the provision of finance for investment. The contributors explore the legacy of the Soviet past and current functions of the Russian banking system, contrasting these with those in other post-communist societies and describing peculiarities such as informal networks and corruption.

POST-PRIVATIZATION OWNERSHIP AND FIRM PERFORMANCE: A LARGE META-ANALYSIS OF THE TRANSITION LITERATURE: POST-PRIVATIZATION OWNERSHIP AND FIRM PERFORMANCE

This paper aims to perform a meta-analysis of the relationship between post-privatization ownership and firm performance using a large database of the transition literature. Baseline estimation of a meta-regression model that employs a total of 2894 estimates drawn from 121 previous studies indicated the superior impact of foreign ownership on firm performance in comparison with state and domestic private entities. However, it did not go as far as to comprehensively verify the series of hypotheses concerning the interrelationship between different ownership types. The estimation of an extended meta-regression model that explicitly controls for the idiosyncrasies of transition economies and privatization policies strongly suggested that differences between countries in terms of location, privatization method, and policy implementation speed are the cause of the opaqueness seen in the empirical results of the previous literature. The definite evidence of the harmfulness of the voucher privatization for ex-post firm performance is one of the most noteworthy empirical findings obtained from the meta-analysis in this paper.

The Consequences of the Transformation on the Third World

The socialist system and its transformation have played a role of navigation for state and institution building. The purpose of this chapter is to investigate the consequences of the transformation on the Third World, the evolution of the Third World in the period of the transformation, and factors involved in the changing of developmental strategy, based on the dynamics of the developing economies. In particular, the East Asian countries including the socialist regimes like China (socialist market economy) and Vietnam (socialist-oriented market economy) have clearly shown a mutual linkage between the transformation and development. The changes in the Third World have strongly influenced the socialist transformation and in turn the transformation has had an impact on development strategy after the 1990s. Through the experiences of the Third World, I will draw some lessons common to the transformation. Changes in developing countries

Ownership Dynamics and Firm Performance in an Emerging Economy: A Meta-Analysis of the Russian Literature

Abstract This paper provides a meta-analysis of studies on the effect of ownership on the performance of Russian firms over 20 years of rapid institutional and economic changes. We review 29 studies extracted from the EconLit and Web of Science databases with a total of 877 relevant estimates. We find that the government negatively affects company performance regardless of its administrative level. In contrast, private ownership is positively associated with firm performance. However, the effect size and statistical significance are notably varied among different types of private ownership. While the effect of insider (employee and management) ownership is comparable to that of foreign investors, the effect of domestic outsider investors is considerably smaller. Our assessment of publication selection bias reveals that the existing literature does not contain genuine evidence for a series of ownership types and, therefore, some of the findings have certain limitations.

Prevention and crisis management : lessons for Asia from the 2008 crisis

Crises 1990 - 2010: Asian Currency and Financial Crises in the 1990s (Steven Rosefielde and Assaf Razin) The 2008 - 2009 Global Crisis (Steven Rosefielde and Assaf Razin) Crisis in Transitioning Countries (Yoji Koyama) PIIGS (Steven Rosefielde and Assaf Razin) Global Default (Steven Rosefielde and Daniel Quinn Mills) Prevention: Prevention and Counter-Measures (Torbjorn Becker) Threats and Deterrents: Global Imbalances (Huan Zhou and Steven Rosefielde) Chinese Protectionism (Jonathan Leightner) Chinas Economic Future (Akio Kawato) Optimal Asian Dollar Surplus (Eric Fisher) Toward an East Asian Economic Community (Yun Chen and Ken Morita) Asian Union (Steven Rosefielde, Jong-Rong Chen and Masumi Hakogi) Buddhist Crisis Prevention and Management (Teerana Bhongmakapat).

Business Ethics and Corporate System in Japan

The Japanese economy has experienced a long period of stagnation since the 1990s following the collapse of its bubble economy. This period has been called the ‘lost 20 years’. During this period, Japan, has considerably reformed its corporate laws and regulations to adapt to globalization and the continuing advances in information technology, whch has eventually led to changes in its corporate system. Despite this fact, there have been corporate scandals and instances of illegal behaviour, all of which have been vividly discussed in the media. Per each particular case, the business society stressed the necessity and importance of tackling issues related to business ethics. Scandals often required the company’s compliance to the ethics.

Two Asias : the emerging postcrisis divide

Asian Economic Performance 1500 - 2010 Global Financial Crisis Global Bust Pan-Asian Shock Wave Policy Response Japan, China, Russia, Export-led Development and Dollar Reserve Hoarding Chinese Overtrading Counter-Crisis Trade Expansion Business Cycle Decoupling Lessons From BRICs Eurozone and Global Financial Imbalances East-West Convergence and Intra-Asian Stratification.