Hostname: page-component-cd9895bd7-7cvxr Total loading time: 0 Render date: 2024-12-27T07:26:18.141Z Has data issue: false hasContentIssue false
  • English
  • Français

Europe and the Japanese Banking Challenge

Published online by Cambridge University Press:  28 November 2008

Mark Mason
Mark Mason
Affiliation:
Management School, Yale University*
Get access Rights & Permissions [Opens in a new window]

Abstract

The dramatic overseas expansion of Japanese banks during the 1980s provoked major policy debates within the European Community. Fears that Japanese firms in the banking industry might replicate earlier successes in other industries, together with charges that Japan did not grant reciprocal access to European banks, raised important questions for EC member states committed to the implementation of common banking policies. Adoption of the crucially important Second Banking Coordination Directive and other public measures enabled the Community flexibly to impose strong controls on Japanese banks in the region. The nature of these public measures toward Japanese firms in the Community's banking industry, together with related EC policies toward local Japanese competition in other industries, suggested the emergence of a more general EC policy model for confronting the vaunted ‘Japanese challenge.’

Type
Articles
Information
Journal of Public Policy , Volume 13 , Issue 3 , July 1993 , pp. 255 - 278
Copyright
Copyright © Cambridge University Press 1993

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

References

REFERENCES

Aizawa, K. (1990) EC no kinyu togo (EC financial integration). Tokyo: Toyo keizai shinposha.Google Scholar
Baltensperger, E. and Dermine, J. (1990) ‘European Banking: Prudential and Regulatory Issues.’ In Dermine, J. (ed.), European Banking in the 1990s. Oxford: Basil Blackwell.Google Scholar
Bank of England (1988) Banking Act 1987: Section 16: Statement of Principles. London: Bank of England.Google Scholar
Bank of Japan (1989) ‘1992 nen EC ikinai shijo togo o meguru ugoki ni tsuite’ (On the movement toward 1992 EC internal market unification), Chosa geppo (Monthly Research Report), 1, 23–47.Google Scholar
The Banker, various issues.Google Scholar
Banking Federation of the European Community (1988, 1989) Annual Report.Google Scholar
Brittan, L. (1992) ‘Financial Services after 1992: Towards Global Leadership.’ In EC Committee of the American Chamber of Commerce EC Financial Services Guide. Brussels: American Chamber of Commerce in Belgium.Google Scholar
Bruni, F. (1990) ‘Banking and Financial Reregulation Towards 1992: The Italian Case.’ In Dermine, J. (ed.), European Banking in the 1990s.Google Scholar
Burton, F. and Saelens, F. (1986) ‘The European Investments of Japanese Financial Institutions,’ Columbia Journal of World Business, Winter, 27–33.Google Scholar
Capie, F. (1990) ‘The evolving regulatory framework in British banking.’ In Chick, M. (ed.), Governments, Industries and Markets. London: Edward Elgar.Google Scholar
Center for European Policy Studies (1993) ‘Proceedings of the Seminar on Financial Market Liberalisation after 1992: Problems and Priorities.’ Mimeo.Google Scholar
Clarotti, P. (1984) ‘Progress and Future Development of Establishment and Services in the EC in Relation to Banking,’ Journal of Common Market Studies, 22:3, 199–226.CrossRefGoogle Scholar
Clarotti, P. (1989) ‘Un pas décisif vers le marché commun des banques: La deuxième directive de coordination en matière d'établissements de crédit’ (A Decisive Step Toward the Common Market for Banks: The Second Coordination Directive concerning Credit Establishments), Revue du marché commun, 330, 453–64.Google Scholar
Commission of the European Communities (1987) ‘Treaty Establishing the European Economic Community’ in Treaties Establishing the European Communities. Luxembourg: Office for Official Publications of the European Communities.Google Scholar
Commission of the European Communities (1989) ‘EC Commission Clarifies Reciprocity Provisions in Proposed Second Banking Directive.’ Mimeo.Google Scholar
Commission of the European Communities (1992a) ‘Treatment Accorded in Third Countries to Community Credit Institutions and Insurance Companies: Report by the Commission to the Council.’ Mimeo.Google Scholar
Commission of the European Communities (1992b) ‘Treatment Accorded in Third Countries to Community Credit Institutions and Insurance Companies: Japan.’ Mimeo.Google Scholar
Crabbe, M. (1989) ‘EC Law Shapes the Pattern of European Banking,’ Euromoney, June, 61–4.Google Scholar
Croham, D. (1989) Reciprocity and the Unification of the European Banking Market. Occasional Papers 27. New York: Group of Thirty.Google Scholar
Daily Telegraph, various issues.Google Scholar
Dale, R. (1992) International Banking Deregulation: The Great Banking Experiment. Oxford: Blackwell.Google Scholar
Dassesse, M. (1989) ‘The Single Banking Market of 1993,’ EIU European Trends, 4, 68–77.Google Scholar
Dixon, R. (1991) Banking in Europe: The Single Market. London: Routledge.Google Scholar
Dufey, G. (forthcoming) ‘The Japanese Presence in the European Financial Services Sector: Comment.’ In Mason, M. and Encarnation, D. (eds.), Does Ownership Matter? Japanese Multinationals in Europe. Oxford: Oxford University Press.Google Scholar
Duser, J. (1990) International Strategies of Japanese Banks: The European Perspective. London: Macmillan.CrossRefGoogle Scholar
Euromoney, various issues.Google Scholar
European Parliament Session Documents, various numbers.Google Scholar
Far Eastern Economic Review, various issues.Google Scholar
Federation of Bankers Associations of Japan (1992) Japanese Banks ‘92. Tokyo: Federation of Bankers Associations of Japan.Google Scholar
Fforde, J. (1983) ‘Competition, innovation and regulation in British banking,’ Bank of England Quarterly, 23:3, 363–76.Google Scholar
Financial Times, various issues.Google Scholar
Gaster, R. (1992) ‘Protectionism with Purpose: Guiding Foreign Investment,’ Foreign Policy, Fall, 91–106.CrossRefGoogle Scholar
Goto, S. (1976) Toshi ginko (Investment Banks). Tokyo: Kyoikusha.Google Scholar
Hamada, Y. and Takashi, S. (1992) Togin rondon shiten (The London branches of Japanese banks). Tokyo: Toyo keizai shinposha.Google Scholar
Hawawini, G. and Schill, M. (forthcoming) ‘The Japanese Presence in the European Financial Services Sector.’ In Mason, M. and Encarnation, D. (eds.), Does Ownership Matter? Japanese Multinationals in Europe.Google Scholar
Hirota, H. (1990) ‘The Attitude of Japanese banks towards a single European market in 1992,’ Revue de la Banquet Bank-en Financiewezen, January, 17–20.Google Scholar
Jones, G. (1991) ‘Competition and Competitiveness in British Banking, 1918–71.’ In Jones, G. and Kirby, M. (eds.), Competitiveness and the state: Government and business in twentieth-century Britain. Manchester: Manchester University Press.Google Scholar
Kapstein, E. (forthcoming) Governing the Global Economy: International Finance and the State. Cambridge: Harvard University Press.Google Scholar
Kertudo, J.-M. (1987) ‘L'Omniprésence Japonaise’ (The Japanese Omnipresence), La Revue Banque, 471, 396–8.Google Scholar
Key, S. (1989) ‘Mutual Recognition: Integration of the Financial Sector in the European Community,’ Federal Reserve Bulletin, 75:9, 591–609.Google Scholar
Kiuchi, T. (1992) ‘Japanese Investment Strategies in the EC Banking Industry,’ a paper presented at the conference ‘Japanese Direct Investment in a Unifying Europe: Impacts on Japan and the European Community,’Euro-Asia Centre, INSEAD, Fontainebleau,France.Google Scholar
Lanoo, K. (1993) ‘Implementation of Financial Services Directives,’ Brussels: Center for European Policy Studies. Mimeo.Google Scholar
Llewllyn, D. (1989) ‘Financial services and competition,’ Banking World, February, 28–34.Google Scholar
Mason, M. (1992a) American Multinationals and Japan: The Political Economy of Japanese Capital Controls, 1899–1980. Cambridge: Harvard University Press.Google Scholar
Mason, M. (1992b) ‘The Origins and Evolution of Japanese Direct Investment in Europe,’ Business History Review, 66:2, 435–74.CrossRefGoogle Scholar
Mason, M. (forthcoming – a) ‘The Political Economy of Japanese Automobile Investment in Europe.’ In Mason, M. and Encarnation, D. (eds.), Does Ownership Matter?Google Scholar
Mason, M. (forthcoming – b) Europe and the Japanese Challenge: The Political Economy of Capital Controls in the European Community. Ithaca: Cornell University Press.Google Scholar
Mason, M. (n.d.) ‘Europe and the Japanese Challenge: The Case of Consumer Electronics.’ Unpublished working paper.Google Scholar
Mayer, C. (1990) ‘The Regulation of Financial Services: Lessons from the United Kingdom for 1992.’ In Dermine, J. (ed.), European Banking in the 1990s.Google Scholar
Neven, D. (1990) ‘Structural Adjustment in European Retail Banking: Some Views from Industrial Organization.’ In Dermine, J. (ed.), European Banking in the 1990s.Google Scholar
New York Times, various issues.Google Scholar
Official Journal of the European Communities, various issues.Google Scholar
Organization for Economic Cooperation and Development (1993) ‘Liberalisation of Capital Markets and Access to the Community by Third Country Financial Institutions.’ Mimeo.Google Scholar
Pauly, L. (1988) Opening Financial Markets: Banking Politics on the Pacific Rim. Ithaca: Cornell University Press.Google Scholar
Pecchioli, R. (1983) The Internationalisation of Banking: The Policy Issues. Paris: OECD.Google Scholar
Schmitt, H. (1968) ‘Capital Markets and the Unification of Europe,’ World Politics, 20:2, 228–44.CrossRefGoogle Scholar
Scott, H. (1991) ‘Reciprocity and the Second Banking Directive.’ In Cranston, R. (ed.), Single Market and the Law of Banking. London: Lloyd's of London Press.Google Scholar
Semkow, B. (1993) ‘Foreign Financial Institutions in Japan: Legal and Financial Barriers and Opportunities: Part 1,’ Butterworths Journal of International Banking and Financial Law, 8:2, 62–7.Google Scholar
Servais, D. (1991) The Single Financial Market. Second Edition. Luxembourg: Office for Official Publications of the European Communities.Google Scholar
Servan-Schreiber, J.-J. (1967) Le défi américain (The American challenge). Paris: Denoel.Google Scholar
Shea, T. (1993) ‘European Banking In The 1990S,’ Butterworths Journal of International Banking and Financial Law, 8:1, 8–11.Google Scholar
Terrell, H., Dohner, R. and Lowrey, B. (1990) ‘The Activities of Japanese Banks in the United Kingdom and in the United States, 1980–1988,’ Federal Reserve Bulletin, 76:2, 39–49.Google Scholar
Thiel, L. (1993) ‘Banking in the Single Market: Strategic Decisions for Non-EC Banks,’ Butterworths Journal of International Banking and Financial Law, 8:1, 26–30.Google Scholar
Tsoukalis, L. (1993) The New European Community: The Politics and Economics of Integration. Second Revised Edition. Oxford: Oxford University Press.Google Scholar
United States House of Representatives (1989) Testimony of Hideo Ishihara. Washington, D.C.: US General Printing Office.Google Scholar
Vigneron, P. and Smith, A. (1990) ‘The Concept of Reciprocity in Community Legislation: The Example of the Second Banking Directive,’ Journal of International Banking Law, 5, 181–91.Google Scholar
Walton, R. and Trimble, D. (1987) ‘Japanese banks in London,’ Bank of England Quarterly, 27:4, 519–24.Google Scholar
Watanabe, S. (1990) Za shitei kemmon roku (Observations on the City). Tokyo: Nihon keizai shinposha.Google Scholar
Wright, R. and Pauli, G. (1987) The Second Wave: Japan's Global Assault on Financial Services. New York: St. Martin's Press.Google Scholar
Zavvos, G. (1988) ‘EC Strategy for the Banking Sector: The Perspective of 1992,’ European Affairs, January 100–9.Google Scholar
Zavvos, G. (1990) ‘Banking Integration and 1992: Legal Issues and Policy Implications,’ Harvard International Law Journal, 31:2, 463–506.Google Scholar
Zysman, J. (forthcoming) ‘Can Japanese Investment Sustain European Development in Electronics?’ In Mason, M. and Encarnation, D. (eds.), Does Ownership Matter?Google Scholar