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Fukao, M. (1990), “Liberalization of Japan’s Foreign Exchange Controls and Structural Changes in the Balance of Payments,” Monetary and Economic Studies, 8:2, pp. 101–65, Bank of Japan, September 1990.
Oishi, Ichiro and Christopher Towe, “Governance, Deregulation, and Economic Performance,” in Japan—Selected Issues, IMF Staff Country Report 98/113 (IMF: Washington), 1998.
Organization of Economic Cooperation and Development, The OECD Review of Regulatory Reform in Japan, (Organization for Economic Cooperation and Development: Paris), 1999.
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This chapter was prepared by Ichiro Oishi.
Empirical estimates of these benefits are discussed in Oishi and Towe (1998) in last year’s Selected Issues paper.
General progress on the “big bang” is reviewed in Chapter IV.
Before April 1998, only lending or borrowing between residents and nonresidents of below ¥100 million had been permitted without authorization.
The very small proportion of foreign assets directly held by households (0.4 percent) is another striking feature of Table V.2.
The mandate of the Deregulation Committee (renamed the Regulatory Reform Committee in April 1999) was widened in early 1999 to include assisting in the transition from a regulatory system of prior approval to ex post checking of compliance with rules.
Bankruptcy reform is discussed in Chapter VI by Levy in the accompanying Selected Issues.