Levy, Joaquim, “Reorganization and Corporate Restructuring in Japan,”Post Bubble Blues — How Japan Responded to the Asset Price Collapse, IMF, 2000a.
Levy, Joaquim, “Reform of Japan’s Insolvency Laws,” Post Bubble Blues—How Japan Responded to the Asset Price Collapse, IMF, 2000b.
Management and Coordination Agency, “Kisei Kanwa Suishin 3 ka Nen Keikaku no Followup Kekka (The Results of the Follow-ups on the Three-Year Program for Promoting Deregulation),” November 1999 (in Japanese).
Ministry of International Trade and Industry, “Tsusho Hakusho (White Paper on International Trade and Industry), 2000,” May 2000 (in Japanese)
Organization of Economic Cooperation and Development, Economic Survey of Japan, November 1999.
Organization of Economic Cooperation and Development, Regulatory Reform in Japan, July 1999.
Yamamoto, Akio and Mikio Ueno “Shinpan Tousan Hou Nyuumon (Introduction to Bankruptcy Laws—Amended Version),” Tokyo Nunoi Shuppan, September 1999 (in Japanese).
Prepared by Takashi Nagaoka (ext. 37613).
Reforms in the fiscal area and financial system are covered in chapters II and IV, respectively.
A rough estimate by the Economic Planning Agency in 1999 suggested that deregulation over FY1990–97 had expanded demand by ¥8.2 trillion per year on average and allowed consumers to save ¥6.6 trillion over 8 years due to lower prices.
Larger firms tended to file under the Corporate Reorganization (Kaisha-Kosei) Law, but this was too costly for smaller firms in terms of money and time.
Accounting standards introduced in April of a particular year are reflected in financial statements released after the closing of that financial year (i.e., after March 31 of the following calendar year).
Exceptions included harbor transportation, construction, security, manufacturing, and medical-care.
The maximum duration of unemployment benefits was increased by 30 days for the involuntarily unemployed, although it was reduced from 300 days to 180 days for the voluntarily unemployed.
According to a study by the Management and Coordination Agency, Japan’s government employees (including national and local civil servants and employees in government corporations, but excluding those in the military) per 1,000 population was 36, compared to 87, 59, 76, and 67 for France, Germany, the United Kingdom, and the United States, respectively, as of FY1998.
The Export and Import Bank of Japan and Overseas Economic Cooperation Fund merged into Japan Bank of International Cooperation, and the Japan Development Bank and the Hokkaido-Tohoku Development Finance Corporation merged into Development Bank of Japan, both on October 1, 1999.
For a summary of the OECD report, see Chapter V on Structural Reforms and Deregulation in the 1999 Economic and Policy Developments Paper (IMF Staff Country Report No. 99/114).