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The conclusion emerging from the papers in this issue

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Unformatted text preview: or managers (e.g. higher pay for higher risk, resulting in greater inequality of pay structures); (iii) a breakdown of relational finance (the mainbank system) would remove one source of information flows which overcome capitalmarket asymmetries and would require a differently functioning capital market to replace them; Aoki and Serdar (2000) argue that there is still a logic to the persistence of relational finance and OECD (1996) found little evidence of breakdown of the main-bank system. The conclusion emerging from the papers in this issue and from other studies, is that the various interrelated aspects of the ‘Japanese model’ are each changing to some degree. However, the linkages between these aspects mean that rapid change would raise a legitimate concern about ‘unravelling’ the system and losing many of its strengths as well as repairing its weaknesses. The pace of change may speed up, either intentionally or unintentionally, depending on how soon the economy returns to positive growth. But th...
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