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The Political Economy of the Japanese Financial Big BangInstitutional Change in Finance and Public Policymaking$
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Tetsuro Toya and Jennifer A. Amyx

Print publication date: 2006

Print ISBN-13: 9780199292394

Published to Oxford Scholarship Online: May 2006

DOI: 10.1093/0199292396.001.0001

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(p.286) 9 Conclusion
The Political Economy of the Japanese Financial Big Bang

Tetsuro Toya

Jennifer Amyx (Contributor Webpage)

Oxford University Press

This chapter examines the applicability of the study’s findings to other cases in the political economy, generating hypotheses about the determinants of regulatory reform. It discusses the policy implications of the analysis and identifies issues for additional research. It argues the need to shift the emphasis from ‘stability’ to ‘change’ in conceptualizing Japanese politics today. This shift should take place not only at the level of theory but also at the level of practice, given the fast pace of technological innovation, the deepening global integration, and change in the institutional environment. Accordingly, public administration must be carried out with the assumption of ‘change’ rather than the assumption of ‘continuity’, and the long-established emphasis on following precedents in policymaking abandoned.

Keywords:   Japan, Big Bang, economic reform, financial reform, policymaking, political economy

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