Abstract
Abstract In November 1997 Hokkaido Takushoku Bank, one of the top twenty Japanese city banks, and Yamaichi Securities, one of the four major Japanese securities firms, both declared bankruptcy. Since then, failures of large commercial banks and life insurance companies have become commonplace in Japan. Many critics blame this phenomenon on the burst of the ‘economic bubble’ of the late 1980s and early 1990s and the intense com- petition resulting from financial deregulation. Deregulation of the financial sector began in the 1970s in the United States and became a worldwide phenomenon with the 1986 ‘Big Bang’ reforms in the United Kingdom.
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