In the late 1980s there was much talk and hope that Tokyo and Japanese financial institutions were on their way to being global leaders. The Tokyo Stock market, for example, had a market capitalization larger than the New York Stock Market, and listings of foreign firms on the TSE were increasing rapidly. The “Big Bang” financial reforms announced in 1996 were supposed to ensure that Tokyo would be a major international financial center. Today, however, Tokyo is arguably a less important international financial center than in 1990, and few Japanese financial institutions are major players in global markets. This talk will explore what happened (or did not happen) and offer some thoughts on why.
Edward J. Lincoln recently left the faculty of the New York University Stern School of Business, and will be teaching part-time at George Washington from January 2012. Lincoln had joined NYU in 2006 to be director of the Center for Japan-U.S. Business and Economic Studies and professor of Economics at the Stern School of Business.
Professor Lincoln’s research interests include contemporary structure and change in the Japanese economy, East Asian economic integration, and U.S. economic policy toward Japan and East Asia. His latest book, on the under appreciated importance of economic issues in international relations and American foreign policy, is Winners Without Losers: Why Americans Should Care More About Global Economic Policy, published in 2007. He is the author of eight other books and monographs, including East Asian Economic Regionalism (The Council on Foreign Relations and the Brookings Institution, 2004), Arthritic Japan: The Slow Pace of Economic Reform (Brookings, 2001), and Troubled Times: U.S.-Japan Economic Relations in the 1990s (Brookings, 1998). An earlier book, Japan Facing Economic Maturity (Brookings, 1988) received the Masayoshi Ohira Award for outstanding books on the Asia-Pacific region.
Before joining NYU, Professor Lincoln was a senior fellow at the Council on Foreign Relations, and earlier a senior fellow at the Brookings Institution. In the mid-1990s, he served as Special Economic Adviser to Ambassador Walter Mondale at the American Embassy in Tokyo. He has also been a professorial lecturer at the Johns Hopkins University School of Advanced International Studies.
Professor Lincoln received his Bachelor’s degree from Amherst College, his M.A. in both economics and East Asian Studies at Yale University, and his Ph.D. in economics also at Yale University.