Ikeo (2006) put emphasis on the absence of corporate governance due to the joy ride of “developmentalism” and the eroded role of the “main bank” as delegated monitor in explaining the excessive credit provision by banks.
5  On the cause of lower potential growth in the 1990s, Prescott and Hayashi (2002) focused on the importance of the negative supply shock arising from the shortening of labor hours. 6  Yet, this did not imply that “nominal income targeting” by using the monetary base as an operating instrument was adopted.