Japan's Financial Crisis and Its Parallels to U.S. Experience - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Japan's Financial Crisis and Its Parallels to U.S. Experience write by Ryōichi Mikitani. This book was released on 2000. Japan's Financial Crisis and Its Parallels to U.S. Experience available in PDF, EPUB and Kindle. Japan is only one of many industrialized economies to suffer a financial crisis in the past 15 years, but it has suffered the most from its crisis--as measured in lost output and investment opportunities, and in the direct costs of clean-up. Comparing the response of Japanese policy in the 1990s to that of US monetary and financial policy to the American Savings and Loan Crisis of the late 1980s sheds light on the reasons for this outcome. This volume was created by bringing together several leading academics from the United States and Japan--plus former senior policymakers from both countries--to discuss the challenges to Japanese financial and monetary policy in the 1990s. The papers address in turn both the monetary and financial aspects of the crisis, and the discussants bring together broad themes across the two countries' experiences. As the papers in this Special Report demonstrate, while the Japanese government's policy response to its banking crisis in the 1990s was slow in comparison to that of the US government a decade earlier, the underlying dynamics were similar. A combination of mismanaged partial deregulation and regulatory forebearance gave rise to the crisis and allowed it to deepen, and only the closure of some banks and injection of new capital into others began the resolution. The Bank of Japan's monetary policy from the late 1980s onward, however, was increasingly out of step with US or other developed country norms. In particular, the Bank of Japan's limited response to deflation after being granted independence in 1998 stands out as a dangerous and unusual stance.
Japan's Great Stagnation
Japan's Great Stagnation - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Japan's Great Stagnation write by W. R. Garside. This book was released on 2012-01-01. Japan's Great Stagnation available in PDF, EPUB and Kindle. 'Recent events have rendered Japan's lost decades all the more relevant to the rest of us. Rick Garside, in this wide-ranging and accessible account, explores the political economy of Japan's great stagnation with an eye toward describing how other advanced economies can avoid going down the same path.' – Barry Eichengreen, University of California, Berkeley, US 'Professor Garside's timely book transcends the national preoccupation suggested by its title. From one viewpoint this is a case study (admittedly on a grand scale) of the experience of one country in one historical period. But in analyzing the dynamic relationship between Japan's post-war economic miracle and its chronic stagnation from the 1990's he offers a penetrating insight into the links between profound and embedded institutional and ideological influences, global upheaval, and almost disastrous national economic performance. Hence, Japan's Great Stagnation – the unfolding story of that country's declining experience from masterful economic power to seeming economic paralysis – provides us with an all-too familiar scenario with which to approach the contemporaneous ills of the world's developed economies. The interaction between banking crises, unwieldy institutions (especially, but not only, financial institutions), policy frailties, and stagnating demand – all conspired to create crisis and then handicap or prevent recovery. And the familiarity of the story is aggravated by the global financial crisis which now threatens to engulf us. History never fully repeats itself, but Professor Garside's illuminating examination of Japan's recent experiences must surely provide important points of relevance for the world's current malaise. He is to be congratulated on the depth and scope of what he has achieved – and for its relevance to what we are experiencing.' – Barry Supple, University of Cambridge, UK This timely book presents a critical examination of the developmental premises of Japan's high-growth success and its subsequent drift into recession, stagnation and piecemeal reform. The country, which within a few decades of wartime defeat mounted a serious challenge to American hegemony, appeared incapable of fully adjusting to shifting economic circumstance once the impulses of catch-up growth and the good fortune of an accommodating international environment faded. The banking crises, spiralling government debt, and stagnant growth experienced by major industrialized nations in recent years have evoked renewed interest in Japan's economic denouement since the 1990s. To many, Japan's drift into recession and financial crisis during the early 1990s, and later into stagnation and prolonged deflation, demonstrated precisely what not to do when fashioning remedial policy. This book details the legacies of Japan's high-growth success and how they affected Japan's capacity to cope with shifting national and international circumstance from the 1980s. It reviews the contentious debates over the causes and consequences of the 'bubble economy' and the 'lost decade', and assesses the extent to which reforms since 1997 have been compromised by lingering attachments to Japan's distinctive post-war political economy. Providing an analytical overview of both the high growth and recessionary periods and of subsequent reform agendas, this timely book will appeal to students, academics and researchers of economic history, development and politics, particularly those with an interest in Japan and Asian studies more generally.
Japan's Financial Crisis
Japan's Financial Crisis - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Japan's Financial Crisis write by Jennifer Amyx. This book was released on 2013-10-31. Japan's Financial Crisis available in PDF, EPUB and Kindle. At the beginning of the 1990s, a massive speculative asset bubble burst in Japan, leaving the nation's banks with an enormous burden of nonperforming loans. Banking crises have become increasingly common across the globe, but what was distinctive about the Japanese case was the unusually long delay before the government intervened to aggressively address the bad debt problem. The postponed response by Japanese authorities to the nation's banking crisis has had enormous political and economic consequences for Japan as well as for the rest of the world. This book helps us understand the nature of the Japanese government's response while also providing important insights into why Japan seems unable to get its financial system back on track 13 years later. The book focuses on the role of policy networks in Japanese finance, showing with nuance and detail how Japan's Finance Ministry was embedded within the political and financial worlds, how that structure was similar to and different from that of its counterparts in other countries, and how the distinctive nature of Japan's institutional arrangements affected the capacity of the government to manage change. The book focuses in particular on two intervening variables that bring about a functional shift in the Finance Ministry's policy networks: domestic political change under coalition government and a dramatic rise in information requirements for effective regulation. As a result of change in these variables, networks that once enhanced policymaking capacity in Japanese finance became "paralyzing networks"--with disastrous results.
The current financial crisis in the United States
The current financial crisis in the United States - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook The current financial crisis in the United States write by Katrin Meier. This book was released on 2010-01-18. The current financial crisis in the United States available in PDF, EPUB and Kindle. Diplomarbeit aus dem Jahr 2009 im Fachbereich BWL - Wirtschaftspolitik, Note: 1,0, Georg-Simon-Ohm-Hochschule Nürnberg, Sprache: Deutsch, Abstract: The current financial crisis, which started in the Unites States, has dominated the headlines all around the world since summer 2007 and especially after Lehman Brothers’ breakdown in September 2008. Wall Street legends like Bear Stearns, Merrill Lynch or Citigroup as well as insurance and mortgage giants like AIG, Fannie Mae or Freddie Mac had to either go out of business or were bailed out by the U.S. government. What started as a subprime crisis in the beginning soon turned to a global financial crisis and then changed to a worldwide recession. Governments around the world try to fix their financial system and to restore economic health. (...) The current crisis in the U.S. has parallels with a range of other crisis such as the Great Depression or the U.S. Savings and Loans crisis. Rogoff and Reinhart, for instance, compared the current crisis with a wide range of other crises (2008) However, The Economist (2009d), Posen (2009), Kobayashi (2008b), Koo (2008), Krugman (2009d) and Nakamae (2008) are just few of many well-known authors who state that Japan’s experience in the 1990s is the most suitable for serving as a reference to the United States. Despite many differences between both crises, I agree with Koo who points out that the U.S. is “extremely fortunate” to have the opportunity to learn from Japan’s experiences, a country which “went through something very similar just fifteen years ago” (2008, 69). (...) The objective of this paper is to explain what the U.S. can learn from Japan’s experience and to give a road map of how to respond to the unfolding events in financial markets. (...) The current head of the Federal Reserve Ben Bernanke studied Japan’s crisis in depth during the 1990s and 2000s and hopefully, U.S. policymakers will make good use of those lessons in order to minimize the pains of the U.S. economy. This paper is divided into four sections. The first section provides an overview of the events that led to what the International Monetary Fund (IMF) then called the “largest financial shock since the Great Depression“ (Stewart 2008). The second part explains how the crisis in Japan unfolded and why it took so long until policy measures had a significant positive impact. The third part shortly summarizes America’s response to the crisis so far. The final part tries to answer the question what America can learn from Japan when it comes to handling its crisis.
The current financial crisis in the United States
The current financial crisis in the United States - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook The current financial crisis in the United States write by Katrin Meier. This book was released on 2010. The current financial crisis in the United States available in PDF, EPUB and Kindle. Diplomarbeit aus dem Jahr 2009 im Fachbereich BWL - Wirtschaftspolitik, Note: 1,0, Georg-Simon-Ohm-Hochschule Nürnberg, Sprache: Deutsch, Abstract: The current financial crisis, which started in the Unites States, has dominated the headlines all around the world since summer 2007 and especially after Lehman Brothers' breakdown in September 2008. Wall Street legends like Bear Stearns, Merrill Lynch or Citigroup as well as insurance and mortgage giants like AIG, Fannie Mae or Freddie Mac had to either go out of business or were bailed out by the U.S. government. What started as a subprime crisis in the beginning soon turned to a global financial crisis and then changed to a worldwide recession. Governments around the world try to fix their financial system and to restore economic health. (...) The current crisis in the U.S. has parallels with a range of other crisis such as the Great Depression or the U.S. Savings and Loans crisis. Rogoff and Reinhart, for instance, compared the current crisis with a wide range of other crises (2008) However, The Economist (2009d), Posen (2009), Kobayashi (2008b), Koo (2008), Krugman (2009d) and Nakamae (2008) are just few of many well-known authors who state that Japan's experience in the 1990s is the most suitable for serving as a reference to the United States. Despite many differences between both crises, I agree with Koo who points out that the U.S. is "extremely fortunate" to have the opportunity to learn from Japan's experiences, a country which "went through something very similar just fifteen years ago" (2008, 69). (...) The objective of this paper is to explain what the U.S. can learn from Japan's experience and to give a road map of how to respond to the unfolding events in financial markets. (...) The current head of the Federal Reserve Ben Bernanke studied Japan's crisis in depth during the 1990s and 2000s and hopefully, U.S. policymakers will make good use of those lessons in order to minimize the pains of the U.S. econo
