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Japan's Financial Crisis and Its Parallels to US Experience
Book Data
September 2000
ISBN paper 0-88132-289-X
248 pp.
$25.00 $12.50
( 50 % discount)

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Japan's Financial Crisis and Its Parallels to US Experience


Special Report 13

edited by Adam S. Posen and
Ryoichi Mikitani

Description

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.

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Preface

Acknowledgments

1. Introduction: Financial Similarities and Monetary Differences 209.4KB
Adam S. Posen

2. The Nature of the Japanese Financial Crisis 128.1KB
Ryoichi Mikitani

3. Japan Now and the United States Then: Lessons from the Parallels 196.5KB
Benjamin Friedman

4. Convoy Regulation, Bank Management, and the Financial Crisis in Japan 1.0MB
Yoshinori Shimizu

5. Discussiosn of the Financial Crisis 173.2KB
Robert Glauber and Anil Kashyap

6. Monetary Policy in Japan Since the Late 1980s: Delayed Policy Actions and Some Explanations 346.0KB
Toshiki Jinushi, Yoshihiro Kuroki, and Ryuzo Miyao

7. Japanese Monetary Policy: A Case of Self-Induced Paralysis? 198.7KB
Ben Bernanke

8. US-Japanese Economic Policy Conflicts and Coordination During the 1990s 217.3KB
Eisuke Sakakibara

9. Discussions of the Monetary Response 252.7KB

Index


Other books of interest:
Asian Financial Crisis: Causes, Cures, and Systemic Implications
Asian Financial Crisis: Causes, Cures, and Systemic Implications
by Morris Goldstein
East Asian Financial Cooperation
East Asian Financial Cooperation
by C. Randall Henning
Global Economic Effects of the Asian Currency Devaluations
Global Economic Effects of the Asian Currency Devaluations
by Li-Gang Liu and
Sherman Robinson and
Zhi Wang and
Marcus Noland
No More Bashing: Building a New Japan-United States Economic Relationship
No More Bashing: Building a New Japan-United States Economic Relationship
by C. Fred Bergsten and
Takatoshi Ito and
Marcus Noland
Political Economy of the Asian Financial Crisis
Political Economy of the Asian Financial Crisis
by Stephan Haggard
Restoring Japan's Economic Growth
Restoring Japan's Economic Growth
by Adam S. Posen
Responding to Financial Crisis: Lessons from Asia Then, the United States and Europe Now
Responding to Financial Crisis: Lessons from Asia Then, the United States and Europe Now
edited by Changyong Rhee and
Adam S. Posen