Japan's Financial Crisis and Its Parallels to U.S. Experience

Overview

One can put the Japanese economic problems of the 1990s in perspective when comparing Japanese policy reaction to the financial and monetary crisis with American policymakers' reactions to the same recent experiences in the United States. While Japan's policy response to its banking crisis in the 1990s was slow in comparison to that of the United States during the Savings and Loan crisis, the underlying dynamics were similar, driven by mismanaged partial deregulation and regulatory forbearance. On the other hand,...
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Overview

One can put the Japanese economic problems of the 1990s in perspective when comparing Japanese policy reaction to the financial and monetary crisis with American policymakers' reactions to the same recent experiences in the United States. While Japan's policy response to its banking crisis in the 1990s was slow in comparison to that of the United States during the Savings and Loan crisis, the underlying dynamics were similar, driven by mismanaged partial deregulation and regulatory forbearance. On the other hand, upon closer examination, the Bank of Japan's monetary policy in the 1990s was increasingly out of step with US or other developed country norms.

This volume was created by bringing together several leading academics from the United States and Japan -- plus former senior policymakers from the both countries -- to discuss the challenges to Japanese financial and monetary policy in the 1990s. On the financial side, papers have been contributed by Benjamin Friedman Ryoichi Mikitani, and Yoshinori Shimizu, with discussions by Robert Glauber and Anil Kashyap. On the monetary side, papers are by Ben Bernanke and Toshiki Jinushi, Yoshihiro Kuroki, and Ryuzo Miyao, with discussions by Olivier Blanchard, and Adam Posen. The book includes a discussion of the international influences on Japanese financial and monetary policy in the 1990s by Former Japanese Vice Minister of Finance for International Affairs Eisuke Sakakibara, and former US Undersecretary of the Treasury for International Affairs Jeffrey Shafer.

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Editorial Reviews

Booknews
US and Japanese economists analyze the cause and impact of the Japanese financial crisis of the 1990s and compare it with the financial crisis in the US from the middle 1980s to the early 1990s. They argue that while the Japanese government's policy response to the crisis was slow compared to that of the US government, the underlying dynamics were the same. Annotation c. Book News, Inc., Portland, OR (booknews.com)
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Product Details

  • ISBN-13: 9780881322897
  • Publisher: Peterson Institute for International Economics
  • Publication date: 9/28/2000
  • Series: Special Report Series
  • Edition description: Special Report 13 / Sept. 2000
  • Pages: 230
  • Product dimensions: 6.04 (w) x 9.00 (h) x 0.48 (d)

Table of Contents

1. Adam Posen, IIE-Introduction: Financial Similarities and Monetary Differences
2. Ryoichi Mikitani, Kobe Gakuin-The Facts of the Japanese Financial Crisis
3. Toshiki Jinushi, Kobe University, Japan, Yoshihiro Kuroki, Osaka Prefectural University, Japan, and Ryuzo Miyao, Kobe University, Japan-Monetary Policy in Japan since the Late 1980s: Delayed Policy Actions and Some Explanations
4. Ben Bernanke, Princeton University-Japanese Monetary Policy: A Case of Self-induced Paralysis?
5. Eisuke Sakakibara, former Minister of Finance, Japan-International Pressures on Japanese Monetary Policy in the 1990s
6. Olivier Blanchard, MIT-Discussion: The Foundations of Expansionary Monetary Policy
7. Adam Posen, IIE-Discussion: The Political Economy of Deflationary Monetary Policy
8. Jeffrey Shafer, former US Undersecretary of the Treasury for International Affairs- Discussion: The International Aspects of Monetary Policy
9. Benjamin Friedman, Harvard University-The Japanese Banking Crisis and the US S&L Collapse: Parallels and Lessons
10. Yoshinoiri Shimizu, Hitotsubashi University, Japan-The Convoy Regulation, Bank Management, and the Financial Crisis in Japan
11. Robert Glauber, Harvard University-Discussion: Forbearance and Mergers in a Comparative Context
12. Anil Kashyap, University of Chicago-Discussion: Partial Deregulation in a Comparative Context
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