Japan's Great Stagnation: Financial and Monetary Policy Lessons for Advanced Economies

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Overview

After experiencing spectacular economic growth and industrial development for much of the postwar era, Japan plunged abruptly into recession in the early 1990s and since then has suffered a prolonged period of economic stagnation, from which it is only now emerging. Japan's malaise, marked by recession or weak economic activity, commodity and asset price deflation, banking failures, increased bankruptcies, and rising unemployment, has been the most sustained economic downturn seen in the industrial world since the 1930s. In Japan's Great Stagnation, experts on theJapanese economy consider key questions about the causes and effects of Japan's prolonged period of economic underperformance and what other advanced economies might learn from Japan's experience.

They focus on aspects of the financial and banking system that have contributed to economic stagnation, the role of monetary policy, and the importance of international financial factors—in particular, the exchange rate and the balance of payments.Among the topics discussed are bank fragility and the inaccuracy of measuring it by the "Japan premium," the consequences of weak banking regulation, the controversial policy of "quantitative easing," and the effectiveness of currency devaluation for fighting deflation. Taken together, the contributions demonstrate the importance of a sound financial sector in fostering robust growth and healthy economies—and the enormous economic costs of a dysfunctional financial system.Contributors:Yoichi Arai, Robert Dekle,Zekeriya Eser, Eiji Fujii, Kimie Harada, Takeo Hoshi, Michael M. Hutchison, Takatoshi Ito, KenKletzer, Nikolas Müller-Plantenberg, Kunio Okina, Joe Peek, Eric S. Rosengren, Shigenori Shiratsuka,Mark M. Spiegel, Frank Westermann, Nobuyoshi Yamori

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What People Are Saying

From the Publisher
"For years now, those of us teaching the Depression of the 1930s have answered negatively when asked whether it could happen again. Central bankers understand how to head off a deflation. Regulators know how to prevent the banking system from crashing. Policy makers, we reassure our students, have learned the lessons of history. Now Japan's great stagnation is forcing us to rethink this textbook wisdom. Hutchison and Westermann's book will help us figure out how to answer the question when it is posed to future generations of students." Barry Eichengreen,University of California, Berkeley
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Product Details

  • ISBN-13: 9780262083478
  • Publisher: MIT Press
  • Publication date: 6/16/2006
  • Series: CESifo Seminar Series
  • Edition description: New Edition
  • Pages: 290
  • Sales rank: 983,534
  • Product dimensions: 6.00 (w) x 9.00 (h) x 0.75 (d)

Meet the Author

Michael M. Hutchison is Professor of Economics at the University of California, Santa Cruz. He is coauthor of The Political Economy of Japanese Monetary Policy (MIT Press,1997) and Financial Policy and Central Banking in Japan (MIT Press, 2000).

Frank Westermann is Professor of Economics and Director of the Institute of Empirical EconomicResearch at Osnabrueck University, Germany.

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Table of Contents

1 The great Japanese stagnation : lessons for industrial countries 1
2 Bank fragility in Japan 33
3 Deposit insurance, regulatory forbearance, and economic growth : implications for the Japanese banking crisis 61
4 Determinants of voluntary bank disclosure : evidence from Japanese Shinkin banks 103
5 Secondary bank lending in Japan 129
6 Monetary policy in the great stagnation 157
7 The policy duration effect and zero interest rates : an application of wavelet analysis 183
8 Exchange rate pass-through in deflationary Japan : how effective is the yen's depreciation for fighting deflation? 211
9 Japan's imbalance of payments 239
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Sort by: Showing 1 Customer Reviews
  • Posted November 16, 2009

    I Also Recommend:

    Empirical Evidence of Monetary Policy Impact on Japan's Economy

    This book provides a summary of various studies of Japan's attempts to revitalize their economy through government fiscal and monetary policy. Especially timely, given the US's dilemma over stimulus programs and tax policy.

    Was this review helpful? Yes  No   Report this review
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