Saving Behavior And The Asset Price Bubble In Japan
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Saving Behavior And The Asset Price Bubble In Japan
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Author : Mr.Ulrich Baumgartner
language : en
Publisher: International Monetary Fund
Release Date : 1995-04-21
Saving Behavior And The Asset Price Bubble In Japan written by Mr.Ulrich Baumgartner and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1995-04-21 with Business & Economics categories.
This volume brings together various analytical studies the IMF staff has undertaken on the Japanese economy, focusing on two areas of particular interest for both longer-term economic performance and recent cyclical developments. The first is Japan's saving behavior, the second is the remarkable swing in asset prices that occurred in the late 1980s and early 1990s.
Post Bubble Blues
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Author : Mr.Tamim Bayoumi
language : en
Publisher: International Monetary Fund
Release Date : 2000-03-09
Post Bubble Blues written by Mr.Tamim Bayoumi and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000-03-09 with Business & Economics categories.
What caused Asia's largest economy, once the envy of the world, to lag behind many of the other industrial countries? And why did it take so long for Japan to recover from the bursting of its asset price bubble of the late 1980s? In this volume, a team from the International Monetary Fund examines the causes of the lingering economic problems of Japan, the crisis in its banking system, the reasons for weak business investment, and the government's efforts to kick-start the economy through a series of stimulus packages. This book presents a compelling story about Japan's economy. Its message - that banking reform and corporate restructuring are central to any sustained revival of the economy- is backed up through detailed background research. This research provided the analytical framework for the IMF's policy advice during a period of rapid change--a period during which macroeconomic policymaking moved into uncharted territory. The research papers were prepared by members of the Japan team in the IMF during 1998 and the first half of 1999.
Japanese Banks And The Asset Price Bubble
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Author : Mr.Steven M. Fries
language : en
Publisher: International Monetary Fund
Release Date : 1993-11-01
Japanese Banks And The Asset Price Bubble written by Mr.Steven M. Fries and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1993-11-01 with Business & Economics categories.
With the recent collapse of the asset price “bubble,” Japanese banks encountered significant pressure from both a sharp decline in the value of equity holdings and a marked increase in bad loans. In August 1992, the Government initiated measures that stabilized equity prices and assisted banks in managing their nonperforming loans. While the major banks disclosed that 4.6 percent of their total loans were nonperforming at the end of FY 1992, a mechanical estimate of all banks’ nonperforming and restructured loans is 6-7 percent of their total loans--a serious yet manageable problem. The main policy implications are to ensure the reasonably prompt resolution of the bad loan problem and to enhance market discipline to prevent its recurrence.
Japan S Bubble Deflation And Long Term Stagnation
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Author : Kōichi Hamada
language : en
Publisher: MIT Press
Release Date : 2011
Japan S Bubble Deflation And Long Term Stagnation written by Kōichi Hamada and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with Business & Economics categories.
New perspectives on Japan's "lost decade" viewed in the context of recent financial turmoil.
Recent Economic Bubbles And Possible Implications For Economic Policy
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Author : Sophia Kuehnlenz
language : en
Publisher: GRIN Verlag
Release Date : 2013-11-15
Recent Economic Bubbles And Possible Implications For Economic Policy written by Sophia Kuehnlenz and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-11-15 with Political Science categories.
Master's Thesis from the year 2013 in the subject Business economics - Economic Policy, grade: 1,3, University of Bamberg, course: Volkswirtschaftslehre Dynamische Wirtschaftspolitik, language: English, abstract: Repeatedly bubbles occur during times of “extended investments in infrastructure such as canals or railroads”(Charles P. Kindleberger, “Manias, Panics and Crashes“, p. 10) or around technological inventions that are made available for the general public such as cars, electricity, phone – lines and the internet. They go hand in hand with financial inventions, financial liberalization and excess leverage. Examples are, among many others, the Japanese Asset Price bubble of the late 1980ies and early 1990ies, the Dot-Com bubble 1997–2000, as well as the recent Financial Crisis 2007-2008. Frequently these bubbles are fueled by the overoptimistic outlook not only of the so-called experts or gurus but also by the extremely positive perception of the general public resulting in a “this – time – is - different – feeling”, “new – era – talks” or the “it –won’t happen – to – us – believe”(See for example Shiller, Kindleberger, Reinhart and Rogoff, Galbraith). Most of the time these bubbles are self – feeding processes. Business expansion leads to economic growth and greater income. Public spending increases which leads to the need of expanding production. Credit is needed for investment and during times of a boom it is easily made available. Often new financial instruments come into play as well as the deregulation of financial markets to meet the demand for credit. Businesses can expand further which results in ever increasing income and greater expectations about the future. Creditors become less risk averse and grant loans to individuals or firms that would have not met the necessary requirements before. People feel richer since their wealth is re – classified so that their assets and property are all of the sudden worth more for no realistic reason (renovate a home for example which would account for an increase in value). In combination with low interest rates, more and more investments and purchases are financed through excess leverage creating a vicious cycle of easy credit, money illusion and the adjustment of fundamental values. Great hikes in the markets are considered as a result of the new economy that has been created. Historical levels of the markets and where the level of fundamentals should really be are completely ignored. Currently we can only assess bubbles in retrospective, psychological factors which may help to explain the unexplainable are hardly considered in basic economic models.The only thing that is certain is that bubbles always burst.
Asset Price Bubbles
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Author : William Curt Hunter
language : en
Publisher: MIT Press
Release Date : 2005
Asset Price Bubbles written by William Curt Hunter and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with Business & Economics categories.
A study of asset price bubbles and the implications for preventing financial instability.
Understanding Saving
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Author : Fumio Hayashi
language : en
Publisher: MIT Press
Release Date : 1997
Understanding Saving written by Fumio Hayashi and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1997 with Business & Economics categories.
Analysis of consumption and saving decisions by households has always been one of the most active areas of research in economics--and with good reason. Private consumption is the most important component of aggregate demand in a capitalist economy, and explaining consumption is the key element in most macroeconomic forecasting models. To evaluate the effect of government policies invariably requires the knowledge of how they change parameters relevant for household decision making. Understanding Saving collects eleven papers by economist Fumio Hayashi, along with two previously unpublished chapters, for a total of thirteen chapters. The monograph, which brings together Hayashi's empirical research on saving, is divided into three sections. Part I, "Liquidity Constraints", contains five studies that test the well-known implication of the Life Cycle-Permanent Income hypothesis that households shield consumption from income fluctuations. Part II, "Risk-Sharing and Altruism", contains three papers that examine the interactions between related and unrelated households predicted by the hypothesis for the US and Japanese households. The three papers in Part III, "Japanese Saving Behavior", present the author's explanation of the high saving rate in postwar Japan.
Personal Savings And Consumption In Postwar Japan
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Author : Toshiyuki Mizoguchi
language : en
Publisher:
Release Date : 1970
Personal Savings And Consumption In Postwar Japan written by Toshiyuki Mizoguchi and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1970 with Business & Economics categories.
Economic research study of personal savings and consumption behaviour of families in post-war Japan - covers the theoretics of consumption functions, the standard of living, trends, the influence of position in the occupational structure on family budgets, etc., and includes an international comparison of saving and consumption ratios. Diagrams and references.
Balance Sheet Recession
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Author : Richard Koo
language : en
Publisher:
Release Date : 2003-10-24
Balance Sheet Recession written by Richard Koo and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003-10-24 with Business & Economics categories.
In this groundbreaking book, leading international economist, Richard Koo argues that far from being the sick man of Asia, Japan is suffering from a temporary but highly unusual economic aberration. Economists and business commentators have always assumed that the majority of companies in any economy are forward looking and are trying to maximize profits. They never considered the possibility that a vast majority of companies may be placing their highest priorities on minimizing debt in order to repair their balance sheets. But that remote possibility has been the reality in Japan for the past decade, and more recently in many other countries including at least a part of the US. Balance Sheet Recession argues that contrary to popular belief, it is this massive shift in corporate behavior, instead of structural problems, that is the root cause of both the deflation and the non-performing loan problems that have troubled Japan for so long. It argues that when the causality runs from the corporate balance sheet problems to deflation and banking problems, a highly unconventional policy response is needed to stabilize the economy. After all, the last time anything similar has happened was the 1930s in the US. Richard Koo's experience in dealing with both the US banking crisis of the early 1980s and the Japanese balance sheet and banking problems of the last ten years makes him unique qualified to comment on this situation. He clearly explains how such a recession can happen in any economy following an asset price bubble, and how best to deal with it.
Firm Investment And Balance Sheet Problems In Japan
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Author : Mr.Toshitaka Sekine
language : en
Publisher: International Monetary Fund
Release Date : 1999-08-01
Firm Investment And Balance Sheet Problems In Japan written by Mr.Toshitaka Sekine and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999-08-01 with Business & Economics categories.
This paper investigates whether balance-sheet conditions of firms and their main banks matter for firm investment behavior using dynamic corporate panel data in Japan for the period 1985-95. It finds that smaller non-bond issuing firms were facing liquidity constraints; these firms’ balance-sheet conditions (the debt asset ratios) affected their investment from the midst of the bubble era by influencing main banks’ lending to them; and the deterioration of their main banks’ balance-sheet conditions constrained these firms’ investment from about 1993. These findings highlight the potential macroeconomic impact and importance of the credit channel of monetary policy, and support the case of a credit crunch facing small Japanese firms during this period.