The Japanese Banking Crisis Of The 1990 S
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The Japanese Banking Crisis Of The 1990 S
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Author : Mr.Akihiro Kanaya
language : en
Publisher: International Monetary Fund
Release Date : 2000-01-01
The Japanese Banking Crisis Of The 1990 S written by Mr.Akihiro Kanaya 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 2000-01-01 with Business & Economics categories.
For a large part of the past decade, Japan has witnessed a steady deterioration in the health of its banking system. This paper examines what went wrong and why it has taken so long for the system to recover. While the paper traces the roots of the crisis to accelerated deregulation and deepening of capital markets without an appropriate adjustment in the regulatory framework, it identifies weak corporate governance and regulatory forbearance as the two factors behind what might have been an unnecessary prolongation of the distress of the financial system.
The Financial Crisis In Japan During The 1990s
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Author : Hiroshi Nakaso
language : en
Publisher:
Release Date : 2001
The Financial Crisis In Japan During The 1990s written by Hiroshi Nakaso and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with Banks and banking categories.
Japan S Financial Crisis And Its Parallels To U S Experience
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Author : Ryōichi Mikitani
language : en
Publisher: Peterson Institute
Release Date : 2000
Japan S Financial Crisis And Its Parallels To U S Experience written by Ryōichi Mikitani and has been published by Peterson Institute this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000 with Business & Economics categories.
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.
Crisis And Change In The Japanese Financial System
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Author : Takeo Hoshi
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-12-06
Crisis And Change In The Japanese Financial System written by Takeo Hoshi and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-12-06 with Business & Economics categories.
At the start of the twenty-first century, the Japanese financial system is undergoing a major transformation. This process is spurred by a sense of crisis. Dominated by large institutions, the Japanese banking system has suffered from serious problems with non-performing loans since the early 1990s, when the Japanese stock market and urban real estate market both crashed. Delays in responding to these twin asset bubbles, by both regulatory authorities and the banks themselves, made matters worse and led to a banking crisis in late 1997 and early 1998. Not anticipating this setback, in late 1996 the Japanese government inaugurated its Big Bang of comprehensive financial deregulation designed to complete the process of creating `free, fair, and open financial markets'. Beginning in late 1998 and early 1999 the government finally embarked on a major rehabilitation of the Japanese banking system, including making available some Yen 60 trillion (approximately USD 500 billion) of government funds to recapitalize fifteen major banks, adequately fund the deposit insurance program, and write off the bad loans of nationalized or bankrupted banks. One result of this reform process is that the Ministry of Finance (MOF), which dominated Japanese financial system policy for most of the post-war period, has been stripped of most of its former regulatory powers. The purpose of this book is to describe, analyze, and evaluate the process that is transforming the Japanese financial system. The chapters address various issues relating to the transition of the Japanese financial system from a bank-centered and relationship-based system to a competitive market-based system. Questions taken up include: Why did Japanese banks get into such serious trouble? Why has the MOF lost its immense power? How will the Big Bang's financial deregulation further change the Japanese financial system, including the huge government financial institutions and postal savings system? What are some of the broader implications of this transition? The book is divided into three parts: Part I considers the origins of Japan's banking crisis; Part II focuses on five particularly important areas of major actual and potential changes; Part III addresses the effects of the Big Bang, including its potential systemic externalities. Taken together, this book offers an unusually up-to-date, comprehensive and thorough appraisal and evaluation of the profound changes occurring in Japan's financial system.
Japan S Great Stagnation
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Author : W. R. Garside
language : en
Publisher: Edward Elgar Publishing
Release Date : 2012-01-01
Japan S Great Stagnation written by W. R. Garside and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-01-01 with Business & Economics categories.
'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.
Financial Crisis And Bank Management In Japan 1997 To 2016
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Author : Mitsuhiko Nakano
language : en
Publisher: Springer
Release Date : 2016-11-22
Financial Crisis And Bank Management In Japan 1997 To 2016 written by Mitsuhiko Nakano and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-11-22 with Business & Economics categories.
This book explores the challenges faced by the Japanese economy and the Japanese banking industry following the financial crisis that emerged around the turn of the last millennium. The author explores how the Japanese financial crisis of the late 1990s engendered huge restructuring efforts in the banking industry, which eventually led to even more sweeping changes of the economic system and long-term deflation in the 2000s. The discussion begins with an overview of the unconventional monetary policy launched by the Bank of Japan at this time, while banking administrative policies maintained their strict code of governance. The author describes how, just as recovery seemed possible, the twin disasters of the Lehman shock and the Great East Japan Earthquake buffeted the recovering economy, and pushed Japan again into deflation. The book also looks to the very recent past, with the sudden advent of Abenomics in 2013, with its three-pronged approach, which was intended to break the deflationary mindset. Finally, the author projects what the future of the banking industry in Japan might encompass, as looming demographic changes gradually threaten both the economy and the banking industry.
The Japanese Banking Crisis
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Author : Ryozo Himino
language : en
Publisher: Springer Nature
Release Date : 2021-01-07
The Japanese Banking Crisis written by Ryozo Himino and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-01-07 with Business & Economics categories.
This open access book provides a readable narrative of the bubbles and the banking crisis Japan experienced during the two decades between the late 1980s and the early 2000s. Japan, which was a leading competitor in the world’s manufacturing sector, tried to transform itself into an economy with domestic demand-led mature growth, but the ensuing bubbles and crisis instead made the country suffer from chronicle deflation and stagnation. The book analyses why the Japanese authorities could not avoid making choices that led to this outcome. The chapters are based on the lectures to regulators from emerging economies delivered at the Global Financial Partnership Center of the Financial Services Agency of Japan.
Financial Policy And Central Banking In Japan
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Author : Thomas F. Cargill
language : en
Publisher: MIT Press
Release Date : 2001-01-03
Financial Policy And Central Banking In Japan written by Thomas F. Cargill and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001-01-03 with Business & Economics categories.
This book analyzes how the bank-dominated financial system—a key element of the oft-heralded "Japanese economic model"—broke down in the 1990s and spawned sweeping reforms. Japan's financial institutions and policy underwent remarkable change in the past decade. The country began the 1990s with a heavily regulated financial system managed by an unchallenged Ministry of Finance and ended the decade with a Big Bang financial market reform, a complete restructuring of its regulatory financial institutions, and an independent central bank. These reforms have taken place amid recession and rising unemployment, collapsing asset prices, a looming banking crisis, and the lowest interest rates in the industrial world. This book analyzes how the bank-dominated financial system—a key element of the oft-heralded "Japanese economic model"—broke down in the 1990s and spawned sweeping reforms. It documents the sources of the Japanese economic stagnation of the 1990s, the causes of the financial crisis, the slow and initially limited policy response to banking problems, and the reform program that followed. It also evaluates the new financial structure and reforms at the Bank of Japan in light of the challenges facing the Japanese economy. These challenges range from conducting monetary policy in a zero-interest rate environment characterized by a "liquidity trap" to managing consolidation in the Japanese banking sector against the backdrop of increasing international competition.
Asian Banking Crises In The 90s
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Author : N. Rajshekar
language : en
Publisher:
Release Date : 2004
Asian Banking Crises In The 90s written by N. Rajshekar and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with Banks and banking, Central categories.
For students, researchers, and aspiring and practicing bankers, this book gives an understanding of the Asian banking crisis of the 1990s, described as a boiling point in a given situation. The interconnected and related factors reach a height of imbalanc
Accounting For The Decline In The Velocity Of Money In The Japanese Economy
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Author : Nao Sudo
language : en
Publisher:
Release Date : 2011
Accounting For The Decline In The Velocity Of Money In The Japanese Economy written by Nao Sudo and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with Circular velocity of money categories.
"A notable feature of the Japanese economy following the banking crisis of the late 1990s is the drastic decline in the velocity of money and the consequent decline in the price level. Based on the inventory model of money demand à la Alvarez, Atkeson, and Edmond (2009), we explore how macroeconomic shocks affect the velocity. Households in the model are subject to a multiple-period cash-in-advance constraint in which the portion of the payment in cash, which we call the liquidity requirement, varies according to the credit service supply in the economy. Extracting various shocks underlying the velocity variations from 1990 to 2010, we find that an increase in the liquidity requirement is the key driver of the decline in velocity. Particularly important is the channel stemming from households' expectations about the future liquidity requirement. During the Japanese banking crisis and the global financial crisis, credit service is disrupted and households expect the disruption to last long. Since they demand additional money for a higher liquidity requirement for current and future transactions, the velocity and the price level decrease, even though the growth rate of money stock then exceeds that of consumption."--1st prelim. p.