Japan S Financial Crisis

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Japan's Financial Crisis

Jennifer Amyx
Japan s Financial Crisis Book PDF

Author : Jennifer Amyx
Publisher : Princeton University Press
Page : 392 pages
File Size : 54,9 Mb
Release : 2013-10-31
Category : Political Science
ISBN : 9781400849635

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Japan's Financial Crisis by Jennifer Amyx Pdf

At the beginning of the 1990s, a massive speculative asset bubble burst in Japan, leaving the nation's banks with an enormous burden of nonperforming loans. Banking crises have become increasingly common across the globe, but what was distinctive about the Japanese case was the unusually long delay before the government intervened to aggressively address the bad debt problem. The postponed response by Japanese authorities to the nation's banking crisis has had enormous political and economic consequences for Japan as well as for the rest of the world. This book helps us understand the nature of the Japanese government's response while also providing important insights into why Japan seems unable to get its financial system back on track 13 years later. The book focuses on the role of policy networks in Japanese finance, showing with nuance and detail how Japan's Finance Ministry was embedded within the political and financial worlds, how that structure was similar to and different from that of its counterparts in other countries, and how the distinctive nature of Japan's institutional arrangements affected the capacity of the government to manage change. The book focuses in particular on two intervening variables that bring about a functional shift in the Finance Ministry's policy networks: domestic political change under coalition government and a dramatic rise in information requirements for effective regulation. As a result of change in these variables, networks that once enhanced policymaking capacity in Japanese finance became "paralyzing networks"--with disastrous results.

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

Ryōichi Mikitani,Adam Simon Posen
Japan s Financial Crisis and Its Parallels to U S Experience Book PDF

Author : Ryōichi Mikitani,Adam Simon Posen
Publisher : Peterson Institute
Page : 256 pages
File Size : 55,8 Mb
Release : 2000
Category : Business & Economics
ISBN : 088132289X

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Japan's Financial Crisis and Its Parallels to U.S. Experience by Ryōichi Mikitani,Adam Simon Posen Pdf

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.

Japan's Great Stagnation

W. R. Garside
Japan s Great Stagnation Book PDF

Author : W. R. Garside
Publisher : Edward Elgar Publishing
Page : 229 pages
File Size : 49,9 Mb
Release : 2012-01-01
Category : Business & Economics
ISBN : 9780857938220

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Japan's Great Stagnation by W. R. Garside Pdf

'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.

The Japanese Banking Crisis

Ryozo Himino
The Japanese Banking Crisis Book PDF

Author : Ryozo Himino
Publisher : Springer Nature
Page : 127 pages
File Size : 54,6 Mb
Release : 2021-01-07
Category : Business & Economics
ISBN : 9789811595981

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The Japanese Banking Crisis by Ryozo Himino Pdf

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.

Crisis and Change in the Japanese Financial System

Takeo Hoshi,Hugh T. Patrick
Crisis and Change in the Japanese Financial System Book PDF

Author : Takeo Hoshi,Hugh T. Patrick
Publisher : Springer Science & Business Media
Page : 326 pages
File Size : 55,7 Mb
Release : 2012-12-06
Category : Business & Economics
ISBN : 9781461543954

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Crisis and Change in the Japanese Financial System by Takeo Hoshi,Hugh T. Patrick Pdf

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.

Saving The Sun

Gillian Tett
Saving The Sun Book PDF

Author : Gillian Tett
Publisher : Random House
Page : 384 pages
File Size : 48,7 Mb
Release : 2011-12-31
Category : Business & Economics
ISBN : 9781448108237

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Saving The Sun by Gillian Tett Pdf

For more than a decade, Japan's dismal economy - which has bounced from deflationary collapse to fitful recovery and back to collapse - has been the biggest obstacle to economic growth. Why has the world's second largest economy been unable to save itself? Why has a country, whose financial might in the 1980s was the most feared force on the globe, become the sick man of the world economy? Saving the Sun answers these questions and more in the riveting and remarkable story of Long Term Credit Bank, one of the world's most respected financial institutions, and its attempts to transform itself into a Western-style bank and reconcile the cultural gulf that still exists between Japan and the international banking community.'Smart and engaging-it's a riveting tale with important insights into Japan's culture and its sclerotic system.' BusinessWeek'Saving the Sun is not simply about the fate of one Japanese bank. It is about the clash of two visions of finance-and how hard it is to reconcile them.' The Wall Street Journal Europe

Balance Sheet Recession

Richard Koo
Balance Sheet Recession Book PDF

Author : Richard Koo
Publisher : Unknown
Page : 310 pages
File Size : 42,5 Mb
Release : 2003-10-24
Category : Business & Economics
ISBN : STANFORD:36105023738011

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Balance Sheet Recession by Richard Koo Pdf

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.

Saving the Sun

Gillian Tett
Saving the Sun Book PDF

Author : Gillian Tett
Publisher : Harper Collins
Page : 585 pages
File Size : 44,9 Mb
Release : 2009-10-13
Category : Business & Economics
ISBN : 9780061877636

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Saving the Sun by Gillian Tett Pdf

Saving the Sun tells the story of the world's largest private equity deal where American investors made billions of dollars rehabilitating Shinsei, a failed Japanese bank. Within that business saga is the dramatic tale of Japan's brightest financial minds, the men who made the Japanese economic miracle come to life, and their struggle against the economic failure in the 1990s. Into this climate of despair, where Japan seemed incapable of reviving prosperity, came a group of wily and determined Americans who would discover just how different the Japanese really are.

Financial Crisis and Bank Management in Japan (1997 to 2016)

Mitsuhiko Nakano
Financial Crisis and Bank Management in Japan 1997 to 2016 Book PDF

Author : Mitsuhiko Nakano
Publisher : Springer
Page : 204 pages
File Size : 51,6 Mb
Release : 2016-11-22
Category : Business & Economics
ISBN : 9781137541185

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Financial Crisis and Bank Management in Japan (1997 to 2016) by Mitsuhiko Nakano Pdf

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 of the 1990's

Mr.Akihiro Kanaya,Mr.David Woo
The Japanese Banking Crisis of the 1990 s Book PDF

Author : Mr.Akihiro Kanaya,Mr.David Woo
Publisher : International Monetary Fund
Page : 48 pages
File Size : 43,9 Mb
Release : 2000-01-01
Category : Business & Economics
ISBN : 9781451842401

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The Japanese Banking Crisis of the 1990's by Mr.Akihiro Kanaya,Mr.David Woo Pdf

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.

Banking on Stability

Saori N. Katada
Banking on Stability Book PDF

Author : Saori N. Katada
Publisher : University of Michigan Press
Page : 332 pages
File Size : 42,5 Mb
Release : 2001
Category : Business & Economics
ISBN : 0472112112

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Banking on Stability by Saori N. Katada Pdf

An exploration of Japanese involvement in the resolution of international financial crises

Tumultuous Times

Masaaki Shirakawa
Tumultuous Times Book PDF

Author : Masaaki Shirakawa
Publisher : Yale University Press
Page : 534 pages
File Size : 50,6 Mb
Release : 2021
Category : Bankers
ISBN : 9780300258974

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Tumultuous Times by Masaaki Shirakawa Pdf

A rare insider's account of the inner workings of the Japanese economy, and the Bank of Japan's monetary policy, by a career central banker The Japanese economy, once the envy of the world for its dynamism and growth, lost its shine after a financial bubble burst in early 1990s and slumped further during the Global Financial Crisis in 2008. It suffered even more damage in 2011, when a severe earthquake set off the Fukushima Daiichi nuclear disaster. However, the Bank of Japan soldiered on to combat low inflation, low growth, and low interest rates, and in many ways it served as a laboratory for actions taken by central banks in other parts of the world. Masaaki Shirakawa, who led the bank as governor from 2008 to 2013, provides a rare insider's account of the workings of Japanese economic and monetary policy during this period and how it challenged mainstream economic thinking.

Examining Japan's Lost Decades

Yoichi Funabashi,Barak Kushner
Examining Japan s Lost Decades Book PDF

Author : Yoichi Funabashi,Barak Kushner
Publisher : Routledge
Page : 424 pages
File Size : 48,9 Mb
Release : 2015-04-10
Category : Social Science
ISBN : 9781317503354

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Examining Japan's Lost Decades by Yoichi Funabashi,Barak Kushner Pdf

This book examines five features of Japan’s ‘Lost Decades’: the speed of the economic decline in Japan compared to Japan’s earlier global prowess; a rapidly declining population; considerable political instability and failed reform attempts; shifting balances of power in the region and changing relations with Asian neighbouring nations; and the lingering legacy of World War Two. Addressing the question of why the decades were lost, this book offers 15 new perspectives ranging from economics to ideology and beyond. Investigating problems such as the risk-averse behaviour of Japan’s bureaucracy and the absence of strong political leadership, the authors analyse how the delay of ‘loss-cutting policies’ led to the 1997 financial crisis and a state of political gridlock where policymakers could not decide on firm strategies that would benefit national interests. To discuss the rebuilding of Japan, the authors argue that it is first essential to critically examine Japan’s ‘Lost Decades’ and this book offers a comprehensive overview of Japan’s recent 20 years of crisis. The book reveals that the ‘Lost Decades’ is not an issue unique to the Japanese context but has global relevance, and its study can provide important insights into challenges being faced in other mature economies. With chapters written by some of the world’s leading Japan specialists and chapters focusing on a variety of disciplines, this book will be of interest to students and scholars in the areas of Japan studies, Politics, International Relations, Security Studies, Government Policy and History.

Mafioso, Big Business and the Financial Crisis

Ingyu Oh
Mafioso Big Business and the Financial Crisis Book PDF

Author : Ingyu Oh
Publisher : Routledge
Page : 254 pages
File Size : 48,5 Mb
Release : 2018-12-21
Category : Social Science
ISBN : 9780429834288

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Mafioso, Big Business and the Financial Crisis by Ingyu Oh Pdf

First published in 1999, this book explores the question of is the business organisation a result of efficiency or is it a result of a state-business organisation a result of a state-business interaction? This question being in the context of the Korean chaebol system and the Japanese Keiretsu system; this book explores the political and economic growth and then the following down fall of these systems occurred without rupturing either country’s state policy regarding the chaebol or the keiretsu.

Unconventional Monetary Policy and Financial Stability

Alexis Stenfors,Jan Toporowski
Unconventional Monetary Policy and Financial Stability Book PDF

Author : Alexis Stenfors,Jan Toporowski
Publisher : Routledge
Page : 217 pages
File Size : 43,9 Mb
Release : 2020-07-15
Category : Business & Economics
ISBN : 9780429629617

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Unconventional Monetary Policy and Financial Stability by Alexis Stenfors,Jan Toporowski Pdf

Since the financial crisis of 2008-09, central bankers around the world have been forced to abandon conventional monetary policy tools in favour of unconventional policies such as quantitative easing, forward guidance, lowering the interest rate paid on bank reserves into negative territory, and pushing up prices of government bonds. Having faced a crisis in its banking sector nearly a decade earlier, Japan was a pioneer in the use of many of these tools. Unconventional Monetary Policy and Financial Stability critically assesses the measures used by Japan and examines what they have meant for the theory and practice of economic policy. The book shows how in practice unconventional monetary policy has worked through its impact on the financial markets. The text aims to generate an understanding of why such measures were introduced and how the Japanese system has subsequently changed regarding aspects such as governance and corporate balance sheets. It provides a comprehensive study of developments in Japanese money markets with the intent to understand the impact of policy on the debt structures that appear to have caused Japan’s deflation. The topics covered range from central bank communication and policymaking to international financial markets and bank balance sheets. This text is of great interest to students and scholars of banking, international finance, financial markets, political economy, and the Japanese economy.