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OverviewJapan 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. Full Product DetailsAuthor: Ryoichi Mikitani , Adam PosenPublisher: The Peterson Institute for International Economics Imprint: The Peterson Institute for International Economics Volume: No. 13 Dimensions: Width: 15.20cm , Height: 1.50cm , Length: 22.60cm Weight: 0.382kg ISBN: 9780881322897ISBN 10: 088132289 Pages: 276 Publication Date: 01 September 2000 Audience: College/higher education , Professional and scholarly , Postgraduate, Research & Scholarly , Professional & Vocational Format: Paperback Publisher's Status: Active Availability: In Print  This item will be ordered in for you from one of our suppliers. Upon receipt, we will promptly dispatch it out to you. For in store availability, please contact us. Language: English Table of ContentsIntroduction - Financial Similarities and Monetary Differences, Adam Posen; The Facts of the Japanese Financial Crisis, Ryoichi Mikitani and Kobe Gakuin; Monetary Policy in Japan Since the Late 1980s - Delayed Policy Actions and Some Explanations, Toshiki Jinushi, et al; Japanese Monetary Policy - a Case for Self-Induced Paralysis?, Ben Bernanke; International Pressure on Japanese Monetary Policy in the 1990s, Eisuke Sakakibara; Discussion - the Foundations of Expansionary Monetary Policy, Olivier Blanchard; Discussion - the Political Economy of Deflationary Monetary Policy, Adam Posen; Discussion - the International Aspects of Monetary Policy, Jeffrey Shafer; The Japanese Banking Crisis and the US S&L Collapse - Parallels and Lessons, Benjamin Friedman; The Convoy Regulation, Bank Management and the Financial Crisis in Japan, Yoshinoiri Shimizu; Discussion - Forebearance and Mergers in a Comparative Context, Robert Glauber; Discussion - Partial Deregulation in a Comparative Context, Anil Kashyap.ReviewsAuthor InformationDr. Posen, the President of the Peterson Institute for International Economics, has specialized in macroeconomic and monetary policy, resolution of financial crises, central banking issues, and the economies of Western Europe, Japan, and the United States. Dr. Posen brings a distinctively global perspective to macroeconomic policy analysis and forecasting. He has written about the financial and economic challenges faced by the European Union following the adoption of the euro and the lasting impact of Japan's economic crisis of the 1990s, while providing counsel directly to the Japanese government in Tokyo. Leading up to the successful London G-20 summit of 2009 during the global financial crisis, he consulted for the UK Cabinet Office. Tab Content 6Author Website:Countries AvailableAll regions |
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