Site Navigation
Japan's Financial Crisis and Its Parallels to U.S. Experience
List Price:
£22.95
Our Online Price: £
20.65
Availability: Available for immediate despatch
- Book details for Japan's Financial Crisis and Its Parallels to U.S. Experience
- Special Report
- Adam S. Posen (editor), Ryoichi Mikitani (editor)
- Paperback, 230 x 153 x 12mm , 200 pp, Illustrations
- 30 Jun 2000
- Institute for International Economics,U.S.
- 088132289X
- 9780881322897
Making a comparison between Japanese policy reaction to the financial and monetary crisis, American policymakers' reactions to the US Savings and Loan crisis and to earlier monetary challenges puts the Japanese economic problems of the 1990s in perspective. While Japan's policy response to its banking crisis in the 1990s was slow in comparison to that of the United States during the S&L crisis, the underlying dynamics were similar, driven by mismanaged partial deregulation and regulatory forebearance. On the other hand, upon closer examination, the Bank of Japan's monetary policy in the 1990s was increasingly out of step with US or other developed country norms. This volume was created by bringing together serveral leading academics from the United States and Japan - plus former senior policymakers from the both countries - to discuss the challenges to Japanese financial and monetary policy in the 1990s. On the financial side, papers have been contributed by Benjamin Friedman, Ryoichi Mikitani and Yoshinori Shimizu, with discussions by Robert Glauber and Anil Kashyap. On the monetary side, papers are by Ben Bernanke and Toshiki Jinushi, Yoshihiro Kuroki and Ryuzo Miyao, with discussions by Olivier Blanchard and Adam Posen. The book includes a discussion of the international influences on Japanese financial and monetary policy in the 1990s by Former Japanese Vice Minister of Finance for International Affairs Eisuke Sakakibara, and Former US Undersecretary of the Treasury for International Affairs Jeffrey Shafer.
Introduction - 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.
