Japanese Monetary Policy During The Collapse Of The Bubble Economy

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The Political Economy of Japanese Monetary Policy

Author : Thomas F. Cargill
Publisher : MIT Press
ISBN 13 : 9780262262071
Total Pages : 260 pages
Book Rating : 4.2/5 (62 download)

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Book Synopsis The Political Economy of Japanese Monetary Policy by : Thomas F. Cargill

Download or read book The Political Economy of Japanese Monetary Policy written by Thomas F. Cargill and published by MIT Press. This book was released on 2003-01-01 with total page 260 pages. Available in PDF, EPUB and Kindle. Book excerpt: The contributions in this book provide a unique view of its emergence and growth in a number of different national settings in an area of the Third World where the industry is most advanced. In The Political Economy of Japanese Monetary Policy, Cargill, Hutchison, and Ito investigate the formulation and execution of monetary and financial policies in Japan within a broad technical, political, and institutional context.Their emphasis is on the period since the collapse of the Bretton Woods system of fixed exchange rates in the early 1970s, and on the effects of policies and institutions in shaping the modern Japanese economy. The authors present basic themes and recent developments, as well as their own research findings.They also review and integrate the large literature in the area. They consider theoretical arguments and empirical evidence for each topic discussed. Topics covered include Japan's low inflation record (despite the central bank's lack of formal independence from the government); politically motivated business cycles and the timing of elections; exchange rate policy and international policy coordination; the historical development of central banking; Japan's "bubble economy" of the 1980s; and the causes, magnitude, and regulatory responses to Japan's banking and financial crisis of the 1990s.

The Japanese Banking Crisis

Author : Ryozo Himino
Publisher : Springer Nature
ISBN 13 : 9811595984
Total Pages : 127 pages
Book Rating : 4.8/5 (115 download)

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Book Synopsis The Japanese Banking Crisis by : Ryozo Himino

Download or read book The Japanese Banking Crisis written by Ryozo Himino and published by Springer Nature. This book was released on 2021-01-07 with total page 127 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Asset Price Bubbles

Author : William Curt Hunter
Publisher : MIT Press
ISBN 13 : 9780262582537
Total Pages : 650 pages
Book Rating : 4.5/5 (825 download)

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Book Synopsis Asset Price Bubbles by : William Curt Hunter

Download or read book Asset Price Bubbles written by William Curt Hunter and published by MIT Press. This book was released on 2005 with total page 650 pages. Available in PDF, EPUB and Kindle. Book excerpt: A study of asset price bubbles and the implications for preventing financial instability.

Japan's Bubble, Deflation, and Long-term Stagnation

Author : Kōichi Hamada
Publisher : MIT Press
ISBN 13 : 0262014890
Total Pages : 435 pages
Book Rating : 4.2/5 (62 download)

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Book Synopsis Japan's Bubble, Deflation, and Long-term Stagnation by : Kōichi Hamada

Download or read book Japan's Bubble, Deflation, and Long-term Stagnation written by Kōichi Hamada and published by MIT Press. This book was released on 2011 with total page 435 pages. Available in PDF, EPUB and Kindle. Book excerpt: New perspectives on Japan's "lost decade" viewed in the context of recent financial turmoil.

Japanese Monetary Policy

Author : Kenneth J. Singleton
Publisher : University of Chicago Press
ISBN 13 : 0226760685
Total Pages : 208 pages
Book Rating : 4.2/5 (267 download)

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Book Synopsis Japanese Monetary Policy by : Kenneth J. Singleton

Download or read book Japanese Monetary Policy written by Kenneth J. Singleton and published by University of Chicago Press. This book was released on 2007-12-01 with total page 208 pages. Available in PDF, EPUB and Kindle. Book excerpt: How has the Bank of Japan (BOJ) helped shape Japan's economic growth during the past two decades? This book comprehensively explores the relations between financial market liberalization and BOJ policies and examines the ways in which these policies promoted economic growth in the 1980s. The authors argue that the structure of Japan's financial markets, particularly restrictions on money-market transactions and the key role of commercial banks in financing corporate investments, allowed the BOJ to influence Japan's economic success. The first two chapters provide the most in-depth English-language discussion of the BOJ's operating procedures and policymaker's views about how BOJ actions affect the Japanese business cycle. Chapter three explores the impact of the BOJ's distinctive window guidance policy on corporate investment, while chapter four looks at how monetary policy affects the term structure of interest rates in Japan. The final two chapters examine the overall effect of monetary policy on real aggregate economic activity. This volume will prove invaluable not only to economists interested in the technical operating procedures of the BOJ, but also to those interested in the Japanese economy and in the operation and outcome of monetary reform in general.

Japanese Banks and the Asset Price "Bubble"

Download Japanese Banks and the Asset Price

Author : Mr.Steven M. Fries
Publisher : International Monetary Fund
ISBN 13 : 1451954301
Total Pages : 52 pages
Book Rating : 4.4/5 (519 download)

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Book Synopsis Japanese Banks and the Asset Price "Bubble" by : Mr.Steven M. Fries

Download or read book Japanese Banks and the Asset Price "Bubble" written by Mr.Steven M. Fries and published by International Monetary Fund. This book was released on 1993-11-01 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Japanese Monetary Policy During the Collapse of the Bubble Economy

Author : Ippei Fujiwara
Publisher :
ISBN 13 :
Total Pages : 58 pages
Book Rating : 4.:/5 (318 download)

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Book Synopsis Japanese Monetary Policy During the Collapse of the Bubble Economy by : Ippei Fujiwara

Download or read book Japanese Monetary Policy During the Collapse of the Bubble Economy written by Ippei Fujiwara and published by . This book was released on 2007 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Focusing on policy-making under uncertainty, we analyze the Bank of Japan's monetary policy in the early 1990s when the bubble economy collapsed. Conducting stochastic simulations with a large-scale macroeconomic model of the Japanese economy, we find that the BOJ's monetary policy at that time was essentially optimal under uncertainty about the policy multiplier. On the other hand, we also find that the BOJ's policy was not optimal under uncertainty about inflation dynamics, and that a more aggressive policy response than actually implemented would have been needed. Thus, optimal monetary policy differs greatly depending upon which type of uncertainty is emphasized. Taking into account the fact that overcoming deflation became an important issue from the latter 1990s, it is possible to argue that during the early 1990s the BOJ should have placed greater emphasis on uncertainty about inflation dynamics and implemented a more aggressive monetary policy. The result from a counter-factual simulation indicates that the inflation rate and the real growth rate would have been higher to some extent if the BOJ had implemented a more accommodative policy during the early 1990s. However, the simulation result also suggests that the effects would have been limited, and that an accommodative monetary policy itself would not have changed the overall image of the prolonged stagnation of the Japanese economy during the 1990s."--Author's abstract.

Princes of the Yen

Author : Richard Werner
Publisher : Routledge
ISBN 13 : 131746219X
Total Pages : 384 pages
Book Rating : 4.3/5 (174 download)

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Book Synopsis Princes of the Yen by : Richard Werner

Download or read book Princes of the Yen written by Richard Werner and published by Routledge. This book was released on 2015-03-04 with total page 384 pages. Available in PDF, EPUB and Kindle. Book excerpt: This eye-opening book offers a disturbing new look at Japan's post-war economy and the key factors that shaped it. It gives special emphasis to the 1980s and 1990s when Japan's economy experienced vast swings in activity. According to the author, the most recent upheaval in the Japanese economy is the result of the policies of a central bank less concerned with stimulating the economy than with its own turf battles and its ideological agenda to change Japan's economic structure. The book combines new historical research with an in-depth behind-the-scenes account of the bureaucratic competition between Japan's most important institutions: the Ministry of Finance and the Bank of Japan. Drawing on new economic data and first-hand eyewitness accounts, it reveals little known monetary policy tools at the core of Japan's business cycle, identifies the key figures behind Japan's economy, and discusses their agenda. The book also highlights the implications for the rest of the world, and raises important questions about the concentration of power within central banks.

The American Business Cycle

Author : Robert J. Gordon
Publisher : University of Chicago Press
ISBN 13 : 0226304590
Total Pages : 882 pages
Book Rating : 4.2/5 (263 download)

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Book Synopsis The American Business Cycle by : Robert J. Gordon

Download or read book The American Business Cycle written by Robert J. Gordon and published by University of Chicago Press. This book was released on 2007-11-01 with total page 882 pages. Available in PDF, EPUB and Kindle. Book excerpt: In recent decades the American economy has experienced the worst peace-time inflation in its history and the highest unemployment rate since the Great Depression. These circumstances have prompted renewed interest in the concept of business cycles, which Joseph Schumpeter suggested are "like the beat of the heart, of the essence of the organism that displays them." In The American Business Cycle, some of the most prominent macroeconomics in the United States focuses on the questions, To what extent are business cycles propelled by external shocks? How have post-1946 cycles differed from earlier cycles? And, what are the major factors that contribute to business cycles? They extend their investigation in some areas as far back as 1875 to afford a deeper understanding of both economic history and the most recent economic fluctuations. Seven papers address specific aspects of economic activity: consumption, investment, inventory change, fiscal policy, monetary behavior, open economy, and the labor market. Five papers focus on aggregate economic activity. In a number of cases, the papers present findings that challenge widely accepted models and assumptions. In addition to its substantive findings, The American Business Cycle includes an appendix containing both the first published history of the NBER business-cycle dating chronology and many previously unpublished historical data series.

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

Author : Ryōichi Mikitani
Publisher : Peterson Institute
ISBN 13 : 9780881322897
Total Pages : 256 pages
Book Rating : 4.3/5 (228 download)

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Book Synopsis Japan's Financial Crisis and Its Parallels to U.S. Experience by : Ryōichi Mikitani

Download or read book Japan's Financial Crisis and Its Parallels to U.S. Experience written by Ryōichi Mikitani and published by Peterson Institute. This book was released on 2000 with total page 256 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Confronting Policy Challenges of the Great Recession

Author : Eskander Alvi
Publisher : W.E. Upjohn Institute
ISBN 13 : 0880996366
Total Pages : 152 pages
Book Rating : 4.8/5 (89 download)

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Book Synopsis Confronting Policy Challenges of the Great Recession by : Eskander Alvi

Download or read book Confronting Policy Challenges of the Great Recession written by Eskander Alvi and published by W.E. Upjohn Institute. This book was released on 2017-11-20 with total page 152 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book presents a notable group of macroeconomists who describe the unprecedented events and often extraordinary policies put in place to limit the economic damage suffered during the Great Recession and then to put the economy back on track. Contributers include Barry Eichengreen; Gary Burtless; Donald Kohn; Laurence Ball, J. Bradford DeLong, and Lawrence H. Summers; and Kathryn M.E. Dominguez.

Monetary Policy and the Housing Bubble

Author : Jane Dokko
Publisher :
ISBN 13 :
Total Pages : 76 pages
Book Rating : 4.3/5 (121 download)

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Book Synopsis Monetary Policy and the Housing Bubble by : Jane Dokko

Download or read book Monetary Policy and the Housing Bubble written by Jane Dokko and published by . This book was released on 2009 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Boom and Bust

Author : William Quinn
Publisher : Cambridge University Press
ISBN 13 : 1108369359
Total Pages : 297 pages
Book Rating : 4.1/5 (83 download)

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Book Synopsis Boom and Bust by : William Quinn

Download or read book Boom and Bust written by William Quinn and published by Cambridge University Press. This book was released on 2020-08-06 with total page 297 pages. Available in PDF, EPUB and Kindle. Book excerpt: Why do stock and housing markets sometimes experience amazing booms followed by massive busts and why is this happening more and more frequently? In order to answer these questions, William Quinn and John D. Turner take us on a riveting ride through the history of financial bubbles, visiting, among other places, Paris and London in 1720, Latin America in the 1820s, Melbourne in the 1880s, New York in the 1920s, Tokyo in the 1980s, Silicon Valley in the 1990s and Shanghai in the 2000s. As they do so, they help us understand why bubbles happen, and why some have catastrophic economic, social and political consequences whilst others have actually benefited society. They reveal that bubbles start when investors and speculators react to new technology or political initiatives, showing that our ability to predict future bubbles will ultimately come down to being able to predict these sparks.

Japan’s Lost Decade

Author : Naoyuki Yoshino
Publisher : Springer
ISBN 13 : 981105021X
Total Pages : 187 pages
Book Rating : 4.8/5 (11 download)

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Book Synopsis Japan’s Lost Decade by : Naoyuki Yoshino

Download or read book Japan’s Lost Decade written by Naoyuki Yoshino and published by Springer. This book was released on 2017-09-20 with total page 187 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book discusses Japan’s long-term economic recession and provides remedies for that recession that are useful for other Asian economies. The book addresses why Japan’s economy has stagnated since the bursting of its economic bubble in the 1990s. Its empirical analysis challenges the beliefs of some economists, such as Paul Krugman, that the Japanese economy is caught in a liquidity trap. This book argues that Japan’s economic stagnation stems from a vertical “investment–saving” (IS) curve rather than a liquidity trap. The impact of fiscal policy has declined drastically, and the Japanese economy faces structural problems rather than a temporary downturn. These structural problems have many causes: an aging demographic (a problem that is frequently overlooked), an over-reliance by local governments on transfers from the central government, and Basel capital requirements that have made Japanese banks reluctant to lend money to start-up businesses and small and medium-sized enterprises. This latter issue has discouraged Japanese innovation and technological progress. All these issues are addressed empirically and theoretically, and several remedies for Japan’s long-lasting recession are provided. This volume will be of interest to researchers and policy makers not only in Japan but also the People’s Republic of China, many countries in the eurozone, and the United States, which may face similar challenges in the future.

Restructuring the Economy of the 21st Century in Japan and Germany

Author : Franz Schober
Publisher : Duncker & Humblot
ISBN 13 : 9783428499359
Total Pages : 230 pages
Book Rating : 4.4/5 (993 download)

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Book Synopsis Restructuring the Economy of the 21st Century in Japan and Germany by : Franz Schober

Download or read book Restructuring the Economy of the 21st Century in Japan and Germany written by Franz Schober and published by Duncker & Humblot. This book was released on 2015 with total page 230 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book contains the revised and updated versions of twelve papers which were presented at the 17th joint seminar of the faculties of economics of the Universities of Nagoya and Freiburg. The seminar took place in 1997 in Nagoya and marked the 25th anniversary of the cooperation between both faculties. The subjects of the book concentrate on long-term economic and business issues common to Japan and Germany on the turn of our century.Firstly, both countries experience continuing and interrelated problems in the labor market, budget deficits, demographic changes and the future of the social security system. Secondly, globalization, technical progress and shift of social values lead to structural changes of the economy and its institutions, particularly to deregulations and network economies. As a consequence, new ways of cooperation between firms, customers and suppliers will be established. Thirdly, the network economy changes also the inner structure and management of the companies in both countries including new organizational patterns such as the holding company or the virtual enterprise, the tight cooperation of small and medium-sized companies, human resource management and compensation.Although the broad issues in both countries - as in other mature economies - are essentially the same, the details under the surface are different and therefore ask for different solutions. The identification of these similarities and differences by theoretical and empirical methods constituted a key objective of the seminar, as well as of previous seminars.

Tumultuous Times

Author : Masaaki Shirakawa
Publisher : Yale University Press
ISBN 13 : 0300258976
Total Pages : 534 pages
Book Rating : 4.3/5 (2 download)

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Book Synopsis Tumultuous Times by : Masaaki Shirakawa

Download or read book Tumultuous Times written by Masaaki Shirakawa and published by Yale University Press. This book was released on 2021-01-01 with total page 534 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

The Financial Crisis Inquiry Report

Author : Financial Crisis Inquiry Commission
Publisher : Cosimo, Inc.
ISBN 13 : 1616405414
Total Pages : 692 pages
Book Rating : 4.6/5 (164 download)

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Book Synopsis The Financial Crisis Inquiry Report by : Financial Crisis Inquiry Commission

Download or read book The Financial Crisis Inquiry Report written by Financial Crisis Inquiry Commission and published by Cosimo, Inc.. This book was released on 2011-05-01 with total page 692 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Financial Crisis Inquiry Report, published by the U.S. Government and the Financial Crisis Inquiry Commission in early 2011, is the official government report on the United States financial collapse and the review of major financial institutions that bankrupted and failed, or would have without help from the government. The commission and the report were implemented after Congress passed an act in 2009 to review and prevent fraudulent activity. The report details, among other things, the periods before, during, and after the crisis, what led up to it, and analyses of subprime mortgage lending, credit expansion and banking policies, the collapse of companies like Fannie Mae and Freddie Mac, and the federal bailouts of Lehman and AIG. It also discusses the aftermath of the fallout and our current state. This report should be of interest to anyone concerned about the financial situation in the U.S. and around the world.THE FINANCIAL CRISIS INQUIRY COMMISSION is an independent, bi-partisan, government-appointed panel of 10 people that was created to "examine the causes, domestic and global, of the current financial and economic crisis in the United States." It was established as part of the Fraud Enforcement and Recovery Act of 2009. The commission consisted of private citizens with expertise in economics and finance, banking, housing, market regulation, and consumer protection. They examined and reported on "the collapse of major financial institutions that failed or would have failed if not for exceptional assistance from the government."News Dissector DANNY SCHECHTER is a journalist, blogger and filmmaker. He has been reporting on economic crises since the 1980's when he was with ABC News. His film In Debt We Trust warned of the economic meltdown in 2006. He has since written three books on the subject including Plunder: Investigating Our Economic Calamity (Cosimo Books, 2008), and The Crime Of Our Time: Why Wall Street Is Not Too Big to Jail (Disinfo Books, 2011), a companion to his latest film Plunder The Crime Of Our Time. He can be reached online at www.newsdissector.com.