紀伊國屋書店

Full Description

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.

Contents

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.