Financial Policy and Central Banking in Japan

Erscheinungsjahr 2001
ISBN: 978-0-262-03285-8
Verlag: Penguin Random House LLC

Buch, Englisch, 206 Seiten, Format (B × H): 161 mm x 236 mm, Gewicht: 476 g

Japan's financial institutions and policy underwent remarkable change in the past
decade. The country began the 1990s with a heavily regulated financial system managed by an
unchallenged Ministry of Finance and ended the decade with a Big Bang financial market reform, a
complete restructuring of its regulatory financial institutions, and an independent central bank.
These reforms have taken place amid recession and rising unemployment, collapsing asset prices, a
looming banking crisis, and the lowest interest rates in the industrial world.This book analyzes how
the bank-dominated financial system--a key element of the oft-heralded "Japanese economic
model"--broke down in the 1990s and spawned sweeping reforms. It documents the sources of the
Japanese economic stagnation of the 1990s, the causes of the financial crisis, the slow and
initially limited policy response to banking problems, and the reform program that followed. It also
evaluates the new financial structure and reforms at the Bank of Japan in light of the challenges
facing the Japanese economy. These challenges range from conducting monetary policy in a
zero-interest rate environment characterized by a "liquidity trap" to managing consolidation in the
Japanese banking sector against the backdrop of increasing international competition.

Autoren/Hrsg.

Cargill, Thomas F

Hutchison, Michael M

Ito, Takatoshi

Fachgebiete

• Wirtschaftswissenschaften Volkswirtschaftslehre Internationale Wirtschaft Entwicklungsökonomie & Emerging Markets
• Sozialwissenschaften Politikwissenschaft Internationale Beziehungen Entwicklungspolitik, Nord-Süd Beziehungen
• Wirtschaftswissenschaften Volkswirtschaftslehre Öffentliche Finanzwirtschaft, Besteuerung
• Wirtschaftswissenschaften Finanzsektor & Finanzdienstleistungen Bankwirtschaft

Über Autor(innen)

Ito, Takatoshi
Takatoshi Ito is Professor of Economics at the Graduate School of Economics,
University of Tokyo.

Hutchison, Michael M
Michael M. Hutchison is Professor of Economics at the University of California,
Santa Cruz. He is coauthor of <I>The Political Economy of Japanese Monetary
Policy</I> (MIT Press, 1997) and <I>Financial Policy and Central Banking
in Japan</I> (MIT Press, 2000).

Michael M. Hutchison is Professor of Economics at the University of California, Santa Cruz. He is coauthor of The Political Economy of Japanese Monetary Policy (MIT Press, 1997) and Financial Policy and Central Banking in Japan (MIT Press, 2000). Takatoshi Ito is Professor at the Graduate School Faculty of Economics, University of Tokyo.