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Financial Policy and Central Banking in Japan

ISBN-10: 0262032856

ISBN-13: 9780262032858

Edition: 2000

Authors: Thomas F. Cargill, Michael M. Hutchison, Takatoshi Ito

List price: $34.00
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Description:

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.
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Book details

List price: $34.00
Copyright year: 2000
Publisher: MIT Press
Publication date: 1/3/2001
Binding: Hardcover
Pages: 206
Size: 6.50" wide x 9.50" long x 1.00" tall
Weight: 1.034
Language: English

Preface
Introduction
Lost Economic and Financial Development Opportunities in the 1990s
Economic and Financial Distress Signals a Turning Point in Japan's Postwar Economy
Organization of the Book
The 1990s: Unprecedented Economic and Financial Distress
The 1990s in Postwar Historical Perspective
The Real Economy and Macroeconomic Stabilization
Edge of Financial Panic: November 1997
The Japan Premium, Scandals, and Government Response
Economic and Financial Distress Spreads
Is Japan's Banking Crisis Special?
The Japanese Economy in Comparative Perspective
The New Financial Supervision and Regulatory Framework
The Old System of Financial Supervision and Regulation
Transition of the Old to the New Financial Supervisory and Regulatory Framework
The New Supervisory and Regulatory Framework
The Bank of Japan and the New Financial Supervisory and Regulatory Framework
The New Bank of Japan
The Old Bank of Japan
The Need for Central Bank Independence in Japan
The New Bank of Japan
The 1998 Bank of Japan Law
The New Bank of Japan Law and Measures of Central Bank Independence
Inflation Targeting, Liquidity Traps, and the New Bank of Japan
Liquidity Trap, Credit Crunch, and Banking Malaise
Inflation Targeting and Central Bank Reform
The New Bank of Japan and Institutional Features of Inflation Targeting
Inflation Targeting to Stop Deflation
Would Inflation Targeting Have Stopped Japan's Deflation?
Challenges Facing Financial Policy and Central Banking in Japan
The New Financial Supervision and Regulation Framework
Scandal and Uncertainty at the Bank of Japan
Bank of Japan Morale, Human Capital, and Political Pressure
Short-Run Monetary Policy Challenges: Recession and Deflation
Short-Run Monetary Policy Challenge: Providing Liquidity at Zero Interest Rates
Long-Run Monetary policy Challenges: Should the Bank of Japan Adopt an Inflation Target?
References
Index