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The credit crunch: A comparison between Japan and Germany

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  • Frank Westermann

Abstract

A credit crunch for private firms is contributing to the present slowdown in economic growth in Germany, in the opinion of Frank Westermann, Ph.D., of the University of Munich. Smaller firms in particular are affected, while large firms have an increasing number of alternative possibilities of outside financing. According to Westermann this development is reminiscent of the beginning of the bank crisis in Japan in the early 1990s. With regard to the scale of the problem, the two countries are hardly comparable, but the causes and the trends in macroeconomic variables show a remarkable similarity.

Suggested Citation

  • Frank Westermann, 2003. "The credit crunch: A comparison between Japan and Germany," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 56(01), pages 33-37, January.
    • Handle: RePEc:ces:ifosdt:v:56:y:2003:i:01:p:33-37
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    References listed on IDEAS

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    6. Corporate author, 2002. "Die Lage der Weltwirtschaft und der deutschen Wirtschaft im Herbst 2002," DIW Wochenbericht, DIW Berlin, German Institute for Economic Research, vol. 69(43), pages 703-757.
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    More about this item

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
    • O57 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Comparative Studies of Countries

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