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How lower Japanese asset prices affect Pacific financial markets

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Author Info

  • Robert N. McCauley
  • Stephen Yeaple

Abstract

The collapse of Japanese asset prices in the 1990s sharply reduced the wealth of Japanese banks and life insurers and slowed their international activity. This article traces the channels through which wealth changes altered these intermediaries' growth, pricing, and portfolio strategies. The authors also consider several factors that have eased the adaptation of foreign market participants to the revised strategies.

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File URL: http://www.newyorkfed.org/research/quarterly_review/1994v19/v19n1article3.pdf
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Bibliographic Info

Article provided by Federal Reserve Bank of New York in its journal Quarterly Review.

Volume (Year): (1994)
Issue (Month): Spr ()
Pages: 19-33

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Handle: RePEc:fip:fednqr:y:1994:i:spr:p:19-33:n:v.19no.1

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Keywords: Japan ; Financial markets ; Pacific Area;

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Cited by:
  1. Michael W. Klein & Eric Rosengren & Joe Peek, 2000. "Troubled banks, impaired foreign direct investment: the role of relative access to credit," Working Papers 00-4, Federal Reserve Bank of Boston.
  2. Joe Peek Eric & S. Rosengren, 2001. "Japanese Banking Problems: Implications For Southeast Asia," Working Papers Central Bank of Chile 121, Central Bank of Chile.
  3. Clifford R Dammers & Robert N McCauley, 2006. "Basket weaving: the euromarket experience with basket currency bonds," BIS Quarterly Review, Bank for International Settlements, March.
  4. Robert McCauley, 1999. "The Euro and the Dollar, 1998," Open Economies Review, Springer, vol. 10(1), pages 91-133, February.
  5. Montgomery, Heather, 2003. "The role of foreign banks in post-crisis Asia: the importance of method of entry," MPRA Paper 33031, University Library of Munich, Germany.
  6. Joe Peek & Eric S. Rosengren, 1999. "Determinants of the Japan Premium: Actions Speak Louder Than Words," NBER Working Papers 7251, National Bureau of Economic Research, Inc.
  7. McCauley, R.N., 1997. "The Euro and the Dollar," Princeton Essays in International Economics 205, International Economics Section, Departement of Economics Princeton University,.
  8. Shrieves, Ronald E. & Dahl, Drew, 2000. "Determinants of international credit allocation: An analysis of US lending by Japanese banks, 1988 to 1994," Pacific-Basin Finance Journal, Elsevier, vol. 8(1), pages 25-52, March.

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