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The Financial Crisis in Japan: Causes and Policy Reactions by the Bank of Japan

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Author Info

  • Uwe Vollmer
  • Ralf Bebenroth

Abstract

This paper describes the transmission of the recent financial crisis to Japan and compares the monetary policy reactions by the Bank of Japan (BoJ) with those during the 1990s, and with reactions by other major central banks. The paper first reviews the recent literature on the origins and transmission mechanisms of financial crises. We then consider how the financial crisis was transmitted to Japan and describe the responses by BoJ. The paper then proceeds and analyses the lessons that have been learnt by the BoJ and other central banks from the financial crisis of the 1990s.

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File URL: http://eaces.liuc.it/18242979201201/182429792012090103.pdf
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Bibliographic Info

Article provided by Cattaneo University (LIUC) in its journal The European Journal of Comparative Economics.

Volume (Year): 9 (2012)
Issue (Month): 1 (April)
Pages: 51-77

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Handle: RePEc:liu:liucej:v:9:y:2012:i:1:p:51-77

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Related research

Keywords: Financial crisis; Constructive ambiguity; Counterparty/liquidity risk; Quantitative/qualitative easing; Japan; Zero interest rate policy;

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References

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  1. Eisenschmidt, Jens & Tapking, Jens, 2009. "Liquidity risk premia in unsecured interbank money markets," Working Paper Series 1025, European Central Bank.
  2. Shigenori Shiratsuka, 2010. "Size and composition of the central bank balance sheet: revisiting Japan's experience of the quantitative easing policy," Globalization and Monetary Policy Institute Working Paper 42, Federal Reserve Bank of Dallas.
  3. Heider, F. & Hoerova, M. & Holthausen, C., 2009. "Liquidity Hoarding and Interbank Market Spreads: The Role of Counterparty Risk," Discussion Paper 2009-40 S, Tilburg University, Center for Economic Research.
  4. Cordella, Tito & Yeyati, Eduardo Levy, 2003. "Bank bailouts: moral hazard vs. value effect," Journal of Financial Intermediation, Elsevier, vol. 12(4), pages 300-330, October.
  5. Osano, Hiroshi, 2002. "Managerial compensation contract and bank bailout policy," Journal of Banking & Finance, Elsevier, vol. 26(1), pages 25-49, January.
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Cited by:
  1. Zuzana Stuchlíková, 2013. "Japanese Economy in 2007-2010," Acta Oeconomica Pragensia, University of Economics, Prague, vol. 2013(2), pages 55-68.

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