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Why Was Japan Hit So Hard by the Global Financial Crisis?

In: The Impact of the Economic Crisis on East Asia

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  • Masahiro Kawai
  • Shinji Takagi

Abstract

Written by a distinguished group of Asian social scientists, this study summarizes and synthesizes the economic impacts of the crisis on individual countries and their policy response since 2008, and in particular carefully scrutinizes the immediate and remote causes of the crisis. It not only offers an assessment of its impacts, and identifies specific country measures that can be undertaken to stabilize the situation, but also looks at the crisis from three important economic perspectives: that of a healthy fiscal system, international trade, and the energy market.

Suggested Citation

  • Masahiro Kawai & Shinji Takagi, 2011. "Why Was Japan Hit So Hard by the Global Financial Crisis?," Chapters, in: Daigee Shaw & Bih Jane Liu (ed.), The Impact of the Economic Crisis on East Asia, chapter 7, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:14353_7
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    References listed on IDEAS

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    1. Martin Sommer, 2009. "Why Has Japan Been Hit So Hard by the Global Recession?," IMF Staff Position Notes 2009/05, International Monetary Fund.
    2. Mr. Martin Sommer, 2009. "Why Has Japan Been Hit So Hard by the Global Recession?," IMF Staff Position Notes 2009/005, International Monetary Fund.
    3. Fabio Panetta & Thomas Faeh & Giuseppe Grande & Corrinne Ho & Michael R King & Aviram Levy & Federico M Signoretti & Marco Taboga & Andrea Zaghini, 2009. "An assessment of financial sector rescue programmes," BIS Papers, Bank for International Settlements, number 48.
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    Cited by:

    1. Masahiro Kawai & Shujiro Urata, 2010. "Changing Commercial Policy in Japan During 1985–2010," Trade Working Papers 23056, East Asian Bureau of Economic Research.
    2. Morita, Hiroshi, 2014. "External shocks and Japanese business cycles: Evidence from a sign-restricted VAR model," Japan and the World Economy, Elsevier, vol. 30(C), pages 59-74.
    3. Prabir De & Chiranjib Neogi, 2010. "Global Financial Crisis : Implications for Trade and Industrial Restructuring in India," Trade Working Papers 23067, East Asian Bureau of Economic Research.
    4. Wandelt, Sebastian & Sun, Xiaoqian, 2015. "Evolution of the international air transportation country network from 2002 to 2013," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 82(C), pages 55-78.
    5. Besstremyannaya, Galina, 2017. "Heterogeneous effect of the global financial crisis and the Great East Japan Earthquake on costs of Japanese banks," Journal of Empirical Finance, Elsevier, vol. 42(C), pages 66-89.
    6. De, Prabir & Neogi, Chiranjib, 2011. "Global Financial and Economic Crisis: Implications for Trade and Industrial Restructuring in South Asia," ADBI Working Papers 294, Asian Development Bank Institute.
    7. Dungey, Mardi & Gajurel, Dinesh, 2014. "Equity market contagion during the global financial crisis: Evidence from the world's eight largest economies," Economic Systems, Elsevier, vol. 38(2), pages 161-177.
    8. Muhsin Ali & Karim Khan, 2020. "Volatility in Discretionary Public Spending and Economic Growth: A Cross Country Analysis," The Pakistan Development Review, Pakistan Institute of Development Economics, vol. 59(1), pages 45-68.
    9. Sheng-Ping Yang & Thanh Nguyen, 2019. "Skewness Preference and Asset Pricing: Evidence from the Japanese Stock Market," JRFM, MDPI, vol. 12(3), pages 1-10, September.
    10. Pawel Kowalewski & Sayuri Shirai, 2023. "A quarter of a century of the BoJ’s efforts to overcome liquidity trap," Bank i Kredyt, Narodowy Bank Polski, vol. 54(4), pages 335-364.
    11. Silvia Palasca & Elisabeta Jaba, 2014. "Leading and Lagging Indicators Of the Economic Crisis," Romanian Statistical Review, Romanian Statistical Review, vol. 62(3), pages 31-47, September.

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    More about this item

    Keywords

    Asian Studies; Economics and Finance;

    JEL classification:

    • F40 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - General
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics

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