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Lessons from Japan’s Banking Crisis

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  • Masahiro Kawai

    ()

  • Mariko Fujii

Abstract

The Japanese government’s response to the financial crisis in the 1990s was late, unprepared and insufficient; it failed to recognize the severity of the crisis, which developed slowly; faced no major domestic or external constraints; and lacked an adequate legal framework for bank resolution. Policy measures adopted after the 1997–1998 systemic crisis, supported by a newly established comprehensive framework for bank resolution, were more decisive. Banking sector problems were eventually resolved by a series of policies implemented from that period, together with an export-led economic recovery. [ADBI Working Paper 222]

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Bibliographic Info

Paper provided by eSocialSciences in its series Working Papers with number id:2992.

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Date of creation: Oct 2010
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Handle: RePEc:ess:wpaper:id:2992

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Keywords: Japanese; financial crisis; domestic; framework; policies;

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References

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  1. Tamaki,Norio, 2005. "Japanese Banking," Cambridge Books, Cambridge University Press, number 9780521022330, October.
  2. Masahiro Kawai, 2005. "Reform of the Japanese Banking System," Hi-Stat Discussion Paper Series d05-102, Institute of Economic Research, Hitotsubashi University.
  3. Hoshi, Takeo & Kashyap, Anil K, 2010. "Will the U.S. bank recapitalization succeed? Eight lessons from Japan," Journal of Financial Economics, Elsevier, vol. 97(3), pages 398-417, September.
  4. Fabian Valencia & Luc Laeven, 2008. "Systemic Banking Crises," IMF Working Papers 08/224, International Monetary Fund.
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Cited by:
  1. Volz, Ulrich, 2012. "Lessons of the European Crisis for Regional Monetary and Financial Integration in East Asia," ADBI Working Papers 347, Asian Development Bank Institute.
  2. Masahiro Kawai & Michael Pomerleano, 2010. "Regulating Systemic Risk," Finance Working Papers 23014, East Asian Bureau of Economic Research.

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