In Search of "Capital Crunch"
AbstractThe seeming failure of loose monetary policy to reactivate Japan’s economy has led some observers to suggest that the usual credit channels through which monetary policy affects the real economy are blocked, and this because of a pervasive shortage of bank capital that has induced a leftward shift in the supply of bank credit: the so called credit crunch hypothesis. This paper finds support for the hypothesis in the 1997 bank data—a year during which the landscape of the Japanese financial system was changed fundamentally—but finds no, or even contrary, evidence, for most of the 1990’s.
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Bibliographic InfoPaper provided by International Monetary Fund in its series IMF Working Papers with number 99/3.
Date of creation: 01 Jan 1999
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- Claudio Morana, 2006. "The End of the Japanese Stagnation: an Assessment of the Policy Solutions," ICER Working Papers, ICER - International Centre for Economic Research 27-2006, ICER - International Centre for Economic Research.
- Suparna Chakraborty, 2005. "Real Estate Prices, Borrowing Constraints and Business Cycles -A Study of the Japanese Economy," Macroeconomics, EconWPA 0504012, EconWPA.
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