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Dealing with a banking crisis: what lessons can be learned from Japan’s experience?

  • Nelson, Benjamin

    ()

    (Bank of England)

  • Tanaka, Misa

    ()

    (Bank of England)

This article examines Japan’s policies in dealing with its banking crisis during the 1991–2004 period, in order to draw lessons for policymakers today. Japan’s policy choices reflected a difficult trade-off between the need to contain moral hazard on the one hand, and the need to limit systemic risk on the other. The resolution of the crisis ultimately required recapitalising banks and resolving uncertainty over banks’ asset valuations.

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File URL: http://www.bankofengland.co.uk/publications/Documents/quarterlybulletin/2014/qb14q104.pdf
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Article provided by Bank of England in its journal Bank of England Quarterly Bulletin.

Volume (Year): 54 (2014)
Issue (Month): 1 ()
Pages: 36-48

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Handle: RePEc:boe:qbullt:0130
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  1. Takeo Hoshi & Anil K Kashyap, 2008. "Will the U.S. Bank Recapitalization Succeed? Eight Lessons from Japan," NBER Working Papers 14401, National Bureau of Economic Research, Inc.
  2. Carmen M. Reinhart & Kenneth S. Rogoff, 2009. "This Time Is Different: Eight Centuries of Financial Folly," Economics Books, Princeton University Press, edition 1, volume 1, number 8973.
  3. Mitsuhiro Fukao, 2002. "Financial Sector Profitability and Double-Gearing," NBER Working Papers 9368, National Bureau of Economic Research, Inc.
  4. Kazuo Ueda, 2012. "Deleveraging and Monetary Policy: Japan since the 1990s and the United States since 2007," CARF F-Series CARF-F-283, Center for Advanced Research in Finance, Faculty of Economics, The University of Tokyo.
  5. Tümer Kapan & Camelia Minoiu, 2013. "Balance Sheet Strength and Bank Lending During the Global Financial Crisis," IMF Working Papers 13/102, International Monetary Fund.
  6. Ricardo J. Caballero & Takeo Hoshi & Anil K. Kashyap, 2006. "Zombie Lending and Depressed Restructuring in Japan," NBER Working Papers 12129, National Bureau of Economic Research, Inc.
  7. Magnus Blomström & Jennifer Corbett & Fumio Hayashi & Anil Kashyap, 2003. "Structural Impediments to Growth in Japan," NBER Books, National Bureau of Economic Research, Inc, number blom03-1, January.
  8. Takeo Hoshi & Anil Kashyap, 1999. "The Japanese Banking Crisis: Where Did It Come From and How Will It End?," NBER Working Papers 7250, National Bureau of Economic Research, Inc.
  9. Prasanna Gai & Andrew G Haldane & Sujit Kapadia & Benjamin Nelson, 2013. "Bank Funding and Financial Stability," RBA Annual Conference Volume, in: Alexandra Heath & Matthew Lilley & Mark Manning (ed.), Liquidity and Funding Markets Reserve Bank of Australia.
  10. Mitsuhiro FUKAO, 2007. "Financial Crisis and the Lost Decade," Asian Economic Policy Review, Japan Center for Economic Research, vol. 2(2), pages 273-297.
  11. Arrowsmith, Martin & Griffiths, Martin & Franklin, Jeremy & Wohlmann, Evan & Young, Garry & Gregory, David, 2013. "SME forbearance and its implications for monetary and financial stability," Bank of England Quarterly Bulletin, Bank of England, vol. 53(4), pages 296-303.
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