Valoración de activos y crisis bancaria en Japón

The objective of this work is to contribute to explain the transcendence and duration of the banking crisis in Japan. There is ample coincidence in indicating delay in decision-making as the fundamental explanatory factor. At the same time, banking problems have blocked the normal channels of transmission of the impulses issued by the central bank. The effects of the difficulties in the Japanese banking system on Japanese economy should be taken into account considering the extraordinary dependency of Japanese companies on bank loans, established on the on a confidence and relationship bases. The resolution of the banking crisis that compel us to the restructuring and a deep reorganisation of the Japanese banking sector and of the whole of the financial and institutional system, constitutes an essential requirement to bring dynamism into Japanese economy and to overcome this long-lasting stage of stagnation.