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The Transmission of Japanese Financial Shocks: Evidence from International Bank Claims on East Asian Economies

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  • Gab-Je Jo

Abstract

Since Japanese banks have been the major creditors in Asia, Japan has been a notable source of regional macroeconomic fluctuations. This study explores the patterns of Japanese bank claims in East Asian economies, focusing on the transmission effects of Japanese financial shock via international bank claims. The author finds that international lending by Japanese banks differed substantially from that of other major lenders. The study also suggests that the banking shocks captured by the Japanese stock market decline and nonperforming loans were transmitted throughout other East Asian economies via lending activity by Japanese banks. This association was found to be statistically significant.

Suggested Citation

  • Gab-Je Jo, 2010. "The Transmission of Japanese Financial Shocks: Evidence from International Bank Claims on East Asian Economies," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 46(5), pages 4-17, September.
  • Handle: RePEc:mes:emfitr:v:46:y:2010:i:5:p:4-17
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    References listed on IDEAS

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    1. Eric S. Rosengren & Joe Peek, 2000. "Collateral Damage: Effects of the Japanese Bank Crisis on Real Activity in the United States," American Economic Review, American Economic Association, vol. 90(1), pages 30-45, March.
    2. Peek, Joe & Rosengren, Eric S, 1997. "The International Transmission of Financial Shocks: The Case of Japan," American Economic Review, American Economic Association, vol. 87(4), pages 495-505, September.
    3. Kaminsky, Graciela L. & Reinhart, Carmen M., 2000. "On crises, contagion, and confusion," Journal of International Economics, Elsevier, vol. 51(1), pages 145-168, June.
    4. Serge Jeanneau & Marian Micu, 2002. "Determinants of international bank lending to emerging market countries," BIS Working Papers 112, Bank for International Settlements.
    5. Thomas D. Willett & Aida Budiman & Arthur Denzau & Gab-Je Jo & Cesar Ramos & John Thomas, 2004. "The Falsification of Four Popular Hypotheses About the Asian Crisis," The World Economy, Wiley Blackwell, vol. 27(1), pages 25-44, January.
    6. David Woo & Akihiro Kanaya, 2000. "The Japanese Banking Crisis of the 1990's; Sources and Lessons," IMF Working Papers 00/7, International Monetary Fund.
    7. Levin, Andrew & Lin, Chien-Fu & James Chu, Chia-Shang, 2002. "Unit root tests in panel data: asymptotic and finite-sample properties," Journal of Econometrics, Elsevier, vol. 108(1), pages 1-24, May.
    8. Maria Soledad Martinez Peria & Andrew Powell & Ivanna Vladkova-Hollar, 2005. "Banking on Foreigners: The Behavior of International Bank Claims on Latin America, 1985–2000," IMF Staff Papers, Palgrave Macmillan, vol. 52(3), pages 1-4.
    9. Krawczyk, Mariusz K., 2004. "Change and Crisis in the Japanese Banking Industry," HWWA Discussion Papers 277, Hamburg Institute of International Economics (HWWA).
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