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Restructuring Sovereign Balance Sheets

In: Sovereign Debt Crisis

Author

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  • Dimitris N. Chorafas

Abstract

Japan’s example of an economy which has been, for two long decades, in a coma should give western governments plenty of food for thought. As Chapter 4 on Japanification brought to the reader’s attention, since the early 1990s a prolonged banking crisis, sluggish growth and the failure to prune balance sheets led to deflation, and from there to free fall. Numerous unsuccessful stimulus plans drove up Japan’s debt ratio dramatically, but their effect on the economy has been practically zero; yet, this misdirected policy has found imitators in the USA and Britain.

Suggested Citation

  • Dimitris N. Chorafas, 2011. "Restructuring Sovereign Balance Sheets," Palgrave Macmillan Studies in Banking and Financial Institutions, in: Sovereign Debt Crisis, chapter 7, pages 117-134, Palgrave Macmillan.
  • Handle: RePEc:pal:pmschp:978-0-230-30712-4_7
    DOI: 10.1057/9780230307124_7
    as

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