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Crisis and Change in the Japanese Financial System (Innovations in Financial Markets and Institutions, 12) by Takeo Hoshi; Hugh T. Patrick is a nonfiction available to read on EtoBox.

What is Crisis and Change in the Japanese Financial System (Innovations in Financial Markets and Institutions, 12) about?

At the start of the twenty-first century, the Japanese financial system is undergoing a major transformation. This process is spurred by a sense of crisis. Dominated by large institutions, the Japanese banking system has suffered from serious problems with non-performing loans since the early 1990s, when the Japanese stock market and urban real estate market both crashed. Delays in responding to these twin asset bubbles, by both regulatory authorities and the banks themselves, made matters worse and led to a banking crisis in late 1997 and early 1998. Not anticipating this setback, in late 1996 the Japanese government inaugurated its Big Bang of comprehensive financial deregulation designed to complete the process of creating `free, fair, and open financial markets'. Beginning in late 1998 and early 1999 the government finally embarked on a major rehabilitation of the Japanese banking system, including making available some Yen 60 trillion (approximately USD 500 billion) of government funds to recapitalize fifteen major banks, adequately fund the deposit insurance program, and write off the bad loans of nationalized or bankrupted banks. One result of this reform process is that the

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Author

Takeo Hoshi; Hugh T. Patrick

Publisher

Springer US

Published

2012

Language

EN

ISBN

9781461369776

Category

nonfiction

Subjects

Finance, Business, Economics