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Japan's Financial Regulatory Responses to the Global Financial Crisis

In: The First Great Financial Crisis of the 21st Century A Retrospective

Author

Listed:
  • K. Harada
  • T. Hoshi
  • M. Imai
  • S. Koibuchi
  • A. Yasuda

Abstract

Japan's financial regulatory responses to the global financial crisis and recession show two seemingly opposing trends: (1) collaboration with international organizations to strengthen the regulation to maintain financial stability and (2) regulatory forbearance for the banks with troubled SME borrowers. This paper evaluates the post-crisis responses by the Japanese financial regulators in five areas (Basel 3, stress tests, over the counter (OTC) derivatives regulation, recovery and resolution planning, and banking policy for SME lending), and concludes that the effectiveness of the new regulations for financial stability critically depends on the willingness of the regulators to use the new tools.

Suggested Citation

  • K. Harada & T. Hoshi & M. Imai & S. Koibuchi & A. Yasuda, 2015. "Japan's Financial Regulatory Responses to the Global Financial Crisis," World Scientific Book Chapters, in: James R Barth & George G Kaufman (ed.), The First Great Financial Crisis of the 21st Century A Retrospective, chapter 6, pages 145-166, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789814651257_0006
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    Cited by:

    1. Satoshi Koibuchi, 2016. "Financial Regulatory Reform in Global Perspective: Discussion in the Global Summit of Shadow Financial Regulatory Committees," Public Policy Review, Policy Research Institute, Ministry of Finance Japan, vol. 12(2), pages 239-252, March.
    2. Hoshi, Takeo & Kawaguchi, Daiji & Ueda, Kenichi, 2023. "Zombies, again? The COVID-19 business support programs in Japan," Journal of Banking & Finance, Elsevier, vol. 147(C).
    3. Ignacio Tirado, 2017. "Banking Crises and the Japanese Legal Framework," IMES Discussion Paper Series 17-E-02, Institute for Monetary and Economic Studies, Bank of Japan.
    4. Nobuyoshi Yamori, 2019. "The Effects of the Financing Facilitation Act after the Global Financial Crisis: Has the Easing of Repayment Conditions Revived Underperforming Firms?," JRFM, MDPI, vol. 12(2), pages 1-17, April.
    5. Takeo Hoshi & Daiji Kawaguchi & Kenichi Ueda, 2021. "The Return of the Dead? The COVID-19 Business Support Programs in Japan (Forthcoming in Journal of Banking and Finance)," CARF F-Series CARF-F-513, Center for Advanced Research in Finance, Faculty of Economics, The University of Tokyo.

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