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Policy Reactions to the Financial Crisis in Japan: Lessons from the 1990s

Author

Listed:
  • Uwe Vollmer

    (Economics Department, Institute for Theoretical Economics, University of Leipzig, Germany)

  • Ralf Bebenroth

    (Research Institute for Economics & Business Administration (RIEB), Kobe University, Japan)

Abstract

We describe the propagation of the recent financial crisis to Japan and compare current monetary policy reactions by the Bank of Japan (BoJ) with actions taken during the 1990s and with current policy reactions by other major central banks. First, we review the recent literature on the origins and propagation mechanisms of financial crises. Then, we ask how the financial crisis was transmitted to Japan and describe the policy responses by BoJ. We proceed and ask what lessons have been learned by other central banks from the financial crisis of the 1990s.

Suggested Citation

  • Uwe Vollmer & Ralf Bebenroth, 2010. "Policy Reactions to the Financial Crisis in Japan: Lessons from the 1990s," Discussion Paper Series DP2010-16, Research Institute for Economics & Business Administration, Kobe University.
    • Handle: RePEc:kob:dpaper:dp2010-16
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    File URL: https://www.rieb.kobe-u.ac.jp/academic/ra/dp/English/DP2010-16.pdf
    File Function: First version, 2010
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    Cited by:

    1. Murat Çizakça, 2011. "Islamic Capitalism and Finance," Books, Edward Elgar Publishing, number 14345.

    More about this item

    Keywords

    Financial crisis; Quantitative/qualitative easing; Exit strategy; Japan;
    All these keywords.

    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy

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