Lessons from Japan’s Banking Crisis
Published By: ADBI on eSS | Published Date: June, 08 , 2010The Japanese government’s response to the financial crisis in the 1990s was late, unprepared and insufficient; it failed to recognize the severity of the crisis, which developed slowly; faced no major domestic or external constraints; and lacked an adequate legal framework for bank resolution. Policy measures adopted after the 1997–1998 systemic crisis, supported by a newly established comprehensive framework for bank resolution, were more decisive. Banking sector problems were eventually resolved by a series of policies implemented from that period, together with an export-led economic recovery. [ADBI Working Paper 222]
Author(s): Masahiro Kawai, Mariko Fujii | Posted on: Oct 08, 2010 | Views(952) | Download (1277)