Financial Crisis in Norway and Japan

Shigeyoshi Miyagawa () and Yoji Morita
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Shigeyoshi Miyagawa: Department of Economics, Kyoto Gakuen University, Postal: Kyoto, 621-8555, Japan
Yoji Morita: Department of Economics, Kyoto Gakuen University

No 05/14, Working Papers in Economics from University of Bergen, Department of Economics

Abstract: Three Nordic countries, Norway, Finland and Sweden, and Japan had experienced the severe financial crisis after the rapid asset price increase in almost the same period. However the recovery was fast in Nordic countries, while Japan experienced a prolonged recession, so called lost two decades. This study explains the difference and similarity of two crises, comparing the factors behind the bubble and bust in Norway and Japan. The paper also focuses on the role of monetary policy in both countries. Miyagawa and Morita (2012, 2013) statistically analyzed the important role of money in the up and down swing of economy in the Japan’s economy. They had taken the role of expectation in the money demand. The same VAR model was performed to the Norwegian crisis, taking into consideration the financial anxieties in the period of financial boom and crisis. The estimation results showed that money played the important role in the bubble and bust in Norway as in Japan.

Keywords: deregulation; monetary easing; bubble; financial anxieties (search for similar items in EconPapers)
JEL-codes: F30 (search for similar items in EconPapers)
Pages: 26 pages
Date: 2014-10-20
New Economics Papers: this item is included in nep-cba
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Persistent link: https://EconPapers.repec.org/RePEc:hhs:bergec:2014_005

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