Japan's Crisis: Evolution and Implications

D Hugh Whittaker and Yoshitaka Kurosawa

Cambridge Journal of Economics, 1998, vol. 22, issue 6, 761-71

Abstract: Model-causes-crisis, crisis-ends-model arguments are misleading, both for Japan and East Asia. The sources of Japan's financial crisis are traced to the (partial) liberalization process and policy mistakes of the 1980s, although systemic characteristics may have impeded the cleanup of the resulting asset bubble. The 'Japanese model' is undergoing rapid change at the macro and micro levels, with significant implications for East Asia. Copyright 1998 by Oxford University Press.

Date: 1998
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