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The Morning After: Explaining The Slowdown In Japanese Growth In The 1990s

Tamim Bayoumi

No 2436, CEPR Discussion Papers from C.E.P.R. Discussion Papers

Abstract: This paper uses a VAR to investigate four possible explanations of the extended slump in Japanese economic activity over the 1990s: the absence of bold and consistent fiscal stimulus; the limited room for expansionary monetary policy due to a liquidity trap; overinvestment and debt overhang; and disruption of financial intermediation. The results indicate that all of these factors played a role, but that the major explanation is disruption in financial intermediation, largely operating through the impact of changes in domestic asset prices on bank lending.

Keywords: Economic Slump; Financial Intermediation (search for similar items in EconPapers)
JEL-codes: E32 E44 (search for similar items in EconPapers)
Date: 2000-04
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Related works:
Journal Article: The morning after: explaining the slowdown in Japanese growth in the 1990s (2001) Downloads
Working Paper: The Morning After; Explaining the Slowdown in Japanese Growth in the 1990's (1999) Downloads
Working Paper: The Morning After: Explaining the Slowdown in Japanese Growth in the 1990s (1999) Downloads
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