Are All Banking Crises Alike? The Japanese Experience in International Comparison

Michael Hutchison and K. McDill

Working Papers from Economisch Institut voor het Midden en Kleinbedrijf-

Abstract: This paper examines episodes of banking sector distress for a large sample of developed and developing countries, highlighting the experience of Japan. By a host of crietria, Japan appeared to be in a stronger position than most countries at the onset of banking problems -low inflation, appreciating currency, balanced government budget, and large external surpluses. However, Japan followed a clear international boom-and-bust pattern in terms of real output growth, credit growth and stock price movements. We estimate a multivariate probit model that links the likelihood of banking problems to a set of macroeconomic variables and institutional characteristics.

Keywords: BANKS; MONETARY CRISIS; JAPAN (search for similar items in EconPapers)
JEL-codes: E58 G22 O53 (search for similar items in EconPapers)
Pages: 40 pages
Date: 1998
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Citations: View citations in EconPapers (3)

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Related works:
Journal Article: Are All Banking Crises Alike? The Japanese Experience in International Comparison (1999)
Working Paper: Are all banking crises alike? The Japanese experience in international comparison (1999)
Working Paper: Are All Banking Crises Alike? The Japanese Experience in International Comparison (1999)
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Persistent link: https://EconPapers.repec.org/RePEc:fth:midkle:99-02

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