Policy Reactions to the Financial Crisis in Japan: Lessons from the 1990s

Vollmer, Uwe; Bebenroth, Ralf

Policy Reactions to the Financial Crisis in Japan: Lessons from the 1990s

Uwe Vollmer and Ralf Bebenroth
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Uwe Vollmer: Economics Department, Institute for Theoretical Economics, University of Leipzig, Germany

No DP2010-16, Discussion Paper Series from Research Institute for Economics & Business Administration, Kobe University

Abstract: We describe the propagation of the recent financial crisis to Japan and compare current monetary policy reactions by the Bank of Japan (BoJ) with actions taken during the 1990s and with current policy reactions by other major central banks. First, we review the recent literature on the origins and propagation mechanisms of financial crises. Then, we ask how the financial crisis was transmitted to Japan and describe the policy responses by BoJ. We proceed and ask what lessons have been learned by other central banks from the financial crisis of the 1990s.

Keywords: Financial crisis; Quantitative/qualitative easing; Exit strategy; Japan (search for similar items in EconPapers)
JEL-codes: E42 E52 G21 (search for similar items in EconPapers)
Pages: 28 pages
Date: 2010-05
New Economics Papers: this item is included in nep-cba and nep-mon
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Citations: View citations in EconPapers (1)

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