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New Perspectives on Asset Price Bubbles$
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Douglas D. Evanoff, George G. Kaufman, and A. G. Malliaris

Print publication date: 2012

Print ISBN-13: 9780199844333

Published to Oxford Scholarship Online: April 2015

DOI: 10.1093/acprof:osobl/9780199844333.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 02 August 2021

The Japanese Banking Crisis

The Japanese Banking Crisis

Where did it Come from and How will it End?

(p.65) Chapter 4 The Japanese Banking Crisis
New Perspectives on Asset Price Bubbles

Takeo Hoshi

Anil Kashyap

Oxford University Press

This chapter analyzes the banking crisis in Japan during the 1990s. It first provides an overview of the regulatory conditions that prevailed prior to the reform program known as the Japanese Big Bang, with particular emphasis on the banking regulation that has governed the nation's financial system over the last twenty years. It then reviews the empirical evidence to support the notion that the Big Bang will push the Japanese financial system to look more like that of the United States. It also examines the impact of past deregulation in Japan on firms' borrowing patterns and banks' activities, along with the current state of the Japanese banking industry. Finally, the chapter asks how much lending will be required if Japanese firms' borrowing patterns move closer to those seen in the United States.

Keywords:   banking crisis, Japan, Japanese Big Bang, banking regulation, financial system, United States, borrowing, banks, Japanese banking industry, lending

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