The morning after: explaining the slowdown in Japanese growth in the 1990s

被引:59
作者
Bayoumi, T [1 ]
机构
[1] Int Monetary Fund, World Econ Studies Div, Washington, DC 20431 USA
关键词
economic slump; financial intermediation;
D O I
10.1016/S0022-1996(00)00075-1
中图分类号
F [经济];
学科分类号
02 ;
摘要
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. (C) 2001 Elsevier Science B.V. All rights reserved.
引用
收藏
页码:241 / 259
页数:19
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