Non-performing loans, prospective bailouts, and Japan's slowdown
成果类型：
Article
署名作者：
Barseghyan, Levon
署名单位：
Cornell University
刊物名称：
JOURNAL OF MONETARY ECONOMICS
ISSN/ISSBN：
0304-3932
DOI：
10.1016/j.jmoneco.2010.08.002
发表日期：
2010
页码：
873-890
关键词：
摘要：
The delay in the government bailout of the financial sector played a key role in Japan's slowdown during the 1990s and early 2000s. This argument is articulated in a general equilibrium model in which the government provides deposit insurance to the financial sector. The existence of non-performing loans, combined with a delay in the bailout, leads to a persistent decline in economic activity. Consistent with Japan's experience, the decline in output is caused not only by a fall in investment, but also by a decline in labor and total factor productivity. (C) 2010 Elsevier B.V. All rights reserved.
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