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

• 成果类型: Article; Proceedings Paper
• 署名作者: Bayoumi, T
• 署名单位: International Monetary Fund
• 刊物名称: JOURNAL OF INTERNATIONAL ECONOMICS
• ISSN/ISSBN: 0022-1996
• DOI: 10.1016/S0022-1996(00)00075-1
• 发表日期: 2001
• 页码: 241-259
• 关键词: economic slump; financial intermediation

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.