خرید و دانلود نسخه کامل کتاب Japan’s Great Stagnation: Financial and Monetary Policy Lessons for Advanced Economies – Original PDF

The Japanese economy’s prolonged downturn—the Great Stagnation—provides a fascinating case study of ‘‘depression economics’’ with lessons for many industrial economies today. The magnitude of the Japanese stagnation, of course, is not comparable to the economic disaster affecting much of the world in the 1930s. Fischer (2001), for example, points out that Japanese economic performance of the 1990s was unimpressive but not disastrous, and that policy probably would have been forced to be more decisive had there been a full-blown crisis. It is telling that when the financial system was momentarily at the brink of a full-blown panic, in late 1997 with the collapse of two major financial institutions (Hokkaido Takushoku Bank and Yamaichi Securities Company), there was a flurry of activity to make rapid institutional changes on both the financial and monetary side—and a brief political window of opportunity for institutional change—that helped stabilize the situation. Policy measures have been taken, albeit gradually and hesitantly, to resolve the banking problem in tandem with institutional changes in banking and financial supervision and regulation. However, Japan’s economy remains weak and is operating far below potential.