Advertisement

Big Bang Reform Programme and After

  • Rameshwar Tandon

Abstract

In the early 1990s, the failure of government measures to revitalize the economy led to a loss of confidence in these packages. The aftermath of asset inflation revealed several problems in the regulatory framework, and it was suggested that Japanese authorities were committing the same policy mistakes as the US policy makers had done sometime back. Japan’s deposit guarantee system remains bimodal, makes little effort to impose discipline on depositors or shareholders and relies on a passive regulatory attitude.

Keywords

Central Bank Banking Sector Japanese Economy Main Bank Security Company 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

Preview

Unable to display preview. Download preview PDF.

Unable to display preview. Download preview PDF.

Notes

  1. 1.
    Takatoshi Ito and Michael Melvin, ‘Japan’s Big Bang and Transformation of Financial Markets’. NBER Working Paper 7247, July 1999CrossRefGoogle Scholar
  2. 2.
    Financial System Research Council, Annual Report, 1997, pp. 17–18Google Scholar
  3. 4.
    Securities and Exchange Council, Annual Report, Tokyo, 1997, p. 14Google Scholar
  4. 6.
    Kurt Gorger, in Arne Holzhausen (ed.), Can Japan Globalize, Studies on Japan’s Changing Political Economy and the Process of Globalisation, Physica-Verlag, New York. 2001Google Scholar
  5. 7.
    Kazao Sato, ‘From Fast to Last; the Japanese Economy in the 1990s’, Journal of Asian Economies 13 (2002) p. 228CrossRefGoogle Scholar
  6. 8.
    Carl J. Lindgren et al., ‘Financial Sector Crisis and Restructuring Lessons from Asia’, IMF Occasional Paper, Washington, 1986;Google Scholar
  7. also Jenny Corbett, ‘Japan’s Banking Crisis in International Perspective’, in Masahiko Aoki and Gary R. Saxonhouse (eds), Japanese Corporate Governance, Oxford, 2000Google Scholar
  8. 9.
    Ben S. Bernanke and M. Woodford, ‘Inflation Forecasts and Monetary Policy’. Journal of Money, Credit and Banking, 29(1991), pp. 653–84CrossRefGoogle Scholar
  9. 10.
    T. Hoshi and A. Kashyap, Corporate Financing and Governance in Japan, MIT Press, 2002, p. 256;Google Scholar
  10. also R.G. Rajan, ‘Why Bank Credit Policies Fluctuate; Theory and Some Evidence’, Quarterly Journal of Economics, 109(2), (1995), 399–442CrossRefGoogle Scholar
  11. 12.
    Jenny Corbett, ‘Crisis, What Crisis? The Policy Response for Japan’s Banking Crisis’, in Craig Freedman (ed.), Why Did Japan Stumble? Macquarie University Press, Sydney, 1997Google Scholar

Copyright information

© Rameshwar Tandon 2005

Authors and Affiliations

  • Rameshwar Tandon

There are no affiliations available

Personalised recommendations