Author: Takashi NanjoPublisher:
ISBN:
Category :
Languages : en
Pages : 28
Book Description
Development in Land Prices and Bank Lending in Interwar Japan
Developments in Land Prices and Bank Lending in Interwar Japan
Author: Takashi NanjoPublisher:
ISBN:
Category : Bank loans
Languages : en
Pages : 56
Book Description
A Brief History of Doom
Author: Richard VaguePublisher: University of Pennsylvania Press
ISBN: 0812296613
Category : Business & Economics
Languages : en
Pages : 240
Book Description
Financial crises happen time and again in post-industrial economies—and they are extraordinarily damaging. Building on insights gleaned from many years of work in the banking industry and drawing on a vast trove of data, Richard Vague argues that such crises follow a pattern that makes them both predictable and avoidable. A Brief History of Doom examines a series of major crises over the past 200 years in the United States, Great Britain, Germany, France, Japan, and China—including the Great Depression and the economic meltdown of 2008. Vague demonstrates that the over-accumulation of private debt does a better job than any other variable of explaining and predicting financial crises. In a series of clear and gripping chapters, he shows that in each case the rapid growth of loans produced widespread overcapacity, which then led to the spread of bad loans and bank failures. This cycle, according to Vague, is the essence of financial crises and the script they invariably follow. The story of financial crisis is fundamentally the story of private debt and runaway lending. Convinced that we have it within our power to break the cycle, Vague provides the tools to enable politicians, bankers, and private citizens to recognize and respond to the danger signs before it begins again.
Monetary and Economic Studies
Author: Bank of Japan Monetary and Economic Studies
Author: 104-1 Hearing: The Japanese Financial System, 104-38, October 16, 1995
Author: Part-paid Stock, Corporate Finance, and Investment
Author: Takashi NanjoPublisher:
ISBN:
Category : Corporations
Languages : en
Pages : 44
Book Description
"Under Japan's prewar capital stock system of joint-stock companies, rather than paying the full face value of a share in one lump sum, shareholders paid for stocks in multiple installments. This system was transplanted from industrialized Western nations during the Meiji Era to make it easier for investors to buy company shares and to promote capital concentrations. As part of our study, we construct a new corporate financial data set with data on supplementary installments encompassing 174 firms and estimate cross-sectional investment functions for the fiscal year of 1932. Regression results suggest that while corporate investments were subject to liquidity and debt constraints, supplementary installments stabilized corporate cash management and promoted corporate investment activities."--Author's abstract.
The Effect of Bank Credit on Asset Prices
Author: Nada MoraFinance India
Author: Asset Bubbles, Monetary Policy and Bank Lending in Japan
Author: Amy BasilePublisher:
ISBN:
Category :
Languages : en
Pages :
Book Description
Asset prices rose rapidly in Japan during the latter half of the 1980s, and then declined as quickly in the early 1990s. The increases in stock and land prices during this period exceeded the growth that would be consistent with changes in their fundamental determinants and are evidence of the existence of speculative bubbles. This paper investigates the dynamic relationships among stock and land prices in Japan, output, and monetary and bank lending variables. We first model and empirically trace stock and land market bubbles. We then estimate vector autoregressions (VARs) for two time periods: 1971-85 and 1986-91, the bubble period. We use these models to perform tests of causality among the variables and to report the results of variance decompositions. The price bubbles affected each other in the first period, although this impact is dependent on the choice of variables in the VARs. In the bubble period, there is strong evidence that the stock market bubble was determined by its own past and also influenced the land market bubble, accounting for a significant proportion of the variance of the land market bubble. These results are robust with respect to model specification. However, neither output, the money supply nor the bank lending variables were significant in the causality tests or in explaining the variation of the two asset bubbles.