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Author: Jennifer Amyx Publisher: Princeton University Press ISBN: 1400849632 Category : Political Science Languages : en Pages : 392
Book Description
At the beginning of the 1990s, a massive speculative asset bubble burst in Japan, leaving the nation's banks with an enormous burden of nonperforming loans. Banking crises have become increasingly common across the globe, but what was distinctive about the Japanese case was the unusually long delay before the government intervened to aggressively address the bad debt problem. The postponed response by Japanese authorities to the nation's banking crisis has had enormous political and economic consequences for Japan as well as for the rest of the world. This book helps us understand the nature of the Japanese government's response while also providing important insights into why Japan seems unable to get its financial system back on track 13 years later. The book focuses on the role of policy networks in Japanese finance, showing with nuance and detail how Japan's Finance Ministry was embedded within the political and financial worlds, how that structure was similar to and different from that of its counterparts in other countries, and how the distinctive nature of Japan's institutional arrangements affected the capacity of the government to manage change. The book focuses in particular on two intervening variables that bring about a functional shift in the Finance Ministry's policy networks: domestic political change under coalition government and a dramatic rise in information requirements for effective regulation. As a result of change in these variables, networks that once enhanced policymaking capacity in Japanese finance became "paralyzing networks"--with disastrous results.
Author: Jennifer Amyx Publisher: Princeton University Press ISBN: 1400849632 Category : Political Science Languages : en Pages : 392
Book Description
At the beginning of the 1990s, a massive speculative asset bubble burst in Japan, leaving the nation's banks with an enormous burden of nonperforming loans. Banking crises have become increasingly common across the globe, but what was distinctive about the Japanese case was the unusually long delay before the government intervened to aggressively address the bad debt problem. The postponed response by Japanese authorities to the nation's banking crisis has had enormous political and economic consequences for Japan as well as for the rest of the world. This book helps us understand the nature of the Japanese government's response while also providing important insights into why Japan seems unable to get its financial system back on track 13 years later. The book focuses on the role of policy networks in Japanese finance, showing with nuance and detail how Japan's Finance Ministry was embedded within the political and financial worlds, how that structure was similar to and different from that of its counterparts in other countries, and how the distinctive nature of Japan's institutional arrangements affected the capacity of the government to manage change. The book focuses in particular on two intervening variables that bring about a functional shift in the Finance Ministry's policy networks: domestic political change under coalition government and a dramatic rise in information requirements for effective regulation. As a result of change in these variables, networks that once enhanced policymaking capacity in Japanese finance became "paralyzing networks"--with disastrous results.
Author: Sebastian Maslow Publisher: State University of New York Press ISBN: 1438486103 Category : Political Science Languages : en Pages : 296
Book Description
Mired in national crises since the early 1990s, Japan has had to respond to a rapid population decline; the Asian and global financial crises; the 2011 triple disaster of earthquake, tsunami, and the Fukushima nuclear meltdown; the COVID-19 pandemic; China’s economic rise; threats from North Korea; and massive public debt. In Crisis Narratives, Institutional Change, and the Transformation of the Japanese State, established specialists in a variety of areas use a coherent set of methodologies, aligning their sociological, public policy, and political science and international relations perspectives, to account for discrepancies between official rhetoric and policy practice and actual perceptions of decline and crisis in contemporary Japan. Each chapter focuses on a distinct policy field to gauge the effectiveness and the implications of political responses through an analysis of how crises are narrated and used to justify policy interventions. Transcending boundaries between issue areas and domestic and international politics, these essays paint a dynamic picture of the contested but changing nature of social, economic, and, ultimately political institutions as they constitute the transforming Japanese state.
Author: Jeff Kingston Publisher: Routledge ISBN: 1136343474 Category : Political Science Languages : en Pages : 364
Book Description
The March 2011 earthquake and tsunami in Japan plunged the country into a state of crisis. As the nation struggled to recover from a record breaking magnitude 9 earthquake and a tsunami that was as high as thirty-eight meters in some places, news trickled out that Fukushima had experienced meltdowns in three reactors. These tragic catastrophes claimed some 20,000 lives, initially displacing some 500,000 people and overwhelming Japan's formidable disaster preparedness. This book brings together the analysis and insights of a group of distinguished experts on Japan to examine what happened, how various institutions and actors responded and what lessons can be drawn from Japan’s disaster. The contributors, many of whom experienced the disaster first hand, assess the wide-ranging repercussions of this catastrophe and how it is already reshaping Japanese culture, politics, energy policy, and urban planning.
Author: Ryozo Himino Publisher: Springer Nature ISBN: 9811595984 Category : Business & Economics Languages : en Pages : 127
Book Description
This open access book provides a readable narrative of the bubbles and the banking crisis Japan experienced during the two decades between the late 1980s and the early 2000s. Japan, which was a leading competitor in the world’s manufacturing sector, tried to transform itself into an economy with domestic demand-led mature growth, but the ensuing bubbles and crisis instead made the country suffer from chronicle deflation and stagnation. The book analyses why the Japanese authorities could not avoid making choices that led to this outcome. The chapters are based on the lectures to regulators from emerging economies delivered at the Global Financial Partnership Center of the Financial Services Agency of Japan.
Author: Ryōichi Mikitani Publisher: Peterson Institute ISBN: 9780881322897 Category : Business & Economics Languages : en Pages : 256
Book Description
Japan is only one of many industrialized economies to suffer a financial crisis in the past 15 years, but it has suffered the most from its crisis--as measured in lost output and investment opportunities, and in the direct costs of clean-up. Comparing the response of Japanese policy in the 1990s to that of US monetary and financial policy to the American Savings and Loan Crisis of the late 1980s sheds light on the reasons for this outcome. This volume was created by bringing together several leading academics from the United States and Japan--plus former senior policymakers from both countries--to discuss the challenges to Japanese financial and monetary policy in the 1990s. The papers address in turn both the monetary and financial aspects of the crisis, and the discussants bring together broad themes across the two countries' experiences. As the papers in this Special Report demonstrate, while the Japanese government's policy response to its banking crisis in the 1990s was slow in comparison to that of the US government a decade earlier, the underlying dynamics were similar. A combination of mismanaged partial deregulation and regulatory forebearance gave rise to the crisis and allowed it to deepen, and only the closure of some banks and injection of new capital into others began the resolution. The Bank of Japan's monetary policy from the late 1980s onward, however, was increasingly out of step with US or other developed country norms. In particular, the Bank of Japan's limited response to deflation after being granted independence in 1998 stands out as a dangerous and unusual stance.
Author: Mark R. Mullins Publisher: Springer ISBN: 1137521325 Category : Social Science Languages : en Pages : 433
Book Description
Japan was shaken by the 'double disaster' of earthquake and sarin gas attack in 1995, and in 2011 it was hit once again by the 'triple disaster' of earthquake, tsunami, and nuclear meltdown. This international, multi-disciplinary group of scholars examines the state and societal responses to the disasters and social crisis.
Author: Yoichi Funabashi Publisher: Brookings Institution Press ISBN: 0815737688 Category : Political Science Languages : en Pages : 417
Book Description
A 2020 CHOICE Outstanding Academic Title Japan's challenges and opportunities in a new era of uncertainty Henry Kissinger wrote a few years ago that Japan has been for seven decades “an important anchor of Asian stability and global peace and prosperity.” However, Japan has only played this anchoring role within an American-led liberal international order built from the ashes of World War II. Now that order itself is under siege, not just from illiberal forces such as China and Russia but from its very core, the United States under Donald Trump. The already evident damage to that order, and even its possible collapse, pose particular challenges for Japan, as explored in this book. Noted experts survey the difficult position that Japan finds itself in, both abroad and at home. The weakening of the rules-based order threatens the very basis of Japan's trade-based prosperity, with the unreliability of U.S. protection leaving Japan vulnerable to an economic and technological superpower in China and at heightened risk from a nuclear North Korea. Japan's response to such challenges are complicated by controversies over constitutional revision and the dark aspects of its history that remain a source of tension with its neighbors. The absence of virulent strains of populism have helped to provide Japan with a stable platform from which to pursue its international agenda. Yet with a rapidly aging population, widening intergenerational inequality, and high levels of public debt, the sources of Japan's stability—its welfare state and immigration policies—are becoming increasingly difficult to sustain. Each of the book's chapters is written by a specialist in the field, and the book benefits from interviews with more than 40 Japanese policymakers and experts, as well as a public opinion survey. The book outlines today's challenges to the liberal international order, proposes a role for Japan to uphold, reform and shape the order, and examines Japan's assets as well as constraints as it seeks to play the role of a proactive stabilizer in the Asia-Pacific.
Author: Kerry Douglas Smith Publisher: Harvard Univ Asia Center ISBN: 9780674003705 Category : Business & Economics Languages : en Pages : 518
Book Description
This study of Japan's transformation by the economic crises of the 1930s focuses on efforts to overcome the effects of the Great Depression in rural areas, particularly the activities of local activists and Tokyo policymakers. Smith sheds light on how average Japanese responded to problems of modernization and how they re-created the countryside.
Author: Mark R. Mullins Publisher: Palgrave Macmillan ISBN: 9780333772690 Category : Social Science Languages : en Pages : 227
Book Description
At the time Aum Shinrikyõ emerged, most Japanese assumed that they lived in one of the most well-ordered and safest societies, a model that had much to offer the chaotic Western world. This assumption was shaken on 20 March 1995 when the deadly nerve gas sarin was released on the Tokyo subway system. Since that incident, the 'Aum affair' has had widespread repercussions and shaken the Japanese psyche in a serious way. This volume provides a window onto contemporary Japanese society by considering the various reactions and responses to this crisis precipitated by this deviant religious movement.
Author: Jennifer Amyx
Author: Jennifer Amyx
Author: Sebastian Maslow
Author: Jeff Kingston
Author: Ryozo Himino
Author: Ryōichi Mikitani
Author: Mark R. Mullins
Author: Yoichi Funabashi
Author: Kerry Douglas Smith
Author: Mark R. Mullins
Author: Gail Lee Bernstein