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In Japan’s Stagnant Decade, Cautionary Tales for America
Keywords:
Heizo Takenaka, head of the supervising agency for banks in Japan under prime minister Koizumi, took strong action to get banks to disclose the full extent of bad loans. This was needed to repair the banking system as piecemeal efforts had failed from 1996 to 2002. Takenaka says he realized that the economy could not recover with stimulus efforts until the banking system was cleared of bad debt and functioned normally to lend to business and consumers. He tells the NYT's Tabuchi that he stood firm and told the banks he was not ready for negotiation even when the banks called him absurd. He describes his experience with the banks, and says he cannot understand why the U.S. is not taking firm action with the banks.
Parallels between Japan's handling of its banking crisis in 1996 and the U.S. handling of the 2008 financial crisis
02/13/2009
Grouped Articles
In Japan’s Stagnant Decade, Cautionary Tales for America
New York Times 02/13/2009
In Japan’s Stagnant Decade, Cautionary Tales for America
New York Times 02/13/2009
Heizo Takenaka, head of the supervising agency for banks under prime minister Koizumi
02/13/2009
Grouped Articles
In Japan’s Stagnant Decade, Cautionary Tales for America
New York Times 02/13/2009
In Japan’s Stagnant Decade, Cautionary Tales for America
New York Times 02/13/2009
Lessons from the 1997 Asian Financial Crisis, the example of South Korea and other countries.
05/09/2006
The lessons S. Korea shares with the G20 from its banking crisis in the late 1990's, with nonperforming loans of banks at 40-50% of GDP according to the Federal Reserve Bank of Chicago. Banks had to be merged, closed or nationalized using BIS standards for reserves in a short time. It also led to asevere contraction in the Korean economy as banks not only stopped making loans but called in outstanding loans. This contraction reached minus 7% in the second and third quarters of 1998. The bigger challenge now is how to resolve the bad asset problem without seeing such huge hits to the American economy which would further depress the global economy and have unforeseen consequences. Already Comerice department estimates are for a 6.3% contraction in the US econmy for 4th quarter 2008.
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In Japan’s Stagnant Decade, Cautionary Tales for America
New York Times 02/13/2009
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In Japan’s Stagnant Decade, Cautionary Tales for America
New York Times 02/13/2009
In Japan’s Stagnant Decade, Cautionary Tales for America
New York Times 02/13/2009
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Koizumi's Success Charts the Path To Japan's Future
Wall Street Journal 08/28/2006
Economist 09/28/2006
Errors made- US and Japanese economy comparisons for a lost decade.
02/13/2009
Japan's economy suffered badly after a flood of credit and bad loans, resulting in deflation and a lost decade. The comparison with what the US faces now.
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In Japan’s Stagnant Decade, Cautionary Tales for America
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In Japan’s Stagnant Decade, Cautionary Tales for America
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Reinhart and Rogoff on the lessons from other financial crises for the global financial crisis of 2008- it takes about 7 years to recover completely
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In Japan’s Stagnant Decade, Cautionary Tales for America
New York Times 02/13/2009
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