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The Morning After: Explaining the Slowdown in Japanese Growth in the 1990s / Tamim Bayoumi.
- Format:
- Book
- Author/Creator:
- Bayoumi, Tamim.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w7350.
- NBER working paper series no. w7350
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Other Title:
- The Morning After
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 1999.
- Summary:
- This paper uses a VAR to investigate four possible explanations of the extended slump in Japanese economic activity over the 1990s: the absence of bold and consistent fiscal stimulus; the limited room for expansionary monetary policy due to a liquidity trap; overinvestment and debt overhang; and disruption of financial intermediation. The results indicate that all of these factors played a role, but that the major explanation is disruption in financial intermediation, largely operating through the impact of changes in domestic asset prices on bank lending.
- Notes:
- Print version record
- September 1999.
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