Abstract
We argue that the crisis is over in the sense that the underlying problems are now being addressed, or at least acknowledged, such that a systemic banking crisis has been averted. The crisis did not emerge all of a sudden. It developed in part because of policy mistakes, including years of regulatory forbearance in the face of serious problems with nonperforming loans. The crisis also was a consequence of changes in the system—some internally generated, others imposed by changes in the global environment; some needed, others undesired or unintended. The change also did not happen all of a sudden: for some 20 years the system has been evolving and developing, in response both to market forces and to the gradual and lopsided process of financial deregulation. This book describes, analyzes, and evaluates the crisis and the changes and considers the issues the Japanese financial system faces as it enters the 21st century.
An erratum of this chapter is available at http://dx.doi.org/10.1007/978-1-4615-4395-4_13
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Hoshi, T., Patrick, H. (2000). The Japanese Financial System: An Introductory Overview. In: Hoshi, T., Patrick, H. (eds) Crisis and Change in the Japanese Financial System. Innovations in Financial Markets and Institutions, vol 12. Springer, Boston, MA. https://doi.org/10.1007/978-1-4615-4395-4_1
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DOI: https://doi.org/10.1007/978-1-4615-4395-4_1
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