Japan's financial crisis mid economic stagnation

被引：119

作者：

Hoshi, T ^{[1
]}

Kashyap, AK ^{[1
]}

机构：

[1] Univ Calif San Diego, Grad Sch Int Relat & Pacific Studies, San Diego, CA 92103 USA

来源：

JOURNAL OF ECONOMIC PERSPECTIVES | 2004年 / 18卷 / 01期

关键词：

D O I：

10.1257/089533004773563412

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We survey the macroeconomic stagnation and financial problems in Japan. The financial sector assessment includes separate analyses of the commercial banks, the life insurance companies and the government's fiscal investment and loan program (FILP). We estimate that the Japanese taxpayer will have to pay at least another 100 trillion yen (20% of GDP) to cover financial system losses. We explain how the current dysfunctional Japanese banking system misallocates funds by keeping many insolvent firms in business. These inefficient firms crowd out potentially profitable ones and worsen macroeconomic stagnation. A sustained macroeconomic recovery requires serious restructuring aimed at stopping this cycle.

引用

页码：3 / 26

页数：24