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Conference Paper
The evolution of Japanese banking: isolation to globalization
Journal Article
Japan passes again on fundamental financial reform
Journal Article
A tale of two monetary policies: Korea and Japan
In most countries' experience, the course of financial liberalization?much like the course of true love in Shakespeare?"never did run smooth." The process of reforming an economy from one where the government takes the lead in allocating financial and real resources to one where market forces determine economic outcomes can involve choices and consequences that are painful and costly. ; This Economic Letter focuses on recent developments in two major economies in Asia?South Korea and Japan?to highlight some of the differences in their progress and to suggest that the differences might be due ...
Conference Paper
Japanese banking and corporate finance in transition
Journal Article
Postal savings in Japan and mortgage markets in the U.S.
Financial system redesign has become high political drama in Japan. In August, 2005, Prime Minister Koizumi's plan to privatize Japan's huge postal savings and life insurance system (PSS) was defeated in the Lower House of the Diet. Koizumi then retaliated by dissolving the Lower House and calling a "snap" election for September 11, 2005 in hopes of getting members of the Liberal Democratic Party (LDP) more supportive of his program into the legislature. This was essentially a showdown?an open confrontation between the "new" and the "old" LDP in an effort by Koizumi to reduce the ...
Journal Article
A vector autoregression model of the Nevada economy
Journal Article
Central bank capital, financial strength, and the Bank of Japan
This Economic Letter addresses central bank capital and financial strength in the context of Bank of Japan policy (Cargill 2005). Specifically, it reviews general considerations about central bank capital and financial strength, discusses recent Bank of Japan policy in the context of capital structure, evaluates the Bank of Japan's concern in the context of the broader issue of central bank independence, and draws some lessons from recent Bank of Japan policy.
Conference Paper
Lessons from financial crisis: the Japanese case