E. Leont'eva1
  • 1 E. Primakov National Research Institute of World Economy and International Relations of the Russian Academy of Sciences (IMEMO RAS), 23, Profsoyuznaya St., Moscow, 117997, Russia

The Financial Crisis and Monetary Policy of the Bank of Japan

2006. Vol. 10. No. 3. P. 353–401 [issue contents]

In 1990–2003, Japan experienced a prolonged economic stagnation and downturn. Many call this Japanese economic situation the Great Recession making an allusion to the Great Depression of the 1930s in the U. S. In both cases, a deflationary crisis followed the bursting of an asset bubble, but the American malaise was acute, and the Japanese was mitigated. Origins of Japan’s slump and policy responses to it were debated worldwide in academic publications and in the press.

Japan's Great Recession was the result of fiscal, financial, and monetary policy mistakes as well as of obsolescence of many national economic institutions in the global environment. To conquer the financial crisis, the Bank of Japan had to pursue quite unusual monetary policy measures. Japan could not overcome this abnormal state until drastic reforms were implemented in its economic system.
Citation: Leont'eva E. L. (2006) Deflyatsionnyy krizis v Yaponii [The Financial Crisis and Monetary Policy of the Bank of Japan] Ekonomicheskiy zhurnal VShE, 3, pp. 353-401 (in Russian)
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