Japan's Financial Crisis and Economic Stagnation

By Takeo Hoshi, Anil K. Kashyap. 2004

351 citations recorded by the source corpus.

Subfields: Economics and Econometrics, Finance

View Paper: https://www.semanticscholar.org/paper/d21154798eea55d692dd9cccb438750543b66244

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Citations in the corpus

Competitiveness in a globalised world: Michael Porter on the microeconomic foundations of the competitiveness of nations, regions, and firms (2006, background): “Popular explanations of Japan's recent economic problems have tended to focus on the collapse of the bubble economy, over-regulation, and the mismanagement of macroeconomic policy (e.g., Hoshi and Kashyap, 2004).”
Cross-Country Empirical Studies of Systemic Bank Distress: A Survey (2005, background): “Regulatory forbearance and lax monetary policy allowed the process of balance sheet repair to stretch over more than a decade, and banks continued to finance poorly performing firms (Hoshi and Kashyap, 2004).”
Volatility in International Stock Markets: An Empirical Study during COVID-19 (2020, background): “Hence, analyzing the stock market during the crisis period when the fundamentals of security are diluted by macroeconomic factors is a big challenge (Hoshi and Kashyap 2004) and this challenge is magnificent for any open economy when the financial crisis is due to a pandemic.”
Bubbles, Financial Crises, and Systemic Risk (2012, neutral): “Ultimately, the decrease in real estate prices led to a debt overhang problem for the entire Japanese banking sector, crippling the Japanese economy for decades (see, for example, Hoshi and Kashyap (2004)).”
Collateral, Debt Capacity, and Corporate Investment: Evidence from a Natural Experiment (2007, positive): “Hoshi and Kashyap (2004) and Peek and Rosengren (2005) propose that Japanese banks’ evergreening of loans and the resulting misallocation of funds contribute to the economic decline in the 1990s.”
The Real Effects of Asset Market Bubbles: Loan- and Firm-Level Evidence of a Lending Channel (2007, neutral): “, the value of durable banking relationships (see James and Smith (2000) for a survey of this literature).”
Non Performing Loans, Prospective Bailouts, and Japan's Slowdown (2010, background): “See also Hoshi and Kashyap (2004) for a thorough discussion of the bad loans”
Japanese keiretsu: Past, present, future (2009, background): “In fact, Hoshi and Kashyap (2004 ) a nd Hoshi (2006) conclude that horizontal keiretsu contributed to the under-performance of the Japanese economy beginning in 1992 and further that propping up weaker keiretsu members, their so-called “zombie” firms, perverted efficient resource allocation in Japa”