Japan's Financial Crisis: Institutional Rigidity and Reluctant Change by Jennife

Description: Japan's Financial Crisis by Jennifer Amyx Focuses on the role of policy networks in Japanese finance, showing how Japans Finance Ministry was embedded within the political and financial worlds, and how the nature of Japans institutional arrangements affected the capacity of the government to manage change. FORMAT Paperback LANGUAGE English CONDITION Brand New Publisher Description At the beginning of the 1990s, a massive speculative asset bubble burst in Japan, leaving the nations banks with an enormous burden of nonperforming loans. Banking crises have become increasingly common across the globe, but what was distinctive about the Japanese case was the unusually long delay before the government intervened to aggressively address the bad debt problem. The postponed response by Japanese authorities to the nations banking crisis has had enormous political and economic consequences for Japan as well as for the rest of the world. This book helps us understand the nature of the Japanese governments response while also providing important insights into why Japan seems unable to get its financial system back on track 13 years later. The book focuses on the role of policy networks in Japanese finance, showing with nuance and detail how Japans Finance Ministry was embedded within the political and financial worlds, how that structure was similar to and different from that of its counterparts in other countries, and how the distinctive nature of Japans institutional arrangements affected the capacity of the government to manage change.The book focuses in particular on two intervening variables that bring about a functional shift in the Finance Ministrys policy networks: domestic political change under coalition government and a dramatic rise in information requirements for effective regulation.As a result of change in these variables, networks that once enhanced policymaking capacity in Japanese finance became "paralyzing networks"--with disastrous results. Notes Explores Japans political economy. Back Cover "No one has laid out micro data on the Japanese Ministry of Finance as clearly as Amyx does here. And no wonder they havent. As Amyxs footnotes testify, the data she has put together were gathered painstakingly from a wide variety of sources, including many interviews with the very people making the decisions. With these data, Amyx gives us with nuance and detail, the inside scoop on the officials who operated some of the most important levers of economic policy during Japans bubble-and-burst years." --Frances Rosenbluth, Yale University "A lucidly written and succinct account of why financial supervision in Japan, which had been so successful in the 1970s, became dysfunctional after the 1980s. Deceptively simple, but full of sound views, this timely work serves as a good and coherent account of how the powers of the Ministry of Finance and Japanese politicians were undermined." --Nobuhiro Hiwatari, Tokyo University Flap "No one has laid out micro data on the Japanese Ministry of Finance as clearly as Amyx does here. And no wonder they havent. As Amyxs footnotes testify, the data she has put together were gathered painstakingly from a wide variety of sources, including many interviews with the very people making the decisions. With these data, Amyx gives us with nuance and detail, the inside scoop on the officials who operated some of the most important levers of economic policy during Japans bubble-and-burst years."-- Frances Rosenbluth, Yale University "A lucidly written and succinct account of why financial supervision in Japan, which had been so successful in the 1970s, became dysfunctional after the 1980s. Deceptively simple, but full of sound views, this timely work serves as a good and coherent account of how the powers of the Ministry of Finance and Japanese politicians were undermined."-- Nobuhiro Hiwatari, Tokyo University Author Biography Jennifer Amyx is Assistant Professor of Political Science at the University of Pennsylvania. Table of Contents *FrontMatter, pg. i*Contents, pg. vii*Figures, pg. ix*Tables, pg. xi*Abbreviations, pg. xiii*A Note on Conventions, pg. xv*Acknowledgments, pg. xvii*Introduction, pg. 1*Chapter One. Networks and State Performance, pg. 11*Chapter Two. Finance Ministry Ties with the Political Arena, pg. 41*Chapter Three. Finance Ministry Ties with Private and Quasi-governmental Financial Institutions, pg. 61*Chapter Four. Finance Ministry Ties with Other Government Agencies and the Central Bank, pg. 85*Chapter Five. Institutional "Fit" for Rapid Growth, pg. 107*Chapter Six. Slowed Growth, Institutional Rigidity, and Reforms Postponed, pg. 128*Chapter Seven. Network-managed Forbearance after the "Bubble" Bursts, pg. 147*Chapter Eight. Policy Paralysis amid Deepening Crisis, pg. 163*Chapter Nine. A New Regulatory and Policymaking Paradigm, pg. 197*Chapter Ten. Why Cant Japan Get Back on Track?, pg. 228*Chapter Eleven. Conclusion, pg. 256*Appendices, pg. 263*Notes, pg. 293*Bibliography, pg. 341*Index, pg. 361 Review Winner of the Masayoshi Ohira Memorial Award, Masayoshi Ohira Memorial Foundation "This is a fine book, one of the best I have read on Japans political economy in years... Amyx combines well an insightful overall analytical framework with a range and depth of rich supporting detail. This book is essential for anyone interested in Japans financial system, political economy, or the comparative development of financial systems and their regulatory arrangements, in which Japan is such an important case."--Hugh Patrick, Journal of East Asian Studies "This is an important contribution to our understanding of regulatory reform, and essential reading for students of Japans financial markets."--Henry Laurence, Political Science Quarterly "Japans Financial Crisis is a must-read for any reader interested in Japanese political economy or political economy. It will stand out as a classic interpretation of the peculiar Japanese trajectory."--Yves Tiberghien, Perspectives on Politics Promotional No one has laid out micro data on the Japanese Ministry of Finance as clearly as Amyx does here. And no wonder they havent. As Amyxs footnotes testify, the data she has put together were gathered painstakingly from a wide variety of sources, including many interviews with the very people making the decisions. With these data, Amyx gives us with nuance and detail, the inside scoop on the officials who operated some of the most important levers of economic policy during Japans bubble-and-burst years. -- Frances Rosenbluth, Yale University A lucidly written and succinct account of why financial supervision in Japan, which had been so successful in the 1970s, became dysfunctional after the 1980s. Deceptively simple, but full of sound views, this timely work serves as a good and coherent account of how the powers of the Ministry of Finance and Japanese politicians were undermined. -- Nobuhiro Hiwatari, Tokyo University Prizes Winner of Masayoshi Ohira Memorial Prize 2005 Long Description At the beginning of the 1990s, a massive speculative asset bubble burst in Japan, leaving the nations banks with an enormous burden of nonperforming loans. Banking crises have become increasingly common across the globe, but what was distinctive about the Japanese case was the unusually long delay before the government intervened to aggressively address the bad debt problem. The postponed response by Japanese authorities to the nations banking crisis has had enormous political and economic consequences for Japan as well as for the rest of the world. This book helps us understand the nature of the Japanese governments response while also providing important insights into why Japan seems unable to get its financial system back on track 13 years later. The book focuses on the role of policy networks in Japanese finance, showing with nuance and detail how Japans Finance Ministry was embedded within the political and financial worlds, how that structure was similar to and different from that of its counterparts in other countries, and how the distinctive nature of Japans institutional arrangements affected the capacity of the government to manage change.The book focuses in particular on two intervening variables that bring about a functional shift in the Finance Ministrys policy networks: domestic political change under coalition government and a dramatic rise in information requirements for effective regulation.As a result of change in these variables, networks that once enhanced policymaking capacity in Japanese finance became "paralyzing networks"--with disastrous results. Review Quote Winner of the Masayoshi Ohira Memorial Award, Masayoshi Ohira Memorial Foundation Details ISBN0691128685 Short Title JAPANS FINANCIAL CRISIS Publisher Princeton University Press Series Princeton Paperbacks Language English ISBN-10 0691128685 ISBN-13 9780691128689 Media Book Format Paperback Year 2006 Imprint Princeton University Press Subtitle Institutional Rigidity and Reluctant Change Place of Publication New Jersey Country of Publication United States Translated from English DOI 10.1604/9780691128689 UK Release Date 2006-09-03 NZ Release Date 2006-09-03 US Release Date 2006-09-03 Author Jennifer Amyx Pages 392 Publication Date 2006-09-03 Alternative 9780691114477 DEWEY 332.10952 Illustrations 10 line illus. 15 tables Audience Professional & Vocational AU Release Date 2006-11-12 We've got this At The Nile, if you're looking for it, we've got it. 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