Kawai, Masahiro - Institute of Economic Research, Hitotsubashi University - 2005
Japan has experienced a decade-long economic stagnation with a distressed banking sector in the 1990s. The absence of a … problems. All of these allowed a systemic banking crisis to emerge in 1997-98 and a large output loss during 1998-2002. The … credit culture to rigorously assess and price credit risks of borrowers, aggravated by weak prudential and supervisory …