Table of Contents

Introduction - Financial Similarities and Monetary Differences, Adam Posen; The Facts of the Japanese Financial Crisis, Ryoichi Mikitani and Kobe Gakuin; Monetary Policy in Japan Since the Late 1980s - Delayed Policy Actions and Some Explanations, Toshiki Jinushi, et al; Japanese Monetary Policy - a Case for Self-Induced Paralysis?, Ben Bernanke; International Pressure on Japanese Monetary Policy in the 1990s, Eisuke Sakakibara; Discussion - the Foundations of Expansionary Monetary Policy, Olivier Blanchard; Discussion - the Political Economy of Deflationary Monetary Policy, Adam Posen; Discussion - the International Aspects of Monetary Policy, Jeffrey Shafer; The Japanese Banking Crisis and the US S&L Collapse - Parallels and Lessons, Benjamin Friedman; The Convoy Regulation, Bank Management and the Financial Crisis in Japan, Yoshinoiri Shimizu; Discussion - Forebearance and Mergers in a Comparative Context, Robert Glauber; Discussion - Partial Deregulation in a Comparative Context, Anil Kashyap.

About the Author

Dr. Posen, the President of the Peterson Institute for International Economics, has specialized in macroeconomic and monetary policy, resolution of financial crises, central banking issues, and the economies of Western Europe, Japan, and the United States. Dr. Posen brings a distinctively global perspective to macroeconomic policy analysis and forecasting. He has written about the financial and economic challenges faced by the European Union following the adoption of the euro and the lasting impact of Japan's economic crisis of the 1990s, while providing counsel directly to the Japanese government in Tokyo. Leading up to the successful London G-20 summit of 2009 during the global financial crisis, he consulted for the UK Cabinet Office.