Caballero, Ricardo J; Hoshi, Takeo; Kashyap, Anil - National Bureau of Economic Research (NBER) - 2006
In this paper, we propose a bank-based explanation for the decade-long Japanese slowdown following the asset price collapse in the early 1990s. We start with the well-known observation that most large Japanese banks were only able to comply with capital standards because regulators were lax in...