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The disposition of failed Japanese bank assets: lessons from the U.S. savings and loan crisis

Spiegel, Mark M. - Center for Pacific Basin Monetary and Economic Studies, … - 2001

This paper reviews the Japanese experience with “put guarantees” recently offered in the sale of several failed banks. These guarantees, meant to address information asymmetry problems, are shown to create moral hazard problems of their own. In particular, the guarantees make acquiring banks...

Persistent link: https://www.econbiz.de/10010641757

The impact of Japan's financial stabilization laws on bank equity values

Spiegel, Mark; Yamori, Nobuyoshi - Center for Pacific Basin Monetary and Economic Studies, … - 2001

In the fall of 1998, two important financial regulatory reform acts were passed in Japan. The first of these acts, the …

Persistent link: https://www.econbiz.de/10010641762

Are all banking crises alike? The Japanese experience in international comparison

Hutchison, Michael; McDill, Kathleen - Center for Pacific Basin Monetary and Economic Studies, … - 1999

, highlighting the experience of Japan. By a host of criteria, Japan appeared to be in a stronger position than most countries at the …. However, Japan followed a clear international boom-and-bust pattern in terms of real output growth, credit growth and stock … macroeconomic variables and institutional characteristics. The model predicts a high probability of banking sector distress in Japan …

Persistent link: https://www.econbiz.de/10005514911

Bank charter value and the viability of the Japanese convoy system

Spiegel, Mark M. - Center for Pacific Basin Monetary and Economic Studies, … - 1999

This paper compares the performance of a convoy banking system, similar to that which prevailed in Japan, to a fixed …

Persistent link: https://www.econbiz.de/10005514915

The exchange rate exposure of U.S. and Japanese banking institutions

Chamberlain, Sandra; Howe, John S.; Popper, Helen - Center for Pacific Basin Monetary and Economic Studies, … - 1995

In this paper, we examine the foreign exchange exposure of a sample of U.S. and Japanese banking firms. Using daily data, we construct estimates of the exchange rate sensitivity of the equity returns of the U.S. bank holding companies and compare them to those of a sample of Japanese banks. We...

Persistent link: https://www.econbiz.de/10005514917

Who drives real interest rates around the Pacific Rim: the US or Japan?

Chinn, Menzie D.; Frankel, Jeffrey A. - Center for Pacific Basin Monetary and Economic Studies, … - 1995

are linked with both the US and Japan (in terms of cointegration and positive covariation), while only Singapore is solely … linked with the US. On the other hand Korea, and perhaps Indonesia and Thailand appear to be more closely linked with Japan …. Real interest parity holds for only the following interest rate pairs: US-Singapore, US-Taiwan and Japan-Taiwan. …

Persistent link: https://www.econbiz.de/10005514924

Determinants of voluntary bank disclosure: evidence from Japanese Shinkin banks

Spiegel, Mark M.; Yamori, Nobuyoshi - Center for Pacific Basin Monetary and Economic Studies, … - 2003

Disclosure is widely regarded as a necessary condition for market discipline in a modern financial sector. However, the determinants of disclosure decisions are still unknown, particularly among banks. This paper investigates the determinants of disclosure by Japanese Shinkin banks in 1996 and...

Persistent link: https://www.econbiz.de/10005410547

Is it true that insurers benefit from a catastrophic event? Market reactions to the 1995 Hanshin-Awaji earthquake

Yamori, Nobuyoshi; Kobayashi, Takeshi - Center for Pacific Basin Monetary and Economic Studies, … - 1999

Previous studies, investigating how the market in general viewed the impact of a big earthquake (e.g., the 1989 Loma Prieta earthquake in the San Francisco Bay Area) on insurance firm values, found a positive reaction of insurers' stock prices. This "gaining from loss" may be caused by the...

Persistent link: https://www.econbiz.de/10005410554

Japanese management views on overseas exchange listings: survey results

Yamori, Nobuyoshi; Baba, Taija - Center for Pacific Basin Monetary and Economic Studies, … - 1999

Previous empirical studies cast a doubt on a positive effect of overseas listings on stockholders' wealth. We should investigate reasons for the steady growth of overseas listings other than the stockholders' wealth maximization. However, we have little information about management views on...

Persistent link: https://www.econbiz.de/10005410569

Foreign reserve and money dynamics with asset portfolio adjustment: international evidence

Glick, Reuven; Hutchison, Michael - Center for Pacific Basin Monetary and Economic Studies, … - 1994

Persistent link: https://www.econbiz.de/10005078372