Immediately after 1997 the Asian economies were viewed to be catastrophes of financial excess, corporate and political misgovernance, and diminishing returns to over-investment. But they are now freshly restored as the world’s economic powerhouses, just as before the 1997 financial crises they...

The Japanese economy has been underperforming for more than a decade. The average growth rate of real GDP over the past 12 years has been just above 1 percent, and the nominal GDP has been shrinking since 1997 due to inflation. Nominal GDP for 2003 is 4 percent below what it was in 1997. In...

Introduction: A mere decade ago Japan’s financial system, and especially its banking system, was not only the largest but the strongest in the world. Nine of the world’s top ten banks in asset size were Japanese; the Big Four Japanese securities companies were the world’s largest; and its...