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After the burst of the bubble economy, Japanese economy has been changed drastically. Traditionally, Japanese economy was characterized as a bank-centered economy, but the banking system did not function well in the 1990's. Responding to banking problems, the Japanese government initiated the...
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"Analysis and commentary on economics, the Federal Reserve, monetary policy, the bond markets, and politics, selected from among 1,300 columns written by Caroline Baum since 1998 for Bloomberg News, the electronic business and financial news service" - Provided by publisher.
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This paper explores the relation between the quality of financial institution and asset bubbles. In this paper, we will … show that bubbles can improve the macro performance even if the quality of financial institution is very poor and the … financial market does not work well. In this sense, the high quality of financial institution and bubbles are substitutes. We …
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