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Japan and the Asian Financial Crisis: the Role of Financial Supervision in Restoring Growth
Japan and the Asian Financial Crisis: The Role of Financial Supervision in Restoring Growth Takatoshi Ito Institute of Economic Research Hitotsubashi University Working Paper Series Vol.99-10 July 1999 The views expressed in this publication are those of the author(s) and do not necessarily reflect those of the Institute. No part of this article may be used reproduced in any manner whatsoever without written permission except in the case of brief quotations embodied in articles and reviews. For information, please write to the Centre. The International Centre for the Study of East Asian Development, Kitakyushu Japan and the Asian Financial Crisis: The Role of Financial Supervision in Restoring Growth Takatoshi Ito Summary The crises of the Japanese and Asian economies in 1997-98 are reflection of the regional interdependence. One of the factors contributing to the baht devaluation of July 2, 1997 was yen depreciation vis-à-vis the US dollar in 1995-1997. The weak Japanese economy and the Asian economies mutually reinforced each other in the fall of 1997. Both Japan and many Asian countries suffer from structural weakness in the banking system. Japanese banks are beset with nonperforming loans due to a sharp decline in land prices, and many Asian banks are burdened by excessive borrowing from abroad or nonperforming loans due to sharp currency depreciation. Japan and Asian countries did not have a legal framework to close insolvent banks before the crisis, which contributed to a protracted resolution of the problem. The current downturn of the Japanese economy was triggered by the tax hike of April 1997. -
“Interventions and Japanese Economic Recovery” Takatoshi Ito* Graduate School of Economics, University of Tokyo
YenMacro(Michigan2004)v1 “Interventions and Japanese Economic Recovery” Takatoshi Ito* Graduate School of Economics, University of Tokyo 1. Introduction The Japanese monetary authorities (the Ministry of Finance and the Bank of Japan) intervened in the yen/dollar market, selling 35 trillion yen, during the 15-month period from January 2003 to March 2004. The size of interventions were unusually large, reaching 7 percent of GDP, and exceeding the total amount of interventions during the 11-year period from April 1991 to December 2002. Why did the Japanese authorities intervene with such a large amount? This paper attempts to explain possible reasons and objectives behind interventions conducted by the Japanese monetary authorities in 2003 and 2004, and to discuss whether interventions achieved presumed objectives, flexible but rational foreign exchange markets and economic recovery. In the discussion of interventions, it is necessary to pay a significant attention to macroeconomic conditions, as decisions of interventions should be explained in the context of macroeconomic conditions at the time. When the 15-month episode of interventions started in January 2003, the Japanese economy was in a very weak condition. Several major banks were regarded in the market to be near-insolvent if proper accounting and evaluation of assets were applied.1 Deflation was worsening and the growth rate was very low. The stock prices were declining sharply. The start of intervention in January 2003 was to keep the yen from appreciating in the midst of financial and macroeconomic weakness. The stock prices continued to go down until April, and the economy looked quite fragile in the spring. -
Can the Sun Rise Again
A Background Paper for the AEA Session, January 5, 2004 December 19, 2003 The Heisei Recession: An Overview Koichi Hamada Yale University 1 © International Insolvency Institute – www.iiiglobal.org Abstract The prolonged recession in recent Japan continues much longer than a decade. One observes exciting policy-related discussions over the diagnosis and the effective prescriptions to the problem. Gradually, academic economists have been accumulating scientific investigations into the nature and the causes of this "great" recession. Economic theory faces a test of its applicability in the light of the novel situation, unobserved in the world economy at least after World War II, where the price is falling, the short-term interest approaches virtually the zero limit, and the demand for money is insatiable. This paper in an attempt to relate current policy debates to economic theory and some empirical results. The causes of this long recession certain include real factors such as the slowing down of the capacity growth, and difficulty of the adjustment of the Japanese institutions to changing environment. At the same time, one cannot neglect the effect of abrupt monetary contraction in the early 1990s, and resulting collapses of asset bubbles, which triggered the inefficacy of financial intermediation. However, since the most acute symptom of this recession is continuing recession, the first-hand remedies should be sought in monetary policy. The traditional interest policy or the policy to increase base money is limited. Purchase of long-term government bonds, and interventions in the exchange market are still effective policies to solve the situation. Moreover, inflation targeting or price-level targeting will be the most appropriate policy prescription in Japan where the liquidity trap persists because of a kind of liquidity trap. -
ITO 9781785360121 PRINT.Indd
References Aizenman, Joshua, 2015. ‘Internationalization of the RMB, Capital Market Openness and Financial Reforms in China’, Pacific Economic Review, 20(3), pp. 444–60. Allayannis, George, Jane Ihrig and James P. Weston, 2001. ‘Exchange-Rate Hedging: Financial vs. Operational Strategies’, American Economic Review Papers & Proceedings, 91(2), pp. 391–5. Bacchetta, Philippe and Eric van Wincoop, 2003. ‘Why Do Consumer Prices React Less Than Import Prices to Exchange Rates?’, Journal of European Economic Association, 1(2–3), pp. 662–70. Bacchetta, Philippe and Eric van Wincoop, 2005. ‘A Theory of the Currency Denomination of International Trade’, Journal of International Economics, 67(2), pp. 295–319. Bartram, Söhnke M., Gregory W. Brown and Bernadette A. Minton, 2010. ‘Resolving the Exposure Puzzle: The Many Facets of Exchange Rate Exposure’, Journal of Financial Economics, 95, pp. 148–73. Burstein, Ariel, Joao Neves and Sergio Rebelo, 2003. ‘Distribution Costs and Real Exchange Rate Dynamics During Exchange Rate Based Stabilizations’, Journal of Monetary Economics, 50, pp. 1189–214. Campa, Jose and Linda Goldberg, 2006. ‘Distribution Margins, Imported Inputs, and the Sensitivity of the CPI to Exchange Rates’, NBER Working Paper No. 12121 (March). Campa, Jose and Linda Goldberg, 2008. ‘Pass-Through of Exchange Rates to Consumption Prices: What Has Changed and Why?’, in Takatoshi Ito and Andrew K. Rose, eds, International Finance Issues in the Pacific Rim: Global Imbalances, Financial Liberalization, and Exchange Rate Policy, NBER East Asian Seminar on Economics, Vol. 17, pp. 139–70. Cao, Shuntao, Wei Dong and Ben Tomlin, 2015. ‘Pricing-to-Market, Currency Invoicing and Exchange Rate Pass-Through to Producer Prices’, Journal of International Money and Finance, 58, pp. -
Representations of the Name Rectification Movement of Taiwan Indigenous People: Through Whose Historical Lens?
LANGUAGE AND LINGUISTICS 13.3:523-568, 2012 2012-0-013-003-000320-1 Representations of the Name Rectification Movement of Taiwan Indigenous People: Through Whose Historical Lens? Sheng-hsiu Chiu1,2 and Wen-yu Chiang1 National Taiwan University1 Huafan University2 Within the theoretical and methodological framework based on the conceptual metaphor theory, the discourse-historical approach, and corpus linguistics, this article examines the various representations of Taiwan indigenous people’s name rectification movement in three major broadsheet newspapers, the United Daily News, the Liberty Times, and the Apple Daily in Taiwan. Using two-tier analysis, which incorporates the discourse-historical approach into the conceptual metaphor theory, we demonstrate that JOURNEY and CONFLICT metaphors, the two pre- dominant types identified in news coverage, are portrayed in divergent ways in different news media. By analyzing the cognitive characteristics of conceptual meta- phors in combination with other discursive/rhetorical strategies, we demonstrate that political orientations and underlying ideologies are ingrained in the corpora news reports, and the ways in which the newspapers’ publishers delineate the indigenous issue echo the different positions they take toward national identity. We hence posit that ‘Taiwan indigenous people as the positive Self’ construction is a pseudo-positive Self construction, which is merely a camouflage for the media’s real stance on viewing indigenous people as the Other. We argue that all of the representations of the name rectification movement in three different newspapers in Taiwan are based on intention, inextricably intertwined with the newspapers’ ideological stance of national identity, and are viewed through the historical lens of the Han people. -
Jen-Pan Huang Academia Sinica [email protected] Communities
2021 IIP Summer Internship Host Mentors Program Host PI Affiliation Personal web page Email Which project would you like to offer for the intern? 1. Barcoding and meta-barcoding of local lichen Jen-Pan Huang Academia Sinica https://sites.google.com/view/jenpanhuang [email protected] communities. 2. Hercules beetle genome assembly. http://www.biodiv.tw/en/people/faculty/dr- [email protected] Ryuji Machida Academia Sinica aquatic molecular ecology ryuji-machida .tw http://www.biodiv.tw/en/people/faculty/dr- John Wang Academia Sinica [email protected] Identification of selfish genes in nematodes john-wang Evolution, interactions and genomics of eukaryotic Chuan Ku Academia Sinica https://chuanku-lab.github.io/kulab/ [email protected] microbes (microalgae, giant viruses, protists) Field ecology of coral community, including coral http://www.biodiv.tw/en/people/faculty/dr- Yoko Nozawa Academia Sinica [email protected] reproduction, coral recruitment, coral long-term yoko-nozawa#lab-pi monitoring, reef fish, and sea turtles [email protected] fungal community assemblies of early diverging Ko-Hsuan Chen Academia Sinica https://kohsuanchen.wixsite.com/fungi .tw plant lineages BIODIV Sen-Lin Tang Academia Sinica http://sltang.biodiv.tw/ [email protected] Coral microbial community survey Deep time marine fossils: What are the possible Chien-Hsiang Lin Academia Sinica https://otolithlin.biodiv.tw/ [email protected] drivers shaping the diversity of marine organisms through geological -
Not for Quotation
Federal Reserve Bank of Dallas Globalization and Monetary Policy Institute Working Paper No. 201 http://www.dallasfed.org/assets/documents/institute/wpapers/2014/0201.pdf Stability or Upheaval? The Currency Composition of International Reserves in the Long Run* Barry Eichengreen University of California, Berkeley Livia Chiţu European Central Bank and Paris School of Economics Arnaud Mehl European Central Bank October 2014 Abstract We analyze how the role of different national currencies as international reserves was affected by the shift from fixed to flexible exchange rates. We extend data on the currency composition of foreign reserves backward and forward to investigate whether there was a shift in the determinants of the currency composition of international reserves around the breakdown of Bretton Woods. We find that inertia and policy-credibility effects in international reserve currency choice have become stronger post-Bretton Woods, while network effects appear to have weakened. We show that negative policy interventions designed to discourage international use of a currency have been more effective than positive interventions to encourage its use. These findings speak to the prospects of currencies like the euro and the renminbi seeking to acquire international reserve status and others like the U.S. dollar seeking to preserve it. JEL codes: F30, N20 * Barry Eichengreen, University of California, Berkeley, Department of Economics, 508-1 Evans Hall, MC #3880, Berkeley, CA 94720-3880. Tel: 510-642-2772. [email protected]. Livia Chiţu, European Central Bank, Kaiserstraße 29, D-60311 Frankfurt am Main, Germany. Tel: + 49-69-1344-86-83. [email protected]. Arnaud Mehl, European Central Bank, Kaiserstraße, 29, D-60311 Frankfurt am Main, Germany. -
Charles Cook Gained His Certtesol Qualification in 2016 and Began
Contributors Peter Brereton has been teaching English since 2007 and has worked in a wide range of teaching contexts in Spain, Australia, the UK, Ireland, Latvia and France. Peter is currently an English for Liberal Arts instructor at International Christian University in Tokyo as well as a freelance teacher trainer, Delta local tutor and external assessor. He is most pas- sionate about teacher training and development – particularly through refl ective practice – as well as teacher creativity, decision making and feedback. Charles Cook gained his CertTESOL qualifi cation in 2016 and began teaching in Japan in 2017. His interests include learner motivation and the integration of popular culture into language learning. His primary moti- vation for contributing to this book was to stimulate his professional development at an early stage in his career. Daniel Hooper has lived and taught in Japan for approximately 12 years and is currently a lecturer in the English Language Institute at Kanda University of International Studies. He worked in the eikaiwa industry for eight years and his varied experiences in that context have deeply infl u- enced both his research interests and approach to pedagogy. In addition to issues related to eikaiwa, his research interests include critical issues in TESOL, learner autonomy and learner/teacher identity. Chris Hunter has taught English and intercultural education in a wide variety of contexts in Japan and Hawaii since 2004. His research interests include language policy, language ideologies, globalization and language education, as well as the linkages between English language education and economic inequality. He is currently a PhD candidate at the University of Hawaii at Mānoa. -
Monetary Policy in Japan: Problems and Solutions Takatoshi Ito
04ito.solutions0813.doc Monetary Policy in Japan: Problems and Solutions* Takatoshi Ito University of Tokyo and National Bureau of Economic Research and Frederic S. Mishkin Graduate School of Business, Columbia University, and National Bureau of Economic Research For the Solutions conference, June 19-20, 2004 Roppongi, Tokyo 13 August 2004 * For presentation at the US-Japan Conference on the Solutions for the Japanese Economy, sponsored by the Center on Japanese Economy and Business, Columbia Business School and Research Center for Advanced Science and Technology, The University of Tokyo, June 19-21, 2004. Any views expressed in this paper are those of the author only and not those of University of Tokyo, Columbia University or the National Bureau of Economic Research. We thank Hugh Patrick, David Weinstein, Anil Kashyap, Hiroshi Fujiki, Kunio Okina and participants at the conference and at the Economic and Social Research Institute (ESRI) Conference. The authors are grateful to Shoko Nakano and Emilia Simeonova for their excellent research assistance. Introduction 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 deflation. Nominal GDP for 2003 is 4 percent below what it was in 1997. In order to stimulate the stagnant economy, the government has cut taxes and increased expenditures. As a result the government debt/GDP ratio has risen to 150 percent, an unprecedented level for an advanced country in peacetime. The CPI has been declining since 1998, while the GDP deflator has been declining since 1995. -
Publications and Papers
Publications and Papers ITO Takatoshi, Faculty Fellow, RIETI (1a) Books Economic Analysis of Disequilibrium: Theory and Empirical Analysis [written in Japanese, original title, "Fukinko no Keizai Bunseki"], Toyo Keizai Shimposha: Tokyo, August 1985, viii + 278 pages, [awarded the 29th Nikkei Economics Book Award, November 1986] The Japanese Economy MIT Press, January 1992. 455 pages. Economics of Consumer-Oriented Policy in Japan [written in Japanese, original title, "Shohisha Jushi no Keizaigaku"] Nihon Keizai Shinbunsha: Tokyo, July 1992. A Vision for the World Economy (with Robert Z. Lawrence and Albert Bressand), xii+124 pages, Washington DC: Brookings Institution, 1996. The Political Economy of Japanese Monetary Policy (with Thomas F. Cargill and Michael M. Hutchison), 236 pages, MIT Press, 1997. An Independent and Accountable IMF (with Jose De Gregorio, Barry Eichengreen, and Charles Wyplosz), Geneva Report on the World Economy No. 1, September 1999, Geneva: International Center for Monetary and Banking Studies. Financial policy and Central Banking in Japan (with Thomas F. Cargill and Michael M. Hutchison), MIT Press, 273 pages, January 2001. No More Bashing: Building a New Japan-United States Economic Relationship (with Fred Bergsten and Marcus Noland), Institute for International Economics, October 2001. Inflation Targeting [written in Japanese], Nihon Keizai Shinbunsha, November 2001 Inflation Targeting in Asia (Authors: Takatoshi Ito and Tomoko Hayashi), Hong Kong Institute for Monetary Research, Occasional Paper, No. 1, March 2004, 62pages (1b) Edited Volumes Political Economy of Tax Reform NBER-East Asia Seminar on Economics, volume 1. (co-edited by Anne O. Krueger), Chicago University Press, x+348 pages, 1992. Trade and Protectionism NBER-East Asia Seminar on Economics, volume 2. -
Thinking Outside of the One China Box How to Undo the Gordian Knot in the Cross-Strait Impasse?∗
Thinking outside of the One China box How to undo the Gordian knot in the Cross-Strait impasse?∗ JYRKI KALLIO AND MIKAEL MATTLIN To be presented at the Inaugural Conference of the European Association of Taiwan Studies at The London School of Oriental and African Studies (SOAS), 17–18 April, 2004 This paper starts from the premise that the status quo between Taiwan and mainland China is not stable, and discusses the resulting pressures for the parties to change their policies accordingly. We suggest a solution to the stalemate in the form of a “confederation with Chinese characteristics”: a confederation in form but not in name, based on the unity of Zhonghua (Chinese civilization) having a concrete form in shared organs and symbols. Emphasis is put on the choices of Taiwan, as Taiwan appears to be moving towards final separation from the mainland, which, if formalized, would lead to war. The mainland accuses Chen Shui-bian of aiming at rewriting the constitution in 2006 and declaring formal independence in 2008. The legitimacy of the Communist regime is tied to reunification, whereas it is unrealistic to expect Taiwan, a state-like democracy, to accept direct rule by mainland China. The coming few years present a window of opportunity, but also potential for disaster. The key issue to the solution is the concept of One China, which there is no consensus of. There is an urgent need to create an interpretation of the concept which would meet the concerns of both parties internally as well as internationally. The proposed solution would strike a delicate balance guaranteeing the complete self-determination of Taiwan in a de facto confederation and elevating it to an equal position with the mainland, while creating an image of a unified China through the establishment of a formal “ceiling” structure, modeled after the British Commonwealth. -
JAFSA Institutional Member List
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