The Japanese Banking Crisis of the 1990s
The Japanese Banking Crisis of the 1990s
复制标题
20 世纪 90 年代的日本银行业危机
DOI：
10.1057/9780230513952_4
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发表时间：
2005
期刊：
影响因子：
--
通讯作者：
R. Tandon
中科院分区：
文献类型：
--
作者：
R. Tandon
自 1995 年以来，日本金融市场发生了一些革命性的变化，银行体系的健康状况也不断恶化。这种下降始于资产泡沫的破裂，并导致1997年4月发生严重危机，当时国内生产总值和工业产出首次下降。此外，1992年银行出现了一些问题，长达十年的经济衰退对商业企业的信贷流动造成了相当大的破坏。鉴于日本银行规模庞大，这场危机对全球经济产生了深远影响。 20世纪80年代，经济平均增长5%，股票和房地产市场在扩张性货币政策和银行业巨额贷款的推动下蓬勃发展。 1989 年中期，日本央行为减缓经济过热而收紧货币政策至关重要，导致股票和房地产价格暴跌。 1989年秋季，日本股市下跌，日经225指数从1989年10月的38,900点跌至不足13,000点，道琼斯指数从1989年的2400点飙升至10,000点以上。因此，东京虽然 1989 年的市值为 385 万亿日元，仍然是世界上最大的证券交易所，但现在却跌至纽约和伦敦之后，排名第三。
Since 1995 several revolutionary changes have been observed in Japanese financial markets, and also the steady decline in the health of its banking system. This decline began with the bursting of the asset bubble, leading to a serious crisis in April 1997, when gross domestic product and industrial output posted their first decline. Moreover, several problems for the banks surfaced in 1992 and a decade-long slump caused considerable disruption in the flow of credit to business firms. Given the very large size of Japanese banks, this crisis had deep implications for the global economy. During the 1980s, the economy posted a growth of 5 per cent on average, as well as the stock and real estate market being in a boom, fuelled by expansive monetary policy and huge lending by the banking sector. The tightening of monetary policy by the BOJ in mid-1989 to slow down overheating was crucial, leading to a slump of stock and real estate prices. In autumn 1989, a falling market for Japanese equities, when the Nikkei 225 index fell from 38,900 in October 1989 to less than 13,000 and the Dow-Jones index boomed from 2400 in 1989 to more than 10,000. Hence Tokyo, by market capitalization in 1989 still the largest stock exchange in the world by ¥385 trillion, fell to rank third behind New York and London.