Responding to the Global Financial Crisis -Lessons for the West from Japan

2007-2008年的全球金融危机促使全球采取了各种各样的政策应对措施。其中许多政策都受到了激烈的争论。这场辩论类似于日本在上世纪90年代末的情形，当时人们对应对日本银行业危机的适当政策存在严重分歧。在本研究中，我们考虑了日本的经验为其他正在应对持续的次贷危机的国家提供的积极和消极的教训。我们特别研究了向美国银行体系注资的有效性，并将其与日本在上世纪90年代末进行的银行资本重组试验的效果进行了比较。然后，我们探讨了银行规模对银行效率的影响，并检验了匆忙安排的银行合并对银行绩效的影响。

The global financial crisis of 2007-2008 has spurred a variety of policy responses around the globe. Many of these policies have been hotly debated. The debates resemble those of Japan in the late 1990s, when opinions on the proper policy response to Japan's own banking crisis were sharply divided. In this study, we consider the lessons - positive and negative - Japan's experience provides to other countries now coping with the ongoing subprime crisis. In particular, we examine the effectiveness of the capital injections into the US banking system, comparing the effects with Japan's own experiment with bank recapitalization in the late 1990s. We then explore the effects of bank size on bank efficiency and examine the impact of the hastily arranged bank mergers on bank performance.