http://worldcat.org/entity/work/id/23569290

In search of "capital crunch" supply factors behind the credit slowdown in Japan

While the continuing stagnation of Japan's economy has for a number of years been at the center of public policy debat e, it has recently become, with the emergence of the Asian crisis, an issue of even more urgent concern. Although no consensus has yet been reached as to the means by which the Japanese economy may best be revived, it is generally agreed that standard macroeconomic policies have so far failed in turning the tide by effecting a sustained response. While fiscal stimulus in 1995 created a brief spell of growth in 1996 and in the first quarter of 1997, the economy slumped back sharply soon after the reversal of the stimulus in 1997. Monetary policy likewise appears to have had little impact on the stagnant economy, even with the already near zero nominal short-term interest rates.

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