BibTex RIS Kaynak Göster

JAPONYA 1991 VE ABD 2007-2009 FİNANS KRİZLERİNİN POLİTİK İKTİSAT PERSPEKTİFİNDEN BİR DEĞERLENDİRMESİ

Yıl 2011, Cilt: 12 Sayı: 2, 171 - 186, 01.07.2011

Öz

Bu çalışma 1991 sonrasında Japonya’da ve 2007-2009 yıllarında ABD’de meydana gelen krizleri politik iktisat perspektifinden karşılaştırmaktadır. Her iki krizin ortak yönleri finans sisteminde yürütülen deregülasyon ve ardından meydana gelen varlık fiyatı balonunun bir süre sonra patlamasıdır. Japonya’da devlet müdahalesiyle şekillenmiş olan kurumsal yapı krize çare bulamayarak ülkeyi uzun süren bir durgunluktan çıkaramamışken, ABD’de krize hızlı bir şekilde tepki verilmiştir. Bu çalışmada her iki ülkede krizlere yol açan sebepler ülkelerin kurumsal yapıları içerisinde ele alınmış ve politik iktisat bakış açısıyla karşılaştırılmıştır.

Kaynakça

  • BROWNE, L.E. (2001). Does Japan offer any lessons for the United States? New England Economic Review, 2001 (3), 3-18.
  • CABALLERO, R.J., HOSHI, T., KASHYAP, A.K. (2008). Zombie lending and depressed restructuring in Japan. American Economic Review, 98 (5), 1943-1977.
  • DEMİR, F. (2009). Financial liberalization, private investment and portfolio choice: financialization of real sectors in emerging markets. Journal of Development Economics, 88 (2), 314-324.
  • ECONOMIST. 11-17 Ekim 2008. Supplement: a special report on the world economy.
  • HOSHI, T., KASHYAP, A.K. (2004). Japan’s financial crisis and economic stagnation. Journal of Economic Perspectives, 18 (1), 3-26.
  • HOSHI, T., KASHYAP, A.K. (2009). Will the US bank recapitalization succeed? Eight lessons from Japan. NBER Working Paper No. 14401.
  • JOHNSON, C.A. (1982). MITI and the Japanese miracle: the growth of industrial policy, 1925 Stanford: Stanford University Pres.
  • KANAYA, A., WOO, D. (2000). The Japanese banking crisis of the 1990s: sources and lessons.
  • IMF Working Paper No. 00/7. KATZ, R. (1998). Japan: the system that soured – the rise and fall of the Japanese economic miracle. M.E. Sharpe.
  • KATZ, R. (2009). The Japan fallacy. Foreign Policy, March/April 2009, 9-14.
  • KAWAI, M. (2005). Reform of the Japanese banking system. International Economics and Economic Policy, 2(4), 307-335.
  • KIMURA, T., KOBAYASHI, H., MURANAGA, J., UGAI, H. (2002). The effect of the increase in monetary base on Japan’s economy at zero interest rates: an empirical analysis, Bank of Japan, Institute for Monetary and Economic Studies, IMES Discussion Paper Series No: 2002-E-2.
  • KRUGMAN, P. (1999). The return of depression economics. W.W. Norton Company Limited.
  • MANO, T. (2008). U.S., Japanese crises share factors from Great Depression. Japan Times, 29 Eylül 2008.
  • MIKITANI, R., POSEN, A.S. (2000). Japan’s financial crisis and its parallels to U.S.
  • Experience. Washington DC: Institute for International Economics. MURPHY, R.T. (2009). Rethinking the lessons for the US and the world of Japan’s 1990s economic collapse: finance capital and the state. Asia-Pacific Journal, 17-4-09.
  • OZAWA, T. (1999). The rise and fall of bank-loan capitalism: institutionally driven growth and crisis in Japan. Journal of Economic Issues, 33(2): 351–358.
  • REINHART, C., ROGOFF, K. (2008). Is the 2007 US subprime financial crisis so different?: an international historical comparison. NBER Working Paper No. 13761.
  • SANGER, D.E. (1998). Bad debt held by Japan’s banks now estimated near $1 trillion. New York Times, 30 Temmuz 1998.
  • SHIRATSUKA, S. (2003). Asser price bubble in Japan in the 1980s: lessons for financial and macroeoconomic stability. Bank of Japan, Institute for Monetary and Economic Studies, Discussion Paper No. 2003-E-15.
  • UTT, R.D. (2008). The subprime mortgage market collapse: a primer on the causes and possible solutions. Executive Summary Backgrounder, issue 2127, the Heritage Foundation.
  • WOOD, C. (1992). The Bubble economy: Japan’s extraordinary speculative boom of the ‘80’s and the dramatic bust of the ‘90’s, The Atlantic Monthly Press.
  • YELDAN, E. (2009). On the nature and causes of the collapse of the wealth of nations, /2008: the end of a façade called globalization. Şubat 2009, Bilkent Üniversitesi İktisat Bölümü.

A COMPARATIVE ASSESSMENT OF THE JAPANESE 1991 AND US 2007- 2009 FINANCIAL CRISES FROM A POLITICAL ECONOMY PERSPECTIVE

Yıl 2011, Cilt: 12 Sayı: 2, 171 - 186, 01.07.2011

Öz

This paper compares from a political economy perspective the financial crisis that broke out in Japan after 1991 and in the US during 2007-2009. Common features of both crises are the initial deregulation in the financial sector and the burst of the consequent asset price bubble. The institutional structure shaped by government interventions in Japan was unable to overcome the crisis and the subsequent long recession while the US government responded relatively quickly to the crisis. This paper comparatively evaluates the causes of the crises from the political economy perspective

Kaynakça

  • BROWNE, L.E. (2001). Does Japan offer any lessons for the United States? New England Economic Review, 2001 (3), 3-18.
  • CABALLERO, R.J., HOSHI, T., KASHYAP, A.K. (2008). Zombie lending and depressed restructuring in Japan. American Economic Review, 98 (5), 1943-1977.
  • DEMİR, F. (2009). Financial liberalization, private investment and portfolio choice: financialization of real sectors in emerging markets. Journal of Development Economics, 88 (2), 314-324.
  • ECONOMIST. 11-17 Ekim 2008. Supplement: a special report on the world economy.
  • HOSHI, T., KASHYAP, A.K. (2004). Japan’s financial crisis and economic stagnation. Journal of Economic Perspectives, 18 (1), 3-26.
  • HOSHI, T., KASHYAP, A.K. (2009). Will the US bank recapitalization succeed? Eight lessons from Japan. NBER Working Paper No. 14401.
  • JOHNSON, C.A. (1982). MITI and the Japanese miracle: the growth of industrial policy, 1925 Stanford: Stanford University Pres.
  • KANAYA, A., WOO, D. (2000). The Japanese banking crisis of the 1990s: sources and lessons.
  • IMF Working Paper No. 00/7. KATZ, R. (1998). Japan: the system that soured – the rise and fall of the Japanese economic miracle. M.E. Sharpe.
  • KATZ, R. (2009). The Japan fallacy. Foreign Policy, March/April 2009, 9-14.
  • KAWAI, M. (2005). Reform of the Japanese banking system. International Economics and Economic Policy, 2(4), 307-335.
  • KIMURA, T., KOBAYASHI, H., MURANAGA, J., UGAI, H. (2002). The effect of the increase in monetary base on Japan’s economy at zero interest rates: an empirical analysis, Bank of Japan, Institute for Monetary and Economic Studies, IMES Discussion Paper Series No: 2002-E-2.
  • KRUGMAN, P. (1999). The return of depression economics. W.W. Norton Company Limited.
  • MANO, T. (2008). U.S., Japanese crises share factors from Great Depression. Japan Times, 29 Eylül 2008.
  • MIKITANI, R., POSEN, A.S. (2000). Japan’s financial crisis and its parallels to U.S.
  • Experience. Washington DC: Institute for International Economics. MURPHY, R.T. (2009). Rethinking the lessons for the US and the world of Japan’s 1990s economic collapse: finance capital and the state. Asia-Pacific Journal, 17-4-09.
  • OZAWA, T. (1999). The rise and fall of bank-loan capitalism: institutionally driven growth and crisis in Japan. Journal of Economic Issues, 33(2): 351–358.
  • REINHART, C., ROGOFF, K. (2008). Is the 2007 US subprime financial crisis so different?: an international historical comparison. NBER Working Paper No. 13761.
  • SANGER, D.E. (1998). Bad debt held by Japan’s banks now estimated near $1 trillion. New York Times, 30 Temmuz 1998.
  • SHIRATSUKA, S. (2003). Asser price bubble in Japan in the 1980s: lessons for financial and macroeoconomic stability. Bank of Japan, Institute for Monetary and Economic Studies, Discussion Paper No. 2003-E-15.
  • UTT, R.D. (2008). The subprime mortgage market collapse: a primer on the causes and possible solutions. Executive Summary Backgrounder, issue 2127, the Heritage Foundation.
  • WOOD, C. (1992). The Bubble economy: Japan’s extraordinary speculative boom of the ‘80’s and the dramatic bust of the ‘90’s, The Atlantic Monthly Press.
  • YELDAN, E. (2009). On the nature and causes of the collapse of the wealth of nations, /2008: the end of a façade called globalization. Şubat 2009, Bilkent Üniversitesi İktisat Bölümü.
Toplam 23 adet kaynakça vardır.

Ayrıntılar

Birincil Dil Türkçe
Bölüm Araştırma Makalesi
Yazarlar

K. Ali Akkemik Bu kişi benim

Yayımlanma Tarihi 1 Temmuz 2011
Yayımlandığı Sayı Yıl 2011 Cilt: 12 Sayı: 2

Kaynak Göster

APA Akkemik, K. A. (2011). JAPONYA 1991 VE ABD 2007-2009 FİNANS KRİZLERİNİN POLİTİK İKTİSAT PERSPEKTİFİNDEN BİR DEĞERLENDİRMESİ. Doğuş Üniversitesi Dergisi, 12(2), 171-186.