Front Matter

Front Matter

Tamim Bayoumi, and Charles Collyns
Published Date:
March 2000
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© 2000 International Monetary Fund

Production: IMF Graphics Section

Cover design: Massoud Etemadi

Figures: Theodore F. Peters, Jr.

Typesetting: Choon Lee

Library of Congress Cataloging-in-Publication Data

Post-bubble blues: how Japan responded to asset price collapse / editors, Tamim Bayoumi, Charles Collyns.

  • p. cm.

  • Includes bibliographical references.

  • ISBN 9781557758729

1. Stocks—Prices—Japan. 2. Financial crises—Japan. 3. Japan— Economic conditions—1989– . 4. Monetary policy—Japan I. Bayoumi, Tamim A. II. Collyns, Charles.

HG5773.P67 1999




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I. Explaining the 1990s

II. Financial and Fiscal Transmission Mechanisms

III. The Challenge of Corporate Restructuring

The following symbols have been used throughout this book:

  • … to indicate that data are not available;

  • — to indicate that the figure is zero or less than half the final digit shown, or that the item does not exist;

  • – between years or months (for example, 1997–98 or January–June) to indicate the years or months covered, including the beginning and ending years or months;

  • / between years or months (for example, 1997/98) to indicate a crop or fiscal (financial) year.

“Billion” means a thousand million; “trillion” means a thousand billion.

Minor discrepancies between constituent figures and totals are due to rounding.

The term “country,” as used in this book, does not in all cases refer to a territorial entity that is a state as understood by international law and practice; the term also covers some territorial entities that are not states, but for which statistical data are maintained and provided internationally on a separate and independent basis.


The research papers presented in this book were prepared by members of the Japan team in the IMF, working under the direction of Charles Collyns and Tamim Bayoumi, during 1998 and the first half of 1999. The papers complement the policy analysis provided in Japan—Staff Report for the 1999 Article IV Consultation (IMF Staff Country Report No. 99/93) and the overview of recent trends provided in Japan—Economic and Policy Developments (IMF Staff Country Report No. 99/114). Support and encouragement from senior members of the Asia and Pacific Department—especially Hubert Neiss, Yusuke Horiguchi, and David Goldsbrough—are gratefully acknowledged. The papers also benefit from useful comments from participants in seminars at the IMF and at the Japan Group of the National Bureau of Economic Research and the Tokyo Center for Economic Research. The authors would like to thank the stalwart assistance of Anita Jupp in preparing the text, Youkyong Kwon and Fritz Pierre-Louis for research assistance, and Jeremy Clift of the IMF’s External Relations Department for editing and producing this book.

The views expressed in this volume are those of the authors, and do not necessarily represent those of the Japanese authorities, IMF Executive Directors, or other IMF staff.

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