Balance Sheet Recession Japan's Struggle with Uncharted Economics and Its Global Implications
Jun 4, 2003
Main Speaker
Discussants
Moderator
About This Seminar
Mr. Richard Koo will discuss his recently published book, Balance Sheet Recession. In this groundbreaking book, he argues that far from being the sick man of Asia, Japan is suffering from a temporary but highly unusual economic aberration. Balance Sheet Recession argues that contrary to popular belief, a massive shift in corporate behavior, instead of structural problems, is the root cause of both the deflation and the non-performing loan problems that have troubled Japan for so long. It argues that when the causality runs from the corporate balance sheet problems to deflation and banking problems, a highly unconventional policy response is needed to stabilize the economy.