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koo-102908

koo-102908

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Published by Japhy
The book this presentation this is based on is probably one of the most important works in recent history in the area of macroeconomics. It tackles the Lost Decade & zombie banks in Japan. Thoroughly fascinating.

Follow me on twitter:
http://twitter.com/prof_pinch
The book this presentation this is based on is probably one of the most important works in recent history in the area of macroeconomics. It tackles the Lost Decade & zombie banks in Japan. Thoroughly fascinating.

Follow me on twitter:
http://twitter.com/prof_pinch

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Published by: Japhy on Aug 21, 2009
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05/11/2014

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The Age of Balance Sheet Recessions:What Post-2008 U.S., Europe and ChinaCan Learn from Japan 1990-2005
Richard C. KooChief EconomistNomura Research InstituteTokyoOctober 2008
 
1
Exhibit 1. US Housing Price Futures Moving Closerto the Japanese Experience
406080100120140160180200220240260929394959697989900010203040506070809101112US: 10 Cities Composite Home Price Index
(US: Jan. 2000=100, Japan: Dec. 1985=100)Sources: Bloomberg, Real Estate Economic Institute, Japan, S&P "S&P/Case-Shiller® Home Price Indices", as of Oct. 23, 2008.Composite Index Futures(as of Oct. 23, 2008)
Japan: Tokyo Area Condo Price(per m
2
, 5 months moving average)77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97Japan: Osaka Area Condo Price(per m
2
, 5 months moving average)Futures
Composite Index Futures(as of Sep. 19, 2007)
USJapan
 
2
Exhibit 2. Japanese Banking Crisis and US Subprime CrisisResulting in Similar Bank Losses
02004006008001000120014001600U.S. savings and loan crisis(1986-1995)Japan banking crisis (1990-1999)Asia banking crisis (1998-1999)U.S. subprime crisis (2007-present)0510152025303540Other financials (left scale)Bank losses (left scale)Percent of GDP (right scale)(Losses in billions of U.S. dollars)
Source: IMF,
Global Financial Stability Report (October 2008)
, p.16

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