01703cas a2200241 a 4500 AALejournalIMF007561 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451842982 1018-5941 BD-DhAAL BD-DhAAL Bayoumi, Tamim. The Morning After : Explaining the Slowdown in Japanese Growth in the 1990's / Tamim Bayoumi. Washington, D.C. : International Monetary Fund, 1999. 1 online resource (37 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students This paper uses vector autoregressions (VARs) to investigate four explanations of the extended slump in Japanese economic activity during the 1990s: the absence of bold and consistent fiscal stimulus; limited room for expansionary monetary policy because of a liquidity trap; asset price deflation reflecting the long-term problems caused by overinvestment, inadequate returns on saving, and debt overhang; and disruption of financial intermediation. The results indicate that disruption in financial intermediation, largely operating through the impact of changes in domestic asset prices on bank lending, has been the principal case of the slump. Mode of access: Internet IMF Working Papers; Working Paper ; No. 1999/013 Full text available on IMF http://elibrary.imf.org/view/journals/001/1999/013/001.1999.issue-013-en.xml IMF e-Library