The Federal Reserve's Financial Crisis Response A: Lending & Credit Programs for Depository Institutions

2016 ◽  
Author(s):  
Rosalind Z. Wiggins ◽  
Andrew Metrick
Keyword(s):  
Financial Crisis ◽  
Crisis Response ◽  
Depository Institutions ◽  
Credit Programs

Evidence on the Outcomes from the Financial Crisis Response:

2020 ◽  
pp. 529-564
Author(s):  
J. NELLIE LIANG ◽  
MARGARET M. McCONNELL ◽  
PHILLIP SWAGEL
Keyword(s):  
Financial Crisis ◽  
Crisis Response

The Politics of Financial Crisis Response in Japan and the United States

2013 ◽  
Vol 14 (3) ◽  
pp. 321-353 ◽  
Author(s):  
PHILLIP Y. LIPSCY ◽  
HIROFUMI TAKINAMI
Keyword(s):  
United States ◽  
Financial Crisis ◽  
Financial Crises ◽  
The United States ◽  
Crisis Response ◽  
Structural Problems ◽  
Lost Decade ◽  
Specific Factors ◽  
Policy Problems ◽  
First Mover

AbstractWe examine the politics of financial crisis response in Japan and the United States. Many existing accounts of Japan's ‘lost decade’ of the 1990s have emphasized Japan-specific factors, such as structural problems, policy errors, and political dysfunction. We argue that Japan may have been subject to a form offirst-mover disadvantage. Like innovation in the private sector, developing effective solutions to novel policy problems requires a messy process of discovery, experimentation, and repeated failure. Much as late-industrializing countries adapted the methods and technologies of early developers, second-movers can apply effective policies demonstrated by first-movers in a more targeted, efficient, and rapid manner. We show that the behavior of Japan and the United States during their respective financial crises is broadly consistent with this theory. In addition, policy adoption in the United States most clearly reflected lessons from Japan in areas where the lessons were considered clear and implementation was less politicized.

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