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Financial Crises, Politics and Financial Sector Restructuring

A Comparison between Japan and the United States

Department of Political and Social Sciences, European University Institute, Italy, Sara.Konoe{at}eui.eu

This article analyzes and compares the financial sector restructuring process after the financial crises in Japan and the United States. As these financial crises deepened, countries shifted their policies away from postponing financial sector restructuring toward more thorough reforms. The impacts of different political structures are examined through the Small-N Case Study method. Cases include: the bursting of the financial bubble in the 1990s in Japan and the Savings and Loan crisis in the 1980s in the USA, both of which are analyzed through a review of academic literature, journalistic writings, and statistical data from the World Wide Web.

Key Words: financial crisis • financial markets • financial sector restructuring • moral hazard • savings and loan crisis • the bursting of the Japanese financial bubble

Journal of Asian and African Studies, Vol. 44, No. 5, 497-515 (2009)
DOI: 10.1177/0021909609338901


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