Japan’s Policy Response to its Financial Crisis: Parallels with the United States Today
Hosted by the International Monetary Fund
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Venue: IMF HQ2 Building, Conference Hall 2, HQ2-01A-830 1900 Pennsylvania Ave., N.W., Washington, D.C. 20431 Please note that due to security arrangements, an RSVP is required by March 17, 2009 to ltolentino@imf.org Guests should present a photo identification at the HQ2 Visitors Entrance on the corner of 19th Street and Pennsylvania Avenue. |
The seminar aims to bring together leading academics and policy experts to discuss Japan’s experience with its banking crisis of the late 1990s and its implications for resolving the financial difficulties facing the United States. The seminar will examine Japan's responses in the areas of monetary, fiscal and financial policies and conclude with a roundtable discussion on the parallels with the U.S. today.
Agenda
| Thursday, March 19, 2009 | |
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| 9:00 – 9:15 a.m. | Introductory Remarks |
| Anoop Singh, Asia and Pacific Department, International Monetary Fund | |
| 9:15 – 10:00 a.m. | Session I: Credit Easing: The Bank of Japan’s Approach |
| Speaker: Hiromi Yamaoka, Bank of Japan [Presentation: Credit Easing—Japan’s Experiences under Financial Crisis and Deflation] | |
| Discussant: Vincent Reinhart, American Enterprise Institute [Presentation: Some comments on Quantitative Easing (Q.E.)] | |
| 10:00 – 10:15 a.m. | Coffee Break |
| 10:15 – 11:00 a.m. | Session II: Japan’s Fiscal Stimulus: Did It Work? |
| Speaker: Takatoshi Ito, University of Tokyo [Presentation: Effectiveness of Fiscal Policy, The Case of Japan—Fresh water, salt water and real water] | |
| Discussant: Adam S. Posen, Peter G. Peterson Institute for International Economics | |
| 11:00 – 11:45 a.m. | Session III: Resolving Japan’s Banking Crisis: Strategies Adopted and Fiscal Cost |
| Speaker: Takeo Hoshi, University of California, San Diegoo [Presentation: Resolving Japan's Banking Crisis] | |
| Discussant: Jonathan L. Fiechter, Monetary and Capital Markets Department, International Monetary Fund [Presentation: Lessons from Japan’s Banking Crisis] | |
| 11:45 – 12:45 p.m. | Concluding Roundtable Discussion: Parallels with the United States |
| Chair: Olivier Blanchard, Research Department, International Monetary Fund | |
| Participants: Takatoshi Ito, University of Tokyo Krishna Guha, Financial Times Daisuke Kotegawa, Executive Director, International Monetary Fund Adam S. Posen, Peter G. Peterson Institute for International Economics |
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