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Download e-book for iPad: Banking on Stability: Japan and the Cross-Pacific Dynamics by Saori N. Katada

By Saori N. Katada

ISBN-10: 0472112112

ISBN-13: 9780472112111

Saori N. Katada examines overseas monetary balance within the aftermath of monetary crises--and how such balance is maintained via collective motion between significant monetary powers around the Pacific, the us, and Japan. She explores the $64000 function that monetary help via the japanese executive performed in fixing the Latin American debt difficulty within the Nineteen Eighties, in addition to its loss of help for the Mexican rescue in 1994--95 and its inconsistency throughout the contemporary Asian monetary difficulty. Banking on balance appears to be like at Japan's willingness to cooperate financially with the United States--its most vital exchange partner--in situations the place such compliance yields an development in kin. Katada argues that the japanese govt conscientiously weighs the advantages coming up in foreign and family geographical regions whilst taking up the function of collective main issue supervisor and concludes that Japan isn't any exception in having inner most achieve as a vital motivation in the course of overseas monetary crises. Saori Katada is Assistant Professor, college of diplomacy, collage of Southern California.

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Extra resources for Banking on Stability: Japan and the Cross-Pacific Dynamics of International Financial Crisis Management

Example text

45 The power of this kind of transnational coalition among different actors in the µnancial sector, particularly at the time of a crisis, establishes a strong cross-border link that transmits pressures and demands from one creditor country to another. Furthermore, such institutions as the London Club and the BACs provide international forums within which cross-national peer pressure is applied among transnational banks, making it more likely for banks themselves to act in concert. The second type of transnational linkages, understood generally as economic linkages, increases as a country’s economic stake in another country expands with an intensiµcation of trade and investment activities by the former in the latter.

34 This interaction between domestic and international politics requires careful attention. As is discussed later in this chapter, it was inevitable that external pressure would be brought to bear on the Japanese government’s calculations, due to the rapid internationalization of Japanese private µnancial institutions in the 1980s and to their strong domestic ties with the Japanese government. These institutions created a solid channel for the transmission of external pressure on the Japanese government from abroad.

In a prisoner’s dilemma situation, the creditors’ best solution is to cooperate among themselves to impose stricter adjustment and payment conditions on a debtor, but creditors wanting to extract better repayment from the debtor might allow more lenient conditions without knowing what others are doing simultaneously. A simple bidding war might take place, thus enabling the debtor to extract favorable deals. Because they are concerned about international µnancial stability and with making the debtors follow the established rules of the game, creditor governments have every interest in preventing such a scenario.

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Banking on Stability: Japan and the Cross-Pacific Dynamics of International Financial Crisis Management by Saori N. Katada


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