Quarterly Review
How Lower Japanese Asset Prices Affect Pacific Financial Markets
Spring 1994Volume 19, Number 1

Authors: Robert N. McCauley and Stephen Yeaple

The collapse of Japanese asset prices in the 1990s sharply reduced the wealth of Japanese banks and life insurers and slowed their international activity. This article traces the channels through which wealth changes altered these intermediaries' growth, pricing, and portfolio strategies. The authors also consider several factors that have eased the adaptation of foreign market participants to the revised strategies.

PDF full articlePDF15 pages / 919 kb
tools
Related New York Fed Content
By continuing to use our site, you agree to our Terms of Use and Privacy Statement. You can learn more about how we use cookies by reviewing our Privacy Statement.   Close