Forschungsplattform Nullzinspolitik, Geldpolitik, Japan, Prof. Dr. Gunther Schnabl

The bursting of the Japanese bubble economy in the early 1990s put the stage for a lasting low- zero-, and negative-interest rate environment, which fundamentally changed the business environment for the Japanese commercial banks. Gunther Schnabl and Taiki Murai show that with the capital allocation function of banks being undermined, the Japanese economy has become zombified, suffering from anemic growth. The Paper is now published in Credit and Capital Markets.

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