Economic Development and Financial Deepening

Abstract

The financial mess in which Japan finds itself in the mid-1990s has attracted much popular attention. After a sustained boom in the late 1980s, Japan went into a recession in the early 1990s. Though the recession ended in late 1993, Japan's growth rate has remained below one percent (1992-95). By 1995, the large number of nonperforming loans made the serious difficulties in Japan's financial system apparent.

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