The Politics of Financial Crisis Response in Japan and the United States

2013 ◽  
Vol 14 (3) ◽  
pp. 321-353 ◽  
Author(s):  
PHILLIP Y. LIPSCY ◽  
HIROFUMI TAKINAMI
Keyword(s):  
United States ◽  
Financial Crisis ◽  
Financial Crises ◽  
The United States ◽  
Crisis Response ◽  
Structural Problems ◽  
Lost Decade ◽  
Specific Factors ◽  
Policy Problems ◽  
First Mover

AbstractWe examine the politics of financial crisis response in Japan and the United States. Many existing accounts of Japan's ‘lost decade’ of the 1990s have emphasized Japan-specific factors, such as structural problems, policy errors, and political dysfunction. We argue that Japan may have been subject to a form offirst-mover disadvantage. Like innovation in the private sector, developing effective solutions to novel policy problems requires a messy process of discovery, experimentation, and repeated failure. Much as late-industrializing countries adapted the methods and technologies of early developers, second-movers can apply effective policies demonstrated by first-movers in a more targeted, efficient, and rapid manner. We show that the behavior of Japan and the United States during their respective financial crises is broadly consistent with this theory. In addition, policy adoption in the United States most clearly reflected lessons from Japan in areas where the lessons were considered clear and implementation was less politicized.

A Global Perspective on Securitized Debt

2018 ◽  
Author(s):  
Steven L Schwarcz
Keyword(s):  
United States ◽  
Financial Crisis ◽  
Capital Market ◽  
Global Financial Crisis ◽  
The United States ◽  
Global Perspective ◽  
Capital Markets Union ◽  
The Global Financial Crisis ◽  
Asset Backed Securities ◽  
The Eu

Securitisation represents a significant worldwide source of capital market financing. European investors commonly invest in asset-backed securities issued in U.S. securitisation transactions, and vice versa One of the key goals of the European Commission's proposed Capital Markets Union (CMU) is to further facilitate securitisation as a source of capital market financing as a viable alternative to bank-based finance for companies operating in the EU. To that end, this chapter explains securitisation and attempts to put its rise, its decline after the global financial crisis, and its recent CMU-inspired revival into a global perspective. It examines not only securitisation's relationship to the financial crisis but also post-crisis comparative regulatory approaches in the EU and the United States.

The Clinton Administration and Africa: A View from Gaborone, Botswana

1998 ◽  
Vol 26 (2) ◽  
pp. 64-69
Author(s):  
Larry A. Swatuk
Keyword(s):  
United States ◽  
Southern Africa ◽  
Clinton Administration ◽  
The United States ◽  
Bill Clinton ◽  
Crisis Response ◽  
Economic Policies ◽  
Material World ◽  
Existing Problems ◽  
The World

With fanfare befitting the arrival of a god of the Western material world, U.S. President Bill Clinton toured Southern Africa imparting “words of wisdom” along the way. His aim, we were told, was to see that the United States becomes Africa’s “true partner.” The reason being, according to Clinton, “[a]s Africa grows strong, America grows stronger ... Yes, Africa needs the world, but more than ever it is equally true that the world needs Africa.” To this end, the United States would pursue a mix of political and economic policies that included the African Crisis Response Initiative and the Africa Growth and Opportunity Act, both designed to foster “stability” and “prosperity” on the continent. Lofty goals, to be sure, but ends whose means are badly in need of interrogation. This article does just that: To wit, does Clinton, on behalf of U.S. policymakers, mean what he says? If so, in naming “peace” and “prosperity,” can he make them? Put differently, does the Clinton administration have the power to introduce order where there was chaos? Or will it only compound existing problems and visit new ones upon those who had few to begin with?

Financial Crises in American History

2021 ◽  
Author(s):  
Christoph Nitschke ◽  
Mark Rose
Keyword(s):  
United States ◽  
19Th Century ◽  
American History ◽  
Financial Crises ◽  
Global Financial Crisis ◽  
The United States ◽  
Political Processes ◽  
The Global Financial Crisis ◽  
Changing Economy ◽  
Political Design

U.S. history is full of frequent and often devastating financial crises. They have coincided with business cycle downturns, but they have been rooted in the political design of markets. Financial crises have also drawn from changes in the underpinning cultures, knowledge systems, and ideologies of marketplace transactions. The United States’ political and economic development spawned, guided, and modified general factors in crisis causation. Broadly viewed, the reasons for financial crises have been recurrent in their form but historically specific in their configuration: causation has always revolved around relatively sudden reversals of investor perceptions of commercial growth, stock market gains, monetary availability, currency stability, and political predictability. The United States’ 19th-century financial crises, which happened in rapid succession, are best described as disturbances tied to market making, nation building, and empire creation. Ongoing changes in America’s financial system aided rapid national growth through the efficient distribution of credit to a spatially and organizationally changing economy. But complex political processes—whether Western expansion, the development of incorporation laws, or the nation’s foreign relations—also underlay the easy availability of credit. The relationship between systemic instability and ideas and ideals of economic growth, politically enacted, was then mirrored in the 19th century. Following the “Golden Age” of crash-free capitalism in the two decades after the Second World War, the recurrence of financial crises in American history coincided with the dominance of the market in statecraft. Banking and other crises were a product of political economy. The Global Financial Crisis of 2007–2008 not only once again changed the regulatory environment in an attempt to correct past mistakes, but also considerably broadened the discursive situation of financial crises as academic topics.

A Paradigm of ‘Crisis’ Decision Making: The Case of Synfuels Policy

1987 ◽  
Vol 17 (1) ◽  
pp. 71-91 ◽  
Author(s):  
Mohammed E. Ahrari
Keyword(s):  
United States ◽  
Decision Making ◽  
Policy Decision ◽  
The United States ◽  
Crisis Response ◽  
Policy Option ◽  
The Self ◽  
Policy Response ◽  
New Approach ◽  
Crisis Conditions

In explaining the making and unravelling of the synfuels policy in the United States, a new approach—the ambivalent-majoritarian paradigm—is presented in this article. This paradigm fills a significant conceptual gap for the study of domestic policy formulated under crisis conditions.It is argued that the self-imposed necessity to respond to a crisis condition involving a policy decision is likely to force legislators to adopt a policy option that they would not adopt under normal conditions. The crisis response is likely to be passed by a ‘majoritarian’ crisis coalition which would also include a significant number of ‘ambivalents’, i.e., those legislators who have serious misgivings about the correctness or feasibility of the policy. In order for such a policy response to survive, it must withstand the scrutiny of ‘normal’ conditions involving that policy.

Evolution of public sentiments during the COVID-19 pandemic: Case comparisons of India, Singapore, South Korea, the United Kingdom and the United States (Preprint)

2021 ◽  
Author(s):  
May Oo Lwin ◽  
Anita Sheldenkar ◽  
Jiahui Lu ◽  
Peter Johannes Schulz ◽  
Wonsun Shin ◽  
...  
Keyword(s):  
United States ◽  
Social Media ◽  
United Kingdom ◽  
South Korea ◽  
Initial Period ◽  
The United States ◽  
Crisis Response ◽  
Important Indicator ◽  
The United Kingdom ◽  
Communication Space

BACKGROUND Public sentiments are an important indicator of crisis response, with the need to balance exigency without adding to panic or projecting overconfidence. Given the rapid spread of the coronavirus disease 2019 (COVID-19) pandemic, governments have enacted various nationwide measures against the disease with social media platforms providing the previously unparalleled communication space for the global populations. OBJECTIVE This study aims to examine and provide a macro-level narrative of the evolution of public sentiments on social media at national levels, by comparing Twitter data from India, Singapore, South Korea, the United Kingdom, and the United States during the current pandemic. METHODS Over 67,363,091 million Twitter posts on COVID-19 from 28 January 2020 to 28 April 2021 were analyzed from the five countries with "wuhan", "corona", "nCov", and "covid" as search keywords. Change in sentiments ("very negative", " negative", "neutral or mixed", "positive”, “very positive”) were compared between countries in connection with disease milestones and public health directives. RESULTS Country-specific assessments show that negative sentiments were predominant across all five countries during the initial period of the global pandemic. However, positive sentiments encompassing hope, resilience, and support arose at differing intensities across the five countries, particularly in Asian countries. In the next stage of the pandemic, India, Singapore, and South Korea faced escalating waves of COVID-19 cases, resulting in negative sentiments, but positive sentiments appeared simultaneously. In contrast, while UK and US negative sentiments increased sharply and dramatically after the declaration of a national public emergency, strong parallel positive sentiments were slow to surface. CONCLUSIONS Our findings on sentiments across countries facing similar outbreak concerns suggest potential associations between government response actions both in terms of policy and communications, and public sentiment trends. Overall, a more concerted approach of government crisis communication appears to be associated with more stable public sentiments balanced between positives and negatives over the evolution of the COVID-19 pandemic.

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