tailieunhanh - The Global Financial Crisis: Analysis and Policy Implications phần 6

Hoa Kỳ và Châu Âu chia sẻ mối quan tâm lẫn nhau trong việc phát triển một cấu trúc tài chính để cải thiện việc giám sát và quy định của các tổ chức cá nhân và của các thị trường quốc tế. Vấn đề này bao gồm phát triển các tổ chức và cấu trúc bên trong nền kinh tế quốc gia | The Global Financial Crisis Analysis and Policy Implications 28 billion and an expansion of an existing yen-won swap line to the equivalent of 20 Beyond this measure of support for South Korea however the summit did not provide broader multilateral initiatives. National Responses So far the national-level responses among Asian governments include the following Japan Japan was part of the early moves among major economies to flood markets with liquidity in the crisis containment part of the global response and the Bank of Japan has continued its aggressive monetary stimulus in the months since. Alongside other major central banks the Bank of Japan pumped tens of billions of dollars into financial markets in late September and early October. It followed these moves with an announcement on October 14 that it would offer an unlimited amount of dollars to institutions operating in Japan to ensure that Japanese interbank credit markets continued to function. The BOJ did not lower interest rates in the crisis s early stages but on October 31 it joined other global central banks including the . Federal Reserve by cutting a key short-term interest rate to from and on December 19 it cut the rate to . For a time Japan was considered relatively insulated because of its well capitalized banks substantial reserves and current account surplus. Japan spent nearly 440 billion between 1998 and 2003 to assist and recapitalize its banking system and most observers say Japan s financial system emerged from the experience fairly sound. Healthy capital positions helped Mitsubishi UFG Group Japan s largest bank and Nomura the country s largest brokerage to buy pieces of distressed . investment banks as the crisis was deepening in October. Mitsubishi UFG bought 21 of Morgan Stanley for 9 billion and Nomura purchased the Asian European and Middle Eastern operations of Lehman Brothers. But as Western economies began to slow Japan s financial insulation thinned.