Balance Sheet Recession

Full Name
Balance Sheet Recession: Japan's Struggle with Uncharted Economics and its Global Implications

Balance Sheet Recession is a groundbreaking book claiming that Japan is suffering from a temporary but highly unusual economic aberration. It argues that contrary to popular belief, it is this massive shift in corporate behavior, instead of structural problems, that is the root cause of both the deflation and the non-performing loan problems that have troubled Japan for so long. Balance Sheet Recession clearly explains how such a recession can happen in any economy following an asset price bubble, and how best to deal with it.

Table of Contents



  1. The Japanese Economy in Balance Sheet Recession

  2. Fiscal Stimulus Essential in Overcoming Balance Sheet Recession

  3. Monetary Policy Ineffective in Today's Japan

  4. Conditions for Recovery

  5. The Missing Link in Macroeconomics

  6. Haste Ill-Advised in Disposing Non-Performing Loans

  7. Understanding the Misunderstandings: The Real Story

  8. Four Kinds of Banking Crises and the Role of the Blanket Guarantee

  9. Real Challenges Facing Asian Economies

  10. Japan's Lessons for the U.S. Economy

  11. Real Challenges Facing Japan

Appendix 1: Summary of Balance Sheet Recession

Appendix 2: A Revisiting Money Supply, High-Powered Money and A Money Multiplier