Suchergebnisse

Financial instability and the subsequent credit crunches experienced by a number of countries following two decades of global structural reforms highlighted the importance of stabilizing credit supply and assigning a higher importance to financial stability. In this paper, I look at the independence of the Central Bank, the political environment and the impact of these factors on financial stability. I substantiate the literature review discussion with a brief empirical analysis of the effect of Central Bank independence on credit growth using an existing database created by Romelli (2018). The empirical results show that fluctuations in credit growth are larger for higher levels of Central Bank Independence and hence, in periods of financial instability or ultimately financial crises, Central Bank Independence would be reined back in an effort to reestablish financial stability. ; info:eu-repo/semantics/publishedVersion

When over half a million former Imperial Japanese Army soldiers returned home from long captivity in Soviet labour camps in the late 1940s, they brought back more than their memories of hardship and humiliation. In post-war society, the Siberian returnees were the uncomfortable remnants of the failed Japanese Empire; yet it was their brush with the communist enemy that caused suspicion and dragged them into the domestic political struggles. In this article, I use the experiences of Siberian internees as a lens to reconsider Japan's formative post-war decade, when the onset of the Cold War eclipsed the inconvenient legacies of empire.