@article{oai:kyotogakuen.repo.nii.ac.jp:00000946,
 author = {宮川, 重義 and 森田, 洋二 and Miyagawa, Shigeyoshi and Morita, Yoji},
 issue = {1},
 month = {2014-09-01, 2018-06-11},
 note = {Reinhart and Rogoff (2008, 2009) picked up five financial crises as the most catastrophic case in the recent economic history. They are crisis in Finland, Japan, Norway, Spain, and Sweden. They showed that the “this time is different” syndrome had been repeated many times. This paper takes up two major economic crises among them: Norway and Japan. Norway and Japan had experienced the severe financial crisis after the rapid asset price increase in almost the same period. However the recovery was fast in Norway, while Japan experienced a prolonged recession, so called lost two decades. This study explains the difference and similarity of two crises, comparing the factors behind the bubble and bust in Norway and Japan.
The paper focuses on the role of monetary policy in both countries. Miyagawa and Morita (2008, 2013) statistically analyzed the important role of money in the up and down swing of economy in the Japan’s economy. They had paid attention to the role of expectation in the money demand. The same VAR model was performed to the Norwegian crisis, taking into consideration the financial anxieties in the period of financial boom and crisis. The estimation results showed that money played the important role in the bubble and bust in Norway as well., 2, KJ00010210659, Article},
 pages = {35--64},
 title = {Monetary Effect of the Financial Crisis : A statistical evidence of the Norwegian crisis},
 volume = {24},
 year = {},
 yomi = {ミヤガワ, シゲヨシ and モリタ, ヨウジ}
}