Koo is the chief economist at the nomura research institute and a senior advisor to the center for strategic and international studies. Richard koo chief economist nomura research institute biography. Koos book is an insightful look at precisely that economic period in japan. This book is about japans 15year long recession and how it affected current theoretical thinking about its causes and cures. The holy grail of macroeconomics ebook by richard c. Lessons from japans great recession ebook written by richard c. For example, economist richard koo wrote that japan s great recession that began in 1990 was a balance sheet recession. Japan s struggle with uncharted economics and its global implications by richard c. There will probably never be a last word on the japanese. Koo, the worldrenowned chief economist of nomura research institute, discussed the lessons learned from japan s lost decade during a presentation at csis.
The escape from balance sheet recession and the qe trap details the many hidden dangers remaining as the world slowly recovers from the balance sheet recession of 2008. Richard koo s book sets out clearly and readably his very persuasive analysis of the critical and longlasting negative effect of excessive debt on the ability of economies to recover from economic recessions, with japan as the prime example. Mar 10, 2011 in the following video thanks to barry ritholtz richard koo explains the basic premise of the balance sheet recession, why qe2 was destined to fail and is failing and why the u. Economist richard koos concept of a balance sheet recession could change the way economists think and governments behave. Japan s struggle with uncharted economics and its global implications oct 24, 2003. Richard koo, books, articles and videos by richard koo. A hazardous road for the world economy koo, richard c. Koo is the chief economist of nomura research institute, the research arm of nomura securities, the leading securities house in japan.
Mar 02, 2018 reuters breakingviews richard koos latest book is less ambitious than he originally planned. The chief economist of the nomura research institute explains that this was supposed to be a. Frankly, its got to be one of the most important books on macroeconomics written in a long time because it tries to confront japan s lost decade headon. Sep 29, 20 richard koo of nomura is out with a new report. Author and leading economist richard koo explains the unique political and economic pitfalls that stand in the way of recovery from this rare type of recession that was largely. The balance sheet recession and quantitative easing. Everyday low prices and free delivery on eligible orders. Richard koo discusses effects on japan s economic growth and policy responses from the real estate bubble that burst in japan 20 years ago. This entry was posted in banking industry, credit markets, economic fundamentals, federal reserve, japan, macroeconomic policy, the dismal science. In this groundbreaking book, leading international economist, richard koo argues that far from being the sick man of asia, japan is suffering from a temporary but highly unusual economic aberration. Economists and business commentators have always assumed that the majority of companies in any economy are forward looking and are trying to maximize profits. This concept was championed by economist richard koo, who wrote a great book about how that contributed to japan s long malaise after its stock market collapse in.
If helicopter money succeeds, it will lead to 1,500 percent inflation july 28, 2016 after todays uneventful fed announcement, all eyes turn to the boj where many anticipate some form of helicopter money is about to be unveiled in japan by the worlds most experimental central bank. Richard koo s previous book the holy grail of macro economics lessons from japan s great recession has been my bible since 2008. That prompted my interest in reading it and i have no regret doing so. Richard koos book the holy grail of economics is the definitive work on what he calls balance sheet recessions. Its one of the few books out there that talks about what you should do in the aftermath of a burst bubble almost everyone else obsesses on the causes of the bubble, and possibly on how to prevent the next bubble, neither of which is the clear and present issue. Nielsen book data summary in this groundbreaking book, leading international economist, richard koo argues that far from being the sick man of asia, japan is suffering from a temporary but highly unusual economic aberration. Use features like bookmarks, note taking and highlighting while reading the holy grail of macroeconomics. Koo is a taiwaneseamerican economist who now is now residing in japan. He explain, among other things, why qe2 is not likely to be successful.
Richard koo on qe2 and the balance sheet recession seeking. Koo lived in tokyo for years in his youth, and later attended the university of california, berkeley where he received a ba in political science and government in 1976. Koo tokyo, japan is the chief economist of nomura research institute, with responsibilities to provide independent economic and market analysis to nomura securities, the leading securities house in japan, and its clientsbefore joining nomura in 1984, richard, a us citizen, was an economist with the federal reserve bank of new york 198184prior to that, he was a doctoral. Lessons from japan s great recession 9780470824948 by koo, richard c. Koo believes that japan s great recession of 19912005 contains useful lessons for interpreting and dealing with the subprime mortgage crisis in the united states and with the burst financial bubbles in china and europe. Lessons from japans great recession, mostly discusses qe and we have some interesting excerpts on that topic. This book is about japans 15year long recession and how it affected. Koo describes how, in the aftermath of massive asset devaluations, private corporations turn from profit maximization to debt repayment to clean up their balance sheets. Books by richard koo all formats kindle edition paperback hardcover sort by. In addition to being one of the first nonjapanese participants in the crafting of japans fiveyear economic plan, he is also the only nonjapanese member of the. Japan s struggle with uncharted economics and its global implications, and the qe trap.
This time he bravely ventures even further off the mainstream economic piste, with his new concept of the qe trap see p. Richard koo is the chief economist of nomura research institute, and has served as an advisor to the japanese government. Financial times, january 2009 the definitive book on japan s decadelong recession in the 1990s. He studied at the university of california, berkeley and johns hopkins university, where he got his phd. Compare global experiences during the balance sheet recession and find out what is needed for a full recovery the escape from balance sheet recession and the qe trap details the many hidden dangers remaining as the world slowly recovers from the balance sheet recession of 2008. Economists and business commentators have always assumed that the majority of companies in. Koo is the chief economist of nomura research institute. His last book, the holy grail of macroeconomics lessons from japan s great recession, has been sold in six different languages. I have heard someone said that richard koo got it all sorted out. Financial times, january 2009 the definitive book on japans decadelong recession in the 1990s.
Us, uk identical to japan in 1997, but only one avoiding. It was triggered by a collapse in land and stock prices, which caused japanese firms to have negative equity, meaning their assets were worth less than their liabilities. Why the maastricht treaty needs to be revised by richard koo 2. What makes his work particularly valuable is his extension of his analysis of the. Koo is the chief economist of nomura research institute with responsibilities to provide independent economic and market analysis to nomura securities, the leading securities house in japan, and its clients. To understand why this is true, you need to read a brilliant book by richard koo of the nomura research institute. With the worlds major economies still failing to achieve liftoff in a return to historical levels of. Mike riddell interviews richard koo, author of the escape from the balance sheet recession and the qe trap. In his superb book, the holy grail of macroeconomics, koo explained the situation. The holy grail of macroeconomics wiley online books. Lessons from japan s great recession kindle edition by richard c. Koo believes that japans great recession of 19912005 contains useful lessons for interpreting and dealing with the subprime mortgage crisis in the united states and with the burst financial bubbles in china and europe. The japanese experience has confounded so many economists for so long because everything they thought would work, well, didnt.
Lessons from japan s great recession revised by richard c. Mar 24, 2015 mike riddell interviews richard koo, author of the escape from the balance sheet recession and the qe trap. Richard koo is the chief economist of nomura research institute, with responsibilities to provide independent economic and market analysis to nomura securities, the leading securities house in japan, and its clients. The chief economist of the nomura research institute explains that this was supposed to. He is chief economist at the nomura research institute in japan. Consistently voted as one of the most reliable economists by japanese capital and financial market participants for nearly a decade, he has also advised successive prime ministers on how best to deal with japan s economic and banking problems. Japan s struggle with uncharted economics and its global implications. The famed economist, who authored balance sheet recession.
Japan s struggle with uncharted economics and its global implications by. The hidden dangers of quantitative easing and the treacherous path to economic stability, and more on. Richard koo s book the holy grail of economics is the definitive work on what he calls balance sheet recessions. Richard koo in this groundbreaking book, leading international economist, richard koo argues that far from being the sick man of asia, japan is suffering from a temporary but highly unusual economic.
Aug 27, 20 richard koo of nomura is out with his latest note. Best known for developing the concept of balance sheet recession which is now widely used around the world to explain post1990 japanese and post2007 western economies, he has also advised successive prime ministers on how best to deal with japan s economic and banking problems. In this interview with dan richards, koo explains why japan s recovery was thwarted by inadequate stimulus spending. Lessons from japans great recession kindle edition by richard c. Koo is a taiwaneseamerican economist residing in japan specializing in balance.
He specializes in balance sheet recessions and serves as the chief economist at the prestigious nomura research institute. This book describe the nature of a bsr drawing convincingly databacked illustrations from japan s experience since the japanese bubbleburst back in the early 1990s. Economist richard koo, whos advised five japanese prime ministers, says america could learn something from japan when it comes to pulling out of. The note from the famed economist, who authored balance sheet recession. Lessons from japans great recession, discusses japan in depth in his note titled significance of weakness in emerging currencies, koo focuses on the land of the. Interview with richard koo yale school of management. Great recessions lessons learned from japan youtube. This, in my opinion, is unlikely to result in a balance sheet recession as long as japan s. Japans struggle with uncharted economics and its global implications, and the qe trap. His father, koo kwangming, was an activist in the taiwan independence movement then living in exile in japan, and the brother of the prominent taiwanese businessman koo chenfu. Putting japan s lost decade in perspective opponents of president obamas plan to use government spending to stimulate the u.
The escape from balance sheet recession and the qe trap. Japan in the 1990s is held up as an obvious example of this phenomenon. The holy grail of macroeconomics free summary by richard c. Japan s struggle with uncharted economics and its global implications by koo, richard c.
Koo, a us citizen, was an economist with the federal reserve bank of new york 198184. Koo free biblio data, cover, editions and search download links for e book. Richard koo born 1954 is taiwanese american economist. Richard koo center for strategic and international studies. Interested in learning more about the japanese episode, i picked up the holy grail of macroeconomics, by richard koo. Usa today, march 2009 books about the current global economic crisis are being written and published by the truckload. Japans struggle with uncharted economics and its global implications, and the holy grail of macroeconomics. Reuters breakingviews richard koo s latest book is less ambitious than he originally planned. Download for offline reading, highlight, bookmark or take notes while you read the holy grail of macroeconomics. The escape from balance sheet recession and the qe trap by.