Regulatory Failure and the Collapse of Japan’s Home Mortgage Lending Industry: A Legal and Economic Analysis
This article analyzes the dynamics of contemporary cooperation and conflict in Japanese financial regulation through the prism of the “jusen problem,” the collapse of Japan’s home mortgage lending industry in the 1990s. The jusen problem is one of the most striking examples of regulatory failure, strategic interest group bargaining, and large-scale dispute resolution in Japanese history.
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