The two cases have the common starting point of an interbank market participant default. 19  14  See Reinhart and Rogoff (2009), and Reinhart and Reinhart (2010) for the detailed discussions on recovery patterns after crises. 15  Nakakuki, Otani, and Shiratsuka (2004) make a quantitative assessment on the effects of structural adjustments on economic growth in Japan.
16  For the issues on the “three excesses,” see the 2003-05 issues of the BOJ’s Outlook for Economic Activity and Prices. 17  See Greenspan (1999). 18  19  4  The failure of medium-sized Sanyo Securities in 1997 led to the first default in interbank money markets in the postwar period in Japan.