It may seem unbelievable in hindsight, but the overwhelmingly prevailing view overseas, before the collapse of the most recent credit bubble, especially among the members of academia and policy makers in the United States was that aggressive monetary policy could adequately deal with the consequences of the collapse of bubbles. In other words, “mopping up” after the fact was regarded as important.
To sum up, property right has become clearer as a result of this approach. In fact, many of the problems we had to cope with in the process of reform are from supporting measures.