Actually the elasticity of substitution of capital for land is greater than one in postwar Japan. Yet the movements in land prices explain little in the movements of business fixed investment (Kiyotaki and West (2004)). 6  BIS Review 96/2007  Conclusion 21.
The international experience over the last few years has led to major advances in  strengthening the governance framework for financial institutions. The magnitude and reach of the global financial crisis prompted a great deal of soul searching and introspection on the part of governments and regulators as to what went wrong and how to forestall similar meltdowns in the future.