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Oct 14 2008 4:50pm EDT
A Good Thing We Didn't Rely on TARP
Because a similar asset purchase plan in Japan failed to recapitalize banks, say UC Sandiego's Takeo Hoshi and University of Chicago's Anil Kashyap -- a vocal critic of the original Paulson plan -- in a new paper:
When Japan used AMCs [ed. note: asset management companies], their effectiveness was limited in part because they did not purchase enough assets. AMCs did not help recapitalization, either, and Japan had to come up with different mechanisms to use public funds for recapitalization.
