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This volume, stemming from the Asan Institute for Policy Studies, observes that for Japan to 'rise again' would mean recovery not only from the triple disaster—the March, 2011 earthquake, tsunami, and nuclear meltdown—but from 20-plus years of economic stagnation, political fumbling, and deterioration in Japan's regional and global influence.
Author : Gail Lee Bernstein Publisher : U of M Center for Japanese Studies Page : 488 pages File Size : 46,5 Mb Release : 1999 Category : History ISBN : UOM:39015042004807
At the beginning of the 1990s, a massive speculative asset bubble burst in Japan, leaving the nation's banks with an enormous burden of nonperforming loans. Banking crises have become increasingly common across the globe, but what was distinctive about the Japanese case was the unusually long delay before the government intervened to aggressively address the bad debt problem. The postponed response by Japanese authorities to the nation's banking crisis has had enormous political and economic consequences for Japan as well as for the rest of the world. This book helps us understand the nature of the Japanese government's response while also providing important insights into why Japan seems unable to get its financial system back on track 13 years later. The book focuses on the role of policy networks in Japanese finance, showing with nuance and detail how Japan's Finance Ministry was embedded within the political and financial worlds, how that structure was similar to and different from that of its counterparts in other countries, and how the distinctive nature of Japan's institutional arrangements affected the capacity of the government to manage change. The book focuses in particular on two intervening variables that bring about a functional shift in the Finance Ministry's policy networks: domestic political change under coalition government and a dramatic rise in information requirements for effective regulation. As a result of change in these variables, networks that once enhanced policymaking capacity in Japanese finance became "paralyzing networks"--with disastrous results.
This open access book provides a readable narrative of the bubbles and the banking crisis Japan experienced during the two decades between the late 1980s and the early 2000s. Japan, which was a leading competitor in the world’s manufacturing sector, tried to transform itself into an economy with domestic demand-led mature growth, but the ensuing bubbles and crisis instead made the country suffer from chronicle deflation and stagnation. The book analyses why the Japanese authorities could not avoid making choices that led to this outcome. The chapters are based on the lectures to regulators from emerging economies delivered at the Global Financial Partnership Center of the Financial Services Agency of Japan.
Author : Sebastian Maslow,Christian Wirth Publisher : State University of New York Press Page : 296 pages File Size : 47,8 Mb Release : 2021-11-01 Category : Political Science ISBN : 9781438486109
Crisis Narratives, Institutional Change, and the Transformation of the Japanese State by Sebastian Maslow,Christian Wirth Pdf
Mired in national crises since the early 1990s, Japan has had to respond to a rapid population decline; the Asian and global financial crises; the 2011 triple disaster of earthquake, tsunami, and the Fukushima nuclear meltdown; the COVID-19 pandemic; China’s economic rise; threats from North Korea; and massive public debt. In Crisis Narratives, Institutional Change, and the Transformation of the Japanese State, established specialists in a variety of areas use a coherent set of methodologies, aligning their sociological, public policy, and political science and international relations perspectives, to account for discrepancies between official rhetoric and policy practice and actual perceptions of decline and crisis in contemporary Japan. Each chapter focuses on a distinct policy field to gauge the effectiveness and the implications of political responses through an analysis of how crises are narrated and used to justify policy interventions. Transcending boundaries between issue areas and domestic and international politics, these essays paint a dynamic picture of the contested but changing nature of social, economic, and, ultimately political institutions as they constitute the transforming Japanese state.
Japan's Financial Crisis and Its Parallels to U.S. Experience by Ryōichi Mikitani,Adam Simon Posen Pdf
Japan is only one of many industrialized economies to suffer a financial crisis in the past 15 years, but it has suffered the most from its crisis--as measured in lost output and investment opportunities, and in the direct costs of clean-up. Comparing the response of Japanese policy in the 1990s to that of US monetary and financial policy to the American Savings and Loan Crisis of the late 1980s sheds light on the reasons for this outcome. This volume was created by bringing together several leading academics from the United States and Japan--plus former senior policymakers from both countries--to discuss the challenges to Japanese financial and monetary policy in the 1990s. The papers address in turn both the monetary and financial aspects of the crisis, and the discussants bring together broad themes across the two countries' experiences. As the papers in this Special Report demonstrate, while the Japanese government's policy response to its banking crisis in the 1990s was slow in comparison to that of the US government a decade earlier, the underlying dynamics were similar. A combination of mismanaged partial deregulation and regulatory forebearance gave rise to the crisis and allowed it to deepen, and only the closure of some banks and injection of new capital into others began the resolution. The Bank of Japan's monetary policy from the late 1980s onward, however, was increasingly out of step with US or other developed country norms. In particular, the Bank of Japan's limited response to deflation after being granted independence in 1998 stands out as a dangerous and unusual stance.
Disasters and Social Crisis in Contemporary Japan by Mark R. Mullins,Koichi Nakano Pdf
Japan was shaken by the 'double disaster' of earthquake and sarin gas attack in 1995, and in 2011 it was hit once again by the 'triple disaster' of earthquake, tsunami, and nuclear meltdown. This international, multi-disciplinary group of scholars examines the state and societal responses to the disasters and social crisis.
Natural Disaster and Nuclear Crisis in Japan by Jeff Kingston Pdf
The March 2011 earthquake and tsunami in Japan plunged the country into a state of crisis. As the nation struggled to recover from a record breaking magnitude 9 earthquake and a tsunami that was as high as thirty-eight meters in some places, news trickled out that Fukushima had experienced meltdowns in three reactors. These tragic catastrophes claimed some 20,000 lives, initially displacing some 500,000 people and overwhelming Japan's formidable disaster preparedness. This book brings together the analysis and insights of a group of distinguished experts on Japan to examine what happened, how various institutions and actors responded and what lessons can be drawn from Japan’s disaster. The contributors, many of whom experienced the disaster first hand, assess the wide-ranging repercussions of this catastrophe and how it is already reshaping Japanese culture, politics, energy policy, and urban planning.
This study of Japan’s transformation by the economic crises of the 1930s focuses on efforts to overcome the effects of the Great Depression in rural areas, particularly the activities of local activists and policymakers in Tokyo. The reactions of inhabitants of rural areas to the depression shed new light on how average Japanese responded to the problems of modernization and how they re-created the countryside.
The World Economic Crisis and Japanese Capitalism by Makoto Itoh Pdf
The current world economic crisis and its impact on Japanese capitalism contains many paradoxes. After the historical conditions of continuous growth under US economic hegemony broke down, generating a global economic crisis from the beginning of the 1970s, the restructuring of capitalism through the 'information revolution' seems paradoxically to be causing a historical reverse in social conditions of over a century. Although the Japanese economy is often regarded as an exceptionally successful economy it is not immune from the crisis. The process of restrengthening Japanese competitive power has weakened the social position of Japanese workers. This book offers a stimulating analysis of the dynamics of the world and Japanese economy. The author's previous book The Basic Theory of Capitalism gives a solid theoretical basis for the treatment of the current crisis in this present study.
The long postwar economic boom in Japan ended in the early 1990s. Since then, the Japanese economy has stagnated and a series of reforms have failed to initiate economic growth. S. Javed Maswood focuses on the period after the Asian Crisis and looks at the measures that have been taken to revitalize the banking sector and to overcome regulatory and administrative impediments to economic growth. Including analysis of the latest data from Japan, this is an important study of Japan's political economy and the implications of Japan's economic slowdown for regional and global economic prosperity.
Japan: The Childless Society? by Muriel Jolivet Pdf
Disillusioned by long hours at home alone and by demands from the older generation, Japanese women are marrying later, resulting in a sharp decline in the Japanese birth rate. Muriel Jolivet considers the reasons why Japanese women are finding it increasingly difficult to accept the terms and conditions of motherhood. Japan: The Childless Society explores the major factors contributing to maternal malaise in Japan including: * the 'Ten Commandments of the Good Mother' * the changing role of the father * education and careers * nostalgia from older generations Drawing on extensive interviews with Japanese women and translated into English for the first time, this innovative study examines the implications behind the declining birth rate and looks towards the future of a country that is in danger of becoming a 'childless society'.
What has gone wrong in Japan that has led to innovation crisis? Prof. Eiichi Yamaguchi has been committed to answer this question, and his quest has spanned several years and academic disciplines. Initially it appeared as if it had no context, but when he put the pieces together, he realized that it was actually one story. This book is a summary of his research over the last 20 years, especially after he moved out of the field of physics, to which he had devoted 21 years. He felt that it was essential for him to do his bit to save this sinking ship, or it would be disrespectful to the future generation. The book integrates his research on innovation policy, innovation theory, and trans-science. It begins with a detailed story of the innovation of blue LEDs, for which three Japanese scientists received the Nobel Prize in Physics in 2014. It describes the current innovation and science crises in Japan and presents evidence that the strong international competitiveness of science-based industries in the United States is a result of the invention of the Small Business Innovation Research (SBIR) system. It discusses a new theory of innovation structures, showing the error in Clayton M. Christensen’s argument of “disruptive innovation.” It also proposes a new concept for “paradigm disruptive innovation,” emphasizing that abduction and transilience are essential factors for accomplishing it and that their decline has led to the innovation crisis in Japan. Finally, it analyzes the future vision of the innovation ecosystem, which promotes abduction and transilience, for scientists to develop new science-based industries.
Japanese Capitalism in Crisis by Robert Boyer,Toshio Yamada Pdf
This book is invaluable for students and researchers studying the economies of Japan and other East Asian countries as well as all those interested in patterns of boom and recession worldwide.
